# Tokai Kisen Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第201期(2025/01/01－2025/12/31) (S100Y40M)
> Page: https://vizora.meequs.com/en/company/tokai-kisen
> Retrieved: 2026-09-30T19:15:53.197Z

## Company

Tokai Kisen, founded in 1889, is a company in Hotels & Inns listed on TSE Standard. It has 377 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokai Kisen Co., Ltd. |
| Ticker | 9173 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9173.T) |
| Listing | TSE Standard |
| Head office | 東京都港区海岸一丁目16番1号 |
| Representative (per filing) | 代表取締役社長 山﨑潤一 |
| Founded | Nov 1889 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 377 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | December |
| Website | www.tokaikisen.co.jp (https://www.tokaikisen.co.jp/) |
| Corporate number | 3010401020097 |
| EDINET | E04256 |
| Industries (Vizora) | Hotels & Inns, Specialty Trading & Wholesale, Private Railways, Shipping |

> Profile source: annual securities report (S100Y40M, filed 2026-05-15). As of filing

## Five-axis industry profile

Primary industry: Shipping (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 12 |
| Profitability | 19.2 | 13 |
| Cash conversion | 19.2 | 13 |
| Efficiency | 65.4 | 13 |

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 87% of Tokai Kisen's sales come from Development of shipping business, with Commarcial, cooking, drinking and eating business and Hotel making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit -10.1%.

## Company structure

- Segment revenue mix: Development of shipping business 87.4%、Commarcial, cooking, drinking and eating business 8.3%、Hotel 2.4%、Transportation of passenger car business 2.0%
- Revenue → net income: ¥14288469000 → ¥429285000
- Net income → operating cash flow: ¥429285000 → ¥685648000（difference ¥256363000）
- Main uses of operating cash flow: CapEx ¥366722000 / dividends ¥21259000 / buybacks ¥149000
- Change in cash: ¥-1221529000
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 | ¥14.3B |  |
| Operating income | ¥523.7M | Margin 3.7% |
| Net income | ¥368.1M | Margin 2.6% |
| Free cash flow | ¥318.9M |  |
| Largest business | Development of shipping business | of segment revenue 87.4% |
| Employees (consolidated) | 377 |  |
| EPS | ¥158.5 |  |
| Book value per share | ¥1568.22 |  |
| Equity ratio | 25.4% |  |
| Shares outstanding | 2,200,000 |  |
| Treasury shares | 5,300 |  |
| Shareholders | 6,803 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | -3.3 pp | Shipping |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8970894000 | ¥14288469000 | +59.3% |
| Operating income | ¥-415574000 | ¥523651000 | — |
| Operating margin | -4.6% | 3.7% | +8.3 pp |
| Employees | 312 people | 377 people | +20.8% |
| Cash and equivalents | ¥1758824000 | ¥3546724000 | +101.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 海運関連事業 → 海運関連事業 | 83.0% |
| 商事料飲事業 → 商事料飲事業 | 8.3% |
| 商事料飲事業 → 事業再編・廃止 | 3.1% |
| ホテル事業 → ホテル事業 | 2.3% |
| レストラン事業 → 事業再編・廃止 | 0.7% |
| 旅客自動車運送事業 → 旅客自動車運送事業 | 2.0% |
| 旅客自動車運送事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 海運関連事業 | 4.3% |
| 新設・再編 → ホテル事業 | 0.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Development of shipping business | 5 years | +10.9% | ¥12482000000 | 7.0% | 2 |
| Commarcial, cooking, drinking and eating business | 5 years | +3.0% | ¥1182507000 | 9.9% | 2 |
| Hotel | 5 years | +11.2% | ¥345215000 | 4.3% | 2 |
| Transportation of passenger car business | 5 years | +3.8% | ¥278745000 | 7.0% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,288 | 100.0% | S100Y40M |
| Cost of revenue | 12,285 | 86.0% | S100Y40M |
| Gross profit | 2,003 | 14.0% | S100Y40M |
| SG&A | 1,480 | 10.4% | S100Y40M |
| Operating income | 524 | 3.7% | S100Y40M |
| Ordinary income | 445 | 3.1% | S100Y40M |
| Pretax income | 601 | 4.2% | S100Y40M |
| Income tax | 172 | 1.2% | S100Y40M |
| Net income | 429 | 3.0% | S100Y40M |
| Net income attributable to owners | 368 | 2.6% | S100Y40M |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.0% → Operating margin 3.7% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.2%; Core profit growth: -10.1%
Operating leverage (core profit growth ÷ revenue growth): 4.66×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,605 | 14,288 | -316 | -2.2% |
| Gross profit | 2,021 | 2,003 | -18 | -0.9% |
| Operating income | 582 | 524 | -59 | -10.1% |
| Net income attributable to owners | 294 | 368 | 74 | +25.3% |
| Operating cash flow | 2,231 | 686 | -1,545 | -69.3% |
| Free cash flow | 1,421 | 319 | -1,102 | -77.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 11,115 | -74 | -0.7% | 25 | 634 | -4,331 | S100L08I |
| FY ending Dec 2020 | 8,971 | -416 | -4.6% | -328 | -727 | -4,893 | S100NQEF |
| FY ending Dec 2021 | 10,810 | 198 | 1.8% | -78 | 1,516 | 1,033 | S100QFSQ |
| FY ending Dec 2022 | 13,930 | 452 | 3.2% | 181 | 2,135 | 1,507 | S100T5JC |
| FY ending Dec 2023 | 13,176 | -630 | -4.8% | -581 | 388 | 8 | S100VGWX |
| FY ending Dec 2024 | 14,605 | 582 | 4.0% | 294 | 2,231 | 1,421 | S100Y40M |
| FY ending Dec 2025 | 14,288 | 524 | 3.7% | 368 | 686 | 319 | S100Y40M |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.9M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥976.3K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 369 | 359 | 365 | 365 | 377 |
| Average salary (parent company) | ¥7.6M | ¥7.8M | ¥8.1M | ¥8.3M | ¥8.7M |
| Average age (parent company) | 42.0 years | 42.1 years | 42.8 years | 43.2 years | 42.5 years |
| Average tenure (parent company) | 16.3 years | 15.5 years | 16.2 years | 16.4 years | 15.7 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) -2.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Development of shipping business | 12,482 | 87.4% | 875 | 7.0% |
| Commarcial, cooking, drinking and eating business | 1,183 | 8.3% | 117 | 9.9% |
| Hotel | 345 | 2.4% | 15 | 4.3% |
| Transportation of passenger car business | 279 | 2.0% | 20 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Development of shipping business | 87.4% | 85.3% | -2.1 | 7.0% |
| Commarcial, cooking, drinking and eating business | 8.3% | 11.4% | 3.1 | 9.9% |
| Hotel | 2.4% | 1.4% | -1.0 | 4.3% |
| Transportation of passenger car business | 2.0% | 1.9% | -0.0 | 7.0% |

Segment → industry: Hotel → Hotels & Inns / Commarcial, cooking, drinking and eating business → Specialty Trading & Wholesale / Transportation of passenger car business → Private Railways / Development of shipping business → Shipping

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 686 | 4.8% | S100Y40M |
| Capital expenditure | 367 | 2.6% | S100Y40M |
| Free cash flow | 319 | 2.2% | 算出 |
| Investing cash flow | -250 | -1.7% | S100Y40M |
| Financing cash flow | -1,658 | -11.6% | S100Y40M |
| Dividends paid | 21 | 0.1% | S100Y40M |
| Share buyback | 0 | 0.0% | S100Y40M |
| Change in cash | -1,222 | -8.5% | S100Y40M |
| Cash and equivalents | 3,547 | 24.8% | S100Y40M |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,537 | 4,523 | 4,020 | 4,768 | 3,547 | S100T5JC, S100VGWX, S100Y40M |
| Total assets | 23,863 | 23,706 | 22,480 | 22,507 | 20,744 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Net assets | 6,119 | 6,339 | 5,876 | 6,359 | 6,925 | S100T5JC, S100VGWX, S100Y40M |
| Share capital | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Property, plant and equipment | 15,975 | 15,019 | 14,048 | 13,239 | 12,270 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Intangible assets excluding goodwill | 123 | 81 | 72 | 77 | 88 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Investment securities | 331 | 308 | 431 | 547 | 771 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Current assets | 6,722 | 7,562 | 7,104 | 7,823 | 6,961 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Current liabilities | 4,388 | 5,360 | 5,504 | 6,139 | 5,124 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Short-term borrowings | 2,749 | 3,549 | 3,827 | 4,043 | 3,529 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Long-term borrowings | 11,492 | 10,001 | 8,982 | 7,848 | 6,737 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Total liabilities | 17,744 | 17,367 | 16,604 | 16,148 | 13,820 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Non-controlling interests | 1,403 | 1,460 | 1,486 | 1,587 | 1,648 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Equity attributable to owners of parent | 4,639 | 4,816 | 4,236 | 4,534 | 4,880 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Retained earnings | 2,855 | 3,033 | 2,453 | 2,746 | 3,092 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |
| Treasury stock | -10 | -10 | -10 | -11 | -11 | S100QFSQ, S100T5JC, S100VGWX, S100Y40M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Y40M |
| Property, plant and equipment | 59% | S100Y40M |
| Intangibles and goodwill | 0% | S100Y40M |
| Investment securities | 4% | S100Y40M |
| Other assets | 20% | S100Y40M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100Y40M |
| Equity | 33% | S100Y40M |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,863 | 23,706 | 22,480 | 22,507 | 20,744 |
| Equity | 6,119 | 6,339 | 5,876 | 6,359 | 6,925 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,537 | 4,523 | 4,020 | 4,768 | 3,547 |

## 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) | 85.9% | S100Y40M |
| Fixed assets ÷ total assets | 59.1% | S100Y40M |
| Goodwill ÷ parent equity | — | —, S100Y40M |

### 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) | 17.1% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.9% |
| Cash vs. profit gap | 318 JPY mn (of net income 86.3%) |
| Shareholder returns / net income | 5.8% |
| Shareholder returns / FCF | 6.7% |
| Shareholder payments — dividends / net income | 5.8% |
| Shareholder payments — dividends / FCF | 6.7% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 36.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -0.3% | —× | — | S100QFSQ |
| 2022 | 1.3% | 0.59× | 0.8% | 5.03× | 3.8% | S100T5JC |
| 2023 | — | —× | -2.5% | —× | — | S100VGWX |
| 2024 | 2.0% | 0.65× | 1.3% | 5.13× | 6.7% | S100Y40M |
| 2025 | 2.6% | 0.66× | 1.7% | 4.59× | 7.8% | S100Y40M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤田観光株式会社 | Major shareholder | 18.0% | 2025-12-31 |
| ＤＯＷＡホールディングス株式会社 | Major shareholder | 6.8% | 2025-12-31 |
| 東京汽船株式会社 | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.4% | 2025-12-31 |
| 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・京浜急行電鉄株式会社退職給付信託口） | Major shareholder | 2.3% | 2025-12-31 |
| 東海汽船従業員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社恵興 | Major shareholder | 1.6% | 2025-12-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.6% | 2025-12-31 |
| 内海造船株式会社 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社アイ・エス・ビー | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第201期(2025/01/01－2025/12/31) | S100Y40M | 2026-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y40M,, |
| 有価証券報告書－第200期(2024/01/01－2024/12/31) | S100VGWX | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGWX,, |
| 有価証券報告書－第199期(2023/01/01－2023/12/31) | S100T5JC | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5JC,, |
| 有価証券報告書－第198期(2022/01/01－2022/12/31) | S100QFSQ | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFSQ,, |
| 有価証券報告書－第197期(令和3年1月1日－令和3年12月31日) | S100NQEF | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQEF,, |
| 有価証券報告書－第196期(令和2年1月1日－令和2年12月31日) | S100L08I | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L08I,, |

## 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).