olivLaw · US equity research
LogProstyle Inc. LGPS
Operative Builders · SIC 1531 · Vertical: Operative Builders (SIC 1531)
LogProstyle is a Japanese group that renovates and resells pre-owned apartments in central Tokyo, develops residential properties and operates ryokan-style hotels. The company listed on the NYSE American in March 2025, and sales of real estate make up most of its revenue, about 92.7% in fiscal 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, LogProstyle Inc. (LGPS) stock was 0.65 USD (+0.75% on the day), with beta 0.80, 52-week range 0.58–1.52 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 43.5
- weak (30–45)
- Bollinger (20, 2)
- 0.58 – 0.72
- in the lower half of the band · %B 0.47 · band width 22.4%
- SMA 50 / 200
- 0.78 / 0.80
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.9% | −1.1% | −5.8 pp | — |
| 3 months | −31.2% | −0.5% | −30.7 pp | — |
| 6 months | −10.3% | +4.4% | −14.7 pp | — |
| Year to date | −33.3% | +12.3% | −45.6 pp | — |
| 1 year | −40.7% | +13.5% | −54.2 pp | −9.2% |
| 3 years | unavailable | +76.4% | unavailable | +13.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | 13.3 bn | 14.1 bn | 20.7 bn | 22.2 bn |
| Revenue YoY | unavailable | +6.5% | +46.2% | +7.6% |
| Net income | 354.0 m | 323.6 m | 753.6 m | 760.0 m |
| Net income YoY | unavailable | −8.6% | +132.9% | +0.8% |
| Diluted EPS | 17.38 | 15.37 | 34.76 | unavailable |
| Diluted EPS YoY | unavailable | −11.6% | +126.2% | unavailable |
| net % | 2.7% | 2.3% | 3.6% | 3.4% |
| Free cash flow | -3.7 bn | -2.1 bn | 767.2 m | -3.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 2.3 bn JPY
- Financial debt
- 12.2 bn JPY
- Net debt
- 9.9 bn JPY
- Equity
- 4.2 bn JPY
- Total assets
- 27.0 bn JPY
- Debt / equity
- 2.89x
- Current ratio
- 2.40x
- ROE
- 19.7%
- ROA
- 3.1%
- FCF margin
- -17.3%
Financial statements (source on every figure)
Revenue and net income (JPY)
Margins
Income statement · JPY
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 13.3 bn | 14.1 bn | 20.7 bn | 22.2 bn | SEC (XBRL)· 13 Jul 2026verified |
| Cost of revenue | 10.7 bn | 11.5 bn | 17.1 bn | 17.8 bn | SEC (XBRL)· 13 Jul 2026verified |
| Gross profit | 2.5 bn | 2.7 bn | 3.6 bn | 4.4 bn | SEC (XBRL)· 13 Jul 2026verified |
| SG&A | 1.6 bn | 1.7 bn | 2.2 bn | 2.8 bn | SEC (XBRL)· 13 Jul 2026verified |
| Operating income | 916.9 m | 938.5 m | 1.3 bn | 1.6 bn | SEC (XBRL)· 13 Jul 2026verified |
| Depreciation & amortisation | 81.6 m | 32.5 m | 95.8 m | 24.9 m | SEC (XBRL)· 13 Jul 2026verified |
| EBITDA | 998.5 m ≈ | 971.0 m ≈ | 1.4 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 13 Jul 2026derived |
| Pre-tax income | 605.2 m | 520.0 m | 1.1 bn | 1.3 bn | SEC (XBRL)· 13 Jul 2026verified |
| Income tax | 251.1 m | 196.4 m | 394.6 m | 491.2 m | SEC (XBRL)· 13 Jul 2026verified |
| Net income | 354.0 m | 323.6 m | 753.6 m | 760.0 m | SEC (XBRL)· 13 Jul 2026verified |
| Diluted EPS | 17.38 | 15.37 | 34.76 | — | SEC (XBRL)· 07 Jul 2025verified |
| Weighted average diluted shares | 20.4 m | 21.1 m | 21.7 m | 23.6 m | SEC (XBRL)· 13 Jul 2026verified |
| Dividend per share | — | — | — | 3.33 | SEC (XBRL)· 13 Jul 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · JPY
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 412.4 m | 1.2 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 13 Jul 2026verified |
| Receivables | — | 181.8 m | 138.4 m | 161.2 m | SEC (XBRL)· 13 Jul 2026verified |
| Inventories | — | 13.5 bn | 13.6 bn | 16.6 bn | SEC (XBRL)· 13 Jul 2026verified |
| Current assets | — | 15.3 bn | 16.4 bn | 20.0 bn | SEC (XBRL)· 13 Jul 2026verified |
| Property, plant & equipment, net | — | 426.9 m | 357.5 m | 1.9 bn | SEC (XBRL)· 13 Jul 2026verified |
| Total assets | 18.3 bn | 21.2 bn | 22.5 bn | 27.0 bn | SEC (XBRL)· 13 Jul 2026verified |
| Accounts payable | — | 306.2 m | 597.7 m | 338.5 m | SEC (XBRL)· 13 Jul 2026verified |
| Short-term debt | — | 2.6 bn | 1.9 bn | 1.6 bn | SEC (XBRL)· 13 Jul 2026verified |
| Long-term debt | — | 4.6 bn | 6.9 bn | 10.6 bn | SEC (XBRL)· 13 Jul 2026verified |
| Current liabilities | — | 10.4 bn | 7.9 bn | 8.3 bn | SEC (XBRL)· 13 Jul 2026verified |
| Total liabilities | — | 19.4 bn | 19.0 bn | 22.7 bn | SEC (XBRL)· 13 Jul 2026verified |
| Equity | 1.2 bn † | 1.8 bn † | 3.5 bn † | 4.2 bn † | SEC (XBRL)· 13 Jul 2026verified |
| Shares outstanding at year end | — | — | 23.7 m | 23.6 m | SEC (XBRL)· 13 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · JPY
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | -3.7 bn | -2.1 bn | 804.6 m | -2.2 bn | SEC (XBRL)· 13 Jul 2026verified |
| Capex | 25.0 m | 42.1 m | 37.5 m | 1.6 bn | SEC (XBRL)· 13 Jul 2026verified |
| Free cash flow | -3.7 bn ≈ | -2.1 bn ≈ | 767.2 m ≈ | -3.8 bn ≈ | SEC (XBRL)· 13 Jul 2026derived |
| Investing cash flow | 17.9 m | -13.5 m | -475.9 m | -1.5 bn | SEC (XBRL)· 13 Jul 2026verified |
| Financing cash flow | 3.6 bn | 2.9 bn | 572.1 m | 3.9 bn | SEC (XBRL)· 13 Jul 2026verified |
| Dividends paid | — | — | — | 78.7 m | SEC (XBRL)· 13 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.9% | 45 (on a fixed band) | 23% |
| Net margin · Quality | 3.4% | 33 (vs peers) | 14% |
| FCF conversion · Quality | -504.8% | 0 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 18.8% | 100 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 6.2x | 0 (on a fixed band) | 23% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality30/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LOGPROSTYLE INC. (LGPS). Latest full fiscal year: 2026; data up to 2026-03-31.
Figures computed from the financial statements: revenue 22.2 bn JPY in 2026; YoY growth 7.6%; net margin 3.4%; ROE 19.7%; net debt/EBITDA 6.2x.
The estimated value range is 429.63–516.36 JPY per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 18.8%
- Current ratio: 2.4x
What contradicts it
- FCF conversion: -504.8%
- Net debt / EBITDA: 6.2x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Operative Builders (SIC 1531) · same industry (4-digit SIC) · compared with 16 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DHID.R. Horton, Inc. | 43.9 bn | 14.9 | 12.8% | 9.2% | −6.9% | −1% / +23% |
| PHMPultegroup, Inc. | 25.0 bn | 14.5 | 13.9% | 11.2% | −3.5% | +7% / +54% |
| NVRNVR, Inc. | 16.9 bn | 17.6 | 28.3% | 11.2% | −1.9% | −15% / +4% |
| TOLToll Brothers, Inc. | 14.6 bn | 12.7 | 14.4% | 11.1% | +1.1% | +13% / +85% |
| MTHMeritage Homes Corporation | 4.7 bn | 16.5 | 5.8% | — | unavailable | +0% / +4% |
| ECGEverus Construction Group, Inc. | 4.1 bn | 16.0 | 39.5% | 6.0% | +31.5% | −13% / unavailable |
| MHOM/i Homes, Inc. | 3.5 bn | 13.1 | 8.7% | 6.6% | −1.9% | +0% / +31% |
| KBHKb Home | 3.2 bn | 14.9 | 5.9% | 4.4% | −10.0% | −17% / +2% |
| GRBKGreen Brick Partners, Inc. | 2.8 bn | 10.7 | 14.3% | 14.2% | −1.0% | −2% / +40% |
| CCSCentury Communities, Inc. | 1.6 bn | 15.2 | 4.2% | 2.9% | −6.4% | −12% / −21% |
| LGIHLgi Homes, Inc. | 1.1 bn | 16.0 | 3.4% | 4.2% | −22.6% | −6% / −59% |
| BZHBeazer Homes USA Inc | 893.2 m | — | -0.7% | -0.4% | +1.8% | +49% / +38% |
| HOVHovnanian Enterprises Inc | 79.6 m | 81.2 | 2.2% | 0.6% | −0.9% | −16% / +22% |
| DFHDream Finders Homes, Inc. | — | 13.3 | 7.6% | 2.6% | −2.9% | −35% / −47% |
| SDHCSmith Douglas Homes Corp. | — | 18.0 | 6.0% | 0.5% | −0.4% | −50% / unavailable |
| LRELead Real Estate Co., Ltd | — | — | 12.2% | 3.5% | −3.5% | −14% / −84% |
| LGPSLogprostyle Inc. | — | — | 19.7% | 3.4% | +7.6% | −41% / unavailable |
1- and 3-year price returns: for LGPS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Jul 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Sept 2026), 6-K (10 Sept 2026), 6-K (08 Sept 2026), 6-K (03 Sept 2026).
In brief
LogProstyle is a Japanese group that renovates and resells pre-owned apartments in central Tokyo, develops residential properties and operates ryokan-style hotels. The company listed on the NYSE American in March 2025, and sales of real estate make up most of its revenue, about 92.7% in fiscal 2026 1.
SWOT
Strengths
- A clear niche model aimed at families and international customers, with large apartments and a design recognised under the Log Mansion brand 1.
- Integrated control over natural solid wood, from import to installation, which supports a cost and differentiation advantage 1.
- Long-standing relationships with real estate agencies in target areas, which help secure priority access to properties 1.
Weaknesses
- Extreme geographic concentration in Tokyo, where nearly all renovation revenue is generated, exposing the company to local risks 1.
- Dependence on bank loans and fast inventory turnover, so financing costs and delays affect results directly 1.
- Reliance on third-party contractors and suppliers for construction, with the risk of delays or defects that can trigger penalties 1.
Opportunities
- Extending renovation into other Japanese cities and abroad through acquisitions or local partnerships, if suitable conditions are found 1.
- Building a network of Machinaka Ryokans in Japanese cities and in US joint ventures, which could diversify revenue 1.
- International demand for traditional-style urban lodging experiences, which could support growth in the hotel segment 1.
Threats
- Shrinking supply of land and pre-owned apartments in Tokyo, which could limit new projects or raise acquisition costs 1.
- Rising interest rates or harder access to bank credit, which could seriously affect operations 1.
- Changes in government policy on housing demand and property rules, which could reduce buyers' willingness or ability to purchase 1.
Risks
- Dependence on operating subsidiariesmedium
The parent has no significant operations of its own, so cash flows depend on dividends and payments from subsidiaries, which may be limited by debt or regulation 1.
- Shortage of Tokyo inventoryhigh
If acquisition of pre-owned apartments or land becomes insufficient or too costly, revenue, margins and the ability to service debt could be significantly affected 1.
- Geographic exposure to Tokyohigh
Nearly all properties sold come from Tokyo, so an economic or regulatory change locally could affect the entire business 1.
- Debt and bank financinghigh
The company relies on bank loans for operations, and higher rates or tighter credit could reduce profitability 1.
- Dependence on contractors and agenciesmedium
Delays or defects in work by contractors, along with pressure on material and labour costs, could raise costs and trigger penalties 1.
Investment thesis
What would need to be true (bull case)
- The company's niche model for families and international customers, combined with control over natural wood, could support margins and long-term brand recognition 1.
- If expansion into other Japanese cities and abroad succeeds, the company could reduce its dependence on Tokyo, its main weakness 1.
- The hotel segment, with its urban ryokan format, could become a second growth engine less tied to property inventory 1.
What would break the thesis
- Complete concentration in Tokyo leaves the company vulnerable to any local change in demand, prices or regulation 1.
- Dependence on bank credit and fast inventory turnover could amplify the impact of higher interest rates or a falling market 1.
- A scarcity of pre-owned properties could make acquisitions more expensive, compressing margins if sale prices cannot be adjusted 1.
What to watch
- Trend in property sales revenue and margins compared with fiscal 2026Next 10-K
- Progress of expansion into Kyoto, Osaka and other cities, including any acquisitions of local companies2027
- Progress of the Asakusa hotel project and its operating plans2029
- Financing costs, access to bank credit and inventory turnoverQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 13 Jul 2026; since then the company filed 6-K (30 Oct 2026), 6-K (28 Sept 2026), 6-K (10 Sept 2026), 6-K (08 Sept 2026), 6-K (03 Sept 2026).
The business
LogProstyle Inc. is a holding company incorporated in Tokyo in April 2017 that operates through Japanese subsidiaries. Its main activity is condominium renovation and resale, run by LogSuite mainly in central Tokyo, where the company buys pre-owned units, rebuilds their interiors and sells mainly through its own online media and real estate brokers 1. Under the 'Log Mansion' brand the company says it has sold approximately 1,800 renovated units over the past 20 years 1. It describes its model as differentiated by targeting families and international customers, using extensive natural solid wood partly produced in-house, and offering integrated services from purchase to sale 1.
Beyond renovation, the group develops residential properties through Prostyle and runs 'Machinaka Ryokan' hotels through ProstyleRyokan in Tokyo, Yokohama and Okinawa, featuring Japanese-style rooms, open-air baths and an urban location aimed at families and international tourists 1. It also mentions restaurant operations and IT consulting services through smaller subsidiaries 1.
A renovation project, from purchase of a unit to delivery, typically takes about twelve months, and a development project usually takes 18 to 24 months, so inventory turnover is an important factor in financial performance 1.
Segments
Renovation and resale of apartments
The most important segment, run by LogSuite, which generated 100% of its revenue from Tokyo properties in fiscal 2026, concentrating the group's geographic risk 1. The company plans to expand into Kyoto, Osaka, Nagoya and other cities but, at the report date, had no investment or acquisition target 1.
Market context
The company describes the Tokyo residential market as highly competitive, with limited supply of pre-owned apartments, land and buildings for demolition available for acquisition, making inventory access a critical factor 1. It notes that its revenue depends on land and acquisition costs, which may be hard to pass on fully to customers 1.
The company's premise rests on demand from families and foreign customers for larger spaces than the standard new supply, while hotel revenue depends on urban and leisure tourism, sensitive to economic and currency swings 1. The report translates figures at 159.08 yen to the dollar as of March 31, 2026 1.
Trends
- Scarcity of pre-owned apartments in Tokyoheadwind
As the supply of suitable land and buildings declines over time, acquiring inventory could become harder and more expensive, and part of the margin pressure could go unrecovered from customers 1.
- Demand for large urban living spacetailwind
Family and international buyers seeking apartments above 80 square meters support the niche the company targets 1.
- Financing costs and interest ratesheadwind
Development depends on continuous bank loans, and rising interest rates could increase operating costs and slow inventory turnover 1.
- Urban tourism and traditional-style lodgingmixed
Foreign tourists' interest in traditional Japanese experiences in cities may support hotel revenue, but exposure to tourism and currency movements adds uncertainty 1.
Competitive position
The company says it faces competition from several real estate developers in the same area and nearby markets, some of which may have greater resources, longer operating histories or a lower cost of capital 1. Competitive pressure shows up in acquisitions of apartments and land as well as in sale prices and margins 1.
In hotels it differentiates from traditional Japanese business hotels that target individual business travellers, through the urban ryokan format for families and foreign tourists 1. The report does not name US-listed competitors, so no external tickers are given 1.
- Tokyo residential property developers
Companies the report cites as rivals in the Tokyo condominium market, with greater resources and longer histories, though the source does not name them.
- Other developers renovating pre-owned apartments
Rivals that can renovate similar or superior units and compete for the same inventory purchases.
- Japanese business-hotel operators
Hotel rivals focused on individual business travellers, unlike the company's ryokan format for families and tourists.
- Partner real estate agencies
Not direct competitors, but essential for access to inventory and customers, and dependence on them is a significant risk.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)13 Jul 2026
- Annual report (foreign issuer)13 Jul 2026
- Current report (foreign issuer)06 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2026-03-31 · SEC / LogProstyle Inc. · 13 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.