# Kobe 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151期(2025/04/01－2026/03/31) (S100YAZT)
> Page: https://vizora.meequs.com/en/company/kobe-electric-railway
> Retrieved: 2026-09-30T22:25:17.314Z

## Company

Kobe Electric Railway, founded in 1926, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 827 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kobe Electric Railway Co.,Ltd. |
| Ticker | 9046 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9046.T) |
| Listing | TSE Standard |
| Head office | 神戸市兵庫区新開地1丁目3番24号 |
| Representative (per filing) | 代表取締役社長 井波 洋 |
| Founded | Mar 1926 |
| Share capital | ¥11.7B |
| Employees (consolidated) | 827 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.shintetsu.co.jp (https://www.shintetsu.co.jp/) |
| Corporate number | 8140001015612 |
| EDINET | E04109 |
| Industries (Vizora) | Real Estate Development & Leasing, Supermarkets, Private Railways, Convenience Stores |

> Profile source: annual securities report (S100YAZT, filed 2026-06-12). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.9 | 18 |
| Profitability | 52.8 | 18 |
| Cash conversion | 79.4 | 17 |
| Efficiency | 8.3 | 18 |

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 60% of Kobe Electric Railway's sales come from Transportation, with Distribution and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +20.7%.

## Company structure

- Segment revenue mix: Transportation 60.1%、Distribution 22.6%、Other 9.3%、Real Estate 7.9%
- Revenue → net income: ¥23347000000 → ¥1462000000
- Net income → operating cash flow: ¥1462000000 → ¥3840000000（difference ¥2378000000）
- Main uses of operating cash flow: CapEx ¥3993000000 / dividends ¥158000000 / buybacks ¥1000000
- Change in cash: ¥269000000
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 | ¥23.3B |  |
| Operating income | ¥2.42B | Margin 10.4% |
| Net income | ¥1.46B | Margin 6.3% |
| Free cash flow | -¥153M |  |
| Largest business | Transportation | of segment revenue 60.1% |
| Employees (consolidated) | 827 |  |
| EPS | ¥148 |  |
| Book value per share | ¥2938.69 |  |
| Equity ratio | 27.0% |  |
| Shares outstanding | 8,061,000 |  |
| Treasury shares | 149,900 |  |
| Shareholders | 8,271 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 1.4% | Cash ÷ revenue 5.7% |
| Vs. industry median margin | +0.1 pp | Private Railways |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20231000000 | ¥23347000000 | +15.4% |
| Operating income | ¥698000000 | ¥2421000000 | +246.8% |
| Operating margin | 3.5% | 10.4% | +6.9 pp |
| Employees | 893 people | 827 people | -7.4% |
| Cash and equivalents | ¥1360000000 | ¥1322000000 | -2.8% |

### 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 → 運輸業 | 51.6% |
| 不動産業 → 不動産業 | 7.9% |
| 不動産業 → 事業再編・廃止 | 0.2% |
| 流通業 → 事業再編・廃止 | 29.6% |
| その他 → その他 | 8.5% |
| 建設業 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 運輸業 | 8.5% |
| 新設・再編 → 流通業 | 22.6% |
| 新設・再編 → その他 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +5.6% | ¥14037000000 | 11.2% | 2 |
| Distribution | — | — | ¥5279000000 | 0.5% | 2 |
| Other | 5 years | +4.4% | ¥2174000000 | 1.4% | 2 |
| Real Estate | 5 years | +2.0% | ¥1856000000 | 42.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,347 | 100.0% | S100YAZT |
| SG&A | 2,852 | 12.2% | S100YAZT |
| Operating income | 2,421 | 10.4% | S100YAZT |
| Ordinary income | 1,861 | 8.0% | S100YAZT |
| Pretax income | 2,059 | 8.8% | S100YAZT |
| Income tax | 597 | 2.6% | S100YAZT |
| Net income | 1,462 | 6.3% | S100YAZT |
| Net income attributable to owners | 1,462 | 6.3% | S100YAZT |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 10.4% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +20.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.77×
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 | 22,131 | 23,347 | 1,216 | +5.5% |
| Operating income | 2,006 | 2,421 | 415 | +20.7% |
| Net income attributable to owners | 1,150 | 1,462 | 312 | +27.1% |
| Operating cash flow | 2,964 | 3,840 | 876 | +29.6% |
| Free cash flow | 355 | -153 | -508 | -143.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,751 | 2,083 | 9.2% | 1,006 | 4,804 | 679 | S100LJ96 |
| FY ending Mar 2021 | 20,231 | 698 | 3.5% | 187 | 1,884 | -652 | S100O991 |
| FY ending Mar 2022 | 20,517 | 1,065 | 5.2% | 519 | 2,809 | 1,082 | S100QYU0 |
| FY ending Mar 2023 | 21,321 | 1,391 | 6.5% | 676 | 3,422 | 1,651 | S100TM9D |
| FY ending Mar 2024 | 22,313 | 1,859 | 8.3% | 1,024 | 3,780 | 1,926 | S100VX2K |
| FY ending Mar 2025 | 22,131 | 2,006 | 9.1% | 1,150 | 2,964 | 355 | S100YAZT |
| FY ending Mar 2026 | 23,347 | 2,421 | 10.4% | 1,462 | 3,840 | -153 | S100YAZT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.2M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 864 | 872 | 884 | 816 | 827 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 42.7 years | 41.5 years | 41.5 years | 40.6 years | 41.0 years |
| Average tenure (parent company) | 19.8 years | 19.2 years | 18.1 years | 19.5 years | 19.9 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 14,037 | 60.1% | 1,578 | 11.2% |
| Real Estate | 1,856 | 7.9% | 793 | 42.7% |
| Distribution | 5,279 | 22.6% | 24 | 0.5% |
| Other | 2,174 | 9.3% | 31 | 1.4% |

### 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 | 60.1% | 65.0% | 4.9 | 11.2% |
| Real Estate | 7.9% | 32.7% | 24.7 | 42.7% |
| Distribution | 22.6% | 1.0% | -21.6 | 0.5% |
| Other | 9.3% | 1.3% | -8.0 | 1.4% |

Segment → industry: Real Estate → Real Estate Development & Leasing / Distribution → Supermarkets / Transportation → Private Railways / Distribution → Convenience 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 | 3,840 | 16.4% | S100YAZT |
| Capital expenditure | 3,993 | 17.1% | S100YAZT |
| Free cash flow | -153 | -0.7% | 算出 |
| Investing cash flow | -2,390 | -10.2% | S100YAZT |
| Financing cash flow | -1,181 | -5.1% | S100YAZT |
| Dividends paid | 158 | 0.7% | S100YAZT |
| Share buyback | 1 | 0.0% | S100YAZT |
| Change in cash | 269 | 1.2% | S100YAZT |
| Cash and equivalents | 1,322 | 5.7% | S100YAZT |

## 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 | 1,256 | 1,436 | 1,460 | 1,052 | 1,322 | S100TM9D, S100VX2K, S100YAZT |
| Total assets | 92,351 | 90,804 | 90,451 | 90,680 | 93,493 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Net assets | 20,626 | 21,243 | 22,942 | 23,539 | 25,286 | S100TM9D, S100VX2K, S100YAZT |
| Share capital | 11,710 | 11,710 | 11,710 | 11,710 | 11,710 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Property, plant and equipment | 82,436 | 81,230 | 80,264 | 80,340 | 80,983 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Intangible assets excluding goodwill | 577 | 576 | 688 | 806 | 821 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Investment securities | 1,126 | 1,217 | 1,579 | 1,824 | 2,335 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Current assets | 5,988 | 5,670 | 5,299 | 5,163 | 6,452 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Current liabilities | 35,741 | 24,683 | 24,226 | 28,323 | 27,941 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Short-term borrowings | 29,298 | 18,463 | 17,803 | 21,847 | 19,994 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Long-term borrowings | 29,539 | 38,686 | 37,079 | 32,588 | 33,905 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Total liabilities | 71,724 | 69,560 | 67,508 | 67,141 | 68,207 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Equity attributable to owners of parent | 18,596 | 19,270 | 20,313 | 21,087 | 22,390 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Retained earnings | 6,974 | 7,650 | 8,697 | 9,768 | 11,072 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |
| Treasury stock | -88 | -91 | -95 | -391 | -393 | S100QYU0, S100TM9D, S100VX2K, S100YAZT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YAZT |
| Property, plant and equipment | 87% | S100YAZT |
| Intangibles and goodwill | 1% | S100YAZT |
| Investment securities | 2% | S100YAZT |
| Other assets | 9% | S100YAZT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YAZT |
| Equity | 27% | S100YAZT |

### 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 | 92,351 | 90,804 | 90,451 | 90,680 | 93,493 |
| Equity | 20,626 | 21,243 | 22,942 | 23,539 | 25,286 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,256 | 1,436 | 1,460 | 1,052 | 1,322 |

## 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) | 346.9% | S100YAZT |
| Fixed assets ÷ total assets | 86.6% | S100YAZT |
| Goodwill ÷ parent equity | — | —, S100YAZT |

### 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) | 1.4% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.6% |
| Cash vs. profit gap | 2,378 JPY mn (of net income 162.7%) |
| Shareholder returns / net income | 10.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.1% |
| Investing CF relative to operating CF | 62.2% |

## 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 | 2.5% | 0.22× | 0.6% | 4.97× | 2.8% | S100QYU0 |
| 2023 | 3.2% | 0.23× | 0.7% | 4.84× | 3.6% | S100TM9D |
| 2024 | 4.6% | 0.25× | 1.1% | 4.58× | 5.2% | S100VX2K |
| 2025 | 5.2% | 0.24× | 1.3% | 4.38× | 5.6% | S100YAZT |
| 2026 | 6.3% | 0.25× | 1.6% | 4.24× | 6.7% | S100YAZT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阪急阪神ホールディングス 株式会社 | Major shareholder | 27.7% | 2026-03-31 |
| 日本マスタートラスト 信託銀行株式会社（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 1.1% | 2026-03-31 |
| 阪急電鉄株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH-PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.6% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.6% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.4% | 2026-03-31 |
| 西松建設株式会社 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第151期(2025/04/01－2026/03/31) | S100YAZT | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAZT,, |
| 有価証券報告書－第150期(2024/04/01－2025/03/31) | S100VX2K | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX2K,, |
| 有価証券報告書－第149期(2023/04/01－2024/03/31) | S100TM9D | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM9D,, |
| 有価証券報告書－第148期(2022/04/01－2023/03/31) | S100QYU0 | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYU0,, |
| 有価証券報告書－第147期(令和3年4月1日－令和4年3月31日) | S100O991 | 2022-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O991,, |
| 有価証券報告書－第146期(令和2年4月1日－令和3年3月31日) | S100LJ96 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ96,, |

## 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).