# AirTrip Corp.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2024/10/01－2025/09/30) (S100XCN2)
> Page: https://vizora.meequs.com/en/company/airtrip
> Retrieved: 2026-09-30T21:01:02.582Z

## Company

AirTrip, founded in 2007, is a company in IT Services & System Integration listed on TSE Prime. It has 439 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AirTrip Corp. |
| Ticker | 6191 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6191.T) |
| Listing | TSE Prime |
| Head office | 東京都港区愛宕2丁目5番1号 |
| Representative (per filing) | 代表取締役社長 兼 CFO 柴田 裕亮 |
| Founded | May 2007 |
| Share capital | ¥1.8B |
| Employees (consolidated) | 439 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | September |
| Corporate number | 6010401072978 |
| EDINET | E32194 |
| Industries (Vizora) | IT Services & System Integration, Venture Capital, Travel Agencies |

> Profile source: annual securities report (S100XCN2, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 77.3 | 11 |
| Cash conversion | 72.2 | 9 |
| Efficiency | 59.1 | 11 |

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 99% of AirTrip's sales come from Online travel, with Investment and IT offshore development making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +30.9%.

## Company structure

- Segment revenue mix: Online travel 98.7%、Investment 1.2%、IT offshore development 0.0%
- Revenue → net income: ¥28104000000 → ¥1954000000
- Net income → operating cash flow: ¥1954000000 → ¥4549000000（difference ¥2595000000）
- Main uses of operating cash flow: CapEx ¥1103000000 / dividends ¥223000000 / buybacks —
- Change in cash: ¥2393000000
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 | ¥28.1B |  |
| Operating income | ¥3.1B | Margin 11.0% |
| Net income | ¥1.78B | Margin 6.3% |
| Free cash flow | ¥3.45B |  |
| Largest business | Online travel | of segment revenue 98.7% |
| Employees (consolidated) | 439 |  |
| EPS | ¥79.47 |  |
| Diluted EPS | ¥79.16 |  |
| Book value per share | ¥513.62 |  |
| Equity ratio | 47.4% | Derived from disclosed figures |
| Shares outstanding | 22,441,165 |  |
| Treasury shares | 300 |  |
| Shareholders | 13,997 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 37.7% | Net cash ¥8.98B · Cash ÷ revenue 43.1% |
| Vs. industry median margin | +8.6 pp | Travel Agencies |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, parent-company salary changed +46% over five years

## What changed in 6 years

| Metric | FY ending Sep 2019 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24306000000 | ¥28104000000 | +15.6% |
| Operating income | ¥676000000 | ¥3099000000 | +358.4% |
| Operating margin | 2.8% | 11.0% | +8.2 pp |
| Employees | 1,527 people | 439 people | -71.3% |
| Cash and equivalents | ¥8997000000 | ¥12112000000 | +34.6% |

### Change in segment revenue mix

Span: FY ending Sep 2019 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| オンライン旅行事業 → オンライン旅行事業 | 88.5% |
| ITオフショア開発事業 → ITオフショア開発事業 | 0.0% |
| ITオフショア開発事業 → 事業再編・廃止 | 10.1% |
| 投資事業 → 投資事業 | 1.2% |
| 投資事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → オンライン旅行事業 | 10.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Online travel | 6 years | +4.3% | ¥27744000000 | 16.1% | 2 |
| Investment | 6 years | 0.0% | ¥345000000 | 30.1% | 2 |
| IT offshore development | 6 years | -57.7% | ¥14000000 | -757.1% | 2 |

## Income statement（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,104 | 100.0% | S100XCN2 |
| Cost of revenue | 11,984 | 42.6% | S100XCN2 |
| Gross profit | 16,120 | 57.4% | S100XCN2 |
| SG&A | 12,586 | 44.8% | S100XCN2 |
| Operating income | 3,099 | 11.0% | S100XCN2 |
| Pretax income | 3,029 | 10.8% | S100XCN2 |
| Income tax | 1,075 | 3.8% | S100XCN2 |
| Net income | 1,954 | 7.0% | S100XCN2 |
| Net income attributable to owners | 1,779 | 6.3% | S100XCN2 |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 45 |
| Other operating | 1 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 57.4% → Operating margin 11.0% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +30.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.35×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 26,571 | 28,104 | 1,533 | +5.8% |
| Gross profit | 15,530 | 16,120 | 590 | +3.8% |
| Operating income | 2,368 | 3,099 | 731 | +30.9% |
| Net income attributable to owners | 2,013 | 1,779 | -234 | -11.6% |
| Operating cash flow | 2,271 | 4,549 | 2,278 | +100.3% |
| Free cash flow | 1,250 | 3,446 | 2,196 | +175.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2017 | 5,533 | — | — | 702 | 218 | — | S100N522 |
| FY ending Sep 2018 | 12,426 | — | — | 855 | 527 | — | S100PW2N |
| FY ending Sep 2019 | 24,306 | 676 | 2.8% | 731 | -76 | -1,448 | S100KH05 |
| FY ending Sep 2021 | 17,524 | 3,142 | 17.9% | 2,372 | 3,630 | 3,066 | S100PW2N |
| FY ending Sep 2022 | 13,589 | 2,243 | 16.5% | 1,712 | 2,807 | 2,119 | S100SMXN |
| FY ending Sep 2023 | 23,386 | 2,018 | 8.6% | 1,274 | 4,117 | 3,210 | S100V979 |
| FY ending Sep 2024 | 26,571 | 2,368 | 8.9% | 2,013 | 2,271 | 1,250 | S100XCN2 |
| FY ending Sep 2025 | 28,104 | 3,099 | 11.0% | 1,779 | 4,549 | 3,446 | S100XCN2 |

## People and productivity（FY ending Sep 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥4.1M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 574 | 316 | 337 | 396 | 439 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.7M | ¥4.8M | ¥6.1M |
| Average age (parent company) | 36.1 years | 36.0 years | 36.0 years | 37.0 years | 36.9 years |
| Average tenure (parent company) | 3.5 years | 4.1 years | 4.3 years | 3.7 years | 4.0 years |

Year over year: Employees (consolidated) +10.9% · Revenue (consolidated) +5.8%

## Segments（FY ending Sep 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Online travel | 27,744 | 98.7% | 4,477 | 16.1% |
| IT offshore development | 14 | 0.0% | -106 | -757.1% |
| Investment | 345 | 1.2% | 104 | 30.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Online travel | 98.7% | 97.7% | -1.0 | 16.1% |
| IT offshore development | 0.0% | — | — | -757.1% |
| Investment | 1.2% | 2.3% | 1.0 | 30.1% |

Loss-making segment (excluded from profit shares): IT offshore development -106 JPY mn

Segment → industry: IT offshore development → IT Services & System Integration / Investment → Venture Capital / Online travel → Travel Agencies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,549 | 16.2% | S100XCN2 |
| Capital expenditure | 1,103 | 3.9% | S100XCN2 |
| Free cash flow | 3,446 | 12.3% | 算出 |
| Investing cash flow | -1,353 | -4.8% | S100XCN2 |
| Financing cash flow | -791 | -2.8% | S100XCN2 |
| Dividends paid | 223 | 0.8% | S100XCN2 |
| Change in cash | 2,393 | 8.5% | S100XCN2 |
| Cash and equivalents | 12,112 | 43.1% | S100XCN2 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,771 | 8,954 | 12,453 | 9,647 | 12,112 | S100SMXN, S100V979, S100XCN2 |
| Total assets | 21,373 | 24,135 | 30,586 | 28,803 | 32,147 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Net assets | 8,136 | 9,908 | 13,287 | 14,731 | 16,509 | S100SMXN, S100V979, S100XCN2 |
| Share capital | 1,529 | 1,547 | 1,782 | 1,789 | 1,805 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Property, plant and equipment | 394 | 286 | 369 | 400 | 586 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Goodwill | 1,109 | 1,189 | 1,276 | 1,415 | 1,503 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Current assets | 15,568 | 18,386 | 24,615 | 20,887 | 23,677 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Interest-bearing debt | 7,442 | 6,016 | 4,249 | 3,245 | 3,132 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Total liabilities | 13,236 | 14,226 | 17,298 | 14,071 | 15,638 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Equity attributable to owners of parent | 7,475 | 9,185 | 12,340 | 13,728 | 15,250 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Retained earnings | 3,864 | 5,335 | 6,387 | 8,178 | 9,737 | S100PW2N, S100SMXN, S100V979, S100XCN2 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100PW2N, S100SMXN, S100V979, S100XCN2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100XCN2 |
| Property, plant and equipment | 2% | S100XCN2 |
| Intangibles and goodwill | 4% | — |
| Other assets | 56% | S100XCN2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 10% | S100XCN2 |
| Other liabilities | 39% | S100XCN2 |
| Equity | 51% | S100XCN2 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,373 | 24,135 | 30,586 | 28,803 | 32,147 |
| Equity | 8,136 | 9,908 | 13,287 | 14,731 | 16,509 |
| Interest-bearing debt | 7,442 | 6,016 | 4,249 | 3,245 | 3,132 |
| Cash | 8,771 | 8,954 | 12,453 | 9,647 | 12,112 |

## 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) | 2.1% | S100XCN2 |
| Fixed assets ÷ total assets | 1.8% | S100XCN2 |
| Goodwill ÷ parent equity | 9.9% | S100XCN2 |

Goodwill over 4 years: 1,109 → 1,503 JPY; total investing cash flow: -8,232 JPY. This does not imply causation.

### 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) | 37.7% |
| Cash ÷ revenue | 43.1% |
| Net cash (cash − interest-bearing debt) | ¥8.98B |
| Net debt ÷ operating cash flow | -1.97× |
| Cash conversion (operating CF ÷ operating income) | 146.8% |
| Cash vs. profit gap | 2,770 JPY mn (of net income 155.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.5% |
| Shareholder payments — dividends / FCF | 6.5% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 29.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 13.5% | 0.82× | 11.1% | 2.86× | 31.7% | S100PW2N |
| 2022 | 12.6% | 0.60× | 7.5% | 2.73× | 20.6% | S100SMXN |
| 2023 | 5.4% | 0.85× | 4.7% | 2.54× | 11.8% | S100V979 |
| 2024 | 7.6% | 0.89× | 6.8% | 2.28× | 15.4% | S100XCN2 |
| 2025 | 6.3% | 0.92× | 5.8% | 2.10× | 12.3% | S100XCN2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社大石キャピタル | Major shareholder | 28.1% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.1% | 2025-09-30 |
| 吉村ホールディングス株式会社 | Major shareholder | 5.0% | 2025-09-30 |
| 吉村ホールディングス株式会社IFA口 | Major shareholder | 3.7% | 2025-09-30 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) | Major shareholder | 1.6% | 2025-09-30 |
| 日本証券金融株式会社 | Major shareholder | 1.6% | 2025-09-30 |
| 山本 忠男 | Major shareholder | 1.0% | 2025-09-30 |
| JPモルガン証券株式会社 | Major shareholder | 0.9% | 2025-09-30 |
| SMBC日興証券株式会社 | Major shareholder | 0.8% | 2025-09-30 |
| BCSL CLIENT RE BBPLC NYBR | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2024/10/01－2025/09/30) | S100XCN2 | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCN2,, |
| 訂正有価証券報告書－第18期(2023/10/01－2024/09/30) | S100V979 | 2025-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V979,, |
| 訂正有価証券報告書－第17期(2022/10/01－2023/09/30) | S100SMXN | 2024-01-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SMXN,, |
| 有価証券報告書－第16期(令和3年10月1日－令和4年9月30日) | S100PW2N | 2022-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW2N,, |
| 有価証券報告書－第15期(令和2年10月1日－令和3年9月30日) | S100N522 | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N522,, |
| 有価証券報告書－第14期(令和1年10月1日－令和2年9月30日) | S100KH05 | 2021-01-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KH05,, |

## 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).