# RESORTTRUST,INC.: 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53期(2025/04/01－2026/03/31) (S100YFZK)
> Page: https://vizora.meequs.com/en/company/resorttrust
> Retrieved: 2026-09-30T21:06:53.546Z

## Company

Resorttrust, founded in 1973, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 9,477 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RESORTTRUST,INC. |
| Ticker | 4681 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4681.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区東桜二丁目18番31号 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 伏見 有貴 |
| Founded | Apr 1973 |
| Share capital | ¥19.6B |
| Employees (consolidated) | 9,477 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.resorttrust.co.jp (https://www.resorttrust.co.jp/) |
| Corporate number | 5180001041871 |
| EDINET | E03969 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Hotels & Inns, Nursing Care, Hospitals & Medical Services |

> Profile source: annual securities report (S100YFZK, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 12 |
| Profitability | 29.2 | 12 |
| Cash conversion | 95.8 | 12 |
| Efficiency | 62.5 | 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 42% of Resorttrust's sales come from Hotel, restaurants, and others, with Membership fee and Medical making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit +10.6%.

## Company structure

- Segment revenue mix: Hotel, restaurants, and others 42.2%、Membership fee 36.3%、Medical 21.2%、Other 0.3%
- Revenue → net income: ¥263020000000 → ¥21065000000
- Net income → operating cash flow: ¥21065000000 → ¥50260000000（difference ¥29195000000）
- Main uses of operating cash flow: CapEx ¥19798000000 / dividends ¥7372000000 / buybacks ¥0
- Change in cash: ¥3992000000
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 | ¥263B |  |
| Operating income | ¥29.2B | Margin 11.1% |
| Net income | ¥20.9B | Margin 8.0% |
| Free cash flow | ¥30.5B |  |
| Largest business | Hotel, restaurants, and others | of segment revenue 42.2% |
| Employees (consolidated) | 9,477 |  |
| EPS | ¥62.28 |  |
| Book value per share | ¥504.8 |  |
| Equity ratio | 30.5% |  |
| Shares outstanding | 217,041,598 |  |
| Treasury shares | 4,691,800 |  |
| Shareholders | 45,996 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 6.3% | Cash ÷ revenue 12.5% |
| Vs. industry median margin | -2.8 pp | Theme Parks & Leisure Facilities |
| ROE | 14.8% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by -28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥167538000000 | ¥263020000000 | +57.0% |
| Operating income | ¥14707000000 | ¥29161000000 | +98.3% |
| Operating margin | 8.8% | 11.1% | +2.3 pp |
| Employees | 8,123 people | 9,477 people | +16.7% |
| Cash and equivalents | ¥52756000000 | ¥32887000000 | -37.7% |

### 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 |
| --- | ---: |
| 会員権事業 → 会員権事業 | 36.3% |
| 会員権事業 → 事業再編・廃止 | 3.4% |
| ホテルレストラン等事業 → ホテルレストラン等事業 | 36.0% |
| メディカル事業 → メディカル事業 | 21.2% |
| メディカル事業 → 事業再編・廃止 | 2.6% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → ホテルレストラン等事業 | 6.2% |

Segment revenue source references: 8 (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, restaurants, and others | 5 years | +13.0% | ¥110935000000 | 5.1% | 2 |
| Membership fee | 5 years | +7.5% | ¥95529000000 | 26.7% | 2 |
| Medical | 5 years | +6.9% | ¥55869000000 | 14.8% | 2 |
| Other | 5 years | +0.5% | ¥686000000 | 105.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 263,020 | 100.0% | S100YFZK |
| Cost of revenue | 58,429 | 22.2% | S100YFZK |
| Gross profit | 204,591 | 77.8% | S100YFZK |
| SG&A | 175,429 | 66.7% | S100YFZK |
| Operating income | 29,161 | 11.1% | S100YFZK |
| Ordinary income | 29,281 | 11.1% | S100YFZK |
| Pretax income | 29,514 | 11.2% | S100YFZK |
| Income tax | 8,449 | 3.2% | S100YFZK |
| Net income | 21,065 | 8.0% | S100YFZK |
| Net income attributable to owners | 20,912 | 8.0% | S100YFZK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 67 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 77.8% → Operating margin 11.1% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.5%; Core profit growth: +10.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.93×
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 | 249,333 | 263,020 | 13,687 | +5.5% |
| Gross profit | 193,124 | 204,591 | 11,467 | +5.9% |
| Operating income | 26,365 | 29,161 | 2,796 | +10.6% |
| Net income attributable to owners | 20,139 | 20,912 | 773 | +3.8% |
| Operating cash flow | 36,691 | 50,260 | 13,569 | +37.0% |
| Free cash flow | 15,679 | 30,462 | 14,783 | +94.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 159,145 | 11,652 | 7.3% | 7,135 | 19,096 | 7,115 | S100LRYE |
| FY ending Mar 2021 | 167,538 | 14,707 | 8.8% | -10,213 | 22,981 | 7,741 | S100PVIE |
| FY ending Mar 2022 | 157,782 | 8,693 | 5.5% | 5,775 | 22,662 | 16,340 | S100R6N2 |
| FY ending Mar 2023 | 169,830 | 12,270 | 7.2% | 16,906 | 24,285 | 13,982 | S100TQXG |
| FY ending Mar 2024 | 201,803 | 21,119 | 10.5% | 15,892 | 39,116 | 20,283 | S100W60B |
| FY ending Mar 2025 | 249,333 | 26,365 | 10.6% | 20,139 | 36,691 | 15,679 | S100YFZK |
| FY ending Mar 2026 | 263,020 | 29,161 | 11.1% | 20,912 | 50,260 | 30,462 | S100YFZK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.8M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 7,903 | 7,943 | 8,404 | 9,046 | 9,477 |
| Average salary (parent company) | ¥5.4M | ¥5.8M | ¥6.2M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 36.2 years | 36.5 years | 36.5 years | 36.1 years | 36.2 years |
| Average tenure (parent company) | 9.3 years | 9.6 years | 9.2 years | 8.9 years | 9.1 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +5.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Membership fee | 95,529 | 36.3% | 25,548 | 26.7% |
| Hotel, restaurants, and others | 110,935 | 42.2% | 5,635 | 5.1% |
| Medical | 55,869 | 21.2% | 8,295 | 14.8% |
| Other | 686 | 0.3% | 722 | 105.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Membership fee | 36.3% | 63.6% | 27.2 | 26.7% |
| Hotel, restaurants, and others | 42.2% | 14.0% | -28.2 | 5.1% |
| Medical | 21.2% | 20.6% | -0.6 | 14.8% |
| Other | 0.3% | 1.8% | 1.5 | 105.2% |

Segment → industry: Hotel, restaurants, and others → Theme Parks & Leisure Facilities / Hotel, restaurants, and others → Hotels & Inns / Membership fee → Hotels & Inns / Medical → Nursing Care / Medical → Hospitals & Medical Services

## 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 | 50,260 | 19.1% | S100YFZK |
| Capital expenditure | 19,798 | 7.5% | S100YFZK |
| Free cash flow | 30,462 | 11.6% | 算出 |
| Investing cash flow | -35,529 | -13.5% | S100YFZK |
| Financing cash flow | -10,702 | -4.1% | S100YFZK |
| Dividends paid | 7,372 | 2.8% | S100YFZK |
| Share buyback | 0 | 0.0% | S100YFZK |
| Change in cash | 3,992 | 1.5% | S100YFZK |
| Cash and equivalents | 32,887 | 12.5% | S100YFZK |

## 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 | 29,210 | 28,926 | 32,260 | 28,894 | 32,887 | S100TQXG, S100W60B, S100YFZK |
| Total assets | 394,408 | 439,999 | 468,565 | 492,949 | 525,309 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Net assets | 106,832 | 123,889 | 135,607 | 150,742 | 166,683 | S100TQXG, S100W60B, S100YFZK |
| Share capital | 19,590 | 19,590 | 19,590 | 19,590 | 19,590 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Property, plant and equipment | 175,900 | 176,133 | 192,389 | 204,633 | 213,581 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Intangible assets excluding goodwill | 7,579 | 6,157 | 6,146 | 6,261 | 6,071 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Goodwill | 1,688 | 1,265 | 842 | 526 | 94 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Investment securities | 26,148 | 22,915 | 22,727 | 33,818 | 42,933 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Current assets | 139,538 | 187,964 | 200,525 | 196,390 | 206,639 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Current liabilities | 133,353 | 156,695 | 177,946 | 170,005 | 172,796 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Trade payables | 1,354 | 1,738 | 1,787 | 1,869 | 2,091 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Short-term borrowings | 8,799 | 1,308 | 1,650 | 4,811 | 3,614 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Long-term borrowings | 24,787 | 13,487 | 2,172 | 2,531 | 1,876 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Total liabilities | 287,575 | 316,110 | 332,957 | 342,207 | 358,625 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Non-controlling interests | 5,130 | 6,014 | 6,235 | 6,424 | 6,429 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Equity attributable to owners of parent | 98,213 | 111,762 | 119,911 | 134,644 | 148,803 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Retained earnings | 60,520 | 73,662 | 84,193 | 98,359 | 111,899 | S100R6N2, S100TQXG, S100W60B, S100YFZK |
| Treasury stock | -3,513 | -3,064 | -5,483 | -4,919 | -6,774 | S100R6N2, S100TQXG, S100W60B, S100YFZK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YFZK |
| Property, plant and equipment | 41% | S100YFZK |
| Intangibles and goodwill | 1% | S100YFZK |
| Investment securities | 8% | S100YFZK |
| Other assets | 44% | S100YFZK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YFZK |
| Other liabilities | 68% | S100YFZK |
| Equity | 32% | S100YFZK |
| Other liabilities | 0% | S100YFZK |

### 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 | 394,408 | 439,999 | 468,565 | 492,949 | 525,309 |
| Equity | 106,832 | 123,889 | 135,607 | 150,742 | 166,683 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,210 | 28,926 | 32,260 | 28,894 | 32,887 |

## 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) | 81.2% | S100YFZK |
| Fixed assets ÷ total assets | 40.7% | S100YFZK |
| Goodwill ÷ parent equity | 0.1% | S100YFZK |

Goodwill over 4 years: 1,688 → 94 JPY; total investing cash flow: -69,934 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) | 6.3% |
| Cash ÷ revenue | 12.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 172.4% |
| Cash vs. profit gap | 29,348 JPY mn (of net income 140.3%) |
| Shareholder returns / net income | 35.3% |
| Shareholder returns / FCF | 24.2% |
| Shareholder payments — dividends / net income | 35.3% |
| Shareholder payments — dividends / FCF | 24.2% |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 70.7% |

## 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 | 3.7% | 0.40× | 1.5% | 4.02× | 5.9% | S100R6N2 |
| 2023 | 10.0% | 0.41× | 4.1% | 3.97× | 16.1% | S100TQXG |
| 2024 | 7.9% | 0.44× | 3.5% | 3.92× | 13.7% | S100W60B |
| 2025 | 8.1% | 0.52× | 4.2% | 3.78× | 15.8% | S100YFZK |
| 2026 | 8.0% | 0.52× | 4.1% | 3.59× | 14.8% | S100YFZK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱宝塚コーポレーション | Major shareholder | 12.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 12.2% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 5.8% | 2026-03-31 |
| 伊藤與朗 | Major shareholder | 3.1% | 2026-03-31 |
| ㈱ジーアイ | Major shareholder | 1.8% | 2026-03-31 |
| 住友生命保険相互会社（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| ㈱きんでん | Major shareholder | 1.3% | 2026-03-31 |
| ㈱ＫＹ | Major shareholder | 1.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 ㈱みずほ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YFZK | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFZK,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W60B | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W60B,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TQXG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQXG,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R6N2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6N2,, |
| 訂正有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100PVIE | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVIE,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LRYE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRYE,, |

## 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).