# HOKKAIDO CHUO BUS 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83期(2025/04/01－2026/03/31) (S100YNFT)
> Page: https://vizora.meequs.com/en/company/chuo-bus
> Retrieved: 2026-09-30T20:25:29.288Z

## Company

Hokkaido Chuo BUS is a company in Theme Parks & Leisure Facilities listed on Sapporo. It has 2,513 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKKAIDO CHUO BUS CO., LTD. |
| Ticker | 9085 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9085.T) |
| Listing | Sapporo |
| Head office | 小樽市色内1丁目8番6号 |
| Representative (per filing) | 代表取締役社長 二階堂恭仁 |
| Share capital | ¥2.1B |
| Employees (consolidated) | 2,513 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.chuo-bus.co.jp (https://www.chuo-bus.co.jp/) |
| Corporate number | 4430001050451 |
| EDINET | E04161 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns, General Contractors, Security Services, Private Railways |

> Profile source: annual securities report (S100YNFT, filed 2026-06-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.6 | 18 |
| Profitability | 30.6 | 18 |
| Cash conversion | 50 | 17 |
| Efficiency | 97.2 | 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 54% of Hokkaido Chuo BUS's sales come from general passenger automobile traffic, with the building industry and tourism-related business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +17.1%.

## Company structure

- Segment revenue mix: general passenger automobile traffic 53.5%、the building industry 31.4%、tourism-related business 8.5%、cleaning business and security service 5.3%、real estate business 1.3%
- Revenue → net income: ¥38384450000 → ¥2802724000
- Net income → operating cash flow: ¥2802724000 → ¥3379050000（difference ¥576326000）
- Main uses of operating cash flow: CapEx ¥1703197000 / dividends ¥144882000 / buybacks ¥671000
- Change in cash: ¥-732208000
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 | ¥38.4B |  |
| Operating income | ¥2.65B | Margin 6.9% |
| Net income | ¥2.78B | Margin 7.2% |
| Free cash flow | ¥1.68B |  |
| Largest business | general passenger automobile traffic | of segment revenue 53.5% |
| Employees (consolidated) | 2,513 |  |
| EPS | ¥706.46 |  |
| Book value per share | ¥8362.95 |  |
| Equity ratio | 70.3% |  |
| Shares outstanding | 3,146,000 |  |
| Treasury shares | 248,500 |  |
| Shareholders | 1,390 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 25.2% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | -3.4 pp | Private Railways |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 17%
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28631736000 | ¥38384450000 | +34.1% |
| Operating income | ¥-4129830000 | ¥2651689000 | — |
| Operating margin | -14.4% | 6.9% | +21.3 pp |
| Employees | 2,880 people | 2,513 people | -12.7% |
| Cash and equivalents | ¥9945065000 | ¥11761212000 | +18.3% |

### 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 |
| --- | ---: |
| 旅客自動車運送事業 → 旅客自動車運送事業 | 50.1% |
| 建設業 → 建設業 | 31.4% |
| 建設業 → 事業再編・廃止 | 6.5% |
| 清掃業・警備業 → 清掃業・警備業 | 5.3% |
| 清掃業・警備業 → 事業再編・廃止 | 1.6% |
| 不動産事業 → 不動産事業 | 1.3% |
| 不動産事業 → 事業再編・廃止 | 0.4% |
| 観光事業 → 事業再編・廃止 | 3.4% |
| 新設・再編 → 旅客自動車運送事業 | 3.4% |
| 新設・再編 → 観光関連事業 | 8.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| general passenger automobile traffic | 5 years | +7.5% | ¥19694358000 | 4.9% | 2 |
| the building industry | 5 years | +2.2% | ¥11538756000 | 8.2% | 2 |
| tourism-related business | 4 years | +35.2% | ¥3144538000 | 13.5% | 2 |
| cleaning business and security service | 5 years | +0.7% | ¥1942673000 | 5.9% | 2 |
| real estate business | 5 years | +0.6% | ¥462987000 | 60.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,384 | 100.0% | S100YNFT |
| Cost of revenue | 31,585 | 82.3% | S100YNFT |
| Gross profit | 6,800 | 17.7% | S100YNFT |
| SG&A | 4,148 | 10.8% | S100YNFT |
| Operating income | 2,652 | 6.9% | S100YNFT |
| Ordinary income | 2,987 | 7.8% | S100YNFT |
| Pretax income | 3,046 | 7.9% | S100YNFT |
| Income tax | 243 | 0.6% | S100YNFT |
| Net income | 2,803 | 7.3% | S100YNFT |
| Net income attributable to owners | 2,781 | 7.2% | S100YNFT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 17.7% → Operating margin 6.9% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +17.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.56×
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 | 35,990 | 38,384 | 2,394 | +6.7% |
| Gross profit | 5,916 | 6,800 | 883 | +14.9% |
| Operating income | 2,265 | 2,652 | 386 | +17.1% |
| Net income attributable to owners | 2,263 | 2,781 | 518 | +22.9% |
| Operating cash flow | 2,940 | 3,379 | 439 | +14.9% |
| Free cash flow | 1,528 | 1,676 | 148 | +9.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,095 | 1,045 | 2.7% | 220 | 3,628 | 944 | S100LWM6 |
| FY ending Mar 2021 | 28,632 | -4,130 | -14.4% | -2,249 | 331 | -1,586 | S100OMJY |
| FY ending Mar 2022 | 27,818 | -2,193 | -7.9% | -2,031 | -2,371 | -2,826 | S100RAOX |
| FY ending Mar 2023 | 33,443 | 488 | 1.5% | 586 | 2,173 | 1,241 | S100TXQD |
| FY ending Mar 2024 | 33,838 | 1,169 | 3.5% | 941 | 3,366 | 1,522 | S100W9P0 |
| FY ending Mar 2025 | 35,990 | 2,265 | 6.3% | 2,263 | 2,940 | 1,528 | S100YNFT |
| FY ending Mar 2026 | 38,384 | 2,652 | 6.9% | 2,781 | 3,379 | 1,676 | S100YNFT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.3M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 2,764 | 2,635 | 2,608 | 2,517 | 2,513 |
| Average salary (parent company) | ¥4.2M | ¥4.5M | ¥4.8M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 51.0 years | 52.2 years | 53.0 years | 53.7 years | 53.5 years |
| Average tenure (parent company) | 16.1 years | 17.8 years | 18.6 years | 17.7 years | 17.3 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| general passenger automobile traffic | 19,694 | 53.5% | 971 | 4.9% |
| the building industry | 11,539 | 31.4% | 945 | 8.2% |
| cleaning business and security service | 1,943 | 5.3% | 114 | 5.9% |
| real estate business | 463 | 1.3% | 279 | 60.2% |
| tourism-related business | 3,145 | 8.5% | 425 | 13.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| general passenger automobile traffic | 53.5% | 35.5% | -18.0 | 4.9% |
| the building industry | 31.4% | 34.6% | 3.2 | 8.2% |
| cleaning business and security service | 5.3% | 4.2% | -1.1 | 5.9% |
| real estate business | 1.3% | 10.2% | 8.9 | 60.2% |
| tourism-related business | 8.5% | 15.6% | 7.0 | 13.5% |

Segment → industry: tourism-related business → Theme Parks & Leisure Facilities / real estate business → Real Estate Development & Leasing / cleaning business and security service → Real Estate Brokerage & Management / tourism-related business → Hotels & Inns / the building industry → General Contractors / cleaning business and security service → Security Services / general passenger automobile traffic → 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 | 3,379 | 8.8% | S100YNFT |
| Capital expenditure | 1,703 | 4.4% | S100YNFT |
| Free cash flow | 1,676 | 4.4% | 算出 |
| Investing cash flow | -3,719 | -9.7% | S100YNFT |
| Financing cash flow | -393 | -1.0% | S100YNFT |
| Dividends paid | 145 | 0.4% | S100YNFT |
| Share buyback | 1 | 0.0% | S100YNFT |
| Change in cash | -732 | -1.9% | S100YNFT |
| Cash and equivalents | 11,761 | 30.6% | S100YNFT |

## 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 | 6,167 | 7,633 | 9,327 | 12,493 | 11,761 | S100TXQD, S100W9P0, S100YNFT |
| Total assets | 33,778 | 35,539 | 37,150 | 39,514 | 46,725 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Net assets | 25,382 | 26,085 | 27,845 | 29,601 | 33,061 | S100TXQD, S100W9P0, S100YNFT |
| Share capital | 2,100 | 2,100 | 2,100 | 2,100 | 2,100 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Property, plant and equipment | 18,029 | 17,442 | 17,565 | 17,954 | 20,159 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Intangible assets excluding goodwill | 147 | 135 | 154 | 146 | 149 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Investment securities | 2,782 | 3,068 | 4,197 | 2,773 | 3,503 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Current assets | 12,322 | 14,485 | 14,829 | 17,852 | 21,266 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Current liabilities | 4,513 | 5,487 | 5,132 | 5,138 | 7,057 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Trade payables | 1,705 | 2,424 | 1,918 | 1,723 | 2,924 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Total liabilities | 8,396 | 9,454 | 9,306 | 9,913 | 13,664 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Non-controlling interests | 409 | 439 | 474 | 166 | 188 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Equity attributable to owners of parent | 25,284 | 25,797 | 26,622 | 28,743 | 31,378 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Retained earnings | 23,643 | 24,157 | 24,983 | 27,129 | 29,765 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |
| Treasury stock | -1,218 | -1,219 | -1,220 | -1,221 | -1,221 | S100RAOX, S100TXQD, S100W9P0, S100YNFT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YNFT |
| Property, plant and equipment | 43% | S100YNFT |
| Intangibles and goodwill | 0% | S100YNFT |
| Investment securities | 8% | S100YNFT |
| Other assets | 24% | S100YNFT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YNFT |
| Other liabilities | 23% | S100YNFT |
| Equity | 71% | S100YNFT |

### 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 | 33,778 | 35,539 | 37,150 | 39,514 | 46,725 |
| Equity | 25,382 | 26,085 | 27,845 | 29,601 | 33,061 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,167 | 7,633 | 9,327 | 12,493 | 11,761 |

## 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) | 52.5% | S100YNFT |
| Fixed assets ÷ total assets | 43.1% | S100YNFT |
| Goodwill ÷ parent equity | — | —, S100YNFT |

### 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) | 25.2% |
| Cash ÷ revenue | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.4% |
| Cash vs. profit gap | 598 JPY mn (of net income 21.5%) |
| Shareholder returns / net income | 5.2% |
| Shareholder returns / FCF | 8.7% |
| Shareholder payments — dividends / net income | 5.2% |
| Shareholder payments — dividends / FCF | 8.6% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 110.1% |

## 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 | — | —× | -6.0% | —× | — | S100RAOX |
| 2023 | 1.8% | 0.96× | 1.7% | 1.36× | 2.3% | S100TXQD |
| 2024 | 2.8% | 0.93× | 2.6% | 1.39× | 3.6% | S100W9P0 |
| 2025 | 6.3% | 0.94× | 5.9% | 1.38× | 8.2% | S100YNFT |
| 2026 | 7.2% | 0.89× | 6.4% | 1.43× | 9.3% | S100YNFT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中央バス総業株式会社 | Major shareholder | 37.0% | 2026-03-31 |
| 株式会社北海道銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 北海道中央バス社員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 中央振興株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 明海グループ株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社菱友 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社昭和総業 | Major shareholder | 2.0% | 2026-03-31 |
| 成宮 一雄 | Major shareholder | 1.5% | 2026-03-31 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO （常任代理人 株式会社三菱 ＵＦＪ銀行） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YNFT | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNFT,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W9P0 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9P0,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TXQD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXQD,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100RAOX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAOX,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OMJY | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMJY,, |
| 訂正有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LWM6 | 2021-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LWM6,, |

## 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).