# FUJITA KANKO INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/01/01－2025/12/31) (S100XS71)
> Page: https://vizora.meequs.com/en/company/fujita-kanko
> Retrieved: 2026-09-30T21:10:45.538Z

## Company

Fujita Kanko, founded in 1964, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 1,638 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJITA KANKO INC. |
| Ticker | 9722 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9722.T) |
| Listing | TSE Prime |
| Head office | 東京都文京区関口二丁目10番8号 |
| Representative (per filing) | 代表取締役兼社長執行役員 山下信典 |
| Founded | Apr 1964 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,638 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.fujita-kanko.co.jp (https://www.fujita-kanko.co.jp/) |
| Corporate number | 6010001100247 |
| EDINET | E04560 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Brokerage & Management, Hotels & Inns, Weddings |

> Profile source: annual securities report (S100XS71, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.9 | 16 |
| Profitability | 85.3 | 17 |
| Cash conversion | 32.1 | 14 |
| Efficiency | 85.3 | 17 |

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 60% of Fujita Kanko's sales come from WHG, with Luxury and banquet and Resort making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit +12.1%.

## Company structure

- Segment revenue mix: WHG 60.0%、Luxury and banquet 24.5%、Resort 13.8%、Other 1.7%
- Revenue → net income: ¥82004000000 → ¥9292000000
- Net income → operating cash flow: ¥9292000000 → ¥15922000000（difference ¥6630000000）
- Main uses of operating cash flow: CapEx ¥5949000000 / dividends ¥613000000 / buybacks ¥2005000000
- Change in cash: ¥-2200000000
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 | ¥82B |  |
| Operating income | ¥13.8B | Margin 16.8% |
| Net income | ¥9.29B | Margin 11.3% |
| Free cash flow | ¥9.97B |  |
| Largest business | WHG | of segment revenue 60.0% |
| Employees (consolidated) | 1,638 |  |
| EPS | ¥149.48 |  |
| Book value per share | ¥589.6 |  |
| Equity ratio | 37.3% |  |
| Shares outstanding | 61,037,120 |  |
| Treasury shares | 223,700 |  |
| Shareholders | 12,332 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 14.9% |
| Vs. industry median margin | +6.2 pp | Hotels & Inns |
| ROE | 35.0% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.3× dividends
- FY2025, revenue is 2.9× its level five years ago
- FY2025, one segment accounts for 83% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26648000000 | ¥82004000000 | +207.7% |
| Operating income | ¥-20611000000 | ¥13795000000 | — |
| Operating margin | -77.3% | 16.8% | +94.2 pp |
| Employees | 1,677 people | 1,638 people | -2.3% |
| Cash and equivalents | ¥3697000000 | ¥12245000000 | +231.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ＷＨＧ事業 → ＷＨＧ事業 | 38.8% |
| ラグジュアリー＆バンケット事業 → ラグジュアリー＆バンケット事業 | 24.5% |
| ラグジュアリー＆バンケット事業 → 事業再編・廃止 | 12.4% |
| リゾート事業 → リゾート事業 | 13.8% |
| リゾート事業 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 6.7% |
| 新設・再編 → ＷＨＧ事業 | 21.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| WHG | 5 years | +36.6% | ¥49171000000 | 23.3% | 2 |
| Luxury and banquet | 5 years | +15.4% | ¥20124000000 | 7.4% | 2 |
| Resort | 5 years | +21.8% | ¥11284000000 | 8.2% | 2 |
| Other | 5 years | -8.8% | ¥1422000000 | -6.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 82,004 | 100.0% | S100XS71 |
| Cost of revenue | 63,978 | 78.0% | S100XS71 |
| Gross profit | 18,025 | 22.0% | S100XS71 |
| SG&A | 4,229 | 5.2% | S100XS71 |
| Operating income | 13,795 | 16.8% | S100XS71 |
| Ordinary income | 13,704 | 16.7% | S100XS71 |
| Pretax income | 13,376 | 16.3% | S100XS71 |
| Income tax | 4,083 | 5.0% | S100XS71 |
| Net income | 9,292 | 11.3% | S100XS71 |
| Net income attributable to owners | 9,292 | 11.3% | S100XS71 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 5 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 22.0% → Operating margin 16.8% → Net margin 11.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.6%; Core profit growth: +12.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 76,211 | 82,004 | 5,793 | +7.6% |
| Gross profit | 16,000 | 18,025 | 2,025 | +12.7% |
| Operating income | 12,309 | 13,795 | 1,486 | +12.1% |
| Net income attributable to owners | 9,134 | 9,292 | 158 | +1.7% |
| Operating cash flow | 15,905 | 15,922 | 17 | +0.1% |
| Free cash flow | 12,937 | 9,973 | -2,964 | -22.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 68,960 | 280 | 0.4% | -285 | 4,946 | 1,100 | S100KZA6 |
| FY ending Dec 2020 | 26,648 | -20,611 | -77.3% | -22,427 | -17,069 | -21,148 | S100NRSN |
| FY ending Dec 2021 | 28,433 | -15,822 | -55.6% | 12,675 | -16,302 | -17,730 | S100QGQZ |
| FY ending Dec 2022 | 43,749 | -4,048 | -9.3% | -5,789 | 645 | -6,353 | S100T41H |
| FY ending Dec 2023 | 64,547 | 6,636 | 10.3% | 8,114 | 11,109 | 5,866 | S100VG23 |
| FY ending Dec 2024 | 76,211 | 12,309 | 16.2% | 9,134 | 15,905 | 12,937 | S100XS71 |
| FY ending Dec 2025 | 82,004 | 13,795 | 16.8% | 9,292 | 15,922 | 9,973 | S100XS71 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.1M |
| Operating income per employee (consolidated) | ¥8.4M |
| Net income per employee (consolidated) | ¥5.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,158 | 1,148 | 1,342 | 1,530 | 1,638 |
| Average salary (parent company) | ¥4.2M | ¥5.1M | ¥5.3M | ¥5.5M | ¥6M |
| Average age (parent company) | 40.5 years | 40.8 years | 38.9 years | 36.8 years | 36.2 years |
| Average tenure (parent company) | 17.3 years | 19.8 years | 14.7 years | 12.1 years | 11.6 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +7.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| WHG | 49,171 | 60.0% | 11,480 | 23.3% |
| Luxury and banquet | 20,124 | 24.5% | 1,483 | 7.4% |
| Resort | 11,284 | 13.8% | 925 | 8.2% |
| Other | 1,422 | 1.7% | -93 | -6.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| WHG | 60.0% | 82.7% | 22.7 | 23.3% |
| Luxury and banquet | 24.5% | 10.7% | -13.9 | 7.4% |
| Resort | 13.8% | 6.7% | -7.1 | 8.2% |
| Other | 1.7% | — | — | -6.5% |

Loss-making segment (excluded from profit shares): Other -93 JPY mn

Segment → industry: Resort → Theme Parks & Leisure Facilities / Other → Real Estate Brokerage & Management / Resort → Hotels & Inns / Luxury and banquet → Hotels & Inns / WHG → Hotels & Inns / Luxury and banquet → Weddings

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 15,922 | 19.4% | S100XS71 |
| Capital expenditure | 5,949 | 7.3% | S100XS71 |
| Free cash flow | 9,973 | 12.2% | 算出 |
| Investing cash flow | -5,685 | -6.9% | S100XS71 |
| Financing cash flow | -12,427 | -15.2% | S100XS71 |
| Dividends paid | 613 | 0.7% | S100XS71 |
| Share buyback | 2,005 | 2.4% | S100XS71 |
| Change in cash | -2,200 | -2.7% | S100XS71 |
| Cash and equivalents | 12,245 | 14.9% | S100XS71 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 38,619 | 24,110 | 13,675 | 14,446 | 12,245 | S100T41H, S100VG23, S100XS71 |
| Total assets | 112,762 | 99,962 | 93,496 | 94,041 | 98,834 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Net assets | 28,833 | 22,740 | 25,974 | 25,651 | 36,818 | S100T41H, S100VG23, S100XS71 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Trade receivables | 2,292 | 4,157 | 5,155 | 6,158 | 5,888 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Property, plant and equipment | 47,793 | 49,053 | 50,350 | 49,447 | 51,215 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Intangible assets excluding goodwill | 756 | 673 | 602 | 559 | 653 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Investment securities | 10,253 | 9,794 | 11,604 | 10,472 | 16,716 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Current assets | 44,276 | 30,947 | 21,293 | 23,703 | 20,676 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Current liabilities | 23,935 | 27,321 | 30,365 | 31,217 | 29,366 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Trade payables | 809 | 957 | 1,132 | 1,235 | 1,239 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Short-term borrowings | 10,700 | 10,042 | 9,387 | 8,320 | 7,792 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Long-term borrowings | 39,704 | 30,673 | 19,710 | 19,335 | 12,475 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Total liabilities | 83,929 | 77,222 | 67,521 | 68,389 | 62,015 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Non-controlling interests | 177 | 110 | — | — | — | S100QGQZ, S100T41H |
| Equity attributable to owners of parent | 26,378 | 20,432 | 22,746 | 23,211 | 29,885 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Retained earnings | -5,231 | -11,020 | -2,906 | 9,955 | 18,688 | S100QGQZ, S100T41H, S100VG23, S100XS71 |
| Treasury stock | -902 | -903 | -904 | -911 | -917 | S100QGQZ, S100T41H, S100VG23, S100XS71 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XS71 |
| Receivables | 6% | S100XS71 |
| Property, plant and equipment | 52% | S100XS71 |
| Intangibles and goodwill | 1% | S100XS71 |
| Investment securities | 17% | S100XS71 |
| Other assets | 12% | S100XS71 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100XS71 |
| Other liabilities | 62% | S100XS71 |
| Equity | 37% | S100XS71 |
| Other liabilities | 0% | S100XS71 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 112,762 | 99,962 | 93,496 | 94,041 | 98,834 |
| Equity | 28,833 | 22,740 | 25,974 | 25,651 | 36,818 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,619 | 24,110 | 13,675 | 14,446 | 12,245 |

## 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) | 62.5% | S100XS71 |
| Fixed assets ÷ total assets | 51.8% | S100XS71 |
| Goodwill ÷ parent equity | — | —, S100XS71 |

### 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) | 12.4% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.4% |
| Cash vs. profit gap | 6,630 JPY mn (of net income 71.4%) |
| Shareholder returns / net income | 28.2% |
| Shareholder returns / FCF | 26.3% |
| Shareholder payments — dividends / net income | 6.6% |
| Shareholder payments — dividends / FCF | 6.1% |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 35.7% |

## 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 | 44.6% | 0.25× | 11.2% | 4.27× | 48.1% | S100QGQZ |
| 2022 | — | —× | -5.4% | —× | — | S100T41H |
| 2023 | 12.6% | 0.67× | 8.4% | 4.48× | 37.6% | S100VG23 |
| 2024 | 12.0% | 0.81× | 9.7% | 4.08× | 39.8% | S100XS71 |
| 2025 | 11.3% | 0.85× | 9.6% | 3.63× | 35.0% | S100XS71 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＤＯＷＡホールディングス㈱ | Major shareholder | 31.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.0% | 2025-12-31 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ(常任代理人 ゴールドマン・サックス証券㈱) | Major shareholder | 4.8% | 2025-12-31 |
| 野村證券㈱ | Major shareholder | 3.2% | 2025-12-31 |
| 明治安田生命保険(相)(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 2.5% | 2025-12-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ/ＣＬＴＳ 10 ＰＥＲＣＥＮＴ(常任代理人 ㈱三菱ＵＦＪ銀行） | Major shareholder | 2.1% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３１２ (常任代理人 ㈱みずほ銀行） | Major shareholder | 1.8% | 2025-12-31 |
| 日本生命保険(相)(常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 1.8% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ）(常任代理人 ㈱三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５１０３１１ (常任代理人 ㈱みずほ銀行） | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/01/01－2025/12/31) | S100XS71 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS71,, |
| 有価証券報告書－第92期(2024/01/01－2024/12/31) | S100VG23 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG23,, |
| 有価証券報告書－第91期(2023/01/01－2023/12/31) | S100T41H | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T41H,, |
| 有価証券報告書－第90期(2022/01/01－2022/12/31) | S100QGQZ | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGQZ,, |
| 有価証券報告書－第89期(令和3年1月1日－令和3年12月31日) | S100NRSN | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRSN,, |
| 有価証券報告書－第88期(令和2年1月1日－令和2年12月31日) | S100KZA6 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZA6,, |

## 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).