# Polaris Holdings 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152期(2025/04/01－2026/03/31) (S100YITQ)
> Page: https://vizora.meequs.com/en/company/polaris-holdings
> Retrieved: 2026-09-30T22:59:34.145Z

## Company

Polaris Holdings, founded in 1912, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,196 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Polaris Holdings Co., Ltd. |
| Ticker | 3010 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3010.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目23番5号 |
| Representative (per filing) | 代表取締役社長 田口 洋平 |
| Founded | Sep 1912 |
| Share capital | ¥26.6M |
| Employees (consolidated) | 1,196 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | www.polaris-holdings.com (https://www.polaris-holdings.com/) |
| Corporate number | 5010001128140 |
| EDINET | E00521 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YITQ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.9 | 16 |
| Profitability | 38.2 | 17 |
| Cash conversion | 53.6 | 14 |
| Efficiency | 55.9 | 17 |

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 100% of Polaris Holdings's sales come from Hotel Operation Business, with Hotel Investment Business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +73.8% from the prior year, operating profit +44.1%.

## Company structure

- Segment revenue mix: Hotel Operation Business 99.9%、Hotel Investment Business 0.1%
- Revenue → net income: ¥48469321000 → ¥4596358000
- Net income → operating cash flow: ¥4596358000 → ¥5805951000（difference ¥1209593000）
- Main uses of operating cash flow: CapEx ¥531320000 / dividends ¥700444000 / buybacks —
- Change in cash: ¥-35950000
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 | ¥48.5B |  |
| Operating income | ¥4.04B | Margin 8.3% |
| Net income | ¥4.6B | Margin 9.5% |
| Free cash flow | ¥5.27B |  |
| Largest business | Hotel Operation Business | of segment revenue 99.9% |
| Employees (consolidated) | 1,196 |  |
| EPS | ¥8.07 |  |
| Book value per share | ¥120.09 |  |
| Equity ratio | 46.5% |  |
| Shares outstanding | 233,914,680 |  |
| Treasury shares | 1,700 |  |
| Shareholders | 10,453 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 10.3% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | -2.3 pp | Hotels & Inns |
| ROE | 15.3% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 13.1× its level five years ago
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, parent-company salary changed -24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2971588000 | ¥48469321000 | +1531.1% |
| Operating income | ¥-1626724000 | ¥4042050000 | — |
| Operating margin | -54.7% | 8.3% | +63.1 pp |
| Employees | 191 people | 1,196 people | +526.2% |
| Cash and equivalents | ¥1659505000 | ¥7159918000 | +331.4% |

### 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 |
| --- | ---: |
| ホテル事業 → 事業再編・廃止 | 95.5% |
| 不動産事業 → 事業再編・廃止 | 4.5% |
| 新設・再編 → ホテル運営事業 | 99.9% |
| 新設・再編 → ホテル投資事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,469 | 100.0% | S100YITQ |
| Cost of revenue | 1,939 | 4.0% | S100YITQ |
| Gross profit | 46,530 | 96.0% | S100YITQ |
| SG&A | 42,488 | 87.7% | S100YITQ |
| Operating income | 4,042 | 8.3% | S100YITQ |
| Ordinary income | 2,896 | 6.0% | S100YITQ |
| Pretax income | 2,840 | 5.9% | S100YITQ |
| Income tax | -1,757 | -3.6% | S100YITQ |
| Net income | 4,596 | 9.5% | S100YITQ |
| Net income attributable to owners | 4,596 | 9.5% | S100YITQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 4 |
| SG&A | 88 |
| Operating income | 8 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 96.0% → Operating margin 8.3% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +73.8%; Core profit growth: +44.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.60×
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 | 27,881 | 48,469 | 20,588 | +73.8% |
| Gross profit | 26,819 | 46,530 | 19,711 | +73.5% |
| Operating income | 2,804 | 4,042 | 1,238 | +44.1% |
| Net income attributable to owners | 2,611 | 4,596 | 1,986 | +76.1% |
| Operating cash flow | 4,285 | 5,806 | 1,521 | +35.5% |
| Free cash flow | 3,805 | 5,275 | 1,470 | +38.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,452 | -181 | -3.3% | -191 | 138 | 100 | S100LTOO |
| FY ending Mar 2021 | 2,972 | -1,627 | -54.7% | -2,101 | -1,510 | -1,992 | S100OL1T |
| FY ending Mar 2022 | 3,712 | -1,332 | -35.9% | -1,830 | -7,819 | -7,822 | S100R71V |
| FY ending Mar 2023 | 7,018 | 3 | 0.0% | 534 | -110 | -110 | S100TT6L |
| FY ending Mar 2024 | 22,545 | 3,382 | 15.0% | 3,297 | 7,739 | 7,504 | S100W4G1 |
| FY ending Mar 2025 | 27,881 | 2,804 | 10.1% | 2,611 | 4,285 | 3,805 | S100YITQ |
| FY ending Mar 2026 | 48,469 | 4,042 | 8.3% | 4,596 | 5,806 | 5,275 | S100YITQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.5M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 171 | 358 | 486 | 1,109 | 1,196 |
| Average salary (parent company) | ¥5.4M | ¥5M | ¥5.6M | ¥5.2M | ¥4.1M |
| Average age (parent company) | 42.8 years | 41.8 years | 43.3 years | 43.7 years | 37.8 years |
| Average tenure (parent company) | 3.2 years | 3.9 years | 3.3 years | 3.4 years | 2.6 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +73.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel Operation Business | 48,435 | 99.9% | 5,099 | 10.5% |
| Hotel Investment Business | 35 | 0.1% | 35 | 100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Hotel Operation Business | 99.9% | 99.3% | -0.6 | 10.5% |
| Hotel Investment Business | 0.1% | 0.7% | 0.6 | 100.0% |

Segment → industry: Hotel Investment Business → Real Estate Development & Leasing / Hotel Operation Business → 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 | 5,806 | 12.0% | S100YITQ |
| Capital expenditure | 531 | 1.1% | S100YITQ |
| Free cash flow | 5,275 | 10.9% | 算出 |
| Investing cash flow | -2,127 | -4.4% | S100YITQ |
| Financing cash flow | -3,705 | -7.6% | S100YITQ |
| Dividends paid | 700 | 1.4% | S100YITQ |
| Change in cash | -36 | -0.1% | S100YITQ |
| Cash and equivalents | 7,160 | 14.8% | S100YITQ |

## 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 | 2,224 | 3,571 | 2,723 | 7,196 | 7,160 | S100TT6L, S100W4G1, S100YITQ |
| Total assets | 12,036 | 24,653 | 23,208 | 67,175 | 69,205 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Net assets | 193 | 2,911 | 6,885 | 28,329 | 32,156 | S100TT6L, S100W4G1, S100YITQ |
| Share capital | 1,830 | 12 | 66 | 10 | 27 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Property, plant and equipment | 1,031 | 9,867 | 12,809 | 21,813 | 21,033 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Intangible assets excluding goodwill | 7 | 29 | 30 | 25,836 | 24,512 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Goodwill | — | — | — | 25,750 | 24,446 | S100YITQ |
| Investment securities | 210 | 193 | 180 | 2 | 1,537 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Current assets | 9,363 | 12,863 | 7,956 | 13,102 | 13,934 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Current liabilities | 2,187 | 4,751 | 5,780 | 8,229 | 9,171 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Short-term borrowings | 1,099 | 587 | 984 | — | — | S100R71V, S100TT6L, S100W4G1 |
| Long-term borrowings | 6,392 | 10,454 | 6,017 | 15,430 | 12,679 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Bonds | — | 918 | — | — | — | S100TT6L |
| Interest-bearing debt | — | 11,959 | — | — | — | 算出 |
| Total liabilities | 11,843 | 21,743 | 16,323 | 38,845 | 37,049 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Equity attributable to owners of parent | 182 | 2,905 | 6,819 | 28,065 | 31,993 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Retained earnings | -3,808 | 367 | 4,439 | 7,050 | 10,945 | S100R71V, S100TT6L, S100W4G1, S100YITQ |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100R71V, S100TT6L, S100W4G1, S100YITQ |

### 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 | 12,036 | 24,653 | 23,208 | 67,175 | 69,205 |
| Equity | 193 | 2,911 | 6,885 | 28,329 | 32,156 |
| Interest-bearing debt | — | 11,959 | — | — | — |
| Cash | 2,224 | 3,571 | 2,723 | 7,196 | 7,160 |

## 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) | 43.4% | S100YITQ |
| Fixed assets ÷ total assets | 30.4% | S100YITQ |
| Goodwill ÷ parent equity | 76.4% | S100YITQ |

### 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) | 10.3% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.6% |
| Cash vs. profit gap | 1,210 JPY mn (of net income 26.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.2% |
| Shareholder payments — dividends / FCF | 13.3% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 36.6% |

## 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 | — | —× | -15.2% | —× | — | S100R71V |
| 2023 | 7.6% | 0.38× | 2.9% | 11.89× | 34.6% | S100TT6L |
| 2024 | 14.6% | 0.94× | 13.8% | 4.92× | 67.8% | S100W4G1 |
| 2025 | 9.4% | 0.62× | 5.8% | 2.59× | 15.0% | S100YITQ |
| 2026 | 9.5% | 0.71× | 6.7% | 2.27× | 15.3% | S100YITQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| SAJP VI 3.0 LP | Major shareholder | 45.4% | 2026-03-31 |
| Star Asia Opportunity III LP | Major shareholder | 26.7% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040 （常任代理人 株式会社みずほ銀行） | Major shareholder | 9.9% | 2026-03-31 |
| DBLDN HSE EQT 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| マルコム・エフ・マクリーン４世 | Major shareholder | 1.0% | 2026-03-31 |
| 増山 太郎 | Major shareholder | 1.0% | 2026-03-31 |
| CHARLES SCHWAB FBO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-03-31 |
| PERSHING SEC INT LTD CLIENT ASSET CUSTODY A/C （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC/CLIENT ASSET （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.2% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第152期(2025/04/01－2026/03/31) | S100YITQ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YITQ,, |
| 有価証券報告書－第151期(2024/04/01－2025/03/31) | S100W4G1 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4G1,, |
| 有価証券報告書－第150期(2023/04/01－2024/03/31) | S100TT6L | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT6L,, |
| 有価証券報告書－第149期(2022/04/01－2023/03/31) | S100R71V | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R71V,, |
| 有価証券報告書－第148期(令和3年4月1日－令和4年3月31日) | S100OL1T | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL1T,, |
| 有価証券報告書－第147期(令和2年4月1日－令和3年3月31日) | S100LTOO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTOO,, |

## 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).