# TOBU RAILWAY CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第206期(2025/04/01－2026/03/31) (S100YQNE)
> Page: https://vizora.meequs.com/en/company/tobu-railway
> Retrieved: 2026-09-30T19:12:44.694Z

## Company

Tobu Railway, founded in 1983, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 18,148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOBU RAILWAY CO.,LTD. |
| Ticker | 9001 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9001.T) |
| Listing | TSE Prime |
| Head office | 東京都墨田区押上一丁目1番2号上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。 |
| Representative (per filing) | 取締役社長 都筑豊 |
| Founded | Jun 1983 |
| Share capital | ¥102.1B |
| Employees (consolidated) | 18,148 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.tobu.co.jp (https://www.tobu.co.jp/) |
| Corporate number | 6010601014508 |
| EDINET | E04094 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing, Hotels & Inns, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YQNE, filed 2026-07-15). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 18 |
| Profitability | 58.3 | 18 |
| Cash conversion | 67.6 | 17 |
| Efficiency | 58.3 | 18 |
| Financial strength | 56.3 | 8 |

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 35% of Tobu Railway's sales come from Transportation, with Leisure and Logistics making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Transportation 35.1%、Leisure 30.6%、Logistics 26.9%、Real estate 7.5%
- Revenue → net income: ¥655435000000 → ¥56023000000
- Net income → operating cash flow: ¥56023000000 → ¥106640000000（difference ¥50617000000）
- Main uses of operating cash flow: CapEx ¥108577000000 / dividends ¥12849000000 / buybacks ¥10470000000
- Change in cash: ¥9271000000
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 | ¥655.4B |  |
| Operating income | ¥71.9B | Margin 11.0% |
| Net income | ¥55.6B | Margin 8.5% |
| Free cash flow | -¥1.94B |  |
| Largest business | Transportation | of segment revenue 35.1% |
| Employees (consolidated) | 18,148 |  |
| EPS | ¥181.53 |  |
| Book value per share | ¥2301.13 |  |
| Equity ratio | 33.0% |  |
| Shares outstanding | 197,266,000 |  |
| Treasury shares | 937,500 |  |
| Shareholders | 75,812 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 2.4% | Net cash -¥670.1B · Cash ÷ revenue 6.7% |
| Vs. industry median margin | +0.7 pp | Private Railways |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥496326000000 | ¥655435000000 | +32.1% |
| Operating income | ¥-13577000000 | ¥71861000000 | — |
| Operating margin | -2.7% | 11.0% | +13.7 pp |
| Employees | 20,345 people | 18,148 people | -10.8% |
| Cash and equivalents | ¥44947000000 | ¥44207000000 | -1.6% |

### 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 |
| --- | ---: |
| 運輸事業 → 運輸事業 | 35.1% |
| 運輸事業 → 事業再編・廃止 | 0.1% |
| レジャー事業 → レジャー事業 | 8.5% |
| 不動産事業 → 不動産事業 | 7.5% |
| 不動産事業 → 事業再編・廃止 | 1.1% |
| 流通事業 → 流通事業 | 26.9% |
| 流通事業 → 事業再編・廃止 | 21.0% |
| 新設・再編 → レジャー事業 | 22.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +6.8% | ¥216011000000 | 12.8% | 2 |
| Leisure | 5 years | +38.0% | ¥188693000000 | 9.8% | 2 |
| Logistics | 5 years | -4.9% | ¥165445000000 | 3.6% | 2 |
| Real estate | 5 years | +4.0% | ¥45948000000 | 34.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 655,435 | 100.0% | S100YQNE |
| SG&A | 130,327 | 19.9% | S100YQNE |
| Operating income | 71,861 | 11.0% | S100YQNE |
| Ordinary income | 68,831 | 10.5% | S100YQNE |
| Pretax income | 79,909 | 12.2% | S100YQNE |
| Income tax | 23,886 | 3.6% | S100YQNE |
| Net income | 56,023 | 8.5% | S100YQNE |
| Net income attributable to owners | 55,620 | 8.5% | S100YQNE |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 11.0% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.8%; Core profit growth: -3.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.97×
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 | 631,461 | 655,435 | 23,974 | +3.8% |
| Operating income | 74,604 | 71,861 | -2,743 | -3.7% |
| Net income attributable to owners | 51,330 | 55,620 | 4,290 | +8.4% |
| Operating cash flow | 90,072 | 106,640 | 16,568 | +18.4% |
| Free cash flow | -20,809 | -1,937 | 18,872 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 653,874 | 62,653 | 9.6% | 35,530 | 101,136 | 7,415 | S100LIY5 |
| FY ending Mar 2021 | 496,326 | -13,577 | -2.7% | -24,965 | 39,504 | -41,149 | S100OBWF |
| FY ending Mar 2022 | 506,023 | 24,732 | 4.9% | 13,453 | 66,851 | 12,867 | S100R06O |
| FY ending Mar 2023 | 614,751 | 56,688 | 9.2% | 29,179 | 101,115 | 43,853 | S100TMUC |
| FY ending Mar 2024 | 635,964 | 73,883 | 11.6% | 48,164 | 91,690 | 8,756 | S100VXA3 |
| FY ending Mar 2025 | 631,461 | 74,604 | 11.8% | 51,330 | 90,072 | -20,809 | S100YQNE |
| FY ending Mar 2026 | 655,435 | 71,861 | 11.0% | 55,620 | 106,640 | -1,937 | S100YQNE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.1M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 19,621 | 18,599 | 18,384 | 18,247 | 18,148 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.8M | ¥7.1M | ¥7.4M |
| Average age (parent company) | 47.2 years | 47.5 years | 48.1 years | 47.8 years | 47.7 years |
| Average tenure (parent company) | 26.1 years | 26.6 years | 27.1 years | 26.6 years | 26.5 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 216,011 | 35.1% | 27,644 | 12.8% |
| Leisure | 188,693 | 30.6% | 18,446 | 9.8% |
| Real estate | 45,948 | 7.5% | 15,892 | 34.6% |
| Logistics | 165,445 | 26.9% | 6,004 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 35.1% | 40.7% | 5.6 | 12.8% |
| Leisure | 30.6% | 27.1% | -3.5 | 9.8% |
| Real estate | 7.5% | 23.4% | 15.9 | 34.6% |
| Logistics | 26.9% | 8.8% | -18.0 | 3.6% |

Segment → industry: Leisure → Theme Parks & Leisure Facilities / Real estate → Real Estate Development & Leasing / Leisure → Hotels & Inns / Logistics → Supermarkets / Transportation → Private Railways / Logistics → Department Stores

## 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 | 106,640 | 16.3% | S100YQNE |
| Capital expenditure | 108,577 | 16.6% | S100YQNE |
| Free cash flow | -1,937 | -0.3% | 算出 |
| Investing cash flow | -82,720 | -12.6% | S100YQNE |
| Financing cash flow | -14,652 | -2.2% | S100YQNE |
| Dividends paid | 12,849 | 2.0% | S100YQNE |
| Share buyback | 10,470 | 1.6% | S100YQNE |
| Change in cash | 9,271 | 1.4% | S100YQNE |
| Cash and equivalents | 44,207 | 6.7% | S100YQNE |

## 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 | 45,885 | 69,074 | 31,258 | 34,936 | 44,207 | S100TMUC, S100VXA3, S100YQNE |
| Total assets | 1,689,855 | 1,738,195 | 1,704,063 | 1,753,200 | 1,863,562 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Net assets | 459,219 | 480,575 | 541,713 | 560,753 | 622,227 | S100TMUC, S100VXA3, S100YQNE |
| Share capital | 102,135 | 102,135 | 102,135 | 102,135 | 102,135 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Trade receivables | 63,415 | 70,561 | 69,796 | 69,342 | 68,519 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Property, plant and equipment | 1,395,485 | 1,393,848 | 1,367,269 | 1,410,893 | 1,462,421 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Intangible assets excluding goodwill | 18,230 | 19,455 | 18,606 | 19,861 | 22,016 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Investment securities | 62,310 | 73,614 | 101,459 | 99,253 | 127,510 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Current assets | 167,475 | 206,090 | 168,953 | 176,839 | 194,787 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Current liabilities | 409,735 | 459,439 | 386,322 | 438,733 | 475,985 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Trade payables | 42,769 | 51,922 | 48,653 | 43,274 | 50,884 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Short-term borrowings | 63,942 | 36,362 | 40,282 | 73,322 | 106,900 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Long-term borrowings | 518,118 | 494,592 | 484,091 | 481,470 | 483,425 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Bonds | 155,080 | 158,160 | 138,100 | 119,800 | 124,000 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Interest-bearing debt | 737,140 | 689,114 | 662,473 | 674,592 | 714,325 | 算出 |
| Total liabilities | 1,230,636 | 1,257,620 | 1,162,350 | 1,192,447 | 1,241,335 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Non-controlling interests | 6,652 | 5,820 | 6,019 | 6,245 | 6,621 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Equity attributable to owners of parent | 383,902 | 401,820 | 441,843 | 463,868 | 496,183 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Retained earnings | 234,853 | 258,028 | 298,039 | 314,683 | 347,268 | S100R06O, S100TMUC, S100VXA3, S100YQNE |
| Treasury stock | -4,451 | -10,302 | -10,545 | -4,930 | -5,228 | S100R06O, S100TMUC, S100VXA3, S100YQNE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YQNE |
| Receivables | 4% | S100YQNE |
| Property, plant and equipment | 79% | S100YQNE |
| Intangibles and goodwill | 1% | S100YQNE |
| Investment securities | 7% | S100YQNE |
| Other assets | 7% | S100YQNE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YQNE |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 26% | S100YQNE |
| Equity | 33% | S100YQNE |

### 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 | 1,689,855 | 1,738,195 | 1,704,063 | 1,753,200 | 1,863,562 |
| Equity | 459,219 | 480,575 | 541,713 | 560,753 | 622,227 |
| Interest-bearing debt | 737,140 | 689,114 | 662,473 | 674,592 | 714,325 |
| Cash | 45,885 | 69,074 | 31,258 | 34,936 | 44,207 |

## 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) | 223.1% | S100YQNE |
| Fixed assets ÷ total assets | 78.5% | S100YQNE |
| Goodwill ÷ parent equity | — | —, S100YQNE |

### 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) | 2.4% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | -¥670.1B |
| Net debt ÷ operating cash flow | 6.28× |
| Cash conversion (operating CF ÷ operating income) | 148.4% |
| Cash vs. profit gap | 51,020 JPY mn (of net income 91.7%) |
| Shareholder returns / net income | 41.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.6% |
| Investing CF relative to operating CF | 77.6% |

## 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 | 2.7% | 0.30× | 0.8% | 4.40× | 3.5% | S100R06O |
| 2023 | 4.7% | 0.36× | 1.7% | 4.36× | 7.4% | S100TMUC |
| 2024 | 7.6% | 0.37× | 2.8% | 4.08× | 11.4% | S100VXA3 |
| 2025 | 8.1% | 0.37× | 3.0% | 3.82× | 11.3% | S100YQNE |
| 2026 | 8.5% | 0.36× | 3.1% | 3.77× | 11.6% | S100YQNE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 東日本旅客鉄道株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 1.0% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥655.4B, up +3.8% from ¥631.5B.
- Operating income moved the other way, to ¥71.9B from ¥74.6B (-3.7%), so higher sales did not carry through to core profit.
- Net income rose +8.4% to ¥55.6B, and operating cash flow grew +18.4% to ¥106.6B.
- Free cash flow was still negative at -¥1.94B, but the gap narrowed from -¥20.8B a year earlier.

### Drivers

- Sales grew on domestic travel, foreign visitors at the hotels, and more non-commuter train riders during long holidays
- Rising railway staff and repair costs, plus one-off costs for a new Tobu credit card, pushed operating income down
- Gains from selling cross-held shares boosted net income

### Risks

- A faster drop in population and aging along its lines would hurt results, mainly on the railway
- Fares need government approval; if rising costs can't be passed on to fares in time, earnings suffer
- If lifestyles that need less travel take hold, ridership could fall

Cited: Amended Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Amended Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第206期(2025/04/01－2026/03/31) | S100YQNE | 2026-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQNE,, |
| 有価証券報告書－第205期(2024/04/01－2025/03/31) | S100VXA3 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXA3,, |
| 有価証券報告書－第204期(2023/04/01－2024/03/31) | S100TMUC | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMUC,, |
| 有価証券報告書－第203期(2022/04/01－2023/03/31) | S100R06O | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R06O,, |
| 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) | S100OBWF | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBWF,, |
| 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) | S100LIY5 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIY5,, |

## 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).