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  3. •

    Real estate development
Mullion Co., Ltd.

Mullion Co., Ltd.

389.00
JPY
-7.00
(-1.77%)
2.76BMarket Cap
Nov 12Next Earn
Mullion Co., Ltd.
TSE:3494
(Tokyo Stock Exchange)

Recent

price

389.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
JPY
291.04
459.09
441.17
349.47
481.53
235.24
275.91
358.74
367.5
415.25
- -
Revenue per Share
-2.27
27.96
40.55
28.27
32.98
11.18
7.72
18.2
43.72
58.63
- -
Basic EPS, GAAP
-94.11
216.62
191.56
-65.91
221.13
-90.74
120.11
-332.4
60.3
108.96
- -
Free Cash Flow per Basic Share
- -
- -
- -
5.99
6
6
1.81
2
2.79
5.19
- -
Dividend per Share
240.13
311.48
439.6
457.96
486.73
492.41
495.42
511.53
552.84
608.4
607.48
Book Value per Share
231.72
303.56
422.71
441.26
471.93
480.58
486.66
505.68
548.64
596.32
596.38
Tangible Book Value per Share
8
5
6
8
8
8
8
8
8
8
8
Basic Weighted Avg Shares
2,400
2,511
2,736
2,736
3,769
1,841
2,160
2,808
2,877
3,254
- -
Sales/Revenue/Turnover
48.31
30.4
26.55
21.97
16.22
15.95
10.49
13.63
24.18
26.89
- -
Operating Margin (%)
196
259
238
258
207
215
207
235
237
212
- -
Depreciation Expense
-19
153
252
221
258
88
60
142
342
460
- -
Net Income, GAAP
138.21
37.85
29.96
30.84
32.95
32.58
33.89
9.31
34.4
30.91
- -
Effective Tax Rate (%)
-0.78
6.09
9.19
8.09
6.85
4.75
2.8
5.07
11.9
14.12
- -
Profit Margin (%)
-589
1,590
507
2,330
-555
-551
794
727
1,604
663
5
Working Capital
7,241
7,150
6,588
6,866
5,894
6,053
5,784
8,093
7,639
6,849
7,073
LT Debt
1,980
2,568
3,441
3,585
3,810
3,854
3,878
4,004
4,331
4,768
4,761
Total Equity
- -
4.59
4.92
3.78
3.77
1.84
1.37
2.88
3.4
4.54
- -
Return on Invested Capital (%)
- -
2.32
3.12
2.61
2.92
1.34
1.07
1.89
3.13
4.23
- -
Return on Capital (%)
- -
6.73
8.37
6.3
6.98
2.28
1.56
3.62
8.21
10.1
- -
Return on Common Equity (%)

Capital Structure

JPY

•

in mil. unless spec.
Dec'24
Mar'24
Mar'26
ST Debt
1,447
1,026
2,366
LT Borrowings
8,033
7,941
7,073
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
8
8
8
Market Capitalization
2,973
3,710
2,759

Working Capital

JPY

•

in mil. unless spec.
Dec'24
Mar'24
Mar'26
Total Current Assets
2,493
2,323
2,696
Cash, Cash Equivalents & STI
1,560
1,613
1,872
Accounts Receivable, Net
- -
- -
- -
Inventories
886
678
772
Total Current Liabilities
1,685
1,323
2,692
Payables & Accruals
- -
- -
- -
ST Debt
1,447
1,026
2,366
Deferred Revenue
- -
- -
- -

Growth Rates

JPY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
4.66%
10.11%
Free Cash Flow
- -
-157.47%
80.92%
Net Income, GAAP
- -
42.66%
34.27%
Sales/Revenue/Turnover
- -
2.35%
13.14%
Total Cash Common Dividend
- -
13.32%
86.2%

Quarterly Revenue

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
422
655
- -
- -
2,877
2025
- -
- -
- -
- -
3,254
2026
- -
- -
- -
- -
- -

Quarterly Earnings Per Share

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.09
7.5
- -
- -
43.72
2025
- -
- -
- -
- -
58.63
2026
- -
- -
- -
- -
- -

Quarterly Dividends Per Share

JPY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
2.79
2025
- -
- -
- -
- -
5.19
2026
- -
- -
- -
- -
- -
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Business
Mullion Co., Ltd. (3494.T) engages primarily in real estate rental, securitization, sales, and related services in Japan. The company owns, manages, leases, and securitizes real estate properties; provides subleasing and property management services; offers housing renovations, loans, and real estate brokerage; and sells securitized products including its flagship i-Bond, an evolution from Mariombond and Salaryman Bond, leveraging blockchain and recent financial instruments law amendments for expanded distribution through securities firms. Operations focus on creating comfortable living spaces and secure futures, particularly for retirement, with over 35 years of industry experience, strong local government relationships, and nationwide service coverage; segments include real estate rental services (42% of single-segment revenue), securitization services (11%), real estate sales (46%), and others (1%) as of September 2024. Founded on November 27, 1986, and headquartered at 9-11 Tomihisacho, Shinjuku-ku, Tokyo, the company listed on the Tokyo Stock Exchange Standard, Nagoya Stock Exchange Main, and Fukuoka Stock Exchange in September 2018 under President Keiji Fukuda, with 27 employees. Recent developments include a basic business partnership agreement with BOOSTRY Co., Ltd. in August 2024 to advance blockchain-based securitization; cumulative i-Bond sales exceeding 9.5 billion yen by November 2024; multiple introductions of LUUP electric micromobility sharing ports for decarbonization; a secured overdraft agreement with special financial covenants in September 2025; business property acquisitions in March 2025; an 82 Bank SDGs loan in September 2024; and plans for dual listings on Nagoya and Fukuoka exchanges alongside security token issuance under 2023 financial law changes.