# FUJI KYUKO 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125期(2025/04/01－2026/03/31) (S100YBGE)
> Page: https://vizora.meequs.com/en/company/fuji-kyuko
> Retrieved: 2026-09-30T21:38:38.704Z

## Company

Fuji Kyuko, founded in 1926, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 1,979 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI KYUKO CO., LTD. |
| Ticker | 9010 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9010.T) |
| Listing | TSE Prime |
| Head office | 山梨県富士吉田市上吉田二丁目5番1号(注) 本社業務は下記本社事務所において行っております。(本 社事務所) 山梨県富士吉田市新西原五丁目2番1号(東京本社事務所) 東京都渋谷区初台一丁目55番7号 |
| Representative (per filing) | 代表取締役社長 堀内 光一郎 |
| Founded | Sep 1926 |
| Share capital | ¥9.13B |
| Employees (consolidated) | 1,979 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.fujikyu.co.jp (https://www.fujikyu.co.jp/) |
| Corporate number | 4090001009986 |
| EDINET | E04093 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Private Railways |

> Profile source: annual securities report (S100YBGE, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Theme Parks & Leisure Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.2 | 12 |
| Profitability | 54.2 | 12 |
| Cash conversion | 70.8 | 12 |
| Efficiency | 70.8 | 12 |

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 47% of Fuji Kyuko's sales come from Leisure service, with Transportation and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +5.4%.

## Company structure

- Segment revenue mix: Leisure service 47.0%、Transportation 38.2%、Other 10.8%、Real estate 4.0%
- Revenue → net income: ¥53517281000 → ¥5900553000
- Net income → operating cash flow: ¥5900553000 → ¥11731196000（difference ¥5830643000）
- Main uses of operating cash flow: CapEx ¥9058397000 / dividends ¥1536344000 / buybacks ¥659000
- Change in cash: ¥-4432756000
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 | ¥53.5B |  |
| Operating income | ¥8.76B | Margin 16.4% |
| Net income | ¥5.8B | Margin 10.8% |
| Free cash flow | ¥2.67B |  |
| Largest business | Leisure service | of segment revenue 47.0% |
| Employees (consolidated) | 1,979 |  |
| EPS | ¥71.8 |  |
| Book value per share | ¥497.83 |  |
| Equity ratio | 40.7% |  |
| Shares outstanding | 54,884,738 |  |
| Treasury shares | 1,838,900 |  |
| Shareholders | 19,205 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 11.9% | Net cash -¥29.9B · Cash ÷ revenue 22.9% |
| Vs. industry median margin | +2.5 pp | Theme Parks & Leisure Facilities |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30451499000 | ¥53517281000 | +75.7% |
| Operating income | ¥-3098141000 | ¥8761705000 | — |
| Operating margin | -10.2% | 16.4% | +26.5 pp |
| Employees | 1,817 people | 1,979 people | +8.9% |
| Cash and equivalents | ¥17729690000 | ¥12269765000 | -30.8% |

### 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 |
| --- | ---: |
| 運輸業 → 運輸業 | 27.1% |
| 不動産業 → 不動産業 | 4.0% |
| 不動産業 → 事業再編・廃止 | 4.3% |
| レジャー・サービス業 → レジャー・サービス業 | 47.0% |
| レジャー・サービス業 → 事業再編・廃止 | 5.2% |
| その他 → その他 | 10.8% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 運輸業 | 11.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leisure service | 5 years | +9.6% | ¥25174970000 | 9.9% | 2 |
| Transportation | 5 years | +19.9% | ¥20418499000 | 24.8% | 2 |
| Other | 5 years | +8.9% | ¥5760881000 | 12.4% | 2 |
| Real estate | 5 years | -3.2% | ¥2162930000 | 25.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,517 | 100.0% | S100YBGE |
| SG&A | 1,446 | 2.7% | S100YBGE |
| Operating income | 8,762 | 16.4% | S100YBGE |
| Ordinary income | 8,617 | 16.1% | S100YBGE |
| Pretax income | 8,679 | 16.2% | S100YBGE |
| Income tax | 2,779 | 5.2% | S100YBGE |
| Net income | 5,901 | 11.0% | S100YBGE |
| Net income attributable to owners | 5,799 | 10.8% | S100YBGE |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 84 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Operating margin 16.4% → Net margin 10.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +5.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.19×
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 | 52,231 | 53,517 | 1,287 | +2.5% |
| Operating income | 8,314 | 8,762 | 448 | +5.4% |
| Net income attributable to owners | 5,108 | 5,799 | 691 | +13.5% |
| Operating cash flow | 10,843 | 11,731 | 888 | +8.2% |
| Free cash flow | 4,128 | 2,673 | -1,456 | -35.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,291 | 4,493 | 8.6% | 1,582 | 8,056 | 2,197 | S100LK7S |
| FY ending Mar 2021 | 30,451 | -3,098 | -10.2% | -2,786 | 2,889 | -1,631 | S100OD8G |
| FY ending Mar 2022 | 35,084 | 762 | 2.2% | 376 | 6,399 | 1,865 | S100R1EI |
| FY ending Mar 2023 | 42,925 | 4,243 | 9.9% | 2,319 | 8,975 | 3,831 | S100TOFS |
| FY ending Mar 2024 | 50,702 | 8,152 | 16.1% | 4,572 | 12,998 | 6,899 | S100VYIY |
| FY ending Mar 2025 | 52,231 | 8,314 | 15.9% | 5,108 | 10,843 | 4,128 | S100YBGE |
| FY ending Mar 2026 | 53,517 | 8,762 | 16.4% | 5,799 | 11,731 | 2,673 | S100YBGE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 1,697 | 1,657 | 1,727 | 1,919 | 1,979 |
| Average salary (parent company) | ¥5.6M | ¥6.2M | ¥6.6M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 38.7 years | 38.8 years | 38.9 years | 38.4 years | 38.7 years |
| Average tenure (parent company) | 12.8 years | 13.3 years | 13.3 years | 13.4 years | 13.7 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 20,418 | 38.2% | 5,054 | 24.8% |
| Real estate | 2,163 | 4.0% | 544 | 25.1% |
| Leisure service | 25,175 | 47.0% | 2,480 | 9.9% |
| Other | 5,761 | 10.8% | 716 | 12.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 38.2% | 57.5% | 19.3 | 24.8% |
| Real estate | 4.0% | 6.2% | 2.1 | 25.1% |
| Leisure service | 47.0% | 28.2% | -18.8 | 9.9% |
| Other | 10.8% | 8.1% | -2.6 | 12.4% |

Segment → industry: Leisure service → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure service → Hotels & Inns / Transportation → 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 | 11,731 | 21.9% | S100YBGE |
| Capital expenditure | 9,058 | 16.9% | S100YBGE |
| Free cash flow | 2,673 | 5.0% | 算出 |
| Investing cash flow | -8,147 | -15.2% | S100YBGE |
| Financing cash flow | -8,017 | -15.0% | S100YBGE |
| Dividends paid | 1,536 | 2.9% | S100YBGE |
| Share buyback | 1 | 0.0% | S100YBGE |
| Change in cash | -4,433 | -8.3% | S100YBGE |
| Cash and equivalents | 12,270 | 22.9% | S100YBGE |

## 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 | 17,044 | 18,986 | 17,840 | 16,703 | 12,270 | S100TOFS, S100VYIY, S100YBGE |
| Total assets | 98,336 | 100,747 | 100,538 | 101,102 | 102,787 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Net assets | 24,583 | 26,784 | 32,352 | 36,787 | 42,996 | S100TOFS, S100VYIY, S100YBGE |
| Share capital | 9,126 | 9,126 | 9,126 | 9,126 | 9,126 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Property, plant and equipment | 55,038 | 54,332 | 53,040 | 53,927 | 55,949 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Intangible assets excluding goodwill | 2,677 | 2,763 | 2,831 | 2,861 | 2,812 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Goodwill | — | 18 | 14 | 9 | 5 | S100TOFS, S100VYIY, S100YBGE |
| Investment securities | 6,004 | 6,264 | 8,182 | 8,721 | 13,096 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Current assets | 31,153 | 34,693 | 34,039 | 33,084 | 29,073 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Current liabilities | 16,062 | 21,027 | 19,762 | 22,733 | 18,188 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Trade payables | 1,699 | 2,439 | 2,752 | 2,492 | 2,823 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Short-term borrowings | 9,115 | 12,250 | 9,628 | 12,702 | 7,940 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Long-term borrowings | 44,992 | 41,489 | 37,521 | 30,438 | 29,243 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Bonds | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Interest-bearing debt | 59,108 | 58,739 | 52,149 | 48,141 | 42,183 | 算出 |
| Total liabilities | 73,753 | 73,963 | 68,186 | 64,315 | 59,791 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Non-controlling interests | 852 | 904 | 1,015 | 1,098 | 1,193 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Equity attributable to owners of parent | 23,292 | 25,089 | 28,864 | 32,598 | 36,858 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Retained earnings | 12,026 | 13,814 | 17,590 | 21,318 | 25,579 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |
| Treasury stock | -1,548 | -1,543 | -1,549 | -1,545 | -1,546 | S100R1EI, S100TOFS, S100VYIY, S100YBGE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YBGE |
| Property, plant and equipment | 54% | S100YBGE |
| Intangibles and goodwill | 3% | S100YBGE |
| Investment securities | 13% | S100YBGE |
| Other assets | 18% | S100YBGE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YBGE |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 14% | S100YBGE |
| Equity | 42% | S100YBGE |

### 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 | 98,336 | 100,747 | 100,538 | 101,102 | 102,787 |
| Equity | 24,583 | 26,784 | 32,352 | 36,787 | 42,996 |
| Interest-bearing debt | 59,108 | 58,739 | 52,149 | 48,141 | 42,183 |
| Cash | 17,044 | 18,986 | 17,840 | 16,703 | 12,270 |

## 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) | 104.5% | S100YBGE |
| Fixed assets ÷ total assets | 54.4% | S100YBGE |
| Goodwill ÷ parent equity | 0.0% | S100YBGE |

### 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) | 11.9% |
| Cash ÷ revenue | 22.9% |
| Net cash (cash − interest-bearing debt) | -¥29.9B |
| Net debt ÷ operating cash flow | 2.55× |
| Cash conversion (operating CF ÷ operating income) | 133.9% |
| Cash vs. profit gap | 5,933 JPY mn (of net income 102.3%) |
| Shareholder returns / net income | 26.5% |
| Shareholder returns / FCF | 57.5% |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | 57.5% |
| CapEx intensity (capex ÷ revenue) | 16.9% |
| Investing CF relative to operating CF | 69.4% |

## 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 | 1.1% | 0.36× | 0.4% | 4.22× | 1.6% | S100R1EI |
| 2023 | 5.4% | 0.43× | 2.3% | 4.11× | 9.6% | S100TOFS |
| 2024 | 9.0% | 0.50× | 4.5% | 3.73× | 16.9% | S100VYIY |
| 2025 | 9.8% | 0.52× | 5.1% | 3.28× | 16.6% | S100YBGE |
| 2026 | 10.8% | 0.52× | 5.7% | 2.94× | 16.7% | S100YBGE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人堀内浩庵会 | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社エフ・ジェイ | Major shareholder | 11.9% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 9.9% | 2026-03-31 |
| 富国生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 9.1% | 2026-03-31 |
| 朝日生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社東京ドーム | Major shareholder | 2.9% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 スルガ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社山梨中央銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/04/01－2026/03/31) | S100YBGE | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBGE,, |
| 有価証券報告書－第124期(2024/04/01－2025/03/31) | S100VYIY | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYIY,, |
| 有価証券報告書－第123期(2023/04/01－2024/03/31) | S100TOFS | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOFS,, |
| 有価証券報告書－第122期(2022/04/01－2023/03/31) | S100R1EI | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1EI,, |
| 有価証券報告書－第121期(令和3年4月1日－令和4年3月31日) | S100OD8G | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD8G,, |
| 有価証券報告書－第120期(令和2年4月1日－令和3年3月31日) | S100LK7S | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK7S,, |

## 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).