# NIPPON PARKING DEVELOPMENT Co.,Ltd.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2024/08/01－2025/07/31) (S100WW40)
> Page: https://vizora.meequs.com/en/company/nippon-parking-development
> Retrieved: 2026-09-30T21:00:16.276Z

## Company

Nippon Parking Development, founded in 1991, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 1,120 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON PARKING DEVELOPMENT Co.,Ltd. |
| Ticker | 2353 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2353.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区小松原町2番4号 大阪富国生命ビル |
| Representative (per filing) | 代表取締役社長 巽 一久 |
| Founded | Dec 1991 |
| Share capital | ¥699.2M |
| Employees (consolidated) | 1,120 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | July |
| Website | www.n-p-d.co.jp (https://www.n-p-d.co.jp/) |
| Corporate number | 8120001093305 |
| EDINET | E05327 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100WW40, filed 2025-10-22). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74 | 25 |
| Profitability | 90.4 | 26 |
| Cash conversion | 78.8 | 26 |
| Efficiency | 32.7 | 26 |
| Financial strength | 75 | 6 |

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 48% of Nippon Parking Development's sales come from Parking, with Skiing and Theme park making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +18.5%.

## Company structure

- Segment revenue mix: Parking 48.3%、Skiing 28.4%、Theme park 20.8%、Other 2.5%
- Revenue → net income: ¥36832381000 → ¥5550922000
- Net income → operating cash flow: ¥5550922000 → ¥8180493000（difference ¥2629571000）
- Main uses of operating cash flow: CapEx ¥4556326000 / dividends ¥1746981000 / buybacks ¥129147000
- Change in cash: ¥4542527000
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 | ¥36.8B |  |
| Operating income | ¥7.66B | Margin 20.8% |
| Net income | ¥4.8B | Margin 13.0% |
| Free cash flow | ¥3.62B |  |
| Largest business | Parking | of segment revenue 48.3% |
| Employees (consolidated) | 1,120 |  |
| EPS | ¥11.17 |  |
| Diluted EPS | ¥11.11 |  |
| Book value per share | ¥28.12 |  |
| Equity ratio | 38.3% |  |
| Shares outstanding | 348,398,600 |  |
| Treasury shares | 28,834,300 |  |
| Shareholders | 71,392 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 41.8% | Net cash ¥4.63B · Cash ÷ revenue 56.8% |
| Vs. industry median margin | +11.8 pp | Real Estate Brokerage & Management |
| ROE | 29.0% | Derived from disclosed figures |
| ROA | 10.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 42% of total assets
- FY2025, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22979793000 | ¥36832381000 | +60.3% |
| Operating income | ¥2672776000 | ¥7659829000 | +186.6% |
| Operating margin | 11.6% | 20.8% | +9.2 pp |
| Employees | 1,166 people | 1,120 people | -3.9% |
| Cash and equivalents | ¥16414255000 | ¥20918303000 | +27.4% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 駐車場事業 → 駐車場事業 | 48.3% |
| 駐車場事業 → 事業再編・廃止 | 12.2% |
| スキー場事業 → スキー場事業 | 26.4% |
| テーマパーク事業 → テーマパーク事業 | 10.8% |
| その他 → その他 | 2.2% |
| 新設・再編 → スキー場事業 | 2.0% |
| 新設・再編 → テーマパーク事業 | 10.0% |
| 新設・再編 → その他 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Parking | 5 years | +5.0% | ¥17801822000 | 25.2% | 2 |
| Skiing | 5 years | +11.5% | ¥10456763000 | 21.5% | 2 |
| Theme park | 5 years | +25.2% | ¥7662759000 | 17.5% | 2 |
| Other | 5 years | +12.6% | ¥911036000 | 23.2% | 2 |

## Income statement（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,832 | 100.0% | S100WW40 |
| Cost of revenue | 22,106 | 60.0% | S100WW40 |
| Gross profit | 14,726 | 40.0% | S100WW40 |
| SG&A | 7,066 | 19.2% | S100WW40 |
| Operating income | 7,660 | 20.8% | S100WW40 |
| Ordinary income | 7,833 | 21.3% | S100WW40 |
| Pretax income | 7,719 | 21.0% | S100WW40 |
| Income tax | 2,168 | 5.9% | S100WW40 |
| Net income | 5,551 | 15.1% | S100WW40 |
| Net income attributable to owners | 4,800 | 13.0% | S100WW40 |

## Per ¥100 of revenue（FY ending Jul 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 19 |
| Operating income | 21 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 40.0% → Operating margin 20.8% → Net margin 13.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.7%; Core profit growth: +18.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.47×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,693 | 36,832 | 4,139 | +12.7% |
| Gross profit | 12,666 | 14,726 | 2,060 | +16.3% |
| Operating income | 6,461 | 7,660 | 1,198 | +18.5% |
| Net income attributable to owners | 5,105 | 4,800 | -305 | -6.0% |
| Operating cash flow | 6,199 | 8,180 | 1,982 | +32.0% |
| Free cash flow | 649 | 3,624 | 2,975 | +458.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 24,382 | 4,158 | 17.1% | 2,824 | 4,183 | 1,856 | S100JZ80 |
| FY ending Jul 2020 | 22,980 | 2,673 | 11.6% | 1,202 | 2,980 | 389 | S100MO54 |
| FY ending Jul 2021 | 23,786 | 3,263 | 13.7% | 2,335 | 3,406 | 1,090 | S100PFHA |
| FY ending Jul 2022 | 26,271 | 4,582 | 17.4% | 3,125 | 3,943 | 2,213 | S100S3CI |
| FY ending Jul 2023 | 31,855 | 6,201 | 19.5% | 4,409 | 6,116 | 1,895 | S100UL1X |
| FY ending Jul 2024 | 32,693 | 6,461 | 19.8% | 5,105 | 6,199 | 649 | S100WW40 |
| FY ending Jul 2025 | 36,832 | 7,660 | 20.8% | 4,800 | 8,180 | 3,624 | S100WW40 |

## People and productivity（FY ending Jul 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.9M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥4.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,146 | 1,026 | 1,052 | 1,082 | 1,120 |
| Average salary (parent company) | ¥3.5M | ¥3.6M | ¥3.8M | ¥3.9M | ¥4.3M |
| Average age (parent company) | 29.5 years | 30.0 years | 30.4 years | 30.0 years | 31.3 years |
| Average tenure (parent company) | 5.1 years | 5.4 years | 5.6 years | 5.3 years | 5.8 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +12.7%

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Parking | 17,802 | 48.3% | 4,491 | 25.2% |
| Skiing | 10,457 | 28.4% | 2,246 | 21.5% |
| Theme park | 7,663 | 20.8% | 1,343 | 17.5% |
| Other | 911 | 2.5% | 211 | 23.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Parking | 48.3% | 54.2% | 5.8 | 25.2% |
| Skiing | 28.4% | 27.1% | -1.3 | 21.5% |
| Theme park | 20.8% | 16.2% | -4.6 | 17.5% |
| Other | 2.5% | 2.6% | 0.1 | 23.2% |

Segment → industry: Theme park → Theme Parks & Leisure Facilities / Skiing → Theme Parks & Leisure Facilities / Parking → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,180 | 22.2% | S100WW40 |
| Capital expenditure | 4,556 | 12.4% | S100WW40 |
| Free cash flow | 3,624 | 9.8% | 算出 |
| Investing cash flow | -4,889 | -13.3% | S100WW40 |
| Financing cash flow | 1,204 | 3.3% | S100WW40 |
| Dividends paid | 1,747 | 4.7% | S100WW40 |
| Share buyback | 129 | 0.4% | S100WW40 |
| Change in cash | 4,543 | 12.3% | S100WW40 |
| Cash and equivalents | 20,918 | 56.8% | S100WW40 |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,435 | 11,629 | 10,998 | 16,376 | 20,918 | S100S3CI, S100UL1X, S100WW40 |
| Total assets | 28,706 | 27,599 | 29,007 | 42,137 | 49,984 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Net assets | 10,725 | 11,733 | 13,951 | 18,568 | 22,875 | S100S3CI, S100UL1X, S100WW40 |
| Share capital | 699 | 699 | 699 | 699 | 699 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Inventories | 396 | 605 | 658 | 1,489 | 2,038 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Property, plant and equipment | 10,366 | 10,996 | 11,926 | 15,086 | 16,476 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Intangible assets excluding goodwill | 220 | 183 | 162 | 142 | 234 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Goodwill | 45 | 33 | 21 | 13 | 72 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Investment securities | 870 | 464 | 772 | 3,416 | 3,949 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Current assets | 15,827 | 14,482 | 14,482 | 20,970 | 26,945 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Current liabilities | 6,146 | 5,625 | 4,889 | 8,027 | 9,246 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Short-term borrowings | 378 | 378 | 378 | 378 | 378 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Long-term borrowings | 8,199 | 6,620 | 6,497 | 11,845 | 15,812 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Bonds | 500 | 500 | 500 | 600 | 100 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Interest-bearing debt | 9,077 | 7,498 | 7,375 | 12,823 | 16,290 | 算出 |
| Total liabilities | 17,981 | 15,865 | 15,056 | 23,569 | 27,109 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Non-controlling interests | 1,768 | 1,819 | 2,187 | 2,709 | 3,443 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Equity attributable to owners of parent | 8,553 | 9,419 | 11,141 | 14,798 | 18,293 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Retained earnings | 10,217 | 11,797 | 14,601 | 18,043 | 21,096 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |
| Treasury stock | -2,936 | -3,713 | -4,972 | -4,861 | -4,607 | S100PFHA, S100S3CI, S100UL1X, S100WW40 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100WW40 |
| Inventories | 4% | S100WW40 |
| Property, plant and equipment | 33% | S100WW40 |
| Intangibles and goodwill | 1% | S100WW40 |
| Investment securities | 8% | S100WW40 |
| Other assets | 12% | S100WW40 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 32% | 算出 |
| Other liabilities | 22% | S100WW40 |
| Equity | 46% | S100WW40 |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,706 | 27,599 | 29,007 | 42,137 | 49,984 |
| Equity | 10,725 | 11,733 | 13,951 | 18,568 | 22,875 |
| Interest-bearing debt | 9,077 | 7,498 | 7,375 | 12,823 | 16,290 |
| Cash | 13,435 | 11,629 | 10,998 | 16,376 | 20,918 |

## 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) | 44.7% | S100WW40 |
| Fixed assets ÷ total assets | 33.0% | S100WW40 |
| Goodwill ÷ parent equity | 0.4% | S100WW40 |

Goodwill over 4 years: 45 → 72 JPY; total investing cash flow: -18,378 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) | 41.8% |
| Cash ÷ revenue | 56.8% |
| Net cash (cash − interest-bearing debt) | ¥4.63B |
| Net debt ÷ operating cash flow | -0.57× |
| Cash conversion (operating CF ÷ operating income) | 106.8% |
| Cash vs. profit gap | 3,381 JPY mn (of net income 70.4%) |
| Shareholder returns / net income | 39.1% |
| Shareholder returns / FCF | 51.8% |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 48.2% |
| CapEx intensity (capex ÷ revenue) | 12.4% |
| Investing CF relative to operating CF | 59.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.8% | 0.83× | 8.1% | 3.36× | 27.3% | S100PFHA |
| 2022 | 11.9% | 0.93× | 11.1% | 3.13× | 34.8% | S100S3CI |
| 2023 | 13.8% | 1.13× | 15.6% | 2.75× | 42.9% | S100UL1X |
| 2024 | 15.6% | 0.92× | 14.4% | 2.74× | 39.4% | S100WW40 |
| 2025 | 13.0% | 0.80× | 10.4% | 2.78× | 29.0% | S100WW40 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社巽商店 | Major shareholder | 33.1% | 2025-07-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 9.0% | 2025-07-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.2% | 2025-07-31 |
| 岡田商事株式会社 | Major shareholder | 1.7% | 2025-07-31 |
| THE NOMURA TRUST AND BANKING CO．， LTD． AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.7% | 2025-07-31 |
| NORTHERN TRUST CO.(AVFC) RE UKAI AIF CLIENTS NON LENDING 10PCT TREATYACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.6% | 2025-07-31 |
| 岡田 建二 | Major shareholder | 1.6% | 2025-07-31 |
| 川村 憲司 | Major shareholder | 1.6% | 2025-07-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON TREATY ACCOUNT 15.315 PCT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.5% | 2025-07-31 |
| 巽 一久 | Major shareholder | 1.1% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2024/08/01－2025/07/31) | S100WW40 | 2025-10-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WW40,, |
| 有価証券報告書－第33期(2023/08/01－2024/07/31) | S100UL1X | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL1X,, |
| 有価証券報告書－第32期(2022/08/01－2023/07/31) | S100S3CI | 2023-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3CI,, |
| 有価証券報告書－第31期(令和3年8月1日－令和4年7月31日) | S100PFHA | 2022-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFHA,, |
| 有価証券報告書－第30期(令和2年8月1日－令和3年7月31日) | S100MO54 | 2021-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO54,, |
| 有価証券報告書－第29期(令和1年8月1日－令和2年7月31日) | S100JZ80 | 2020-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZ80,, |

## 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).