# Kyushu Railway Company: 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39期(2025/04/01－2026/03/31) (S100Y6HR)
> Page: https://vizora.meequs.com/en/company/kyushu-railway
> Retrieved: 2026-09-30T21:47:46.829Z

## Company

Kyushu Railway Company, founded in 1987, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 15,365 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyushu Railway Company |
| Ticker | 9142 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9142.T) |
| Listing | TSE Prime |
| Head office | 福岡市博多区博多駅前三丁目25番21号 |
| Representative (per filing) | 代表取締役社長執行役員 古宮 洋二 |
| Founded | Apr 1987 |
| Share capital | ¥16B |
| Employees (consolidated) | 15,365 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.jrkyushu.co.jp (https://www.jrkyushu.co.jp/) |
| Corporate number | 6290001012621 |
| EDINET | E32679 |
| Industries (Vizora) | Real Estate Development & Leasing, JR Railways, Hotels & Inns, General Contractors, Restaurants & Pubs, Convenience Stores |

> Profile source: annual securities report (S100Y6HR, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 4 |
| Profitability | 62.5 | 4 |
| Cash conversion | 37.5 | 4 |
| Efficiency | 62.5 | 4 |
| Financial strength | 37.5 | 4 |

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 37% of Kyushu Railway Company's sales come from Transportation, with Real Estate and Hotels and Retail and Restaurant making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +25.5%.

## Company structure

- Segment revenue mix: Transportation 37.1%、Real Estate and Hotels 30.3%、Retail and Restaurant 14.3%、Construction 9.6%、Business Services 8.7%
- Revenue → net income: ¥500393000000 → ¥45510000000
- Net income → operating cash flow: ¥45510000000 → ¥72853000000（difference ¥27343000000）
- Main uses of operating cash flow: CapEx ¥85911000000 / dividends ¥16993000000 / buybacks ¥10000000000
- Change in cash: ¥-1735000000
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 | ¥500.4B |  |
| Operating income | ¥74B | Margin 14.8% |
| Net income | ¥45.5B | Margin 9.1% |
| Free cash flow | -¥13.1B |  |
| Largest business | Transportation | of segment revenue 37.1% |
| Employees (consolidated) | 15,365 |  |
| EPS | ¥186.84 |  |
| Book value per share | ¥2444.89 |  |
| Equity ratio | 40.4% |  |
| Shares outstanding | 154,649,000 |  |
| Treasury shares | 300 |  |
| Shareholders | 136,193 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 3.6% | Net cash -¥378.3B · Cash ÷ revenue 8.8% |
| Vs. industry median margin | +0.7 pp | JR Railways |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +36% over five years
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥293914000000 | ¥500393000000 | +70.3% |
| Operating income | ¥-22873000000 | ¥74040000000 | — |
| Operating margin | -7.8% | 14.8% | +22.6 pp |
| Employees | 15,661 people | 15,365 people | -1.9% |
| Cash and equivalents | ¥65019000000 | ¥44257000000 | -31.9% |

### 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 |
| --- | ---: |
| 運輸サービス → 運輸サービス | 30.2% |
| 不動産・ホテル → 不動産・ホテル | 26.1% |
| 流通・外食 → 流通・外食 | 14.3% |
| 流通・外食 → 事業再編・廃止 | 3.2% |
| 建設 → 建設 | 9.6% |
| 建設 → 事業再編・廃止 | 4.8% |
| その他 → 事業再編・廃止 | 11.9% |
| 新設・再編 → 運輸サービス | 7.0% |
| 新設・再編 → 不動産・ホテル | 4.2% |
| 新設・再編 → ビジネスサービス | 8.7% |

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 | +15.9% | ¥185724000000 | 12.9% | 2 |
| Real Estate and Hotels | 5 years | +14.6% | ¥151518000000 | 22.7% | 2 |
| Retail and Restaurant | 5 years | +6.8% | ¥71382000000 | 5.4% | 2 |
| Construction | 5 years | +2.6% | ¥48111000000 | 16.1% | 2 |
| Business Services | 4 years | +4.5% | ¥43655000000 | 11.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 500,393 | 100.0% | S100Y6HR |
| SG&A | 139,038 | 27.8% | S100Y6HR |
| Operating income | 74,040 | 14.8% | S100Y6HR |
| Ordinary income | 74,032 | 14.8% | S100Y6HR |
| Pretax income | 59,641 | 11.9% | S100Y6HR |
| Income tax | 14,131 | 2.8% | S100Y6HR |
| Net income | 45,510 | 9.1% | S100Y6HR |
| Net income attributable to owners | 45,468 | 9.1% | S100Y6HR |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 85 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 14.8% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +25.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 454,393 | 500,393 | 46,000 | +10.1% |
| Operating income | 58,976 | 74,040 | 15,064 | +25.5% |
| Net income attributable to owners | 43,657 | 45,468 | 1,811 | +4.1% |
| Operating cash flow | 96,669 | 72,853 | -23,816 | -24.6% |
| Free cash flow | -16,247 | -13,058 | 3,189 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 432,644 | 49,406 | 11.4% | 31,495 | 60,468 | -49,479 | S100LJ8C |
| FY ending Mar 2021 | 293,914 | -22,873 | -7.8% | -18,984 | -10,361 | -105,566 | S100OBGP |
| FY ending Mar 2022 | 329,527 | 3,944 | 1.2% | 13,250 | 56,460 | -45,015 | S100QZ5D |
| FY ending Mar 2023 | 383,242 | 34,323 | 9.0% | 31,166 | 62,084 | -42,711 | S100TN5F |
| FY ending Mar 2024 | 420,402 | 47,094 | 11.2% | 38,445 | 89,031 | -44,624 | S100VUGL |
| FY ending Mar 2025 | 454,393 | 58,976 | 13.0% | 43,657 | 96,669 | -16,247 | S100Y6HR |
| FY ending Mar 2026 | 500,393 | 74,040 | 14.8% | 45,468 | 72,853 | -13,058 | S100Y6HR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.6M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥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) | 14,872 | 14,269 | 14,677 | 15,202 | 15,365 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥5.2M | ¥5.9M | ¥6.4M |
| Average age (parent company) | 39.9 years | 40.5 years | 41.3 years | 42.7 years | 42.5 years |
| Average tenure (parent company) | 14.2 years | 14.5 years | 14.2 years | 12.8 years | 13.4 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 185,724 | 37.1% | 23,976 | 12.9% |
| Real Estate and Hotels | 151,518 | 30.3% | 34,403 | 22.7% |
| Retail and Restaurant | 71,382 | 14.3% | 3,873 | 5.4% |
| Construction | 48,111 | 9.6% | 7,740 | 16.1% |
| Business Services | 43,655 | 8.7% | 5,037 | 11.5% |

### 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 | 37.1% | 32.0% | -5.2 | 12.9% |
| Real Estate and Hotels | 30.3% | 45.9% | 15.6 | 22.7% |
| Retail and Restaurant | 14.3% | 5.2% | -9.1 | 5.4% |
| Construction | 9.6% | 10.3% | 0.7 | 16.1% |
| Business Services | 8.7% | 6.7% | -2.0 | 11.5% |

Segment → industry: Real Estate and Hotels → Real Estate Development & Leasing / Transportation → JR Railways / Real Estate and Hotels → Hotels & Inns / Construction → General Contractors / Retail and Restaurant → Restaurants & Pubs / Retail and Restaurant → 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 | 72,853 | 14.6% | S100Y6HR |
| Capital expenditure | 85,911 | 17.2% | S100Y6HR |
| Free cash flow | -13,058 | -2.6% | 算出 |
| Investing cash flow | -87,130 | -17.4% | S100Y6HR |
| Financing cash flow | 12,509 | 2.5% | S100Y6HR |
| Dividends paid | 16,993 | 3.4% | S100Y6HR |
| Share buyback | 10,000 | 2.0% | S100Y6HR |
| Change in cash | -1,735 | -0.3% | S100Y6HR |
| Cash and equivalents | 44,257 | 8.8% | S100Y6HR |

## 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 | 78,709 | 52,283 | 61,907 | 45,799 | 44,257 | S100TN5F, S100VUGL, S100Y6HR |
| Total assets | 951,980 | 996,699 | 1,089,170 | 1,140,509 | 1,222,430 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Net assets | 389,024 | 406,850 | 442,287 | 458,620 | 494,870 | S100TN5F, S100VUGL, S100Y6HR |
| Share capital | 16,000 | 16,000 | 16,000 | 16,000 | 16,000 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Property, plant and equipment | 575,308 | 632,205 | 704,851 | 766,606 | 794,394 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Intangible assets excluding goodwill | 5,735 | 6,203 | 6,143 | 5,427 | 6,931 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Investment securities | 45,086 | 50,381 | 55,518 | 53,217 | 73,047 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Current assets | 206,722 | 197,145 | 221,523 | 214,146 | 247,728 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Current liabilities | 182,074 | 195,418 | 224,266 | 212,706 | 204,603 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Trade payables | 28,908 | 27,292 | 28,940 | 32,336 | 30,659 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Short-term borrowings | 6,070 | 1,996 | 4,403 | 2,495 | 152 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Long-term borrowings | 153,336 | 166,225 | 172,473 | 178,760 | 192,451 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Bonds | 120,000 | 125,000 | 145,000 | 180,000 | 230,000 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Interest-bearing debt | 279,406 | 293,221 | 321,876 | 361,255 | 422,603 | 算出 |
| Total liabilities | 562,955 | 589,849 | 646,882 | 681,888 | 727,560 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Non-controlling interests | 692 | 797 | 859 | 2,113 | 941 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Equity attributable to owners of parent | 389,198 | 405,709 | 429,524 | 448,773 | 468,344 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Retained earnings | 147,941 | 164,479 | 188,295 | 211,021 | 239,504 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |
| Treasury stock | -591 | -584 | -568 | -4,311 | -3,127 | S100QZ5D, S100TN5F, S100VUGL, S100Y6HR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100Y6HR |
| Property, plant and equipment | 65% | S100Y6HR |
| Intangibles and goodwill | 0% | S100Y6HR |
| Investment securities | 6% | S100Y6HR |
| Other assets | 25% | S100Y6HR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y6HR |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 22% | S100Y6HR |
| Equity | 40% | S100Y6HR |

### 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 | 951,980 | 996,699 | 1,089,170 | 1,140,509 | 1,222,430 |
| Equity | 389,024 | 406,850 | 442,287 | 458,620 | 494,870 |
| Interest-bearing debt | 279,406 | 293,221 | 321,876 | 361,255 | 422,603 |
| Cash | 78,709 | 52,283 | 61,907 | 45,799 | 44,257 |

## 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) | 158.8% | S100Y6HR |
| Fixed assets ÷ total assets | 65.0% | S100Y6HR |
| Goodwill ÷ parent equity | — | —, S100Y6HR |

### 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) | 3.6% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | -¥378.3B |
| Net debt ÷ operating cash flow | 5.19× |
| Cash conversion (operating CF ÷ operating income) | 98.4% |
| Cash vs. profit gap | 27,385 JPY mn (of net income 60.2%) |
| Shareholder returns / net income | 59.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.2% |
| Investing CF relative to operating CF | 119.6% |

## 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 | 4.0% | 0.35× | 1.4% | 2.45× | 3.4% | S100QZ5D |
| 2023 | 8.1% | 0.39× | 3.2% | 2.45× | 7.8% | S100TN5F |
| 2024 | 9.1% | 0.40× | 3.7% | 2.50× | 9.2% | S100VUGL |
| 2025 | 9.6% | 0.41× | 3.9% | 2.54× | 9.9% | S100Y6HR |
| 2026 | 9.1% | 0.42× | 3.8% | 2.58× | 9.9% | S100Y6HR |

## 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 | 12.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.6% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.5% | 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 | 1.5% | 2026-03-31 |

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

- Revenue reached ¥500.4B in the FY ending Mar 2026, up +10.1%.
- Operating income climbed to ¥74B from ¥59B, with transportation profits rising the most.
- Net income barely kept pace at ¥45.5B (+4.1%), because the company wrote off a project it pulled out of.
- Cash from operations dropped -24.6% to ¥72.9B as more money went into property under construction for sale.

### Drivers

- Higher train fares pushed up passenger income on both the Shinkansen and conventional lines
- Condo handovers in Kumamoto and Kagoshima, plus sales of an office building and rental apartments, lifted real estate revenue
- Tenant sales at JR Hakata City and other station buildings held up well

### Risks

- Kyushu is losing people and aging faster than most of Japan, which could thin out commuter and leisure traffic
- Much of the business sits on tracks and buildings in one region, so a major earthquake or flood in Kyushu or Fukuoka could hit hard
- On a linked network centered on the Shinkansen, even a small accident can disrupt service widely

Cited: Annual securities report, 39th 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, 39th fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100Y6HR | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6HR,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100VUGL | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUGL,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TN5F | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN5F,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100QZ5D | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ5D,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OBGP | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBGP,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LJ8C | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ8C,, |

## 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).