# Booking Resort Co., Ltd.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第13期(2025/05/01－2026/04/30) (S100YSTV)
> Page: https://vizora.meequs.com/en/company/booking-resort
> Retrieved: 2026-09-30T21:38:09.316Z

## Company

Booking Resort, founded in 2013, is a company in Travel Agencies listed on TSE Growth. It has 48 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Booking Resort Co., Ltd. |
| Ticker | 324A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/324A.T) |
| Listing | TSE Growth |
| Head office | 大阪府大阪市北区梅田二丁目6番20号 |
| Representative (per filing) | 代表取締役 坂根 正生 |
| Founded | May 2013 |
| Share capital | ¥393.6M |
| Employees (consolidated) | 48 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | April |
| Website | www.booking-resort.jp (https://www.booking-resort.jp/) |
| Corporate number | 8140001090861 |
| EDINET | E40334 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100YSTV, filed 2026-07-29). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 6 |
| Profitability | 95.5 | 11 |
| Cash conversion | 38.9 | 9 |
| Efficiency | 31.8 | 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)

- Booking Resort brought in ¥1.72B in revenue.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +18.1% from the prior year, operating profit -1.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1719387000 → ¥370875000
- Net income → operating cash flow: ¥370875000 → ¥333986000（difference ¥-36889000）
- Main uses of operating cash flow: CapEx ¥11944000 / dividends — / buybacks ¥491166000
- Change in cash: ¥-632901000
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 | ¥1.72B |  |
| Operating income | ¥509.2M | Margin 29.6% |
| Net income | ¥370.9M | Margin 21.6% |
| Free cash flow | ¥322M |  |
| Employees (consolidated) | 48 |  |
| EPS | ¥63.36 |  |
| Book value per share | ¥328.99 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 5,914,800 |  |
| Treasury shares | 500,000 |  |
| Shareholders | 4,712 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 27.9% | Cash ÷ revenue 38.4% |
| Vs. industry median margin | +27.2 pp | Travel Agencies |
| ROE | 20.1% | Derived from disclosed figures |
| ROA | 15.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 30 per ¥100 of revenue
- FY2026, cash is 28% of total assets

## What changed in 2 years

| Metric | FY ending Apr 2024 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1059102000 | ¥1719387000 | +62.3% |
| Operating income | ¥383256000 | ¥509183000 | +32.9% |
| Operating margin | 36.2% | 29.6% | -6.6 pp |
| Employees | 28 people | 48 people | +71.4% |
| Cash and equivalents | ¥257782000 | ¥659442000 | +155.8% |

### Change in segment revenue mix

Span: FY ending Apr 2024 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,719 | 100.0% | S100YSTV |
| Cost of revenue | 512 | 29.8% | S100YSTV |
| Gross profit | 1,207 | 70.2% | S100YSTV |
| SG&A | 698 | 40.6% | S100YSTV |
| Operating income | 509 | 29.6% | S100YSTV |
| Ordinary income | 515 | 30.0% | S100YSTV |
| Pretax income | 515 | 30.0% | S100YSTV |
| Income tax | 144 | 8.4% | S100YSTV |
| Net income | 371 | 21.6% | S100YSTV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 40 |
| Operating income | 30 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 70.2% → Operating margin 29.6% → Net margin 21.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +18.1%; Core profit growth: -1.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.06×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,456 | 1,719 | 263 | +18.1% |
| Gross profit | 1,012 | 1,207 | 195 | +19.3% |
| Operating income | 515 | 509 | -6 | -1.1% |
| Operating cash flow | 458 | 334 | -124 | -27.1% |
| Free cash flow | 334 | 322 | -12 | -3.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2024 | 1,059 | 383 | 36.2% | 273 | 497 | 41 | S100WFTJ |
| FY ending Apr 2025 | 1,456 | 515 | 35.4% | 335 | 458 | 334 | S100YSTV |
| FY ending Apr 2026 | 1,719 | 509 | 29.6% | 371 | 334 | 322 | S100YSTV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.8M |
| Operating income per employee (consolidated) | ¥10.6M |
| Net income per employee (consolidated) | ¥7.7M |

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

| History | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 28 | 36 | 48 |
| Average salary (parent company) | — | ¥3.8M | ¥4M |
| Average age (parent company) | — | 32.1 years | 33.1 years |
| Average tenure (parent company) | — | 1.5 years | 1.7 years |

Year over year: Employees (consolidated) +33.3% · Revenue (consolidated) +18.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 334 | 19.4% | S100YSTV |
| Capital expenditure | 12 | 0.7% | S100YSTV |
| Free cash flow | 322 | 18.7% | 算出 |
| Investing cash flow | -396 | -23.0% | S100YSTV |
| Financing cash flow | -571 | -33.2% | S100YSTV |
| Share buyback | 491 | 28.6% | S100YSTV |
| Change in cash | -633 | -36.8% | S100YSTV |
| Cash and equivalents | 659 | 38.4% | S100YSTV |

## 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 Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 258 | 1,292 | 659 | S100YSTV |
| Total assets | 1,505 | 2,552 | 2,364 | S100WFTJ, S100YSTV |
| Net assets | 979 | 1,901 | 1,781 | S100YSTV |
| Share capital | 100 | 394 | 394 | S100WFTJ, S100YSTV |
| Property, plant and equipment | 1,098 | 1,072 | 1,239 | S100WFTJ, S100YSTV |
| Intangible assets excluding goodwill | 4 | 3 | 78 | S100WFTJ, S100YSTV |
| Goodwill | — | — | 75 | S100YSTV |
| Investment securities | — | — | 54 | S100YSTV |
| Current assets | 354 | 1,424 | 923 | S100WFTJ, S100YSTV |
| Current liabilities | 270 | 297 | 309 | S100WFTJ, S100YSTV |
| Long-term borrowings | 256 | 354 | 274 | S100WFTJ, S100YSTV |
| Total liabilities | 526 | 651 | 583 | S100WFTJ, S100YSTV |
| Equity attributable to owners of parent | 979 | 1,901 | 1,781 | S100WFTJ, S100YSTV |
| Retained earnings | 529 | 864 | 1,235 | S100WFTJ, S100YSTV |
| Treasury stock | — | — | -490 | S100YSTV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YSTV |
| Property, plant and equipment | 52% | S100YSTV |
| Intangibles and goodwill | 7% | S100YSTV |
| Investment securities | 2% | S100YSTV |
| Other assets | 11% | S100YSTV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YSTV |
| Equity | 75% | S100YSTV |

### Balance sheet history

| Metric | FY ending Apr 2024 | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 1,505 | 2,552 | 2,364 |
| Equity | 979 | 1,901 | 1,781 |
| Interest-bearing debt | — | — | — |
| Cash | 258 | 1,292 | 659 |

## 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) | 72.1% | S100YSTV |
| Fixed assets ÷ total assets | 52.4% | S100YSTV |
| Goodwill ÷ parent equity | 4.2% | S100YSTV |

### 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) | 27.9% |
| Cash ÷ revenue | 38.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.6% |
| Cash vs. profit gap | -37 JPY mn (of net income -9.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 118.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 25.8% | 0.70× | 18.1% | 1.54× | 27.9% | S100WFTJ |
| 2025 | 23.0% | 0.72× | 16.5% | 1.41× | 23.3% | S100YSTV |
| 2026 | 21.6% | 0.70× | 15.1% | 1.34× | 20.1% | S100YSTV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エス・エヌ・ホールディングス有限会社 | Major shareholder | 35.3% | 2026-04-30 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.2% | 2026-04-30 |
| 日本大同投資株式会社 | Major shareholder | 3.9% | 2026-04-30 |
| ドクターデヴィアス化粧品株式会社 | Major shareholder | 2.8% | 2026-04-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 2.2% | 2026-04-30 |
| 野村信託銀行株式会社 | Major shareholder | 1.6% | 2026-04-30 |
| ＢＢＨ ＬＵＸ／ＢＲＯＷＮ ＢＲＯＴＨＥＲＳ ＨＡＲＲＩＭＡＮ （ＬＵＸＥＭＢＯＵＲＧ） ＳＣＡ ＣＵＳＴＯＤＩＡＮ ＦＯＲ ＳＭＤ－ＡＭ ＦＵＮＤＳ － ＤＳＢＩ ＪＡＰＡＮ ＥＱＵＩＴＹ ＳＭＡＬＬＣＡＰ ＡＢＳＯＬＵＴＥ ＶＡＬＵＥ常任代理人 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-04-30 |
| 株式会社辻建設 | Major shareholder | 1.3% | 2026-04-30 |
| 株式会社Ｂ＆Ｖホールディングス | Major shareholder | 0.9% | 2026-04-30 |
| 株式会社Ｂ＆Ｖ | Major shareholder | 0.9% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/05/01－2026/04/30) | S100YSTV | 2026-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YSTV,, |
| 有価証券報告書－第12期(2024/05/01－2025/04/30) | S100WFTJ | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFTJ,, |

## 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).