# Shinki Bus 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143期(2025/04/01－2026/03/31) (S100YHAF)
> Page: https://vizora.meequs.com/en/company/shinki-bus
> Retrieved: 2026-09-30T21:02:48.142Z

## Company

Shinki Bus, founded in 1927, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 3,543 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINKI BUS CO.,LTD. |
| Ticker | 9083 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9083.T) |
| Listing | TSE Standard |
| Head office | 兵庫県姫路市北条口1丁目17番地 |
| Representative (per filing) | 代表取締役社長 長尾 真 |
| Founded | Aug 1927 |
| Share capital | ¥3.14B |
| Employees (consolidated) | 3,543 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.shinkibus.co.jp (https://www.shinkibus.co.jp/) |
| Corporate number | 6140001059289 |
| EDINET | E04160 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Travel Agencies, Real Estate Development & Leasing, Specialty Trading & Wholesale, Private Railways |

> Profile source: annual securities report (S100YHAF, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 86.1 | 18 |
| Profitability | 36.1 | 18 |
| Cash conversion | 20.6 | 17 |
| Efficiency | 91.7 | 18 |

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 46% of Shinki Bus's sales come from Vehicle Transportation, with Vehicle sales and maintenance and Travel charter making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +20.9%.

## Company structure

- Segment revenue mix: Vehicle Transportation 46.0%、Vehicle sales and maintenance 14.2%、Travel charter 12.5%、Real estate 9.9%、Leisure services 9.0%
- Revenue → net income: ¥55580000000 → ¥3158000000
- Net income → operating cash flow: ¥3158000000 → ¥4793000000（difference ¥1635000000）
- Main uses of operating cash flow: CapEx ¥6349000000 / dividends ¥422000000 / buybacks —
- Change in cash: ¥18000000
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 | ¥55.6B |  |
| Operating income | ¥4.2B | Margin 7.6% |
| Net income | ¥3.16B | Margin 5.7% |
| Free cash flow | -¥1.56B |  |
| Largest business | Vehicle Transportation | of segment revenue 46.0% |
| Employees (consolidated) | 3,543 |  |
| EPS | ¥136.42 |  |
| Book value per share | ¥2903.3 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 12,344,000 |  |
| Treasury shares | 268,900 |  |
| Shareholders | 3,800 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 8.0% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -2.7 pp | Private Railways |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35669000000 | ¥55580000000 | +55.8% |
| Operating income | ¥-2266000000 | ¥4199000000 | — |
| Operating margin | -6.4% | 7.6% | +13.9 pp |
| Employees | 3,158 people | 3,543 people | +12.2% |
| Cash and equivalents | ¥5815000000 | ¥5972000000 | +2.7% |

### 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 |
| --- | ---: |
| 自動車運送 → 自動車運送 | 44.3% |
| 車両物販・整備 → 車両物販・整備 | 14.2% |
| 車両物販・整備 → 事業再編・廃止 | 3.1% |
| 不動産 → 不動産 | 9.9% |
| 不動産 → 事業再編・廃止 | 1.3% |
| 業務受託 → 事業再編・廃止 | 8.6% |
| レジャーサービス → レジャーサービス | 9.0% |
| レジャーサービス → 事業再編・廃止 | 1.9% |
| 旅行貸切 → 旅行貸切 | 3.8% |
| その他 → その他 | 3.8% |
| 新設・再編 → 自動車運送 | 1.8% |
| 新設・再編 → 旅行貸切 | 8.8% |
| 新設・再編 → その他 | 4.4% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Vehicle Transportation | 5 years | +10.1% | ¥25590000000 | 8.3% | 2 |
| Vehicle sales and maintenance | 5 years | +5.0% | ¥7899000000 | 12.0% | 2 |
| Travel charter | 5 years | +38.8% | ¥6970000000 | 0.3% | 2 |
| Real estate | 5 years | +6.7% | ¥5520000000 | 25.5% | 2 |
| Leisure services | 5 years | +5.1% | ¥5022000000 | -1.6% | 2 |
| Other | 5 years | +27.4% | ¥4575000000 | -3.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,580 | 100.0% | S100YHAF |
| Cost of revenue | 41,663 | 75.0% | S100YHAF |
| Gross profit | 13,916 | 25.0% | S100YHAF |
| SG&A | 9,717 | 17.5% | S100YHAF |
| Operating income | 4,199 | 7.6% | S100YHAF |
| Ordinary income | 4,434 | 8.0% | S100YHAF |
| Pretax income | 4,035 | 7.3% | S100YHAF |
| Income tax | 877 | 1.6% | S100YHAF |
| Net income | 3,158 | 5.7% | S100YHAF |
| Net income attributable to owners | 3,158 | 5.7% | S100YHAF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 17 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.0% → Operating margin 7.6% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +20.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.21×
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 | 52,954 | 55,580 | 2,626 | +5.0% |
| Gross profit | 12,211 | 13,916 | 1,705 | +14.0% |
| Operating income | 3,474 | 4,199 | 725 | +20.9% |
| Net income attributable to owners | 2,471 | 3,158 | 687 | +27.8% |
| Operating cash flow | 4,704 | 4,793 | 89 | +1.9% |
| Free cash flow | 324 | -1,556 | -1,880 | -580.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,076 | 2,043 | 4.5% | 993 | 4,059 | 447 | S100TW9A |
| FY ending Mar 2021 | 35,669 | -2,266 | -6.4% | -2,167 | -815 | -5,700 | S100OG1T |
| FY ending Mar 2022 | 38,814 | 300 | 0.8% | 2,137 | 3,949 | 2,284 | S100R2QB |
| FY ending Mar 2023 | 44,820 | 2,362 | 5.3% | 1,766 | 3,497 | -174 | S100TW9A |
| FY ending Mar 2024 | 49,480 | 3,145 | 6.4% | 2,251 | 3,664 | -2,827 | S100W4OG |
| FY ending Mar 2025 | 52,954 | 3,474 | 6.6% | 2,471 | 4,704 | 324 | S100YHAF |
| FY ending Mar 2026 | 55,580 | 4,199 | 7.6% | 3,158 | 4,793 | -1,556 | S100YHAF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.7M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥891.3K |

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) | 3,040 | 3,271 | 3,395 | 3,426 | 3,543 |
| Average salary (parent company) | ¥4.5M | ¥5.1M | ¥5.5M | ¥5.5M | ¥5.3M |
| Average age (parent company) | 48.6 years | 49.7 years | 49.8 years | 50.3 years | 49.7 years |
| Average tenure (parent company) | 11.3 years | 11.8 years | 11.5 years | 11.5 years | 11.1 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Vehicle Transportation | 25,590 | 46.0% | 2,124 | 8.3% |
| Vehicle sales and maintenance | 7,899 | 14.2% | 950 | 12.0% |
| Real estate | 5,520 | 9.9% | 1,407 | 25.5% |
| Leisure services | 5,022 | 9.0% | -80 | -1.6% |
| Travel charter | 6,970 | 12.5% | 23 | 0.3% |
| Other | 4,575 | 8.2% | -171 | -3.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Vehicle Transportation | 46.0% | 47.2% | 1.1 | 8.3% |
| Vehicle sales and maintenance | 14.2% | 21.1% | 6.9 | 12.0% |
| Real estate | 9.9% | 31.2% | 21.3 | 25.5% |
| Leisure services | 9.0% | — | — | -1.6% |
| Travel charter | 12.5% | 0.5% | -12.0 | 0.3% |
| Other | 8.2% | — | — | -3.7% |

Loss-making segment (excluded from profit shares): Leisure services -80 JPY mn

Loss-making segment (excluded from profit shares): Other -171 JPY mn

Segment → industry: Leisure services → Theme Parks & Leisure Facilities / Travel charter → Travel Agencies / Real estate → Real Estate Development & Leasing / Vehicle sales and maintenance → Specialty Trading & Wholesale / Travel charter → Private Railways / Vehicle Transportation → 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 | 4,793 | 8.6% | S100YHAF |
| Capital expenditure | 6,349 | 11.4% | S100YHAF |
| Free cash flow | -1,556 | -2.8% | 算出 |
| Investing cash flow | -7,165 | -12.9% | S100YHAF |
| Financing cash flow | 2,390 | 4.3% | S100YHAF |
| Dividends paid | 422 | 0.8% | S100YHAF |
| Change in cash | 18 | 0.0% | S100YHAF |
| Cash and equivalents | 5,972 | 10.7% | S100YHAF |

## 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 | 10,968 | 9,953 | 5,946 | 5,919 | 5,972 | S100TW9A, S100W4OG, S100YHAF |
| Total assets | 58,944 | 60,627 | 63,070 | 67,073 | 74,564 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Net assets | 42,999 | 44,907 | 47,392 | 49,463 | 53,670 | S100TW9A, S100W4OG, S100YHAF |
| Share capital | 3,140 | 3,140 | 3,140 | 3,140 | 3,140 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Property, plant and equipment | 34,309 | 36,218 | 41,144 | 43,655 | 47,898 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Intangible assets excluding goodwill | 366 | 323 | 288 | 275 | 496 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Goodwill | — | — | 1 | 0 | 92 | S100W4OG, S100YHAF |
| Investment securities | 3,434 | 3,601 | 3,850 | 4,526 | 6,382 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Current assets | 17,261 | 16,789 | 13,446 | 14,364 | 14,551 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Current liabilities | 8,902 | 9,487 | 9,719 | 11,920 | 11,260 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Trade payables | 1,207 | 902 | 966 | 996 | 905 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Long-term borrowings | 2,778 | 1,881 | 1,333 | 1,280 | 4,805 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Total liabilities | 15,944 | 15,720 | 15,678 | 17,610 | 20,893 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Non-controlling interests | 18 | 0 | — | — | 74 | S100R2QB, S100TW9A, S100YHAF |
| Equity attributable to owners of parent | 41,747 | 43,339 | 45,393 | 47,568 | 50,307 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Retained earnings | 36,823 | 38,404 | 40,445 | 42,600 | 45,316 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |
| Treasury stock | -451 | -453 | -440 | -423 | -404 | S100R2QB, S100TW9A, S100W4OG, S100YHAF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHAF |
| Property, plant and equipment | 64% | S100YHAF |
| Intangibles and goodwill | 1% | S100YHAF |
| Investment securities | 9% | S100YHAF |
| Other assets | 18% | S100YHAF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YHAF |
| Other liabilities | 27% | S100YHAF |
| Equity | 72% | S100YHAF |
| Other liabilities | 0% | S100YHAF |

### 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 | 58,944 | 60,627 | 63,070 | 67,073 | 74,564 |
| Equity | 42,999 | 44,907 | 47,392 | 49,463 | 53,670 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,968 | 9,953 | 5,946 | 5,919 | 5,972 |

## 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) | 86.2% | S100YHAF |
| Fixed assets ÷ total assets | 64.2% | S100YHAF |
| Goodwill ÷ parent equity | 0.2% | S100YHAF |

### 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) | 8.0% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.1% |
| Cash vs. profit gap | 1,635 JPY mn (of net income 51.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.4% |
| Investing CF relative to operating CF | 149.5% |

## 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 | 5.5% | 0.66× | 3.6% | 1.41× | 5.1% | S100R2QB |
| 2023 | 3.9% | 0.75× | 3.0% | 1.41× | 4.2% | S100TW9A |
| 2024 | 4.5% | 0.80× | 3.6% | 1.39× | 5.1% | S100W4OG |
| 2025 | 4.7% | 0.81× | 3.8% | 1.40× | 5.3% | S100YHAF |
| 2026 | 5.7% | 0.78× | 4.5% | 1.45× | 6.5% | S100YHAF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阪神電気鉄道株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・山陽電気鉄道株式会社退職給付信託口）（注）３ | Major shareholder | 7.3% | 2026-03-31 |
| 神姫バス従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 三菱ふそうトラック・バス株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 兵庫県信用農業協同組合連合会 | Major shareholder | 1.0% | 2026-03-31 |
| 横浜ゴム株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 播州信用金庫 | Major shareholder | 1.0% | 2026-03-31 |
| 姫路信用金庫 | Major shareholder | 1.0% | 2026-03-31 |
| グローリー株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第143期(2025/04/01－2026/03/31) | S100YHAF | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHAF,, |
| 有価証券報告書－第142期(2024/04/01－2025/03/31) | S100W4OG | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4OG,, |
| 有価証券報告書－第141期(2023/04/01－2024/03/31) | S100TW9A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW9A,, |
| 有価証券報告書－第140期(2022/04/01－2023/03/31) | S100R2QB | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2QB,, |
| 有価証券報告書－第139期(令和3年4月1日－令和4年3月31日) | S100OG1T | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG1T,, |
| 有価証券報告書－第138期(令和2年4月1日－令和3年3月31日) | S100LQXM | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQXM,, |

## 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).