# Keio 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) (S100YF0G)
> Page: https://vizora.meequs.com/en/company/keio
> Retrieved: 2026-09-30T19:03:19.253Z

## Company

Keio, founded in 1910, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 13,079 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keio Corporation |
| Ticker | 9008 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9008.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿三丁目1番24号(注)本社業務は下記本社事務所において行っております。(本社事務所) 東京都多摩市関戸一丁目9番地1 |
| Representative (per filing) | 代表取締役社長 社長執行役員 都村智史 |
| Founded | Sep 1910 |
| Share capital | ¥59B |
| Employees (consolidated) | 13,079 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.keio.co.jp (https://www.keio.co.jp/) |
| Corporate number | 3011101005999 |
| EDINET | E04092 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Hotels & Inns, General Contractors, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YF0G, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 45 |
| Profitability | 94.9 | 49 |
| Cash conversion | 7.4 | 47 |
| Efficiency | 5.1 | 49 |
| Financial strength | 31.3 | 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 27% of Keio's sales come from Life Services, with Transportation and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit -3.4%.

## Company structure

- Segment revenue mix: Life Services 27.4%、Transportation 26.6%、Real estate 23.1%、Hotels 12.0%、Construction and Maintenance 10.8%
- Revenue → net income: ¥496939000000 → ¥43048000000
- Net income → operating cash flow: ¥43048000000 → ¥37078000000（difference ¥-5970000000）
- Main uses of operating cash flow: CapEx ¥67551000000 / dividends ¥12405000000 / buybacks ¥10006000000
- Change in cash: ¥-462000000
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 | ¥496.9B |  |
| Operating income | ¥52.3B | Margin 10.5% |
| Net income | ¥42.9B | Margin 8.6% |
| Free cash flow | -¥30.5B |  |
| Largest business | Life Services | of segment revenue 27.4% |
| Employees (consolidated) | 13,079 |  |
| EPS | ¥51.36 |  |
| Book value per share | ¥486.69 |  |
| Equity ratio | 37.0% |  |
| Shares outstanding | 119,701,730 |  |
| Treasury shares | 3,864,300 |  |
| Shareholders | 47,244 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 4.0% | Net cash -¥411.4B · Cash ÷ revenue 9.6% |
| Vs. industry median margin | +7.7 pp | Supermarkets |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥315439000000 | ¥496939000000 | +57.5% |
| Operating income | ¥-20866000000 | ¥52322000000 | — |
| Operating margin | -6.6% | 10.5% | +17.1 pp |
| Employees | 13,542 people | 13,079 people | -3.4% |
| Cash and equivalents | ¥76753000000 | ¥47711000000 | -37.8% |

### 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 → 事業再編・廃止 | 30.8% |
| 不動産業 → 不動産業 | 16.2% |
| 流通業 → 事業再編・廃止 | 45.0% |
| レジャー・サービス業 → 事業再編・廃止 | 8.1% |
| 新設・再編 → 交通業 | 26.6% |
| 新設・再編 → 不動産業 | 6.9% |
| 新設・再編 → ホテル業 | 12.0% |
| 新設・再編 → 建設設備業 | 10.8% |
| 新設・再編 → 生活サービス業 | 27.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life Services | — | — | ¥136363000000 | 4.3% | 2 |
| Transportation | — | — | ¥132281000000 | 10.0% | 2 |
| Real estate | 5 years | +20.4% | ¥114759000000 | 15.0% | 2 |
| Hotels | — | — | ¥59690000000 | 17.0% | 2 |
| Construction and Maintenance | — | — | ¥53844000000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 496,939 | 100.0% | S100YF0G |
| SG&A | 61,564 | 12.4% | S100YF0G |
| Operating income | 52,322 | 10.5% | S100YF0G |
| Ordinary income | 51,172 | 10.3% | S100YF0G |
| Pretax income | 58,404 | 11.8% | S100YF0G |
| Income tax | 15,356 | 3.1% | S100YF0G |
| Net income | 43,048 | 8.7% | S100YF0G |
| Net income attributable to owners | 42,929 | 8.6% | S100YF0G |

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

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

### Margin funnel

Operating margin 10.5% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.7%; Core profit growth: -3.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.35×
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 | 452,916 | 496,939 | 44,023 | +9.7% |
| Operating income | 54,148 | 52,322 | -1,826 | -3.4% |
| Net income attributable to owners | 42,857 | 42,929 | 72 | +0.2% |
| Operating cash flow | 28,611 | 37,078 | 8,467 | +29.6% |
| Free cash flow | -20,266 | -30,473 | -10,207 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 433,669 | 36,024 | 8.3% | 17,875 | 50,157 | -11,660 | S100LTMW |
| FY ending Mar 2021 | 315,439 | -20,866 | -6.6% | -27,519 | 6,897 | -39,272 | S100Q1WB |
| FY ending Mar 2022 | 299,872 | 740 | 0.2% | 5,585 | 28,222 | -8,764 | S100R7I3 |
| FY ending Mar 2023 | 347,133 | 21,479 | 6.2% | 13,114 | 25,039 | -31,050 | S100TQOE |
| FY ending Mar 2024 | 408,694 | 43,840 | 10.7% | 29,243 | 52,258 | 7,962 | S100W3HD |
| FY ending Mar 2025 | 452,916 | 54,148 | 12.0% | 42,857 | 28,611 | -20,266 | S100YF0G |
| FY ending Mar 2026 | 496,939 | 52,322 | 10.5% | 42,929 | 37,078 | -30,473 | S100YF0G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 13,150 | 12,692 | 12,918 | 13,003 | 13,079 |
| Average salary (parent company) | ¥6.5M | ¥7.1M | ¥7.3M | ¥7.6M | ¥7.6M |
| Average age (parent company) | 41.2 years | 41.7 years | 41.5 years | 41.2 years | 40.5 years |
| Average tenure (parent company) | 17.8 years | 17.9 years | 17.8 years | 17.6 years | 17.7 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +9.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 132,281 | 26.6% | 13,254 | 10.0% |
| Real estate | 114,759 | 23.1% | 17,174 | 15.0% |
| Hotels | 59,690 | 12.0% | 10,128 | 17.0% |
| Construction and Maintenance | 53,844 | 10.8% | 7,434 | 13.8% |
| Life Services | 136,363 | 27.4% | 5,837 | 4.3% |

### 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 | 26.6% | 24.6% | -2.0 | 10.0% |
| Real estate | 23.1% | 31.9% | 8.8 | 15.0% |
| Hotels | 12.0% | 18.8% | 6.8 | 17.0% |
| Construction and Maintenance | 10.8% | 13.8% | 3.0 | 13.8% |
| Life Services | 27.4% | 10.8% | -16.6 | 4.3% |

Segment → industry: Real estate → Real Estate Development & Leasing / Construction and Maintenance → Real Estate Brokerage & Management / Hotels → Hotels & Inns / Construction and Maintenance → General Contractors / Life Services → Supermarkets / Transportation → Private Railways / Life Services → 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 | 37,078 | 7.5% | S100YF0G |
| Capital expenditure | 67,551 | 13.6% | S100YF0G |
| Free cash flow | -30,473 | -6.1% | 算出 |
| Investing cash flow | -35,644 | -7.2% | S100YF0G |
| Financing cash flow | -1,896 | -0.4% | S100YF0G |
| Dividends paid | 12,405 | 2.5% | S100YF0G |
| Share buyback | 10,006 | 2.0% | S100YF0G |
| Change in cash | -462 | -0.1% | S100YF0G |
| Cash and equivalents | 47,711 | 9.6% | S100YF0G |

## 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 | 67,394 | 71,021 | 73,035 | 48,173 | 47,711 | S100TQOE, S100W3HD, S100YF0G |
| Total assets | 906,212 | 955,233 | 1,079,388 | 1,122,589 | 1,199,857 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Net assets | 342,286 | 351,566 | 393,930 | 414,757 | 444,207 | S100TQOE, S100W3HD, S100YF0G |
| Share capital | 59,023 | 59,023 | 59,023 | 59,023 | 59,023 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Property, plant and equipment | 656,813 | 669,590 | 701,499 | 717,927 | 725,094 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Intangible assets excluding goodwill | 14,593 | 19,500 | 21,886 | 22,464 | 24,499 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Investment securities | 49,056 | 55,917 | 78,133 | 85,963 | 97,926 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Current assets | 157,066 | 182,894 | 248,285 | 266,341 | 316,555 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Current liabilities | 233,231 | 219,414 | 274,834 | 302,490 | 330,054 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Trade payables | 16,067 | 18,633 | 24,413 | 25,831 | 25,206 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Short-term borrowings | 68,627 | 81,616 | 99,741 | 100,375 | 110,889 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Long-term borrowings | 137,081 | 151,036 | 165,511 | 176,460 | 173,179 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Bonds | 130,000 | 170,000 | 170,100 | 155,000 | 175,000 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Interest-bearing debt | 335,708 | 402,652 | 435,352 | 431,835 | 459,068 | 算出 |
| Total liabilities | 563,925 | 603,666 | 685,458 | 707,831 | 755,650 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Non-controlling interests | -35 | -24 | 746 | 117 | 366 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Equity attributable to owners of parent | 333,555 | 341,853 | 365,896 | 384,184 | 404,587 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Retained earnings | 252,087 | 260,315 | 284,367 | 317,593 | 328,621 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |
| Treasury stock | -19,743 | -19,673 | -19,783 | -34,758 | -14,958 | S100R7I3, S100TQOE, S100W3HD, S100YF0G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YF0G |
| Property, plant and equipment | 61% | S100YF0G |
| Intangibles and goodwill | 2% | S100YF0G |
| Investment securities | 8% | S100YF0G |
| Other assets | 25% | S100YF0G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YF0G |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 23% | S100YF0G |
| Equity | 37% | S100YF0G |

### 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 | 906,212 | 955,233 | 1,079,388 | 1,122,589 | 1,199,857 |
| Equity | 342,286 | 351,566 | 393,930 | 414,757 | 444,207 |
| Interest-bearing debt | 335,708 | 402,652 | 435,352 | 431,835 | 459,068 |
| Cash | 67,394 | 71,021 | 73,035 | 48,173 | 47,711 |

## 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) | 145.9% | S100YF0G |
| Fixed assets ÷ total assets | 60.4% | S100YF0G |
| Goodwill ÷ parent equity | — | —, S100YF0G |

### 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) | 4.0% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | -¥411.4B |
| Net debt ÷ operating cash flow | 11.09× |
| Cash conversion (operating CF ÷ operating income) | 70.9% |
| Cash vs. profit gap | -5,851 JPY mn (of net income -13.6%) |
| Shareholder returns / net income | 52.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.6% |
| Investing CF relative to operating CF | 96.1% |

## 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 | 1.9% | 0.33× | 0.6% | 2.72× | 1.7% | S100R7I3 |
| 2023 | 3.8% | 0.37× | 1.4% | 2.76× | 3.9% | S100TQOE |
| 2024 | 7.2% | 0.40× | 2.9% | 2.87× | 8.3% | S100W3HD |
| 2025 | 9.5% | 0.41× | 3.9% | 2.94× | 11.4% | S100YF0G |
| 2026 | 8.6% | 0.43× | 3.7% | 2.94× | 10.9% | S100YF0G |

## 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 | 13.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.7% | 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 | 1.7% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社京王閣 | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行） | 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 grew 9.7% to ¥496.9B, up from ¥452.9B.
- Operating income moved the other way, slipping 3.4% to ¥52.3B from ¥54.1B.
- Net income held at ¥42.9B, about the same as the year before.
- Operating cash flow rose to ¥37.1B, but with ¥67.6B of capital spending, free cash flow came to -¥30.5B.

### Drivers

- Real estate sales grew, led by condominium sales and property sold to real estate funds.
- More people rode the trains, but depreciation on new rail cars and higher wages cut Transportation profit.
- Sales of shares held in business partners helped keep net income up.

### Risks

- Interest rates in Japan keep rising just as big redevelopment projects in Shinjuku and Hashimoto ramp up, which the company expects to add financial strain.
- Labor and construction costs keep climbing, and unrest in the Middle East has pushed up power, fuel, and materials prices.
- A major earthquake, typhoon, or heavy rain could halt service and bring repair costs.

Cited: Annual Securities Report (105th term) (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 term) (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) | S100YF0G | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF0G,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W3HD | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3HD,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TQOE | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQOE,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R7I3 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7I3,, |
| 訂正有価証券報告書－第101期(2021/04/01－2022/03/31) | S100Q1WB | 2023-02-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1WB,, |
| 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) | S100LTMW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTMW,, |

## 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).