# KOEI TECMO HOLDINGS 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17期(2025/04/01－2026/03/31) (S100YEES)
> Page: https://vizora.meequs.com/en/company/koei-tecmo-holdings
> Retrieved: 2026-09-30T23:27:55.352Z

## Company

Koei Tecmo Holdings is a company in Games listed on TSE Prime. It has 2,835 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOEI TECMO HOLDINGS CO., LTD. |
| Ticker | 3635 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3635.T) |
| Listing | TSE Prime |
| Head office | 横浜市港北区箕輪町一丁目18番12号 |
| Representative (per filing) | 代表取締役 社長執行役員CEO 鯉沼 久史 |
| Share capital | ¥15B |
| Employees (consolidated) | 2,835 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.koeitecmo.co.jp (https://www.koeitecmo.co.jp/) |
| Corporate number | 4020001061110 |
| EDINET | E22460 |
| Industries (Vizora) | Games, Real Estate Development & Leasing, Pachinko |

> Profile source: annual securities report (S100YEES, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.1 | 36 |
| Profitability | 96.3 | 41 |
| Cash conversion | 50 | 31 |
| Efficiency | 8.5 | 41 |

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 93% of Koei Tecmo Holdings's sales come from Entertainment, with Amusement and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥42 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Entertainment 93.0%、Amusement 5.4%、Real estate 1.5%、Other 0.1%
- Revenue → net income: ¥88393000000 → ¥42830000000
- Net income → operating cash flow: ¥42830000000 → ¥33010000000（difference ¥-9820000000）
- Main uses of operating cash flow: CapEx ¥24060000000 / dividends ¥18927000000 / buybacks ¥1000000
- Change in cash: ¥36781000000
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 | ¥88.4B |  |
| Operating income | ¥37.2B | Margin 42.0% |
| Net income | ¥42.8B | Margin 48.5% |
| Free cash flow | ¥8.95B |  |
| Largest business | Entertainment | of segment revenue 93.0% |
| Employees (consolidated) | 2,835 |  |
| EPS | ¥53.91 |  |
| Diluted EPS | ¥53.87 |  |
| Book value per share | ¥416.37 |  |
| Equity ratio | 86.7% |  |
| Shares outstanding | 336,096,924 |  |
| Treasury shares | 2,010,100 |  |
| Shareholders | 37,747 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 67.1% |
| Vs. industry median margin | +36.6 pp | Games |
| ROE | 19.8% | Derived from disclosed figures |
| ROA | 16.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, operating income keeps 42 per ¥100 of revenue
- FY2026, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥60370000000 | ¥88393000000 | +46.4% |
| Operating income | ¥24397000000 | ¥37168000000 | +52.3% |
| Operating margin | 40.4% | 42.0% | +1.6 pp |
| Employees | 1,983 people | 2,835 people | +43.0% |
| Cash and equivalents | ¥11439000000 | ¥59334000000 | +418.7% |

### 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 |
| --- | ---: |
| エンタテインメント → 事業再編・廃止 | 93.8% |
| アミューズメント → 事業再編・廃止 | 4.9% |
| 不動産 → 不動産 | 1.3% |
| その他 → その他 | 0.0% |
| 新設・再編 → エンタテインメント | 93.0% |
| 新設・再編 → アミューズメント | 5.4% |
| 新設・再編 → 不動産 | 0.2% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Entertainment | 4 years | +4.6% | ¥82239000000 | 44.6% | 2 |
| Amusement | 4 years | +14.3% | ¥4782000000 | 16.8% | 2 |
| Real estate | 5 years | +10.6% | ¥1296000000 | 25.2% | 2 |
| Other | 5 years | +49.6% | ¥75000000 | -805.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,393 | 100.0% | S100YEES |
| Cost of revenue | 31,331 | 35.4% | S100YEES |
| Gross profit | 57,062 | 64.6% | S100YEES |
| SG&A | 19,894 | 22.5% | S100YEES |
| Operating income | 37,168 | 42.0% | S100YEES |
| Ordinary income | 57,000 | 64.5% | S100YEES |
| Pretax income | 57,000 | 64.5% | S100YEES |
| Income tax | 14,170 | 16.0% | S100YEES |
| Net income | 42,830 | 48.5% | S100YEES |
| Net income attributable to owners | 42,830 | 48.5% | S100YEES |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 23 |
| Operating income | 42 |
| (Ref.) Net income | 48 |

### Margin funnel

Gross margin 64.6% → Operating margin 42.0% → Net margin 48.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.49×
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 | 83,150 | 88,393 | 5,243 | +6.3% |
| Gross profit | 52,390 | 57,062 | 4,672 | +8.9% |
| Operating income | 32,119 | 37,168 | 5,049 | +15.7% |
| Net income attributable to owners | 37,628 | 42,830 | 5,202 | +13.8% |
| Operating cash flow | 34,369 | 33,010 | -1,359 | -4.0% |
| Free cash flow | 32,765 | 8,950 | -23,815 | -72.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,645 | 14,102 | 33.1% | 15,306 | 9,748 | -4,490 | S100LXDQ |
| FY ending Mar 2021 | 60,370 | 24,397 | 40.4% | 29,550 | 29,726 | 28,135 | S100O9GQ |
| FY ending Mar 2022 | 72,759 | 34,527 | 47.5% | 35,359 | 24,819 | 23,468 | S100QY9X |
| FY ending Mar 2023 | 78,417 | 39,133 | 49.9% | 30,935 | 29,692 | 28,802 | S100TOUL |
| FY ending Mar 2024 | 84,584 | 28,494 | 33.7% | 33,792 | 36,603 | 34,798 | S100W144 |
| FY ending Mar 2025 | 83,150 | 32,119 | 38.6% | 37,628 | 34,369 | 32,765 | S100YEES |
| FY ending Mar 2026 | 88,393 | 37,168 | 42.0% | 42,830 | 33,010 | 8,950 | S100YEES |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.2M |
| Operating income per employee (consolidated) | ¥13.1M |
| Net income per employee (consolidated) | ¥15.1M |

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) | 2,063 | 2,381 | 2,531 | 2,684 | 2,835 |
| Average salary (parent company) | ¥7M | ¥7.4M | ¥8.1M | ¥7.9M | ¥9M |
| Average age (parent company) | 37.4 years | 37.5 years | 37.5 years | 38.2 years | 38.8 years |
| Average tenure (parent company) | 9.7 years | 9.3 years | 9.4 years | 9.4 years | 9.8 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainment | 82,239 | 93.0% | 36,642 | 44.6% |
| Amusement | 4,782 | 5.4% | 802 | 16.8% |
| Real estate | 1,296 | 1.5% | 327 | 25.2% |
| Other | 75 | 0.1% | -604 | -805.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Entertainment | 93.0% | 97.0% | 4.0 | 44.6% |
| Amusement | 5.4% | 2.1% | -3.3 | 16.8% |
| Real estate | 1.5% | 0.9% | -0.6 | 25.2% |
| Other | 0.1% | — | — | -805.3% |

Loss-making segment (excluded from profit shares): Other -604 JPY mn

Segment → industry: Entertainment → Games / Real estate → Real Estate Development & Leasing / Amusement → Pachinko

## 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 | 33,010 | 37.3% | S100YEES |
| Capital expenditure | 24,060 | 27.2% | S100YEES |
| Free cash flow | 8,950 | 10.1% | 算出 |
| Investing cash flow | -12,080 | -13.7% | S100YEES |
| Financing cash flow | 12,869 | 14.6% | S100YEES |
| Dividends paid | 18,927 | 21.4% | S100YEES |
| Share buyback | 1 | 0.0% | S100YEES |
| Change in cash | 36,781 | 41.6% | S100YEES |
| Cash and equivalents | 59,334 | 67.1% | S100YEES |

## 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 | 19,503 | 11,733 | 10,452 | 22,552 | 59,334 | S100TOUL, S100W144, S100YEES |
| Total assets | 219,803 | 210,889 | 245,802 | 209,828 | 313,662 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Net assets | 138,101 | 142,684 | 175,552 | 189,421 | 272,536 | S100TOUL, S100W144, S100YEES |
| Share capital | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Property, plant and equipment | 37,846 | 36,936 | 36,477 | 36,509 | 59,216 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Intangible assets excluding goodwill | 275 | 245 | 231 | 187 | 191 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Investment securities | 102,940 | 112,766 | 106,590 | 99,409 | 101,687 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Current assets | 72,075 | 49,113 | 92,951 | 61,484 | 139,608 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Current liabilities | 32,616 | 20,019 | 68,928 | 18,914 | 30,349 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Trade payables | 520 | 1,169 | 1,046 | — | — | S100QY9X, S100TOUL |
| Total liabilities | 81,701 | 68,204 | 70,250 | 20,407 | 41,125 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Equity attributable to owners of parent | 134,567 | 149,251 | 167,733 | 188,324 | 244,281 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Retained earnings | 130,954 | 145,046 | 163,070 | 183,630 | 207,329 | S100QY9X, S100TOUL, S100W144, S100YEES |
| Treasury stock | -39,393 | -38,639 | -37,765 | -37,740 | -3,747 | S100QY9X, S100TOUL, S100W144, S100YEES |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YEES |
| Property, plant and equipment | 19% | S100YEES |
| Intangibles and goodwill | 0% | S100YEES |
| Investment securities | 32% | S100YEES |
| Other assets | 30% | S100YEES |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YEES |
| Equity | 87% | S100YEES |
| Other liabilities | 0% | S100YEES |

### 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 | 219,803 | 210,889 | 245,802 | 209,828 | 313,662 |
| Equity | 138,101 | 142,684 | 175,552 | 189,421 | 272,536 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,503 | 11,733 | 10,452 | 22,552 | 59,334 |

## 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) | 67.0% | S100YEES |
| Fixed assets ÷ total assets | 18.9% | S100YEES |
| Goodwill ÷ parent equity | — | —, S100YEES |

### 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) | 18.9% |
| Cash ÷ revenue | 67.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.8% |
| Cash vs. profit gap | -9,820 JPY mn (of net income -22.9%) |
| Shareholder returns / net income | 44.2% |
| Shareholder returns / FCF | 211.5% |
| Shareholder payments — dividends / net income | 44.2% |
| Shareholder payments — dividends / FCF | 211.5% |
| CapEx intensity (capex ÷ revenue) | 27.2% |
| Investing CF relative to operating CF | 36.6% |

## 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 | 48.6% | 0.33× | 16.1% | 1.63× | 26.3% | S100QY9X |
| 2023 | 39.4% | 0.36× | 14.4% | 1.52× | 21.8% | S100TOUL |
| 2024 | 40.0% | 0.37× | 14.8% | 1.44× | 21.3% | S100W144 |
| 2025 | 45.3% | 0.36× | 16.5% | 1.28× | 21.1% | S100YEES |
| 2026 | 48.5% | 0.34× | 16.4% | 1.21× | 19.8% | S100YEES |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社光優ホールディングス | Major shareholder | 51.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 380752(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 9.4% | 2026-03-31 |
| 環境科学株式会社 | Major shareholder | 6.5% | 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 | 6.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| 襟川 芽衣 | Major shareholder | 0.6% | 2026-03-31 |
| 襟川 亜衣 | Major shareholder | 0.6% | 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 | 0.6% | 2026-03-31 |
| 公益財団法人柿原科学技術研究財団 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YEES | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEES,, |
| 有価証券報告書－第16期(2024/04/01－2025/03/31) | S100W144 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W144,, |
| 有価証券報告書－第15期(2023/04/01－2024/03/31) | S100TOUL | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOUL,, |
| 有価証券報告書－第14期(2022/04/01－2023/03/31) | S100QY9X | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY9X,, |
| 有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100O9GQ | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9GQ,, |
| 訂正有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100LXDQ | 2021-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LXDQ,, |

## 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).