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    Real Estate - Services
Ichigo Inc.

Ichigo Inc.

2337.T
Ichigo Inc.JP flagTokyo Stock Exchange
444.00
JPY
+7.00
- -
175.28BMarket Cap
Ichigo Inc.
2337.T
(Tokyo Stock Exchange)

Recent

price

444.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
103.5
32.66
41.5
36.66
76.25
85.75
99.44
217.52
116.05
169.21
179.86
127.88
121.46
147.96
183.77
191.84
184.64
Revenue per Share
8.86
1.59
3.88
3.66
9.83
13.58
25.86
29.65
28.12
31.14
16.88
10.48
13.81
20.44
26.89
34.86
18.05
Basic EPS, GAAP
34.98
10.24
4.5
10.03
-13.65
-90.53
-102.65
19.57
11.48
11.94
0.18
-5.11
4.15
-22.35
-37.52
-77.07
-32.27
Free Cash Flow per Basic Share
0.01
- -
- -
- -
0.97
1.09
1.29
2.99
5.04
6.02
7.03
6.87
6.89
6.95
7.89
8.94
8.92
Dividend per Share
81.76
59.47
53.37
58.2
81.1
87.75
112.1
138.36
162.59
189.48
202.57
208.48
220.16
237.55
261.75
248.69
- -
Book Value per Share
115.18
65.95
57.11
64.47
104.6
112.19
139.64
162.24
182.07
204.3
204.09
221.33
231.77
243.35
252.69
276.26
- -
Tangible Book Value per Share
204
391
457
447
460
498
500
502
498
494
486
480
469
460
450
436
437
Basic Weighted Avg Shares
21,112
12,760
18,952
16,397
35,101
42,705
49,699
109,253
57,846
83,540
87,360
61,368
56,934
68,093
82,747
83,576
80,623
Sales/Revenue/Turnover
5.26
10.59
5.54
11.25
11.15
19.18
39.9
19.94
37.89
31.46
31.73
25.17
27.55
28.33
23.91
30.44
22.17
Operating Margin (%)
94
213
273
344
443
704
931
919
1,126
1,950
2,804
4,918
5,793
5,516
4,956
4,951
3,709
Depreciation Expense
1,807
620
1,770
1,637
4,526
6,761
12,925
14,894
14,018
15,373
8,201
5,027
6,473
9,409
12,108
15,187
7,883
Net Income, GAAP
3.99
1.42
8.05
- -
- -
4.75
6.85
26.35
29.45
31.77
44.76
33.69
30.23
32.16
31.32
29.24
31.98
Effective Tax Rate (%)
8.56
4.86
9.34
9.98
12.89
15.83
26.01
13.63
24.23
18.4
9.39
8.19
11.37
13.82
14.63
18.17
9.78
Profit Margin (%)
39,020
51,798
51,922
56,277
78,173
127,470
192,526
202,796
215,365
195,685
93,328
98,397
101,937
108,857
101,584
166,855
- -
Working Capital
22,905
31,605
36,312
38,232
50,304
96,413
150,602
160,555
176,474
183,175
196,721
203,742
195,481
195,875
185,614
243,542
- -
LT Debt
23,523
27,771
28,187
31,064
50,841
58,375
72,165
83,442
92,724
102,858
101,607
110,254
112,191
114,391
116,278
122,704
- -
Total Equity
0.96
1.45
1.16
- -
- -
5.85
9.29
6.47
5.73
6.14
4.93
3.16
3.34
4.03
4.01
4.85
6.91
Return on Invested Capital (%)
2.17
-1.44
2.46
- -
- -
6.22
7.5
6.61
5.98
5.9
2.82
2.04
2.41
3.26
3.9
4.61
5.07
Return on Capital (%)
- -
3.11
7.44
6.49
14.28
16.69
25.92
23.73
18.62
17.61
8.55
5.07
6.37
8.85
10.66
13.43
13.67
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
May'25
Aug'25
Nov'25
ST Debt
32,978
28,653
- -
LT Borrowings
213,719
220,511
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
438
438
- -
Market Capitalization
176,620
168,372
160,252

Working Capital

FRC

•

in mil. unless spec.
May'25
Aug'25
Nov'25
Total Current Assets
172,321
166,495
- -
Cash, Cash Equivalents & STI
59,961
38,726
- -
Accounts Receivable, Net
2,981
2,877
- -
Inventories
104,512
120,680
- -
Total Current Liabilities
40,298
35,941
- -
Payables & Accruals
- -
- -
- -
ST Debt
32,978
28,653
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
7.95%
3.88%
5.53%
Free Cash Flow
-383.87%
-719.22%
98.76%
Net Income, GAAP
15.31%
17.91%
25.43%
Sales/Revenue/Turnover
14.33%
1.03%
1%
Total Cash Common Dividend
26.61%
2.84%
9.57%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
10,152
16,344
11,923
44,328
82,747
2025
25,096
11,199
- -
- -
83,576
2026
- -
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
3.21
15.55
2.42
- -
26.89
2025
8.18
4.05
- -
- -
34.86
2026
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7.72
0.12
- -
- -
7.89
2025
8.76
0.11
- -
- -
8.94
2026
- -
- -
- -
- -
- -
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Business
Ichigo Inc. (2337.T) operates as a sustainable infrastructure company focused on real estate revitalization, clean energy production, and asset management in Japan. The company engages in sustainable real estate, preserving and improving offices, hotels, retail properties, logistics facilities, ground leases, and residential assets; clean energy through ownership and operation of 64 solar and wind power plants with 200MW capacity; asset management of Tokyo Stock Exchange-listed REITs Ichigo Office (8975), Ichigo Hotel (3463), and infrastructure fund Ichigo Green (9282), alongside private real estate funds and security tokens including Ichigo Residence Tokens; hotel operations via its OneFive Hotels brand and PROPERA AI revenue management system; and Ichigo Owners, developing high-quality prime-location residential assets on behalf of clients. Ichigo maintains a diversified portfolio of approximately 250 owned assets valued at JPY 279.8 billion, manages total assets under management of JPY 2 trillion, and powers over 120,000 persons annually via its ECO power plants, with operations centered in Tokyo and major regional cities including a West Japan branch. Founded on March 17, 2000, and headquartered at Marunouchi Park Building 20F, 2-6-1 Marunouchi, Chiyoda-ku, Tokyo, Japan, Ichigo lists on the Tokyo Stock Exchange Prime Market and oversees 47 consolidated subsidiaries as of February 28, 2025. Recent developments include the acquisition of three hotels totaling approximately JPY 20 billion with value-add potential (two completed in FY26/2 H1 and one under executed contract); a EUR 25 million equity investment securing a 24.39% minority stake in German renewable energy firm GIGA.GREEN in 2024-2025 to expand internationally; a capital alliance with JDI involving stock acquisition warrants in June 2025; completed JPY 5 billion share buyback and a 10% year-over-year dividend increase to JPY 11.5 for FY26/2; achievement of 100% renewable electricity across operations fulfilling its RE100 commitment by 2025; and record FY26/2 H1 business profit growth of 60% year-over-year to JPY 15.1 billion, driven by strong performance in hotels, Ichigo Owners, and asset management.