# Japan Airport Terminal 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82期(2025/04/01－2026/03/31) (S100YGGN)
> Page: https://vizora.meequs.com/en/company/japan-airport-terminal
> Retrieved: 2026-09-30T17:59:54.617Z

## Company

Japan Airport Terminal, founded in 1953, is a company in Luxury Brands listed on TSE Prime. It has 3,018 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Airport Terminal Co.,Ltd. |
| Ticker | 9706 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9706.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区羽田空港三丁目3番2号 第1旅客ターミナルビル |
| Representative (per filing) | 代表取締役社長 田中 一仁 |
| Founded | Jan 1953 |
| Share capital | ¥38.1B |
| Employees (consolidated) | 3,018 |
| Average salary (parent only) | ¥9.2M |
| Fiscal year end | March |
| Website | tokyo-airport-bldg.co.jp (https://tokyo-airport-bldg.co.jp/) |
| Corporate number | 7010801014496 |
| EDINET | E03863 |
| Industries (Vizora) | Luxury Brands, Real Estate Development & Leasing, Restaurants & Pubs, Takeout & Delivery Meals, Airlines |

> Profile source: annual securities report (S100YGGN, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Luxury Brands (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 83.3 | 3 |
| Efficiency | 50 | 3 |

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 53% of Japan Airport Terminal's sales come from Merchandise Sales, with Facilities Management and Food and Beverage making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: Merchandise Sales 53.2%、Facilities Management 40.6%、Food and Beverage 6.2%
- Revenue → net income: ¥289823000000 → ¥37701000000
- Net income → operating cash flow: ¥37701000000 → ¥71569000000（difference ¥33868000000）
- Main uses of operating cash flow: CapEx ¥37685000000 / dividends ¥9313000000 / buybacks ¥0
- Change in cash: ¥10958000000
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 | ¥289.8B |  |
| Operating income | ¥45B | Margin 15.5% |
| Net income | ¥29.1B | Margin 10.1% |
| Free cash flow | ¥33.9B |  |
| Largest business | Merchandise Sales | of segment revenue 53.2% |
| Employees (consolidated) | 3,018 |  |
| EPS | ¥164.36 |  |
| Book value per share | ¥1744.27 |  |
| Equity ratio | 42.8% |  |
| Shares outstanding | 93,145,000 |  |
| Treasury shares | 104,600 |  |
| Shareholders | 8,664 |  |
| Average salary (parent only) | ¥9.2M | Filing company only |
| Cash ratio | 19.7% | Net cash -¥97.4B · Cash ÷ revenue 33.4% |
| Vs. industry median margin | +7.4 pp | Luxury Brands |
| ROE | 15.1% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, revenue is 5.1× its level five years ago
- FY2026, parent-company salary changed +41% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥52572000000 | ¥289823000000 | +451.3% |
| Operating income | ¥-59020000000 | ¥45043000000 | — |
| Operating margin | -112.3% | 15.5% | +127.8 pp |
| Employees | 3,110 people | 3,018 people | -3.0% |
| Cash and equivalents | ¥120355000000 | ¥96837000000 | -19.5% |

### 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 |
| --- | ---: |
| 施設管理運営業 → 施設管理運営業 | 40.6% |
| 施設管理運営業 → 事業再編・廃止 | 27.7% |
| 物品販売業 → 物品販売業 | 26.0% |
| 飲食業 → 飲食業 | 5.7% |
| 新設・再編 → 物品販売業 | 27.2% |
| 新設・再編 → 飲食業 | 0.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Merchandise Sales | 5 years | +62.4% | ¥154053000000 | 17.8% | 2 |
| Facilities Management | 5 years | +26.8% | ¥117765000000 | 24.0% | 2 |
| Food and Beverage | 5 years | +43.1% | ¥18004000000 | 6.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 289,823 | 100.0% | S100YGGN |
| Cost of revenue | 100,933 | 34.8% | S100YGGN |
| Gross profit | 188,890 | 65.2% | 算出 |
| SG&A | 143,846 | 49.6% | S100YGGN |
| Operating income | 45,043 | 15.5% | S100YGGN |
| Ordinary income | 43,704 | 15.1% | S100YGGN |
| Pretax income | 43,383 | 15.0% | S100YGGN |
| Income tax | 5,681 | 2.0% | S100YGGN |
| Net income | 37,701 | 13.0% | S100YGGN |
| Net income attributable to owners | 29,139 | 10.1% | S100YGGN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 50 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 65.2% → Operating margin 15.5% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +16.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.28×
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 | 269,923 | 289,823 | 19,900 | +7.4% |
| Gross profit | 173,526 | 188,890 | 15,364 | +8.9% |
| Operating income | 38,557 | 45,043 | 6,486 | +16.8% |
| Net income attributable to owners | 27,470 | 29,139 | 1,669 | +6.1% |
| Operating cash flow | 53,813 | 71,569 | 17,756 | +33.0% |
| Free cash flow | 32,739 | 33,884 | 1,145 | +3.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 249,756 | 9,892 | 4.0% | 5,012 | 20,222 | -31,454 | S100LOIN |
| FY ending Mar 2021 | 52,572 | -59,020 | -112.3% | -36,578 | -4,387 | -38,108 | S100OF8C |
| FY ending Mar 2022 | 57,057 | -41,255 | -72.3% | -25,217 | -9,305 | -14,760 | S100R77P |
| FY ending Mar 2023 | 113,050 | -10,579 | -9.4% | -3,901 | 16,326 | 6,091 | S100UYQN |
| FY ending Mar 2024 | 217,578 | 29,527 | 13.6% | 19,255 | 47,761 | 18,631 | S100W719 |
| FY ending Mar 2025 | 269,923 | 38,557 | 14.3% | 27,470 | 53,813 | 32,739 | S100YGGN |
| FY ending Mar 2026 | 289,823 | 45,043 | 15.5% | 29,139 | 71,569 | 33,884 | S100YGGN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96M |
| Operating income per employee (consolidated) | ¥14.9M |
| Net income per employee (consolidated) | ¥9.7M |

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) | 2,729 | 2,499 | 2,660 | 2,871 | 3,018 |
| Average salary (parent company) | ¥6.5M | ¥7.1M | ¥8M | ¥8.7M | ¥9.2M |
| Average age (parent company) | 41.0 years | 39.0 years | 37.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 13.0 years | 12.0 years | 12.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Facilities Management | 117,765 | 40.6% | 28,312 | 24.0% |
| Merchandise Sales | 154,053 | 53.2% | 27,489 | 17.8% |
| Food and Beverage | 18,004 | 6.2% | 1,150 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Facilities Management | 40.6% | 49.7% | 9.1 | 24.0% |
| Merchandise Sales | 53.2% | 48.3% | -4.9 | 17.8% |
| Food and Beverage | 6.2% | 2.0% | -4.2 | 6.4% |

Segment → industry: Merchandise Sales → Luxury Brands / Facilities Management → Real Estate Development & Leasing / Food and Beverage → Restaurants & Pubs / Food and Beverage → Takeout & Delivery Meals / Merchandise Sales → Airlines / Facilities Management → Airlines

## 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 | 71,569 | 24.7% | S100YGGN |
| Capital expenditure | 37,685 | 13.0% | S100YGGN |
| Free cash flow | 33,884 | 11.7% | 算出 |
| Investing cash flow | -39,442 | -13.6% | S100YGGN |
| Financing cash flow | -21,168 | -7.3% | S100YGGN |
| Dividends paid | 9,313 | 3.2% | S100YGGN |
| Share buyback | 0 | 0.0% | S100YGGN |
| Change in cash | 10,958 | 3.8% | S100YGGN |
| Cash and equivalents | 96,837 | 33.4% | S100YGGN |

## 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 | 97,128 | 90,241 | 75,395 | 85,878 | 96,837 | S100UYQN, S100W719, S100YGGN |
| Total assets | 463,878 | 446,955 | 460,423 | 469,955 | 491,972 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Net assets | 156,009 | 140,951 | 166,036 | 198,347 | 229,885 | S100UYQN, S100W719, S100YGGN |
| Share capital | 38,126 | 38,126 | 38,126 | 38,126 | 38,126 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Property, plant and equipment | 279,945 | 266,114 | 269,932 | 268,165 | 271,676 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Intangible assets excluding goodwill | 34,388 | 31,810 | 31,242 | 30,627 | 28,914 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Investment securities | 18,293 | 17,254 | 22,248 | 22,766 | 27,904 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Current assets | 113,868 | 114,988 | 120,756 | 130,933 | 143,429 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Current liabilities | 36,847 | 49,125 | 70,594 | 69,053 | 72,952 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Short-term borrowings | 15,626 | 15,709 | 16,615 | 14,358 | 14,897 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Long-term borrowings | 184,153 | 171,815 | 155,398 | 134,541 | 102,617 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Bonds | 55,287 | 55,139 | 44,988 | 56,832 | 76,675 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Interest-bearing debt | 255,066 | 242,663 | 217,001 | 205,731 | 194,189 | 算出 |
| Total liabilities | 307,869 | 306,004 | 294,386 | 271,608 | 262,086 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Non-controlling interests | 1,838 | -9,335 | -2,135 | 10,963 | 19,573 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Equity attributable to owners of parent | 153,120 | 149,217 | 164,652 | 183,235 | 203,158 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Retained earnings | 60,843 | 56,942 | 72,379 | 92,678 | 112,504 | S100R77P, S100UYQN, S100W719, S100YGGN |
| Treasury stock | -9 | -10 | -13 | -1,653 | -1,556 | S100R77P, S100UYQN, S100W719, S100YGGN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YGGN |
| Property, plant and equipment | 55% | S100YGGN |
| Intangibles and goodwill | 6% | S100YGGN |
| Investment securities | 6% | S100YGGN |
| Other assets | 13% | S100YGGN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 39% | 算出 |
| Other liabilities | 14% | S100YGGN |
| Equity | 47% | S100YGGN |
| Other liabilities | 0% | S100YGGN |

### 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 | 463,878 | 446,955 | 460,423 | 469,955 | 491,972 |
| Equity | 156,009 | 140,951 | 166,036 | 198,347 | 229,885 |
| Interest-bearing debt | 255,066 | 242,663 | 217,001 | 205,731 | 194,189 |
| Cash | 97,128 | 90,241 | 75,395 | 85,878 | 96,837 |

## 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) | 93.7% | S100YGGN |
| Fixed assets ÷ total assets | 55.2% | S100YGGN |
| Goodwill ÷ parent equity | — | —, S100YGGN |

### 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) | 19.7% |
| Cash ÷ revenue | 33.4% |
| Net cash (cash − interest-bearing debt) | -¥97.4B |
| Net debt ÷ operating cash flow | 1.36× |
| Cash conversion (operating CF ÷ operating income) | 158.9% |
| Cash vs. profit gap | 42,430 JPY mn (of net income 145.6%) |
| Shareholder returns / net income | 32.0% |
| Shareholder returns / FCF | 27.5% |
| Shareholder payments — dividends / net income | 32.0% |
| Shareholder payments — dividends / FCF | 27.5% |
| CapEx intensity (capex ÷ revenue) | 13.0% |
| Investing CF relative to operating CF | 55.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -5.4% | —× | — | S100R77P |
| 2023 | — | —× | -0.9% | —× | — | S100UYQN |
| 2024 | 8.8% | 0.48× | 4.2% | 2.89× | 12.3% | S100W719 |
| 2025 | 10.2% | 0.58× | 5.9% | 2.67× | 15.8% | S100YGGN |
| 2026 | 10.1% | 0.60× | 6.1% | 2.49× | 15.1% | S100YGGN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.3% | 2026-03-31 |
| ANAホールディングス株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 日本航空株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| ISHARES GLOBAL INFRASTRUCTURE ETF （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・京浜急行電鉄株式会社退職給付信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 大成建設株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YGGN | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGGN,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W719 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W719,, |
| 訂正有価証券報告書－第80期(2023/04/01－2024/03/31) | S100UYQN | 2024-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYQN,, |
| 有価証券報告書－第79期(2022/04/01－2023/03/31) | S100R77P | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R77P,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OF8C | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF8C,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LOIN | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOIN,, |

## 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).