# Keisei Electric Railway 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183期(2025/04/01－2026/03/31) (S100YL5Y)
> Page: https://vizora.meequs.com/en/company/keisei
> Retrieved: 2026-09-30T19:41:04.916Z

## Company

Keisei Electric Railway, founded in 1909, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 13,231 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Keisei Electric Railway Co.,Ltd. |
| Ticker | 9009 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9009.T) |
| Listing | TSE Prime |
| Head office | 千葉県市川市八幡三丁目3番1号 |
| Representative (per filing) | 代表取締役社長 天野貴夫 |
| Founded | Jul 1909 |
| Share capital | ¥36.8B |
| Employees (consolidated) | 13,231 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.keisei.co.jp (https://www.keisei.co.jp/) |
| Corporate number | 7010601012155 |
| EDINET | E04091 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, General Contractors, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YL5Y, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.7 | 18 |
| Profitability | 47.2 | 18 |
| Cash conversion | 38.2 | 17 |
| Efficiency | 25 | 18 |
| Financial strength | 93.8 | 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 63% of Keisei Electric Railway's sales come from Transportation, with Merchandise sales and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Transportation 62.7%、Merchandise sales 18.0%、Real estate 9.6%、Construction 5.5%、Leisure 4.2%
- Revenue → net income: ¥332424000000 → ¥49792000000
- Net income → operating cash flow: ¥49792000000 → ¥41454000000（difference ¥-8338000000）
- Main uses of operating cash flow: CapEx ¥84014000000 / dividends ¥11668000000 / buybacks ¥0
- Change in cash: ¥-17141000000
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 | ¥332.4B |  |
| Operating income | ¥34B | Margin 10.2% |
| Net income | ¥48B | Margin 14.4% |
| Free cash flow | -¥42.6B |  |
| Largest business | Transportation | of segment revenue 62.7% |
| Employees (consolidated) | 13,231 |  |
| EPS | ¥82.44 |  |
| Book value per share | ¥589.91 |  |
| Equity ratio | 47.2% |  |
| Shares outstanding | 517,233,000 |  |
| Treasury shares | 31,035,700 |  |
| Shareholders | 33,623 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 2.9% | Net cash -¥283.3B · Cash ÷ revenue 10.3% |
| Vs. industry median margin | -0.1 pp | Private Railways |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 25 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥207761000000 | ¥332424000000 | +60.0% |
| Operating income | ¥-18056000000 | ¥33974000000 | — |
| Operating margin | -8.7% | 10.2% | +18.9 pp |
| Employees | 11,150 people | 13,231 people | +18.7% |
| Cash and equivalents | ¥28900000000 | ¥34227000000 | +18.4% |

### 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 | 51.3% |
| 流通業 → 流通業 | 18.0% |
| 流通業 → 事業再編・廃止 | 11.9% |
| 不動産業 → 不動産業 | 9.5% |
| レジャー・サービス業 → レジャー・サービス業 | 2.7% |
| 建設業 → 建設業 | 5.5% |
| 建設業 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 運輸業 | 11.4% |
| 新設・再編 → 不動産業 | 0.1% |
| 新設・再編 → レジャー・サービス業 | 1.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +14.5% | ¥205095000000 | 8.6% | 2 |
| Merchandise sales | 5 years | -0.6% | ¥58846000000 | 0.4% | 2 |
| Real estate | 5 years | +10.2% | ¥31259000000 | 37.0% | 2 |
| Construction | 5 years | +6.2% | ¥18093000000 | 14.3% | 2 |
| Leisure | 5 years | +20.5% | ¥13860000000 | 10.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 332,424 | 100.0% | S100YL5Y |
| SG&A | 54,676 | 16.4% | S100YL5Y |
| Operating income | 33,974 | 10.2% | S100YL5Y |
| Ordinary income | 58,605 | 17.6% | S100YL5Y |
| Pretax income | 58,478 | 17.6% | S100YL5Y |
| Income tax | 8,686 | 2.6% | S100YL5Y |
| Net income | 49,792 | 15.0% | S100YL5Y |
| Net income attributable to owners | 48,023 | 14.4% | S100YL5Y |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 14 |

### Margin funnel

Operating margin 10.2% → Net margin 14.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.1%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.38×
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 | 319,314 | 332,424 | 13,110 | +4.1% |
| Operating income | 36,008 | 33,974 | -2,034 | -5.6% |
| Net income attributable to owners | 69,961 | 48,023 | -21,938 | -31.4% |
| Operating cash flow | 41,149 | 41,454 | 305 | +0.7% |
| Free cash flow | -22,048 | -42,560 | -20,512 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 274,796 | 28,320 | 10.3% | 30,110 | 51,487 | 4,184 | S100LLIX |
| FY ending Mar 2021 | 207,761 | -18,056 | -8.7% | -30,289 | 9,282 | -24,066 | S100OELJ |
| FY ending Mar 2022 | 214,157 | -5,201 | -2.4% | -4,438 | 28,831 | -9,404 | S100R39F |
| FY ending Mar 2023 | 252,338 | 10,228 | 4.1% | 26,929 | 47,238 | 14,406 | S100TV3Z |
| FY ending Mar 2024 | 296,509 | 25,241 | 8.5% | 87,657 | 60,045 | 5,510 | S100W81A |
| FY ending Mar 2025 | 319,314 | 36,008 | 11.3% | 69,961 | 41,149 | -22,048 | S100YL5Y |
| FY ending Mar 2026 | 332,424 | 33,974 | 10.2% | 48,023 | 41,454 | -42,560 | S100YL5Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 10,855 | 12,013 | 12,283 | 12,818 | 13,231 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.3M | ¥7.5M | ¥8M |
| Average age (parent company) | 41.0 years | 41.4 years | 41.4 years | 41.6 years | 40.9 years |
| Average tenure (parent company) | 17.3 years | 17.7 years | 17.6 years | 17.4 years | 17.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 205,095 | 62.7% | 17,586 | 8.6% |
| Merchandise sales | 58,846 | 18.0% | 253 | 0.4% |
| Real estate | 31,259 | 9.6% | 11,563 | 37.0% |
| Leisure | 13,860 | 4.2% | 1,500 | 10.8% |
| Construction | 18,093 | 5.5% | 2,596 | 14.3% |

### 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 | 62.7% | 52.5% | -10.2 | 8.6% |
| Merchandise sales | 18.0% | 0.8% | -17.2 | 0.4% |
| Real estate | 9.6% | 34.5% | 25.0 | 37.0% |
| Leisure | 4.2% | 4.5% | 0.2 | 10.8% |
| Construction | 5.5% | 7.7% | 2.2 | 14.3% |

Segment → industry: Leisure → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure → Hotels & Inns / Construction → General Contractors / Merchandise sales → Supermarkets / Transportation → Private Railways / Merchandise sales → 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 | 41,454 | 12.5% | S100YL5Y |
| Capital expenditure | 84,014 | 25.3% | S100YL5Y |
| Free cash flow | -42,560 | -12.8% | 算出 |
| Investing cash flow | -75,543 | -22.7% | S100YL5Y |
| Financing cash flow | 16,947 | 5.1% | S100YL5Y |
| Dividends paid | 11,668 | 3.5% | S100YL5Y |
| Share buyback | 0 | 0.0% | S100YL5Y |
| Change in cash | -17,141 | -5.2% | S100YL5Y |
| Cash and equivalents | 34,227 | 10.3% | S100YL5Y |

## 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 | 25,277 | 34,410 | 82,328 | 51,369 | 34,227 | S100TV3Z, S100W81A, S100YL5Y |
| Total assets | 900,346 | 965,573 | 1,064,202 | 1,094,120 | 1,181,801 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Net assets | 387,705 | 410,945 | 469,157 | 524,658 | 575,605 | S100TV3Z, S100W81A, S100YL5Y |
| Share capital | 36,803 | 36,803 | 36,803 | 36,803 | 36,803 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Property, plant and equipment | 587,008 | 635,573 | 659,935 | 704,321 | 758,112 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Intangible assets excluding goodwill | 12,480 | 13,095 | 12,310 | 12,091 | 12,240 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Investment securities | 204,162 | 202,892 | 225,591 | 236,626 | 281,209 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Current assets | 73,152 | 90,160 | 144,165 | 119,084 | 110,876 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Current liabilities | 148,328 | 182,638 | 223,759 | 231,225 | 257,449 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Trade payables | 18,320 | 20,723 | 25,461 | 28,022 | 30,069 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Short-term borrowings | 55,682 | 55,986 | 69,194 | 68,255 | 72,251 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Long-term borrowings | 140,189 | 148,431 | 140,237 | 114,345 | 115,229 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Bonds | 110,450 | 110,450 | 120,300 | 120,000 | 130,000 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Interest-bearing debt | 306,321 | 314,867 | 329,731 | 302,600 | 317,480 | 算出 |
| Total liabilities | 512,641 | 554,627 | 595,044 | 569,462 | 606,195 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Non-controlling interests | 17,941 | 16,033 | 17,535 | 15,673 | 17,775 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Equity attributable to owners of parent | 368,873 | 393,350 | 445,345 | 501,849 | 537,839 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Retained earnings | 309,843 | 335,790 | 419,309 | 482,049 | 518,404 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |
| Treasury stock | -6,184 | -13,641 | -45,171 | -52,410 | -52,407 | S100R39F, S100TV3Z, S100W81A, S100YL5Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YL5Y |
| Property, plant and equipment | 64% | S100YL5Y |
| Intangibles and goodwill | 1% | S100YL5Y |
| Investment securities | 24% | S100YL5Y |
| Other assets | 8% | S100YL5Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YL5Y |
| Interest-bearing debt | 27% | 算出 |
| Other liabilities | 22% | S100YL5Y |
| Equity | 49% | S100YL5Y |
| Other liabilities | 0% | S100YL5Y |

### 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 | 900,346 | 965,573 | 1,064,202 | 1,094,120 | 1,181,801 |
| Equity | 387,705 | 410,945 | 469,157 | 524,658 | 575,605 |
| Interest-bearing debt | 306,321 | 314,867 | 329,731 | 302,600 | 317,480 |
| Cash | 25,277 | 34,410 | 82,328 | 51,369 | 34,227 |

## 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) | 228.1% | S100YL5Y |
| Fixed assets ÷ total assets | 64.1% | S100YL5Y |
| Goodwill ÷ parent equity | — | —, S100YL5Y |

### 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) | 2.9% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | -¥283.3B |
| Net debt ÷ operating cash flow | 6.83× |
| Cash conversion (operating CF ÷ operating income) | 122.0% |
| Cash vs. profit gap | -6,569 JPY mn (of net income -13.7%) |
| Shareholder returns / net income | 24.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.3% |
| Investing CF relative to operating CF | 182.2% |

## 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 | — | —× | -0.5% | —× | — | S100R39F |
| 2023 | 10.7% | 0.27× | 2.9% | 2.45× | 7.1% | S100TV3Z |
| 2024 | 29.6% | 0.29× | 8.6% | 2.42× | 20.9% | S100W81A |
| 2025 | 21.9% | 0.30× | 6.5% | 2.28× | 14.8% | S100YL5Y |
| 2026 | 14.4% | 0.29× | 4.2% | 2.19× | 9.2% | S100YL5Y |

## 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 | 15.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社オリエンタルランド | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| イオン株式会社 | Major shareholder | 2.1% | 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 | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505301（常任代理人 株式会社みずほ銀行決済営業部） | 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 |

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

- Revenue for the FY ending Mar 2026 was ¥332.4B, up +4.1% from ¥319.3B.
- Operating income slipped from ¥36B to ¥34B, down -5.6%, so sales grew while profit shrank.
- Net income attributable to owners dropped from ¥70B to ¥48B, down -31.4%.
- Capital expenditure reached ¥84B, and free cash flow went further negative, from -¥22B to -¥42.6B.

### Drivers

- Net income fell mainly because gains from selling shares in affiliates were smaller than the year before
- The company spent more on IT systems and staff as it merged Shin-Keisei Electric Railway and moved its bus and taxi units under holding companies; transportation revenue rose but its operating income fell
- Investment went into rail facility upgrades and rental properties; real estate rental income grew with newly acquired apartments and a new shopping mall at Shin-Tsudanuma

### Risks

- Revenue leans fairly heavily on Narita Airport travelers, so terrorism, conflicts or epidemics overseas could cut airport traffic
- If Haneda Airport keeps expanding, demand at Narita could fall in relative terms
- Operations are concentrated in eastern Tokyo and northwestern Chiba, so a major earthquake or typhoon there would hit the business hard

Cited: Annual securities report (FY183) (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 (FY183) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第183期(2025/04/01－2026/03/31) | S100YL5Y | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL5Y,, |
| 有価証券報告書－第182期(2024/04/01－2025/03/31) | S100W81A | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W81A,, |
| 有価証券報告書－第181期(2023/04/01－2024/03/31) | S100TV3Z | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV3Z,, |
| 有価証券報告書－第180期(2022/04/01－2023/03/31) | S100R39F | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R39F,, |
| 有価証券報告書－第179期(令和3年4月1日－令和4年3月31日) | S100OELJ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OELJ,, |
| 有価証券報告書－第178期(令和2年4月1日－令和3年3月31日) | S100LLIX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLIX,, |

## 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).