# AIRPORT FACILITIES Co.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/04/01－2026/03/31) (S100YGNC)
> Page: https://vizora.meequs.com/en/company/airport-facilities
> Retrieved: 2026-09-30T18:26:52.639Z

## Company

Airport Facilities, founded in 1970, is a company in Electric Power & Gas listed on TSE Standard. It has 131 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIRPORT FACILITIES Co.,LTD. |
| Ticker | 8864 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8864.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区羽田空港1丁目6番5号 |
| Representative (per filing) | 代表取締役社長執行役員 田村 滋朗 |
| Founded | Feb 1970 |
| Share capital | ¥6.83B |
| Employees (consolidated) | 131 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.afc.jp (https://www.afc.jp/) |
| Corporate number | 8010801003218 |
| EDINET | E03958 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YGNC, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.7 | 75 |
| Profitability | 78.5 | 86 |
| Cash conversion | 78.7 | 82 |
| Efficiency | 29.7 | 86 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 47% of Airport Facilities's sales come from Airport Real Estate Business, with Non-Airport Real Estate Business and Airport Infrastructure Business making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +18.2% from the prior year, operating profit +50.3%.

## Company structure

- Segment revenue mix: Airport Real Estate Business 47.0%、Non-Airport Real Estate Business 30.7%、Airport Infrastructure Business 20.3%、Other Business 2.0%
- Revenue → net income: ¥36792000000 → ¥3588000000
- Net income → operating cash flow: ¥3588000000 → ¥9943000000（difference ¥6355000000）
- Main uses of operating cash flow: CapEx ¥2981000000 / dividends ¥1508000000 / buybacks ¥1000000000
- Change in cash: ¥6075000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥36.8B |  |
| Operating income | ¥6.72B | Margin 18.3% |
| Net income | ¥3.48B | Margin 9.5% |
| Free cash flow | ¥6.96B |  |
| Largest business | Airport Real Estate Business | of segment revenue 47.0% |
| Employees (consolidated) | 131 |  |
| EPS | ¥62.45 |  |
| Diluted EPS | ¥62.41 |  |
| Book value per share | ¥1092.53 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 52,006,350 |  |
| Treasury shares | 2,625,800 |  |
| Shareholders | 18,317 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | +7.7 pp | Real Estate Development & Leasing |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24155122000 | ¥36792000000 | +52.3% |
| Operating income | ¥3831363000 | ¥6719000000 | +75.4% |
| Operating margin | 15.9% | 18.3% | +2.4 pp |
| Employees | 115 people | 131 people | +13.9% |
| Cash and equivalents | ¥6583181000 | ¥13234000000 | +101.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 不動産賃貸事業 → 事業再編・廃止 | 78.4% |
| 熱供給事業 → 事業再編・廃止 | 14.0% |
| 給排水運営その他事業 → 事業再編・廃止 | 7.6% |
| 新設・再編 → 空港内不動産事業 | 47.0% |
| 新設・再編 → 空港外不動産事業 | 30.7% |
| 新設・再編 → 空港内インフラ事業 | 20.3% |
| 新設・再編 → その他の事業 | 2.0% |

Segment revenue source references: 7 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Airport Real Estate Business | 2 years | +4.3% | ¥17291000000 | 23.2% | 2 |
| Non-Airport Real Estate Business | — | — | ¥11312000000 | 25.9% | 2 |
| Airport Infrastructure Business | — | — | ¥7459000000 | 15.5% | 2 |
| Other Business | — | — | ¥729000000 | 35.3% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,792 | 100.0% | S100YGNC |
| Cost of revenue | 27,583 | 75.0% | S100YGNC |
| Gross profit | 9,208 | 25.0% | S100YGNC |
| SG&A | 2,488 | 6.8% | S100YGNC |
| Operating income | 6,719 | 18.3% | S100YGNC |
| Ordinary income | 7,126 | 19.4% | S100YGNC |
| Pretax income | 5,363 | 14.6% | S100YGNC |
| Income tax | 1,774 | 4.8% | S100YGNC |
| Net income | 3,588 | 9.8% | S100YGNC |
| Net income attributable to owners | 3,479 | 9.5% | S100YGNC |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 7 |
| Operating income | 18 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 25.0% → Operating margin 18.3% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.2%; Core profit growth: +50.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.76×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 31,121 | 36,792 | 5,671 | +18.2% |
| Gross profit | 6,770 | 9,208 | 2,438 | +36.0% |
| Operating income | 4,469 | 6,719 | 2,250 | +50.3% |
| Net income attributable to owners | 2,577 | 3,479 | 902 | +35.0% |
| Operating cash flow | 5,239 | 9,943 | 4,704 | +89.8% |
| Free cash flow | 1,350 | 6,962 | 5,612 | +415.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,856 | 4,186 | 16.8% | 2,228 | 6,900 | -803 | S100LSRP |
| FY ending Mar 2021 | 24,155 | 3,831 | 15.9% | -934 | 4,758 | 2,096 | S100OKGQ |
| FY ending Mar 2022 | 23,777 | 3,281 | 13.8% | 821 | 8,468 | 7,510 | S100RAHQ |
| FY ending Mar 2023 | 25,516 | 2,504 | 9.8% | 1,564 | 2,017 | -164 | S100TTMC |
| FY ending Mar 2024 | 25,951 | 3,183 | 12.3% | 2,020 | 785 | -1,385 | S100W50W |
| FY ending Mar 2025 | 31,121 | 4,469 | 14.4% | 2,577 | 5,239 | 1,350 | S100YGNC |
| FY ending Mar 2026 | 36,792 | 6,719 | 18.3% | 3,479 | 9,943 | 6,962 | S100YGNC |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥280.9M |
| Operating income per employee (consolidated) | ¥51.3M |
| Net income per employee (consolidated) | ¥26.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 122 | 119 | 124 | 123 | 131 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7.6M | ¥8.4M | ¥9.1M |
| Average age (parent company) | 40.0 years | 42.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 15.0 years | 16.0 years | 15.0 years |

Year over year: Employees (consolidated) +6.5% · Revenue (consolidated) +18.2%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Airport Real Estate Business | 17,291 | 47.0% | 4,006 | 23.2% |
| Non-Airport Real Estate Business | 11,312 | 30.7% | 2,929 | 25.9% |
| Airport Infrastructure Business | 7,459 | 20.3% | 1,154 | 15.5% |
| Other Business | 729 | 2.0% | 257 | 35.3% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Airport Real Estate Business | 47.0% | 48.0% | 1.0 | 23.2% |
| Non-Airport Real Estate Business | 30.7% | 35.1% | 4.3 | 25.9% |
| Airport Infrastructure Business | 20.3% | 13.8% | -6.4 | 15.5% |
| Other Business | 2.0% | 3.1% | 1.1 | 35.3% |

Segment → industry: Airport Infrastructure Business → Electric Power & Gas / Other Business → Real Estate Development & Leasing / Non-Airport Real Estate Business → Real Estate Development & Leasing / Airport Real Estate Business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,943 | 27.0% | S100YGNC |
| Capital expenditure | 2,981 | 8.1% | S100YGNC |
| Free cash flow | 6,962 | 18.9% | 算出 |
| Investing cash flow | -1,885 | -5.1% | S100YGNC |
| Financing cash flow | -2,019 | -5.5% | S100YGNC |
| Dividends paid | 1,508 | 4.1% | S100YGNC |
| Share buyback | 1,000 | 2.7% | S100YGNC |
| Change in cash | 6,075 | 16.5% | S100YGNC |
| Cash and equivalents | 13,234 | 36.0% | S100YGNC |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,613 | 8,599 | 10,849 | 7,159 | 13,234 | S100TTMC, S100W50W, S100YGNC |
| Total assets | 102,468 | 100,403 | 110,462 | 108,580 | 112,049 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Net assets | 55,306 | 57,369 | 60,765 | 62,594 | 64,392 | S100TTMC, S100W50W, S100YGNC |
| Share capital | 6,826 | 6,826 | 6,826 | 6,826 | 6,826 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Property, plant and equipment | 68,686 | 60,385 | 59,106 | 56,209 | 54,495 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Intangible assets excluding goodwill | 564 | 449 | 387 | 343 | 249 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Investment securities | 6,556 | 9,257 | 11,457 | 10,554 | 11,224 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Current assets | 24,584 | 28,881 | 38,493 | 39,421 | 43,978 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Current liabilities | 11,051 | 9,866 | 10,055 | 11,417 | 11,286 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Trade payables | 1,778 | 1,691 | 1,968 | 1,812 | — | S100RAHQ, S100TTMC, S100W50W |
| Short-term borrowings | 5,132 | 5,067 | 3,313 | 3,391 | — | S100RAHQ, S100TTMC, S100W50W |
| Long-term borrowings | 19,525 | 16,135 | 22,730 | 17,554 | 17,524 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Bonds | 6,100 | 6,100 | 6,100 | 6,000 | 6,000 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Interest-bearing debt | 30,756 | 27,301 | 32,144 | 26,945 | — | 算出 |
| Total liabilities | 47,162 | 43,034 | 49,696 | 45,986 | 47,657 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Non-controlling interests | 2,528 | 2,519 | 2,633 | 2,683 | 2,792 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Equity attributable to owners of parent | 50,925 | 51,839 | 54,287 | 55,968 | 56,985 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Retained earnings | 38,800 | 39,660 | 42,025 | 43,648 | 45,617 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |
| Treasury stock | -1,684 | -1,630 | -1,547 | -1,491 | -1,791 | S100RAHQ, S100TTMC, S100W50W, S100YGNC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGNC |
| Property, plant and equipment | 49% | S100YGNC |
| Intangibles and goodwill | 0% | S100YGNC |
| Investment securities | 10% | S100YGNC |
| Other assets | 29% | S100YGNC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YGNC |
| Equity | 57% | S100YGNC |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 102,468 | 100,403 | 110,462 | 108,580 | 112,049 |
| Equity | 55,306 | 57,369 | 60,765 | 62,594 | 64,392 |
| Interest-bearing debt | 30,756 | 27,301 | 32,144 | 26,945 | — |
| Cash | 9,613 | 8,599 | 10,849 | 7,159 | 13,234 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 148.1% | S100YGNC |
| Fixed assets ÷ total assets | 48.6% | S100YGNC |
| Goodwill ÷ parent equity | — | —, S100YGNC |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 11.8% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.0% |
| Cash vs. profit gap | 6,464 JPY mn (of net income 185.8%) |
| Shareholder returns / net income | 72.1% |
| Shareholder returns / FCF | 36.0% |
| Shareholder payments — dividends / net income | 43.3% |
| Shareholder payments — dividends / FCF | 21.7% |
| CapEx intensity (capex ÷ revenue) | 8.1% |
| Investing CF relative to operating CF | 19.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.5% | 0.23× | 0.8% | 2.01× | 1.6% | S100RAHQ |
| 2023 | 6.1% | 0.25× | 1.5% | 1.97× | 3.0% | S100TTMC |
| 2024 | 7.8% | 0.25× | 1.9% | 1.99× | 3.8% | S100W50W |
| 2025 | 8.3% | 0.28× | 2.4% | 1.99× | 4.7% | S100YGNC |
| 2026 | 9.5% | 0.33× | 3.2% | 1.95× | 6.2% | S100YGNC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本航空株式会社 | Major shareholder | 21.3% | 2026-03-31 |
| ANAホールディングス株式会社 | Major shareholder | 21.3% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 14.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 5.9% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC)RE IEDP AIF CLIENTS NON TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 3.2% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.8% | 2026-03-31 |
| BNYM AS AGT/CLTS TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.4% | 2026-03-31 |
| J.P.MORGAN SE - LUXEMBOURG BRANCH 381639(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YGNC | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGNC,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W50W | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W50W,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TTMC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTMC,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100RAHQ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAHQ,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OKGQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKGQ,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LSRP | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSRP,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).