# THE ROYAL HOTEL,LIMITED: 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100期(2025/04/01－2026/03/31) (S100YHWF)
> Page: https://vizora.meequs.com/en/company/royal-hotel
> Retrieved: 2026-09-30T20:31:19.410Z

## Company

THE Royal Hotel, founded in 1932, is a company in Hotels & Inns listed on TSE Standard. It has 2,032 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE ROYAL HOTEL, LIMITED |
| Ticker | 9713 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9713.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区中之島5丁目3番68号 |
| Representative (per filing) | 代表取締役社長 植田文一 |
| Founded | Feb 1932 |
| Share capital | ¥100M |
| Employees (consolidated) | 2,032 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.rihga.co.jp (https://www.rihga.co.jp/) |
| Corporate number | 2120001072198 |
| EDINET | E04540 |
| Industries (Vizora) | Hotels & Inns |

> Profile source: annual securities report (S100YHWF, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.9 | 16 |
| Profitability | 26.5 | 17 |
| Cash conversion | 75 | 14 |
| Efficiency | 73.5 | 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)

- THE Royal Hotel brought in ¥29.3B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +16.3% from the prior year, operating profit +27.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29273000000 → ¥1183000000
- Net income → operating cash flow: ¥1183000000 → ¥2012000000（difference ¥829000000）
- Main uses of operating cash flow: CapEx ¥796000000 / dividends ¥144000000 / buybacks —
- Change in cash: ¥-806000000
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 | ¥29.3B |  |
| Operating income | ¥1.16B | Margin 4.0% |
| Net income | ¥1.17B | Margin 4.0% |
| Free cash flow | ¥1.22B |  |
| Employees (consolidated) | 2,032 |  |
| EPS | ¥20.67 |  |
| Diluted EPS | ¥22.07 |  |
| Book value per share | ¥889.31 |  |
| Equity ratio | 60.6% |  |
| Shares outstanding | 15,303,000 |  |
| Treasury shares | 30,300 |  |
| Shareholders | 13,341 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 26.4% | Cash ÷ revenue 35.4% |
| Vs. industry median margin | -6.7 pp | Hotels & Inns |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +39% over five years
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15638000000 | ¥29273000000 | +87.2% |
| Operating income | ¥-9794000000 | ¥1162000000 | — |
| Operating margin | -62.6% | 4.0% | +66.6 pp |
| Employees | 2,059 people | 2,032 people | -1.3% |
| Cash and equivalents | ¥4754000000 | ¥10377000000 | +118.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,273 | 100.0% | S100YHWF |
| Cost of revenue | 4,320 | 14.8% | S100YHWF |
| Gross profit | 24,953 | 85.2% | S100YHWF |
| SG&A | 23,791 | 81.3% | S100YHWF |
| Operating income | 1,162 | 4.0% | S100YHWF |
| Ordinary income | 1,189 | 4.1% | S100YHWF |
| Pretax income | 1,096 | 3.7% | S100YHWF |
| Income tax | -87 | -0.3% | S100YHWF |
| Net income | 1,183 | 4.0% | S100YHWF |
| Net income attributable to owners | 1,169 | 4.0% | S100YHWF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 15 |
| SG&A | 81 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 85.2% → Operating margin 4.0% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.3%; Core profit growth: +27.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.68×
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 | 25,164 | 29,273 | 4,109 | +16.3% |
| Gross profit | 21,076 | 24,953 | 3,877 | +18.4% |
| Operating income | 912 | 1,162 | 250 | +27.4% |
| Net income attributable to owners | 1,737 | 1,169 | -568 | -32.7% |
| Operating cash flow | 1,204 | 2,012 | 808 | +67.1% |
| Free cash flow | 630 | 1,216 | 586 | +93.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,601 | -257 | -0.7% | 727 | 1,087 | -305 | S100LN1A |
| FY ending Mar 2021 | 15,638 | -9,794 | -62.6% | -9,334 | -3,979 | -5,263 | S100OHWI |
| FY ending Mar 2022 | 16,465 | -8,217 | -49.9% | -4,811 | -4,100 | -5,157 | S100R4U4 |
| FY ending Mar 2023 | 26,397 | -2,986 | -11.3% | 13,315 | 81 | -503 | S100TR81 |
| FY ending Mar 2024 | 20,668 | 557 | 2.7% | 901 | -1,624 | -2,094 | S100W1DQ |
| FY ending Mar 2025 | 25,164 | 912 | 3.6% | 1,737 | 1,204 | 630 | S100YHWF |
| FY ending Mar 2026 | 29,273 | 1,162 | 4.0% | 1,169 | 2,012 | 1,216 | S100YHWF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.4M |
| Operating income per employee (consolidated) | ¥571.9K |
| Net income per employee (consolidated) | ¥575.3K |

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) | 1,832 | 1,678 | 1,726 | 1,985 | 2,032 |
| Average salary (parent company) | ¥3.3M | ¥4M | ¥4.2M | ¥4.4M | ¥4.6M |
| Average age (parent company) | 41.3 years | 44.0 years | 42.9 years | 41.8 years | 41.7 years |
| Average tenure (parent company) | 17.0 years | 19.1 years | 17.9 years | 16.9 years | 15.8 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +16.3%

## 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 | 2,012 | 6.9% | S100YHWF |
| Capital expenditure | 796 | 2.7% | S100YHWF |
| Free cash flow | 1,216 | 4.2% | 算出 |
| Investing cash flow | -2,230 | -7.6% | S100YHWF |
| Financing cash flow | -588 | -2.0% | S100YHWF |
| Dividends paid | 144 | 0.5% | S100YHWF |
| Change in cash | -806 | -2.8% | S100YHWF |
| Cash and equivalents | 10,377 | 35.4% | S100YHWF |

## 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 | 3,559 | 14,361 | 12,221 | 11,184 | 10,377 | S100TR81, S100W1DQ, S100YHWF |
| Total assets | 59,920 | 32,105 | 31,568 | 38,361 | 39,340 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Net assets | 16,088 | 18,942 | 19,877 | 23,035 | 23,851 | S100TR81, S100W1DQ, S100YHWF |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Property, plant and equipment | 41,452 | 812 | 965 | 8,248 | 8,525 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Intangible assets excluding goodwill | 303 | 266 | 207 | 192 | 165 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Investment securities | 211 | 221 | 101 | 197 | 263 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Current assets | 5,922 | 17,305 | 16,464 | 15,339 | 16,191 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Current liabilities | 8,711 | 5,387 | 4,257 | 4,428 | 5,146 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Short-term borrowings | 5,400 | — | — | 89 | 81 | S100R4U4, S100YHWF |
| Long-term borrowings | 26,400 | — | — | 353 | 271 | S100R4U4, S100YHWF |
| Total liabilities | 43,832 | 13,162 | 11,690 | 15,325 | 15,489 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Non-controlling interests | — | — | — | 1,560 | — | S100YHWF |
| Equity attributable to owners of parent | 16,149 | 18,972 | 19,873 | 21,477 | 23,832 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Retained earnings | -4,724 | 8,591 | 9,492 | 11,097 | 12,121 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |
| Treasury stock | -61 | -61 | -62 | -62 | -62 | S100R4U4, S100TR81, S100W1DQ, S100YHWF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YHWF |
| Property, plant and equipment | 22% | S100YHWF |
| Intangibles and goodwill | 0% | S100YHWF |
| Investment securities | 1% | S100YHWF |
| Other assets | 51% | S100YHWF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YHWF |
| Equity | 61% | S100YHWF |

### 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 | 59,920 | 32,105 | 31,568 | 38,361 | 39,340 |
| Equity | 16,088 | 18,942 | 19,877 | 23,035 | 23,851 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,559 | 14,361 | 12,221 | 11,184 | 10,377 |

## 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) | 29.1% | S100YHWF |
| Fixed assets ÷ total assets | 21.7% | S100YHWF |
| Goodwill ÷ parent equity | — | —, S100YHWF |

### 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) | 26.4% |
| Cash ÷ revenue | 35.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 173.1% |
| Cash vs. profit gap | 843 JPY mn (of net income 72.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.3% |
| Shareholder payments — dividends / FCF | 11.8% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 110.8% |

## 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 | — | —× | -8.0% | —× | — | S100R4U4 |
| 2023 | 50.4% | 0.57× | 28.9% | 2.62× | 75.8% | S100TR81 |
| 2024 | 4.4% | 0.65× | 2.8% | 1.64× | 4.6% | S100W1DQ |
| 2025 | 6.9% | 0.72× | 5.0% | 1.69× | 8.4% | S100YHWF |
| 2026 | 4.0% | 0.75× | 3.0% | 1.71× | 5.2% | S100YHWF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Blossoms Holding HK Limited（常任代理人 株式会社三井住友銀行デットファイナンス営業部長） | Major shareholder | 23.6% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 12.7% | 2026-03-31 |
| 森トラスト株式会社 | Major shareholder | 12.7% | 2026-03-31 |
| サントリーホールディングス株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 八木通商株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 関電不動産開発株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 大阪瓦斯株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社竹中工務店 | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YHWF | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHWF,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W1DQ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1DQ,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TR81 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR81,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R4U4 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4U4,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OHWI | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHWI,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LN1A | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN1A,, |

## 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).