LAND Co., Ltd. (8918) AI Stock Analysis

• Market Cap: ¥15.38B
• Dividend Yield: 1.11%
• Average Volume (3M): 162.17M
• Price to Earnings (P/E): 719.4
• Beta (1Y): -0.05
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: JP
• Employees: 13
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Diversified
• EPS (TTM): 0.02
• Shares Outstanding: 1,545,140,000
• 10 Day Avg. Volume: 189,870,890
• 30 Day Avg. Volume: 162,167,891
• PEG Ratio: 0.06
• Price to Book (P/B): 1.35
• Price to Sales (P/S): 2.36
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ¥10.50 ▲(31.25% Upside)
• Action: N/A Date: 01/04/26
• Date: Action: N/A 01/04/26

The score is primarily supported by solid financial performance—especially low leverage and acceptable profitability—but is held back by weak technicals (price below key moving averages with bearish momentum) and an unattractive valuation (very high P/E with only a modest dividend yield).

Positive Factors

Conservative balance sheet / low leverage

Consistently low leverage provides durable financial flexibility in a cyclical real estate business. Low debt-to-equity reduces refinancing and solvency risk, supports access to capital for development or acquisitions, and allows management to withstand market downturns without forced asset sales.

Solid operating profitability in latest year

A near-19% operating margin in 2025 indicates durable operating leverage and cost control within core operations. Higher margins relative to the prior year improve free cash flow potential and provide a buffer against revenue volatility, supporting reinvestment and long-term returns.

Operating cash flow recovery in 2025

Recovery in operating cash flow that covers net income demonstrates the company's ability to convert accounting profits into real cash. This strengthens medium-term funding for capex or projects, reduces reliance on external financing, and supports stable operations through the next investment cycle.

Negative Factors

Meaningful revenue decline

A sizable top-line decline weakens the base for margins and cash generation; persistent revenue contraction would impair the company’s ability to scale profits and fund projects internally. Structural revenue erosion increases execution and refinancing risk over coming quarters.

Inconsistent cash generation; 2024 negative cash flows

Episodes of negative operating and free cash flow point to project-timing and working-capital swings that can strain liquidity. Irregular cash conversion forces greater reliance on external funding during downturns and complicates capital allocation and long-term project planning.

Cyclical earnings and ROE volatility

Material swings in returns on equity and a history of a sharp loss year indicate earnings are cyclical and sensitive to asset values or market cycles. This volatility raises execution risk, complicates earnings visibility, and can limit the company’s ability to deliver consistent long-term returns.

LAND Co., Ltd. Business Overview & Revenue Model

Company Description

LAND Co., Ltd. engages in the real estate business. The company was founded in 1996 and is based in Yokohama, Japan.

How the Company Makes Money

LAND Co., Ltd. Financial Statement Overview

Summary

Financial quality is good overall: a conservatively levered balance sheet (strongest area) and solid profitability in the latest period, but results are cyclical with a meaningful revenue decline in 2025 and inconsistent cash conversion (including negative operating/free cash flow in 2024 and zero free cash flow in 2025).

Income Statement

Profitability is strong in most years, with high gross and net margins in 2022–2023 and a clear rebound after the 2021 loss year. The latest annual period (2025) shows solid operating profitability (roughly 19% operating margin) and improved net margin versus 2024, but revenue declined meaningfully (down ~16.5%), and margins remain well below the 2022–2023 peak—suggesting a more volatile earnings profile than a steady compounder.

Balance Sheet

The balance sheet looks conservatively levered with low debt relative to equity across the periods (debt-to-equity generally in the mid-single to mid-teens), which supports financial flexibility. Returns on equity are strong in good years (notably 2022–2023) and improved again in 2025 versus 2024, but the history includes a sharp negative return year (2021), highlighting that asset/earnings swings can still materially impact shareholder returns.

Cash Flow

Cash generation is inconsistent. Operating cash flow is healthy in 2025 and covered net income well, but 2024 saw materially negative operating and free cash flow, indicating working-capital or project-timing volatility typical in real estate. Free cash flow is positive in several earlier years, yet the most recent year shows zero free cash flow despite strong operating inflow, pointing to elevated investment needs or cash absorption outside operations.

Breakdown	TTM	Feb 2025	Feb 2024	Feb 2023	Feb 2022	Feb 2021
Income Statement
Total Revenue	2.23B	5.09B	2.10B	4.10B	3.03B	1.14B
Gross Profit	716.43M	1.74B	933.01M	1.96B	2.03B	-2.27B
EBITDA	10.72M	990.16M	277.31M	1.30B	1.45B	-2.82B
Net Income	118.40M	874.31M	240.05M	1.28B	1.67B	-2.79B
Balance Sheet
Total Assets	9.60B	10.02B	9.85B	8.60B	7.17B	6.04B
Cash, Cash Equivalents and Short-Term Investments	8.01B	8.57B	8.48B	4.86B	5.51B	5.04B
Total Debt	624.00M	572.52M	1.21B	850.20M	666.77M	646.85M
Total Liabilities	986.00M	1.11B	2.27B	1.28B	984.60M	1.44B
Stockholders Equity	8.61B	8.90B	7.57B	7.32B	6.19B	4.60B
Cash Flow
Free Cash Flow	0.00	0.00	-1.39B	1.12B	911.38M	130.97M
Operating Cash Flow	0.00	2.10B	-1.39B	1.12B	911.38M	130.97M
Investing Cash Flow	0.00	-362.35M	2.13B	-1.61B	-388.52M	247.36M
Financing Cash Flow	0.00	-177.45M	342.23M	41.87M	-64.60M	191.20M

LAND Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
8931	78 Outperform	¥19.39B	5.68	―	4.71%	10.42%	48.21%
3242	75 Outperform	¥21.30B	5.17	―	3.69%	84.40%	142.34%
3246	69 Neutral	¥6.95B	31.35	―	3.17%	5.99%	-35.12%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
8927	62 Neutral	¥14.29B	8.64	―	2.85%	20.54%	8.92%
8918	57 Neutral	¥15.38B	719.42	―	1.11%	―	―