# Keikyu Corporation: 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105期(2025/04/01－2026/03/31) (S100YK5J)
> Page: https://vizora.meequs.com/en/company/keikyu
> Retrieved: 2026-09-30T20:26:06.860Z

## Company

Keikyu, founded in 1898, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 8,177 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keikyu Corporation |
| Ticker | 9006 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9006.T) |
| Listing | TSE Prime |
| Head office | 横浜市西区高島1丁目2番8号 |
| Representative (per filing) | 取締役社長 川俣幸宏 |
| Founded | Feb 1898 |
| Share capital | ¥43.7B |
| Employees (consolidated) | 8,177 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.keikyu.co.jp (https://www.keikyu.co.jp/) |
| Corporate number | 7010401009277 |
| EDINET | E04089 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, General Contractors, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YK5J, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.4 | 18 |
| Profitability | 69.4 | 18 |
| Cash conversion | 61.8 | 17 |
| Efficiency | 19.4 | 18 |
| Financial strength | 18.8 | 8 |

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 40% of Keikyu's sales come from Transportation, with Retailing and Real estate making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Transportation 39.6%、Retailing 27.5%、Real estate 14.8%、Leisure services 10.2%、Other 7.8%
- Revenue → net income: ¥304192000000 → ¥27542000000
- Net income → operating cash flow: ¥27542000000 → ¥47917000000（difference ¥20375000000）
- Main uses of operating cash flow: CapEx ¥89283000000 / dividends ¥10871000000 / buybacks ¥10319000000
- Change in cash: ¥-6973000000
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 | ¥304.2B |  |
| Operating income | ¥33.6B | Margin 11.0% |
| Net income | ¥27.5B | Margin 9.0% |
| Free cash flow | -¥41.4B |  |
| Largest business | Transportation | of segment revenue 39.6% |
| Employees (consolidated) | 8,177 |  |
| EPS | ¥74.03 |  |
| Book value per share | ¥910.23 |  |
| Equity ratio | 34.4% |  |
| Shares outstanding | 275,760,547 |  |
| Treasury shares | 6,712,600 |  |
| Shareholders | 50,554 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 5.9% | Net cash -¥444.3B · Cash ÷ revenue 22.0% |
| Vs. industry median margin | +0.7 pp | Private Railways |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥234964000000 | ¥304192000000 | +29.5% |
| Operating income | ¥-18420000000 | ¥33553000000 | — |
| Operating margin | -7.8% | 11.0% | +18.9 pp |
| Employees | 9,055 people | 8,177 people | -9.7% |
| Cash and equivalents | ¥57450000000 | ¥67033000000 | +16.7% |

### 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 |
| --- | ---: |
| 交通事業 → 交通事業 | 32.7% |
| 不動産事業 → 不動産事業 | 14.8% |
| 不動産事業 → 事業再編・廃止 | 1.7% |
| レジャー・サービス事業 → レジャー・サービス事業 | 8.0% |
| 流通事業 → 流通事業 | 27.5% |
| 流通事業 → 事業再編・廃止 | 9.0% |
| その他 → その他 | 6.3% |
| 新設・再編 → 交通事業 | 7.0% |
| 新設・再編 → レジャー・サービス事業 | 2.2% |
| 新設・再編 → その他 | 1.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +9.5% | ¥120587000000 | 15.5% | 2 |
| Retailing | 5 years | -0.5% | ¥83717000000 | 2.6% | 2 |
| Real estate | 5 years | +3.0% | ¥45139000000 | 10.4% | 2 |
| Leisure services | 5 years | +10.6% | ¥30949000000 | 18.0% | 2 |
| Other | 5 years | +10.0% | ¥23797000000 | 16.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 304,192 | 100.0% | S100YK5J |
| SG&A | 46,477 | 15.3% | S100YK5J |
| Operating income | 33,553 | 11.0% | S100YK5J |
| Ordinary income | 28,854 | 9.5% | S100YK5J |
| Pretax income | 36,678 | 12.1% | S100YK5J |
| Income tax | 9,136 | 3.0% | S100YK5J |
| Net income | 27,542 | 9.1% | S100YK5J |
| Net income attributable to owners | 27,492 | 9.0% | S100YK5J |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 11.0% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.5%; Core profit growth: -5.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.67×
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 | 293,860 | 304,192 | 10,332 | +3.5% |
| Operating income | 35,642 | 33,553 | -2,089 | -5.9% |
| Net income attributable to owners | 24,301 | 27,492 | 3,191 | +13.1% |
| Operating cash flow | 14,847 | 47,917 | 33,070 | +222.7% |
| Free cash flow | -64,405 | -41,366 | 23,039 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 312,751 | 29,489 | 9.4% | 15,650 | 49,343 | -30,374 | S100LF9T |
| FY ending Mar 2021 | 234,964 | -18,420 | -7.8% | -27,211 | -7,219 | -51,524 | S100OATQ |
| FY ending Mar 2022 | 265,237 | 3,510 | 1.3% | 12,529 | 58,230 | 17,326 | S100RVWI |
| FY ending Mar 2023 | 253,005 | 10,819 | 4.3% | 15,817 | 24,786 | -31,168 | S100T93Y |
| FY ending Mar 2024 | 280,624 | 28,040 | 10.0% | 83,750 | 66,202 | -6,650 | S100W4LL |
| FY ending Mar 2025 | 293,860 | 35,642 | 12.1% | 24,301 | 14,847 | -64,405 | S100YK5J |
| FY ending Mar 2026 | 304,192 | 33,553 | 11.0% | 27,492 | 47,917 | -41,366 | S100YK5J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 8,938 | 8,630 | 8,587 | 8,484 | 8,177 |
| Average salary (parent company) | ¥6.2M | ¥6.7M | ¥6.9M | ¥7M | ¥7.2M |
| Average age (parent company) | 39.0 years | 39.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) +3.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 120,587 | 39.6% | 18,683 | 15.5% |
| Real estate | 45,139 | 14.8% | 4,680 | 10.4% |
| Leisure services | 30,949 | 10.2% | 5,561 | 18.0% |
| Retailing | 83,717 | 27.5% | 2,156 | 2.6% |
| Other | 23,797 | 7.8% | 3,815 | 16.0% |

### 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 | 39.6% | 53.5% | 13.9 | 15.5% |
| Real estate | 14.8% | 13.4% | -1.4 | 10.4% |
| Leisure services | 10.2% | 15.9% | 5.8 | 18.0% |
| Retailing | 27.5% | 6.2% | -21.3 | 2.6% |
| Other | 7.8% | 10.9% | 3.1 | 16.0% |

Segment → industry: Leisure services → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure services → Hotels & Inns / Other → General Contractors / Retailing → Supermarkets / Transportation → Private Railways / Retailing → 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 | 47,917 | 15.8% | S100YK5J |
| Capital expenditure | 89,283 | 29.4% | S100YK5J |
| Free cash flow | -41,366 | -13.6% | 算出 |
| Investing cash flow | -68,710 | -22.6% | S100YK5J |
| Financing cash flow | 13,872 | 4.6% | S100YK5J |
| Dividends paid | 10,871 | 3.6% | S100YK5J |
| Share buyback | 10,319 | 3.4% | S100YK5J |
| Change in cash | -6,973 | -2.3% | S100YK5J |
| Cash and equivalents | 67,033 | 22.0% | S100YK5J |

## 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 | 61,234 | 56,969 | 149,073 | 74,007 | 67,033 | S100T93Y, S100W4LL, S100YK5J |
| Total assets | 912,385 | 935,420 | 1,086,902 | 1,039,708 | 1,128,720 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Net assets | 256,884 | 273,452 | 357,697 | 372,587 | 390,430 | S100T93Y, S100W4LL, S100YK5J |
| Share capital | 43,738 | 43,738 | 43,738 | 43,738 | 43,738 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Property, plant and equipment | 631,790 | 644,786 | 680,050 | 675,437 | 730,035 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Intangible assets excluding goodwill | 7,425 | 8,300 | 8,194 | 9,526 | 9,615 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Investment securities | 85,846 | 84,591 | 103,100 | 114,136 | 132,736 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Current assets | 128,019 | 134,727 | 242,157 | 191,544 | 197,632 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Current liabilities | 201,446 | 222,775 | 259,468 | 220,904 | 223,613 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Trade payables | 24,363 | 27,560 | 39,206 | 39,604 | 61,046 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Short-term borrowings | 123,875 | 122,733 | 133,256 | 120,264 | 119,210 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Long-term borrowings | 220,793 | 229,717 | 229,117 | 229,034 | 242,145 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Bonds | 135,000 | 105,000 | 125,000 | 125,000 | 150,000 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Interest-bearing debt | 479,668 | 457,450 | 487,373 | 474,298 | 511,355 | 算出 |
| Total liabilities | 655,500 | 661,968 | 729,204 | 667,121 | 738,290 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Non-controlling interests | 2,259 | 2,366 | 2,576 | 1,025 | 2,147 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Equity attributable to owners of parent | 239,170 | 252,240 | 332,436 | 351,150 | 358,098 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Retained earnings | 152,100 | 165,164 | 245,348 | 264,967 | 281,588 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |
| Treasury stock | -827 | -821 | -809 | -1,739 | -11,432 | S100RVWI, S100T93Y, S100W4LL, S100YK5J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YK5J |
| Property, plant and equipment | 64% | S100YK5J |
| Intangibles and goodwill | 1% | S100YK5J |
| Investment securities | 12% | S100YK5J |
| Other assets | 17% | S100YK5J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YK5J |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 15% | S100YK5J |
| Equity | 35% | S100YK5J |

### 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 | 912,385 | 935,420 | 1,086,902 | 1,039,708 | 1,128,720 |
| Equity | 256,884 | 273,452 | 357,697 | 372,587 | 390,430 |
| Interest-bearing debt | 479,668 | 457,450 | 487,373 | 474,298 | 511,355 |
| Cash | 61,234 | 56,969 | 149,073 | 74,007 | 67,033 |

## 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) | 240.0% | S100YK5J |
| Fixed assets ÷ total assets | 64.7% | S100YK5J |
| Goodwill ÷ parent equity | — | —, S100YK5J |

### 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) | 5.9% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | -¥444.3B |
| Net debt ÷ operating cash flow | 9.27× |
| Cash conversion (operating CF ÷ operating income) | 142.8% |
| Cash vs. profit gap | 20,425 JPY mn (of net income 74.3%) |
| Shareholder returns / net income | 77.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 29.4% |
| Investing CF relative to operating CF | 143.4% |

## 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 | 4.7% | 0.29× | 1.4% | 3.81× | 5.2% | S100RVWI |
| 2023 | 6.3% | 0.27× | 1.7% | 3.76× | 6.4% | S100T93Y |
| 2024 | 29.8% | 0.28× | 8.3% | 3.46× | 28.6% | S100W4LL |
| 2025 | 8.3% | 0.28× | 2.3% | 3.11× | 7.1% | S100YK5J |
| 2026 | 9.0% | 0.28× | 2.5% | 3.06× | 7.8% | S100YK5J |

## 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 | 10.8% | 2026-03-31 |
| 株式会社ＡＴＲＡ | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 野村 絢 （常任代理人 三田証券株式会社） | Major shareholder | 2.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 西武鉄道株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行退職給付信託口） | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥304.2B, up +3.5% from ¥293.9B.
- Operating income, however, slipped -5.9% from ¥35.6B to ¥33.6B.
- Net income rose +13.1% from ¥24.3B to ¥27.5B, helped by gains on land sales rather than the core business.
- Operating cash flow jumped +222.7% from ¥14.8B to ¥47.9B, but capital expenditure of ¥89.3B kept free cash flow negative at -¥41.4B.

### Drivers

- More people traveled by train, including to and from Haneda Airport, and an earlier bus fare increase lifted transportation revenue
- Business hotels saw more domestic stays, pushing up both room rates and occupancy
- Operating income fell mainly because the prior year included a one-off sale of a stake in business land, and because labor costs rose, especially in buses. Net income was lifted by the sale of land for a national road as part of the Shinagawa Station west exit project

### Risks

- The company carries a lot of borrowings and bonds, so a sharp rise in interest rates would raise its interest costs
- Labor shortages could push wages up quickly and add to personnel costs
- A new rail link to Haneda Airport is under consideration and could bring more competition

Cited: Annual Securities Report (105th fiscal period) (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 (105th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YK5J | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK5J,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W4LL | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4LL,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100T93Y | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T93Y,, |
| 訂正有価証券報告書－第102期(2022/04/01－2023/03/31) | S100RVWI | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVWI,, |
| 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) | S100OATQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OATQ,, |
| 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) | S100LF9T | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF9T,, |

## 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).