# Keifuku Electric Railroad 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120期(2025/04/01－2026/03/31) (S100YEN3)
> Page: https://vizora.meequs.com/en/company/keifuku-electric-railroad
> Retrieved: 2026-09-30T17:59:55.906Z

## Company

Keifuku Electric Railroad, founded in 1888, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 569 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keifuku Electric Railroad Co.,Ltd. |
| Ticker | 9049 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9049.T) |
| Listing | TSE Standard |
| Head office | 京都市中京区壬生賀陽御所町3番地の20 |
| Representative (per filing) | 代表取締役社長 大塚 憲郎 |
| Founded | Apr 1888 |
| Share capital | ¥1B |
| Employees (consolidated) | 569 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.keifuku.co.jp (https://www.keifuku.co.jp/) |
| Corporate number | 6130001020672 |
| EDINET | E04108 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Private Railways |

> Profile source: annual securities report (S100YEN3, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.2 | 18 |
| Profitability | 91.7 | 18 |
| Cash conversion | 32.4 | 17 |
| Efficiency | 69.4 | 18 |

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 Keifuku Electric Railroad's sales come from Transportation, with Real estate and Leisure and service making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +5.1%.

## Company structure

- Segment revenue mix: Transportation 53.0%、Real estate 38.8%、Leisure and service 8.1%
- Revenue → net income: ¥14881000000 → ¥2002000000
- Net income → operating cash flow: ¥2002000000 → ¥2884000000（difference ¥882000000）
- Main uses of operating cash flow: CapEx ¥1960000000 / dividends ¥39000000 / buybacks ¥0
- Change in cash: ¥221000000
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 | ¥14.9B |  |
| Operating income | ¥2.42B | Margin 16.3% |
| Net income | ¥1.83B | Margin 12.3% |
| Free cash flow | ¥924M |  |
| Largest business | Transportation | of segment revenue 53.0% |
| Employees (consolidated) | 569 |  |
| EPS | ¥420.93 |  |
| Book value per share | ¥3621.29 |  |
| Equity ratio | 53.8% |  |
| Shares outstanding | 2,000,000 |  |
| Treasury shares | 12,800 |  |
| Shareholders | 1,111 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 16.0% |
| Vs. industry median margin | +6 pp | Private Railways |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, segment profit share differs by 34 points
- FY2026, employees -7% while operating income rose 5%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10448000000 | ¥14881000000 | +42.4% |
| Operating income | ¥-338000000 | ¥2420000000 | — |
| Operating margin | -3.2% | 16.3% | +19.5 pp |
| Employees | 775 people | 569 people | -26.6% |
| Cash and equivalents | ¥2034000000 | ¥2376000000 | +16.8% |

### 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 |
| --- | ---: |
| 運輸業 → 運輸業 | 49.8% |
| 不動産業 → 不動産業 | 38.8% |
| 不動産業 → 事業再編・廃止 | 1.7% |
| レジャー・サービス業 → レジャー・サービス業 | 8.1% |
| レジャー・サービス業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 運輸業 | 3.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +8.7% | ¥7889000000 | 6.1% | 2 |
| Real estate | 5 years | +6.4% | ¥5780000000 | 30.3% | 2 |
| Leisure and service | 5 years | +3.7% | ¥1210000000 | 15.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,881 | 100.0% | S100YEN3 |
| SG&A | 43 | 0.3% | S100YEN3 |
| Operating income | 2,420 | 16.3% | S100YEN3 |
| Ordinary income | 2,428 | 16.3% | S100YEN3 |
| Pretax income | 2,880 | 19.4% | S100YEN3 |
| Income tax | 878 | 5.9% | S100YEN3 |
| Net income | 2,002 | 13.5% | S100YEN3 |
| Net income attributable to owners | 1,833 | 12.3% | S100YEN3 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 84 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Operating margin 16.3% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +5.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.76×
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 | 14,459 | 14,881 | 422 | +2.9% |
| Operating income | 2,302 | 2,420 | 118 | +5.1% |
| Net income attributable to owners | 1,736 | 1,833 | 97 | +5.6% |
| Operating cash flow | 3,626 | 2,884 | -742 | -20.5% |
| Free cash flow | 672 | 924 | 252 | +37.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,494 | 832 | 6.7% | 198 | 1,750 | 51 | S100LM9X |
| FY ending Mar 2021 | 10,448 | -338 | -3.2% | -338 | 1,665 | 587 | S100OD8W |
| FY ending Mar 2022 | 11,603 | 500 | 4.3% | 673 | 1,578 | 538 | S100R0O5 |
| FY ending Mar 2023 | 13,324 | 1,292 | 9.7% | 1,223 | 2,334 | 879 | S100TR3D |
| FY ending Mar 2024 | 14,042 | 1,913 | 13.6% | 2,089 | 2,456 | -222 | S100VZNX |
| FY ending Mar 2025 | 14,459 | 2,302 | 15.9% | 1,736 | 3,626 | 672 | S100YEN3 |
| FY ending Mar 2026 | 14,881 | 2,420 | 16.3% | 1,833 | 2,884 | 924 | S100YEN3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.2M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 752 | 718 | 675 | 613 | 569 |
| Average salary (parent company) | ¥4.3M | ¥4.7M | ¥4.8M | ¥5M | ¥5M |
| Average age (parent company) | 41.0 years | 40.4 years | 40.8 years | 40.1 years | 39.1 years |
| Average tenure (parent company) | 16.4 years | 15.1 years | 15.0 years | 14.6 years | 13.7 years |

Year over year: Employees (consolidated) -7.2% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 7,889 | 53.0% | 480 | 6.1% |
| Real estate | 5,780 | 38.8% | 1,751 | 30.3% |
| Leisure and service | 1,210 | 8.1% | 188 | 15.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 53.0% | 19.8% | -33.2 | 6.1% |
| Real estate | 38.8% | 72.4% | 33.5 | 30.3% |
| Leisure and service | 8.1% | 7.8% | -0.4 | 15.5% |

Segment → industry: Leisure and service → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure and service → Hotels & Inns / Transportation → Private Railways

## 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 | 2,884 | 19.4% | S100YEN3 |
| Capital expenditure | 1,960 | 13.2% | S100YEN3 |
| Free cash flow | 924 | 6.2% | 算出 |
| Investing cash flow | -1,652 | -11.1% | S100YEN3 |
| Financing cash flow | -1,010 | -6.8% | S100YEN3 |
| Dividends paid | 39 | 0.3% | S100YEN3 |
| Share buyback | 0 | 0.0% | S100YEN3 |
| Change in cash | 221 | 1.5% | S100YEN3 |
| Cash and equivalents | 2,376 | 16.0% | S100YEN3 |

## 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 | 1,701 | 1,950 | 1,938 | 2,154 | 2,376 | S100TR3D, S100VZNX, S100YEN3 |
| Total assets | 20,152 | 21,182 | 23,002 | 25,253 | 26,619 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Net assets | 8,096 | 9,463 | 11,779 | 13,656 | 15,720 | S100TR3D, S100VZNX, S100YEN3 |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Trade receivables | 1,059 | 1,373 | 1,388 | 1,417 | 1,602 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Property, plant and equipment | 15,438 | 15,949 | 17,107 | 18,661 | 19,412 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Intangible assets excluding goodwill | 229 | 241 | 218 | 238 | 190 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Investment securities | 288 | 294 | 441 | 470 | 629 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Current assets | 3,883 | 4,339 | 4,917 | 5,566 | 6,029 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Current liabilities | 5,710 | 6,072 | 5,610 | 5,803 | 5,808 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Trade payables | 48 | 49 | 21 | 23 | 21 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Short-term borrowings | 3,550 | 3,345 | 3,217 | 2,879 | 2,943 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Long-term borrowings | 4,195 | 3,630 | 3,337 | 3,397 | 2,534 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Total liabilities | 12,055 | 11,718 | 11,222 | 11,597 | 10,899 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Non-controlling interests | 784 | 912 | 1,060 | 1,227 | 1,389 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Equity attributable to owners of parent | 7,231 | 8,458 | 10,517 | 12,215 | 14,012 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Retained earnings | 5,952 | 7,176 | 9,226 | 10,922 | 12,716 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |
| Treasury stock | -20 | -21 | -22 | -22 | -23 | S100R0O5, S100TR3D, S100VZNX, S100YEN3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YEN3 |
| Receivables | 6% | S100YEN3 |
| Property, plant and equipment | 73% | S100YEN3 |
| Intangibles and goodwill | 1% | S100YEN3 |
| Investment securities | 2% | S100YEN3 |
| Other assets | 9% | S100YEN3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YEN3 |
| Other liabilities | 41% | S100YEN3 |
| Equity | 59% | S100YEN3 |

### 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 | 20,152 | 21,182 | 23,002 | 25,253 | 26,619 |
| Equity | 8,096 | 9,463 | 11,779 | 13,656 | 15,720 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,701 | 1,950 | 1,938 | 2,154 | 2,376 |

## 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) | 130.4% | S100YEN3 |
| Fixed assets ÷ total assets | 72.9% | S100YEN3 |
| Goodwill ÷ parent equity | — | —, S100YEN3 |

### 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) | 8.9% |
| Cash ÷ revenue | 16.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.2% |
| Cash vs. profit gap | 1,051 JPY mn (of net income 57.3%) |
| Shareholder returns / net income | 2.1% |
| Shareholder returns / FCF | 4.2% |
| Shareholder payments — dividends / net income | 2.1% |
| Shareholder payments — dividends / FCF | 4.2% |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 57.3% |

## 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 | 5.8% | 0.58× | 3.3% | 2.79× | 9.3% | S100R0O5 |
| 2023 | 9.2% | 0.64× | 5.9% | 2.63× | 15.6% | S100TR3D |
| 2024 | 14.9% | 0.64× | 9.5% | 2.33× | 22.0% | S100VZNX |
| 2025 | 12.0% | 0.60× | 7.2% | 2.12× | 15.3% | S100YEN3 |
| 2026 | 12.3% | 0.57× | 7.1% | 1.98× | 14.0% | S100YEN3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 京阪ホールディングス株式会社 | Major shareholder | 43.2% | 2026-03-31 |
| 日本駐車場開発株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社京三製作所 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 専徳寺 | Major shareholder | 0.6% | 2026-03-31 |
| 山口 秀明 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社福井銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YEN3 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEN3,, |
| 有価証券報告書－第119期(2024/04/01－2025/03/31) | S100VZNX | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZNX,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TR3D | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR3D,, |
| 有価証券報告書－第117期(2022/04/01－2023/03/31) | S100R0O5 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0O5,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100OD8W | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD8W,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LM9X | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM9X,, |

## 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).