# GOKURAKUYU HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第47期(2025/04/01－2026/03/31) (S100YNP2)
> Page: https://vizora.meequs.com/en/company/gokurakuyu-holdings
> Retrieved: 2026-09-30T19:58:26.075Z

## Company

Gokurakuyu Holdings, founded in 1980, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GOKURAKUYU HOLDINGS CO.,LTD. |
| Ticker | 2340 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2340.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町二丁目4番地 |
| Representative (per filing) | 代表取締役会長兼社長グループCEO 新川隆丈 |
| Founded | Apr 1980 |
| Share capital | ¥2.21B |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.gokurakuyu-holdings.co.jp (https://www.gokurakuyu-holdings.co.jp/) |
| Corporate number | 5010001063544 |
| EDINET | E04727 |
| Industries (Vizora) | Theme Parks & Leisure Facilities |

> Profile source: annual securities report (S100YNP2, filed 2026-06-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 12 |
| Profitability | 4.2 | 12 |
| Cash conversion | 29.2 | 12 |
| Efficiency | 95.8 | 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)

- Gokurakuyu Holdings brought in ¥16.2B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +8.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16246367000 → ¥928954000
- Net income → operating cash flow: ¥928954000 → ¥1299900000（difference ¥370946000）
- Main uses of operating cash flow: CapEx ¥1960966000 / dividends — / buybacks —
- Change in cash: ¥-1377690000
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 | ¥16.2B |  |
| Operating income | ¥1.24B | Margin 7.6% |
| Net income | ¥929M | Margin 5.7% |
| Free cash flow | -¥661.1M |  |
| Employees (consolidated) | 188 |  |
| EPS | ¥24.8 |  |
| Diluted EPS | ¥23.86 |  |
| Book value per share | ¥134.29 |  |
| Equity ratio | 35.3% |  |
| Shares outstanding | 31,722,000 |  |
| Shareholders | 108,688 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 11.6% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | -6.3 pp | Theme Parks & Leisure Facilities |
| ROE | 23.2% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8764172000 | ¥16246367000 | +85.4% |
| Operating income | ¥-1524260000 | ¥1236893000 | — |
| Operating margin | -17.4% | 7.6% | +25 pp |
| Employees | 381 people | 188 people | -50.7% |
| Cash and equivalents | ¥4788176000 | ¥1519949000 | -68.3% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 86.0% |
| 中国 → 事業再編・廃止 | 14.0% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,246 | 100.0% | S100YNP2 |
| Cost of revenue | 13,514 | 83.2% | S100YNP2 |
| Gross profit | 2,732 | 16.8% | S100YNP2 |
| SG&A | 1,495 | 9.2% | S100YNP2 |
| Operating income | 1,237 | 7.6% | S100YNP2 |
| Ordinary income | 1,326 | 8.2% | S100YNP2 |
| Pretax income | 1,171 | 7.2% | S100YNP2 |
| Income tax | 242 | 1.5% | S100YNP2 |
| Net income | 929 | 5.7% | S100YNP2 |
| Net income attributable to owners | 929 | 5.7% | S100YNP2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 9 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 16.8% → Operating margin 7.6% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +8.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.19×
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 | 15,164 | 16,246 | 1,082 | +7.1% |
| Gross profit | 2,539 | 2,732 | 194 | +7.6% |
| Operating income | 1,140 | 1,237 | 97 | +8.5% |
| Net income attributable to owners | 770 | 929 | 159 | +20.7% |
| Operating cash flow | 2,195 | 1,300 | -895 | -40.8% |
| Free cash flow | 1,222 | -661 | -1,883 | -154.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,598 | -349 | -2.4% | -3,265 | 1,885 | 974 | S100MU9O |
| FY ending Mar 2021 | 8,764 | -1,524 | -17.4% | -3,082 | 123 | -86 | S100P3MK |
| FY ending Mar 2022 | 10,037 | -569 | -5.7% | -1,979 | 1,499 | 1,028 | S100R9PT |
| FY ending Mar 2023 | 12,769 | 40 | 0.3% | -304 | 836 | 483 | S100TSUR |
| FY ending Mar 2024 | 14,082 | 748 | 5.3% | 697 | 1,575 | 531 | S100W9Y3 |
| FY ending Mar 2025 | 15,164 | 1,140 | 7.5% | 770 | 2,195 | 1,222 | S100YNP2 |
| FY ending Mar 2026 | 16,246 | 1,237 | 7.6% | 929 | 1,300 | -661 | S100YNP2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥86.4M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 373 | 373 | 172 | 181 | 188 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥10.1M | ¥9.1M | ¥6.4M |
| Average age (parent company) | 43.6 years | 44.4 years | 43.7 years | 46.9 years | 41.3 years |
| Average tenure (parent company) | 7.8 years | 6.4 years | 5.8 years | 9.1 years | 11.2 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +7.1%

## 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 | 1,300 | 8.0% | S100YNP2 |
| Capital expenditure | 1,961 | 12.1% | S100YNP2 |
| Free cash flow | -661 | -4.1% | 算出 |
| Investing cash flow | -2,082 | -12.8% | S100YNP2 |
| Financing cash flow | -596 | -3.7% | S100YNP2 |
| Change in cash | -1,378 | -8.5% | S100YNP2 |
| Cash and equivalents | 1,520 | 9.4% | S100YNP2 |

## 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 | 6,173 | 5,430 | 2,866 | 2,898 | 1,520 | S100TSUR, S100W9Y3, S100YNP2 |
| Total assets | 17,274 | 15,171 | 11,346 | 13,024 | 13,071 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Net assets | -13 | 149 | 2,997 | 3,820 | 4,906 | S100TSUR, S100W9Y3, S100YNP2 |
| Share capital | 3,973 | 4,217 | 5,203 | 5,252 | 2,207 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Inventories | 92 | 93 | 112 | 167 | 177 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Property, plant and equipment | 7,774 | 7,011 | 6,087 | 7,087 | 8,205 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Intangible assets excluding goodwill | 33 | 27 | 61 | 141 | 164 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Investment securities | 592 | 143 | 305 | 248 | 267 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Current assets | 6,888 | 6,148 | 3,590 | 4,134 | 2,810 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Current liabilities | 7,992 | 7,567 | 2,927 | 3,800 | 3,436 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Short-term borrowings | 1,632 | 1,316 | — | — | — | S100R9PT, S100TSUR |
| Long-term borrowings | 7,250 | 5,408 | 3,663 | 2,639 | 1,943 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Total liabilities | 17,287 | 15,022 | 8,349 | 9,204 | 8,165 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Equity attributable to owners of parent | -143 | 39 | 2,616 | 3,484 | 4,522 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Retained earnings | -7,666 | -7,970 | -7,373 | -6,603 | -5,674 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R9PT, S100TSUR, S100W9Y3, S100YNP2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YNP2 |
| Inventories | 1% | S100YNP2 |
| Property, plant and equipment | 63% | S100YNP2 |
| Intangibles and goodwill | 1% | S100YNP2 |
| Investment securities | 2% | S100YNP2 |
| Other assets | 21% | S100YNP2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YNP2 |
| Equity | 38% | S100YNP2 |
| Other liabilities | 0% | S100YNP2 |

### 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 | 17,274 | 15,171 | 11,346 | 13,024 | 13,071 |
| Equity | -13 | 149 | 2,997 | 3,820 | 4,906 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,173 | 5,430 | 2,866 | 2,898 | 1,520 |

## 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) | 50.5% | S100YNP2 |
| Fixed assets ÷ total assets | 62.8% | S100YNP2 |
| Goodwill ÷ parent equity | — | —, S100YNP2 |

### 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) | 11.6% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.1% |
| Cash vs. profit gap | 371 JPY mn (of net income 39.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.1% |
| Investing CF relative to operating CF | 160.1% |

## 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 | — | —× | -11.5% | —× | — | S100R9PT |
| 2023 | — | —× | -1.9% | —× | — | S100TSUR |
| 2024 | 5.0% | 1.06× | 5.3% | 9.99× | 52.5% | S100W9Y3 |
| 2025 | 5.1% | 1.24× | 6.3% | 4.00× | 25.2% | S100YNP2 |
| 2026 | 5.7% | 1.25× | 7.1% | 3.26× | 23.2% | S100YNP2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社ミライニホン・アセットマネジメント | Major shareholder | 9.4% | 2026-03-31 |
| ＳＰＲＩＮＧ ＯＦ ＧＯＬＤ ＨＯＴＥＬ ＩＮＶＥＳＴＭＥＮＴ ＡＮＤ ＭＡＮＡＧＥＭＥＮＴ ＣＯＭＰＡＮＹ ＬＩＭＩＴＥＤ(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 9.3% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 新川隆丈 | Major shareholder | 1.4% | 2026-03-31 |
| ＨＡＩＴＯＮＧ ＩＮＴ ＳＥＣ－ＣＬ ＡＣ－１０ （ＰＥＲＣＥＮＴＡＧＥ) (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社奥田商店 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社久世 | Major shareholder | 0.9% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００４(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.5% | 2026-03-31 |
| 田島哲康 | Major shareholder | 0.5% | 2026-03-31 |
| 極楽湯ＨＤ取引先持株会 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第47期(2025/04/01－2026/03/31) | S100YNP2 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNP2,, |
| 有価証券報告書－第46期(2024/04/01－2025/03/31) | S100W9Y3 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9Y3,, |
| 有価証券報告書－第45期(2023/04/01－2024/03/31) | S100TSUR | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSUR,, |
| 有価証券報告書－第44期(2022/04/01－2023/03/31) | S100R9PT | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9PT,, |
| 有価証券報告書－第43期(令和3年4月1日－令和4年3月31日) | S100P3MK | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3MK,, |
| 訂正有価証券報告書－第42期(令和2年4月1日－令和3年3月31日) | S100MU9O | 2021-11-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MU9O,, |

## 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).