# SEIBU HOLDINGS INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YS3Z)
> Page: https://vizora.meequs.com/en/company/seibu-holdings
> Retrieved: 2026-09-30T22:25:54.140Z

## Company

Seibu Holdings, founded in 1912, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 21,557 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEIBU HOLDINGS INC. |
| Ticker | 9024 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9024.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区南池袋一丁目16番15号 |
| Representative (per filing) | 代表取締役社長兼CEO兼COO 西山 隆一郎 |
| Founded | May 1912 |
| Share capital | ¥50B |
| Employees (consolidated) | 21,557 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.seibuholdings.co.jp (https://www.seibuholdings.co.jp/) |
| Corporate number | 5013301022087 |
| EDINET | E04154 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Private Railways |

> Profile source: annual securities report (S100YS3Z, filed 2026-07-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 12 |
| Profitability | 12.5 | 12 |
| Cash conversion | 4.2 | 12 |
| Efficiency | 12.5 | 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 48% of Seibu Holdings's sales come from Hotel and Leisure, with Urban Transportation and Regional and Real Estate making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -43.0% from the prior year, operating profit -84.4%.

## Company structure

- Segment revenue mix: Hotel and Leisure 48.1%、Urban Transportation and Regional 29.3%、Real Estate 13.0%、Other 9.7%
- Revenue → net income: ¥513286000000 → ¥39129000000
- Net income → operating cash flow: ¥39129000000 → ¥1528000000（difference ¥-37601000000）
- Main uses of operating cash flow: CapEx ¥154264000000 / dividends ¥11762000000 / buybacks ¥48929000000
- Change in cash: ¥-220846000000
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 | ¥513.3B |  |
| Operating income | ¥45.5B | Margin 8.9% |
| Net income | ¥38.9B | Margin 7.6% |
| Free cash flow | -¥152.7B |  |
| Largest business | Hotel and Leisure | of segment revenue 48.1% |
| Employees (consolidated) | 21,557 |  |
| EPS | ¥347.48 |  |
| Diluted EPS | ¥347.38 |  |
| Book value per share | ¥1288.61 |  |
| Equity ratio | 32.9% |  |
| Shares outstanding | 305,775,520 |  |
| Treasury shares | 51,343,700 |  |
| Shareholders | 40,465 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 3.2% | Net cash -¥571.7B · Cash ÷ revenue 10.9% |
| Vs. industry median margin | -5 pp | Theme Parks & Leisure Facilities |
| ROE | 8.4% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 4.2× dividends
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥337061000000 | ¥513286000000 | +52.3% |
| Operating income | ¥-51587000000 | ¥45522000000 | — |
| Operating margin | -15.3% | 8.9% | +24.2 pp |
| Employees | 22,844 people | 21,557 people | -5.6% |
| Cash and equivalents | ¥28538000000 | ¥56107000000 | +96.6% |

### 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 |
| --- | ---: |
| 不動産事業 → 不動産事業 | 12.7% |
| ホテル・レジャー事業 → ホテル・レジャー事業 | 24.0% |
| 都市交通・沿線事業 → 都市交通・沿線事業 | 29.3% |
| 都市交通・沿線事業 → 事業再編・廃止 | 4.9% |
| 建設事業 → 事業再編・廃止 | 22.1% |
| その他 → その他 | 7.0% |
| 新設・再編 → 不動産事業 | 0.2% |
| 新設・再編 → ホテル・レジャー事業 | 24.1% |
| 新設・再編 → その他 | 2.7% |

Segment revenue source references: 9 (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 and Leisure | 5 years | +25.0% | ¥246660000000 | 9.2% | 2 |
| Urban Transportation and Regional | 5 years | +5.5% | ¥150461000000 | 6.3% | 2 |
| Real Estate | 5 years | +9.2% | ¥66622000000 | 18.6% | 2 |
| Other | 5 years | +16.1% | ¥49541000000 | 3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 513,286 | 100.0% | S100YS3Z |
| SG&A | 49,219 | 9.6% | S100YS3Z |
| Operating income | 45,522 | 8.9% | S100YS3Z |
| Ordinary income | 45,821 | 8.9% | S100YS3Z |
| Pretax income | 45,378 | 8.8% | S100YS3Z |
| Income tax | 6,248 | 1.2% | S100YS3Z |
| Net income | 39,129 | 7.6% | S100YS3Z |
| Net income attributable to owners | 38,857 | 7.6% | S100YS3Z |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 8.9% → Net margin 7.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -43.0%; Core profit growth: -84.4%
Operating leverage (core profit growth ÷ revenue growth): 1.96×
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 | 901,131 | 513,286 | -387,845 | -43.0% |
| Operating income | 292,735 | 45,522 | -247,213 | -84.4% |
| Net income attributable to owners | 258,182 | 38,857 | -219,325 | -84.9% |
| Operating cash flow | 474,378 | 1,528 | -472,850 | -99.7% |
| Free cash flow | 366,420 | -152,736 | -519,156 | -141.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 554,590 | 56,823 | 10.2% | 4,670 | 101,458 | -6,493 | S100LLLV |
| FY ending Mar 2021 | 337,061 | -51,587 | -15.3% | -72,301 | -24,264 | -103,150 | S100OBUB |
| FY ending Mar 2022 | 396,856 | -13,216 | -3.3% | 10,623 | 58,563 | -3,487 | S100QZSY |
| FY ending Mar 2023 | 428,487 | 22,155 | 5.2% | 56,753 | 67,167 | 10,222 | S100TOWK |
| FY ending Mar 2024 | 477,598 | 47,711 | 10.0% | 26,990 | 91,975 | 21,594 | S100W1OD |
| FY ending Mar 2025 | 901,131 | 292,735 | 32.5% | 258,182 | 474,378 | 366,420 | S100YS3Z |
| FY ending Mar 2026 | 513,286 | 45,522 | 8.9% | 38,857 | 1,528 | -152,736 | S100YS3Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 21,367 | 20,856 | 20,913 | 20,993 | 21,557 |
| Average salary (parent company) | ¥8M | ¥8.1M | ¥8.3M | ¥8.9M | ¥8.7M |
| Average age (parent company) | 40.9 years | 40.9 years | 40.7 years | 41.1 years | 40.7 years |
| Average tenure (parent company) | 15.7 years | 15.8 years | 15.4 years | 15.8 years | 15.5 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -43.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real Estate | 66,622 | 13.0% | 12,395 | 18.6% |
| Hotel and Leisure | 246,660 | 48.1% | 22,658 | 9.2% |
| Urban Transportation and Regional | 150,461 | 29.3% | 9,546 | 6.3% |
| Other | 49,541 | 9.7% | 1,648 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real Estate | 13.0% | 26.8% | 13.8 | 18.6% |
| Hotel and Leisure | 48.1% | 49.0% | 0.9 | 9.2% |
| Urban Transportation and Regional | 29.3% | 20.6% | -8.7 | 6.3% |
| Other | 9.7% | 3.6% | -6.1 | 3.3% |

Segment → industry: Hotel and Leisure → Theme Parks & Leisure Facilities / Real Estate → Real Estate Development & Leasing / Hotel and Leisure → Hotels & Inns / Urban Transportation and Regional → Private Railways

## 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 | 1,528 | 0.3% | S100YS3Z |
| Capital expenditure | 154,264 | 30.1% | S100YS3Z |
| Free cash flow | -152,736 | -29.8% | 算出 |
| Investing cash flow | -145,757 | -28.4% | S100YS3Z |
| Financing cash flow | -76,733 | -14.9% | S100YS3Z |
| Dividends paid | 11,762 | 2.3% | S100YS3Z |
| Share buyback | 48,929 | 9.5% | S100YS3Z |
| Change in cash | -220,846 | -43.0% | S100YS3Z |
| Cash and equivalents | 56,107 | 10.9% | S100YS3Z |

## 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 | 87,210 | 25,741 | 31,830 | 276,953 | 56,107 | S100TOWK, S100W1OD, S100YS3Z |
| Total assets | 1,703,442 | 1,587,834 | 1,635,019 | 1,834,120 | 1,730,654 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Net assets | 387,217 | 377,633 | 432,133 | 567,128 | 574,537 | S100TOWK, S100W1OD, S100YS3Z |
| Share capital | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Property, plant and equipment | 1,453,542 | 1,378,748 | 1,380,913 | 1,297,711 | 1,328,657 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Intangible assets excluding goodwill | 19,179 | 23,245 | 23,430 | 30,629 | 45,611 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Investment securities | 62,672 | 61,617 | 86,710 | 86,672 | 122,442 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Current assets | 135,713 | 94,373 | 101,263 | 359,816 | 153,735 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Current liabilities | 451,186 | 367,867 | 385,106 | 430,079 | 363,137 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Trade payables | 12,809 | 17,566 | 20,065 | 19,810 | 18,245 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Short-term borrowings | 256,163 | 131,537 | 136,202 | 67,315 | 106,567 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Long-term borrowings | 604,760 | 593,136 | 560,271 | 535,064 | 481,221 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Bonds | 50,000 | 50,000 | 50,000 | 50,000 | 40,000 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Interest-bearing debt | 910,923 | 774,673 | 746,473 | 652,379 | 627,788 | 算出 |
| Total liabilities | 1,316,225 | 1,210,201 | 1,202,885 | 1,266,992 | 1,156,117 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Non-controlling interests | 75,777 | 4,988 | 5,235 | 5,377 | 5,603 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Equity attributable to owners of parent | 275,175 | 334,499 | 351,730 | 470,465 | 449,925 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Retained earnings | 182,761 | 241,154 | 258,479 | 508,816 | 535,886 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |
| Treasury stock | -54,091 | -53,174 | -53,011 | -185,490 | -164,214 | S100QZSY, S100TOWK, S100W1OD, S100YS3Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YS3Z |
| Property, plant and equipment | 77% | S100YS3Z |
| Intangibles and goodwill | 3% | S100YS3Z |
| Investment securities | 7% | S100YS3Z |
| Other assets | 10% | S100YS3Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YS3Z |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 30% | S100YS3Z |
| Equity | 33% | S100YS3Z |

### 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 | 1,703,442 | 1,587,834 | 1,635,019 | 1,834,120 | 1,730,654 |
| Equity | 387,217 | 377,633 | 432,133 | 567,128 | 574,537 |
| Interest-bearing debt | 910,923 | 774,673 | 746,473 | 652,379 | 627,788 |
| Cash | 87,210 | 25,741 | 31,830 | 276,953 | 56,107 |

## 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) | 258.9% | S100YS3Z |
| Fixed assets ÷ total assets | 76.8% | S100YS3Z |
| Goodwill ÷ parent equity | — | —, S100YS3Z |

### 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) | 3.2% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | -¥571.7B |
| Net debt ÷ operating cash flow | 374.14× |
| Cash conversion (operating CF ÷ operating income) | 3.4% |
| Cash vs. profit gap | -37,329 JPY mn (of net income -96.1%) |
| Shareholder returns / net income | 156.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.1% |
| Investing CF relative to operating CF | 9539.1% |

## 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 | 2.7% | 0.23× | 0.6% | 6.19× | 3.9% | S100QZSY |
| 2023 | 13.2% | 0.26× | 3.4% | 5.40× | 18.6% | S100TOWK |
| 2024 | 5.7% | 0.30× | 1.7% | 4.70× | 7.9% | S100W1OD |
| 2025 | 28.7% | 0.52× | 14.9% | 4.22× | 62.8% | S100YS3Z |
| 2026 | 7.6% | 0.29× | 2.2% | 3.87× | 8.4% | S100YS3Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＮＷコーポレーション (注２) | Major shareholder | 16.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| GOLDMAN, SACHS & CO. REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 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 | 2.7% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 2.5% | 2026-03-31 |
| 京浜急行電鉄株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 Ｋ口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥513.3B, down from ¥901.1B (-43.0%).
- Operating income fell from ¥292.7B to ¥45.5B (-84.4%), and net income from ¥258.2B to ¥38.9B (-84.9%).
- Operating cash flow was only ¥1.53B while capital expenditure reached ¥154.3B, leaving free cash flow at -¥152.7B.

### Drivers

- The prior year included the sale of Tokyo Garden Terrace Kioicho, so real estate revenue and profit dropped sharply without a repeat.
- Hotel and Leisure grew revenue and profit as domestic hotels drew more individual overseas visitors and Japanese guests.
- Higher labor costs, including wage increases, and higher depreciation from capital spending weighed on profit.

### Risks

- Much of the cost base is fixed, such as labor and depreciation, so even a small drop in revenue can move operating income a lot.
- Shifts in the property market or rising construction costs could shrink gains on property sales or cause losses.
- Earthquakes, typhoons, pandemics or geopolitical events could cut travel and outings, hurting railway and hotel sales.

Cited: Amended Annual Securities Report (21st fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Amended Annual Securities Report (21st fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YS3Z | 2026-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YS3Z,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W1OD | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1OD,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TOWK | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOWK,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100QZSY | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZSY,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OBUB | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBUB,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LLLV | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLLV,, |

## 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).