# Hiroshima Electric Railway Co.,Ltd.: 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117期(2025/04/01－2026/03/31) (S100YI48)
> Page: https://vizora.meequs.com/en/company/hiroshima-electric-railway
> Retrieved: 2026-09-30T21:51:46.591Z

## Company

Hiroshima Electric Railway, founded in 1910, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 2,241 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hiroshima Electric Railway Co.,Ltd. |
| Ticker | 9033 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9033.T) |
| Listing | TSE Standard |
| Head office | 広島市中区東千田町二丁目9番29号 |
| Representative (per filing) | 代表取締役社長 仮井康裕 |
| Founded | Jun 1910 |
| Share capital | ¥2.33B |
| Employees (consolidated) | 2,241 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.hiroden.co.jp (https://www.hiroden.co.jp/) |
| Corporate number | 9240001009470 |
| EDINET | E04123 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, General Contractors, Private Railways |

> Profile source: annual securities report (S100YI48, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 18 |
| Profitability | 2.8 | 18 |
| Efficiency | 47.2 | 18 |

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 62% of Hiroshima Electric Railway's sales come from Transportation, with Real estate and Construction making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +11.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.5B |  |
| Operating income | -¥290M | Margin -0.8% |
| Net income | ¥1.16B | Margin 3.1% |
| Free cash flow | -¥4.09B |  |
| Largest business | Transportation | of segment revenue 62.0% |
| Employees (consolidated) | 2,241 |  |
| EPS | ¥32.68 |  |
| Book value per share | ¥1210.81 |  |
| Equity ratio | 40.8% |  |
| Shares outstanding | 30,445,500 |  |
| Treasury shares | 50,400 |  |
| Shareholders | 8,061 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 2.9% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | -11.1 pp | Private Railways |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, segment profit share differs by 73 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25409000000 | ¥37470000000 | +47.5% |
| Operating income | ¥-6057000000 | ¥-290000000 | — |
| Operating margin | -23.8% | -0.8% | +23.1 pp |
| Employees | 2,363 people | 2,241 people | -5.2% |
| Cash and equivalents | ¥5210000000 | ¥3202000000 | -38.5% |

### 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 |
| --- | ---: |
| 運輸業 → 運輸業 | 58.0% |
| 流通業 → 流通業 | 3.2% |
| 流通業 → 事業再編・廃止 | 1.7% |
| 不動産業 → 不動産業 | 16.5% |
| 不動産業 → 事業再編・廃止 | 3.0% |
| 建設業 → 建設業 | 13.9% |
| レジャー・サービス業 → レジャー・サービス業 | 2.3% |
| レジャー・サービス業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 運輸業 | 4.0% |
| 新設・再編 → 建設業 | 2.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +9.5% | ¥23227000000 | -11.8% | 2 |
| Real estate | 5 years | +4.6% | ¥6186000000 | 35.1% | 2 |
| Construction | 5 years | +11.1% | ¥5989000000 | 3.9% | 2 |
| Logistics | 5 years | -0.7% | ¥1203000000 | 0.9% | 2 |
| Leisure and service | 5 years | -1.9% | ¥864000000 | -3.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,470 | 100.0% | S100YI48 |
| SG&A | 6,658 | 17.8% | S100YI48 |
| Operating income | -290 | -0.8% | S100YI48 |
| Ordinary income | -129 | -0.3% | S100YI48 |
| Pretax income | 1,433 | 3.8% | S100YI48 |
| Income tax | 149 | 0.4% | S100YI48 |
| Net income | 1,284 | 3.4% | S100YI48 |
| Net income attributable to owners | 1,158 | 3.1% | S100YI48 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 101 |
| Operating income | -1 |
| (Ref.) Net income | 3 |

### Margin funnel

Operating margin -0.8% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,709 | 37,470 | 3,761 | +11.2% |
| Operating income | -1,419 | -290 | 1,129 | — |
| Net income attributable to owners | 1,379 | 1,158 | -221 | -16.0% |
| Operating cash flow | 5,077 | 1,714 | -3,363 | -66.2% |
| Free cash flow | -3,041 | -4,094 | -1,053 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 32,910 | -309 | -0.9% | 629 | 3,966 | -1,607 | S100M8WI |
| FY ending Mar 2021 | 25,409 | -6,057 | -23.8% | -3,291 | 2,889 | -2,663 | S100OLV5 |
| FY ending Mar 2022 | 27,395 | -4,523 | -16.5% | -1,053 | -1,121 | -5,011 | S100RAL4 |
| FY ending Mar 2023 | 27,450 | -3,212 | -11.7% | 943 | 449 | -4,584 | S100TXK0 |
| FY ending Mar 2024 | 30,466 | -1,088 | -3.6% | 656 | 5,530 | 1,124 | S100W5O2 |
| FY ending Mar 2025 | 33,709 | -1,419 | -4.2% | 1,379 | 5,077 | -3,041 | S100YI48 |
| FY ending Mar 2026 | 37,470 | -290 | -0.8% | 1,158 | 1,714 | -4,094 | S100YI48 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.7M |
| Operating income per employee (consolidated) | -¥129.4K |
| Net income per employee (consolidated) | ¥516.7K |

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) | 2,283 | 2,165 | 2,180 | 2,182 | 2,241 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.4M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 47.4 years | 48.0 years | 48.2 years | 48.2 years | 48.3 years |
| Average tenure (parent company) | 17.3 years | 17.7 years | 17.7 years | 17.4 years | 17.2 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 23,227 | 62.0% | -2,739 | -11.8% |
| Logistics | 1,203 | 3.2% | 11 | 0.9% |
| Real estate | 6,186 | 16.5% | 2,172 | 35.1% |
| Construction | 5,989 | 16.0% | 235 | 3.9% |
| Leisure and service | 864 | 2.3% | -26 | -3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 62.0% | — | — | -11.8% |
| Logistics | 3.2% | 0.5% | -2.8 | 0.9% |
| Real estate | 16.5% | 89.8% | 73.3 | 35.1% |
| Construction | 16.0% | 9.7% | -6.3 | 3.9% |
| Leisure and service | 2.3% | — | — | -3.0% |

Loss-making segment (excluded from profit shares): Transportation -2,739 JPY mn

Loss-making segment (excluded from profit shares): Leisure and service -26 JPY mn

Segment → industry: Leisure and service → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure and service → Hotels & Inns / Construction → General Contractors / Transportation → Private Railways

## 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 | 1,714 | 4.6% | S100YI48 |
| Capital expenditure | 5,808 | 15.5% | S100YI48 |
| Free cash flow | -4,094 | -10.9% | 算出 |
| Investing cash flow | -4,307 | -11.5% | S100YI48 |
| Financing cash flow | 1,776 | 4.7% | S100YI48 |
| Dividends paid | 243 | 0.6% | S100YI48 |
| Change in cash | -816 | -2.2% | S100YI48 |
| Cash and equivalents | 3,202 | 8.5% | S100YI48 |

## 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 | 5,194 | 4,387 | 3,906 | 4,019 | 3,202 | S100TXK0, S100W5O2, S100YI48 |
| Total assets | 92,503 | 94,106 | 98,398 | 104,082 | 108,722 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Net assets | 38,695 | 39,220 | 41,605 | 42,762 | 45,523 | S100TXK0, S100W5O2, S100YI48 |
| Share capital | 2,335 | 2,335 | 2,335 | 2,335 | 2,335 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Property, plant and equipment | 70,426 | 68,127 | 70,306 | 74,172 | 74,777 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Intangible assets excluding goodwill | 557 | 961 | 1,366 | 1,786 | 2,113 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Goodwill | — | — | — | — | 52 | S100YI48 |
| Investment securities | 5,079 | 6,678 | 8,601 | 9,329 | 11,283 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Current assets | 12,938 | 16,451 | 15,843 | 16,444 | 17,734 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Current liabilities | 23,454 | 25,723 | 27,381 | 31,919 | 29,987 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Trade payables | 951 | 1,190 | 1,185 | 1,275 | 1,956 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Short-term borrowings | 12,034 | 13,685 | 12,576 | 14,041 | 15,476 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Long-term borrowings | 14,522 | 13,933 | 13,103 | 12,737 | 15,102 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Bonds | 75 | 37 | — | — | — | S100RAL4, S100TXK0 |
| Interest-bearing debt | 26,631 | 27,655 | — | — | — | 算出 |
| Total liabilities | 53,808 | 54,886 | 56,792 | 61,319 | 63,199 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Non-controlling interests | 881 | 860 | 958 | 1,041 | 1,150 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Equity attributable to owners of parent | 13,903 | 14,990 | 15,476 | 16,867 | 17,882 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Retained earnings | 9,618 | 10,696 | 11,180 | 12,563 | 13,565 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |
| Treasury stock | -65 | -60 | -60 | -55 | -45 | S100RAL4, S100TXK0, S100W5O2, S100YI48 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YI48 |
| Property, plant and equipment | 69% | S100YI48 |
| Intangibles and goodwill | 2% | S100YI48 |
| Investment securities | 10% | S100YI48 |
| Other assets | 16% | S100YI48 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YI48 |
| Other liabilities | 56% | S100YI48 |
| Equity | 42% | S100YI48 |

### 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 | 92,503 | 94,106 | 98,398 | 104,082 | 108,722 |
| Equity | 38,695 | 39,220 | 41,605 | 42,762 | 45,523 |
| Interest-bearing debt | 26,631 | 27,655 | — | — | — |
| Cash | 5,194 | 4,387 | 3,906 | 4,019 | 3,202 |

## 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) | 199.6% | S100YI48 |
| Fixed assets ÷ total assets | 68.8% | S100YI48 |
| Goodwill ÷ parent equity | 0.3% | S100YI48 |

### 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) | 2.9% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 556 JPY mn (of net income 48.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.5% |
| Investing CF relative to operating CF | 251.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -1.1% | —× | — | S100RAL4 |
| 2023 | 3.4% | 0.29× | 1.0% | 6.46× | 6.5% | S100TXK0 |
| 2024 | 2.2% | 0.32× | 0.7% | 6.32× | 4.3% | S100W5O2 |
| 2025 | 4.1% | 0.33× | 1.4% | 6.26× | 8.5% | S100YI48 |
| 2026 | 3.1% | 0.35× | 1.1% | 6.12× | 6.7% | S100YI48 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 広島日野自動車株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社鴻治組 | Major shareholder | 2.3% | 2026-03-31 |
| 広島ガス株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 野村信託銀行株式会社 退職給付信託・三菱ＵＦＪ信託銀行口 | Major shareholder | 1.2% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 出光興産株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 一般財団法人多山報恩会 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社大林組 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YI48 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI48,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W5O2 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5O2,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TXK0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXK0,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100RAL4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAL4,, |
| 有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OLV5 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLV5,, |
| 訂正有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100M8WI | 2021-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M8WI,, |

## 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).