# THERMAE-YU HOLDINGS 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146期(2025/04/01－2026/03/31) (S100YMXL)
> Page: https://vizora.meequs.com/en/company/thermae-yu-holdings
> Retrieved: 2026-09-30T20:42:16.597Z

## Company

Thermae-Yu Holdings, founded in 1926, is a company in Processed Foods listed on TSE Standard. It has 32 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THERMAE-YU HOLDINGS CO.,LTD. (旧英訳名 ECONACH HOLDINGS CO.,LTD.) (注)2025年6月27日開催の第145回定時株主総会の決議により、2025年10月1日から会社名及び英訳名を上記のとおり変更いたしました。 |
| Ticker | 3521 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3521.T) |
| Listing | TSE Standard |
| Head office | 東京都港区南青山7丁目8番4号 |
| Representative (per filing) | 代表取締役社長 鈴木 隆太 |
| Founded | Dec 1926 |
| Share capital | ¥100M |
| Employees (consolidated) | 32 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | thermae-yu-hd.co.jp (https://thermae-yu-hd.co.jp/) |
| Corporate number | 7010001076098 |
| EDINET | E00576 |
| Industries (Vizora) | Processed Foods, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns |

> Profile source: annual securities report (S100YMXL, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 12 |
| Profitability | 37.5 | 12 |
| Cash conversion | 79.2 | 12 |
| Efficiency | 45.8 | 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 74% of Thermae-Yu Holdings's sales come from Bathing facilities, with food and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +36.0% from the prior year, operating profit -10.2%.

## Company structure

- Segment revenue mix: Bathing facilities 74.2%、food 24.0%、Real estate 1.7%
- Revenue → net income: ¥2694334000 → ¥160252000
- Net income → operating cash flow: ¥160252000 → ¥446982000（difference ¥286730000）
- Main uses of operating cash flow: CapEx ¥91556000 / dividends ¥131205000 / buybacks ¥431000
- Change in cash: ¥-209019000
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 | ¥2.69B |  |
| Operating income | ¥306.6M | Margin 11.4% |
| Net income | ¥160.3M | Margin 5.9% |
| Free cash flow | ¥355.4M |  |
| Largest business | Bathing facilities | of segment revenue 74.2% |
| Employees (consolidated) | 32 |  |
| EPS | ¥5.53 |  |
| Diluted EPS | ¥5.42 |  |
| Book value per share | ¥187.47 |  |
| Equity ratio | 82.5% |  |
| Shares outstanding | 26,466,000 |  |
| Treasury shares | 17,300 |  |
| Shareholders | 13,080 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 21.5% | Cash ÷ revenue 48.0% |
| Vs. industry median margin | -2.5 pp | Theme Parks & Leisure Facilities |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, revenue is 3.6× its level five years ago
- FY2026, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥599079000 | ¥2694334000 | +349.7% |
| Operating income | ¥-177740000 | ¥306637000 | — |
| Operating margin | -29.7% | 11.4% | +41 pp |
| Employees | 13 people | 32 people | +146.2% |
| Cash and equivalents | ¥1206639000 | ¥1292184000 | +7.1% |

### 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 |
| --- | ---: |
| 温浴 → 温浴 | 74.1% |
| 不動産 → 不動産 | 1.7% |
| 不動産 → 事業再編・廃止 | 24.2% |
| 新設・再編 → 温浴 | 0.2% |
| 新設・再編 → 食品 | 24.0% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Bathing facilities | 5 years | +35.1% | ¥2000451000 | 24.7% | 2 |
| food | — | — | ¥647116000 | -2.8% | 2 |
| Real estate | 5 years | -21.4% | ¥46765000 | 30.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,694 | 100.0% | S100YMXL |
| Cost of revenue | 2,106 | 78.2% | S100YMXL |
| Gross profit | 589 | 21.8% | S100YMXL |
| SG&A | 282 | 10.5% | S100YMXL |
| Operating income | 307 | 11.4% | S100YMXL |
| Ordinary income | 307 | 11.4% | S100YMXL |
| Pretax income | 285 | 10.6% | S100YMXL |
| Income tax | 125 | 4.6% | S100YMXL |
| Net income | 160 | 5.9% | S100YMXL |
| Net income attributable to owners | 160 | 5.9% | S100YMXL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 11 |
| Operating income | 11 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.8% → Operating margin 11.4% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +36.0%; Core profit growth: -10.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.28×
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 | 1,981 | 2,694 | 714 | +36.0% |
| Gross profit | 509 | 589 | 79 | +15.6% |
| Operating income | 341 | 307 | -35 | -10.2% |
| Net income attributable to owners | 192 | 160 | -31 | -16.3% |
| Operating cash flow | 563 | 447 | -116 | -20.6% |
| Free cash flow | 469 | 355 | -114 | -24.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,685 | 320 | 19.0% | 175 | 503 | 447 | S100LQYG |
| FY ending Mar 2021 | 599 | -178 | -29.7% | -158 | -52 | -134 | S100OI5D |
| FY ending Mar 2022 | 751 | -115 | -15.4% | -22 | 134 | -49 | S100R9OI |
| FY ending Mar 2023 | 1,408 | -0 | -0.0% | 51 | -25 | -1,223 | S100TWDH |
| FY ending Mar 2024 | 1,893 | 189 | 10.0% | 96 | 505 | 365 | S100W8KD |
| FY ending Mar 2025 | 1,981 | 341 | 17.2% | 192 | 563 | 469 | S100YMXL |
| FY ending Mar 2026 | 2,694 | 307 | 11.4% | 160 | 447 | 355 | S100YMXL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.2M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥5M |

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) | 16 | 24 | 30 | 31 | 32 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5.3M | ¥5M | ¥5.2M |
| Average age (parent company) | 47.2 years | 46.2 years | 47.2 years | 47.6 years | 46.8 years |
| Average tenure (parent company) | 18.6 years | 19.0 years | 16.7 years | 13.5 years | 14.4 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +36.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bathing facilities | 2,000 | 74.2% | 493 | 24.7% |
| Real estate | 47 | 1.7% | 14 | 30.3% |
| food | 647 | 24.0% | -18 | -2.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bathing facilities | 74.2% | 97.2% | 23.0 | 24.7% |
| Real estate | 1.7% | 2.8% | 1.1 | 30.3% |
| food | 24.0% | — | — | -2.8% |

Loss-making segment (excluded from profit shares): food -18 JPY mn

Segment → industry: food → Processed Foods / Bathing facilities → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Bathing facilities → Hotels & Inns

## 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 | 447 | 16.6% | S100YMXL |
| Capital expenditure | 92 | 3.4% | S100YMXL |
| Free cash flow | 355 | 13.2% | 算出 |
| Investing cash flow | -289 | -10.7% | S100YMXL |
| Financing cash flow | -367 | -13.6% | S100YMXL |
| Dividends paid | 131 | 4.9% | S100YMXL |
| Share buyback | 0 | 0.0% | S100YMXL |
| Change in cash | -209 | -7.8% | S100YMXL |
| Cash and equivalents | 1,292 | 48.0% | S100YMXL |

## 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 | 1,931 | 1,009 | 1,228 | 1,501 | 1,292 | S100TWDH, S100W8KD, S100YMXL |
| Total assets | 6,100 | 6,109 | 6,009 | 6,091 | 6,000 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Net assets | 4,583 | 4,633 | 4,728 | 4,925 | 4,968 | S100TWDH, S100W8KD, S100YMXL |
| Share capital | 544 | 100 | 100 | 100 | 100 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Property, plant and equipment | 3,864 | 4,653 | 4,411 | 4,228 | 4,016 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Intangible assets excluding goodwill | 87 | 85 | 89 | 89 | 276 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Goodwill | — | — | — | — | 187 | S100YMXL |
| Investment securities | 1 | 1 | 1 | 1 | 1 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Current assets | 1,983 | 1,205 | 1,343 | 1,607 | 1,526 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Current liabilities | 278 | 483 | 493 | 475 | 501 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Long-term borrowings | 940 | 789 | 601 | 405 | 245 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Total liabilities | 1,517 | 1,476 | 1,280 | 1,166 | 1,032 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Equity attributable to owners of parent | 4,563 | 4,614 | 4,709 | 4,901 | 4,928 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Retained earnings | 230 | 281 | 377 | 568 | 596 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |
| Treasury stock | -2 | -2 | -3 | -3 | -4 | S100R9OI, S100TWDH, S100W8KD, S100YMXL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YMXL |
| Property, plant and equipment | 67% | S100YMXL |
| Intangibles and goodwill | 8% | S100YMXL |
| Investment securities | 0% | S100YMXL |
| Other assets | 4% | S100YMXL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YMXL |
| Equity | 83% | S100YMXL |
| Other liabilities | 0% | S100YMXL |

### 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 | 6,100 | 6,109 | 6,009 | 6,091 | 6,000 |
| Equity | 4,583 | 4,633 | 4,728 | 4,925 | 4,968 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,931 | 1,009 | 1,228 | 1,501 | 1,292 |

## 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) | 149.0% | S100YMXL |
| Fixed assets ÷ total assets | 66.9% | S100YMXL |
| Goodwill ÷ parent equity | 3.8% | S100YMXL |

### 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) | 21.5% |
| Cash ÷ revenue | 48.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.8% |
| Cash vs. profit gap | 287 JPY mn (of net income 178.9%) |
| Shareholder returns / net income | 82.1% |
| Shareholder returns / FCF | 37.0% |
| Shareholder payments — dividends / net income | 81.9% |
| Shareholder payments — dividends / FCF | 36.9% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 64.6% |

## 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 | — | —× | -0.4% | —× | — | S100R9OI |
| 2023 | 3.6% | 0.23× | 0.8% | 1.33× | 1.1% | S100TWDH |
| 2024 | 5.1% | 0.31× | 1.6% | 1.30× | 2.1% | S100W8KD |
| 2025 | 9.7% | 0.33× | 3.2% | 1.26× | 4.0% | S100YMXL |
| 2026 | 5.9% | 0.45× | 2.7% | 1.23× | 3.3% | S100YMXL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ウェブ | Major shareholder | 9.6% | 2026-03-31 |
| 株式会社船橋カントリー倶楽部 | Major shareholder | 6.9% | 2026-03-31 |
| ロイヤル観光有限会社 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社ＮＦＫホールディングス | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社トーテム | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社広共コーポレーション | Major shareholder | 4.5% | 2026-03-31 |
| 伊豆シャボテンリゾート株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 有限会社ＭＢＬ | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社広共 | Major shareholder | 2.0% | 2026-03-31 |
| 東拓観光有限会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第146期(2025/04/01－2026/03/31) | S100YMXL | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMXL,, |
| 有価証券報告書－第145期(2024/04/01－2025/03/31) | S100W8KD | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8KD,, |
| 有価証券報告書－第144期(2023/04/01－2024/03/31) | S100TWDH | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWDH,, |
| 有価証券報告書－第143期(2022/04/01－2023/03/31) | S100R9OI | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9OI,, |
| 有価証券報告書－第142期(令和3年4月1日－令和4年3月31日) | S100OI5D | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI5D,, |
| 有価証券報告書－第141期(令和2年4月1日－令和3年3月31日) | S100LQYG | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQYG,, |

## 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).