# H.I.S. Co., Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第45期(2024/11/01－2025/10/31) (S100XHDP)
> Page: https://vizora.meequs.com/en/company/h-i-s
> Retrieved: 2026-09-30T21:37:15.600Z

## Company

H.I.S., founded in 1980, is a company in Travel Agencies listed on TSE Prime. It has 10,804 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | H.I.S. Co., Ltd. |
| Ticker | 9603 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9603.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 矢田 素史 |
| Founded | Dec 1980 |
| Share capital | ¥100M |
| Employees (consolidated) | 10,804 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | October |
| Website | www.his.co.jp (https://www.his.co.jp/) |
| Corporate number | 6011101002696 |
| EDINET | E04358 |
| Industries (Vizora) | Travel Agencies, Hotels & Inns, Private Railways |

> Profile source: annual securities report (S100XHDP, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 6 |
| Profitability | 59.1 | 11 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 68.2 | 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)

- About 83% of H.I.S.'s sales come from Travel Business, with Kyushu Sanko Group and Hotel Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +7.1%.

## Company structure

- Segment revenue mix: Travel Business 82.5%、Kyushu Sanko Group 6.8%、Hotel Business 6.6%、Other 4.0%
- Revenue → net income: ¥373106000000 → ¥5768000000
- Net income → operating cash flow: ¥5768000000 → ¥21219000000（difference ¥15451000000）
- Main uses of operating cash flow: CapEx ¥7154000000 / dividends ¥747000000 / buybacks ¥0
- Change in cash: ¥-25883000000
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 | ¥373.1B |  |
| Operating income | ¥11.6B | Margin 3.1% |
| Net income | ¥4.72B | Margin 1.3% |
| Free cash flow | ¥14.1B |  |
| Largest business | Travel Business | of segment revenue 82.5% |
| Employees (consolidated) | 10,804 |  |
| EPS | ¥2.12 |  |
| Diluted EPS | ¥2.11 |  |
| Book value per share | ¥547.76 |  |
| Equity ratio | 14.4% |  |
| Shares outstanding | 79,860,936 |  |
| Treasury shares | 5,123,400 |  |
| Shareholders | 63,765 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 27.5% | Net cash ¥45.4B · Cash ÷ revenue 28.5% |
| Vs. industry median margin | +0.7 pp | Travel Agencies |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.5× net income
- FY2025, revenue is 3.1× its level five years ago
- FY2025, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥430284000000 | ¥373106000000 | -13.3% |
| Operating income | ¥-31129000000 | ¥11627000000 | — |
| Operating margin | -7.2% | 3.1% | +10.4 pp |
| Employees | 13,990 people | 10,804 people | -22.8% |
| Cash and equivalents | ¥80445000000 | ¥106364000000 | +32.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 旅行事業 → 旅行事業 | 82.5% |
| 旅行事業 → 事業再編・廃止 | 0.9% |
| ホテル事業 → ホテル事業 | 1.7% |
| テーマパーク事業 → 事業再編・廃止 | 3.1% |
| 九州産交グループ → 九州産交グループ | 4.5% |
| その他 → その他 | 1.2% |
| エネルギー事業 → 事業再編・廃止 | 6.1% |
| 新設・再編 → ホテル事業 | 4.9% |
| 新設・再編 → 九州産交グループ | 2.3% |
| 新設・再編 → その他 | 2.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Travel Business | 5 years | -3.0% | ¥307976000000 | 3.1% | 2 |
| Kyushu Sanko Group | 5 years | +5.7% | ¥25355000000 | 3.2% | 2 |
| Hotel Business | 5 years | +27.2% | ¥24734000000 | 14.6% | 2 |
| Other | 5 years | +24.8% | ¥15039000000 | 3.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 373,106 | 100.0% | S100XHDP |
| Cost of revenue | 255,131 | 68.4% | S100XHDP |
| Gross profit | 117,974 | 31.6% | S100XHDP |
| SG&A | 106,346 | 28.5% | S100XHDP |
| Operating income | 11,627 | 3.1% | S100XHDP |
| Ordinary income | 11,381 | 3.1% | S100XHDP |
| Pretax income | 7,067 | 1.9% | S100XHDP |
| Income tax | 1,299 | 0.3% | S100XHDP |
| Net income | 5,768 | 1.5% | S100XHDP |
| Net income attributable to owners | 4,719 | 1.3% | S100XHDP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 31.6% → Operating margin 3.1% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +7.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.82×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 343,334 | 373,106 | 29,772 | +8.7% |
| Gross profit | 110,617 | 117,974 | 7,357 | +6.7% |
| Operating income | 10,854 | 11,627 | 773 | +7.1% |
| Net income attributable to owners | 8,717 | 4,719 | -3,998 | -45.9% |
| Operating cash flow | 29,247 | 21,219 | -8,028 | -27.4% |
| Free cash flow | 21,051 | 14,065 | -6,986 | -33.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 808,510 | 17,540 | 2.2% | 12,249 | 39,344 | -36,541 | S100KLLA |
| FY ending Oct 2020 | 430,284 | -31,129 | -7.2% | -25,037 | -57,718 | -124,283 | S100NAOV |
| FY ending Oct 2021 | 118,563 | -64,058 | -54.0% | -50,050 | -28,397 | -44,964 | S100RULS |
| FY ending Oct 2022 | 142,794 | -47,934 | -33.6% | -9,547 | -14,915 | -23,827 | S100SO25 |
| FY ending Oct 2023 | 252,205 | 1,635 | 0.6% | -2,628 | 30,934 | 24,589 | S100VJFD |
| FY ending Oct 2024 | 343,334 | 10,854 | 3.2% | 8,717 | 29,247 | 21,051 | S100XHDP |
| FY ending Oct 2025 | 373,106 | 11,627 | 3.1% | 4,719 | 21,219 | 14,065 | S100XHDP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.5M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥436.8K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 10,618 | 9,389 | 10,131 | 10,664 | 10,804 |
| Average salary (parent company) | ¥3.7M | ¥4.1M | ¥4.4M | ¥5.2M | ¥5.5M |
| Average age (parent company) | 35.8 years | 36.9 years | 37.8 years | 37.6 years | 37.0 years |
| Average tenure (parent company) | 11.4 years | 12.4 years | 13.3 years | 13.1 years | 12.5 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +8.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Travel Business | 307,976 | 82.5% | 9,636 | 3.1% |
| Hotel Business | 24,734 | 6.6% | 3,618 | 14.6% |
| Kyushu Sanko Group | 25,355 | 6.8% | 806 | 3.2% |
| Other | 15,039 | 4.0% | 504 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Travel Business | 82.5% | 66.2% | -16.4 | 3.1% |
| Hotel Business | 6.6% | 24.8% | 18.2 | 14.6% |
| Kyushu Sanko Group | 6.8% | 5.5% | -1.3 | 3.2% |
| Other | 4.0% | 3.5% | -0.6 | 3.4% |

Segment → industry: Travel Business → Travel Agencies / Hotel Business → Hotels & Inns / Kyushu Sanko Group → Private Railways

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 21,219 | 5.7% | S100XHDP |
| Capital expenditure | 7,154 | 1.9% | S100XHDP |
| Free cash flow | 14,065 | 3.8% | 算出 |
| Investing cash flow | -11,013 | -3.0% | S100XHDP |
| Financing cash flow | -36,457 | -9.8% | S100XHDP |
| Dividends paid | 747 | 0.2% | S100XHDP |
| Share buyback | 0 | 0.0% | S100XHDP |
| Change in cash | -25,883 | -6.9% | S100XHDP |
| Cash and equivalents | 106,364 | 28.5% | S100XHDP |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 88,079 | 136,939 | 110,836 | 132,217 | 106,364 | S100SO25, S100VJFD, S100XHDP |
| Total assets | 411,447 | 414,984 | 440,962 | 412,200 | 386,330 | S100RULS, S100SO25, S100VJFD, S100XHDP |
| Net assets | 64,145 | 48,238 | 49,741 | 62,343 | 67,205 | S100SO25, S100VJFD, S100XHDP |
| Share capital | 21,048 | 100 | 100 | 100 | 100 | S100RULS, S100SO25, S100VJFD, S100XHDP |
| Trade receivables | 16,718 | — | — | — | — | S100RULS |
| Property, plant and equipment | 201,291 | — | 167,682 | 164,104 | 159,703 | S100RULS, S100VJFD, S100XHDP |
| Intangible assets excluding goodwill | 20,107 | — | 16,391 | 15,931 | 14,451 | S100RULS, S100VJFD, S100XHDP |
| Goodwill | 4,621 | — | 2,092 | 1,956 | 1,655 | S100RULS, S100VJFD, S100XHDP |
| Investment securities | 5,716 | — | 3,379 | 3,302 | 2,776 | S100RULS, S100VJFD, S100XHDP |
| Current assets | 143,495 | — | 217,448 | 202,316 | 180,388 | S100RULS, S100VJFD, S100XHDP |
| Current liabilities | 87,254 | — | 210,649 | 228,175 | 242,507 | S100RULS, S100VJFD, S100XHDP |
| Short-term borrowings | 28,240 | — | 51,326 | 9,852 | 8,698 | S100RULS, S100VJFD, S100XHDP |
| Long-term borrowings | 184,643 | — | 123,403 | 91,569 | 47,235 | S100RULS, S100VJFD, S100XHDP |
| Bonds | 20,000 | — | 5,000 | 5,000 | 5,000 | S100RULS, S100VJFD, S100XHDP |
| Interest-bearing debt | 232,883 | — | 179,729 | 106,421 | 60,933 | 算出 |
| Total liabilities | 347,301 | — | 391,220 | 349,857 | 319,125 | S100RULS, S100VJFD, S100XHDP |
| Non-controlling interests | 23,360 | — | 8,995 | 10,093 | 11,363 | S100RULS, S100VJFD, S100XHDP |
| Equity attributable to owners of parent | 41,647 | — | 30,340 | 38,957 | 43,627 | S100RULS, S100VJFD, S100XHDP |
| Retained earnings | 22,275 | — | 15,515 | 24,226 | 28,137 | S100RULS, S100VJFD, S100XHDP |
| Treasury stock | -15,004 | — | -13,046 | -13,015 | -12,981 | S100RULS, S100VJFD, S100XHDP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100XHDP |
| Property, plant and equipment | 41% | S100XHDP |
| Intangibles and goodwill | 4% | S100XHDP |
| Investment securities | 1% | S100XHDP |
| Other assets | 26% | S100XHDP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 67% | S100XHDP |
| Equity | 17% | S100XHDP |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 411,447 | 414,984 | 440,962 | 412,200 | 386,330 |
| Equity | 64,145 | 48,238 | 49,741 | 62,343 | 67,205 |
| Interest-bearing debt | 232,883 | — | 179,729 | 106,421 | 60,933 |
| Cash | 88,079 | 136,939 | 110,836 | 132,217 | 106,364 |

## 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) | 42.8% | S100XHDP |
| Fixed assets ÷ total assets | 41.3% | S100XHDP |
| Goodwill ÷ parent equity | 3.8% | S100XHDP |

Goodwill over 4 years: 4,621 → 1,655 JPY; total investing cash flow: 34,766 JPY. This does not imply causation.

### 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) | 27.5% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | ¥45.4B |
| Net debt ÷ operating cash flow | -2.14× |
| Cash conversion (operating CF ÷ operating income) | 182.5% |
| Cash vs. profit gap | 16,500 JPY mn (of net income 349.7%) |
| Shareholder returns / net income | 15.8% |
| Shareholder returns / FCF | 5.3% |
| Shareholder payments — dividends / net income | 15.8% |
| Shareholder payments — dividends / FCF | 5.3% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 51.9% |

## 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 | — | —× | -12.2% | —× | — | S100RULS |
| 2022 | — | —× | -2.3% | —× | — | S100SO25, S100VJFD |
| 2023 | — | —× | -0.6% | —× | — | S100VJFD |
| 2024 | 2.5% | 0.80× | 2.0% | 12.31× | 25.2% | S100XHDP |
| 2025 | 1.3% | 0.93× | 1.2% | 9.67× | 11.4% | S100XHDP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 澤田 秀雄 | Major shareholder | 24.0% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 9.8% | 2025-10-31 |
| 有限会社秀インター | Major shareholder | 5.2% | 2025-10-31 |
| NORTHERN TRUST CO.（AVFC）RE WS WALES PENSION PARTNERSHIP（WALES PP）ASSET POOLING ACS UMBRELLA （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.0% | 2025-10-31 |
| ステート・ストリート・バンク・アンド・トラスト・カンパニー （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2025-10-31 |
| エイチ アイ エス従業員持株会 | Major shareholder | 1.4% | 2025-10-31 |
| JP MORGAN CHASE BANK （常任代理人 株式会社みずほ銀行決済営業部） （常任代理人 JPモルガン証券株式会社） （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2025-10-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.2% | 2025-10-31 |
| 澤田 まゆみ | Major shareholder | 1.2% | 2025-10-31 |
| ステート ストリート バンク ウェスト クライアント トリーティー （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2025-10-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Oct 2025 was ¥373.1B, up +8.7% from ¥343.3B.
- Operating income grew +7.1% to ¥11.6B, so the core business earned more.
- Net income attributable to owners, however, dropped -45.9% to ¥4.72B.
- Cash generation also slowed: operating cash flow fell -27.4% to ¥21.2B and free cash flow fell -33.2% to ¥14.1B.

### Drivers

- Every segment grew sales and profit, led by travel and hotels. Trips to Europe and the Middle East, premium escorted tours, and inbound groups from North America sold well.
- More foreign visitors to Japan pushed up both occupancy and room rates at the domestic hotels.
- Net income fell because the company booked extraordinary losses, mainly costs from scaling back its Turkish travel subsidiary, and paid more in income taxes.

### Risks

- Most sales come from travel in Japan, so a change in that market would hit results directly.
- Sharp moves in exchange rates or oil prices can raise fuel surcharges and dampen travel demand.
- Natural disasters, disease outbreaks, air accidents, terrorism or war can cut travel demand.

Cited: Annual Securities Report, 45th fiscal period (Nov 2024 – Oct 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 45th fiscal period (Nov 2024 – Oct 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2024/11/01－2025/10/31) | S100XHDP | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHDP,, |
| 有価証券報告書－第44期(2023/11/01－2024/10/31) | S100VJFD | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJFD,, |
| 有価証券報告書－第43期(2022/11/01－2023/10/31) | S100SO25 | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SO25,, |
| 訂正有価証券報告書－第42期(2021/11/01－2022/10/31) | S100RULS | 2023-09-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RULS,, |
| 有価証券報告書－第41期(令和2年11月1日－令和3年10月31日) | S100NAOV | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAOV,, |
| 有価証券報告書－第40期(令和1年11月1日－令和2年10月31日) | S100KLLA | 2021-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KLLA,, |

## 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).