Lead Real Estate Co., Ltd American Depositary Shares

LRE

Real Estate - Development · Real Estate

Price

$1.44

+0.06 (+4.35%)

Market Cap

$19.6M

Exchange

NASDAQ Capital Market

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Lead Real Estate Co., Ltd is a Japanese real estate developer that builds and sells luxury residential properties, primarily high-end condominiums and single-family homes. Its main customers are wealthy individuals and investors looking for premium housing in Japan. The company also has a smaller business helping Japanese clients purchase real estate in Hawaii.

Lead Real Estate earns money mainly by selling completed properties, which means revenue can be lumpy depending on how many units close in a given period. The company operates primarily in Japan, with a niche international presence in Hawaii, and is a small-cap firm with a market cap under $100 million. Its focus on luxury properties gives it somewhat higher margins than mass-market developers, but the main risks include Japan's shrinking population, rising construction costs, and the company's heavy reliance on a small number of high-value transactions — meaning a few delayed deals can significantly impact annual results.

Winston Score History

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 13.6M (2021) → 13.6M (2025)

Score breakdown

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Quality

Gross Margin

10.6%

Thin — 10.6% gross margin

Operating Margin

-11.4%

Losing money on operations — -11.4%

ROCE

-2.2%

Weak — -2.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-1.7%

Shrinking sales (-1.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

199%

Turns 199% of profit into real cash

FCF Margin

-2.4%

Burning cash (-2.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

3.91

Heavy debt load (3.91)

Interest Cover

36.91x

Comfortably covers interest (36.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

0.0x

Attractive valuation — P/E 0.0

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

3.23%

Moderate income — 3.23% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-77.5%

Dividend cut (-77.5% YoY) — warning sign

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