The company maintains a debt-to-equity ratio of 2.74 as of 2024Q4, reflecting an aggressive reliance on external financing to support an asset base that has grown to $17.2B.
| Total Assets | 17.22B | 20.59B | 17.22B | 15.82B | 12.42B | 9.41B | 8.3B |
| Asset Growth % | 96.45% | 19.61% | 8.87% | 27.37% | 31.92% | 13.39% | - |
| Real Estate & Other Assets | 170.59M | 10.83B | 170.59M | 240.31M | 271.75M | 212.55M | 185.51M |
| PP&E (Net) | 5.6B | 6.61B | 5.6B | 3.51B | 2.2B | 3.29B | 3.27B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 11.32B | 2.83B | 11.32B | 11.89B | 9.78B | 5.78B | 4.72B |
| Cash & Equivalents | 1.3B | 2.65B | 1.3B | 786.37M | 403.11M | 480.32M | 329.54M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 493.82M | 0 | 493.82M | 36.41M | 0 | 0 | 227.91M |
| Intangible Assets | 54.14M | 35.35M | 54.14M | 97.38M | 115.55M | 74.49M | 26.07M |
| Total Liabilities | 12.98B | 15.57B | 12.98B | 13.07B | 10.22B | 7.77B | 7.01B |
| Total Debt | 11.6B | 12.99B | 11.6B | 11.37B | 8.8B | 5.93B | 6.25B |
| Net Debt | 10.3B | 10.34B | 10.3B | 10.58B | 8.4B | 5.45B | 5.92B |
| Long-Term Debt | 4.6B | 4.55B | 4.6B | 5.44B | 2.23B | 1.3B | 1.03B |
| Short-Term Borrowings | 6.82B | 7.82B | 6.82B | 5.71B | 6.36B | 4.49B | 4.31B |
| Capital Lease Obligations | 955.68M | 621.1M | 182.58M | 226.15M | 206.92M | 134.35M | 915.33M |
| Total Current Liabilities | 7.97B | 7.82B | 7.97B | 7.18B | 7.61B | 6.11B | 5.62B |
| Accounts Payable | 602.01M | 0 | 602.01M | 732.72M | 602.43M | 496.87M | 316.05M |
| Deferred Revenue | 130.26M | 337.01M | 130.26M | 260.53M | 289.69M | 223.05M | 164.91M |
| Other Liabilities | 233.11M | 2.01B | 233.11M | 240.03M | 156.46M | 179.84M | 128.07M |
| Total Equity | 4.24B | 5.02B | 4.24B | 2.74B | 2.2B | 1.64B | 1.29B |
| Equity Growth % | 165.63% | 18.56% | 54.48% | 24.62% | 34.35% | 27.3% | - |
| Shareholders Equity | 4.24B | 5.03B | 4.24B | 2.75B | 2.21B | 1.64B | 1.27B |
| Minority Interest | -7.56M | -8.44M | -7.56M | -6.77M | -6.24M | -5.87M | 21.26M |
| Common Stock | 1.21B | 1.21B | 1.21B | 344.14M | 344.14M | 329.92M | 229.92M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | 3.16B | 3.96B | 3.16B | 2.56B | 2B | 1.47B | 1.19B |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 7.32% | 4.32% | 3.8% | 4.33% | 5.05% | 3.16% | 1.22% |
| Return on Equity (ROE) | 36.14% | 17.63% | 17.96% | 24.75% | 28.73% | 19.11% | 7.88% |
| Debt / Assets | 67.35% | 63.08% | 67.35% | 71.9% | 70.87% | 63.01% | 75.29% |
| Debt / Equity | 2.74x | 2.59x | 2.74x | 4.15x | 4.00x | 3.62x | 4.86x |
| Net Debt / EBITDA | 5.12x | 6.76x | 10.28x | 10.35x | 9.02x | 11.10x | 22.84x |
| Book Value per Share | 310.61 | 368.26 | 317.15 | 201.07 | 161.35 | 120.09 | 88.77 |
High leverage and liquidity
As reported in recent financial statements, Lead Real Estate's total assets expanded to $17.2B by 2024Q4, yet this growth is accompanied by a significant rise in total liabilities to $13.0B, suggesting that the company is aggressively leveraging its balance sheet to fund ongoing development projects.
The rapid expansion of the asset base appears to be driven by debt-funded acquisitions rather than organic equity growth. Investors should monitor whether this trajectory leads to diminishing returns on invested capital as the company attempts to scale its luxury residential footprint in Tokyo.
Based on reported figures, the company's debt-to-equity ratio fluctuated significantly, reaching 2.74 in 2024Q4, which, while lower than the 4.53 peak observed in 2023Q2, still indicates a reliance on external financing that may be sensitive to shifting interest rate environments in Japan.
The volatility in the debt-to-equity ratio suggests that management is actively managing its capital structure, likely in response to project completion cycles. However, the high absolute level of debt relative to equity may limit the company's financial flexibility if property market conditions deteriorate.
According to the latest balance sheet data, cash reserves increased to $1.3B in 2024Q4 from $618.9M in 2024Q2, providing a temporary liquidity buffer, though this must be weighed against the substantial capital requirements inherent in the firm's ongoing luxury residential development pipeline.
While the increase in cash is a positive development for short-term liquidity, it appears to be a reactive measure to maintain operational stability. The company's ability to fund future projects without further dilutive equity issuance or increased debt remains a key concern for long-term solvency.
As disclosed in financial filings, equity grew to $4.2B in 2024Q4, reflecting a recovery from the $2.4B low in 2023Q2, yet the persistent volatility in ROE suggests that the company's capital base is subject to significant swings based on the timing of property sales.
The fluctuation in equity quality highlights the risks associated with a development-heavy business model where earnings are not yet consistently recurring. Investors should remain cautious about the sustainability of this equity growth if the company cannot demonstrate more stable, long-term profitability.
Quick answers to the most common questions about buying LRE stock.
As of 2025, Lead Real Estate Co., Ltd American Depositary Shares (LRE) had total assets of $20.59B including $2.83B in current assets.
Lead Real Estate Co., Ltd American Depositary Shares (LRE) carries total debt of $12.99B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lead Real Estate Co., Ltd American Depositary Shares (LRE) has total shareholders' equity (book value) of $5.03B ($368.26 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lead Real Estate Co., Ltd American Depositary Shares (LRE) reported a current ratio of 0.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.