# Subaru Enterprise Co., Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第112期(2025/02/01－2026/01/31) (S100Y0Y3)
> Page: https://vizora.meequs.com/en/company/subaru-enterprise
> Retrieved: 2026-09-30T18:31:48.906Z

## Company

Subaru Enterprise, founded in 1946, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 704 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Subaru Enterprise Co., Ltd. |
| Ticker | 9632 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9632.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区有楽町一丁目5番2号 |
| Representative (per filing) | 代表取締役社長 永田 泉治 |
| Founded | Feb 1946 |
| Share capital | ¥1.33B |
| Employees (consolidated) | 704 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | January |
| Website | subaru-kougyou.jp (https://subaru-kougyou.jp/) |
| Corporate number | 3010001008699 |
| EDINET | E04599 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100Y0Y3, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.9 | 35 |
| Profitability | 91.3 | 40 |
| Cash conversion | 48.7 | 38 |
| Efficiency | 16.3 | 40 |

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 92% of Subaru Enterprise's sales come from Road, with Leisure business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +1.1%.

## Company structure

- Segment revenue mix: Road 92.0%、Leisure business 4.5%、Real estate business 3.5%
- Revenue → net income: ¥29611297000 → ¥2427182000
- Net income → operating cash flow: ¥2427182000 → ¥3779693000（difference ¥1352511000）
- Main uses of operating cash flow: CapEx ¥1285102000 / dividends ¥1030407000 / buybacks ¥2320000
- Change in cash: ¥1390139000
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 | ¥29.6B |  |
| Operating income | ¥4.86B | Margin 16.4% |
| Net income | ¥2.42B | Margin 8.2% |
| Free cash flow | ¥2.49B |  |
| Largest business | Road | of segment revenue 92.0% |
| Employees (consolidated) | 704 |  |
| EPS | ¥236.79 |  |
| Book value per share | ¥2294.69 |  |
| Equity ratio | 84.3% |  |
| Shares outstanding | 13,310,000 |  |
| Treasury shares | 405,300 |  |
| Shareholders | 6,888 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 30.8% | Cash ÷ revenue 45.7% |
| Vs. industry median margin | +7.7 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 31% of total assets
- FY2026, employees 0% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27460340000 | ¥29611297000 | +7.8% |
| Operating income | ¥4048200000 | ¥4863656000 | +20.1% |
| Operating margin | 14.7% | 16.4% | +1.7 pp |
| Employees | 663 people | 704 people | +6.2% |
| Cash and equivalents | ¥10382569000 | ¥13517691000 | +30.2% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 道路関連事業 → 道路関連事業 | 90.3% |
| レジャー事業 → レジャー事業 | 4.5% |
| レジャー事業 → 事業再編・廃止 | 2.6% |
| 不動産事業 → 不動産事業 | 2.6% |
| 新設・再編 → 道路関連事業 | 1.7% |
| 新設・再編 → 不動産事業 | 0.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Road | 5 years | +1.9% | ¥27242377000 | 18.5% | 2 |
| Leisure business | 5 years | -7.5% | ¥1318088000 | 5.2% | 2 |
| Real estate business | 5 years | +7.9% | ¥1050830000 | 66.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,611 | 100.0% | S100Y0Y3 |
| Cost of revenue | 22,559 | 76.2% | S100Y0Y3 |
| Gross profit | 7,052 | 23.8% | S100Y0Y3 |
| SG&A | 2,188 | 7.4% | S100Y0Y3 |
| Operating income | 4,864 | 16.4% | S100Y0Y3 |
| Ordinary income | 4,959 | 16.7% | S100Y0Y3 |
| Pretax income | 3,821 | 12.9% | S100Y0Y3 |
| Income tax | 1,394 | 4.7% | S100Y0Y3 |
| Net income | 2,427 | 8.2% | S100Y0Y3 |
| Net income attributable to owners | 2,424 | 8.2% | S100Y0Y3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 7 |
| Operating income | 17 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.8% → Operating margin 16.4% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +1.1%
Operating leverage (core profit growth ÷ revenue growth): -0.52×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 30,274 | 29,611 | -663 | -2.2% |
| Gross profit | 6,975 | 7,052 | 77 | +1.1% |
| Operating income | 4,809 | 4,864 | 55 | +1.1% |
| Net income attributable to owners | 3,239 | 2,424 | -815 | -25.2% |
| Operating cash flow | 3,497 | 3,780 | 283 | +8.1% |
| Free cash flow | 1,184 | 2,495 | 1,311 | +110.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 27,212 | 4,091 | 15.0% | 3,177 | 3,543 | 2,207 | S100L8S4 |
| FY ending Jan 2021 | 27,460 | 4,048 | 14.7% | 2,635 | 2,924 | -405 | S100NYAH |
| FY ending Jan 2022 | 28,977 | 4,207 | 14.5% | 2,999 | 3,528 | 2,785 | S100QNY1 |
| FY ending Jan 2023 | 28,908 | 5,092 | 17.6% | 3,517 | 3,583 | 2,329 | S100TBR3 |
| FY ending Jan 2024 | 29,246 | 4,900 | 16.8% | 3,284 | 4,162 | 17 | S100VOAO |
| FY ending Jan 2025 | 30,274 | 4,809 | 15.9% | 3,239 | 3,497 | 1,184 | S100Y0Y3 |
| FY ending Jan 2026 | 29,611 | 4,864 | 16.4% | 2,424 | 3,780 | 2,495 | S100Y0Y3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.1M |
| Operating income per employee (consolidated) | ¥6.9M |
| Net income per employee (consolidated) | ¥3.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 657 | 674 | 685 | 705 | 704 |
| Average salary (parent company) | ¥7.2M | ¥7.4M | ¥7.5M | ¥7.8M | ¥7.8M |
| Average age (parent company) | 45.1 years | 44.4 years | 44.4 years | 44.0 years | 43.1 years |
| Average tenure (parent company) | 13.4 years | 12.7 years | 13.2 years | 14.1 years | 13.2 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) -2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Road | 27,242 | 92.0% | 5,030 | 18.5% |
| Leisure business | 1,318 | 4.5% | 68 | 5.2% |
| Real estate business | 1,051 | 3.5% | 702 | 66.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Road | 92.0% | 86.7% | -5.3 | 18.5% |
| Leisure business | 4.5% | 1.2% | -3.3 | 5.2% |
| Real estate business | 3.5% | 12.1% | 8.6 | 66.8% |

Segment → industry: Leisure business → Theme Parks & Leisure Facilities / Real estate business → Real Estate Development & Leasing / Road → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,780 | 12.8% | S100Y0Y3 |
| Capital expenditure | 1,285 | 4.3% | S100Y0Y3 |
| Free cash flow | 2,495 | 8.4% | 算出 |
| Investing cash flow | -1,353 | -4.6% | S100Y0Y3 |
| Financing cash flow | -1,036 | -3.5% | S100Y0Y3 |
| Dividends paid | 1,030 | 3.5% | S100Y0Y3 |
| Share buyback | 2 | 0.0% | S100Y0Y3 |
| Change in cash | 1,390 | 4.7% | S100Y0Y3 |
| Cash and equivalents | 13,518 | 45.7% | S100Y0Y3 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,323 | 13,583 | 12,300 | 12,128 | 13,518 | S100TBR3, S100VOAO, S100Y0Y3 |
| Total assets | 34,113 | 36,247 | 38,724 | 40,822 | 43,828 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Net assets | 28,693 | 31,236 | 33,564 | 35,623 | 37,048 | S100TBR3, S100VOAO, S100Y0Y3 |
| Share capital | 1,331 | 1,331 | 1,331 | 1,331 | 1,331 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Trade receivables | 6,916 | — | — | — | — | S100QNY1 |
| Property, plant and equipment | 11,577 | 12,291 | 16,079 | 17,765 | 18,444 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Intangible assets excluding goodwill | 455 | 369 | 555 | 449 | 339 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Goodwill | 406 | 332 | 366 | 277 | 188 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Investment securities | 272 | 272 | 262 | 262 | 262 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Current assets | 20,114 | 21,801 | 20,085 | 20,525 | 22,642 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Current liabilities | 4,484 | 4,071 | 3,957 | 3,833 | 4,192 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Trade payables | 1,926 | 1,755 | 1,831 | 1,778 | 1,887 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Total liabilities | 5,420 | 5,011 | 5,160 | 5,199 | 6,780 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Non-controlling interests | 92 | 99 | 103 | 106 | 109 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Equity attributable to owners of parent | 28,602 | 31,137 | 33,462 | 35,517 | 36,938 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Retained earnings | 26,329 | 28,843 | 31,148 | 33,175 | 34,567 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |
| Treasury stock | -346 | -339 | -336 | -329 | -323 | S100QNY1, S100TBR3, S100VOAO, S100Y0Y3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100Y0Y3 |
| Property, plant and equipment | 42% | S100Y0Y3 |
| Intangibles and goodwill | 1% | S100Y0Y3 |
| Investment securities | 1% | S100Y0Y3 |
| Other assets | 25% | S100Y0Y3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y0Y3 |
| Other liabilities | 11% | S100Y0Y3 |
| Equity | 85% | S100Y0Y3 |
| Other liabilities | 0% | S100Y0Y3 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,113 | 36,247 | 38,724 | 40,822 | 43,828 |
| Equity | 28,693 | 31,236 | 33,564 | 35,623 | 37,048 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,323 | 13,583 | 12,300 | 12,128 | 13,518 |

## 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) | 62.3% | S100Y0Y3 |
| Fixed assets ÷ total assets | 42.1% | S100Y0Y3 |
| Goodwill ÷ parent equity | 0.5% | S100Y0Y3 |

Goodwill over 4 years: 406 → 188 JPY; total investing cash flow: -10,135 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) | 30.8% |
| Cash ÷ revenue | 45.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.7% |
| Cash vs. profit gap | 1,356 JPY mn (of net income 55.9%) |
| Shareholder returns / net income | 42.6% |
| Shareholder returns / FCF | 41.4% |
| Shareholder payments — dividends / net income | 42.5% |
| Shareholder payments — dividends / FCF | 41.3% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 35.8% |

## 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 | 10.4% | 0.85× | 8.8% | 1.19× | 10.5% | S100QNY1 |
| 2023 | 12.2% | 0.82× | 10.0% | 1.18× | 11.8% | S100TBR3 |
| 2024 | 11.2% | 0.78× | 8.8% | 1.16× | 10.2% | S100VOAO |
| 2025 | 10.7% | 0.76× | 8.1% | 1.15× | 9.4% | S100Y0Y3 |
| 2026 | 8.2% | 0.70× | 5.7% | 1.17× | 6.7% | S100Y0Y3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東宝株式会社 | Major shareholder | 52.7% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.9% | 2026-01-31 |
| SIMPLEX OYAKO FUND | Major shareholder | 4.0% | 2026-01-31 |
| NORTHERN TRUST CO.（AVFC） RE IEDP AIF CLIENTS NON TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.3% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-01-31 |
| NORTHERN TRUST CO.（AVFC） RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-01-31 |
| 野村證券株式会社 | Major shareholder | 1.1% | 2026-01-31 |
| ROYAL BANK OF CANADA (CHANNEL ISLANDS) LIMITED - REGISTERED CUSTODY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-01-31 |
| 東宝ファシリティーズ株式会社 | Major shareholder | 0.7% | 2026-01-31 |
| 大樹生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 0.6% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/02/01－2026/01/31) | S100Y0Y3 | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0Y3,, |
| 有価証券報告書－第111期(2024/02/01－2025/01/31) | S100VOAO | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOAO,, |
| 有価証券報告書－第110期(2023/02/01－2024/01/31) | S100TBR3 | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBR3,, |
| 有価証券報告書－第109期(2022/02/01－2023/01/31) | S100QNY1 | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNY1,, |
| 有価証券報告書－第108期(令和3年2月1日－令和4年1月31日) | S100NYAH | 2022-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYAH,, |
| 有価証券報告書－第107期(令和2年2月1日－令和3年1月31日) | S100L8S4 | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8S4,, |

## 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).