# Hibino 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63期(2025/04/01－2026/03/31) (S100YG1N)
> Page: https://vizora.meequs.com/en/company/hibino
> Retrieved: 2026-09-30T21:18:26.978Z

## Company

Hibino, founded in 1956, is a company in Music & Live Entertainment listed on TSE Standard. It has 1,829 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hibino Corporation |
| Ticker | 2469 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2469.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南三丁目5番14号 |
| Representative (per filing) | 代表取締役社長(COO) 吉松 聡 |
| Founded | Jun 1956 |
| Share capital | ¥1.75B |
| Employees (consolidated) | 1,829 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.hibino.co.jp (https://www.hibino.co.jp/) |
| Corporate number | 8010401025232 |
| EDINET | E05550 |
| Industries (Vizora) | Music & Live Entertainment, Events & Ticketing, Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YG1N, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98 | 179 |
| Profitability | 91.6 | 185 |
| Cash conversion | 81.3 | 179 |
| Efficiency | 50 | 185 |

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 50% of Hibino's sales come from sales and installation, with Concert and event production services and Architectural acoustics design and construction making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +13.7% from the prior year, operating profit +21.5%.

## Company structure

- Segment revenue mix: sales and installation 49.8%、Concert and event production services 32.5%、Architectural acoustics design and construction 17.7%
- Revenue → net income: ¥67603000000 → ¥3167000000
- Net income → operating cash flow: ¥3167000000 → ¥8621000000（difference ¥5454000000）
- Main uses of operating cash flow: CapEx ¥2732000000 / dividends ¥694000000 / buybacks ¥79000000
- Change in cash: ¥-496000000
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 | ¥67.6B |  |
| Operating income | ¥5.07B | Margin 7.5% |
| Net income | ¥3.05B | Margin 4.5% |
| Free cash flow | ¥5.89B |  |
| Largest business | sales and installation | of segment revenue 49.8% |
| Employees (consolidated) | 1,829 |  |
| EPS | ¥334.12 |  |
| Book value per share | ¥1066.67 |  |
| Equity ratio | 31.6% |  |
| Shares outstanding | 10,265,480 |  |
| Treasury shares | 350,300 |  |
| Shareholders | 5,474 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 5.1% |
| Vs. industry median margin | +4.6 pp | Specialty Trading & Wholesale |
| ROE | 24.9% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30523479000 | ¥67603000000 | +121.5% |
| Operating income | ¥-4073950000 | ¥5066000000 | — |
| Operating margin | -13.3% | 7.5% | +20.8 pp |
| Employees | 1,318 people | 1,829 people | +38.8% |
| Cash and equivalents | ¥3816134000 | ¥3433000000 | -10.0% |

### 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 |
| --- | ---: |
| 電気音響・販売施工事業 → 事業再編・廃止 | 50.1% |
| 建築音響施工事業 → 建築音響施工事業 | 17.7% |
| 建築音響施工事業 → 事業再編・廃止 | 9.2% |
| コンサート・イベントサービス事業 → コンサート・イベントサービス事業 | 16.3% |
| 映像製品の開発・製造・販売事業 → 事業再編・廃止 | 5.7% |
| その他の事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 販売施工事業 | 49.8% |
| 新設・再編 → コンサート・イベントサービス事業 | 16.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| sales and installation | 4 years | +16.2% | ¥32690000000 | 3.4% | 2 |
| Concert and event production services | 5 years | +33.8% | ¥21342000000 | 19.8% | 2 |
| Architectural acoustics design and construction | 5 years | +7.2% | ¥11628000000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 67,603 | 100.0% | S100YG1N |
| Cost of revenue | 43,049 | 63.7% | S100YG1N |
| Gross profit | 24,554 | 36.3% | S100YG1N |
| SG&A | 19,488 | 28.8% | S100YG1N |
| Operating income | 5,066 | 7.5% | S100YG1N |
| Ordinary income | 5,062 | 7.5% | S100YG1N |
| Pretax income | 4,894 | 7.2% | S100YG1N |
| Income tax | 1,726 | 2.6% | S100YG1N |
| Net income | 3,167 | 4.7% | S100YG1N |
| Net income attributable to owners | 3,054 | 4.5% | S100YG1N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 36.3% → Operating margin 7.5% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.7%; Core profit growth: +21.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.57×
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 | 59,473 | 67,603 | 8,130 | +13.7% |
| Gross profit | 21,181 | 24,554 | 3,373 | +15.9% |
| Operating income | 4,171 | 5,066 | 895 | +21.5% |
| Net income attributable to owners | 1,722 | 3,054 | 1,332 | +77.4% |
| Operating cash flow | 3,588 | 8,621 | 5,033 | +140.3% |
| Free cash flow | 408 | 5,889 | 5,481 | +1343.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,826 | 1,268 | 3.1% | 695 | 6,724 | 3,233 | S100LPNV |
| FY ending Mar 2021 | 30,523 | -4,074 | -13.3% | -2,423 | -1,097 | -3,110 | S100OCZU |
| FY ending Mar 2022 | 42,426 | 1,340 | 3.2% | 1,074 | 6,018 | 4,188 | S100SQQ0 |
| FY ending Mar 2023 | 41,923 | 1,230 | 2.9% | 608 | -2,443 | -5,249 | S100TVMD |
| FY ending Mar 2024 | 50,491 | 2,814 | 5.6% | 1,627 | 6,969 | 3,457 | S100W2BF |
| FY ending Mar 2025 | 59,473 | 4,171 | 7.0% | 1,722 | 3,588 | 408 | S100YG1N |
| FY ending Mar 2026 | 67,603 | 5,066 | 7.5% | 3,054 | 8,621 | 5,889 | S100YG1N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 1,346 | 1,414 | 1,477 | 1,697 | 1,829 |
| Average salary (parent company) | ¥5.3M | ¥5.7M | ¥5.9M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 44.7 years | 44.9 years | 44.8 years | 44.7 years | 44.7 years |
| Average tenure (parent company) | 14.6 years | 14.8 years | 14.7 years | 14.5 years | 14.5 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +13.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| sales and installation | 32,690 | 49.8% | 1,098 | 3.4% |
| Architectural acoustics design and construction | 11,628 | 17.7% | 1,026 | 8.8% |
| Concert and event production services | 21,342 | 32.5% | 4,231 | 19.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| sales and installation | 49.8% | 17.3% | -32.5 | 3.4% |
| Architectural acoustics design and construction | 17.7% | 16.1% | -1.6 | 8.8% |
| Concert and event production services | 32.5% | 66.6% | 34.1 | 19.8% |

Segment → industry: Concert and event production services → Music & Live Entertainment / Concert and event production services → Events & Ticketing / Architectural acoustics design and construction → Plant Engineering & Building Services / sales and installation → Specialty Trading & Wholesale

## 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 | 8,621 | 12.8% | S100YG1N |
| Capital expenditure | 2,732 | 4.0% | S100YG1N |
| Free cash flow | 5,889 | 8.7% | 算出 |
| Investing cash flow | -3,109 | -4.6% | S100YG1N |
| Financing cash flow | -6,047 | -8.9% | S100YG1N |
| Dividends paid | 694 | 1.0% | S100YG1N |
| Share buyback | 79 | 0.1% | S100YG1N |
| Change in cash | -496 | -0.7% | S100YG1N |
| Cash and equivalents | 3,433 | 5.1% | S100YG1N |

## 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 | 3,578 | 2,754 | 4,328 | 3,773 | 3,433 | S100TVMD, S100W2BF, S100YG1N |
| Total assets | 30,908 | 36,865 | 40,829 | 44,112 | 44,470 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Net assets | 8,904 | 9,482 | 10,886 | 12,007 | 14,997 | S100TVMD, S100W2BF, S100YG1N |
| Share capital | 1,749 | 1,749 | 1,748 | 1,748 | 1,748 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Property, plant and equipment | 7,936 | 8,238 | 9,225 | 9,810 | 9,745 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Intangible assets excluding goodwill | 1,964 | 2,154 | 2,201 | 3,526 | 3,219 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Goodwill | 1,497 | 1,703 | 1,858 | 2,573 | 2,252 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Investment securities | 144 | 165 | 445 | 223 | 239 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Current assets | 17,184 | 22,844 | 25,591 | 26,614 | 27,089 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Current liabilities | 12,678 | 18,646 | 20,897 | 21,730 | 18,662 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Trade payables | 2,555 | 3,138 | 3,689 | 3,277 | 3,788 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Short-term borrowings | 1,657 | 6,725 | 6,285 | 7,292 | 2,986 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Long-term borrowings | 6,325 | 5,980 | 6,272 | 7,224 | 7,556 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Total liabilities | 22,004 | 27,382 | 29,942 | 32,104 | 29,472 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Non-controlling interests | 296 | 364 | 459 | 576 | 954 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Equity attributable to owners of parent | 8,327 | 8,690 | 10,019 | 11,075 | 13,407 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Retained earnings | 4,863 | 5,177 | 6,506 | 7,533 | 9,922 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |
| Treasury stock | -266 | -241 | -241 | -233 | -302 | S100SQQ0, S100TVMD, S100W2BF, S100YG1N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YG1N |
| Property, plant and equipment | 22% | S100YG1N |
| Intangibles and goodwill | 12% | S100YG1N |
| Investment securities | 1% | S100YG1N |
| Other assets | 57% | S100YG1N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YG1N |
| Other liabilities | 58% | S100YG1N |
| Equity | 34% | S100YG1N |
| Other liabilities | 0% | S100YG1N |

### 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 | 30,908 | 36,865 | 40,829 | 44,112 | 44,470 |
| Equity | 8,904 | 9,482 | 10,886 | 12,007 | 14,997 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,578 | 2,754 | 4,328 | 3,773 | 3,433 |

## 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) | 14.4% | S100YG1N |
| Fixed assets ÷ total assets | 21.9% | S100YG1N |
| Goodwill ÷ parent equity | 16.8% | S100YG1N |

Goodwill over 4 years: 1,497 → 2,252 JPY; total investing cash flow: -17,110 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) | 7.7% |
| Cash ÷ revenue | 5.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 170.2% |
| Cash vs. profit gap | 5,567 JPY mn (of net income 182.3%) |
| Shareholder returns / net income | 25.3% |
| Shareholder returns / FCF | 13.1% |
| Shareholder payments — dividends / net income | 22.7% |
| Shareholder payments — dividends / FCF | 11.8% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 36.1% |

## 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 | 2.5% | 1.37× | 3.5% | 3.71× | 12.9% | S100SQQ0 |
| 2023 | 1.4% | 1.24× | 1.8% | 3.98× | 7.1% | S100TVMD |
| 2024 | 3.2% | 1.30× | 4.2% | 4.15× | 17.4% | S100W2BF |
| 2025 | 2.9% | 1.40× | 4.1% | 4.03× | 16.3% | S100YG1N |
| 2026 | 4.5% | 1.53× | 6.9% | 3.62× | 24.9% | S100YG1N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ハイビーノ | Major shareholder | 35.5% | 2026-03-31 |
| 日比野 晃久 | Major shareholder | 7.1% | 2026-03-31 |
| ヒビノ従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 日比野 宏明 | Major shareholder | 2.7% | 2026-03-31 |
| 日比野 純子 | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YG1N | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG1N,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W2BF | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2BF,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TVMD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVMD,, |
| 訂正有価証券報告書－第60期(2022/04/01－2023/03/31) | S100SQQ0 | 2024-02-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SQQ0,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OCZU | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCZU,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LPNV | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPNV,, |

## 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).