# Heiwa Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第58期(2025/04/01－2026/03/31) (S100YM5Z)
> Page: https://vizora.meequs.com/en/company/heiwa
> Retrieved: 2026-09-30T20:20:49.377Z

## Company

Heiwa, founded in 1960, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 9,512 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Heiwa Corporation |
| Ticker | 6412 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6412.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区東上野一丁目16番1号 |
| Representative (per filing) | 代表取締役社長 嶺井 勝也 |
| Founded | Sep 1960 |
| Share capital | ¥16.8B |
| Employees (consolidated) | 9,512 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.pronexus.co.jp (https://www.pronexus.co.jp/) |
| Corporate number | 3010501026647 |
| EDINET | E02403 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Pachinko |

> Profile source: annual securities report (S100YM5Z, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.8 | 12 |
| Profitability | 62.5 | 12 |
| Cash conversion | 20.8 | 12 |
| Efficiency | 4.2 | 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 89% of Heiwa's sales come from Golf Business, with Pachinko and Pachislot Machine Business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +76.9% from the prior year, operating profit +56.8%.

## Company structure

- Segment revenue mix: Golf Business 89.4%、Pachinko and Pachislot Machine Business 10.6%
- Revenue → net income: ¥258107000000 → ¥11698000000
- Net income → operating cash flow: ¥11698000000 → ¥41210000000（difference ¥29512000000）
- Main uses of operating cash flow: CapEx ¥31507000000 / dividends ¥7889000000 / buybacks ¥0
- Change in cash: ¥-25427000000
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 | ¥258.1B |  |
| Operating income | ¥43.4B | Margin 16.8% |
| Net income | ¥11.7B | Margin 4.5% |
| Free cash flow | ¥9.7B |  |
| Largest business | Golf Business | of segment revenue 89.4% |
| Employees (consolidated) | 9,512 |  |
| EPS | ¥-51.92 |  |
| Book value per share | ¥1746.77 |  |
| Equity ratio | 23.1% |  |
| Shares outstanding | 99,809,000 |  |
| Treasury shares | 1,182,000 |  |
| Shareholders | 62,742 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 4.6% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | +2.9 pp | Theme Parks & Leisure Facilities |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107744000000 | ¥258107000000 | +139.6% |
| Operating income | ¥5311000000 | ¥43423000000 | +717.6% |
| Operating margin | 4.9% | 16.8% | +11.9 pp |
| Employees | 5,436 people | 9,512 people | +75.0% |
| Cash and equivalents | ¥33472000000 | ¥49280000000 | +47.2% |

### 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 |
| --- | ---: |
| ゴルフ事業 → ゴルフ事業 | 69.1% |
| 遊技機事業 → 遊技機事業 | 10.6% |
| 遊技機事業 → 事業再編・廃止 | 20.3% |
| 新設・再編 → ゴルフ事業 | 20.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 258,107 | 100.0% | S100YM5Z |
| Cost of revenue | 172,631 | 66.9% | S100YM5Z |
| Gross profit | 85,475 | 33.1% | S100YM5Z |
| SG&A | 42,052 | 16.3% | S100YM5Z |
| Operating income | 43,423 | 16.8% | S100YM5Z |
| Ordinary income | 33,652 | 13.0% | S100YM5Z |
| Pretax income | 33,391 | 12.9% | S100YM5Z |
| Income tax | 21,693 | 8.4% | S100YM5Z |
| Net income | 11,698 | 4.5% | S100YM5Z |
| Net income attributable to owners | 11,670 | 4.5% | S100YM5Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 16 |
| Operating income | 17 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 33.1% → Operating margin 16.8% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +76.9%; Core profit growth: +56.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.74×
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 | 145,867 | 258,107 | 112,240 | +76.9% |
| Gross profit | 52,490 | 85,475 | 32,985 | +62.8% |
| Operating income | 27,690 | 43,423 | 15,733 | +56.8% |
| Net income attributable to owners | 13,064 | 11,670 | -1,394 | -10.7% |
| Operating cash flow | 24,925 | 41,210 | 16,285 | +65.3% |
| Free cash flow | 6,028 | 9,703 | 3,675 | +61.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 144,573 | 23,551 | 16.3% | 15,872 | 12,576 | 4,117 | S100M4ZK |
| FY ending Mar 2021 | 107,744 | 5,311 | 4.9% | 865 | 7,033 | -764 | S100OJAX |
| FY ending Mar 2022 | 121,558 | 10,235 | 8.4% | 2,193 | 20,436 | 13,018 | S100R7HR |
| FY ending Mar 2023 | 142,290 | 26,905 | 18.9% | 20,685 | 25,585 | 17,832 | S100TWO6 |
| FY ending Mar 2024 | 136,381 | 23,430 | 17.2% | 16,611 | 13,926 | 2,531 | S100W6V8 |
| FY ending Mar 2025 | 145,867 | 27,690 | 19.0% | 13,064 | 24,925 | 6,028 | S100YM5Z |
| FY ending Mar 2026 | 258,107 | 43,423 | 16.8% | 11,670 | 41,210 | 9,703 | S100YM5Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.1M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 5,484 | 5,237 | 5,034 | 9,029 | 9,512 |
| Average salary (parent company) | ¥5.8M | ¥6.1M | ¥6.5M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 44.6 years | 44.3 years | 44.9 years | 44.8 years | 45.1 years |
| Average tenure (parent company) | 17.9 years | 17.9 years | 18.4 years | 18.3 years | 18.5 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +76.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Golf Business | 230,624 | 89.4% | 45,599 | 19.8% |
| Pachinko and Pachislot Machine Business | 27,482 | 10.6% | 712 | 2.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Golf Business | 89.4% | 98.5% | 9.1 | 19.8% |
| Pachinko and Pachislot Machine Business | 10.6% | 1.5% | -9.1 | 2.6% |

Segment → industry: Golf Business → Theme Parks & Leisure Facilities / Pachinko and Pachislot Machine Business → Pachinko

## 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 | 41,210 | 16.0% | S100YM5Z |
| Capital expenditure | 31,507 | 12.2% | S100YM5Z |
| Free cash flow | 9,703 | 3.8% | 算出 |
| Investing cash flow | -20,621 | -8.0% | S100YM5Z |
| Financing cash flow | -46,016 | -17.8% | S100YM5Z |
| Dividends paid | 7,889 | 3.1% | S100YM5Z |
| Share buyback | 0 | 0.0% | S100YM5Z |
| Change in cash | -25,427 | -9.9% | S100YM5Z |
| Cash and equivalents | 49,280 | 19.1% | S100YM5Z |

## 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 | 38,596 | 34,456 | 39,874 | 74,707 | 49,280 | S100TWO6, S100W6V8, S100YM5Z |
| Total assets | 417,066 | 423,727 | 428,029 | 1,104,151 | 1,077,576 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Net assets | 217,186 | 231,005 | 239,185 | 244,331 | 248,910 | S100TWO6, S100W6V8, S100YM5Z |
| Share capital | 16,755 | 16,755 | 16,755 | 16,755 | 16,755 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Trade receivables | 7,561 | 7,421 | 9,876 | 12,561 | 11,642 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Property, plant and equipment | 292,451 | 293,667 | 299,634 | 736,407 | 758,545 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Intangible assets excluding goodwill | 10,242 | 9,774 | 9,597 | 202,787 | 192,531 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Goodwill | 5,748 | 5,622 | 5,705 | 147,027 | 139,888 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Investment securities | 8,238 | 10,834 | 8,796 | 8,520 | 3,563 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Current assets | 92,828 | 96,622 | 97,406 | 137,807 | 109,710 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Current liabilities | 67,257 | 69,459 | 50,978 | 111,411 | 110,505 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Trade payables | 3,704 | 3,891 | 3,241 | 5,842 | — | S100R7HR, S100TWO6, S100W6V8 |
| Long-term borrowings | 83,103 | 75,352 | 94,276 | 583,992 | 552,538 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Total liabilities | 199,880 | 192,721 | 188,843 | 859,819 | 828,666 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Non-controlling interests | — | — | — | 213 | 228 | S100YM5Z |
| Equity attributable to owners of parent | 217,194 | 229,982 | 238,701 | 243,874 | 247,654 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Retained earnings | 146,922 | 159,717 | 168,438 | 173,612 | 177,393 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |
| Treasury stock | -1,346 | -1,354 | -1,356 | -1,357 | -1,358 | S100R7HR, S100TWO6, S100W6V8, S100YM5Z |

### 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 | 417,066 | 423,727 | 428,029 | 1,104,151 | 1,077,576 |
| Equity | 217,186 | 231,005 | 239,185 | 244,331 | 248,910 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,596 | 34,456 | 39,874 | 74,707 | 49,280 |

## 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) | 293.9% | S100YM5Z |
| Fixed assets ÷ total assets | 70.4% | S100YM5Z |
| Goodwill ÷ parent equity | 56.5% | S100YM5Z |

Goodwill over 4 years: 5,748 → 139,888 JPY; total investing cash flow: -531,122 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) | 4.6% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.9% |
| Cash vs. profit gap | 29,540 JPY mn (of net income 253.1%) |
| Shareholder returns / net income | 67.6% |
| Shareholder returns / FCF | 81.3% |
| Shareholder payments — dividends / net income | 67.6% |
| Shareholder payments — dividends / FCF | 81.3% |
| CapEx intensity (capex ÷ revenue) | 12.2% |
| Investing CF relative to operating CF | 50.0% |

## 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 | 1.8% | 0.29× | 0.5% | 1.92× | 1.0% | S100R7HR |
| 2023 | 14.5% | 0.34× | 4.9% | 1.88× | 9.3% | S100TWO6 |
| 2024 | 12.2% | 0.32× | 3.9% | 1.82× | 7.1% | S100W6V8 |
| 2025 | 9.0% | 0.19× | 1.7% | 3.18× | 5.4% | S100YM5Z |
| 2026 | 4.5% | 0.24× | 1.1% | 4.44× | 4.7% | S100YM5Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱石原ホールディングス | Major shareholder | 42.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.6% | 2026-03-31 |
| 石原 昌幸 | Major shareholder | 3.0% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 石原 潤子 | Major shareholder | 0.8% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ 385781 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| 嶺井 勝也 | Major shareholder | 0.6% | 2026-03-31 |
| ｉＳｈａｒｅｓ Ｃｏｒｅ ＭＳＣＩ ＥＡＦＥ ＥＴＦ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.6% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ 385642 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YM5Z | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM5Z,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100W6V8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6V8,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TWO6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWO6,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R7HR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7HR,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OJAX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJAX,, |
| 訂正有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100M4ZK | 2021-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M4ZK,, |

## 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).