# Star Flyer Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YR88)
> Page: https://vizora.meequs.com/en/company/star-flyer
> Retrieved: 2026-09-30T20:25:50.269Z

## Company

Star Flyer, founded in 2002, is a company in Airlines listed on TSE Standard. It has 806 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Star Flyer Inc. |
| Ticker | 9206 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9206.T) |
| Listing | TSE Standard |
| Head office | 福岡県北九州市小倉南区空港北町6番 北九州空港スターフライヤー本社ビル |
| Representative (per filing) | 代表取締役 社長執行役員 町田 修 |
| Founded | Dec 2002 |
| Share capital | ¥2.08B |
| Employees (consolidated) | 806 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.starflyer.jp (https://www.starflyer.jp/) |
| Corporate number | 6290801006558 |
| EDINET | E26084 |
| Industries (Vizora) | Airlines |

> Profile source: annual securities report (S100YR88, filed 2026-07-21). As of filing

## Five-axis industry profile

Primary industry: Airlines (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 3 |
| Profitability | 16.7 | 3 |
| Cash conversion | 16.7 | 3 |
| Efficiency | 83.3 | 3 |

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)

- Star Flyer brought in ¥44.8B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +12.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥44795000000 → ¥434000000
- Net income → operating cash flow: ¥434000000 → ¥1559000000（difference ¥1125000000）
- Main uses of operating cash flow: CapEx ¥644000000 / dividends — / buybacks —
- Change in cash: ¥-793000000
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 | ¥44.8B |  |
| Operating income | ¥1.39B | Margin 3.1% |
| Net income | ¥434M | Margin 1.0% |
| Free cash flow | ¥915M |  |
| Employees (consolidated) | 806 |  |
| EPS | ¥34.38 |  |
| Diluted EPS | ¥33.76 |  |
| Book value per share | ¥-589.36 |  |
| Equity ratio | 19.6% |  |
| Shares outstanding | 3,791,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 6,247 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 25.0% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | -5.5 pp | Airlines |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, revenue is 2.1× its level five years ago
- FY2026, parent-company salary changed +39% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18295000000 | ¥44795000000 | +144.8% |
| Operating income | ¥-11239000000 | ¥1389000000 | — |
| Operating margin | -61.4% | 3.1% | +64.5 pp |
| Employees | 846 people | 806 people | -4.7% |
| Cash and equivalents | ¥15584000000 | ¥9220000000 | -40.8% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 44,795 | 100.0% | S100YR88 |
| SG&A | 3,726 | 8.3% | S100YR88 |
| Operating income | 1,389 | 3.1% | S100YR88 |
| Ordinary income | 684 | 1.5% | S100YR88 |
| Pretax income | 695 | 1.6% | S100YR88 |
| Income tax | 261 | 0.6% | S100YR88 |
| Net income | 434 | 1.0% | S100YR88 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 97 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Operating margin 3.1% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +12.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.93×
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 | 42,900 | 44,795 | 1,895 | +4.4% |
| Operating income | 1,230 | 1,389 | 159 | +12.9% |
| Operating cash flow | 5,272 | 1,559 | -3,713 | -70.4% |
| Free cash flow | 4,834 | 915 | -3,919 | -81.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,416 | 3 | 0.0% | -400 | 4,895 | 4,089 | S100LV6P |
| FY ending Mar 2021 | 18,295 | -11,239 | -61.4% | -10,067 | -3,720 | -4,127 | S100OLQY |
| FY ending Mar 2022 | 21,131 | -6,465 | -30.6% | -4,986 | -5,229 | -5,273 | S100R61M |
| FY ending Mar 2023 | 32,275 | -1,317 | -4.1% | 73 | 122 | -74 | S100TWWL |
| FY ending Mar 2024 | 40,019 | 90 | 0.2% | 912 | 529 | 174 | S100W8W7 |
| FY ending Mar 2025 | 42,900 | 1,230 | 2.9% | 1,923 | 5,272 | 4,834 | S100YR88 |
| FY ending Mar 2026 | 44,795 | 1,389 | 3.1% | 434 | 1,559 | 915 | S100YR88 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.6M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥538.5K |

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) | 780 | 710 | 702 | 741 | 806 |
| Average salary (parent company) | ¥5M | ¥5M | ¥6.2M | ¥6.3M | ¥7M |
| Average age (parent company) | 37.9 years | 38.2 years | 39.0 years | 39.0 years | 38.7 years |
| Average tenure (parent company) | 7.0 years | 7.9 years | 8.3 years | 9.0 years | 8.6 years |

Year over year: Employees (consolidated) +8.8% · Revenue (consolidated) +4.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,559 | 3.5% | S100YR88 |
| Capital expenditure | 644 | 1.4% | S100YR88 |
| Free cash flow | 915 | 2.0% | 算出 |
| Investing cash flow | -1,509 | -3.4% | S100YR88 |
| Financing cash flow | -998 | -2.2% | S100YR88 |
| Change in cash | -793 | -1.8% | S100YR88 |
| Cash and equivalents | 9,220 | 20.6% | S100YR88 |

## 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 | 5,722 | 5,388 | 7,852 | 10,013 | 9,220 | S100TWWL, S100W8W7, S100YR88 |
| Total assets | 20,089 | 21,370 | 23,553 | 24,531 | 36,896 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Net assets | 1,357 | 1,759 | 3,219 | 4,293 | 7,222 | S100TWWL, S100W8W7, S100YR88 |
| Share capital | 1,393 | 1,892 | 1,892 | 1,895 | 2,079 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Property, plant and equipment | 6,939 | 6,379 | 5,904 | 5,452 | 12,680 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Intangible assets excluding goodwill | 477 | 459 | 467 | 751 | 1,100 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Investment securities | 37 | 37 | 37 | 37 | 37 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Current assets | 11,414 | 12,638 | 15,406 | 16,326 | 20,568 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Current liabilities | 4,681 | 5,659 | 6,925 | 7,662 | 6,570 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Short-term borrowings | — | — | 800 | — | — | S100W8W7 |
| Long-term borrowings | 2,644 | 1,733 | 2,606 | 1,755 | 1,141 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Total liabilities | 18,732 | 19,610 | 20,333 | 20,238 | 29,673 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Equity attributable to owners of parent | 614 | 1,686 | 2,598 | 4,528 | 5,330 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Retained earnings | -5,583 | -5,510 | -4,598 | -2,674 | 434 | S100R61M, S100TWWL, S100W8W7, S100YR88 |
| Treasury stock | -1 | -1 | -1 | -1 | -1 | S100R61M, S100TWWL, S100W8W7, S100YR88 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YR88 |
| Property, plant and equipment | 34% | S100YR88 |
| Intangibles and goodwill | 3% | S100YR88 |
| Investment securities | 0% | S100YR88 |
| Other assets | 38% | S100YR88 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 80% | S100YR88 |
| Equity | 20% | S100YR88 |
| Other liabilities | 0% | S100YR88 |

### 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 | 20,089 | 21,370 | 23,553 | 24,531 | 36,896 |
| Equity | 1,357 | 1,759 | 3,219 | 4,293 | 7,222 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,722 | 5,388 | 7,852 | 10,013 | 9,220 |

## 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) | 28.3% | S100YR88 |
| Fixed assets ÷ total assets | 34.4% | S100YR88 |
| Goodwill ÷ parent equity | — | —, S100YR88 |

### 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) | 25.0% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.2% |
| Cash vs. profit gap | 1,125 JPY mn (of net income 259.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 96.8% |

## 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 | — | —× | -24.8% | —× | — | S100R61M |
| 2023 | 0.2% | 1.56× | 0.4% | 18.03× | 6.3% | S100TWWL |
| 2024 | 2.3% | 1.78× | 4.1% | 10.49× | 42.6% | S100W8W7 |
| 2025 | 4.5% | 1.78× | 8.0% | 6.75× | 54.0% | S100YR88 |
| 2026 | 1.0% | 1.46× | 1.4% | 6.23× | 8.8% | S100YR88 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＮＡホールディングス株式会社 | Major shareholder | 13.6% | 2026-03-31 |
| 株式会社ジャパネットホールディングス | Major shareholder | 13.2% | 2026-03-31 |
| 株式会社エアトリ | Major shareholder | 4.8% | 2026-03-31 |
| ＴＯＴＯ株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 宜本興産株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社安川電機 | Major shareholder | 2.5% | 2026-03-31 |
| 蒲生 逸郎 | Major shareholder | 2.4% | 2026-03-31 |
| 北九州エアターミナル株式会社 | Major shareholder | 2.1% | 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・九州電力株式会社及び九州電力送配電株式会社退職給付信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 日産自動車株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YR88 | 2026-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YR88,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W8W7 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8W7,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TWWL | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWWL,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R61M | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R61M,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OLQY | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLQY,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LV6P | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV6P,, |

## 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).