# Odakyu Electric Railway 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105期(2025/04/01－2026/03/31) (S100YIM7)
> Page: https://vizora.meequs.com/en/company/odakyu-electric-railway
> Retrieved: 2026-09-30T21:50:45.530Z

## Company

Odakyu Electric Railway, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 11,656 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Odakyu Electric Railway Co., Ltd. |
| Ticker | 9007 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9007.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区代々木2丁目28番12号 東京都新宿区西新宿2丁目7番1号(本社事務所) |
| Representative (per filing) | 取締役社長 鈴木滋 |
| Founded | Jun 1948 |
| Share capital | ¥60.4B |
| Employees (consolidated) | 11,656 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.odakyu.jp (https://www.odakyu.jp/) |
| Corporate number | 1011001005060 |
| EDINET | E04088 |
| Industries (Vizora) | Real Estate Development & Leasing, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YIM7, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 18 |
| Profitability | 80.6 | 18 |
| Cash conversion | 14.7 | 17 |
| Efficiency | 30.6 | 18 |
| Financial strength | 6.3 | 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 43% of Odakyu Electric Railway's sales come from Transportation, with Living services and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -0.9% from the prior year, operating profit +2.4%.

## Company structure

- Segment revenue mix: Transportation 42.7%、Living services 37.0%、Real estate 20.3%
- Revenue → net income: ¥418732000000 → ¥37569000000
- Net income → operating cash flow: ¥37569000000 → ¥59915000000（difference ¥22346000000）
- Main uses of operating cash flow: CapEx ¥84618000000 / dividends ¥17312000000 / buybacks ¥5000000
- Change in cash: ¥4911000000
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 | ¥418.7B |  |
| Operating income | ¥52.7B | Margin 12.6% |
| Net income | ¥37.4B | Margin 8.9% |
| Free cash flow | -¥24.7B |  |
| Largest business | Transportation | of segment revenue 42.7% |
| Employees (consolidated) | 11,656 |  |
| EPS | ¥70.03 |  |
| Book value per share | ¥1179.49 |  |
| Equity ratio | 36.4% |  |
| Shares outstanding | 368,497,000 |  |
| Treasury shares | 25,384,900 |  |
| Shareholders | 68,189 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 2.9% | Net cash -¥622.4B · Cash ÷ revenue 9.5% |
| Vs. industry median margin | +2.3 pp | Private Railways |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -22 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥385978000000 | ¥418732000000 | +8.5% |
| Operating income | ¥-24190000000 | ¥52659000000 | — |
| Operating margin | -6.3% | 12.6% | +18.8 pp |
| Employees | 13,960 people | 11,656 people | -16.5% |
| Cash and equivalents | ¥49267000000 | ¥39863000000 | -19.1% |

### 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 |
| --- | ---: |
| 交通業 → 交通業 | 29.5% |
| 流通業 → 事業再編・廃止 | 40.3% |
| 不動産業 → 不動産業 | 17.3% |
| その他 → 事業再編・廃止 | 12.8% |
| 新設・再編 → 交通業 | 13.2% |
| 新設・再編 → 不動産業 | 2.9% |
| 新設・再編 → 生活サービス業 | 37.0% |

Segment revenue source references: 7 (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 | +9.4% | ¥178787000000 | 16.5% | 2 |
| Living services | 2 years | -1.3% | ¥155100000000 | 4.9% | 2 |
| Real estate | 5 years | +4.9% | ¥84844000000 | 18.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 418,732 | 100.0% | S100YIM7 |
| SG&A | 69,652 | 16.6% | S100YIM7 |
| Operating income | 52,659 | 12.6% | S100YIM7 |
| Ordinary income | 54,028 | 12.9% | S100YIM7 |
| Pretax income | 51,165 | 12.2% | S100YIM7 |
| Income tax | 13,596 | 3.2% | S100YIM7 |
| Net income | 37,569 | 9.0% | S100YIM7 |
| Net income attributable to owners | 37,368 | 8.9% | S100YIM7 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 12.6% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.9%; Core profit growth: +2.4%
Operating leverage (core profit growth ÷ revenue growth): -2.54×
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 | 422,700 | 418,732 | -3,968 | -0.9% |
| Operating income | 51,431 | 52,659 | 1,228 | +2.4% |
| Net income attributable to owners | 51,958 | 37,368 | -14,590 | -28.1% |
| Operating cash flow | 55,877 | 59,915 | 4,038 | +7.2% |
| Free cash flow | -52,252 | -24,703 | 27,549 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 534,132 | 41,103 | 7.7% | 19,923 | 74,897 | -14,518 | S100LTWH |
| FY ending Mar 2021 | 385,978 | -24,190 | -6.3% | -39,804 | 27,178 | -33,475 | S100OJ1L |
| FY ending Mar 2022 | 358,753 | 6,152 | 1.7% | 12,116 | 48,617 | -24,861 | S100R8W0 |
| FY ending Mar 2023 | 395,159 | 26,601 | 6.7% | 40,736 | 62,928 | 14,903 | S100TVYV |
| FY ending Mar 2024 | 409,837 | 50,766 | 12.4% | 81,524 | 71,626 | 11,295 | S100W2L1 |
| FY ending Mar 2025 | 422,700 | 51,431 | 12.2% | 51,958 | 55,877 | -52,252 | S100YIM7 |
| FY ending Mar 2026 | 418,732 | 52,659 | 12.6% | 37,368 | 59,915 | -24,703 | S100YIM7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.9M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 13,272 | 12,629 | 11,661 | 11,517 | 11,656 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.5M | ¥8M | ¥8.3M |
| Average age (parent company) | 41.0 years | 42.0 years | 42.9 years | 43.4 years | 43.5 years |
| Average tenure (parent company) | 20.0 years | 21.1 years | 21.7 years | 22.0 years | 22.0 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -0.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 178,787 | 42.7% | 29,517 | 16.5% |
| Real estate | 84,844 | 20.3% | 15,473 | 18.2% |
| Living services | 155,100 | 37.0% | 7,658 | 4.9% |

### 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 | 42.7% | 56.1% | 13.4 | 16.5% |
| Real estate | 20.3% | 29.4% | 9.1 | 18.2% |
| Living services | 37.0% | 14.5% | -22.5 | 4.9% |

Segment → industry: Real estate → Real Estate Development & Leasing / Living services → Supermarkets / Transportation → Private Railways / Living services → Department 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 | 59,915 | 14.3% | S100YIM7 |
| Capital expenditure | 84,618 | 20.2% | S100YIM7 |
| Free cash flow | -24,703 | -5.9% | 算出 |
| Investing cash flow | -84,274 | -20.1% | S100YIM7 |
| Financing cash flow | 29,270 | 7.0% | S100YIM7 |
| Dividends paid | 17,312 | 4.1% | S100YIM7 |
| Share buyback | 5 | 0.0% | S100YIM7 |
| Change in cash | 4,911 | 1.2% | S100YIM7 |
| Cash and equivalents | 39,863 | 9.5% | S100YIM7 |

## 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 | 21,852 | 67,474 | 60,532 | 34,952 | 39,863 | S100TVYV, S100W2L1, S100YIM7 |
| Total assets | 1,285,230 | 1,279,976 | 1,301,578 | 1,299,991 | 1,393,521 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Net assets | 349,257 | 388,490 | 460,176 | 479,263 | 508,783 | S100TVYV, S100W2L1, S100YIM7 |
| Share capital | 60,359 | 60,359 | 60,359 | 60,359 | 60,359 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Property, plant and equipment | 1,062,130 | 1,009,447 | 1,014,014 | 1,033,239 | 1,053,950 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Intangible assets excluding goodwill | 21,949 | 21,065 | 18,523 | 17,269 | 16,569 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Goodwill | 1,375 | 1,100 | 853 | 571 | 523 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Investment securities | 53,675 | 57,407 | 76,269 | 85,605 | 110,089 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Current assets | 125,542 | 168,590 | 173,118 | 141,096 | 181,317 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Current liabilities | 340,182 | 378,938 | 396,422 | 344,331 | 330,612 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Trade payables | 21,239 | 16,383 | 19,016 | 18,366 | 22,913 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Short-term borrowings | 183,116 | 186,884 | 219,611 | 197,863 | 192,552 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Long-term borrowings | 259,891 | 243,584 | 200,362 | 234,188 | 282,723 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Bonds | 217,005 | 157,000 | 157,000 | 157,000 | 187,000 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Interest-bearing debt | 660,012 | 587,468 | 576,973 | 589,051 | 662,275 | 算出 |
| Total liabilities | 935,972 | 891,485 | 841,402 | 820,728 | 884,738 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Non-controlling interests | 2,394 | 1,103 | 856 | 986 | 1,186 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Equity attributable to owners of parent | 327,726 | 364,589 | 421,329 | 441,860 | 461,851 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Retained earnings | 215,575 | 252,402 | 321,506 | 362,391 | 382,380 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |
| Treasury stock | -6,297 | -6,262 | -18,650 | -39,004 | -39,001 | S100R8W0, S100TVYV, S100W2L1, S100YIM7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YIM7 |
| Property, plant and equipment | 76% | S100YIM7 |
| Intangibles and goodwill | 1% | S100YIM7 |
| Investment securities | 8% | S100YIM7 |
| Other assets | 12% | S100YIM7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YIM7 |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 14% | S100YIM7 |
| Equity | 36% | S100YIM7 |

### 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 | 1,285,230 | 1,279,976 | 1,301,578 | 1,299,991 | 1,393,521 |
| Equity | 349,257 | 388,490 | 460,176 | 479,263 | 508,783 |
| Interest-bearing debt | 660,012 | 587,468 | 576,973 | 589,051 | 662,275 |
| Cash | 21,852 | 67,474 | 60,532 | 34,952 | 39,863 |

## 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) | 251.7% | S100YIM7 |
| Fixed assets ÷ total assets | 75.6% | S100YIM7 |
| Goodwill ÷ parent equity | 0.1% | S100YIM7 |

Goodwill over 4 years: 1,375 → 523 JPY; total investing cash flow: -146,137 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) | 2.9% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | -¥622.4B |
| Net debt ÷ operating cash flow | 10.39× |
| Cash conversion (operating CF ÷ operating income) | 113.8% |
| Cash vs. profit gap | 22,547 JPY mn (of net income 60.3%) |
| Shareholder returns / net income | 46.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 20.2% |
| Investing CF relative to operating CF | 140.7% |

## 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 | 3.4% | 0.28× | 0.9% | 3.92× | 3.7% | S100R8W0 |
| 2023 | 10.3% | 0.31× | 3.2% | 3.71× | 11.8% | S100TVYV |
| 2024 | 19.9% | 0.32× | 6.3% | 3.28× | 20.7% | S100W2L1 |
| 2025 | 12.3% | 0.32× | 4.0% | 3.01× | 12.0% | S100YIM7 |
| 2026 | 8.9% | 0.31× | 2.8% | 2.98× | 8.3% | S100YIM7 |

## 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 | 14.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・三菱電機株式会社口） | Major shareholder | 3.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 住友生命保険相互会社 | 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 | 1.4% | 2026-03-31 |
| 神奈川中央交通株式会社 | Major shareholder | 1.3% | 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 |

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

- Revenue for the FY ending Mar 2026 was ¥418.7B, down -0.9% from ¥422.7B.
- Operating income still grew, rising +2.4% from ¥51.4B to ¥52.7B.
- Net income dropped -28.1%, from ¥52B to ¥37.4B.
- Free cash flow was -¥24.7B, a smaller outflow than the -¥52.3B of the year before.

### Drivers

- Revenue dipped because the prior year included an extra month for the department store and supermarket businesses after they changed their fiscal year-end
- Operating income rose as more passengers rode its trains, both commuters and occasional riders, and fares were raised for buses and in the Hakone area
- Net income fell because the prior year was boosted by a one-time gain from selling shares in UDS, a former subsidiary

### Risks

- Major earthquakes, heavy rain or other disasters could damage facilities or halt train service
- Many of its businesses depend on staff, and a shortage of workers such as bus drivers could limit operations
- It funds ongoing capital spending with loans and bonds, so higher interest rates would raise its costs

Cited: Annual securities report (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 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YIM7 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIM7,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W2L1 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2L1,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TVYV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVYV,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R8W0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8W0,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OJ1L | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ1L,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LTWH | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTWH,, |

## 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).