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KeikyuKeikyu Corporation9006東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Keikyu revenue and profit

Out of every ¥100 of sales, about ¥11 is left as operating profit. Revenue changed +3.5% from the prior year, operating profit -5.9%.

Five-year trend

Revenue¥304.2B
FY ending Mar 2022: ¥265.2B¥265.2BFY ending Mar 2023: ¥253B¥253BFY ending Mar 2024: ¥280.6B¥280.6BFY ending Mar 2025: ¥293.9B¥293.9BFY ending Mar 2026: ¥304.2B¥304.2BFY22FY23FY24FY25FY26
Operating income¥33.6B
FY ending Mar 2022: ¥3.51B¥3.51BFY ending Mar 2023: ¥10.8B¥10.8BFY ending Mar 2024: ¥28B¥28BFY ending Mar 2025: ¥35.6B¥35.6BFY ending Mar 2026: ¥33.6B¥33.6BFY22FY23FY24FY25FY26
Operating margin11.0%
FY ending Mar 2022: 1.3%1.3%FY ending Mar 2023: 4.3%4.3%FY ending Mar 2024: 10.0%10.0%FY ending Mar 2025: 12.1%12.1%FY ending Mar 2026: 11.0%11.0%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin9.0%
Asset turnover0.28×
ROA2.5%
ROA2.5%
Financial leverage3.06×
ROE7.8%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin9.0%
2022: 4.7%4.7%2023: 6.3%6.3%2024: 29.8%29.8%2025: 8.3%8.3%2026: 9.0%9.0%2223242526
Asset turnover0.28×
2022: 0.29×0.29×2023: 0.27×0.27×2024: 0.28×0.28×2025: 0.28×0.28×2026: 0.28×0.28×2223242526
ROA2.5%
2022: 1.4%1.4%2023: 1.7%1.7%2024: 8.3%8.3%2025: 2.3%2.3%2026: 2.5%2.5%2223242526
Financial leverage3.06×
2022: 3.81×3.81×2023: 3.76×3.76×2024: 3.46×3.46×2025: 3.11×3.11×2026: 3.06×3.06×2223242526
ROE7.8%
2022: 5.2%5.2%2023: 6.4%6.4%2024: 28.6%28.6%2025: 7.1%7.1%2026: 7.8%7.8%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.7%0.29×1.4%3.81×5.2%
20236.3%0.27×1.7%3.76×6.4%
202429.8%0.28×8.3%3.46×28.6%
20258.3%0.28×2.3%3.11×7.1%
20269.0%0.28×2.5%3.06×7.8%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue240.0%
2021: 280.2%280.2%2022: 238.2%238.2%2023: 254.9%254.9%2024: 242.3%242.3%2025: 229.8%229.8%2026: 240.0%240.0%212223242526
PPE ÷ total assets64.7%
2021: 70.9%70.9%2022: 69.2%69.2%2023: 68.9%68.9%2024: 62.6%62.6%2025: 65.0%65.0%2026: 64.7%64.7%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 15d15d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue265,237253,005280,624293,860304,192
Cost of revenue—————
Gross profit—————
SG&A37,79238,78841,35942,96946,477
Operating income3,51010,81928,04035,64233,553
Pretax income20,35722,352119,27931,56136,678
Income tax7,8426,51035,4667,1199,136
Net income attributable to owners12,52915,81783,75024,30127,492
Operating margin1.3%4.3%10.0%12.1%11.0%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

6%
Property, plant and equipment 64%
1%
Investment securities 12%
Other assets 17%

Funding

5%
Interest-bearing debt 45%
Other liabilities 15%
Equity 35%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥61.2B¥57B¥149.1B¥74B¥67B
Total assets¥912.4B¥935.4B¥1.09T¥1.04T¥1.13T
Net assets¥256.9B¥273.5B¥357.7B¥372.6B¥390.4B
Share capital¥43.7B¥43.7B¥43.7B¥43.7B¥43.7B
Property, plant and equipment¥631.8B¥644.8B¥680B¥675.4B¥730B
Intangible assets excluding goodwill¥7.42B¥8.3B¥8.19B¥9.53B¥9.62B
Investment securities¥85.8B¥84.6B¥103.1B¥114.1B¥132.7B
Current assets¥128B¥134.7B¥242.2B¥191.5B¥197.6B
Current liabilities¥201.4B¥222.8B¥259.5B¥220.9B¥223.6B
Trade payables¥24.4B¥27.6B¥39.2B¥39.6B¥61B
Short-term borrowings¥123.9B¥122.7B¥133.3B¥120.3B¥119.2B
Long-term borrowings¥220.8B¥229.7B¥229.1B¥229B¥242.1B
Bonds¥135B¥105B¥125B¥125B¥150B
Interest-bearing debt¥479.7Bderived¥457.4Bderived¥487.4Bderived¥474.3Bderived¥511.4Bderived
Total liabilities¥655.5B¥662B¥729.2B¥667.1B¥738.3B
Non-controlling interests¥2.26B¥2.37B¥2.58B¥1.02B¥2.15B
Equity attributable to owners of parent¥239.2B¥252.2B¥332.4B¥351.1B¥358.1B
Retained earnings¥152.1B¥165.2B¥245.3B¥265B¥281.6B
Treasury stock-¥827M-¥821M-¥809M-¥1.74B-¥11.4B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第105期(2025/04/01－2026/03/31)

    ID S100YK5J2026-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第104期(2024/04/01－2025/03/31)

    ID S100W4LL2025-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第103期(2023/04/01－2024/03/31)

    ID S100T93Y2024-06-27Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第102期(2022/04/01－2023/03/31)

    ID S100RVWI2023-09-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第101期(令和3年4月1日－令和4年3月31日)

    ID S100OATQ2022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第100期(令和2年4月1日－令和3年3月31日)

    ID S100LF9T2021-06-29Open

Extracted from XBRL: 51 / Derived from other figures: 2

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