# Imperial Hotel, 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185期(2025/04/01－2026/03/31) (S100YF3V)
> Page: https://vizora.meequs.com/en/company/imperial-hotel
> Retrieved: 2026-09-30T19:10:11.472Z

## Company

Imperial Hotel, founded in 1887, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,899 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IMPERIAL HOTEL, LTD. |
| Ticker | 9708 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9708.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区内幸町一丁目1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 風間淳 |
| Founded | Dec 1887 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 1,899 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.imperialhotel.co.jp (https://www.imperialhotel.co.jp/) |
| Corporate number | 8010001008711 |
| EDINET | E04539 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YF3V, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.9 | 16 |
| Profitability | 20.6 | 17 |
| Cash conversion | 82.1 | 14 |
| Efficiency | 67.6 | 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 Imperial Hotel's sales come from Hotel, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +33.7%.

## Company structure

- Segment revenue mix: Hotel 99.3%、Leasing 0.7%
- Revenue → net income: ¥56267000000 → ¥4290000000
- Net income → operating cash flow: ¥4290000000 → ¥4115000000（difference ¥-175000000）
- Main uses of operating cash flow: CapEx ¥7407000000 / dividends ¥711000000 / buybacks ¥319000000
- Change in cash: ¥2389000000
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 | ¥56.3B |  |
| Operating income | ¥2.13B | Margin 3.8% |
| Net income | ¥4.29B | Margin 7.6% |
| Free cash flow | -¥3.29B |  |
| Largest business | Hotel | of segment revenue 99.3% |
| Employees (consolidated) | 1,899 |  |
| EPS | ¥35.39 |  |
| Book value per share | ¥392.69 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 118,800,000 |  |
| Treasury shares | 178,000 |  |
| Shareholders | 11,258 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 27.3% | Cash ÷ revenue 39.7% |
| Vs. industry median margin | -6.9 pp | Hotels & Inns |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, parent-company salary changed +22% over five years
- FY2026, cash is 27% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22051000000 | ¥56267000000 | +155.2% |
| Operating income | ¥-11710000000 | ¥2126000000 | — |
| Operating margin | -53.1% | 3.8% | +56.9 pp |
| Employees | 1,986 people | 1,899 people | -4.4% |
| Cash and equivalents | ¥28651000000 | ¥22328000000 | -22.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → 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 |
| --- | ---: |
| ホテル事業 → ホテル事業 | 83.1% |
| 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 | 16.2% |
| 新設・再編 → ホテル事業 | 16.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 56,267 | 100.0% | S100YF3V |
| SG&A | 43,184 | 76.7% | S100YF3V |
| Operating income | 2,126 | 3.8% | S100YF3V |
| Ordinary income | 2,664 | 4.7% | S100YF3V |
| Pretax income | 2,664 | 4.7% | S100YF3V |
| Income tax | -1,626 | -2.9% | S100YF3V |
| Net income | 4,290 | 7.6% | S100YF3V |
| Net income attributable to owners | 4,290 | 7.6% | S100YF3V |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 3.8% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +33.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.85×
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 | 52,610 | 56,267 | 3,657 | +7.0% |
| Operating income | 1,590 | 2,126 | 536 | +33.7% |
| Net income attributable to owners | 2,585 | 4,290 | 1,705 | +66.0% |
| Operating cash flow | 7,063 | 4,115 | -2,948 | -41.7% |
| Free cash flow | -8,037 | -3,292 | 4,745 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,558 | 3,160 | 5.8% | 2,404 | 4,748 | 3,404 | S100LNYJ |
| FY ending Mar 2021 | 22,051 | -11,710 | -53.1% | -14,363 | -8,321 | -9,601 | S100OG4S |
| FY ending Mar 2022 | 28,617 | -11,121 | -38.9% | -7,886 | -1,723 | -3,131 | S100R71G |
| FY ending Mar 2023 | 43,772 | 348 | 0.8% | 1,951 | 3,938 | 2,126 | S100TU84 |
| FY ending Mar 2024 | 53,335 | 2,839 | 5.3% | 3,377 | 4,201 | 220 | S100W3HW |
| FY ending Mar 2025 | 52,610 | 1,590 | 3.0% | 2,585 | 7,063 | -8,037 | S100YF3V |
| FY ending Mar 2026 | 56,267 | 2,126 | 3.8% | 4,290 | 4,115 | -3,292 | S100YF3V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.6M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 1,824 | 1,680 | 1,758 | 1,813 | 1,899 |
| Average salary (parent company) | ¥4.8M | ¥5M | ¥5.7M | ¥5.9M | ¥5.8M |
| Average age (parent company) | 39.8 years | 40.1 years | 39.9 years | 39.2 years | 38.1 years |
| Average tenure (parent company) | 15.5 years | 16.5 years | 15.4 years | 14.8 years | 13.6 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel | 55,865 | 99.3% | 4,880 | 8.7% |
| Leasing | 401 | 0.7% | 107 | 26.7% |

### 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% | 97.9% | -1.4 | 8.7% |
| Leasing | 0.7% | 2.1% | 1.4 | 26.7% |

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

## 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 | 4,115 | 7.3% | S100YF3V |
| Capital expenditure | 7,407 | 13.2% | S100YF3V |
| Free cash flow | -3,292 | -5.9% | 算出 |
| Investing cash flow | -9,666 | -17.2% | S100YF3V |
| Financing cash flow | 7,940 | 14.1% | S100YF3V |
| Dividends paid | 711 | 1.3% | S100YF3V |
| Share buyback | 319 | 0.6% | S100YF3V |
| Change in cash | 2,389 | 4.2% | S100YF3V |
| Cash and equivalents | 22,328 | 39.7% | S100YF3V |

## 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 | 25,215 | 27,329 | 27,738 | 19,939 | 22,328 | S100TU84, S100W3HW, S100YF3V |
| Total assets | 59,111 | 61,743 | 65,706 | 69,034 | 81,869 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Net assets | 37,970 | 40,000 | 43,036 | 45,347 | 49,076 | S100TU84, S100W3HW, S100YF3V |
| Share capital | 1,485 | 1,485 | 1,485 | 1,485 | 1,485 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Property, plant and equipment | 15,012 | 14,241 | 16,907 | 29,085 | 34,253 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Intangible assets excluding goodwill | 1,142 | 1,056 | 1,525 | 1,598 | 1,585 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Investment securities | 6,134 | 6,011 | 5,950 | 5,822 | 5,431 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Current assets | 31,201 | 34,807 | 35,606 | 27,785 | 34,339 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Current liabilities | 6,813 | 10,628 | 12,394 | 7,545 | 17,618 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Short-term borrowings | — | — | — | — | 9,000 | S100YF3V |
| Total liabilities | 21,141 | 21,743 | 22,670 | 23,686 | 32,793 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Equity attributable to owners of parent | 37,413 | 39,127 | 41,792 | 43,666 | 46,925 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Retained earnings | 34,639 | 36,353 | 39,018 | 40,892 | 44,471 | S100R71G, S100TU84, S100W3HW, S100YF3V |
| Treasury stock | -89 | -89 | -89 | -89 | -409 | S100R71G, S100TU84, S100W3HW, S100YF3V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 27% | S100YF3V |
| Property, plant and equipment | 42% | S100YF3V |
| Intangibles and goodwill | 2% | S100YF3V |
| Investment securities | 7% | S100YF3V |
| Other assets | 22% | S100YF3V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YF3V |
| Equity | 60% | S100YF3V |

### 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 | 59,111 | 61,743 | 65,706 | 69,034 | 81,869 |
| Equity | 37,970 | 40,000 | 43,036 | 45,347 | 49,076 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,215 | 27,329 | 27,738 | 19,939 | 22,328 |

## 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) | 60.9% | S100YF3V |
| Fixed assets ÷ total assets | 41.8% | S100YF3V |
| Goodwill ÷ parent equity | — | —, S100YF3V |

### 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) | 27.3% |
| Cash ÷ revenue | 39.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.6% |
| Cash vs. profit gap | -175 JPY mn (of net income -4.1%) |
| Shareholder returns / net income | 24.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 234.9% |

## 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 | — | —× | -13.3% | —× | — | S100R71G |
| 2023 | 4.5% | 0.72× | 3.2% | 1.58× | 5.1% | S100TU84 |
| 2024 | 6.3% | 0.84× | 5.3% | 1.58× | 8.3% | S100W3HW |
| 2025 | 4.9% | 0.78× | 3.8% | 1.58× | 6.0% | S100YF3V |
| 2026 | 7.6% | 0.75× | 5.7% | 1.67× | 9.5% | S100YF3V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井不動産株式会社 | Major shareholder | 33.2% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社大和証券グループ本社 | Major shareholder | 5.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.7% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 清水建設株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 鹿島建設株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505010 | Major shareholder | 2.6% | 2026-03-31 |
| 三機工業株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第185期(2025/04/01－2026/03/31) | S100YF3V | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF3V,, |
| 訂正有価証券報告書－第184期(2024/04/01－2025/03/31) | S100W3HW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3HW,, |
| 有価証券報告書－第183期(2023/04/01－2024/03/31) | S100TU84 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU84,, |
| 有価証券報告書－第182期(2022/04/01－2023/03/31) | S100R71G | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R71G,, |
| 有価証券報告書－第181期(令和3年4月1日－令和4年3月31日) | S100OG4S | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG4S,, |
| 有価証券報告書－第180期(令和2年4月1日－令和3年3月31日) | S100LNYJ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNYJ,, |

## 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).