# Nippon Ski Resort 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20期(2024/08/01－2025/07/31) (S100WWGS)
> Page: https://vizora.meequs.com/en/company/nippon-ski-resort-development
> Retrieved: 2026-09-30T21:02:12.727Z

## Company

Nippon Ski Resort Development, founded in 2005, is a company in Theme Parks & Leisure Facilities listed on TSE Growth. It has 250 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Ski Resort Development Co.,Ltd. |
| Ticker | 6040 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6040.T) |
| Listing | TSE Growth |
| Head office | 長野県北安曇郡白馬村大字北城6329番地1 |
| Representative (per filing) | 代表取締役社長 鈴木 周平 |
| Founded | Dec 2005 |
| Share capital | ¥1B |
| Employees (consolidated) | 250 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | July |
| Website | www.nippon-ski.jp (https://www.nippon-ski.jp/) |
| Corporate number | 6010001097087 |
| EDINET | E31408 |
| Industries (Vizora) | Theme Parks & Leisure Facilities |

> Profile source: annual securities report (S100WWGS, filed 2025-10-22). As of filing

## Five-axis industry profile

Primary industry: Theme Parks & Leisure Facilities (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.8 | 12 |
| Profitability | 79.2 | 12 |
| Cash conversion | 54.2 | 12 |
| Efficiency | 87.5 | 12 |

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)

- Nippon Ski Resort Development brought in ¥10.5B in revenue.
- Out of every ¥100 of sales, about ¥22 is left as operating profit.
- Revenue changed +26.9% from the prior year, operating profit +44.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥10461767000 → ¥1733258000
- Net income → operating cash flow: ¥1733258000 → ¥2707091000（difference ¥973833000）
- Main uses of operating cash flow: CapEx ¥2776601000 / dividends ¥152254000 / buybacks —
- Change in cash: ¥314512000
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 | ¥10.5B |  |
| Operating income | ¥2.25B | Margin 21.5% |
| Net income | ¥1.59B | Margin 15.2% |
| Free cash flow | -¥69.5M |  |
| Employees (consolidated) | 250 |  |
| EPS | ¥18.36 |  |
| Diluted EPS | ¥18.3 |  |
| Book value per share | ¥80.62 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 48,008,700 |  |
| Treasury shares | 2,100,200 |  |
| Shareholders | 11,346 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 33.0% |
| Vs. industry median margin | +7.6 pp | Theme Parks & Leisure Facilities |
| ROE | 21.3% | Derived from disclosed figures |
| ROA | 13.0% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.3× its level five years ago
- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6063487000 | ¥10461767000 | +72.5% |
| Operating income | ¥317279000 | ¥2246086000 | +607.9% |
| Operating margin | 5.2% | 21.5% | +16.2 pp |
| Employees | 236 people | 250 people | +5.9% |
| Cash and equivalents | ¥4637248000 | ¥3455814000 | -25.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,462 | 100.0% | S100WWGS |
| Cost of revenue | 5,793 | 55.4% | S100WWGS |
| Gross profit | 4,669 | 44.6% | S100WWGS |
| SG&A | 2,423 | 23.2% | S100WWGS |
| Operating income | 2,246 | 21.5% | S100WWGS |
| Ordinary income | 2,236 | 21.4% | S100WWGS |
| Pretax income | 2,214 | 21.2% | S100WWGS |
| Income tax | 481 | 4.6% | S100WWGS |
| Net income | 1,733 | 16.6% | S100WWGS |
| Net income attributable to owners | 1,586 | 15.2% | S100WWGS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 23 |
| Operating income | 22 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 44.6% → Operating margin 21.5% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.9%; Core profit growth: +44.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
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 | 8,245 | 10,462 | 2,216 | +26.9% |
| Gross profit | 3,557 | 4,669 | 1,112 | +31.3% |
| Operating income | 1,552 | 2,246 | 694 | +44.7% |
| Net income attributable to owners | 1,094 | 1,586 | 493 | +45.0% |
| Operating cash flow | 1,968 | 2,707 | 739 | +37.5% |
| Free cash flow | -756 | -70 | 687 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 6,629 | 630 | 9.5% | 607 | 1,044 | 262 | S100JYMB |
| FY ending Jul 2020 | 6,063 | 317 | 5.2% | 139 | 1,007 | -22 | S100MO2R |
| FY ending Jul 2021 | 4,547 | -429 | -9.4% | -480 | -210 | -1,300 | S100PF1P |
| FY ending Jul 2022 | 5,569 | 254 | 4.6% | 32 | 1,217 | 624 | S100S33I |
| FY ending Jul 2023 | 6,899 | 1,036 | 15.0% | 953 | 1,588 | 239 | S100UL18 |
| FY ending Jul 2024 | 8,245 | 1,552 | 18.8% | 1,094 | 1,968 | -756 | S100WWGS |
| FY ending Jul 2025 | 10,462 | 2,246 | 21.5% | 1,586 | 2,707 | -70 | S100WWGS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.8M |
| Operating income per employee (consolidated) | ¥9M |
| Net income per employee (consolidated) | ¥6.3M |

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) | 213 | 218 | 242 | 233 | 250 |
| Average salary (parent company) | ¥5.7M | ¥5.2M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 38.6 years | 36.4 years | 35.1 years | 35.6 years | 35.9 years |
| Average tenure (parent company) | 4.9 years | 4.3 years | 2.7 years | 3.3 years | 4.1 years |

Year over year: Employees (consolidated) +7.3% · Revenue (consolidated) +26.9%

## 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 | 2,707 | 25.9% | S100WWGS |
| Capital expenditure | 2,777 | 26.5% | S100WWGS |
| Free cash flow | -70 | -0.7% | 算出 |
| Investing cash flow | -2,829 | -27.0% | S100WWGS |
| Financing cash flow | 437 | 4.2% | S100WWGS |
| Dividends paid | 152 | 1.5% | S100WWGS |
| Change in cash | 315 | 3.0% | S100WWGS |
| Cash and equivalents | 3,456 | 33.0% | S100WWGS |

## 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 | 1,957 | 2,367 | 1,743 | 3,141 | 3,456 | S100S33I, S100UL18, S100WWGS |
| Total assets | 6,913 | 7,195 | 7,611 | 10,990 | 13,405 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Net assets | 5,109 | 5,064 | 5,918 | 7,060 | 8,703 | S100S33I, S100UL18, S100WWGS |
| Share capital | 1,000 | 1,000 | 1,001 | 1,001 | 1,001 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Inventories | 164 | 218 | 205 | 370 | 988 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Property, plant and equipment | 4,008 | 3,966 | 4,717 | 6,499 | 7,637 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Intangible assets excluding goodwill | 45 | 46 | 34 | 21 | 130 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Goodwill | — | — | — | — | 70 | S100WWGS |
| Investment securities | 9 | 9 | 9 | 9 | 9 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Current assets | 2,644 | 3,032 | 2,549 | 4,047 | 5,243 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Current liabilities | 397 | 1,702 | 1,308 | 1,505 | 2,014 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Long-term borrowings | 1,230 | 300 | 305 | 2,342 | 2,663 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Total liabilities | 1,804 | 2,131 | 1,693 | 3,931 | 4,702 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Non-controlling interests | 198 | 220 | 241 | 336 | 458 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Equity attributable to owners of parent | 4,851 | 4,777 | 5,627 | 6,675 | 8,202 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Retained earnings | 3,054 | 2,980 | 3,826 | 4,814 | 6,248 | S100PF1P, S100S33I, S100UL18, S100WWGS |
| Treasury stock | -601 | -601 | -600 | -558 | -503 | S100PF1P, S100S33I, S100UL18, S100WWGS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100WWGS |
| Inventories | 7% | S100WWGS |
| Property, plant and equipment | 57% | S100WWGS |
| Intangibles and goodwill | 2% | S100WWGS |
| Investment securities | 0% | S100WWGS |
| Other assets | 8% | S100WWGS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100WWGS |
| Equity | 65% | S100WWGS |

### 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 | 6,913 | 7,195 | 7,611 | 10,990 | 13,405 |
| Equity | 5,109 | 5,064 | 5,918 | 7,060 | 8,703 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,957 | 2,367 | 1,743 | 3,141 | 3,456 |

## 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) | 73.0% | S100WWGS |
| Fixed assets ÷ total assets | 57.0% | S100WWGS |
| Goodwill ÷ parent equity | 0.8% | S100WWGS |

### 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) | 25.8% |
| Cash ÷ revenue | 33.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.5% |
| Cash vs. profit gap | 1,121 JPY mn (of net income 70.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 26.5% |
| Investing CF relative to operating CF | 104.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -6.9% | —× | — | S100PF1P |
| 2022 | 0.6% | 0.79× | 0.5% | 1.47× | 0.7% | S100S33I |
| 2023 | 13.8% | 0.93× | 12.9% | 1.42× | 18.3% | S100UL18 |
| 2024 | 13.3% | 0.89× | 11.8% | 1.51× | 17.8% | S100WWGS |
| 2025 | 15.2% | 0.86× | 13.0% | 1.64× | 21.3% | S100WWGS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本駐車場開発株式会社 | Major shareholder | 68.6% | 2025-07-31 |
| OKASAN INTERNATIONAL (ASIA) LIMITED(常任代理人 岡三証券株式会社） | Major shareholder | 2.6% | 2025-07-31 |
| 鈴木 周平 | Major shareholder | 1.7% | 2025-07-31 |
| HOTEL LOTTE CO.,LTD.（常任代理人 LOTTE HOTEL TOKYO OFFICE） | Major shareholder | 0.9% | 2025-07-31 |
| 佐々木 嶺一 | Major shareholder | 0.7% | 2025-07-31 |
| 髙梨 光 | Major shareholder | 0.6% | 2025-07-31 |
| 野村證券㈱ | Major shareholder | 0.5% | 2025-07-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 0.5% | 2025-07-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ(常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.5% | 2025-07-31 |
| BNP PARIBAS NEW YORK BRANCH-PRIME BROKERAGE CLEARANCE ACCOUNT | Major shareholder | 0.4% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2024/08/01－2025/07/31) | S100WWGS | 2025-10-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWGS,, |
| 有価証券報告書－第19期(2023/08/01－2024/07/31) | S100UL18 | 2024-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL18,, |
| 有価証券報告書－第18期(2022/08/01－2023/07/31) | S100S33I | 2023-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S33I,, |
| 有価証券報告書－第17期(令和3年8月1日－令和4年7月31日) | S100PF1P | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PF1P,, |
| 有価証券報告書－第16期(令和2年8月1日－令和3年7月31日) | S100MO2R | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO2R,, |
| 有価証券報告書－第15期(令和1年8月1日－令和2年7月31日) | S100JYMB | 2020-10-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JYMB,, |

## 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).