# HORAI Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第142期(2024/10/01－2025/09/30) (S100XAG9)
> Page: https://vizora.meequs.com/en/company/horai
> Retrieved: 2026-09-30T20:26:00.121Z

## Company

Horai, founded in 1928, is a company in Non-life Insurance listed on TSE Standard. It has 155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HORAI Co.,Ltd. |
| Ticker | 9679 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9679.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋堀留町一丁目8番12号 |
| Representative (per filing) | 代表取締役社長 小野 直樹 |
| Founded | Jan 1928 |
| Share capital | ¥4.34B |
| Employees (consolidated) | 155 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | September |
| Corporate number | 9010001108279 |
| EDINET | E04691 |
| Industries (Vizora) | Non-life Insurance, Beverages & Dairy, Theme Parks & Leisure Facilities, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XAG9, filed 2025-12-16). As of filing

## Five-axis industry profile

Primary industry: Theme Parks & Leisure Facilities (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 12 |
| Profitability | 20.8 | 12 |
| Cash conversion | 87.5 | 12 |
| Efficiency | 20.8 | 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 46% of Horai's sales come from Senbonmatsu bokujo, with Fudosan jigyo and Hoken jigyo making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +7.9%.

## Company structure

- Segment revenue mix: Senbonmatsu bokujo 45.8%、Fudosan jigyo 21.1%、Hoken jigyo 19.2%、Golf jigyo 13.9%
- Revenue → net income: ¥6111745000 → ¥497924000
- Net income → operating cash flow: ¥497924000 → ¥938917000（difference ¥440993000）
- Main uses of operating cash flow: CapEx ¥1068164000 / dividends ¥91589000 / buybacks —
- Change in cash: ¥-502609000
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 | ¥6.11B |  |
| Operating income | ¥616.8M | Margin 10.1% |
| Net income | ¥497.9M | Margin 8.1% |
| Free cash flow | -¥129.2M |  |
| Largest business | Senbonmatsu bokujo | of segment revenue 45.8% |
| Employees (consolidated) | 155 |  |
| EPS | ¥118.89 |  |
| Book value per share | ¥2355.5 |  |
| Equity ratio | 50.1% |  |
| Shares outstanding | 4,212,000 |  |
| Treasury shares | 23,900 |  |
| Shareholders | 1,072 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | +5.7 pp | Beverages & Dairy |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 30 points
- FY2025, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4718772000 | ¥6111745000 | +29.5% |
| Operating income | ¥-143733000 | ¥616770000 | — |
| Operating margin | -3.0% | 10.1% | +13.1 pp |
| Employees | 193 people | 155 people | -19.7% |
| Cash and equivalents | ¥3098860000 | ¥1817639000 | -41.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 保険事業 → 保険事業 | 19.2% |
| 保険事業 → 事業再編・廃止 | 4.1% |
| 不動産事業 → 不動産事業 | 21.1% |
| 不動産事業 → 事業再編・廃止 | 8.1% |
| 千本松牧場 → 千本松牧場 | 35.6% |
| ゴルフ事業 → ゴルフ事業 | 11.9% |
| 新設・再編 → 千本松牧場 | 10.2% |
| 新設・再編 → ゴルフ事業 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Senbonmatsu bokujo | 5 years | +10.7% | ¥2798815000 | 9.1% | 2 |
| Fudosan jigyo | 5 years | -1.3% | ¥1292203000 | 58.8% | 2 |
| Hoken jigyo | 5 years | +1.4% | ¥1173839000 | 39.0% | 2 |
| Golf jigyo | 5 years | +8.5% | ¥846886000 | -4.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,112 | 100.0% | S100XAG9 |
| Operating income | 617 | 10.1% | S100XAG9 |
| Ordinary income | 735 | 12.0% | S100XAG9 |
| Pretax income | 673 | 11.0% | S100XAG9 |
| Income tax | 175 | 2.9% | S100XAG9 |
| Net income | 498 | 8.1% | S100XAG9 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 10.1% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +7.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,480 | 6,112 | 632 | +11.5% |
| Operating income | 571 | 617 | 45 | +7.9% |
| Operating cash flow | 735 | 939 | 204 | +27.8% |
| Free cash flow | -1,541 | -129 | 1,412 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 5,400 | 161 | 3.0% | 303 | 299 | -1,890 | S100KEBH |
| FY ending Sep 2020 | 4,719 | -144 | -3.0% | 171 | -339 | -5,486 | S100N2XS |
| FY ending Sep 2021 | 4,847 | 207 | 4.3% | 214 | 887 | 626 | S100PV2T |
| FY ending Sep 2022 | 4,938 | 444 | 9.0% | 471 | 621 | 170 | S100SIA1 |
| FY ending Sep 2023 | 5,186 | 528 | 10.2% | 513 | 657 | 115 | S100UZF9 |
| FY ending Sep 2024 | 5,480 | 571 | 10.4% | 308 | 735 | -1,541 | S100XAG9 |
| FY ending Sep 2025 | 6,112 | 617 | 10.1% | 498 | 939 | -129 | S100XAG9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.4M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.2M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 190 | 179 | 160 | 157 | 155 |
| Average salary (parent company) | ¥5.2M | ¥5.4M | ¥5.5M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 48.0 years | 48.0 years | 48.0 years | 47.0 years | 47.0 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | 11.0 years | 11.0 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hoken jigyo | 1,174 | 19.2% | 458 | 39.0% |
| Fudosan jigyo | 1,292 | 21.1% | 759 | 58.8% |
| Senbonmatsu bokujo | 2,799 | 45.8% | 256 | 9.1% |
| Golf jigyo | 847 | 13.9% | -34 | -4.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hoken jigyo | 19.2% | 31.1% | 11.9 | 39.0% |
| Fudosan jigyo | 21.1% | 51.5% | 30.4 | 58.8% |
| Senbonmatsu bokujo | 45.8% | 17.4% | -28.4 | 9.1% |
| Golf jigyo | 13.9% | — | — | -4.1% |

Loss-making segment (excluded from profit shares): Golf jigyo -34 JPY mn

Segment → industry: Hoken jigyo → Non-life Insurance / Senbonmatsu bokujo → Beverages & Dairy / Golf jigyo → Theme Parks & Leisure Facilities / Senbonmatsu bokujo → Theme Parks & Leisure Facilities / Fudosan jigyo → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 939 | 15.4% | S100XAG9 |
| Capital expenditure | 1,068 | 17.5% | S100XAG9 |
| Free cash flow | -129 | -2.1% | 算出 |
| Investing cash flow | -1,095 | -17.9% | S100XAG9 |
| Financing cash flow | -346 | -5.7% | S100XAG9 |
| Dividends paid | 92 | 1.5% | S100XAG9 |
| Change in cash | -503 | -8.2% | S100XAG9 |
| Cash and equivalents | 1,818 | 29.7% | S100XAG9 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,987 | 2,701 | 2,493 | 2,320 | 1,818 | S100SIA1, S100UZF9, S100XAG9 |
| Total assets | 19,022 | 18,878 | 18,854 | 19,800 | 19,707 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Net assets | 8,123 | 8,597 | 9,105 | 9,380 | 9,865 | S100SIA1, S100UZF9, S100XAG9 |
| Share capital | 4,341 | 4,341 | 4,341 | 4,341 | 4,341 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Property, plant and equipment | 13,759 | 13,777 | 13,826 | 15,724 | 15,848 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Intangible assets excluding goodwill | 24 | 22 | 31 | 25 | 43 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Investment securities | 867 | 972 | 1,074 | 741 | 864 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Current assets | 4,136 | 3,930 | 3,782 | 3,122 | 2,753 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Current liabilities | 1,294 | 1,255 | 1,240 | 1,772 | 1,507 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Long-term borrowings | 2,800 | 2,700 | 2,600 | 2,979 | 2,858 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Total liabilities | 10,899 | 10,281 | 9,749 | 10,420 | 9,842 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Equity attributable to owners of parent | 7,988 | 8,389 | 8,825 | 9,050 | 9,455 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Retained earnings | 3,140 | 3,541 | 3,977 | 4,201 | 4,607 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |
| Treasury stock | -19 | -19 | -19 | -19 | -20 | S100PV2T, S100SIA1, S100UZF9, S100XAG9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XAG9 |
| Property, plant and equipment | 81% | S100XAG9 |
| Intangibles and goodwill | 0% | S100XAG9 |
| Investment securities | 4% | S100XAG9 |
| Other assets | 6% | S100XAG9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100XAG9 |
| Equity | 50% | S100XAG9 |
| Other liabilities | 0% | S100XAG9 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,022 | 18,878 | 18,854 | 19,800 | 19,707 |
| Equity | 8,123 | 8,597 | 9,105 | 9,380 | 9,865 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,987 | 2,701 | 2,493 | 2,320 | 1,818 |

## 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) | 259.3% | S100XAG9 |
| Fixed assets ÷ total assets | 80.4% | S100XAG9 |
| Goodwill ÷ parent equity | — | —, S100XAG9 |

### 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) | 9.2% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 152.2% |
| Cash vs. profit gap | 441 JPY mn (of net income 88.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.5% |
| Investing CF relative to operating CF | 116.7% |

## 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 | 4.4% | 0.25× | 1.1% | 2.38× | 2.7% | S100PV2T |
| 2022 | 9.5% | 0.26× | 2.5% | 2.31× | 5.8% | S100SIA1 |
| 2023 | 9.9% | 0.27× | 2.7% | 2.19× | 6.0% | S100UZF9 |
| 2024 | 5.6% | 0.28× | 1.6% | 2.16× | 3.4% | S100XAG9 |
| 2025 | 8.1% | 0.31× | 2.5% | 2.13× | 5.4% | S100XAG9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 室町ビルサービス株式会社 | Major shareholder | 12.8% | 2025-09-30 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED - HONG KONG PRIVATE BANKING DIVISION CLIENT A/C 8028-394841 (常任代理人 香港上海銀行東京支店) | Major shareholder | 7.3% | 2025-09-30 |
| 株式会社帝国倉庫 | Major shareholder | 7.2% | 2025-09-30 |
| 室町殖産株式会社 | Major shareholder | 7.1% | 2025-09-30 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221-623793 (常任代理人 香港上海銀行東京支店) | Major shareholder | 5.5% | 2025-09-30 |
| 株式会社三井住友銀行 | Major shareholder | 5.0% | 2025-09-30 |
| 日本駐車場開発株式会社 | Major shareholder | 3.3% | 2025-09-30 |
| ホウライ従業員持株会 | Major shareholder | 2.8% | 2025-09-30 |
| 株式会社スノーボールキャピタル | Major shareholder | 2.4% | 2025-09-30 |
| 宜本 正夫 | Major shareholder | 2.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第142期(2024/10/01－2025/09/30) | S100XAG9 | 2025-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAG9,, |
| 有価証券報告書－第141期(2023/10/01－2024/09/30) | S100UZF9 | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZF9,, |
| 有価証券報告書－第140期(2022/10/01－2023/09/30) | S100SIA1 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIA1,, |
| 有価証券報告書－第139期(令和3年10月1日－令和4年9月30日) | S100PV2T | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV2T,, |
| 有価証券報告書－第138期(令和2年10月1日－令和3年9月30日) | S100N2XS | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2XS,, |
| 有価証券報告書－第137期(令和1年10月1日－令和2年9月30日) | S100KEBH | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEBH,, |

## 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).