# Chichibu Railway 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203期(2025/04/01－2026/03/31) (S100YIV6)
> Page: https://vizora.meequs.com/en/company/chichibu-railway
> Retrieved: 2026-09-30T22:20:51.198Z

## Company

Chichibu Railway, founded in 1899, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 377 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chichibu Railway Co., Ltd. |
| Ticker | 9012 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9012.T) |
| Listing | TSE Standard |
| Head office | 埼玉県熊谷市曙町一丁目1番地 |
| Representative (per filing) | 代表取締役社長 牧野 英伸 |
| Founded | Nov 1899 |
| Share capital | ¥750M |
| Employees (consolidated) | 377 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.chichibu-railway.co.jp (https://www.chichibu-railway.co.jp/) |
| Corporate number | 6030001085016 |
| EDINET | E04136 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Specialty Trading & Wholesale, Private Railways |

> Profile source: annual securities report (S100YIV6, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.9 | 18 |
| Profitability | 41.7 | 18 |
| Cash conversion | 8.8 | 17 |
| Efficiency | 41.7 | 18 |

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 64% of Chichibu Railway's sales come from railway operation, with Wholesale Retail and tourism making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit +76.9%.

## Company structure

- Segment revenue mix: railway operation 64.5%、Wholesale Retail 11.1%、tourism 10.5%、Other 8.0%、real estate business 5.9%
- Revenue → net income: ¥5637702000 → ¥383260000
- Net income → operating cash flow: ¥383260000 → ¥310654000（difference ¥-72606000）
- Main uses of operating cash flow: CapEx ¥782217000 / dividends — / buybacks —
- Change in cash: ¥-286761000
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 | ¥5.64B |  |
| Operating income | ¥539.3M | Margin 9.6% |
| Net income | ¥383.3M | Margin 6.8% |
| Free cash flow | -¥471.6M |  |
| Largest business | railway operation | of segment revenue 64.5% |
| Employees (consolidated) | 377 |  |
| EPS | ¥246.23 |  |
| Book value per share | ¥3474.95 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 1,500,000 |  |
| Treasury shares | 14,800 |  |
| Shareholders | 1,253 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 14.0% |
| Vs. industry median margin | -0.7 pp | Private Railways |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 77%
- FY2026, segment profit share differs by 30 points
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3933279000 | ¥5637702000 | +43.3% |
| Operating income | ¥-639040000 | ¥539348000 | — |
| Operating margin | -16.2% | 9.6% | +25.8 pp |
| Employees | 426 people | 377 people | -11.5% |
| Cash and equivalents | ¥1268495000 | ¥790988000 | -37.6% |

### 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 |
| --- | ---: |
| 鉄道事業 → 鉄道事業 | 64.5% |
| 鉄道事業 → 事業再編・廃止 | 3.3% |
| 不動産事業 → 不動産事業 | 5.9% |
| 不動産事業 → 事業再編・廃止 | 2.0% |
| 観光事業 → 観光事業 | 8.0% |
| バス事業 → 事業再編・廃止 | 2.1% |
| その他 → その他 | 8.0% |
| その他 → 事業再編・廃止 | 6.4% |
| 新設・再編 → 観光事業 | 2.6% |
| 新設・再編 → 卸売・小売業 | 11.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| railway operation | 5 years | +6.4% | ¥3633557000 | 5.9% | 2 |
| Wholesale Retail | 3 years | +7.2% | ¥628083000 | 2.6% | 2 |
| tourism | 5 years | +13.7% | ¥593841000 | 17.9% | 2 |
| Other | 5 years | -4.4% | ¥452112000 | 1.2% | 2 |
| real estate business | 5 years | +1.3% | ¥330107000 | 57.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,638 | 100.0% | S100YIV6 |
| SG&A | 1,319 | 23.4% | S100YIV6 |
| Operating income | 539 | 9.6% | S100YIV6 |
| Ordinary income | 485 | 8.6% | S100YIV6 |
| Pretax income | 420 | 7.4% | S100YIV6 |
| Income tax | 36 | 0.6% | S100YIV6 |
| Net income | 383 | 6.8% | S100YIV6 |
| Net income attributable to owners | 383 | 6.8% | S100YIV6 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 9.6% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.8%; Core profit growth: +76.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.22×
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 | 5,276 | 5,638 | 361 | +6.8% |
| Operating income | 305 | 539 | 234 | +76.9% |
| Net income attributable to owners | 116 | 383 | 268 | +231.6% |
| Operating cash flow | 538 | 311 | -228 | -42.3% |
| Free cash flow | -116 | -472 | -355 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,449 | 218 | 4.0% | -223 | 418 | -316 | S100LKBT |
| FY ending Mar 2021 | 3,933 | -639 | -16.2% | -531 | 465 | 47 | S100OCC6 |
| FY ending Mar 2022 | 4,352 | -287 | -6.6% | -48 | -724 | -1,689 | S100R8FK |
| FY ending Mar 2023 | 4,688 | -361 | -7.7% | -5,046 | 333 | -789 | S100TQIF |
| FY ending Mar 2024 | 4,913 | 17 | 0.3% | 93 | 34 | -706 | S100W52S |
| FY ending Mar 2025 | 5,276 | 305 | 5.8% | 116 | 538 | -116 | S100YIV6 |
| FY ending Mar 2026 | 5,638 | 539 | 9.6% | 383 | 311 | -472 | S100YIV6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15M |
| Operating income per employee (consolidated) | ¥1.4M |
| 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) | 419 | 417 | 409 | 395 | 377 |
| Average salary (parent company) | ¥4.4M | ¥4.6M | ¥4.8M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 42.1 years | 42.0 years | 42.1 years | 41.1 years | 42.0 years |
| Average tenure (parent company) | 22.0 years | 21.0 years | 21.2 years | 20.1 years | 19.1 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) +6.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| railway operation | 3,634 | 64.5% | 213 | 5.9% |
| real estate business | 330 | 5.9% | 189 | 57.3% |
| tourism | 594 | 10.5% | 106 | 17.9% |
| Wholesale Retail | 628 | 11.1% | 16 | 2.6% |
| Other | 452 | 8.0% | 5 | 1.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| railway operation | 64.5% | 40.2% | -24.2 | 5.9% |
| real estate business | 5.9% | 35.6% | 29.8 | 57.3% |
| tourism | 10.5% | 20.1% | 9.5 | 17.9% |
| Wholesale Retail | 11.1% | 3.0% | -8.1 | 2.6% |
| Other | 8.0% | 1.0% | -7.0 | 1.2% |

Segment → industry: tourism → Theme Parks & Leisure Facilities / real estate business → Real Estate Development & Leasing / Wholesale Retail → Specialty Trading & Wholesale / Other → Private Railways / railway operation → 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 | 311 | 5.5% | S100YIV6 |
| Capital expenditure | 782 | 13.9% | S100YIV6 |
| Free cash flow | -472 | -8.4% | 算出 |
| Investing cash flow | -478 | -8.5% | S100YIV6 |
| Financing cash flow | -120 | -2.1% | S100YIV6 |
| Change in cash | -287 | -5.1% | S100YIV6 |
| Cash and equivalents | 791 | 14.0% | S100YIV6 |

## 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 | 749 | 811 | 982 | 1,078 | 791 | S100TQIF, S100W52S, S100YIV6 |
| Total assets | 23,703 | 16,954 | 16,453 | 16,900 | 17,694 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Net assets | 10,034 | 5,030 | 4,929 | 5,004 | 5,520 | S100TQIF, S100W52S, S100YIV6 |
| Share capital | 750 | 750 | 750 | 750 | 750 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Property, plant and equipment | 20,654 | 14,898 | 14,440 | 14,681 | 14,986 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Intangible assets excluding goodwill | 67 | 4 | 5 | 15 | 87 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Investment securities | 349 | 420 | 99 | 112 | 120 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Current assets | 2,504 | 1,582 | 1,858 | 2,031 | 2,453 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Current liabilities | 4,306 | 3,762 | 3,500 | 3,989 | 4,613 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Trade payables | 286 | 195 | 176 | 528 | 820 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Short-term borrowings | 905 | 905 | 805 | 755 | 770 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Long-term borrowings | 3,356 | 3,428 | 3,380 | 3,333 | 3,177 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Total liabilities | 13,669 | 11,924 | 11,524 | 11,896 | 12,174 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Non-controlling interests | 11 | 11 | 11 | — | — | S100R8FK, S100TQIF, S100W52S |
| Equity attributable to owners of parent | 146 | -2,250 | -2,140 | -2,014 | -1,600 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Retained earnings | -591 | -2,987 | -2,877 | -2,761 | -2,347 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |
| Treasury stock | -32 | -32 | -32 | -32 | -33 | S100R8FK, S100TQIF, S100W52S, S100YIV6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YIV6 |
| Property, plant and equipment | 85% | S100YIV6 |
| Intangibles and goodwill | 0% | S100YIV6 |
| Investment securities | 1% | S100YIV6 |
| Other assets | 10% | S100YIV6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YIV6 |
| Other liabilities | 64% | S100YIV6 |
| Equity | 31% | S100YIV6 |

### 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 | 23,703 | 16,954 | 16,453 | 16,900 | 17,694 |
| Equity | 10,034 | 5,030 | 4,929 | 5,004 | 5,520 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 749 | 811 | 982 | 1,078 | 791 |

## 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) | 265.8% | S100YIV6 |
| Fixed assets ÷ total assets | 84.7% | S100YIV6 |
| Goodwill ÷ parent equity | — | —, S100YIV6 |

### 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) | 4.5% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 57.6% |
| Cash vs. profit gap | -73 JPY mn (of net income -18.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.9% |
| Investing CF relative to operating CF | 153.8% |

## 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 | — | —× | -0.2% | —× | — | S100R8FK |
| 2023 | — | —× | -24.8% | —× | — | S100TQIF |
| 2024 | — | —× | 0.6% | —× | — | S100W52S |
| 2025 | — | —× | 0.7% | —× | — | S100YIV6 |
| 2026 | — | —× | 2.2% | —× | — | S100YIV6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋セメント株式会社 | Major shareholder | 33.5% | 2026-03-31 |
| 有恒鉱業株式会社 | Major shareholder | 14.4% | 2026-03-31 |
| 二反田 静太郎 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 山腰 玲子 | Major shareholder | 1.8% | 2026-03-31 |
| 中村 幸久 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社武蔵野銀行 | Major shareholder | 1.1% | 2026-03-31 |
| 諸井 恒一 | Major shareholder | 1.1% | 2026-03-31 |
| 柿原林業株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 東武鉄道株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第203期(2025/04/01－2026/03/31) | S100YIV6 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIV6,, |
| 有価証券報告書－第202期(2024/04/01－2025/03/31) | S100W52S | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W52S,, |
| 有価証券報告書－第201期(2023/04/01－2024/03/31) | S100TQIF | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQIF,, |
| 有価証券報告書－第200期(2022/04/01－2023/03/31) | S100R8FK | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8FK,, |
| 有価証券報告書－第199期(令和3年4月1日－令和4年3月31日) | S100OCC6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCC6,, |
| 有価証券報告書－第198期(令和2年4月1日－令和3年3月31日) | S100LKBT | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKBT,, |

## 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).