# EURASIA TRAVEL Co.,Ltd: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2024/10/01－2025/09/30) (S100XCUO)
> Page: https://vizora.meequs.com/en/company/eurasia-travel
> Retrieved: 2026-09-30T20:32:06.763Z

## Company

Eurasia Travel, founded in 1986, is a company in Travel Agencies listed on TSE Standard. It has 93 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EURASIA TRAVEL Co.,Ltd. |
| Ticker | 9376 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9376.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区平河町二丁目7番4号 |
| Representative (per filing) | 代表取締役会長CEO 井上 利男 |
| Founded | Feb 1986 |
| Share capital | ¥312M |
| Employees (consolidated) | 93 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Corporate number | 1010001031554 |
| EDINET | E04365 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100XCUO, filed 2025-12-24). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 11 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 77.3 | 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)

- Eurasia Travel brought in ¥4.79B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4787696000 → ¥113905000
- Net income → operating cash flow: ¥113905000 → ¥149172000（difference ¥35267000）
- Main uses of operating cash flow: CapEx ¥20897000 / dividends ¥51570000 / buybacks —
- Change in cash: ¥78914000
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 | ¥4.79B |  |
| Operating income | ¥115.1M | Margin 2.4% |
| Net income | ¥113.9M | Margin 2.4% |
| Free cash flow | ¥128.3M |  |
| Employees (consolidated) | 93 |  |
| EPS | ¥33.34 |  |
| Book value per share | ¥477.24 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 3,690,000 |  |
| Shareholders | 1,608 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 61.9% | Cash ÷ revenue 41.6% |
| Vs. industry median margin | 0 pp | Travel Agencies |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 21.3× its level five years ago
- FY2025, cash is 62% of total assets
- FY2025, parent-company salary changed +40% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2347587000 | ¥4787696000 | +103.9% |
| Operating income | ¥-267054000 | ¥115107000 | — |
| Operating margin | -11.4% | 2.4% | +13.8 pp |
| Employees | 103 people | 93 people | -9.7% |
| Cash and equivalents | ¥1552362000 | ¥1991198000 | +28.3% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,788 | 100.0% | S100XCUO |
| SG&A | 787 | 16.4% | S100XCUO |
| Operating income | 115 | 2.4% | S100XCUO |
| Ordinary income | 124 | 2.6% | S100XCUO |
| Pretax income | 124 | 2.6% | S100XCUO |
| Income tax | 10 | 0.2% | S100XCUO |
| Net income | 114 | 2.4% | S100XCUO |
| Net income attributable to owners | 114 | 2.4% | S100XCUO |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 2.4% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +7.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.87×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,598 | 4,788 | 189 | +4.1% |
| Operating income | 107 | 115 | 8 | +7.7% |
| Net income attributable to owners | 121 | 114 | -7 | -5.5% |
| Operating cash flow | 350 | 149 | -201 | -57.3% |
| Free cash flow | 335 | 128 | -207 | -61.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,728 | 150 | 2.6% | 129 | 166 | 160 | S100KG6M |
| FY ending Sep 2020 | 2,348 | -267 | -11.4% | -70 | -791 | — | S100N519 |
| FY ending Sep 2021 | 224 | -506 | -225.3% | -124 | -39 | — | S100PVIT |
| FY ending Sep 2022 | 502 | -401 | -80.0% | -124 | -150 | — | S100SJHQ |
| FY ending Sep 2023 | 2,945 | -121 | -4.1% | -56 | 146 | — | S100V0F4 |
| FY ending Sep 2024 | 4,598 | 107 | 2.3% | 121 | 350 | 335 | S100XCUO |
| FY ending Sep 2025 | 4,788 | 115 | 2.4% | 114 | 149 | 128 | S100XCUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.5M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 90 | 79 | 73 | 83 | 93 |
| Average salary (parent company) | ¥3.9M | ¥3.9M | ¥4.7M | ¥5.5M | ¥5.4M |
| Average age (parent company) | 42.1 years | 43.4 years | 43.9 years | 40.1 years | 39.3 years |
| Average tenure (parent company) | 16.6 years | 17.8 years | 18.5 years | 15.1 years | 14.0 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +4.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 149 | 3.1% | S100XCUO |
| Capital expenditure | 21 | 0.4% | S100XCUO |
| Free cash flow | 128 | 2.7% | 算出 |
| Investing cash flow | -19 | -0.4% | S100XCUO |
| Financing cash flow | -52 | -1.1% | S100XCUO |
| Dividends paid | 52 | 1.1% | S100XCUO |
| Change in cash | 79 | 1.6% | S100XCUO |
| Cash and equivalents | 1,991 | 41.6% | S100XCUO |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,610 | 1,460 | 1,620 | 1,912 | 1,991 | S100SJHQ, S100V0F4, S100XCUO |
| Total assets | 2,097 | 2,215 | 2,625 | 2,931 | 3,219 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Net assets | 1,851 | 1,727 | 1,673 | 1,749 | 1,844 | S100SJHQ, S100V0F4, S100XCUO |
| Share capital | 312 | 312 | 312 | 312 | 312 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Property, plant and equipment | 1 | 0 | 1 | 2 | 16 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Intangible assets excluding goodwill | 15 | 10 | 7 | 15 | 14 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Investment securities | 206 | 206 | 206 | 206 | 207 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Current assets | 1,677 | 1,799 | 2,214 | 2,453 | 2,738 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Current liabilities | 121 | 358 | 825 | 1,053 | 1,225 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Total liabilities | 246 | 488 | 953 | 1,183 | 1,375 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Equity attributable to owners of parent | 1,851 | 1,727 | 1,671 | 1,773 | 1,836 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Retained earnings | 1,363 | 1,240 | 1,184 | 1,286 | 1,348 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PVIT, S100SJHQ, S100V0F4, S100XCUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 62% | S100XCUO |
| Property, plant and equipment | 1% | S100XCUO |
| Intangibles and goodwill | 0% | S100XCUO |
| Investment securities | 6% | S100XCUO |
| Other assets | 31% | S100XCUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100XCUO |
| Equity | 57% | S100XCUO |
| Other liabilities | 0% | S100XCUO |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,097 | 2,215 | 2,625 | 2,931 | 3,219 |
| Equity | 1,851 | 1,727 | 1,673 | 1,749 | 1,844 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,610 | 1,460 | 1,620 | 1,912 | 1,991 |

## 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) | 0.3% | S100XCUO |
| Fixed assets ÷ total assets | 0.5% | S100XCUO |
| Goodwill ÷ parent equity | — | —, S100XCUO |

### 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) | 61.9% |
| Cash ÷ revenue | 41.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.6% |
| Cash vs. profit gap | 35 JPY mn (of net income 31.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | 40.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 12.6% |

## 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 | — | —× | -5.9% | —× | — | S100PVIT |
| 2022 | — | —× | -5.7% | —× | — | S100SJHQ |
| 2023 | — | —× | -2.3% | —× | — | S100V0F4 |
| 2024 | 2.6% | 1.66× | 4.3% | 1.61× | 7.0% | S100XCUO |
| 2025 | 2.4% | 1.56× | 3.7% | 1.70× | 6.3% | S100XCUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 井上 利男 | Major shareholder | 50.1% | 2025-09-30 |
| ㈲ホワイトサクセス | Major shareholder | 11.2% | 2025-09-30 |
| 塩田 和嗣 | Major shareholder | 2.3% | 2025-09-30 |
| 河内 友里江 | Major shareholder | 2.2% | 2025-09-30 |
| ㈱旅倶楽部 | Major shareholder | 1.2% | 2025-09-30 |
| 加藤 幸一 | Major shareholder | 1.1% | 2025-09-30 |
| 加藤 和美 | Major shareholder | 1.1% | 2025-09-30 |
| 佐々木嶺一 | Major shareholder | 1.1% | 2025-09-30 |
| 井上 勝仁 | Major shareholder | 1.0% | 2025-09-30 |
| 島村 浩 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2024/10/01－2025/09/30) | S100XCUO | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCUO,, |
| 有価証券報告書－第39期(2023/10/01－2024/09/30) | S100V0F4 | 2024-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0F4,, |
| 有価証券報告書－第38期(2022/10/01－2023/09/30) | S100SJHQ | 2023-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJHQ,, |
| 有価証券報告書－第37期(令和3年10月1日－令和4年9月30日) | S100PVIT | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVIT,, |
| 有価証券報告書－第36期(令和2年10月1日－令和3年9月30日) | S100N519 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N519,, |
| 有価証券報告書－第35期(令和1年10月1日－令和2年9月30日) | S100KG6M | 2020-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG6M,, |

## 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).