# Eternal Hospitality Group Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2024/08/01－2025/07/31) (S100WWX8)
> Page: https://vizora.meequs.com/en/company/eternal-hospitality-group
> Retrieved: 2026-09-30T19:58:24.752Z

## Company

Eternal Hospitality Group, founded in 1986, is a company in Restaurants & Pubs listed on TSE Prime. It has 1,030 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Eternal Hospitality Group Co.,Ltd. |
| Ticker | 3193 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3193.T) |
| Listing | TSE Prime |
| Head office | 大阪市浪速区立葉一丁目2番12号 (同所は登記上の本店所在地で、実際の本社業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長CEO 大倉 忠司 |
| Founded | Sep 1986 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 1,030 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | July |
| Website | eternal-hospitality.co.jp (https://eternal-hospitality.co.jp/) |
| Corporate number | 9120001011711 |
| EDINET | E30699 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100WWX8, filed 2025-10-28). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 84.1 | 66 |
| Cash conversion | 10 | 55 |
| Efficiency | 82.6 | 66 |

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)

- Eternal Hospitality Group brought in ¥46.4B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit -3.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥46356977000 → ¥1720820000
- Net income → operating cash flow: ¥1720820000 → ¥2492711000（difference ¥771891000）
- Main uses of operating cash flow: CapEx ¥2428812000 / dividends ¥533171000 / buybacks ¥179000
- Change in cash: ¥-960470000
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 | ¥46.4B |  |
| Operating income | ¥3.12B | Margin 6.7% |
| Net income | ¥1.72B | Margin 3.7% |
| Free cash flow | ¥63.9M |  |
| Employees (consolidated) | 1,030 |  |
| EPS | ¥-28.26 |  |
| Book value per share | ¥420.2 |  |
| Equity ratio | 45.7% |  |
| Shares outstanding | 11,622,300 |  |
| Treasury shares | 100 |  |
| Shareholders | 13,786 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 35.0% | Cash ÷ revenue 16.1% |
| Vs. industry median margin | +2.8 pp | Restaurants & Pubs |
| ROE | 18.7% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 3.0× its level five years ago
- FY2025, cash is 35% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27539624000 | ¥46356977000 | — |
| Operating income | ¥983283000 | ¥3121482000 | — |
| Operating margin | 3.6% | 6.7% | +3.2 pp |
| Employees | 854 people | 1,030 people | — |
| Cash and equivalents | ¥8738077000 | ¥7485432000 | — |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,357 | 100.0% | S100WWX8 |
| Cost of revenue | 14,582 | 31.5% | S100WWX8 |
| Gross profit | 31,775 | 68.5% | S100WWX8 |
| SG&A | 28,654 | 61.8% | S100WWX8 |
| Operating income | 3,121 | 6.7% | S100WWX8 |
| Ordinary income | 3,103 | 6.7% | S100WWX8 |
| Pretax income | 3,029 | 6.5% | S100WWX8 |
| Income tax | 1,308 | 2.8% | S100WWX8 |
| Net income | 1,721 | 3.7% | S100WWX8 |
| Net income attributable to owners | 1,721 | 3.7% | S100WWX8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 62 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 68.5% → Operating margin 6.7% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.6%; Core profit growth: -3.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.37×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 41,914 | 46,357 | 4,443 | +10.6% |
| Gross profit | 29,086 | 31,775 | 2,689 | +9.2% |
| Operating income | 3,249 | 3,121 | -127 | -3.9% |
| Net income attributable to owners | 2,127 | 1,721 | -407 | -19.1% |
| Operating cash flow | 4,442 | 2,493 | -1,949 | -43.9% |
| Free cash flow | 2,807 | 64 | -2,743 | -97.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 35,848 | 1,191 | 3.3% | -286 | 2,172 | 962 | S100JXTA |
| FY ending Jul 2020 | 27,540 | 983 | 3.6% | -763 | -191 | -428 | S100JXTA |
| FY ending Jul 2021 | 15,591 | -4,663 | -29.9% | -466 | -2,688 | -2,751 | S100PW2Q |
| FY ending Jul 2022 | 20,288 | -2,433 | -12.0% | 1,134 | 5,913 | 5,579 | S100S2BA |
| FY ending Jul 2023 | 33,449 | 1,417 | 4.2% | 616 | 1,721 | 846 | S100UL1M |
| FY ending Jul 2024 | 41,914 | 3,249 | 7.8% | 2,127 | 4,442 | 2,807 | S100WWX8 |
| FY ending Jul 2025 | 46,357 | 3,121 | 6.7% | 1,721 | 2,493 | 64 | S100WWX8 |

## People and productivity（FY ending Jul 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 830 | 851 | 890 | 920 | 1,030 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.7M | ¥6.1M | ¥6.7M |
| Average age (parent company) | 39.1 years | 39.7 years | 39.5 years | 39.9 years | 40.0 years |
| Average tenure (parent company) | 8.8 years | 9.5 years | 8.8 years | 9.6 years | 9.9 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +10.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,493 | 5.4% | S100WWX8 |
| Capital expenditure | 2,429 | 5.2% | S100WWX8 |
| Free cash flow | 64 | 0.1% | 算出 |
| Investing cash flow | -2,694 | -5.8% | S100WWX8 |
| Financing cash flow | -690 | -1.5% | S100WWX8 |
| Dividends paid | 533 | 1.2% | S100WWX8 |
| Share buyback | 0 | 0.0% | S100WWX8 |
| Change in cash | -960 | -2.1% | S100WWX8 |
| Cash and equivalents | 7,485 | 16.1% | S100WWX8 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,807 | 8,720 | 8,690 | 8,446 | 7,485 | S100S2BA, S100UL1M, S100WWX8 |
| Total assets | 16,835 | 18,467 | 19,319 | 20,655 | 21,383 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Net assets | 5,221 | 6,337 | 6,890 | 8,693 | 9,775 | S100S2BA, S100UL1M, S100WWX8 |
| Share capital | 1,492 | 1,492 | 1,492 | 1,492 | 1,492 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Inventories | 84 | 131 | 156 | 190 | 210 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Property, plant and equipment | 5,599 | 5,061 | 4,962 | 5,790 | 6,952 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Intangible assets excluding goodwill | 41 | 29 | 470 | 470 | 466 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Goodwill | — | — | 256 | 229 | 202 | S100UL1M, S100WWX8 |
| Investment securities | 1 | 1 | 1 | 161 | 145 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Current assets | 8,011 | 10,295 | 10,657 | 10,747 | 10,468 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Current liabilities | 4,221 | 5,744 | 8,941 | 8,011 | 7,843 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Long-term borrowings | 6,186 | 5,209 | 1,959 | 2,354 | 2,067 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Total liabilities | 11,614 | 12,130 | 12,429 | 11,962 | 11,608 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Equity attributable to owners of parent | 5,201 | 6,328 | 6,852 | 8,614 | 9,826 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Retained earnings | 2,317 | 3,441 | 3,965 | 5,953 | 7,139 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |
| Treasury stock | -90 | -87 | -87 | -312 | -287 | S100PW2Q, S100S2BA, S100UL1M, S100WWX8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100WWX8 |
| Inventories | 1% | S100WWX8 |
| Property, plant and equipment | 32% | S100WWX8 |
| Intangibles and goodwill | 3% | S100WWX8 |
| Investment securities | 1% | S100WWX8 |
| Other assets | 28% | S100WWX8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100WWX8 |
| Equity | 46% | S100WWX8 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,835 | 18,467 | 19,319 | 20,655 | 21,383 |
| Equity | 5,221 | 6,337 | 6,890 | 8,693 | 9,775 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,807 | 8,720 | 8,690 | 8,446 | 7,485 |

## 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) | 15.0% | S100WWX8 |
| Fixed assets ÷ total assets | 32.5% | S100WWX8 |
| Goodwill ÷ parent equity | 2.1% | S100WWX8 |

### 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) | 35.0% |
| Cash ÷ revenue | 16.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.9% |
| Cash vs. profit gap | 772 JPY mn (of net income 44.9%) |
| Shareholder returns / net income | 31.0% |
| Shareholder returns / FCF | 834.7% |
| Shareholder payments — dividends / net income | 31.0% |
| Shareholder payments — dividends / FCF | 834.4% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 108.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -2.8% | —× | — | S100PW2Q |
| 2022 | 5.6% | 1.15× | 6.4% | 3.06× | 19.7% | S100S2BA |
| 2023 | 1.8% | 1.77× | 3.3% | 2.87× | 9.4% | S100UL1M |
| 2024 | 5.1% | 2.10× | 10.6% | 2.58× | 27.5% | S100WWX8 |
| 2025 | 3.7% | 2.21× | 8.2% | 2.28× | 18.7% | S100WWX8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大倉 忠司 | Major shareholder | 22.4% | 2025-07-31 |
| 株式会社大倉忠 | Major shareholder | 9.9% | 2025-07-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2025-07-31 |
| サントリー株式会社 | Major shareholder | 2.2% | 2025-07-31 |
| 中西 卓己 | Major shareholder | 1.6% | 2025-07-31 |
| 株式会社関西みらい銀行 | Major shareholder | 1.5% | 2025-07-31 |
| CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2025-07-31 |
| UBS AG LONDON ASIA EQUITIES （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2025-07-31 |
| 青木 繁則 | Major shareholder | 0.9% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2024/08/01－2025/07/31) | S100WWX8 | 2025-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWX8,, |
| 有価証券報告書－第38期(2023/08/01－2024/07/31) | S100UL1M | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL1M,, |
| 有価証券報告書－第37期(2022/08/01－2023/07/31) | S100S2BA | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2BA,, |
| 訂正有価証券報告書－第36期(令和3年8月1日－令和4年7月31日) | S100PW2Q | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW2Q,, |
| 有価証券報告書－第35期(令和2年8月1日－令和3年7月31日) | S100MNHQ | 2021-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MNHQ,, |
| 有価証券報告書－第34期(令和1年8月1日－令和2年7月31日) | S100JXTA | 2020-10-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JXTA,, |

## 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).