# NANKAI: 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109期(2025/04/01－2026/03/31) (S100YBA0)
> Page: https://vizora.meequs.com/en/company/nankai
> Retrieved: 2026-09-30T18:18:27.125Z

## Company

Nankai, founded in 1884, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 9,408 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NANKAI Co.,Ltd. (旧英訳名 Nankai Electric Railway Co.,Ltd.) (注)2025年6月18日開催の第108期定時株主総会の決議により、 2026年4月1日から会社名を上記のとおり変更いたしました。 |
| Ticker | 9044 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9044.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区難波五丁目1番60号 大阪市浪速区敷津東二丁目1番41号(本社事務所) |
| Representative (per filing) | 代表取締役社長 岡嶋 信行 |
| Founded | Jun 1884 |
| Share capital | ¥73B |
| Employees (consolidated) | 9,408 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.nankai.co.jp (https://www.nankai.co.jp/) |
| Corporate number | 6120001077499 |
| EDINET | E04106 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, General Contractors, Private Railways |

> Profile source: annual securities report (S100YBA0, filed 2026-06-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.1 | 18 |
| Profitability | 86.1 | 18 |
| Cash conversion | 26.5 | 17 |
| Efficiency | 13.9 | 18 |
| 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 44% of Nankai's sales come from Urban Transportation, with Real Estate and Leisure and Services making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit +15.2%.

## Company structure

- Segment revenue mix: Urban Transportation 43.8%、Real Estate 19.5%、Leisure and Services 13.9%、Construction 11.5%、Merchandising(Retail) 11.2%
- Revenue → net income: ¥264714000000 → ¥26347000000
- Net income → operating cash flow: ¥26347000000 → ¥47535000000（difference ¥21188000000）
- Main uses of operating cash flow: CapEx ¥55310000000 / dividends ¥5257000000 / buybacks ¥12310000000
- Change in cash: ¥-3313000000
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 | ¥264.7B |  |
| Operating income | ¥39.9B | Margin 15.1% |
| Net income | ¥25.1B | Margin 9.5% |
| Free cash flow | -¥7.78B |  |
| Largest business | Urban Transportation | of segment revenue 43.8% |
| Employees (consolidated) | 9,408 |  |
| EPS | ¥316.64 |  |
| Book value per share | ¥2367.2 |  |
| Equity ratio | 31.3% |  |
| Shares outstanding | 108,465,000 |  |
| Treasury shares | 87,000 |  |
| Shareholders | 51,049 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 3.6% | Net cash -¥418.6B · Cash ÷ revenue 14.7% |
| Vs. industry median margin | +4.8 pp | Private Railways |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.3× dividends
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥190813000000 | ¥264714000000 | +38.7% |
| Operating income | ¥5552000000 | ¥39945000000 | +619.5% |
| Operating margin | 2.9% | 15.1% | +12.2 pp |
| Employees | 9,133 people | 9,408 people | +3.0% |
| Cash and equivalents | ¥40917000000 | ¥38827000000 | -5.1% |

### 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 | 34.3% |
| 不動産業 → 不動産業 | 19.5% |
| 不動産業 → 事業再編・廃止 | 1.6% |
| 流通業 → 流通業 | 11.2% |
| 流通業 → 事業再編・廃止 | 1.8% |
| レジャー・サービス業 → レジャー・サービス業 | 12.3% |
| 建設業 → 建設業 | 11.5% |
| 建設業 → 事業再編・廃止 | 7.7% |
| 新設・再編 → 運輸業 | 9.5% |
| 新設・再編 → レジャー・サービス業 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Urban Transportation | 5 years | +12.1% | ¥115953000000 | 12.9% | 2 |
| Real Estate | 5 years | +5.1% | ¥51636000000 | 27.8% | 2 |
| Leisure and Services | 5 years | +9.5% | ¥36884000000 | 12.8% | 2 |
| Construction | 5 years | -3.6% | ¥30418000000 | 9.5% | 2 |
| Merchandising(Retail) | 5 years | +3.7% | ¥29690000000 | 13.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 264,714 | 100.0% | S100YBA0 |
| SG&A | 9,088 | 3.4% | S100YBA0 |
| Operating income | 39,945 | 15.1% | S100YBA0 |
| Ordinary income | 37,763 | 14.3% | S100YBA0 |
| Pretax income | 37,657 | 14.2% | S100YBA0 |
| Income tax | 11,310 | 4.3% | S100YBA0 |
| Net income | 26,347 | 10.0% | S100YBA0 |
| Net income attributable to owners | 25,135 | 9.5% | S100YBA0 |

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

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

### Margin funnel

Operating margin 15.1% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.5%; Core profit growth: +15.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.08×
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 | 260,787 | 264,714 | 3,927 | +1.5% |
| Operating income | 34,681 | 39,945 | 5,264 | +15.2% |
| Net income attributable to owners | 22,548 | 25,135 | 2,587 | +11.5% |
| Operating cash flow | 43,813 | 47,535 | 3,722 | +8.5% |
| Free cash flow | 7,469 | -7,775 | -15,244 | -204.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 228,015 | 35,223 | 15.4% | 20,811 | 58,935 | 2,954 | S100LOVC |
| FY ending Mar 2021 | 190,813 | 5,552 | 2.9% | -1,861 | 21,338 | -15,418 | S100OB75 |
| FY ending Mar 2022 | 201,793 | 12,190 | 6.0% | 4,021 | 41,879 | 18,642 | S100QZJM |
| FY ending Mar 2023 | 221,280 | 21,023 | 9.5% | 14,623 | 39,086 | 6,138 | S100TNPJ |
| FY ending Mar 2024 | 241,594 | 30,820 | 12.8% | 23,926 | 62,223 | 31,830 | S100VY49 |
| FY ending Mar 2025 | 260,787 | 34,681 | 13.3% | 22,548 | 43,813 | 7,469 | S100YBA0 |
| FY ending Mar 2026 | 264,714 | 39,945 | 15.1% | 25,135 | 47,535 | -7,775 | S100YBA0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.1M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 8,887 | 8,905 | 8,919 | 9,247 | 9,408 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.1M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 44.1 years | 44.5 years | 44.7 years | 44.9 years | 45.2 years |
| Average tenure (parent company) | 22.3 years | 22.5 years | 22.6 years | 22.5 years | 22.6 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Urban Transportation | 115,953 | 43.8% | 14,908 | 12.9% |
| Real Estate | 51,636 | 19.5% | 14,347 | 27.8% |
| Merchandising(Retail) | 29,690 | 11.2% | 3,935 | 13.3% |
| Leisure and Services | 36,884 | 13.9% | 4,716 | 12.8% |
| Construction | 30,418 | 11.5% | 2,901 | 9.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Urban Transportation | 43.8% | 36.5% | -7.3 | 12.9% |
| Real Estate | 19.5% | 35.2% | 15.6 | 27.8% |
| Merchandising(Retail) | 11.2% | 9.6% | -1.6 | 13.3% |
| Leisure and Services | 13.9% | 11.6% | -2.4 | 12.8% |
| Construction | 11.5% | 7.1% | -4.4 | 9.5% |

Segment → industry: Merchandising(Retail) → Real Estate Development & Leasing / Real Estate → Real Estate Development & Leasing / Leisure and Services → Hotels & Inns / Construction → General Contractors / Urban Transportation → Private Railways

## 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 | 47,535 | 18.0% | S100YBA0 |
| Capital expenditure | 55,310 | 20.9% | S100YBA0 |
| Free cash flow | -7,775 | -2.9% | 算出 |
| Investing cash flow | -56,825 | -21.5% | S100YBA0 |
| Financing cash flow | 5,976 | 2.3% | S100YBA0 |
| Dividends paid | 5,257 | 2.0% | S100YBA0 |
| Share buyback | 12,310 | 4.7% | S100YBA0 |
| Change in cash | -3,313 | -1.3% | S100YBA0 |
| Cash and equivalents | 38,827 | 14.7% | S100YBA0 |

## 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 | 36,101 | 37,540 | 42,402 | 42,131 | 38,827 | S100TNPJ, S100VY49, S100YBA0 |
| Total assets | 920,976 | 935,113 | 950,650 | 981,014 | 1,065,100 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Net assets | 260,716 | 274,586 | 307,102 | 329,865 | 354,085 | S100TNPJ, S100VY49, S100YBA0 |
| Share capital | 72,983 | 72,983 | 72,983 | 72,983 | 72,983 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Property, plant and equipment | 777,088 | 768,721 | 762,996 | 769,629 | 809,642 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Intangible assets excluding goodwill | 10,284 | 9,544 | 10,265 | 9,950 | 9,948 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Goodwill | 2,814 | 2,584 | 2,353 | 3,421 | 3,082 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Investment securities | 34,536 | 37,581 | 53,524 | 60,055 | 88,776 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Current assets | 85,147 | 103,616 | 105,354 | 120,200 | 132,987 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Current liabilities | 150,442 | 176,529 | 182,002 | 189,121 | 195,690 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Trade payables | 19,217 | 19,453 | 17,244 | 23,493 | 20,077 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Short-term borrowings | 84,703 | 94,776 | 80,524 | 77,361 | 76,903 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Long-term borrowings | 267,783 | 239,738 | 220,455 | 225,589 | 250,546 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Bonds | 130,000 | 130,000 | 120,000 | 110,000 | 130,000 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Interest-bearing debt | 482,486 | 464,514 | 420,979 | 412,950 | 457,449 | 算出 |
| Total liabilities | 660,260 | 660,526 | 643,548 | 651,149 | 711,015 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Non-controlling interests | 12,711 | 13,465 | 14,520 | 18,598 | 20,568 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Equity attributable to owners of parent | 202,717 | 214,348 | 235,205 | 251,821 | 259,554 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Retained earnings | 101,931 | 113,688 | 134,531 | 151,125 | 162,004 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |
| Treasury stock | -336 | -468 | -463 | -473 | -715 | S100QZJM, S100TNPJ, S100VY49, S100YBA0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YBA0 |
| Property, plant and equipment | 76% | S100YBA0 |
| Intangibles and goodwill | 1% | S100YBA0 |
| Investment securities | 8% | S100YBA0 |
| Other assets | 11% | S100YBA0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YBA0 |
| Interest-bearing debt | 43% | 算出 |
| Other liabilities | 22% | S100YBA0 |
| Equity | 33% | S100YBA0 |

### 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 | 920,976 | 935,113 | 950,650 | 981,014 | 1,065,100 |
| Equity | 260,716 | 274,586 | 307,102 | 329,865 | 354,085 |
| Interest-bearing debt | 482,486 | 464,514 | 420,979 | 412,950 | 457,449 |
| Cash | 36,101 | 37,540 | 42,402 | 42,131 | 38,827 |

## 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) | 305.9% | S100YBA0 |
| Fixed assets ÷ total assets | 76.0% | S100YBA0 |
| Goodwill ÷ parent equity | 1.2% | S100YBA0 |

Goodwill over 4 years: 2,814 → 3,082 JPY; total investing cash flow: -152,626 JPY. This does not imply causation.

### 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 | 14.7% |
| Net cash (cash − interest-bearing debt) | -¥418.6B |
| Net debt ÷ operating cash flow | 8.81× |
| Cash conversion (operating CF ÷ operating income) | 119.0% |
| Cash vs. profit gap | 22,400 JPY mn (of net income 89.1%) |
| Shareholder returns / net income | 69.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.9% |
| Investing CF relative to operating CF | 119.5% |

## 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 | 2.0% | 0.22× | 0.4% | 4.54× | 2.0% | S100QZJM |
| 2023 | 6.6% | 0.24× | 1.6% | 4.45× | 7.0% | S100TNPJ |
| 2024 | 9.9% | 0.26× | 2.5% | 4.19× | 10.6% | S100VY49 |
| 2025 | 8.6% | 0.27× | 2.3% | 3.97× | 9.3% | S100YBA0 |
| 2026 | 9.5% | 0.26× | 2.5% | 4.00× | 9.8% | S100YBA0 |

## 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 | 9.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| ＨＳＢＣ ＨＯＮＧ ＫＯＮＧ－ＴＲＥＡＳＵＲＹ ＳＥＲＶＩＣＥＳ Ａ／Ｃ ＡＳＩＡＮ ＥＱＵＩＴＩＥＳ ＤＥＲＩＶＡＴＩＶＥＳ （常任代理人 香港上海銀行 東京支店 セキュリティーズ・ サービシズ・オペレーションズ） | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 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 | 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 | 1.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社池田泉州銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社髙島屋 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社紀陽銀行 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YBA0 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBA0,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100VY49 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY49,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TNPJ | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNPJ,, |
| 有価証券報告書－第106期(2022/04/01－2023/03/31) | S100QZJM | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZJM,, |
| 有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100OB75 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB75,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LOVC | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOVC,, |

## 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).