# NiigataKotsu 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113期(2025/04/01－2026/03/31) (S100YI97)
> Page: https://vizora.meequs.com/en/company/niigatakotsu
> Retrieved: 2026-09-30T17:56:57.820Z

## Company

NiigataKotsu, founded in 1943, is a company in Travel Agencies listed on TSE Standard. It has 1,174 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Niigata kotsu Co., Ltd. |
| Ticker | 9017 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9017.T) |
| Listing | TSE Standard |
| Head office | 新潟市中央区万代一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 星野 佳人 |
| Founded | Dec 1943 |
| Share capital | ¥4.22B |
| Employees (consolidated) | 1,174 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Website | www.niigata-kotsu.co.jp (https://www.niigata-kotsu.co.jp/) |
| Corporate number | 7110001003728 |
| EDINET | E04155 |
| Industries (Vizora) | Travel Agencies, Real Estate Development & Leasing, Hotels & Inns, Private Railways, Airlines |

> Profile source: annual securities report (S100YI97, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.6 | 18 |
| Profitability | 63.9 | 18 |
| Cash conversion | 44.1 | 17 |
| Efficiency | 52.8 | 18 |
| Financial strength | 68.8 | 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 42% of NiigataKotsu's sales come from Transportation business, with Real estate business and Product sale business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +11.0%.

## Company structure

- Segment revenue mix: Transportation business 42.0%、Real estate business 13.3%、Product sale business 13.1%、Travel Business 12.6%、Hotel business 8.7%
- Revenue → net income: ¥20331972000 → ¥1148994000
- Net income → operating cash flow: ¥1148994000 → ¥2809467000（difference ¥1660473000）
- Main uses of operating cash flow: CapEx ¥783491000 / dividends ¥38356000 / buybacks ¥125000
- Change in cash: ¥-42463000
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 | ¥20.3B |  |
| Operating income | ¥2.24B | Margin 11.0% |
| Net income | ¥1.15B | Margin 5.7% |
| Free cash flow | ¥2.03B |  |
| Largest business | Transportation business | of segment revenue 42.0% |
| Employees (consolidated) | 1,174 |  |
| EPS | ¥158.93 |  |
| Book value per share | ¥4605.4 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 3,864,000 |  |
| Treasury shares | 23,000 |  |
| Shareholders | 2,216 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 4.5% | Net cash -¥20.3B · Cash ÷ revenue 12.5% |
| Vs. industry median margin | +0.7 pp | Private Railways |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, segment profit share differs by 32 points
- FY2026, employees -3% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13630739000 | ¥20331972000 | +49.2% |
| Operating income | ¥-912669000 | ¥2237825000 | — |
| Operating margin | -6.7% | 11.0% | +17.7 pp |
| Employees | 1,415 people | 1,174 people | -17.0% |
| Cash and equivalents | ¥2357609000 | ¥2543413000 | +7.9% |

### 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 |
| --- | ---: |
| 運輸事業 → 運輸事業 | 42.0% |
| 運輸事業 → 事業再編・廃止 | 5.4% |
| 不動産事業 → 不動産事業 | 13.3% |
| 不動産事業 → 事業再編・廃止 | 6.5% |
| 商品販売事業 → 商品販売事業 | 10.4% |
| 旅行事業 → 旅行事業 | 1.7% |
| 旅館事業 → 旅館事業 | 5.8% |
| その他 → その他 | 6.2% |
| その他 → 事業再編・廃止 | 8.6% |
| 新設・再編 → 商品販売事業 | 2.7% |
| 新設・再編 → 旅行事業 | 10.9% |
| 新設・再編 → 旅館事業 | 2.9% |
| 新設・再編 → 航空代理事業 | 3.9% |

Segment revenue source references: 13 (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 business | 5 years | +5.8% | ¥8549341000 | 6.0% | 2 |
| Real estate business | 5 years | +0.0% | ¥2711736000 | 37.3% | 2 |
| Product sale business | 5 years | +13.5% | ¥2664708000 | 5.9% | 2 |
| Travel Business | 5 years | +61.6% | ¥2568314000 | 2.1% | 2 |
| Hotel business | 5 years | +17.6% | ¥1772645000 | 6.3% | 2 |
| Other | 5 years | -8.9% | ¥1266351000 | 13.1% | 2 |
| Aviation business | 2 years | +11.0% | ¥798874000 | 27.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,332 | 100.0% | S100YI97 |
| Cost of revenue | 13,577 | 66.8% | S100YI97 |
| Gross profit | 6,755 | 33.2% | S100YI97 |
| SG&A | 4,517 | 22.2% | S100YI97 |
| Operating income | 2,238 | 11.0% | S100YI97 |
| Ordinary income | 1,769 | 8.7% | S100YI97 |
| Pretax income | 1,677 | 8.2% | S100YI97 |
| Income tax | 528 | 2.6% | S100YI97 |
| Net income | 1,149 | 5.7% | S100YI97 |
| Net income attributable to owners | 1,149 | 5.7% | S100YI97 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 22 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 33.2% → Operating margin 11.0% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +11.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.59×
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 | 19,999 | 20,332 | 333 | +1.7% |
| Gross profit | 6,450 | 6,755 | 305 | +4.7% |
| Operating income | 2,016 | 2,238 | 222 | +11.0% |
| Net income attributable to owners | 1,087 | 1,149 | 62 | +5.7% |
| Operating cash flow | 2,569 | 2,809 | 240 | +9.4% |
| Free cash flow | 1,561 | 2,026 | 465 | +29.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,659 | 1,391 | 7.5% | 651 | 1,535 | -506 | S100LUMQ |
| FY ending Mar 2021 | 13,631 | -913 | -6.7% | -973 | 509 | -2,461 | S100OK8T |
| FY ending Mar 2022 | 14,441 | -67 | -0.5% | -434 | 2,141 | 1,003 | S100R7XZ |
| FY ending Mar 2023 | 17,469 | 1,373 | 7.9% | 898 | 2,682 | 1,319 | S100TU7L |
| FY ending Mar 2024 | 19,418 | 1,682 | 8.7% | 1,065 | 2,880 | 2,060 | S100W4JC |
| FY ending Mar 2025 | 19,999 | 2,016 | 10.1% | 1,087 | 2,569 | 1,561 | S100YI97 |
| FY ending Mar 2026 | 20,332 | 2,238 | 11.0% | 1,149 | 2,809 | 2,026 | S100YI97 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.3M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥978.7K |

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) | 1,319 | 1,268 | 1,239 | 1,205 | 1,174 |
| Average salary (parent company) | ¥3.7M | ¥3.9M | ¥4.2M | ¥4.3M | ¥4.4M |
| Average age (parent company) | 47.4 years | 48.0 years | 48.5 years | 48.5 years | 48.4 years |
| Average tenure (parent company) | 15.1 years | 15.4 years | 15.8 years | 15.5 years | 15.6 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation business | 8,549 | 42.0% | 514 | 6.0% |
| Real estate business | 2,712 | 13.3% | 1,011 | 37.3% |
| Product sale business | 2,665 | 13.1% | 156 | 5.9% |
| Travel Business | 2,568 | 12.6% | 54 | 2.1% |
| Hotel business | 1,773 | 8.7% | 112 | 6.3% |
| Aviation business | 799 | 3.9% | 222 | 27.8% |
| Other | 1,266 | 6.2% | 166 | 13.1% |

### 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 business | 42.0% | 23.0% | -19.0 | 6.0% |
| Real estate business | 13.3% | 45.2% | 31.9 | 37.3% |
| Product sale business | 13.1% | 7.0% | -6.1 | 5.9% |
| Travel Business | 12.6% | 2.4% | -10.2 | 2.1% |
| Hotel business | 8.7% | 5.0% | -3.7 | 6.3% |
| Aviation business | 3.9% | 9.9% | 6.0 | 27.8% |
| Other | 6.2% | 7.4% | 1.2 | 13.1% |

Segment → industry: Travel Business → Travel Agencies / Real estate business → Real Estate Development & Leasing / Hotel business → Hotels & Inns / Transportation business → Private Railways / Aviation business → Airlines

## 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 | 2,809 | 13.8% | S100YI97 |
| Capital expenditure | 783 | 3.9% | S100YI97 |
| Free cash flow | 2,026 | 10.0% | 算出 |
| Investing cash flow | -900 | -4.4% | S100YI97 |
| Financing cash flow | -1,952 | -9.6% | S100YI97 |
| Dividends paid | 38 | 0.2% | S100YI97 |
| Share buyback | 0 | 0.0% | S100YI97 |
| Change in cash | -42 | -0.2% | S100YI97 |
| Cash and equivalents | 2,543 | 12.5% | S100YI97 |

## 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 | 2,435 | 2,419 | 2,631 | 2,586 | 2,543 | S100TU7L, S100W4JC, S100YI97 |
| Total assets | 56,694 | 56,790 | 56,669 | 56,419 | 56,890 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Net assets | 16,270 | 16,985 | 18,091 | 19,030 | 20,188 | S100TU7L, S100W4JC, S100YI97 |
| Share capital | 4,221 | 4,221 | 4,221 | 4,221 | 4,221 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Property, plant and equipment | 50,706 | 50,502 | 50,034 | 49,843 | 50,155 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Intangible assets excluding goodwill | 323 | 348 | 303 | 269 | 310 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Goodwill | — | 7 | 5 | 4 | 2 | S100TU7L, S100W4JC, S100YI97 |
| Investment securities | 174 | 171 | 186 | 180 | 189 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Current assets | 4,419 | 4,445 | 4,856 | 4,908 | 5,006 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Current liabilities | 20,167 | 10,321 | 16,151 | 19,113 | 13,254 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Trade payables | 598 | 907 | — | — | — | S100R7XZ |
| Short-term borrowings | 5,381 | 4,927 | 4,785 | 4,741 | 6,359 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Long-term borrowings | 13,050 | 18,902 | 12,127 | 11,282 | 14,471 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Bonds | 150 | 3,650 | 3,500 | — | 2,000 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Interest-bearing debt | 18,581 | 27,478 | 20,412 | — | 22,830 | 算出 |
| Total liabilities | 40,424 | 39,804 | 38,579 | 37,388 | 36,702 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Equity attributable to owners of parent | 7,917 | 8,815 | 9,897 | 10,954 | 12,065 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Retained earnings | 788 | 1,686 | 2,768 | 3,827 | 4,937 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |
| Treasury stock | -38 | -39 | -39 | -40 | -40 | S100R7XZ, S100TU7L, S100W4JC, S100YI97 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YI97 |
| Property, plant and equipment | 88% | S100YI97 |
| Intangibles and goodwill | 1% | S100YI97 |
| Investment securities | 0% | S100YI97 |
| Other assets | 7% | S100YI97 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 40% | 算出 |
| Other liabilities | 24% | S100YI97 |
| Equity | 36% | S100YI97 |

### 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 | 56,694 | 56,790 | 56,669 | 56,419 | 56,890 |
| Equity | 16,270 | 16,985 | 18,091 | 19,030 | 20,188 |
| Interest-bearing debt | 18,581 | 27,478 | 20,412 | — | 22,830 |
| Cash | 2,435 | 2,419 | 2,631 | 2,586 | 2,543 |

## 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) | 246.7% | S100YI97 |
| Fixed assets ÷ total assets | 88.2% | S100YI97 |
| Goodwill ÷ parent equity | 0.0% | S100YI97 |

### 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) | 4.5% |
| Cash ÷ revenue | 12.5% |
| Net cash (cash − interest-bearing debt) | -¥20.3B |
| Net debt ÷ operating cash flow | 7.22× |
| Cash conversion (operating CF ÷ operating income) | 125.5% |
| Cash vs. profit gap | 1,660 JPY mn (of net income 144.5%) |
| Shareholder returns / net income | 3.3% |
| Shareholder returns / FCF | 1.9% |
| Shareholder payments — dividends / net income | 3.3% |
| Shareholder payments — dividends / FCF | 1.9% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 32.0% |

## 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 | — | —× | -0.8% | —× | — | S100R7XZ |
| 2023 | 5.1% | 0.31× | 1.6% | 6.78× | 10.7% | S100TU7L |
| 2024 | 5.5% | 0.34× | 1.9% | 6.06× | 11.4% | S100W4JC |
| 2025 | 5.4% | 0.35× | 1.9% | 5.42× | 10.4% | S100YI97 |
| 2026 | 5.7% | 0.36× | 2.0% | 4.92× | 10.0% | S100YI97 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社第四北越銀行 （常任代理人日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社ブリヂストン | Major shareholder | 4.3% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 太平興業株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人株式会社日本カストディ銀行） | Major shareholder | 2.7% | 2026-03-31 |
| 三菱ふそうトラック・バス株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 清水建設株式会社 （常任代理人日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| 損害保険ジャパン株式会社 （常任代理人株式会社日本カストディ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 新潟いすゞ自動車株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YI97 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI97,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W4JC | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4JC,, |
| 有価証券報告書－第111期(2023/04/01－2024/03/31) | S100TU7L | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU7L,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100R7XZ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7XZ,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100OK8T | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK8T,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LUMQ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUMQ,, |

## 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).