# ALPICO HOLDINGS 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18期(2025/04/01－2026/03/31) (S100YC5Z)
> Page: https://vizora.meequs.com/en/company/alpico
> Retrieved: 2026-09-30T17:49:43.037Z

## Company

Alpico Holdings, founded in 2008, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 1,989 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ALPICO HOLDINGS CO., LTD. |
| Ticker | 297A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/297A.T) |
| Listing | TSE Standard |
| Head office | 長野県松本市井川城二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 佐藤 裕一 |
| Founded | May 2008 |
| Share capital | ¥1.3B |
| Employees (consolidated) | 1,989 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | holdings.alpico.co.jp (https://holdings.alpico.co.jp/) |
| Corporate number | 2100001016611 |
| EDINET | E15690 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Supermarkets, Private Railways |

> Profile source: annual securities report (S100YC5Z, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 45 |
| Profitability | 66.3 | 49 |
| Cash conversion | 60.6 | 47 |
| Efficiency | 31.6 | 49 |

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 73% of Alpico Holdings's sales come from Merchandise Sales, with Transportation and Leisure business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +14.7%.

## Company structure

- Segment revenue mix: Merchandise Sales 73.1%、Transportation 13.2%、Leisure business 11.8%、Real Estate 1.3%、Other Businesses 0.6%
- Revenue → net income: ¥107422042000 → ¥1998978000
- Net income → operating cash flow: ¥1998978000 → ¥6263778000（difference ¥4264800000）
- Main uses of operating cash flow: CapEx ¥5102243000 / dividends ¥413286000 / buybacks ¥523530000
- Change in cash: ¥-835009000
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 | ¥107.4B |  |
| Operating income | ¥3.91B | Margin 3.6% |
| Net income | ¥2B | Margin 1.9% |
| Free cash flow | ¥1.16B |  |
| Largest business | Merchandise Sales | of segment revenue 73.1% |
| Employees (consolidated) | 1,989 |  |
| EPS | ¥16.57 |  |
| Book value per share | ¥52.57 |  |
| Equity ratio | 26.0% |  |
| Shares outstanding | 71,113,460 |  |
| Treasury shares | 2,094,300 |  |
| Shareholders | 13,255 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 8.8% | Cash ÷ revenue 4.9% |
| Vs. industry median margin | +0.8 pp | Supermarkets |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, segment profit share differs by -36 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥88289559000 | ¥107422042000 | +21.7% |
| Operating income | ¥-2326448000 | ¥3914047000 | — |
| Operating margin | -2.6% | 3.6% | +6.3 pp |
| Employees | 2,254 people | 1,989 people | -11.8% |
| Cash and equivalents | ¥3692817000 | ¥5316784000 | +44.0% |

### 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 |
| --- | ---: |
| 流通 → 流通 | 73.1% |
| 流通 → 事業再編・廃止 | 11.7% |
| 運輸 → 運輸 | 7.8% |
| レジャー・サービス → 事業再編・廃止 | 5.8% |
| 不動産 → 不動産 | 1.3% |
| その他のサービス → その他のサービス | 0.3% |
| 新設・再編 → 運輸 | 5.4% |
| 新設・再編 → 観光 | 11.8% |
| 新設・再編 → 不動産 | 0.0% |
| 新設・再編 → その他のサービス | 0.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Merchandise Sales | 5 years | +1.0% | ¥78737659000 | 2.2% | 2 |
| Transportation | 5 years | +15.5% | ¥14219379000 | 14.7% | 2 |
| Leisure business | 4 years | +19.6% | ¥12711572000 | 4.9% | 2 |
| Real Estate | 5 years | +4.5% | ¥1428141000 | 8.7% | 2 |
| Other Businesses | 5 years | +17.1% | ¥625606000 | 7.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 107,422 | 100.0% | S100YC5Z |
| SG&A | 29,088 | 27.1% | S100YC5Z |
| Operating income | 3,914 | 3.6% | S100YC5Z |
| Ordinary income | 3,558 | 3.3% | S100YC5Z |
| Pretax income | 3,197 | 3.0% | S100YC5Z |
| Income tax | 1,198 | 1.1% | S100YC5Z |
| Net income | 1,999 | 1.9% | S100YC5Z |
| Net income attributable to owners | 1,999 | 1.9% | S100YC5Z |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 3.6% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +14.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.26×
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 | 103,836 | 107,422 | 3,586 | +3.5% |
| Operating income | 3,412 | 3,914 | 502 | +14.7% |
| Net income attributable to owners | 2,292 | 1,999 | -293 | -12.8% |
| Operating cash flow | 2,504 | 6,264 | 3,760 | +150.2% |
| Free cash flow | 66 | 1,162 | 1,096 | +1667.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 98,845 | 831 | 0.8% | -150 | 1,921 | -11 | S100LN4R |
| FY ending Mar 2021 | 88,290 | -2,326 | -2.6% | -2,629 | 1,911 | 704 | S100OCV7 |
| FY ending Mar 2022 | 87,797 | -1,550 | -1.8% | -643 | 2,316 | 358 | S100R74P |
| FY ending Mar 2023 | 92,638 | 545 | 0.6% | 73 | 3,539 | 694 | S100TSLH |
| FY ending Mar 2024 | 99,620 | 2,449 | 2.5% | 904 | 10,327 | 6,861 | S100W4PY |
| FY ending Mar 2025 | 103,836 | 3,412 | 3.3% | 2,292 | 2,504 | 66 | S100YC5Z |
| FY ending Mar 2026 | 107,422 | 3,914 | 3.6% | 1,999 | 6,264 | 1,162 | S100YC5Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1M |

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) | 2,102 | 1,934 | 1,978 | 1,953 | 1,989 |
| Average salary (parent company) | — | — | — | ¥5.5M | ¥5.5M |
| Average age (parent company) | — | — | — | 46.5 years | 47.1 years |
| Average tenure (parent company) | — | — | — | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Merchandise Sales | 78,738 | 73.1% | 1,731 | 2.2% |
| Transportation | 14,219 | 13.2% | 2,087 | 14.7% |
| Leisure business | 12,712 | 11.8% | 628 | 4.9% |
| Real Estate | 1,428 | 1.3% | 125 | 8.7% |
| Other Businesses | 626 | 0.6% | 46 | 7.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Merchandise Sales | 73.1% | 37.5% | -35.6 | 2.2% |
| Transportation | 13.2% | 45.2% | 32.0 | 14.7% |
| Leisure business | 11.8% | 13.6% | 1.8 | 4.9% |
| Real Estate | 1.3% | 2.7% | 1.4 | 8.7% |
| Other Businesses | 0.6% | 1.0% | 0.4 | 7.4% |

Segment → industry: Leisure business → Theme Parks & Leisure Facilities / Real Estate → Real Estate Development & Leasing / Leisure business → Hotels & Inns / Merchandise Sales → Supermarkets / Transportation → Private Railways

## 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 | 6,264 | 5.8% | S100YC5Z |
| Capital expenditure | 5,102 | 4.7% | S100YC5Z |
| Free cash flow | 1,162 | 1.1% | 算出 |
| Investing cash flow | -5,382 | -5.0% | S100YC5Z |
| Financing cash flow | -1,716 | -1.6% | S100YC5Z |
| Dividends paid | 413 | 0.4% | S100YC5Z |
| Share buyback | 524 | 0.5% | S100YC5Z |
| Change in cash | -835 | -0.8% | S100YC5Z |
| Cash and equivalents | 5,317 | 4.9% | S100YC5Z |

## 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 | 2,764 | 2,687 | 5,422 | 6,152 | 5,317 | S100TSLH, S100W4PY, S100YC5Z |
| Total assets | 54,266 | 54,307 | 57,571 | 58,347 | 60,182 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Net assets | 9,833 | 9,790 | 10,534 | 14,518 | 15,628 | S100TSLH, S100W4PY, S100YC5Z |
| Share capital | 322 | 322 | 338 | 1,305 | 1,305 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Property, plant and equipment | 37,287 | 36,310 | 35,843 | 36,302 | 38,510 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Intangible assets excluding goodwill | 3,011 | 2,897 | 3,072 | 2,788 | 2,582 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Goodwill | 498 | 257 | 47 | 3 | 1 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Investment securities | 267 | 279 | 346 | 340 | 588 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Current assets | 9,983 | 10,972 | 13,994 | 14,684 | 14,332 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Current liabilities | 17,607 | 19,049 | 23,042 | 19,793 | 18,758 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Trade payables | 4,405 | 4,636 | — | — | — | S100R74P |
| Short-term borrowings | 1,700 | 1,910 | 10 | 10 | 10 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Long-term borrowings | 19,193 | 18,568 | 16,849 | 16,440 | 18,261 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Total liabilities | 44,433 | 44,518 | 47,037 | 43,829 | 44,554 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Equity attributable to owners of parent | 9,851 | 9,776 | 10,476 | 14,463 | 15,525 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Retained earnings | 4,825 | 4,750 | 7,211 | 9,266 | 10,851 | S100R74P, S100TSLH, S100W4PY, S100YC5Z |
| Treasury stock | — | — | — | -0 | -524 | S100YC5Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YC5Z |
| Property, plant and equipment | 64% | S100YC5Z |
| Intangibles and goodwill | 4% | S100YC5Z |
| Investment securities | 1% | S100YC5Z |
| Other assets | 22% | S100YC5Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 74% | S100YC5Z |
| Equity | 26% | S100YC5Z |

### 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 | 54,266 | 54,307 | 57,571 | 58,347 | 60,182 |
| Equity | 9,833 | 9,790 | 10,534 | 14,518 | 15,628 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,764 | 2,687 | 5,422 | 6,152 | 5,317 |

## 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) | 35.8% | S100YC5Z |
| Fixed assets ÷ total assets | 64.0% | S100YC5Z |
| Goodwill ÷ parent equity | 0.0% | S100YC5Z |

Goodwill over 4 years: 498 → 1 JPY; total investing cash flow: -14,501 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) | 8.8% |
| Cash ÷ revenue | 4.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 160.0% |
| Cash vs. profit gap | 4,265 JPY mn (of net income 213.3%) |
| Shareholder returns / net income | 46.9% |
| Shareholder returns / FCF | 80.7% |
| Shareholder payments — dividends / net income | 20.7% |
| Shareholder payments — dividends / FCF | 35.6% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 85.9% |

## 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 | — | —× | -1.2% | —× | — | S100R74P |
| 2023 | 0.1% | 1.71× | 0.1% | 5.53× | 0.7% | S100TSLH |
| 2024 | 0.9% | 1.78× | 1.6% | 5.52× | 8.9% | S100W4PY |
| 2025 | 2.2% | 1.79× | 4.0% | 4.65× | 18.4% | S100YC5Z |
| 2026 | 1.9% | 1.81× | 3.4% | 3.95× | 13.3% | S100YC5Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サンリン株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 高沢産業株式会社 | Major shareholder | 7.4% | 2026-03-31 |
| キッセイ薬品工業株式会社 | Major shareholder | 5.8% | 2026-03-31 |
| 鈴与株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| ホクト株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 八十二キャピタル株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 昭和商事株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本アクセス | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社高見澤 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/04/01－2026/03/31) | S100YC5Z | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC5Z,, |
| 有価証券報告書－第17期(2024/04/01－2025/03/31) | S100W4PY | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4PY,, |
| 有価証券報告書－第16期(2023/04/01－2024/03/31) | S100TSLH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSLH,, |
| 有価証券報告書－第15期(2022/04/01－2023/03/31) | S100R74P | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R74P,, |
| 有価証券報告書－第14期(令和3年4月1日－令和4年3月31日) | S100OCV7 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCV7,, |
| 有価証券報告書－第13期(令和2年4月1日－令和3年3月31日) | S100LN4R | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN4R,, |

## 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).