# ORIENTAL LAND 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66期(2025/04/01－2026/03/31) (S100YCJX)
> Page: https://vizora.meequs.com/en/company/oriental-land
> Retrieved: 2026-09-30T21:03:03.873Z

## Company

Oriental Land, founded in 1960, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 11,207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ORIENTAL LAND CO., LTD. |
| Ticker | 4661 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4661.T) |
| Listing | TSE Prime |
| Head office | 千葉県浦安市舞浜1番地1 |
| Representative (per filing) | 代表取締役社長 高橋 渉 |
| Founded | Jul 1960 |
| Share capital | ¥63.2B |
| Employees (consolidated) | 11,207 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | olc.co.jp (https://olc.co.jp/) |
| Corporate number | 3040001029379 |
| EDINET | E04707 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YCJX, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Theme Parks & Leisure Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.8 | 12 |
| Profitability | 87.5 | 12 |
| Cash conversion | 37.5 | 12 |
| Efficiency | 54.2 | 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)

- About 81% of Oriental Land's sales come from Theme Parks, with Hotel and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -2.1%.

## Company structure

- Segment revenue mix: Theme Parks 80.7%、Hotel 16.9%、Other 2.4%
- Revenue → net income: ¥704539000000 → ¥121881000000
- Net income → operating cash flow: ¥121881000000 → ¥181281000000（difference ¥59400000000）
- Main uses of operating cash flow: CapEx ¥83604000000 / dividends ¥22919000000 / buybacks ¥0
- Change in cash: ¥47741000000
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 | ¥704.5B |  |
| Operating income | ¥168.4B | Margin 23.9% |
| Net income | ¥121.9B | Margin 17.3% |
| Free cash flow | ¥97.7B |  |
| Largest business | Theme Parks | of segment revenue 80.7% |
| Employees (consolidated) | 11,207 |  |
| EPS | ¥70.17 |  |
| Book value per share | ¥621.49 |  |
| Equity ratio | 67.5% |  |
| Shares outstanding | 1,800,450,800 |  |
| Treasury shares | 156,838,300 |  |
| Shareholders | 604,446 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 14.5% | Cash ÷ revenue 33.5% |
| Vs. industry median margin | +10 pp | Theme Parks & Leisure Facilities |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.6× its level five years ago
- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥170581000000 | ¥704539000000 | +313.0% |
| Operating income | ¥-45989000000 | ¥168413000000 | — |
| Operating margin | -27.0% | 23.9% | +50.9 pp |
| Employees | 8,782 people | 11,207 people | +27.6% |
| Cash and equivalents | ¥165317000000 | ¥236132000000 | +42.8% |

### 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 |
| --- | ---: |
| テーマパーク → 事業再編・廃止 | 78.7% |
| ホテル → 事業再編・廃止 | 16.8% |
| その他 → その他 | 2.4% |
| その他 → 事業再編・廃止 | 2.1% |
| 新設・再編 → テーマパーク | 80.7% |
| 新設・再編 → ホテル | 16.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Theme Parks | 3 years | +12.8% | ¥568345000000 | 23.0% | 2 |
| Hotel | 3 years | +17.2% | ¥119049000000 | 31.0% | 2 |
| Other | 5 years | +17.5% | ¥17144000000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 704,539 | 100.0% | S100YCJX |
| Cost of revenue | 431,580 | 61.3% | S100YCJX |
| Gross profit | 272,959 | 38.7% | S100YCJX |
| SG&A | 104,546 | 14.8% | S100YCJX |
| Operating income | 168,413 | 23.9% | S100YCJX |
| Ordinary income | 169,641 | 24.1% | S100YCJX |
| Pretax income | 170,161 | 24.2% | S100YCJX |
| Income tax | 48,279 | 6.9% | S100YCJX |
| Net income | 121,881 | 17.3% | S100YCJX |
| Net income attributable to owners | 121,881 | 17.3% | S100YCJX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 15 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 38.7% → Operating margin 23.9% → Net margin 17.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -2.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.58×
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 | 679,374 | 704,539 | 25,165 | +3.7% |
| Gross profit | 273,193 | 272,959 | -234 | -0.1% |
| Operating income | 172,111 | 168,413 | -3,698 | -2.1% |
| Net income attributable to owners | 124,160 | 121,881 | -2,279 | -1.8% |
| Operating cash flow | 195,388 | 181,281 | -14,107 | -7.2% |
| Free cash flow | 92,691 | 97,677 | 4,986 | +5.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 464,450 | 96,862 | 20.9% | 62,217 | 73,336 | -60,996 | S100LQYW |
| FY ending Mar 2021 | 170,581 | -45,989 | -27.0% | -54,190 | -23,834 | -140,783 | S100OI12 |
| FY ending Mar 2022 | 275,728 | 7,733 | 2.8% | 8,067 | 54,602 | -50,599 | S100R8C8 |
| FY ending Mar 2023 | 483,123 | 111,199 | 23.0% | 80,734 | 167,729 | 74,524 | S100TV8H |
| FY ending Mar 2024 | 618,493 | 165,437 | 26.7% | 120,225 | 197,674 | 144,981 | S100VY55 |
| FY ending Mar 2025 | 679,374 | 172,111 | 25.3% | 124,160 | 195,388 | 92,691 | S100YCJX |
| FY ending Mar 2026 | 704,539 | 168,413 | 23.9% | 121,881 | 181,281 | 97,677 | S100YCJX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.9M |
| Operating income per employee (consolidated) | ¥15M |
| Net income per employee (consolidated) | ¥10.9M |

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) | 9,094 | 8,945 | 9,719 | 10,507 | 11,207 |
| Average salary (parent company) | ¥4.9M | ¥5.6M | ¥5.9M | ¥6M | ¥6.1M |
| Average age (parent company) | 39.9 years | 40.7 years | 40.4 years | 40.1 years | 39.8 years |
| Average tenure (parent company) | 10.1 years | 10.8 years | 10.4 years | 10.3 years | 10.1 years |

Year over year: Employees (consolidated) +6.7% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Theme Parks | 568,345 | 80.7% | 130,488 | 23.0% |
| Hotel | 119,049 | 16.9% | 36,851 | 31.0% |
| Other | 17,144 | 2.4% | 481 | 2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Theme Parks | 80.7% | 77.8% | -2.9 | 23.0% |
| Hotel | 16.9% | 22.0% | 5.1 | 31.0% |
| Other | 2.4% | 0.3% | -2.1 | 2.8% |

Segment → industry: Theme Parks → Theme Parks & Leisure Facilities / Other → Real Estate Development & Leasing / Hotel → Hotels & Inns

## 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 | 181,281 | 25.7% | S100YCJX |
| Capital expenditure | 83,604 | 11.9% | S100YCJX |
| Free cash flow | 97,677 | 13.9% | 算出 |
| Investing cash flow | -172,096 | -24.4% | S100YCJX |
| Financing cash flow | 38,556 | 5.5% | S100YCJX |
| Dividends paid | 22,919 | 3.3% | S100YCJX |
| Share buyback | 0 | 0.0% | S100YCJX |
| Change in cash | 47,741 | 6.8% | S100YCJX |
| Cash and equivalents | 236,132 | 33.5% | S100YCJX |

## 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 | 129,868 | 142,232 | 273,016 | 188,391 | 236,132 | S100TV8H, S100VY55, S100YCJX |
| Total assets | 1,086,884 | 1,206,419 | 1,355,215 | 1,438,521 | 1,629,076 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Net assets | 756,317 | 829,689 | 949,563 | 977,408 | 1,100,021 | S100TV8H, S100VY55, S100YCJX |
| Share capital | 63,201 | 63,201 | 63,201 | 63,201 | 63,201 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Property, plant and equipment | 720,241 | 771,518 | 797,604 | 820,646 | 837,247 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Intangible assets excluding goodwill | 18,329 | 17,492 | 15,882 | 15,552 | 18,149 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Investment securities | 46,334 | 50,936 | 68,878 | 55,553 | 59,306 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Current assets | 271,410 | 348,941 | 452,222 | 525,366 | 675,214 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Current liabilities | 85,247 | 161,249 | 246,981 | 235,882 | 206,385 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Trade payables | 12,164 | 20,305 | 23,761 | 23,609 | 28,142 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Long-term borrowings | 7,401 | 5,407 | 1,252 | 1,956 | 10,648 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Bonds | 230,000 | 200,000 | 140,000 | 210,000 | 290,000 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Total liabilities | 330,567 | 376,730 | 405,652 | 461,113 | 529,055 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Equity attributable to owners of parent | 743,515 | 815,027 | 921,216 | 961,027 | 1,062,673 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Retained earnings | 678,566 | 748,481 | 853,295 | 930,662 | 1,029,587 | S100R8C8, S100TV8H, S100VY55, S100YCJX |
| Treasury stock | -113,257 | -112,282 | -110,952 | -144,272 | -150,482 | S100R8C8, S100TV8H, S100VY55, S100YCJX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YCJX |
| Property, plant and equipment | 51% | S100YCJX |
| Intangibles and goodwill | 1% | S100YCJX |
| Investment securities | 4% | S100YCJX |
| Other assets | 29% | S100YCJX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YCJX |
| Other liabilities | 31% | S100YCJX |
| Equity | 67% | S100YCJX |

### 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 | 1,086,884 | 1,206,419 | 1,355,215 | 1,438,521 | 1,629,076 |
| Equity | 756,317 | 829,689 | 949,563 | 977,408 | 1,100,021 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 129,868 | 142,232 | 273,016 | 188,391 | 236,132 |

## 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) | 118.8% | S100YCJX |
| Fixed assets ÷ total assets | 51.4% | S100YCJX |
| Goodwill ÷ parent equity | — | —, S100YCJX |

### 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) | 14.5% |
| Cash ÷ revenue | 33.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.6% |
| Cash vs. profit gap | 59,400 JPY mn (of net income 48.7%) |
| Shareholder returns / net income | 18.8% |
| Shareholder returns / FCF | 23.5% |
| Shareholder payments — dividends / net income | 18.8% |
| Shareholder payments — dividends / FCF | 23.5% |
| CapEx intensity (capex ÷ revenue) | 11.9% |
| Investing CF relative to operating CF | 94.9% |

## 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 | 2.9% | 0.25× | 0.7% | 1.46× | 1.1% | S100R8C8 |
| 2023 | 16.7% | 0.42× | 7.0% | 1.47× | 10.4% | S100TV8H |
| 2024 | 19.4% | 0.48× | 9.4% | 1.48× | 13.8% | S100VY55 |
| 2025 | 18.3% | 0.49× | 8.9% | 1.48× | 13.2% | S100YCJX |
| 2026 | 17.3% | 0.46× | 7.9% | 1.52× | 12.0% | S100YCJX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 京成電鉄株式会社 | Major shareholder | 20.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.6% | 2026-03-31 |
| 三井不動産株式会社 | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 千葉県 | Major shareholder | 4.0% | 2026-03-31 |
| みずほ信託銀行株式会社（一般財団法人オリエンタルランド子どものハピネス財団信託口） | Major shareholder | 1.1% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託 みずほ銀行口再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.0% | 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 | 0.9% | 2026-03-31 |
| 浦安市 | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥704.5B, up +3.7% from ¥679.4B a year earlier.
- Profit went the other way: operating income fell -2.1% to ¥168.4B and net income fell -1.8% to ¥121.9B.
- Operating cash flow dropped -7.2% to ¥181.3B, while free cash flow rose +5.4% to ¥97.7B.

### Drivers

- Park attendance was about flat, but spending per guest went up across tickets, merchandise, and food
- Hotel revenue grew as room rates rose with demand-based pricing and the Fantasy Springs Hotel ran for the whole year
- Wage increases and higher maintenance and IT costs cut into theme park profit
- Operating cash flow fell mainly because the company paid more consumption tax

### Risks

- Most visitors are from Japan, so a shrinking population or new leisure options could reduce attendance
- Almost all operations sit in Maihama, so a major earthquake or an epidemic could close the parks or keep guests away
- The new cruise business could open much later than planned if ship construction is delayed

Cited: Annual Securities Report (66th fiscal period) (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 (66th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YCJX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCJX,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100VY55 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY55,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TV8H | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV8H,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R8C8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8C8,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OI12 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI12,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LQYW | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQYW,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ディズニー・エンタプライゼズ・インク | Alliance | 東京ディズニーリゾート各施設のライセンス・運営等に関する業務提携 | S100YCJX |

## 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).