# Keihan 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104期(2025/04/01－2026/03/31) (S100YCVR)
> Page: https://vizora.meequs.com/en/company/keihan-holdings
> Retrieved: 2026-09-30T20:33:05.760Z

## Company

Keihan Holdings, founded in 1906, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 6,233 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keihan Holdings Co.,Ltd. |
| Ticker | 9045 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9045.T) |
| Listing | TSE Prime |
| Head office | 大阪府枚方市岡東町173番地の1 大阪市中央区大手前1丁目7番31号(本社事務所) |
| Representative (per filing) | 代表取締役社長 平川良浩 |
| Founded | Nov 1906 |
| Share capital | ¥51.5B |
| Employees (consolidated) | 6,233 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.keihan.co.jp (https://www.keihan.co.jp/) |
| Corporate number | 8120001149503 |
| EDINET | E04105 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YCVR, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22 | 75 |
| Profitability | 69.2 | 86 |
| Cash conversion | 56.7 | 82 |
| Efficiency | 34.3 | 86 |
| Financial strength | 41.9 | 37 |

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 39% of Keihan Holdings's sales come from Real estate, with Transportation and Retail making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: Real estate 39.5%、Transportation 28.6%、Retail 17.2%、Leisure and service 13.2%、Others 1.5%
- Revenue → net income: ¥332471000000 → ¥34747000000
- Net income → operating cash flow: ¥34747000000 → ¥40340000000（difference ¥5593000000）
- Main uses of operating cash flow: CapEx ¥52760000000 / dividends ¥4057000000 / buybacks ¥2405000000
- Change in cash: ¥923000000
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 | ¥332.5B |  |
| Operating income | ¥49.2B | Margin 14.8% |
| Net income | ¥33.6B | Margin 10.1% |
| Free cash flow | -¥12.4B |  |
| Largest business | Real estate | of segment revenue 39.5% |
| Employees (consolidated) | 6,233 |  |
| EPS | ¥168.48 |  |
| Diluted EPS | ¥168.45 |  |
| Book value per share | ¥2024.91 |  |
| Equity ratio | 37.5% |  |
| Shares outstanding | 106,816,000 |  |
| Treasury shares | 5,915,500 |  |
| Shareholders | 42,590 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 1.6% | Net cash -¥358.1B · Cash ÷ revenue 4.4% |
| Vs. industry median margin | +4.3 pp | Real Estate Development & Leasing |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 17%
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥253419000000 | ¥332471000000 | +31.2% |
| Operating income | ¥-1265000000 | ¥49152000000 | — |
| Operating margin | -0.5% | 14.8% | +15.3 pp |
| Employees | 6,967 people | 6,233 people | -10.5% |
| Cash and equivalents | ¥26554000000 | ¥14700000000 | -44.6% |

### 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 | 25.2% |
| 不動産業 → 不動産業 | 37.6% |
| 流通業 → 流通業 | 17.2% |
| 流通業 → 事業再編・廃止 | 15.5% |
| レジャー・サービス業 → レジャー・サービス業 | 3.6% |
| その他の事業 → その他の事業 | 0.9% |
| 新設・再編 → 運輸業 | 3.4% |
| 新設・再編 → 不動産業 | 1.9% |
| 新設・再編 → レジャー・サービス業 | 9.6% |
| 新設・再編 → その他の事業 | 0.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate | 5 years | +6.6% | ¥131121000000 | 19.9% | 2 |
| Transportation | 5 years | +8.3% | ¥95173000000 | 14.7% | 2 |
| Retail | 5 years | -7.2% | ¥57048000000 | 4.9% | 2 |
| Leisure and service | 5 years | +36.9% | ¥43922000000 | 15.4% | 2 |
| Others | 5 years | +16.2% | ¥5090000000 | 3.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 332,471 | 100.0% | S100YCVR |
| SG&A | 53,250 | 16.0% | S100YCVR |
| Operating income | 49,152 | 14.8% | S100YCVR |
| Ordinary income | 46,931 | 14.1% | S100YCVR |
| Pretax income | 47,449 | 14.3% | S100YCVR |
| Income tax | 12,702 | 3.8% | S100YCVR |
| Net income | 34,747 | 10.5% | S100YCVR |
| Net income attributable to owners | 33,581 | 10.1% | S100YCVR |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 85 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Operating margin 14.8% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +16.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.79×
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 | 313,546 | 332,471 | 18,925 | +6.0% |
| Operating income | 42,071 | 49,152 | 7,081 | +16.8% |
| Net income attributable to owners | 28,266 | 33,581 | 5,315 | +18.8% |
| Operating cash flow | 44,007 | 40,340 | -3,667 | -8.3% |
| Free cash flow | -17,452 | -12,420 | 5,032 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 317,103 | 31,123 | 9.8% | 20,121 | 32,033 | 7,080 | S100LKI9 |
| FY ending Mar 2021 | 253,419 | -1,265 | -0.5% | -4,574 | 15,282 | -13,230 | S100OAEC |
| FY ending Mar 2022 | 258,118 | 13,408 | 5.2% | 9,589 | 21,673 | 235 | S100QZ05 |
| FY ending Mar 2023 | 260,070 | 20,491 | 7.9% | 17,621 | 16,932 | -2,932 | S100TMV2 |
| FY ending Mar 2024 | 302,147 | 33,904 | 11.2% | 24,890 | 40,830 | 7,935 | S100VYHN |
| FY ending Mar 2025 | 313,546 | 42,071 | 13.4% | 28,266 | 44,007 | -17,452 | S100YCVR |
| FY ending Mar 2026 | 332,471 | 49,152 | 14.8% | 33,581 | 40,340 | -12,420 | S100YCVR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.3M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 6,667 | 6,526 | 6,353 | 6,354 | 6,233 |
| Average salary (parent company) | ¥7.1M | ¥7.5M | ¥8M | ¥8.1M | ¥8.1M |
| Average age (parent company) | 44.8 years | 45.5 years | 44.5 years | 44.2 years | 43.8 years |
| Average tenure (parent company) | 20.1 years | 21.0 years | 21.0 years | 20.6 years | 19.3 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 95,173 | 28.6% | 13,977 | 14.7% |
| Real estate | 131,121 | 39.5% | 26,062 | 19.9% |
| Retail | 57,048 | 17.2% | 2,818 | 4.9% |
| Leisure and service | 43,922 | 13.2% | 6,759 | 15.4% |
| Others | 5,090 | 1.5% | 175 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 28.6% | 28.1% | -0.6 | 14.7% |
| Real estate | 39.5% | 52.3% | 12.9 | 19.9% |
| Retail | 17.2% | 5.7% | -11.5 | 4.9% |
| Leisure and service | 13.2% | 13.6% | 0.4 | 15.4% |
| Others | 1.5% | 0.4% | -1.2 | 3.4% |

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

## 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 | 40,340 | 12.1% | S100YCVR |
| Capital expenditure | 52,760 | 15.9% | S100YCVR |
| Free cash flow | -12,420 | -3.7% | 算出 |
| Investing cash flow | -42,986 | -12.9% | S100YCVR |
| Financing cash flow | 3,568 | 1.1% | S100YCVR |
| Dividends paid | 4,057 | 1.2% | S100YCVR |
| Share buyback | 2,405 | 0.7% | S100YCVR |
| Change in cash | 923 | 0.3% | S100YCVR |
| Cash and equivalents | 14,700 | 4.4% | S100YCVR |

## 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 | 20,322 | 16,727 | 22,768 | 13,777 | 14,700 | S100TMV2, S100VYHN, S100YCVR |
| Total assets | 737,261 | 774,849 | 820,224 | 859,860 | 909,545 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Net assets | 255,876 | 273,510 | 304,820 | 314,508 | 349,563 | S100TMV2, S100VYHN, S100YCVR |
| Share capital | 51,466 | 51,466 | 51,466 | 51,466 | 51,466 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Property, plant and equipment | 481,726 | 486,638 | 502,549 | 538,325 | 564,072 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Intangible assets excluding goodwill | 7,218 | 7,476 | 8,106 | 8,549 | 8,240 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Investment securities | 42,001 | 45,142 | 50,224 | 56,000 | 63,711 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Current assets | 186,794 | 217,002 | 240,594 | 235,252 | 251,042 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Current liabilities | 127,477 | 148,777 | 175,192 | 182,845 | 179,624 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Trade payables | 10,020 | 10,137 | 11,032 | 10,064 | 8,317 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Short-term borrowings | 60,320 | 53,608 | 77,694 | 62,434 | 74,459 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Long-term borrowings | 174,990 | 188,016 | 170,631 | 188,769 | 208,326 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Bonds | 100,000 | 80,000 | 90,000 | 90,000 | 90,000 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Interest-bearing debt | 335,310 | 321,624 | 338,325 | 341,203 | 372,785 | 算出 |
| Total liabilities | 481,384 | 501,338 | 515,403 | 545,351 | 559,982 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Non-controlling interests | 4,514 | 5,139 | 6,231 | 7,174 | 8,362 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Equity attributable to owners of parent | 210,627 | 225,673 | 248,180 | 255,125 | 282,292 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Retained earnings | 152,007 | 166,989 | 189,411 | 213,924 | 237,901 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |
| Treasury stock | -21,643 | -21,574 | -21,496 | -39,038 | -19,917 | S100QZ05, S100TMV2, S100VYHN, S100YCVR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YCVR |
| Property, plant and equipment | 62% | S100YCVR |
| Intangibles and goodwill | 1% | S100YCVR |
| Investment securities | 7% | S100YCVR |
| Other assets | 28% | S100YCVR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YCVR |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 20% | S100YCVR |
| Equity | 38% | S100YCVR |

### 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 | 737,261 | 774,849 | 820,224 | 859,860 | 909,545 |
| Equity | 255,876 | 273,510 | 304,820 | 314,508 | 349,563 |
| Interest-bearing debt | 335,310 | 321,624 | 338,325 | 341,203 | 372,785 |
| Cash | 20,322 | 16,727 | 22,768 | 13,777 | 14,700 |

## 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) | 169.7% | S100YCVR |
| Fixed assets ÷ total assets | 62.0% | S100YCVR |
| Goodwill ÷ parent equity | — | —, S100YCVR |

### 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) | 1.6% |
| Cash ÷ revenue | 4.4% |
| Net cash (cash − interest-bearing debt) | -¥358.1B |
| Net debt ÷ operating cash flow | 8.88× |
| Cash conversion (operating CF ÷ operating income) | 82.1% |
| Cash vs. profit gap | 6,759 JPY mn (of net income 20.1%) |
| Shareholder returns / net income | 19.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.9% |
| Investing CF relative to operating CF | 106.6% |

## 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 | 3.7% | 0.35× | 1.3% | 3.50× | 4.6% | S100QZ05 |
| 2023 | 6.8% | 0.34× | 2.3% | 3.47× | 8.1% | S100TMV2 |
| 2024 | 8.2% | 0.38× | 3.1% | 3.37× | 10.5% | S100VYHN |
| 2025 | 9.0% | 0.37× | 3.4% | 3.34× | 11.2% | S100YCVR |
| 2026 | 10.1% | 0.38× | 3.8% | 3.29× | 12.5% | S100YCVR |

## 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 | 12.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 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 | 2.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 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 | 1.3% | 2026-03-31 |
| 野村 絢 | Major shareholder | 1.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 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・阪急電鉄株式会社退職給付信託口） | Major shareholder | 1.1% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥332.5B, up +6.0% from ¥313.5B.
- Profit grew faster: operating income rose +16.8% to ¥49.2B, and net income +18.8% to ¥33.6B.
- Cash was tighter. Operating cash flow fell -8.3% to ¥40.3B, and with capital spending above that, free cash flow stayed negative at -¥12.4B.

### Drivers

- In real estate, land sales at the Keihanna science city and sales of hotel condominium units in Okinawa lifted profit
- The Osaka-Kansai Expo and strong inbound tourism helped hotels, leisure and the railway and bus lines
- Keihan Electric Railway raised its fares, adding to rail income

### Risks

- Higher oil and building material prices could raise fuel, construction and hotel energy costs
- The group carries interest-bearing debt, so rising rates or a rating change could add to costs
- A shrinking population in Osaka, Kyoto and Shiga could mean fewer rail passengers

Cited: Annual securities report (MD&A) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (business risks) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YCVR | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCVR,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100VYHN | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYHN,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TMV2 | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMV2,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100QZ05 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ05,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OAEC | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAEC,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LKI9 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKI9,, |

## 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).