# IACE TRAVEL 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45期(2025/04/01－2026/03/31) (S100YG2V)
> Page: https://vizora.meequs.com/en/company/iace-travel
> Retrieved: 2026-09-30T20:00:08.686Z

## Company

Iace Travel, founded in 1982, is a company in Travel Agencies listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IACE TRAVEL Corporation. |
| Ticker | 343A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/343A.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋馬喰町一丁目14番5号 |
| Representative (per filing) | 代表取締役社長執行役員 西澤 重治 |
| Founded | Feb 1982 |
| Share capital | ¥524.6M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.iace.co.jp (https://www.iace.co.jp/) |
| Corporate number | 7010001128717 |
| EDINET | E40408 |
| Industries (Vizora) | Travel Agencies |

> Profile source: annual securities report (S100YG2V, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Travel Agencies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 6 |
| Profitability | 86.4 | 11 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 22.7 | 11 |

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)

- Iace Travel brought in ¥3.02B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +11.9% from the prior year, operating profit +24.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3015280000 → ¥529739000
- Net income → operating cash flow: ¥529739000 → ¥454529000（difference ¥-75210000）
- Main uses of operating cash flow: CapEx ¥45575000 / dividends — / buybacks —
- Change in cash: ¥337598000
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 | ¥3.02B |  |
| Operating income | ¥754.1M | Margin 25.0% |
| Net income | ¥529.7M | Margin 17.6% |
| Free cash flow | ¥409M |  |
| Employees (consolidated) | 137 |  |
| EPS | ¥103.74 |  |
| Diluted EPS | ¥103.46 |  |
| Book value per share | ¥849.73 |  |
| Equity ratio | 74.3% |  |
| Shares outstanding | 4,767,600 |  |
| Shareholders | 1,195 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 50.2% |
| Vs. industry median margin | +22.6 pp | Travel Agencies |
| ROE | 15.0% | Derived from disclosed figures |
| ROA | 9.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 24%
- FY2026, operating income keeps 25 per ¥100 of revenue
- FY2026, cash is 26% of total assets

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2421284000 | ¥3015280000 | +24.5% |
| Operating income | ¥425427000 | ¥754129000 | +77.3% |
| Operating margin | 17.6% | 25.0% | +7.4 pp |
| Employees | 149 people | 137 people | -8.1% |
| Cash and equivalents | ¥917803000 | ¥1512388000 | +64.8% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,015 | 100.0% | S100YG2V |
| Cost of revenue | 688 | 22.8% | S100YG2V |
| Gross profit | 2,327 | 77.2% | S100YG2V |
| SG&A | 1,573 | 52.2% | S100YG2V |
| Operating income | 754 | 25.0% | S100YG2V |
| Ordinary income | 755 | 25.0% | S100YG2V |
| Pretax income | 755 | 25.0% | S100YG2V |
| Income tax | 225 | 7.5% | S100YG2V |
| Net income | 530 | 17.6% | S100YG2V |
| Net income attributable to owners | 530 | 17.6% | S100YG2V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 52 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 77.2% → Operating margin 25.0% → Net margin 17.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.9%; Core profit growth: +24.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.03×
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 | 2,694 | 3,015 | 321 | +11.9% |
| Gross profit | 2,019 | 2,327 | 308 | +15.2% |
| Operating income | 607 | 754 | 147 | +24.2% |
| Net income attributable to owners | 395 | 530 | 135 | +34.2% |
| Operating cash flow | 410 | 455 | 45 | +10.9% |
| Free cash flow | 371 | 409 | 38 | +10.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 2,421 | 425 | 17.6% | 345 | -11 | -29 | S100W1OL |
| FY ending Mar 2025 | 2,694 | 607 | 22.5% | 395 | 410 | 371 | S100YG2V |
| FY ending Mar 2026 | 3,015 | 754 | 25.0% | 530 | 455 | 409 | S100YG2V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.9M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 149 | 144 | 137 |
| Average salary (parent company) | — | ¥5.2M | ¥5.3M |
| Average age (parent company) | — | 40.0 years | 40.0 years |
| Average tenure (parent company) | — | 15.5 years | 16.0 years |

Year over year: Employees (consolidated) -4.9% · Revenue (consolidated) +11.9%

## 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 | 455 | 15.1% | S100YG2V |
| Capital expenditure | 46 | 1.5% | S100YG2V |
| Free cash flow | 409 | 13.6% | 算出 |
| Investing cash flow | 3 | 0.1% | S100YG2V |
| Financing cash flow | -133 | -4.4% | S100YG2V |
| Change in cash | 338 | 11.2% | S100YG2V |
| Cash and equivalents | 1,512 | 50.2% | S100YG2V |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 918 | 1,175 | 1,512 | S100YG2V |
| Total assets | 4,261 | 4,891 | 5,775 | S100W1OL, S100YG2V |
| Net assets | 2,462 | 2,855 | 4,291 | S100YG2V |
| Share capital | 80 | 80 | 525 | S100W1OL, S100YG2V |
| Property, plant and equipment | 2 | 1 | 1 | S100W1OL, S100YG2V |
| Intangible assets excluding goodwill | 68 | 76 | 89 | S100W1OL, S100YG2V |
| Current assets | 3,925 | 4,553 | 5,446 | S100W1OL, S100YG2V |
| Current liabilities | 1,790 | 2,029 | 1,477 | S100W1OL, S100YG2V |
| Short-term borrowings | 1,000 | 1,000 | — | S100W1OL, S100YG2V |
| Total liabilities | 1,799 | 2,036 | 1,484 | S100W1OL, S100YG2V |
| Equity attributable to owners of parent | 2,434 | 2,829 | 4,248 | S100W1OL, S100YG2V |
| Retained earnings | 2,354 | 2,749 | 3,278 | S100W1OL, S100YG2V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YG2V |
| Property, plant and equipment | 0% | S100YG2V |
| Intangibles and goodwill | 2% | S100YG2V |
| Other assets | 72% | S100YG2V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YG2V |
| Equity | 74% | S100YG2V |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 4,261 | 4,891 | 5,775 |
| Equity | 2,462 | 2,855 | 4,291 |
| Interest-bearing debt | — | — | — |
| Cash | 918 | 1,175 | 1,512 |

## 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) | 0.0% | S100YG2V |
| Fixed assets ÷ total assets | 0.0% | S100YG2V |
| Goodwill ÷ parent equity | — | —, S100YG2V |

### 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) | 26.2% |
| Cash ÷ revenue | 50.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 60.3% |
| Cash vs. profit gap | -75 JPY mn (of net income -14.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 0.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 14.2% | 0.57× | 8.1% | 1.75× | 14.2% | S100W1OL |
| 2025 | 14.7% | 0.59× | 8.6% | 1.74× | 15.0% | S100YG2V |
| 2026 | 17.6% | 0.57× | 9.9% | 1.51× | 15.0% | S100YG2V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西澤 重治 | Major shareholder | 23.5% | 2026-03-31 |
| 灰田 俊也 | Major shareholder | 10.9% | 2026-03-31 |
| ＩＡＣＥトラベル従業員持株会 | Major shareholder | 9.7% | 2026-03-31 |
| 横田 卓也 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社アドベンチャー | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ビジネスマネジメント | Major shareholder | 3.0% | 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 | 2.9% | 2026-03-31 |
| 浅生田 和人 | Major shareholder | 2.7% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.0% | 2026-03-31 |
| 岡部 将朋 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第45期(2025/04/01－2026/03/31) | S100YG2V | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG2V,, |
| 有価証券報告書－第44期(2024/04/01－2025/03/31) | S100W1OL | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1OL,, |

## 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).