# HOTLAND HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/01/01－2025/12/31) (S100XU8Z)
> Page: https://vizora.meequs.com/en/company/hotland-holdings
> Retrieved: 2026-09-30T19:14:50.338Z

## Company

Hotland Holdings, founded in 1991, is a company in Processed Foods listed on TSE Prime. It has 1,099 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOTLAND HOLDINGS Co., Ltd. (旧英訳名 HOTLAND Co.,Ltd.) |
| Ticker | 3196 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3196.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区新富一丁目9番6号 |
| Representative (per filing) | 代表取締役社長 佐瀬 守男 |
| Founded | Jun 1991 |
| Share capital | ¥3.31B |
| Employees (consolidated) | 1,099 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | ir.hotland.co.jp (https://ir.hotland.co.jp/) |
| Corporate number | 6370301002917 |
| EDINET | E30898 |
| Industries (Vizora) | Processed Foods, Fast Food & Quick Service |

> Profile source: annual securities report (S100XU8Z, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Fast Food & Quick Service (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.8 | 18 |
| Profitability | 25 | 22 |
| Cash conversion | 59.5 | 21 |
| Efficiency | 52.3 | 22 |

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 96% of Hotland Holdings's sales come from Food and restaurant, with Goods Sales and Resort making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit -29.9%.

## Company structure

- Segment revenue mix: Food and restaurant 95.8%、Goods Sales 3.8%、Resort 0.5%
- Revenue → net income: ¥51040982000 → ¥564038000
- Net income → operating cash flow: ¥564038000 → ¥2522465000（difference ¥1958427000）
- Main uses of operating cash flow: CapEx ¥3918861000 / dividends ¥276402000 / buybacks —
- Change in cash: ¥1073363000
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 | ¥51B |  |
| Operating income | ¥1.78B | Margin 3.5% |
| Net income | ¥405.4M | Margin 0.8% |
| Free cash flow | -¥1.4B |  |
| Largest business | Food and restaurant | of segment revenue 95.8% |
| Employees (consolidated) | 1,099 |  |
| EPS | ¥-0.98 |  |
| Book value per share | ¥466.73 |  |
| Equity ratio | 33.9% |  |
| Shares outstanding | 21,655,600 |  |
| Treasury shares | 393,800 |  |
| Shareholders | 46,130 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 9.1% |
| Vs. industry median margin | -2 pp | Fast Food & Quick Service |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 6.2× net income
- FY2025, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28732560000 | ¥51040982000 | +77.6% |
| Operating income | ¥1132563000 | ¥1784687000 | +57.6% |
| Operating margin | 3.9% | 3.5% | -0.4 pp |
| Employees | 630 people | 1,099 people | +74.4% |
| Cash and equivalents | ¥2068235000 | ¥4651302000 | +124.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 飲食事業 | 95.8% |
| 新設・再編 → リゾート事業 | 0.5% |
| 新設・再編 → 製販事業 | 3.8% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food and restaurant | — | — | ¥48879331000 | 3.7% | 2 |
| Goods Sales | — | — | ¥1916516000 | 5.2% | 2 |
| Resort | — | — | ¥245134000 | -34.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,041 | 100.0% | S100XU8Z |
| Cost of revenue | 22,404 | 43.9% | S100XU8Z |
| Gross profit | 28,637 | 56.1% | S100XU8Z |
| SG&A | 26,852 | 52.6% | S100XU8Z |
| Operating income | 1,785 | 3.5% | S100XU8Z |
| Ordinary income | 2,057 | 4.0% | S100XU8Z |
| Pretax income | 1,192 | 2.3% | S100XU8Z |
| Income tax | 628 | 1.2% | S100XU8Z |
| Net income | 564 | 1.1% | S100XU8Z |
| Net income attributable to owners | 405 | 0.8% | S100XU8Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 53 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 56.1% → Operating margin 3.5% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +10.7%; Core profit growth: -29.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.80×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,126 | 51,041 | 4,915 | +10.7% |
| Gross profit | 25,869 | 28,637 | 2,768 | +10.7% |
| Operating income | 2,545 | 1,785 | -760 | -29.9% |
| Net income attributable to owners | 1,849 | 405 | -1,444 | -78.1% |
| Operating cash flow | 3,953 | 2,522 | -1,431 | -36.2% |
| Free cash flow | 1,078 | -1,396 | -2,475 | -229.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 32,434 | 1,670 | 5.1% | 679 | 2,366 | 400 | S100L2AA |
| FY ending Dec 2020 | 28,733 | 1,133 | 3.9% | -1,139 | 693 | -492 | S100NSY4 |
| FY ending Dec 2021 | 29,679 | 970 | 3.3% | 2,079 | 5,152 | 3,631 | S100QIUQ |
| FY ending Dec 2022 | 32,163 | 1,744 | 5.4% | 1,358 | 2,897 | 1,233 | S100T5UH |
| FY ending Dec 2023 | 38,710 | 2,235 | 5.8% | 1,021 | 2,939 | 710 | S100VUY9 |
| FY ending Dec 2024 | 46,126 | 2,545 | 5.5% | 1,849 | 3,953 | 1,078 | S100XU8Z |
| FY ending Dec 2025 | 51,041 | 1,785 | 3.5% | 405 | 2,522 | -1,396 | S100XU8Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.4M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥368.9K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 682 | 686 | 796 | 895 | 1,099 |
| Average salary (parent company) | ¥4.5M | ¥5.1M | ¥5.4M | ¥5M | ¥5.4M |
| Average age (parent company) | 36.1 years | 37.5 years | 35.8 years | 35.8 years | 35.6 years |
| Average tenure (parent company) | 5.0 years | 7.0 years | 6.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +22.8% · Revenue (consolidated) +10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food and restaurant | 48,879 | 95.8% | 1,804 | 3.7% |
| Resort | 245 | 0.5% | -85 | -34.5% |
| Goods Sales | 1,917 | 3.8% | 100 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food and restaurant | 95.8% | 94.7% | -1.0 | 3.7% |
| Resort | 0.5% | — | — | -34.5% |
| Goods Sales | 3.8% | 5.3% | 1.5 | 5.2% |

Loss-making segment (excluded from profit shares): Resort -85 JPY mn

Segment → industry: Goods Sales → Processed Foods / Food and restaurant → Fast Food & Quick Service

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,522 | 4.9% | S100XU8Z |
| Capital expenditure | 3,919 | 7.7% | S100XU8Z |
| Free cash flow | -1,396 | -2.7% | 算出 |
| Investing cash flow | -4,931 | -9.7% | S100XU8Z |
| Financing cash flow | 3,504 | 6.9% | S100XU8Z |
| Dividends paid | 276 | 0.5% | S100XU8Z |
| Change in cash | 1,073 | 2.1% | S100XU8Z |
| Cash and equivalents | 4,651 | 9.1% | S100XU8Z |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,022 | 3,215 | 2,729 | 3,578 | 4,651 | S100T5UH, S100VUY9, S100XU8Z |
| Total assets | 21,313 | 22,064 | 23,714 | 28,519 | 33,458 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Net assets | 9,126 | 10,681 | 10,757 | 12,543 | 12,188 | S100T5UH, S100VUY9, S100XU8Z |
| Share capital | 3,301 | 3,313 | 3,313 | 3,313 | 3,313 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Trade receivables | 2,424 | — | — | — | — | S100QIUQ |
| Property, plant and equipment | 6,891 | 7,172 | 7,842 | 9,322 | 11,751 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Intangible assets excluding goodwill | 914 | 797 | 721 | 1,120 | 1,642 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Goodwill | 805 | 719 | 633 | 1,073 | 1,534 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Investment securities | 53 | 53 | 266 | 376 | 407 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Current assets | 9,401 | 9,644 | 10,080 | 11,926 | 13,930 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Current liabilities | 7,843 | 6,726 | 9,063 | 10,428 | 11,404 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Trade payables | 1,336 | 1,461 | 1,771 | 2,526 | 2,846 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Short-term borrowings | 1,016 | 207 | 2,010 | 1,916 | 1,542 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Long-term borrowings | 2,867 | 3,202 | 2,148 | 3,583 | 7,639 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Total liabilities | 12,187 | 11,383 | 12,957 | 15,976 | 21,270 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Non-controlling interests | 449 | 485 | 473 | 706 | 848 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Equity attributable to owners of parent | 8,110 | 9,342 | 9,404 | 11,072 | 11,201 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Retained earnings | 1,620 | 2,827 | 3,697 | 5,334 | 5,463 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |
| Treasury stock | -0 | -0 | -786 | -758 | -758 | S100QIUQ, S100T5UH, S100VUY9, S100XU8Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XU8Z |
| Property, plant and equipment | 35% | S100XU8Z |
| Intangibles and goodwill | 10% | S100XU8Z |
| Investment securities | 1% | S100XU8Z |
| Other assets | 40% | S100XU8Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XU8Z |
| Other liabilities | 55% | S100XU8Z |
| Equity | 36% | S100XU8Z |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 21,313 | 22,064 | 23,714 | 28,519 | 33,458 |
| Equity | 9,126 | 10,681 | 10,757 | 12,543 | 12,188 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,022 | 3,215 | 2,729 | 3,578 | 4,651 |

## 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) | 23.0% | S100XU8Z |
| Fixed assets ÷ total assets | 35.1% | S100XU8Z |
| Goodwill ÷ parent equity | 13.7% | S100XU8Z |

Goodwill over 4 years: 805 → 1,534 JPY; total investing cash flow: -15,611 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) | 13.9% |
| Cash ÷ revenue | 9.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 141.3% |
| Cash vs. profit gap | 2,117 JPY mn (of net income 522.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 68.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 195.5% |

## 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 | 7.0% | 1.39× | 9.8% | 2.63× | 25.6% | S100QIUQ |
| 2022 | 4.2% | 1.48× | 6.3% | 2.49× | 15.6% | S100T5UH |
| 2023 | 2.6% | 1.69× | 4.5% | 2.44× | 10.9% | S100VUY9 |
| 2024 | 4.0% | 1.77× | 7.1% | 2.55× | 18.1% | S100XU8Z |
| 2025 | 0.8% | 1.65× | 1.3% | 2.78× | 3.6% | S100XU8Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社佐瀬興産 | Major shareholder | 23.1% | 2025-12-31 |
| 佐瀬 守男 | Major shareholder | 7.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.5% | 2025-12-31 |
| 株式会社ニップン | Major shareholder | 5.1% | 2025-12-31 |
| 佐瀬 由美子 | Major shareholder | 2.4% | 2025-12-31 |
| サントリー株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| 株式会社Ｊ－オイルミルズ | Major shareholder | 1.0% | 2025-12-31 |
| オタフクソース株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社コシダカホールディングス | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/01/01－2025/12/31) | S100XU8Z | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU8Z,, |
| 訂正有価証券報告書－第34期(2024/01/01－2024/12/31) | S100VUY9 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUY9,, |
| 有価証券報告書－第33期(2023/01/01－2023/12/31) | S100T5UH | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5UH,, |
| 有価証券報告書－第32期(2022/01/01－2022/12/31) | S100QIUQ | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIUQ,, |
| 有価証券報告書－第31期(令和3年1月1日－令和3年12月31日) | S100NSY4 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSY4,, |
| 有価証券報告書－第30期(令和2年1月1日－令和2年12月31日) | S100L2AA | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2AA,, |

## 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).