# Ikka Holdings 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5期(2025/04/01－2026/03/31) (S100YHIO)
> Page: https://vizora.meequs.com/en/company/ikka-holdings
> Retrieved: 2026-09-30T22:22:16.438Z

## Company

Ikka Holdings, founded in 1997, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ikka Holdings CO.,Ltd. |
| Ticker | 7127 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7127.T) |
| Listing | TSE Standard |
| Head office | 千葉県市川市東大和田二丁目4番10号 |
| Representative (per filing) | 代表取締役社長 武長 太郎 |
| Founded | Oct 1997 |
| Share capital | ¥50.7M |
| Employees (consolidated) | 419 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | ikka-holdings.co.jp (https://ikka-holdings.co.jp/) |
| Corporate number | 4040001120442 |
| EDINET | E36757 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Restaurants & Pubs, Weddings |

> Profile source: annual securities report (S100YHIO, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.5 | 56 |
| Profitability | 29.5 | 66 |
| Cash conversion | 79.1 | 55 |
| Efficiency | 76.5 | 66 |

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 77% of Ikka Holdings's sales come from Food and beverage, with Bridal and Leisure making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +14.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Food and beverage 77.2%、Bridal 18.7%、Leisure 4.0%
- Revenue → net income: ¥11533017000 → ¥81045000
- Net income → operating cash flow: ¥81045000 → ¥562275000（difference ¥481230000）
- Main uses of operating cash flow: CapEx ¥429709000 / dividends — / buybacks —
- Change in cash: ¥362734000
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 | ¥11.5B |  |
| Operating income | ¥250.2M | Margin 2.2% |
| Net income | ¥79M | Margin 0.7% |
| Free cash flow | ¥132.6M |  |
| Largest business | Food and beverage | of segment revenue 77.2% |
| Employees (consolidated) | 419 |  |
| EPS | ¥2.09 |  |
| Diluted EPS | ¥2.06 |  |
| Book value per share | ¥108.29 |  |
| Equity ratio | 15.1% |  |
| Shares outstanding | 7,345,400 |  |
| Shareholders | 14,735 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 26.1% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | -1.8 pp | Restaurants & Pubs |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.1× net income
- FY2026, revenue is 2.6× its level five years ago
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4424518000 | ¥11533017000 | +160.7% |
| Operating income | ¥-729656000 | ¥250246000 | — |
| Operating margin | -16.5% | 2.2% | +18.7 pp |
| Employees | 286 people | 419 people | +46.5% |
| Cash and equivalents | ¥993043000 | ¥1701901000 | +71.4% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 飲食事業 → 飲食事業 | 69.3% |
| ブライダル事業 → ブライダル事業 | 18.7% |
| ブライダル事業 → 事業再編・廃止 | 12.0% |
| 新設・再編 → 飲食事業 | 8.0% |
| 新設・再編 → レジャー事業 | 4.0% |

Segment revenue source references: 5 (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 beverage | 4 years | +30.6% | ¥8905051000 | 4.7% | 2 |
| Bridal | 4 years | +12.3% | ¥2158855000 | -1.6% | 2 |
| Leisure | — | — | ¥466709000 | -34.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,533 | 100.0% | S100YHIO |
| Cost of revenue | 3,751 | 32.5% | S100YHIO |
| Gross profit | 7,782 | 67.5% | S100YHIO |
| SG&A | 7,532 | 65.3% | S100YHIO |
| Operating income | 250 | 2.2% | S100YHIO |
| Ordinary income | 198 | 1.7% | S100YHIO |
| Pretax income | 146 | 1.3% | S100YHIO |
| Income tax | 65 | 0.6% | S100YHIO |
| Net income | 81 | 0.7% | S100YHIO |
| Net income attributable to owners | 79 | 0.7% | S100YHIO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 65 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 67.5% → Operating margin 2.2% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 10,090 | 11,533 | 1,443 | +14.3% |
| Gross profit | 6,679 | 7,782 | 1,103 | +16.5% |
| Operating income | -75 | 250 | 325 | — |
| Net income attributable to owners | -172 | 79 | 251 | — |
| Operating cash flow | 183 | 562 | 380 | +208.0% |
| Free cash flow | -334 | 133 | 467 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 4,425 | -730 | -16.5% | 190 | 1,154 | 1,057 | S100R6B9 |
| FY ending Mar 2023 | 8,376 | 167 | 2.0% | 80 | 483 | 193 | S100TSDB |
| FY ending Mar 2024 | 9,233 | 228 | 2.5% | 79 | 537 | 226 | S100W3ZY |
| FY ending Mar 2025 | 10,090 | -75 | -0.7% | -172 | 183 | -334 | S100YHIO |
| FY ending Mar 2026 | 11,533 | 250 | 2.2% | 79 | 562 | 133 | S100YHIO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.5M |
| Operating income per employee (consolidated) | ¥597.2K |
| Net income per employee (consolidated) | ¥188.4K |

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) | 286 | 319 | 349 | 379 | 419 |
| Average salary (parent company) | ¥4.4M | ¥4.2M | ¥4M | ¥4.2M | ¥4.6M |
| Average age (parent company) | 35.7 years | 36.1 years | 37.0 years | 36.7 years | 36.8 years |
| Average tenure (parent company) | 8.2 years | 7.9 years | 8.3 years | 8.3 years | 8.7 years |

Year over year: Employees (consolidated) +10.6% · Revenue (consolidated) +14.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food and beverage | 8,905 | 77.2% | 415 | 4.7% |
| Bridal | 2,159 | 18.7% | -34 | -1.6% |
| Leisure | 467 | 4.0% | -163 | -34.9% |

### 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 beverage | 77.2% | 100.0% | 22.8 | 4.7% |
| Bridal | 18.7% | — | — | -1.6% |
| Leisure | 4.0% | — | — | -34.9% |

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

Loss-making segment (excluded from profit shares): Leisure -163 JPY mn

Segment → industry: Leisure → Theme Parks & Leisure Facilities / Food and beverage → Restaurants & Pubs / Bridal → Weddings

## 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 | 562 | 4.9% | S100YHIO |
| Capital expenditure | 430 | 3.7% | S100YHIO |
| Free cash flow | 133 | 1.1% | 算出 |
| Investing cash flow | -555 | -4.8% | S100YHIO |
| Financing cash flow | 355 | 3.1% | S100YHIO |
| Change in cash | 363 | 3.1% | S100YHIO |
| Cash and equivalents | 1,702 | 14.8% | S100YHIO |

## 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 | 993 | 1,082 | 1,471 | 1,339 | 1,702 | S100TSDB, S100W3ZY, S100YHIO |
| Total assets | 4,659 | 4,767 | 5,381 | 5,710 | 6,524 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Net assets | 598 | 938 | 1,063 | 897 | 1,021 | S100TSDB, S100W3ZY, S100YHIO |
| Share capital | 50 | 172 | 36 | 42 | 51 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Property, plant and equipment | 1,663 | 1,672 | 1,802 | 1,954 | 2,128 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Intangible assets excluding goodwill | 7 | 8 | 7 | 20 | 22 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Goodwill | — | 6 | 4 | 3 | 1 | S100TSDB, S100W3ZY, S100YHIO |
| Investment securities | — | 35 | 140 | 189 | 291 | S100TSDB, S100W3ZY, S100YHIO |
| Current assets | 1,525 | 1,623 | 2,082 | 2,072 | 2,664 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Current liabilities | 1,688 | 1,671 | 1,922 | 1,869 | 2,258 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Long-term borrowings | 2,020 | 1,816 | 1,947 | 2,468 | 2,731 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Total liabilities | 4,060 | 3,829 | 4,318 | 4,813 | 5,502 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Non-controlling interests | — | 8 | 9 | 10 | 12 | S100TSDB, S100W3ZY, S100YHIO |
| Equity attributable to owners of parent | 585 | 910 | 1,000 | 841 | 937 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |
| Retained earnings | -398 | -317 | -238 | -411 | -332 | S100R6B9, S100TSDB, S100W3ZY, S100YHIO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YHIO |
| Property, plant and equipment | 33% | S100YHIO |
| Intangibles and goodwill | 0% | S100YHIO |
| Investment securities | 5% | S100YHIO |
| Other assets | 36% | S100YHIO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 84% | S100YHIO |
| Equity | 16% | S100YHIO |
| Other liabilities | 0% | S100YHIO |

### 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 | 4,659 | 4,767 | 5,381 | 5,710 | 6,524 |
| Equity | 598 | 938 | 1,063 | 897 | 1,021 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 993 | 1,082 | 1,471 | 1,339 | 1,702 |

## 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) | 18.5% | S100YHIO |
| Fixed assets ÷ total assets | 32.6% | S100YHIO |
| Goodwill ÷ parent equity | 0.1% | S100YHIO |

### 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) | 26.1% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 224.7% |
| Cash vs. profit gap | 483 JPY mn (of net income 612.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 98.6% |

## 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 | 4.3% | 0.95× | 4.1% | 7.96× | 32.4% | S100R6B9 |
| 2023 | 1.0% | 1.78× | 1.7% | 6.30× | 10.7% | S100TSDB |
| 2024 | 0.9% | 1.82× | 1.6% | 5.31× | 8.3% | S100W3ZY |
| 2025 | — | —× | -3.1% | —× | — | S100YHIO |
| 2026 | 0.7% | 1.89× | 1.3% | 6.88× | 8.9% | S100YHIO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社TKコーポレーション | Major shareholder | 21.8% | 2026-03-31 |
| 武長 太郎 | Major shareholder | 11.3% | 2026-03-31 |
| サントリー株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 一家ホールディングス従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社古舘篤臣綜合事務所 | Major shareholder | 0.5% | 2026-03-31 |
| 西山 知義 | Major shareholder | 0.4% | 2026-03-31 |
| 岡崎 洋司 | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社DDグループ | Major shareholder | 0.3% | 2026-03-31 |
| 寺口 義弘 | Major shareholder | 0.1% | 2026-03-31 |
| 株式会社やつや | Major shareholder | 0.1% | 2026-03-31 |
| 米林 拓 | Major shareholder | 0.1% | 2026-03-31 |
| 中野 陽之 | Major shareholder | 0.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YHIO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHIO,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100W3ZY | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3ZY,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TSDB | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDB,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R6B9 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6B9,, |
| 訂正有価証券報告書－第1期(令和3年4月1日－令和4年3月31日) | S100P8BW | 2022-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8BW,, |

## 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).