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LRE

Lead Real Estate Co., Ltd American Depositary Shares

LRE

Lead Real Estate Co., Ltd American Depositary Shares • NASDAQ
$1.29 ▲ 5.74% (+0.07)
Market Cap $17.60 M
52w High $2.97
52w Low $1.00
Dividend Yield 0.07%
P/E 3.23
Volume 5.90K
Outstanding Shares 13.64M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $12.946B ▲ $-1.093B ▼ $481.786M ▲ 3.721% ▲ $41.87 ▲ $1.059B ▲
Q2-2024 $6.323B ▼ $-1.042B ▲ $90.548M ▼ 1.432% ▼ $6.64 ▼ $523.283K ▼
Q4-2023 $10.795B ▲ $-1.104B ▼ $394.776M ▲ 3.657% ▲ $28.9 ▲ $697.681M ▲
Q2-2023 $6.843B ▼ $-742.114M ▲ $156.472M ▼ 2.286% ▼ $11.47 ▼ $274.113M ▼
Q4-2022 $7.946B $-993.308M $381.426M 4.8% $25.81 $401.066M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $346.26M ▼ $19.932B ▲ $16.341B ▲ $3.599B ▼
Q4-2024 $1.301B ▲ $17.217B ▼ $12.98B ▼ $4.245B ▲
Q2-2024 $618.914M ▼ $17.49B ▲ $13.754B ▲ $3.743B ▲
Q4-2023 $786.373M ▲ $15.815B ▲ $13.072B ▲ $2.75B ▲
Q2-2023 $388.731M $14.096B $11.731B $2.371B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $563.198M ▲ $3.294B ▲ $-1.93B ▼ $-648.864M ▼ $595.171M ▲ $1.359B ▲
Q2-2024 $90.548M ▼ $-1.417B ▼ $-385.292M ▼ $1.645B ▲ $-146.959M ▼ $-1.778B ▼
Q4-2023 $394.776M ▲ $-376.658M ▲ $-271.178M ▲ $1.074B ▼ $360.462M ▲ $-639.025M ▲
Q2-2023 $156.472M ▼ $-738.213M ▲ $-957.966M ▼ $1.678B ▲ $-2.735M ▼ $-1.701B ▲
Q4-2022 $381.426M $-1.567B $63.253M $1.652B $148.223M $-2.082B

Five-Year Company Overview

Income Statement

Income Statement Revenue and profits have been rising steadily over the past several years, which is encouraging for a relatively new public company. The business appears to be scaling in a controlled way: gross profit, operating profit, and net income are all moving in the same positive direction, suggesting that growth is not coming at the expense of margins. Earnings per share have also climbed meaningfully, which hints at improving efficiency per share of ownership. That said, this is still a small, niche real estate developer, so results can remain sensitive to the timing and success of individual projects and deals.

Balance Sheet

Balance Sheet The balance sheet shows a growing asset base as the company develops more projects, but this growth is funded largely with debt. Equity has increased, which is positive, but borrowings make up a substantial portion of the capital structure. Cash has improved compared with earlier years, yet it remains modest relative to total assets and debt. Overall, the company is building up its footprint but is doing so with fairly high leverage, which is common in real estate development but raises sensitivity to interest rates and market downturns.

Cash Flow

Cash Flow The most notable shift is in operating cash flow, which has moved from negative to clearly positive, indicating that the core business has started to generate cash instead of consuming it. However, free cash flow is still negative because the company is investing heavily in new projects and properties. Capital spending has increased as the development pipeline expands. This pattern—improving operating cash but negative free cash flow due to investment—is typical for a growth phase, but it does mean the company continues to rely on external funding and needs its projects to perform well over time.

Competitive Edge

Competitive Edge Lead Real Estate operates in a focused niche: luxury residential developments and apartment-style hotels in prime Japanese locations, with some expansion into the U.S. This focus on high-end, well-located properties and award-winning design helps differentiate it from more generic developers and can support premium pricing. Its ENT TERRACE hotel brand targets longer stays and privacy-conscious guests, which gives it a distinct angle in urban hospitality. Still, the company competes in very competitive, cyclical markets, where demand can shift quickly with economic conditions, tourism trends, and interest rates.

Innovation and R&D

Innovation and R&D The company leans on innovation more than many traditional developers. Its GLOCALY platform aims to connect overseas investors to Japanese real estate using AI for translation, chat support, and video-based marketing, potentially widening its investor base. The ENT TERRACE brand includes unique concepts like single-room floors and a new premium series, and the firm is experimenting with eco-focused renovation and a master-lease model that offers a one-stop solution for property owners. Partnerships with design firms and plans for a broader global presence show an intent to keep refreshing its offerings, though the commercial impact of these initiatives will take time to fully demonstrate.

Summary

Lead Real Estate is a young, niche developer showing steady growth in revenue and profit, with a clear emphasis on luxury properties and innovative services. Its financials indicate improving profitability and newly positive operating cash flow, but also a heavy reliance on debt and ongoing investment, which introduces risk if market conditions soften or projects underperform. Strategically, the company is trying to build a differentiated position through technology, design quality, and specialized hospitality concepts in attractive urban areas in Japan and abroad. The overall picture is of a small but ambitious player in a cyclical, capital-intensive industry, with both meaningful upside potential and sensitivity to execution and macroeconomic swings.

NEWS

November 3, 2025 · 6:00 AM UTC

Lead Real Estate Co., Ltd Announces Fiscal Year 2025 Results

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October 29, 2025 · 8:00 AM UTC

Lead Real Estate Co., Ltd to Announce Fiscal Year 2025 Results and Host Conference Call on November 3, 2025, at 8:30 AM ET

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October 22, 2025 · 12:45 PM UTC

LRE & Co announces the leasing of property to Dutch Bros at the new Folsom development.

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September 15, 2025 · 5:30 AM UTC

Lead Real Estate Co., Ltd Announces Cash Dividend Payable Sept. 30, 2025

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