The numbers stop fitting if you think of Sumitomo Forestry as a Japanese homebuilder.
Sumitomo Forestry generated ¥2.2676tn of sales and ¥168.7bn of operating profit in FY2025. Its U.S. single-family housing business generated ¥786bn of sales and ¥105bn of recurring income, which the company describes as roughly 60% of consolidated recurring income. The existing U.S. builders sold 11,267 homes in FY2024, ranking ninth in the U.S. by unit sales according to company materials. Across the U.S. and Australia, FY2025 sales and deliveries reached 17,666 units. The group's roots go back to 1691, when forests around the Besshi Copper Mine supplied fuelwood, mine timbers and construction materials. A major reforestation plan followed in 1894. The company then expanded through timber distribution, housing and overseas housing. Sumitomo Forestry is easier to understand not simply as a Japanese homebuilder expanding abroad, but as a wood-centered value chain whose housing business became very large overseas.