# HANATOUR JAPAN CO.,LTD.: 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21期(2025/01/01－2025/12/31) (S100XU2F)
> Page: https://vizora.meequs.com/en/company/hanatour-japan
> Retrieved: 2026-09-30T22:48:29.109Z

## Company

Hanatour Japan, founded in 2005, is a company in Travel Agencies listed on TSE Growth. It has 308 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HANATOUR JAPAN CO.,LTD. |
| Ticker | 6561 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6561.T) |
| Listing | TSE Growth |
| Head office | 東京都港区虎ノ門五丁目12番1号 (2025年5月7日から本店所在地 東京都新宿区新宿二丁目3番15号 が上記のとおり移転しております。) |
| Representative (per filing) | 代表取締役社長 金 尚昱 |
| Founded | Sep 2005 |
| Share capital | ¥100M |
| Employees (consolidated) | 308 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | December |
| Website | www.hanatourjapan.jp (https://www.hanatourjapan.jp/) |
| Corporate number | 3010401058864 |
| EDINET | E33602 |
| Industries (Vizora) | Travel Agencies, Hotels & Inns, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100XU2F, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.6 | 16 |
| Profitability | 91.2 | 17 |
| Cash conversion | 25 | 14 |
| Efficiency | 38.2 | 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 45% of Hanatour Japan's sales come from Hotels Facilities operation business, with Travel Business and Bus business making up much of the rest.
- Out of every ¥100 of sales, about ¥28 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +15.3%.

## Company structure

- Segment revenue mix: Hotels Facilities operation business 44.9%、Travel Business 40.4%、Bus business 13.6%、Other 1.1%
- Revenue → net income: ¥7180131000 → ¥1385131000
- Net income → operating cash flow: ¥1385131000 → ¥1971768000（difference ¥586637000）
- Main uses of operating cash flow: CapEx ¥229977000 / dividends ¥376316000 / buybacks ¥39000
- Change in cash: ¥-302379000
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 | ¥7.18B |  |
| Operating income | ¥2B | Margin 27.8% |
| Net income | ¥1.39B | Margin 19.3% |
| Free cash flow | ¥1.74B |  |
| Largest business | Hotels Facilities operation business | of segment revenue 44.9% |
| Employees (consolidated) | 308 |  |
| EPS | ¥83.17 |  |
| Book value per share | ¥247.96 |  |
| Equity ratio | 40.0% |  |
| Shares outstanding | 12,664,700 |  |
| Treasury shares | 109,200 |  |
| Shareholders | 4,582 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 31.1% |
| Vs. industry median margin | +17.2 pp | Hotels & Inns |
| ROE | 34.9% | Derived from disclosed figures |
| ROA | 12.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 8.3× its level five years ago
- FY2025, parent-company salary changed +41% over five years
- FY2025, operating income keeps 28 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥948168000 | ¥7180131000 | +657.3% |
| Operating income | ¥-2186980000 | ¥1998225000 | — |
| Operating margin | -230.7% | 27.8% | +258.5 pp |
| Employees | 176 people | 308 people | +75.0% |
| Cash and equivalents | ¥2912126000 | ¥2235266000 | -23.2% |

### 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 |
| --- | ---: |
| 旅行事業 → 旅行事業 | 14.3% |
| バス事業 → バス事業 | 13.6% |
| バス事業 → 事業再編・廃止 | 1.3% |
| 免税販売店事業 → 事業再編・廃止 | 10.8% |
| ホテル等施設運営事業 → ホテル等施設運営事業 | 44.9% |
| ホテル等施設運営事業 → 事業再編・廃止 | 14.7% |
| その他 → その他 | 0.4% |
| 新設・再編 → 旅行事業 | 26.1% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hotels Facilities operation business | 5 years | +41.9% | ¥3258970000 | 25.5% | 2 |
| Travel Business | 5 years | +85.1% | ¥2932569000 | 38.9% | 2 |
| Bus business | 5 years | +47.6% | ¥988591000 | 48.5% | 2 |
| Other | 5 years | +83.1% | ¥78762000 | -4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,180 | 100.0% | S100XU2F |
| Cost of revenue | 1,463 | 20.4% | S100XU2F |
| Gross profit | 5,718 | 79.6% | S100XU2F |
| SG&A | 3,719 | 51.8% | S100XU2F |
| Operating income | 1,998 | 27.8% | S100XU2F |
| Ordinary income | 1,940 | 27.0% | S100XU2F |
| Pretax income | 1,565 | 21.8% | S100XU2F |
| Income tax | 180 | 2.5% | S100XU2F |
| Net income | 1,385 | 19.3% | S100XU2F |
| Net income attributable to owners | 1,385 | 19.3% | S100XU2F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 20 |
| SG&A | 52 |
| Operating income | 28 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 79.6% → Operating margin 27.8% → Net margin 19.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +15.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.98×
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 | 6,662 | 7,180 | 518 | +7.8% |
| Gross profit | 5,200 | 5,718 | 517 | +9.9% |
| Operating income | 1,732 | 1,998 | 266 | +15.3% |
| Net income attributable to owners | 1,627 | 1,385 | -242 | -14.9% |
| Operating cash flow | 1,826 | 1,972 | 146 | +8.0% |
| Free cash flow | 1,501 | 1,742 | 241 | +16.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 6,594 | 270 | 4.1% | -766 | 1,453 | 1,048 | S100L2B8 |
| FY ending Dec 2020 | 948 | -2,187 | -230.7% | -2,861 | -1,156 | -1,199 | S100NSH3 |
| FY ending Dec 2021 | 864 | — | — | -1,968 | -1,023 | -1,167 | S100QHVH |
| FY ending Dec 2022 | 2,013 | -1,393 | -69.2% | -657 | -676 | -701 | S100T5KA |
| FY ending Dec 2023 | 5,154 | 820 | 15.9% | 1,222 | 1,288 | 1,125 | S100VI4G |
| FY ending Dec 2024 | 6,662 | 1,732 | 26.0% | 1,627 | 1,826 | 1,501 | S100XU2F |
| FY ending Dec 2025 | 7,180 | 1,998 | 27.8% | 1,385 | 1,972 | 1,742 | S100XU2F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.3M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 160 | 211 | 290 | 307 | 308 |
| Average salary (parent company) | ¥3M | ¥3.2M | ¥3.9M | ¥3.9M | ¥4.2M |
| Average age (parent company) | 36.0 years | 35.5 years | 33.9 years | 33.9 years | 33.8 years |
| Average tenure (parent company) | 5.9 years | 4.8 years | 3.5 years | 3.5 years | 3.6 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Travel Business | 2,933 | 40.4% | 1,141 | 38.9% |
| Bus business | 989 | 13.6% | 480 | 48.5% |
| Hotels Facilities operation business | 3,259 | 44.9% | 830 | 25.5% |
| Other | 79 | 1.1% | -3 | -4.4% |

### 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 | 40.4% | 46.6% | 6.2 | 38.9% |
| Bus business | 13.6% | 19.6% | 6.0 | 48.5% |
| Hotels Facilities operation business | 44.9% | 33.9% | -11.0 | 25.5% |
| Other | 1.1% | — | — | -4.4% |

Loss-making segment (excluded from profit shares): Other -3 JPY mn

Segment → industry: Travel Business → Travel Agencies / Hotels Facilities operation business → Hotels & Inns / Bus business → Trucking & Parcel Delivery

## 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 | 1,972 | 27.5% | S100XU2F |
| Capital expenditure | 230 | 3.2% | S100XU2F |
| Free cash flow | 1,742 | 24.3% | 算出 |
| Investing cash flow | -882 | -12.3% | S100XU2F |
| Financing cash flow | -1,391 | -19.4% | S100XU2F |
| Dividends paid | 376 | 5.2% | S100XU2F |
| Share buyback | 0 | 0.0% | S100XU2F |
| Change in cash | -302 | -4.2% | S100XU2F |
| Cash and equivalents | 2,235 | 31.1% | S100XU2F |

## 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 | 2,856 | 1,861 | 1,977 | 2,538 | 2,235 | S100T5KA, S100VI4G, S100XU2F |
| Total assets | 9,994 | 8,919 | 9,679 | 10,735 | 11,220 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Net assets | 1,308 | 648 | 1,852 | 3,478 | 4,485 | S100T5KA, S100VI4G, S100XU2F |
| Share capital | 1,772 | 1,772 | 100 | 100 | 100 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Property, plant and equipment | 5,305 | 4,871 | 4,609 | 4,514 | 4,368 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Intangible assets excluding goodwill | 58 | 39 | 53 | 118 | 155 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Current assets | 3,384 | 3,061 | 3,572 | 4,654 | 5,297 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Current liabilities | 2,844 | 2,908 | 2,960 | 2,821 | 2,594 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Short-term borrowings | 1,567 | 1,424 | 847 | 400 | — | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Long-term borrowings | 1,024 | 828 | 589 | 404 | 153 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Bonds | 10 | — | — | — | — | S100QHVH |
| Interest-bearing debt | 2,601 | — | — | — | — | 算出 |
| Total liabilities | 8,686 | 8,271 | 7,828 | 7,258 | 6,735 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Equity attributable to owners of parent | 1,276 | 619 | 1,841 | 3,470 | 4,479 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Retained earnings | -2,008 | -2,665 | 1,494 | 3,122 | 4,130 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |
| Treasury stock | -204 | -204 | -204 | -203 | -203 | S100QHVH, S100T5KA, S100VI4G, S100XU2F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XU2F |
| Property, plant and equipment | 39% | S100XU2F |
| Intangibles and goodwill | 1% | S100XU2F |
| Other assets | 40% | S100XU2F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100XU2F |
| Equity | 40% | S100XU2F |

### 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 | 9,994 | 8,919 | 9,679 | 10,735 | 11,220 |
| Equity | 1,308 | 648 | 1,852 | 3,478 | 4,485 |
| Interest-bearing debt | 2,601 | — | — | — | — |
| Cash | 2,856 | 1,861 | 1,977 | 2,538 | 2,235 |

## 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) | 60.8% | S100XU2F |
| Fixed assets ÷ total assets | 38.9% | S100XU2F |
| Goodwill ÷ parent equity | — | —, S100XU2F |

### 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) | 19.9% |
| Cash ÷ revenue | 31.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.7% |
| Cash vs. profit gap | 587 JPY mn (of net income 42.4%) |
| Shareholder returns / net income | 27.2% |
| Shareholder returns / FCF | 21.6% |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 21.6% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 44.7% |

## 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 | — | —× | -19.7% | —× | — | S100QHVH |
| 2022 | — | —× | -7.0% | —× | — | S100T5KA |
| 2023 | 23.7% | 0.55× | 13.1% | 7.56× | 99.3% | S100VI4G |
| 2024 | 24.4% | 0.65× | 15.9% | 3.84× | 61.3% | S100XU2F |
| 2025 | 19.3% | 0.65× | 12.6% | 2.76× | 34.9% | S100XU2F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| HANATOUR SERVICE INC.(常任代理人：みずほ証券株式会社） | Major shareholder | 54.5% | 2025-12-31 |
| 李 炳燦 | Major shareholder | 18.1% | 2025-12-31 |
| セントラル短資株式会社 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.6% | 2025-12-31 |
| 中村 春雄 | Major shareholder | 0.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 0.6% | 2025-12-31 |
| ＫＳＤ－ＮＨ(常任代理人：シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.5% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 0.4% | 2025-12-31 |
| 大和証券株式会社 | Major shareholder | 0.3% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/01/01－2025/12/31) | S100XU2F | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU2F,, |
| 有価証券報告書－第20期(2024/01/01－2024/12/31) | S100VI4G | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI4G,, |
| 有価証券報告書－第19期(2023/01/01－2023/12/31) | S100T5KA | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5KA,, |
| 有価証券報告書－第18期(2022/01/01－2022/12/31) | S100QHVH | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHVH,, |
| 有価証券報告書－第17期(令和3年1月1日－令和3年12月31日) | S100NSH3 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSH3,, |
| 有価証券報告書－第16期(令和2年1月1日－令和2年12月31日) | S100L2B8 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2B8,, |

## 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).