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Tobu RailwayTOBU RAILWAY CO.,LTD.9001東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Tobu Railway revenue and profit

Out of every ¥100 of sales, about ¥11 is left as operating profit. Revenue changed +3.8% from the prior year, operating profit -3.7%.

Five-year trend

Revenue¥655.4B
FY ending Mar 2022: ¥506B¥506BFY ending Mar 2023: ¥614.8B¥614.8BFY ending Mar 2024: ¥636B¥636BFY ending Mar 2025: ¥631.5B¥631.5BFY ending Mar 2026: ¥655.4B¥655.4BFY22FY23FY24FY25FY26
Operating income¥71.9B
FY ending Mar 2022: ¥24.7B¥24.7BFY ending Mar 2023: ¥56.7B¥56.7BFY ending Mar 2024: ¥73.9B¥73.9BFY ending Mar 2025: ¥74.6B¥74.6BFY ending Mar 2026: ¥71.9B¥71.9BFY22FY23FY24FY25FY26
Operating margin11.0%
FY ending Mar 2022: 4.9%4.9%FY ending Mar 2023: 9.2%9.2%FY ending Mar 2024: 11.6%11.6%FY ending Mar 2025: 11.8%11.8%FY ending Mar 2026: 11.0%11.0%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin8.5%
Asset turnover0.36×
ROA3.1%
ROA3.1%
Financial leverage3.77×
ROE11.6%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin8.5%
2022: 2.7%2.7%2023: 4.7%4.7%2024: 7.6%7.6%2025: 8.1%8.1%2026: 8.5%8.5%2223242526
Asset turnover0.36×
2022: 0.30×0.30×2023: 0.36×0.36×2024: 0.37×0.37×2025: 0.37×0.37×2026: 0.36×0.36×2223242526
ROA3.1%
2022: 0.8%0.8%2023: 1.7%1.7%2024: 2.8%2.8%2025: 3.0%3.0%2026: 3.1%3.1%2223242526
Financial leverage3.77×
2022: 4.40×4.40×2023: 4.36×4.36×2024: 4.08×4.08×2025: 3.82×3.82×2026: 3.77×3.77×2223242526
ROE11.6%
2022: 3.5%3.5%2023: 7.4%7.4%2024: 11.4%11.4%2025: 11.3%11.3%2026: 11.6%11.6%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20222.7%0.30×0.8%4.40×3.5%
20234.7%0.36×1.7%4.36×7.4%
20247.6%0.37×2.8%4.08×11.4%
20258.1%0.37×3.0%3.82×11.3%
20268.5%0.36×3.1%3.77×11.6%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue223.1%
2021: 282.4%282.4%2022: 275.8%275.8%2023: 226.7%226.7%2024: 215.0%215.0%2025: 223.4%223.4%2026: 223.1%223.1%212223242526
PPE ÷ total assets78.5%
2021: 83.3%83.3%2022: 82.6%82.6%2023: 80.2%80.2%2024: 80.2%80.2%2025: 80.5%80.5%2026: 78.5%78.5%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥47M
2025: ¥10M¥10M2026: ¥47M¥47M212223242526
R&D / revenue0.0%
2025: 0.0%0.0%2026: 0.0%0.0%212223242526
Receivable days38d
2021: 38d38d2022: 46d46d2023: 42d42d2024: 40d40d2025: 40d40d2026: 38d38d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue506,023614,751635,964631,461655,435
Cost of revenue—————
Gross profit—————
SG&A112,701117,103119,189123,083130,327
Operating income24,73256,68873,88374,60471,861
Pretax income23,90045,15967,84875,90779,909
Income tax10,41316,01119,45024,27423,886
Net income attributable to owners13,45329,17948,16451,33055,620
Operating margin4.9%9.2%11.6%11.8%11.0%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

2%
4%
Property, plant and equipment 79%
1%
7%
7%

Funding

3%
Interest-bearing debt 38%
Other liabilities 26%
Equity 33%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥45.9B¥69.1B¥31.3B¥34.9B¥44.2B
Total assets¥1.69T¥1.74T¥1.7T¥1.75T¥1.86T
Net assets¥459.2B¥480.6B¥541.7B¥560.8B¥622.2B
Share capital¥102.1B¥102.1B¥102.1B¥102.1B¥102.1B
Trade receivables¥63.4B¥70.6B¥69.8B¥69.3B¥68.5B
Property, plant and equipment¥1.4T¥1.39T¥1.37T¥1.41T¥1.46T
Intangible assets excluding goodwill¥18.2B¥19.5B¥18.6B¥19.9B¥22B
Investment securities¥62.3B¥73.6B¥101.5B¥99.3B¥127.5B
Current assets¥167.5B¥206.1B¥169B¥176.8B¥194.8B
Current liabilities¥409.7B¥459.4B¥386.3B¥438.7B¥476B
Trade payables¥42.8B¥51.9B¥48.7B¥43.3B¥50.9B
Short-term borrowings¥63.9B¥36.4B¥40.3B¥73.3B¥106.9B
Long-term borrowings¥518.1B¥494.6B¥484.1B¥481.5B¥483.4B
Bonds¥155.1B¥158.2B¥138.1B¥119.8B¥124B
Interest-bearing debt¥737.1Bderived¥689.1Bderived¥662.5Bderived¥674.6Bderived¥714.3Bderived
Total liabilities¥1.23T¥1.26T¥1.16T¥1.19T¥1.24T
Non-controlling interests¥6.65B¥5.82B¥6.02B¥6.25B¥6.62B
Equity attributable to owners of parent¥383.9B¥401.8B¥441.8B¥463.9B¥496.2B
Retained earnings¥234.9B¥258B¥298B¥314.7B¥347.3B
Treasury stock-¥4.45B-¥10.3B-¥10.5B-¥4.93B-¥5.23B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第206期(2025/04/01－2026/03/31)

    ID S100YQNE2026-07-15Open

  • EDINET (FSA Japan)

    有価証券報告書－第205期(2024/04/01－2025/03/31)

    ID S100VXA32025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第204期(2023/04/01－2024/03/31)

    ID S100TMUC2024-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第203期(2022/04/01－2023/03/31)

    ID S100R06O2023-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第202期(令和3年4月1日－令和4年3月31日)

    ID S100OBWF2022-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第201期(令和2年4月1日－令和3年3月31日)

    ID S100LIY52021-06-23Open

Extracted from XBRL: 53 / Derived from other figures: 2

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