starts corporation inc.

8850 スターツコーポレーション株式会社

Real Estate · Prime · TSE: Disclosed

PRICE: ¥4,515 · MKT CAP: ¥217.2B · P/E: 8.6x · P/B: 1.13x · DIV YIELD: 2.7%

PRICE — 5Y

Characteristics & Business Summary

Starts Corporation Inc. engages in the construction, real estate management, and tenant recruitment in Japan and internationally. The company is involved in the design and construction management of seismic isolated buildings; and the provision of real estate...

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

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	198,963	196,578	233,871	233,408	232,978	251,911	128,000
Operating Profit	22,068	24,182	28,095	30,498	32,622	36,272	16,700
Ordinary Profit	23,323	25,789	30,002	33,396	33,404	38,244	—
Net Profit	15,599	16,772	20,218	22,095	24,274	25,311	11,000
EPS	¥297	¥338	¥408	¥445	¥505	¥526	—
DPS	¥62	¥73	¥93	¥105	¥120	¥65	—

Balance Sheet & Valuation Highlights

Total Assets ¥353B

Net Assets (Equity) ¥193B

Equity Ratio 53.5%

ROE (Return on Equity) 13.8%

Cash & Equivalents ¥85B

Interest-Bearing Debt ¥68B

Capital Expenditure (CapEx) ¥15B

Depreciation & Amort. ¥7B

Major Shareholders

1. 株式会社豊州 11.1%
2. Japan Master Trust Bank 10.3%
3. 村石久二 9.0%
4. Japan Custody Bank 5.8%
5. Employee Stock Ownership Plan 5.3%
6. Resona Bank 4.4%
7. ＡＩＧ損害保険株式会社 1.8%
8. 村石純子 1.8%
9. Northern Trust Company 1.6%
10. State Street Bank and Trust Company 1.6%

Activist Activity

Fidelity Management Research Company LLC and others (5 joint holders) 4.38%

2026-06-09 · initial_5pct

muraishi hisaji 21.28%

2026-05-12 · change

FMR LLC 5.01%

2025-11-10 · initial_5pct

muraishi hisaji 19.98%

2025-01-10 · change

muraishi hisaji 22.75%

2024-12-19 · correction

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥3,782	¥3,963	¥4,714	¥4,705	¥4,843	¥5,237	—
FCF/Share	¥350	¥164	¥507	¥196	¥385	¥43	—
EPS	¥297	¥338	¥408	¥445	¥505	¥526	—
DPS	¥62	¥73	¥93	¥105	¥120	¥65	—
Capital Spending per share	¥168	¥339	¥182	¥323	¥154	¥315	—
Book Value per share	¥2,192	¥2,433	¥2,761	¥3,109	¥3,497	¥3,810	—
Common Shares Outstanding	53M	50M	50M	50M	48M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥199B	¥197B	¥234B	¥233B	¥233B	¥252B	¥128B
Operating Margin (%)	11.1%	12.3%	12.0%	13.1%	14.0%	14.4%	13.0%
Net Profit (owners)	¥16B	¥17B	¥20B	¥22B	¥24B	¥25B	¥11B
Net Profit Margin (%)	7.8%	8.5%	8.6%	9.5%	10.4%	10.0%	8.6%
Working Capital	¥-20B	¥-28B	¥-20B	¥-11B	¥2B	¥3B	—
Total Debt (Interest-bearing)	¥70B	¥75B	¥66B	¥73B	¥70B	¥68B	—
Net Worth (Common Equity)	¥115B	¥121B	¥137B	¥154B	¥168B	¥183B	—
Return on Total Assets (ROA)	6.0%	6.1%	6.9%	6.8%	7.3%	7.2%	—
Return on Common Equity (ROE)	13.5%	13.9%	14.8%	14.3%	14.4%	13.8%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.