# PARK24 Co., Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2024/11/01－2025/10/31) (S100XHMO)
> Page: https://vizora.meequs.com/en/company/park24
> Retrieved: 2026-09-30T20:59:45.771Z

## Company

Park24, founded in 1973, is a company in Leasing listed on TSE Prime. It has 5,734 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | PARK24 CO., LTD. |
| Ticker | 4666 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4666.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西五反田二丁目20番4号 |
| Representative (per filing) | 代表取締役社長CEO 西川 光一 |
| Founded | Feb 1973 |
| Share capital | ¥32.7B |
| Employees (consolidated) | 5,734 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | October |
| Website | www.park24.co.jp (https://www.park24.co.jp/) |
| Corporate number | 6010001115658 |
| EDINET | E04979 |
| Industries (Vizora) | Leasing, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XHMO, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58 | 25 |
| Profitability | 55.8 | 26 |
| Cash conversion | 94.2 | 26 |
| Efficiency | 59.6 | 26 |

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 Park24's sales come from Domestic Parking, with Mobility and Overseas parking making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit -2.9%.

## Company structure

- Segment revenue mix: Domestic Parking 47.7%、Mobility 31.6%、Overseas parking 20.8%
- Revenue → net income: ¥406168000000 → ¥15917000000
- Net income → operating cash flow: ¥15917000000 → ¥62880000000（difference ¥46963000000）
- Main uses of operating cash flow: CapEx ¥45491000000 / dividends ¥851000000 / buybacks ¥0
- Change in cash: ¥32108000000
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 | ¥406.2B |  |
| Operating income | ¥37.6B | Margin 9.2% |
| Net income | ¥15.9B | Margin 3.9% |
| Free cash flow | ¥17.4B |  |
| Largest business | Domestic Parking | of segment revenue 47.7% |
| Employees (consolidated) | 5,734 |  |
| EPS | ¥24.51 |  |
| Diluted EPS | ¥22.41 |  |
| Book value per share | ¥468.82 |  |
| Equity ratio | 27.7% |  |
| Shares outstanding | 171,048,369 |  |
| Treasury shares | 382,400 |  |
| Shareholders | 41,158 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 19.7% |
| Vs. industry median margin | +0.3 pp | Real Estate Brokerage & Management |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.0× net income
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, parent-company salary changed +41% over five years

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥268904000000 | ¥406168000000 | +51.0% |
| Operating income | ¥-14698000000 | ¥37561000000 | — |
| Operating margin | -5.5% | 9.2% | +14.7 pp |
| Employees | 5,565 people | 5,734 people | +3.0% |
| Cash and equivalents | ¥55269000000 | ¥80150000000 | +45.0% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 駐車場事業国内 → 駐車場事業国内 | 47.7% |
| 駐車場事業国内 → 事業再編・廃止 | 8.3% |
| 駐車場事業海外 → 駐車場事業海外 | 16.8% |
| モビリティ事業 → 事業再編・廃止 | 27.3% |
| 新設・再編 → モビリティ事業 | 31.6% |
| 新設・再編 → 駐車場事業海外 | 4.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Parking | 5 years | +5.2% | ¥193635000000 | 19.4% | 2 |
| Mobility | 2 years | +14.3% | ¥128158000000 | 11.6% | 2 |
| Overseas parking | 5 years | +13.3% | ¥84373000000 | -1.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 406,168 | 100.0% | S100XHMO |
| Cost of revenue | 301,924 | 74.3% | S100XHMO |
| Gross profit | 104,243 | 25.7% | S100XHMO |
| SG&A | 66,681 | 16.4% | S100XHMO |
| Operating income | 37,561 | 9.2% | S100XHMO |
| Ordinary income | 34,157 | 8.4% | S100XHMO |
| Pretax income | 28,095 | 6.9% | S100XHMO |
| Income tax | 12,177 | 3.0% | S100XHMO |
| Net income | 15,917 | 3.9% | S100XHMO |
| Net income attributable to owners | 15,917 | 3.9% | S100XHMO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 17 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.7% → Operating margin 9.2% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.5%; Core profit growth: -2.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.31×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 370,913 | 406,168 | 35,255 | +9.5% |
| Gross profit | 102,069 | 104,243 | 2,174 | +2.1% |
| Operating income | 38,697 | 37,561 | -1,136 | -2.9% |
| Net income attributable to owners | 18,625 | 15,917 | -2,708 | -14.5% |
| Operating cash flow | 54,176 | 62,880 | 8,704 | +16.1% |
| Free cash flow | 21,657 | 17,389 | -4,268 | -19.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 317,438 | 22,322 | 7.0% | 12,348 | 45,695 | 1,090 | S100KKHS |
| FY ending Oct 2020 | 268,904 | -14,698 | -5.5% | -46,652 | 39,400 | 19,731 | S100NAAI |
| FY ending Oct 2021 | 251,102 | -8,039 | -3.2% | -11,658 | 34,818 | 20,232 | S100Q06T |
| FY ending Oct 2022 | 290,253 | 20,672 | 7.1% | 2,476 | 29,369 | 13,334 | S100SNVV |
| FY ending Oct 2023 | 330,123 | 31,986 | 9.7% | 17,542 | 48,188 | 21,761 | S100WD3J |
| FY ending Oct 2024 | 370,913 | 38,697 | 10.4% | 18,625 | 54,176 | 21,657 | S100XHMO |
| FY ending Oct 2025 | 406,168 | 37,561 | 9.2% | 15,917 | 62,880 | 17,389 | S100XHMO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.8M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥2.8M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,029 | 4,970 | 5,234 | 5,502 | 5,734 |
| Average salary (parent company) | ¥5.2M | ¥6.1M | ¥7.2M | ¥7.3M | ¥7.4M |
| Average age (parent company) | 37.4 years | 37.6 years | 37.7 years | 37.5 years | 38.1 years |
| Average tenure (parent company) | 4.9 years | 8.3 years | 8.3 years | 8.1 years | 8.6 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Parking | 193,635 | 47.7% | 37,548 | 19.4% |
| Mobility | 128,158 | 31.6% | 14,888 | 11.6% |
| Overseas parking | 84,373 | 20.8% | -1,398 | -1.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Parking | 47.7% | 71.6% | 23.9 | 19.4% |
| Mobility | 31.6% | 28.4% | -3.2 | 11.6% |
| Overseas parking | 20.8% | — | — | -1.7% |

Loss-making segment (excluded from profit shares): Overseas parking -1,398 JPY mn

Segment → industry: Mobility → Leasing / Overseas parking → Real Estate Brokerage & Management / Domestic Parking → Real Estate Brokerage & Management

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 62,880 | 15.5% | S100XHMO |
| Capital expenditure | 45,491 | 11.2% | S100XHMO |
| Free cash flow | 17,389 | 4.3% | 算出 |
| Investing cash flow | -46,064 | -11.3% | S100XHMO |
| Financing cash flow | 14,826 | 3.7% | S100XHMO |
| Dividends paid | 851 | 0.2% | S100XHMO |
| Share buyback | 0 | 0.0% | S100XHMO |
| Change in cash | 32,108 | 7.9% | S100XHMO |
| Cash and equivalents | 80,150 | 19.7% | S100XHMO |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 91,795 | 85,065 | 73,299 | 48,041 | 80,150 | S100SNVV, S100WD3J, S100XHMO |
| Total assets | 319,628 | 307,626 | 308,157 | 295,701 | 354,376 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Net assets | 16,432 | 40,042 | 58,416 | 78,144 | 98,193 | S100SNVV, S100WD3J, S100XHMO |
| Share capital | 20,171 | 32,739 | 32,739 | 32,739 | 32,739 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Trade receivables | 18,605 | — | — | — | — | S100Q06T |
| Inventories | 1,997 | 2,497 | 2,044 | 2,871 | — | S100Q06T, S100SNVV, S100WD3J |
| Property, plant and equipment | 127,827 | 117,658 | 121,167 | 133,604 | 155,886 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Intangible assets excluding goodwill | 31,177 | 34,058 | 32,055 | 31,122 | 31,227 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Goodwill | 17,005 | 18,147 | 18,117 | 17,391 | 16,350 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Investment securities | 598 | 531 | — | — | — | S100Q06T |
| Current assets | 139,183 | 137,814 | 133,335 | 111,840 | 148,001 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Current liabilities | 117,910 | 100,687 | 103,922 | 79,026 | 89,363 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Trade payables | 560 | 650 | — | — | — | S100Q06T |
| Short-term borrowings | 16,034 | 17,309 | 3,154 | 1,471 | 2,358 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Long-term borrowings | 111,989 | 96,398 | 68,204 | 67,822 | 94,724 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Total liabilities | 303,195 | 267,584 | 249,741 | 217,557 | 256,182 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Equity attributable to owners of parent | 25,175 | 52,758 | 70,301 | 89,063 | 104,285 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Retained earnings | -9,498 | -7,050 | 10,491 | 29,079 | 44,121 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |
| Treasury stock | -1,255 | -1,255 | -1,255 | -1,081 | -901 | S100Q06T, S100SNVV, S100WD3J, S100XHMO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100XHMO |
| Property, plant and equipment | 44% | S100XHMO |
| Intangibles and goodwill | 13% | S100XHMO |
| Other assets | 20% | S100XHMO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 72% | S100XHMO |
| Equity | 28% | S100XHMO |
| Other liabilities | 0% | S100XHMO |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 319,628 | 307,626 | 308,157 | 295,701 | 354,376 |
| Equity | 16,432 | 40,042 | 58,416 | 78,144 | 98,193 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 91,795 | 85,065 | 73,299 | 48,041 | 80,150 |

## 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) | 38.4% | S100XHMO |
| Fixed assets ÷ total assets | 44.0% | S100XHMO |
| Goodwill ÷ parent equity | 15.7% | S100XHMO |

Goodwill over 4 years: 17,005 → 16,350 JPY; total investing cash flow: -138,994 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) | 22.6% |
| Cash ÷ revenue | 19.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 167.4% |
| Cash vs. profit gap | 46,963 JPY mn (of net income 295.0%) |
| Shareholder returns / net income | 5.3% |
| Shareholder returns / FCF | 4.9% |
| Shareholder payments — dividends / net income | 5.3% |
| Shareholder payments — dividends / FCF | 4.9% |
| CapEx intensity (capex ÷ revenue) | 11.2% |
| Investing CF relative to operating CF | 73.3% |

## 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 | — | —× | -3.6% | —× | — | S100Q06T |
| 2022 | 0.9% | 0.93× | 0.8% | 8.05× | 6.4% | S100SNVV |
| 2023 | 5.3% | 1.07× | 5.7% | 5.00× | 28.5% | S100WD3J |
| 2024 | 5.0% | 1.23× | 6.2% | 3.79× | 23.4% | S100XHMO |
| 2025 | 3.9% | 1.25× | 4.9% | 3.36× | 16.5% | S100XHMO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社千寿 | Major shareholder | 12.7% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.8% | 2025-10-31 |
| 西川 光一 | Major shareholder | 4.8% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2025-10-31 |
| GIC PRIVATE LIMITED - C （常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.2% | 2025-10-31 |
| 西川 功 | Major shareholder | 3.6% | 2025-10-31 |
| MISAKI ENGAGEMENT MASTER FUND （常任代理人香港上海銀行東京支店） | Major shareholder | 3.2% | 2025-10-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2025-10-31 |
| 日本信号株式会社 | Major shareholder | 2.3% | 2025-10-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 2.1% | 2025-10-31 |

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

- Revenue for the FY ending Oct 2025 was ¥406.2B, up 9.5% from ¥370.9B.
- Profit went the other way: operating income slipped 2.9% to ¥37.6B, and net income fell 14.5% to ¥15.9B.
- Operating cash flow rose 16.1% to ¥62.9B, while free cash flow dropped 19.7% to ¥17.4B.

### Drivers

- Domestic parking lots stayed busy, and the company kept opening new ones.
- In Mobility, the company added cars and rental locations, but sign-ups fell short of plan, usage was soft, and profit per car came in below the prior year.
- Overseas parking earned less because the prior year included a one-off gain in the UK from reversing a repair provision.
- Net income was pulled down by a special loss from ending a pension plan at a UK subsidiary and by an impairment in the UK. The prior year was a leap year, and the extra day also weighed on the comparison.

### Risks

- Most domestic car parks are on leased land. A wave of cancelled leases, or rising land prices that push up rents, could cut profits.
- Car sharing faces competition from rivals and auto-leasing firms, and higher rents for car-sharing sites could squeeze margins.
- In some overseas markets, landlords ask for long leases with rents tied to inflation; if these costs cannot be passed on to drivers, results could suffer.

Cited: 有価証券報告書－第41期(2024/11/01－2025/10/31) (Management's analysis of financial position, operating results and cash flows); 有価証券報告書－第41期(2024/11/01－2025/10/31) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2024/11/01－2025/10/31) | S100XHMO | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHMO,, |
| 訂正有価証券報告書－第40期(2023/11/01－2024/10/31) | S100WD3J | 2025-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WD3J,, |
| 有価証券報告書－第39期(2022/11/01－2023/10/31) | S100SNVV | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNVV,, |
| 有価証券報告書－第38期(2021/11/01－2022/10/31) | S100Q06T | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q06T,, |
| 有価証券報告書－第37期(令和2年11月1日－令和3年10月31日) | S100NAAI | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NAAI,, |
| 有価証券報告書－第36期(令和1年11月1日－令和2年10月31日) | S100KKHS | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKHS,, |

## 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).