# greenland resort company limited: 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47期(2025/01/01－2025/12/31) (S100XSM3)
> Page: https://vizora.meequs.com/en/company/greenland-resort
> Retrieved: 2026-09-30T18:27:11.059Z

## Company

greenland resort, founded in 1964, is a company in Cement & Concrete listed on TSE Standard. It has 209 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | GREENLAND RESORT COMPANY LIMITED |
| Ticker | 9656 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9656.T) |
| Listing | TSE Standard |
| Head office | 熊本県荒尾市下井手1616番地 |
| Representative (per filing) | 代表取締役社長 松野 隆徳 |
| Founded | Sep 1964 |
| Share capital | ¥4.18B |
| Employees (consolidated) | 209 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | www.greenland.co.jp (https://www.greenland.co.jp/) |
| Corporate number | 3330001011679 |
| EDINET | E04693 |
| Industries (Vizora) | Cement & Concrete, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, General Contractors |

> Profile source: annual securities report (S100XSM3, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Theme Parks & Leisure Facilities (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 12 |
| Profitability | 45.8 | 12 |
| Cash conversion | 12.5 | 12 |
| Efficiency | 29.2 | 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 44% of greenland resort's sales come from Amusement Park business, with Hotel business and Golf business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit -5.1%.

## Company structure

- Segment revenue mix: Amusement Park business 44.3%、Hotel business 30.4%、Golf business 16.8%、Civil engineering and Construction of Materials business 5.8%、Real Estate business 2.7%
- Revenue → net income: ¥6452959000 → ¥487127000
- Net income → operating cash flow: ¥487127000 → ¥666596000（difference ¥179469000）
- Main uses of operating cash flow: CapEx ¥1110169000 / dividends ¥164538000 / buybacks —
- Change in cash: ¥105888000
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 | ¥6.45B |  |
| Operating income | ¥735.3M | Margin 11.4% |
| Net income | ¥487.1M | Margin 7.5% |
| Free cash flow | -¥443.6M |  |
| Largest business | Amusement Park business | of segment revenue 44.3% |
| Employees (consolidated) | 209 |  |
| EPS | ¥41.29 |  |
| Book value per share | ¥1060.58 |  |
| Equity ratio | 52.4% |  |
| Shares outstanding | 10,346,000 |  |
| Treasury shares | 9,200 |  |
| Shareholders | 8,680 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 2.5% | Cash ÷ revenue 7.9% |
| Vs. industry median margin | -2.5 pp | Theme Parks & Leisure Facilities |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 66% of positive segment profit
- FY2025, segment profit share differs by -25 points
- FY2025, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4616869000 | ¥6452959000 | +39.8% |
| Operating income | ¥-461933000 | ¥735341000 | — |
| Operating margin | -10.0% | 11.4% | +21.4 pp |
| Employees | 220 people | 209 people | -5.0% |
| Cash and equivalents | ¥476314000 | ¥506757000 | +6.4% |

### 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 |
| --- | ---: |
| 遊園地事業 → 遊園地事業 | 44.3% |
| 遊園地事業 → 事業再編・廃止 | 5.6% |
| ゴルフ事業 → ゴルフ事業 | 16.8% |
| ゴルフ事業 → 事業再編・廃止 | 2.0% |
| ホテル事業 → ホテル事業 | 20.6% |
| 不動産事業 → 不動産事業 | 2.7% |
| 不動産事業 → 事業再編・廃止 | 0.8% |
| 土木・建設資材事業 → 土木・建設資材事業 | 5.8% |
| 土木・建設資材事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → ホテル事業 | 9.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Amusement Park business | 5 years | +4.4% | ¥2860940000 | 26.8% | 2 |
| Hotel business | 5 years | +15.6% | ¥1958717000 | 3.2% | 2 |
| Golf business | 5 years | +4.6% | ¥1085287000 | 9.7% | 2 |
| Civil engineering and Construction of Materials business | 5 years | +2.4% | ¥372128000 | 26.2% | 2 |
| Real Estate business | 5 years | +1.4% | ¥175885000 | 69.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,453 | 100.0% | S100XSM3 |
| Cost of revenue | 5,027 | 77.9% | S100XSM3 |
| Gross profit | 1,426 | 22.1% | S100XSM3 |
| SG&A | 690 | 10.7% | S100XSM3 |
| Operating income | 735 | 11.4% | S100XSM3 |
| Ordinary income | 717 | 11.1% | S100XSM3 |
| Pretax income | 677 | 10.5% | S100XSM3 |
| Income tax | 190 | 2.9% | S100XSM3 |
| Net income | 487 | 7.5% | S100XSM3 |
| Net income attributable to owners | 487 | 7.5% | S100XSM3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 11 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 22.1% → Operating margin 11.4% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.6%; Core profit growth: -5.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.02×
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 | 6,412 | 6,453 | 41 | +0.6% |
| Gross profit | 1,455 | 1,426 | -29 | -2.0% |
| Operating income | 775 | 735 | -39 | -5.1% |
| Net income attributable to owners | 534 | 487 | -47 | -8.8% |
| Operating cash flow | 792 | 667 | -125 | -15.8% |
| Free cash flow | 234 | -444 | -677 | -289.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 8,360 | 684 | 8.2% | 387 | 1,109 | 774 | S100L21P |
| FY ending Dec 2020 | 4,617 | -462 | -10.0% | -634 | -624 | -822 | S100NRMA |
| FY ending Dec 2021 | 5,754 | 35 | 0.6% | -1,477 | 951 | 754 | S100QGMR |
| FY ending Dec 2022 | 5,732 | 764 | 13.3% | 428 | 1,284 | 962 | S100T4HI |
| FY ending Dec 2023 | 6,407 | 889 | 13.9% | 464 | 1,000 | 469 | S100VHCM |
| FY ending Dec 2024 | 6,412 | 775 | 12.1% | 534 | 792 | 234 | S100XSM3 |
| FY ending Dec 2025 | 6,453 | 735 | 11.4% | 487 | 667 | -444 | S100XSM3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.9M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 218 | 208 | 202 | 206 | 209 |
| Average salary (parent company) | ¥4.6M | ¥5.1M | ¥5.3M | ¥5.6M | ¥5.5M |
| Average age (parent company) | 38.3 years | 37.7 years | 37.5 years | 36.7 years | 37.2 years |
| Average tenure (parent company) | 11.3 years | 9.9 years | 10.1 years | 9.9 years | 9.0 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Amusement Park business | 2,861 | 44.3% | 766 | 26.8% |
| Golf business | 1,085 | 16.8% | 106 | 9.7% |
| Hotel business | 1,959 | 30.4% | 63 | 3.2% |
| Real Estate business | 176 | 2.7% | 122 | 69.4% |
| Civil engineering and Construction of Materials business | 372 | 5.8% | 98 | 26.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Amusement Park business | 44.3% | 66.3% | 22.0 | 26.8% |
| Golf business | 16.8% | 9.1% | -7.7 | 9.7% |
| Hotel business | 30.4% | 5.5% | -24.9 | 3.2% |
| Real Estate business | 2.7% | 10.6% | 7.8 | 69.4% |
| Civil engineering and Construction of Materials business | 5.8% | 8.4% | 2.7 | 26.2% |

Segment → industry: Civil engineering and Construction of Materials business → Cement & Concrete / Golf business → Theme Parks & Leisure Facilities / Amusement Park business → Theme Parks & Leisure Facilities / Real Estate business → Real Estate Development & Leasing / Hotel business → Hotels & Inns / Civil engineering and Construction of Materials business → General Contractors

## 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 | 667 | 10.3% | S100XSM3 |
| Capital expenditure | 1,110 | 17.2% | S100XSM3 |
| Free cash flow | -444 | -6.9% | 算出 |
| Investing cash flow | -1,255 | -19.5% | S100XSM3 |
| Financing cash flow | 695 | 10.8% | S100XSM3 |
| Dividends paid | 165 | 2.5% | S100XSM3 |
| Change in cash | 106 | 1.6% | S100XSM3 |
| Cash and equivalents | 507 | 7.9% | S100XSM3 |

## 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 | 691 | 697 | 366 | 401 | 507 | S100T4HI, S100VHCM, S100XSM3 |
| Total assets | 19,466 | 19,247 | 18,841 | 19,010 | 20,105 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Net assets | 9,055 | 9,409 | 9,806 | 10,178 | 10,544 | S100T4HI, S100VHCM, S100XSM3 |
| Share capital | 4,180 | 4,180 | 4,180 | 4,180 | 4,180 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Trade receivables | 274 | 310 | 267 | 290 | 312 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Property, plant and equipment | 17,342 | 17,147 | 17,021 | 17,187 | 17,905 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Intangible assets excluding goodwill | 203 | 203 | 206 | 200 | 202 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Investment securities | 267 | 261 | 368 | 341 | 559 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Current assets | 1,117 | 1,148 | 817 | 848 | 1,025 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Current liabilities | 5,474 | 5,816 | 4,336 | 4,429 | 5,153 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Short-term borrowings | 4,670 | 4,665 | 3,287 | 3,490 | 4,316 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Long-term borrowings | 2,359 | 1,537 | 2,256 | 2,054 | 2,152 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Total liabilities | 10,411 | 9,838 | 9,035 | 8,832 | 9,561 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Equity attributable to owners of parent | 9,025 | 9,382 | 9,701 | 10,091 | 10,413 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Retained earnings | 80 | 438 | 757 | 1,146 | 1,468 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100QGMR, S100T4HI, S100VHCM, S100XSM3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100XSM3 |
| Receivables | 2% | S100XSM3 |
| Property, plant and equipment | 89% | S100XSM3 |
| Intangibles and goodwill | 1% | S100XSM3 |
| Investment securities | 3% | S100XSM3 |
| Other assets | 3% | S100XSM3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100XSM3 |
| Equity | 52% | S100XSM3 |
| Other liabilities | 0% | S100XSM3 |

### 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 | 19,466 | 19,247 | 18,841 | 19,010 | 20,105 |
| Equity | 9,055 | 9,409 | 9,806 | 10,178 | 10,544 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 691 | 697 | 366 | 401 | 507 |

## 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) | 277.5% | S100XSM3 |
| Fixed assets ÷ total assets | 89.1% | S100XSM3 |
| Goodwill ÷ parent equity | — | —, S100XSM3 |

### 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) | 2.5% |
| Cash ÷ revenue | 7.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.7% |
| Cash vs. profit gap | 179 JPY mn (of net income 36.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.2% |
| Investing CF relative to operating CF | 188.3% |

## 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 | — | —× | -7.6% | —× | — | S100QGMR |
| 2022 | 7.5% | 0.30× | 2.2% | 2.10× | 4.7% | S100T4HI |
| 2023 | 7.2% | 0.34× | 2.4% | 2.00× | 4.9% | S100VHCM |
| 2024 | 8.3% | 0.34× | 2.8% | 1.91× | 5.4% | S100XSM3 |
| 2025 | 7.5% | 0.33× | 2.5% | 1.91× | 4.8% | S100XSM3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西部ガスホールディングス株式会社 | Major shareholder | 14.6% | 2025-12-31 |
| 西部ガス都市開発株式会社 | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社肥後銀行 | Major shareholder | 4.8% | 2025-12-31 |
| 日本駐車場開発株式会社 | Major shareholder | 4.5% | 2025-12-31 |
| 西日本メンテナンス株式会社 | Major shareholder | 3.9% | 2025-12-31 |
| 日本コークス工業株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.5% | 2025-12-31 |
| 大牟田瓦斯株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| サノヤス・ライド株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 九州ガス圧送株式会社 | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2025/01/01－2025/12/31) | S100XSM3 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSM3,, |
| 有価証券報告書－第46期(2024/01/01－2024/12/31) | S100VHCM | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHCM,, |
| 有価証券報告書－第45期(2023/01/01－2023/12/31) | S100T4HI | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4HI,, |
| 有価証券報告書－第44期(2022/01/01－2022/12/31) | S100QGMR | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGMR,, |
| 有価証券報告書－第43期(令和3年1月1日－令和3年12月31日) | S100NRMA | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRMA,, |
| 有価証券報告書－第42期(令和2年1月1日－令和2年12月31日) | S100L21P | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L21P,, |

## 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).