# RESOL 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133期(2025/04/01－2026/03/31) (S100YK7M)
> Page: https://vizora.meequs.com/en/company/resol-holdings
> Retrieved: 2026-09-30T21:09:38.279Z

## Company

Resol Holdings, founded in 1931, is a company in Electric Power & Gas listed on TSE Prime. It has 647 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RESOL HOLDINGS Co.,Ltd. |
| Ticker | 5261 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5261.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿六丁目24番1号 |
| Representative (per filing) | 代表取締役社長 大澤 勝 |
| Founded | Feb 1931 |
| Share capital | ¥3.95B |
| Employees (consolidated) | 647 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.resol.jp (https://www.resol.jp/) |
| Corporate number | 6011101020517 |
| EDINET | E01156 |
| Industries (Vizora) | Electric Power & Gas, Business Process Outsourcing, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YK7M, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.4 | 16 |
| Profitability | 55.9 | 17 |
| Cash conversion | 60.7 | 14 |
| Efficiency | 50 | 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 54% of Resol Holdings's sales come from Hotel operation business, with Golf operation business and RESOL NO MORI business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +23.2%.

## Company structure

- Segment revenue mix: Hotel operation business 54.1%、Golf operation business 28.1%、RESOL NO MORI business 13.9%、Well being business 3.5%、Renewable energy business 0.3%
- Revenue → net income: ¥30404000000 → ¥2712000000
- Net income → operating cash flow: ¥2712000000 → ¥4764000000（difference ¥2052000000）
- Main uses of operating cash flow: CapEx ¥2061000000 / dividends ¥554000000 / buybacks ¥0
- Change in cash: ¥-131000000
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 | ¥30.4B |  |
| Operating income | ¥3.3B | Margin 10.9% |
| Net income | ¥2.71B | Margin 8.9% |
| Free cash flow | ¥2.7B |  |
| Largest business | Hotel operation business | of segment revenue 54.1% |
| Employees (consolidated) | 647 |  |
| EPS | ¥108.48 |  |
| Book value per share | ¥1778.26 |  |
| Equity ratio | 41.7% |  |
| Shares outstanding | 5,564,200 |  |
| Treasury shares | 7,100 |  |
| Shareholders | 15,356 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 13.1% |
| Vs. industry median margin | +0.2 pp | Hotels & Inns |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- 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 | ¥19534284000 | ¥30404000000 | +55.6% |
| Operating income | ¥1052781000 | ¥3303000000 | +213.7% |
| Operating margin | 5.4% | 10.9% | +5.5 pp |
| Employees | 393 people | 647 people | +64.6% |
| Cash and equivalents | ¥4311277000 | ¥3969000000 | -7.9% |

### 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 |
| --- | ---: |
| ホテル運営事業 → 事業再編・廃止 | 20.8% |
| ゴルフ運営事業 → ゴルフ運営事業 | 18.5% |
| リソルの森(CCRC)事業 → 事業再編・廃止 | 10.7% |
| 福利厚生事業 → 事業再編・廃止 | 6.9% |
| 再生エネルギー事業 → 再生エネルギー事業 | 0.3% |
| 再生エネルギー事業 → 事業再編・廃止 | 6.0% |
| 投資再生事業 → 投資再生事業 | 0.1% |
| 投資再生事業 → 事業再編・廃止 | 36.7% |
| 新設・再編 → ホテル運営事業 | 54.1% |
| 新設・再編 → ゴルフ運営事業 | 9.7% |
| 新設・再編 → リソルの森事業 | 13.9% |
| 新設・再編 → ウェルビーイング事業 | 3.5% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hotel operation business | 2 years | +15.3% | ¥16433000000 | 19.9% | 2 |
| Golf operation business | 5 years | +18.9% | ¥8551000000 | 11.4% | 2 |
| RESOL NO MORI business | 2 years | +7.6% | ¥4235000000 | 7.1% | 2 |
| Well being business | — | — | ¥1055000000 | 12.3% | 2 |
| Renewable energy business | 5 years | -39.3% | ¥102000000 | 30.4% | 2 |
| Investment recovery business | 5 years | -67.8% | ¥25000000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,404 | 100.0% | S100YK7M |
| Cost of revenue | 8,810 | 29.0% | S100YK7M |
| Gross profit | 21,593 | 71.0% | S100YK7M |
| SG&A | 18,290 | 60.2% | S100YK7M |
| Operating income | 3,303 | 10.9% | S100YK7M |
| Ordinary income | 3,121 | 10.3% | S100YK7M |
| Pretax income | 3,130 | 10.3% | S100YK7M |
| Income tax | 418 | 1.4% | S100YK7M |
| Net income | 2,712 | 8.9% | S100YK7M |
| Net income attributable to owners | 2,708 | 8.9% | S100YK7M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 29 |
| SG&A | 60 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 71.0% → Operating margin 10.9% → Net margin 8.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +23.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.29×
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 | 28,400 | 30,404 | 2,004 | +7.1% |
| Gross profit | 20,191 | 21,593 | 1,402 | +6.9% |
| Operating income | 2,681 | 3,303 | 622 | +23.2% |
| Net income attributable to owners | 1,950 | 2,708 | 758 | +38.9% |
| Operating cash flow | 4,143 | 4,764 | 621 | +15.0% |
| Free cash flow | 2,056 | 2,703 | 647 | +31.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,611 | 424 | 2.1% | 107 | -3,125 | -5,163 | S100LV8O |
| FY ending Mar 2021 | 19,534 | 1,053 | 5.4% | 311 | 6,088 | 3,683 | S100OLSQ |
| FY ending Mar 2022 | 20,902 | 686 | 3.3% | 474 | 2,289 | 1,639 | S100RA6Y |
| FY ending Mar 2023 | 22,062 | 324 | 1.5% | 723 | 1,420 | 244 | S100TWR2 |
| FY ending Mar 2024 | 25,717 | 2,122 | 8.3% | 1,411 | 3,610 | 2,379 | S100W6E1 |
| FY ending Mar 2025 | 28,400 | 2,681 | 9.4% | 1,950 | 4,143 | 2,056 | S100YK7M |
| FY ending Mar 2026 | 30,404 | 3,303 | 10.9% | 2,708 | 4,764 | 2,703 | S100YK7M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 397 | 427 | 557 | 585 | 647 |
| Average salary (parent company) | ¥6M | ¥6M | ¥7M | ¥7.2M | ¥7.3M |
| Average age (parent company) | 41.1 years | 39.1 years | 41.1 years | 39.4 years | 38.8 years |
| Average tenure (parent company) | 12.1 years | 10.2 years | 9.9 years | 9.1 years | 9.2 years |

Year over year: Employees (consolidated) +10.6% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel operation business | 16,433 | 54.1% | 3,277 | 19.9% |
| Golf operation business | 8,551 | 28.1% | 979 | 11.4% |
| RESOL NO MORI business | 4,235 | 13.9% | 299 | 7.1% |
| Well being business | 1,055 | 3.5% | 130 | 12.3% |
| Renewable energy business | 102 | 0.3% | 31 | 30.4% |
| Investment recovery business | 25 | 0.1% | 3 | 12.0% |

### 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 |
| --- | ---: |
| Hotel operation business | 54.1% |
| Golf operation business | 28.1% |
| RESOL NO MORI business | 13.9% |
| Well being business | 3.5% |
| Renewable energy business | 0.3% |
| Investment recovery business | 0.1% |

Segment → industry: Renewable energy business → Electric Power & Gas / Well being business → Business Process Outsourcing / RESOL NO MORI business → Theme Parks & Leisure Facilities / Golf operation business → Theme Parks & Leisure Facilities / Investment recovery business → Real Estate Development & Leasing / RESOL NO MORI business → Hotels & Inns / 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 | 4,764 | 15.7% | S100YK7M |
| Capital expenditure | 2,061 | 6.8% | S100YK7M |
| Free cash flow | 2,703 | 8.9% | 算出 |
| Investing cash flow | -1,639 | -5.4% | S100YK7M |
| Financing cash flow | -3,257 | -10.7% | S100YK7M |
| Dividends paid | 554 | 1.8% | S100YK7M |
| Share buyback | 0 | 0.0% | S100YK7M |
| Change in cash | -131 | -0.4% | S100YK7M |
| Cash and equivalents | 3,969 | 13.1% | S100YK7M |

## 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 | 3,453 | 5,224 | 3,590 | 4,100 | 3,969 | S100TWR2, S100W6E1, S100YK7M |
| Total assets | 39,056 | 42,663 | 43,003 | 43,481 | 43,895 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Net assets | 13,681 | 13,526 | 14,666 | 16,181 | 18,326 | S100TWR2, S100W6E1, S100YK7M |
| Share capital | 3,948 | 3,948 | 3,948 | 3,948 | 3,948 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Property, plant and equipment | 22,404 | 25,780 | 28,202 | 28,561 | 30,115 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Intangible assets excluding goodwill | 805 | 846 | 936 | 799 | 673 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Goodwill | 448 | 364 | 311 | 258 | 211 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Current assets | 10,674 | 10,891 | 8,740 | 9,279 | 8,370 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Current liabilities | 14,136 | 11,849 | 10,335 | 10,396 | 10,040 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Short-term borrowings | 4,500 | 3,400 | 2,000 | 900 | 1,700 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Long-term borrowings | 6,611 | 8,934 | 8,718 | 8,783 | 7,691 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Total liabilities | 25,376 | 29,136 | 28,336 | 27,300 | 25,569 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Non-controlling interests | 223 | 26 | 31 | 15 | 16 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Equity attributable to owners of parent | 13,457 | 13,483 | 14,619 | 16,150 | 18,307 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Retained earnings | 6,868 | 7,313 | 8,449 | 9,955 | 12,107 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |
| Treasury stock | -23 | -21 | -22 | -20 | -18 | S100RA6Y, S100TWR2, S100W6E1, S100YK7M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YK7M |
| Property, plant and equipment | 69% | S100YK7M |
| Intangibles and goodwill | 2% | S100YK7M |
| Other assets | 20% | S100YK7M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YK7M |
| Equity | 42% | S100YK7M |

### 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 | 39,056 | 42,663 | 43,003 | 43,481 | 43,895 |
| Equity | 13,681 | 13,526 | 14,666 | 16,181 | 18,326 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,453 | 5,224 | 3,590 | 4,100 | 3,969 |

## 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) | 99.0% | S100YK7M |
| Fixed assets ÷ total assets | 68.6% | S100YK7M |
| Goodwill ÷ parent equity | 1.2% | S100YK7M |

Goodwill over 4 years: 448 → 211 JPY; total investing cash flow: -5,381 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) | 9.0% |
| Cash ÷ revenue | 13.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.2% |
| Cash vs. profit gap | 2,056 JPY mn (of net income 75.9%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | 20.5% |
| Shareholder payments — dividends / net income | 20.5% |
| Shareholder payments — dividends / FCF | 20.5% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 34.4% |

## 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 | 2.3% | 0.54× | 1.2% | 2.90× | 3.5% | S100RA6Y |
| 2023 | 3.3% | 0.54× | 1.8% | 3.03× | 5.4% | S100TWR2 |
| 2024 | 5.5% | 0.60× | 3.3% | 3.05× | 10.0% | S100W6E1 |
| 2025 | 6.9% | 0.66× | 4.5% | 2.81× | 12.7% | S100YK7M |
| 2026 | 8.9% | 0.70× | 6.2% | 2.54× | 15.7% | S100YK7M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井不動産株式会社 | Major shareholder | 31.0% | 2026-03-31 |
| コナミグループ株式会社 | Major shareholder | 20.4% | 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・ミサワホーム口） | Major shareholder | 6.2% | 2026-03-31 |
| リソルグループ取引先持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 平田 秀明 | Major shareholder | 0.3% | 2026-03-31 |
| 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 | 0.2% | 2026-03-31 |
| 株式会社本山グリーン管理 | Major shareholder | 0.2% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.2% | 2026-03-31 |
| SMBC日興証券株式会社 | Major shareholder | 0.2% | 2026-03-31 |
| 株式会社テイクワン | Major shareholder | 0.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第133期(2025/04/01－2026/03/31) | S100YK7M | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK7M,, |
| 有価証券報告書－第132期(2024/04/01－2025/03/31) | S100W6E1 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6E1,, |
| 有価証券報告書－第131期(2023/04/01－2024/03/31) | S100TWR2 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWR2,, |
| 有価証券報告書－第130期(2022/04/01－2023/03/31) | S100RA6Y | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA6Y,, |
| 有価証券報告書－第129期(令和3年4月1日－令和4年3月31日) | S100OLSQ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLSQ,, |
| 有価証券報告書－第128期(令和2年4月1日－令和3年3月31日) | S100LV8O | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV8O,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| コナミ | Alliance | 業務提携 | S100YKX5 |

## 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).