# HOTEL NEW GRAND CO.,LTD: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第148期(2024/12/01－2025/11/30) (S100XMSL)
> Page: https://vizora.meequs.com/en/company/hotel-new-grand
> Retrieved: 2026-09-30T19:14:45.615Z

## Company

Hotel NEW Grand, founded in 1926, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 232 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOTEL NEWGRAND CO.,LTD. |
| Ticker | 9720 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9720.T) |
| Listing | TSE Standard |
| Head office | 横浜市中区山下町10番地 |
| Representative (per filing) | 代表取締役会長兼社長 原信造 |
| Founded | Jul 1926 |
| Share capital | ¥100M |
| Employees (consolidated) | 232 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | November |
| Website | www.hotel-newgrand.co.jp (https://www.hotel-newgrand.co.jp/) |
| Corporate number | 7020001028858 |
| EDINET | E04566 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100XMSL, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.1 | 16 |
| Profitability | 32.4 | 17 |
| Cash conversion | 96.4 | 14 |
| Efficiency | 79.4 | 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 99% of Hotel NEW Grand's sales come from Hotel, with Real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +11.5% from the prior year, operating profit +19.1%.

## Company structure

- Segment revenue mix: Hotel 99.3%、Real estate leasing business 0.7%
- Revenue → net income: ¥6529518000 → ¥201371000
- Net income → operating cash flow: ¥201371000 → ¥682430000（difference ¥481059000）
- Main uses of operating cash flow: CapEx ¥505105000 / dividends ¥29177000 / buybacks ¥174000
- Change in cash: ¥-127385000
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 | ¥6.53B |  |
| Operating income | ¥303.6M | Margin 4.6% |
| Net income | ¥201.4M | Margin 3.1% |
| Free cash flow | ¥177.3M |  |
| Largest business | Hotel | of segment revenue 99.3% |
| Employees (consolidated) | 232 |  |
| EPS | ¥170.56 |  |
| Book value per share | ¥3152.4 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 1,181,000 |  |
| Treasury shares | 700 |  |
| Shareholders | 1,064 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 26.5% | Cash ÷ revenue 36.0% |
| Vs. industry median margin | -6 pp | Hotels & Inns |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.4× net income
- FY2025, revenue is 2.0× its level five years ago
- FY2025, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3060721000 | ¥6529518000 | +113.3% |
| Operating income | ¥-885087000 | ¥303611000 | — |
| Operating margin | -28.9% | 4.6% | +33.6 pp |
| Employees | 225 people | 232 people | +3.1% |
| Cash and equivalents | ¥542432000 | ¥2348106000 | +332.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ホテル事業 → ホテル事業 | 98.2% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.7% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → ホテル事業 | 1.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,530 | 100.0% | S100XMSL |
| Cost of revenue | 1,637 | 25.1% | S100XMSL |
| Gross profit | 4,892 | 74.9% | S100XMSL |
| SG&A | 4,589 | 70.3% | S100XMSL |
| Operating income | 304 | 4.6% | S100XMSL |
| Ordinary income | 271 | 4.1% | S100XMSL |
| Pretax income | 191 | 2.9% | S100XMSL |
| Income tax | -10 | -0.2% | S100XMSL |
| Net income | 201 | 3.1% | S100XMSL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 25 |
| SG&A | 70 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 74.9% → Operating margin 4.6% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.5%; Core profit growth: +19.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,856 | 6,530 | 673 | +11.5% |
| Gross profit | 4,427 | 4,892 | 465 | +10.5% |
| Operating income | 255 | 304 | 49 | +19.1% |
| Operating cash flow | 391 | 682 | 292 | +74.7% |
| Free cash flow | -581 | 177 | 759 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 5,124 | -12 | -0.2% | -45 | 547 | 364 | S100KV0O |
| FY ending Nov 2020 | 3,061 | -885 | -28.9% | -1,095 | -759 | -840 | S100NJY6 |
| FY ending Nov 2021 | 3,196 | -742 | -23.2% | 1,320 | -35 | -67 | S100Q9X4 |
| FY ending Nov 2022 | 4,282 | -385 | -9.0% | -349 | 3 | -292 | S100SXSD |
| FY ending Nov 2023 | 5,373 | 284 | 5.3% | 393 | 609 | 445 | S100WYRN |
| FY ending Nov 2024 | 5,856 | 255 | 4.4% | 303 | 391 | -581 | S100XMSL |
| FY ending Nov 2025 | 6,530 | 304 | 4.6% | 201 | 682 | 177 | S100XMSL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥868K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 216 | 201 | 208 | 214 | 232 |
| Average salary (parent company) | ¥3.5M | ¥4.1M | ¥4.3M | ¥4.3M | ¥4.2M |
| Average age (parent company) | 36.2 years | 36.7 years | 36.1 years | 35.3 years | 34.2 years |
| Average tenure (parent company) | 14.1 years | 14.1 years | 13.5 years | 12.9 years | 11.8 years |

Year over year: Employees (consolidated) +8.4% · Revenue (consolidated) +11.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel | 6,481 | 99.3% | 267 | 4.1% |
| Real estate leasing business | 48 | 0.7% | 37 | 76.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hotel | 99.3% | 87.8% | -11.4 | 4.1% |
| Real estate leasing business | 0.7% | 12.2% | 11.4 | 76.5% |

Segment → industry: Real estate leasing business → Real Estate Development & Leasing / Hotel → Hotels & Inns

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 682 | 10.5% | S100XMSL |
| Capital expenditure | 505 | 7.7% | S100XMSL |
| Free cash flow | 177 | 2.7% | 算出 |
| Investing cash flow | -505 | -7.7% | S100XMSL |
| Financing cash flow | -304 | -4.7% | S100XMSL |
| Dividends paid | 29 | 0.4% | S100XMSL |
| Share buyback | 0 | 0.0% | S100XMSL |
| Change in cash | -127 | -2.0% | S100XMSL |
| Cash and equivalents | 2,348 | 36.0% | S100XMSL |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,720 | 2,204 | 2,423 | 2,475 | 2,348 | S100SXSD, S100WYRN, S100XMSL |
| Total assets | 8,074 | 7,738 | 7,954 | 8,472 | 8,856 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Net assets | 3,196 | 2,853 | 3,253 | 3,535 | 3,722 | S100SXSD, S100WYRN, S100XMSL |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Property, plant and equipment | 4,638 | 4,701 | 4,511 | 4,993 | 5,385 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Intangible assets excluding goodwill | 60 | 61 | 57 | 54 | 66 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Investment securities | 70 | 76 | 65 | 80 | 103 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Current assets | 3,115 | 2,704 | 3,000 | 3,111 | 3,055 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Current liabilities | 1,900 | 2,192 | 2,235 | 2,239 | 2,689 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Short-term borrowings | 850 | 850 | 850 | 850 | 850 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Long-term borrowings | 1,733 | 1,488 | 1,243 | 1,567 | 1,356 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Total liabilities | 4,878 | 4,885 | 4,701 | 4,937 | 5,134 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Equity attributable to owners of parent | 3,535 | 3,188 | 3,580 | 3,960 | 4,132 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Retained earnings | 2,351 | 2,004 | 2,397 | 2,778 | 2,949 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |
| Treasury stock | -1 | -1 | -2 | -3 | -3 | S100Q9X4, S100SXSD, S100WYRN, S100XMSL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XMSL |
| Property, plant and equipment | 61% | S100XMSL |
| Intangibles and goodwill | 1% | S100XMSL |
| Investment securities | 1% | S100XMSL |
| Other assets | 11% | S100XMSL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100XMSL |
| Equity | 42% | S100XMSL |
| Other liabilities | 0% | S100XMSL |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,074 | 7,738 | 7,954 | 8,472 | 8,856 |
| Equity | 3,196 | 2,853 | 3,253 | 3,535 | 3,722 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,720 | 2,204 | 2,423 | 2,475 | 2,348 |

## 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) | 82.5% | S100XMSL |
| Fixed assets ÷ total assets | 60.8% | S100XMSL |
| Goodwill ÷ parent equity | — | —, S100XMSL |

### 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) | 26.5% |
| Cash ÷ revenue | 36.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 224.8% |
| Cash vs. profit gap | 481 JPY mn (of net income 238.9%) |
| Shareholder returns / net income | 14.6% |
| Shareholder returns / FCF | 16.6% |
| Shareholder payments — dividends / net income | 14.5% |
| Shareholder payments — dividends / FCF | 16.5% |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 74.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 41.3% | 0.40× | 16.3% | 2.28× | 37.3% | S100Q9X4 |
| 2022 | — | —× | -4.4% | —× | — | S100SXSD |
| 2023 | 7.3% | 0.68× | 5.0% | 2.32× | 11.6% | S100WYRN |
| 2024 | 5.2% | 0.71× | 3.7% | 2.18× | 8.0% | S100XMSL |
| 2025 | 3.1% | 0.75× | 2.3% | 2.14× | 5.0% | S100XMSL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 原地所株式会社 | Major shareholder | 16.2% | 2025-11-30 |
| 穐 田 誉 輝 | Major shareholder | 4.9% | 2025-11-30 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.7% | 2025-11-30 |
| 清水建設株式会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.0% | 2025-11-30 |
| 東日本旅客鉄道株式会社 | Major shareholder | 3.7% | 2025-11-30 |
| 株式会社そごう・西武 | Major shareholder | 3.2% | 2025-11-30 |
| 原 信 造 | Major shareholder | 3.1% | 2025-11-30 |
| 上野グループホールディングス株式会社 | Major shareholder | 2.9% | 2025-11-30 |
| 麒麟麦酒株式会社 | Major shareholder | 2.8% | 2025-11-30 |
| セコム株式会社 | Major shareholder | 2.7% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第148期(2024/12/01－2025/11/30) | S100XMSL | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMSL,, |
| 訂正有価証券報告書－第147期(2023/12/01－2024/11/30) | S100WYRN | 2025-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WYRN,, |
| 有価証券報告書－第146期(2022/12/01－2023/11/30) | S100SXSD | 2024-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXSD,, |
| 有価証券報告書－第145期(2021/12/01－2022/11/30) | S100Q9X4 | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9X4,, |
| 有価証券報告書－第144期(令和2年12月1日－令和3年11月30日) | S100NJY6 | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJY6,, |
| 有価証券報告書－第143期(令和1年12月1日－令和2年11月30日) | S100KV0O | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV0O,, |

## 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).