Ichigo Inc.

2337 いちご株式会社

Real Estate Services · Prime · TSE: Disclosed

PRICE: ¥441 · MKT CAP: ¥177.3B · P/E: 11.0x · P/B: 1.53x · DIV YIELD: 2.6%

PRICE — 5Y

Characteristics & Business Summary

Ichigo Inc., together with its subsidiaries, engages in real estate business in Japan. It operates in five segments: Asset Management, Shinzuki, Strawberry Owners, Hotel, and Clean Energy. The company manages real estate investment trusts, infrastructure...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Net Sales	61,368	56,934	68,093	82,747	83,576	92,705
Operating Profit	9,668	10,018	12,492	12,960	16,309	20,449
Ordinary Profit	7,179	7,471	10,848	10,391	13,764	17,095
Net Profit	5,027	6,473	9,409	12,108	15,187	16,628
EPS	¥11	¥14	¥21	¥27	¥36	¥41
DPS	¥7	¥7	¥8	¥9	¥10	¥12

Balance Sheet & Valuation Highlights

Total Assets ¥436B

Net Assets (Equity) ¥117B

Equity Ratio 26.6%

ROE (Return on Equity) 14.6%

Cash & Equivalents ¥42B

Interest-Bearing Debt ¥252B

Capital Expenditure (CapEx) ¥10B

Depreciation & Amort. ¥5B

Major Shareholders

1. いちごトラスト・ピーティーイー・リミテッド（常任代理人香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） 56.0%
2. Morgan Stanley 4.6%
3. Japan Master Trust Bank 4.5%
4. Japan Custody Bank 4.5%
5. JP JPMSE LUX RE MACQUARIE BANK LTD LONDON EQ CO （常任代理人株式会社三菱UFJ銀行） 4.4%
6. Ueda Yagi Tanshi Co., Ltd. 1.5%
7. Citibank, N.A. 1.3%
8. HSBC BANK PLC A/C M AND G(ACS) VALUE PARTNERS CHINA EQUITY FUND （常任代理人香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） 1.2%
9. Citibank, N.A. 1.1%
10. State Street Bank and Trust Company 1.1%

Activist Activity

Morgan Stanley MUFG Securities Co., Ltd. 4.63%

2026-03-19 · change

Citigroup Global Markets Limited 3.16%

2026-03-06 · change

Morgan Stanley MUFG Securities Co., Ltd. 5.47%

2026-03-05 · change

Morgan Stanley MUFG Securities Co., Ltd. 5.56%

2026-02-19 · initial_5pct

Citigroup Global Markets Limited 5.32%

2026-02-19 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenues per share	¥130	¥122	¥150	¥188	¥196	¥231
FCF/Share	¥-2	¥5	¥-23	¥-38	¥-79	¥-80
EPS	¥11	¥14	¥21	¥27	¥36	¥41
DPS	¥7	¥7	¥8	¥9	¥10	¥12
Capital Spending per share	¥35	¥12	¥23	¥19	¥12	¥25
Book Value per share	¥210	¥216	¥226	¥240	¥262	¥283
Common Shares Outstanding	472M	468M	453M	440M	426M	402M

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenues (Net Sales)	¥61B	¥57B	¥68B	¥83B	¥84B	¥93B
Operating Margin (%)	15.8%	17.6%	18.3%	15.7%	19.5%	22.1%
Net Profit (owners)	¥5B	¥6B	¥9B	¥12B	¥15B	¥17B
Net Profit Margin (%)	8.2%	11.4%	13.8%	14.6%	18.2%	17.9%
Working Capital	¥-116B	¥-103B	¥-96B	¥-93B	¥-88B	¥-83B
Total Debt (Interest-bearing)	¥177B	¥168B	¥167B	¥188B	¥216B	¥252B
Net Worth (Common Equity)	¥99B	¥101B	¥103B	¥106B	¥111B	¥114B
Return on Total Assets (ROA)	1.4%	1.9%	2.8%	3.3%	3.7%	3.8%
Return on Common Equity (ROE)	5.1%	6.4%	9.2%	11.5%	13.6%	14.6%

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.