# Tokyo Kaikan Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第132期(2025/04/01－2026/03/31) (S100YFQM)
> Page: https://vizora.meequs.com/en/company/tokyo-kaikan
> Retrieved: 2026-09-30T22:33:47.363Z

## Company

Tokyo Kaikan, founded in 1920, is a company in Restaurants & Pubs listed on TSE Standard. It has 480 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Kaikan Co., Ltd. |
| Ticker | 9701 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9701.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内三丁目2番1号 |
| Representative (per filing) | 取締役社長 渡辺 訓章 |
| Founded | Apr 1920 |
| Share capital | ¥3.7B |
| Employees (consolidated) | 480 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.kaikan.co.jp (https://www.kaikan.co.jp/) |
| Corporate number | 5010001008821 |
| EDINET | E04535 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YFQM, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.1 | 56 |
| Profitability | 93.2 | 66 |
| Cash conversion | 59.1 | 55 |
| Efficiency | 2.3 | 66 |

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)

- Tokyo Kaikan brought in ¥16.3B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥16259831000 → ¥989527000
- Net income → operating cash flow: ¥989527000 → ¥2443034000（difference ¥1453507000）
- Main uses of operating cash flow: CapEx ¥146309000 / dividends ¥99409000 / buybacks ¥2298000
- Change in cash: ¥2150843000
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 | ¥16.3B |  |
| Operating income | ¥1.44B | Margin 8.8% |
| Net income | ¥989.5M | Margin 6.1% |
| Free cash flow | ¥2.3B |  |
| Employees (consolidated) | 480 |  |
| EPS | ¥299.93 |  |
| Book value per share | ¥3980.33 |  |
| Equity ratio | 43.5% |  |
| Shares outstanding | 3,463,943 |  |
| Treasury shares | 164,900 |  |
| Shareholders | 4,127 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 40.4% |
| Vs. industry median margin | +4.9 pp | Restaurants & Pubs |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4034280000 | ¥16259831000 | +303.0% |
| Operating income | ¥-3374034000 | ¥1437656000 | — |
| Operating margin | -83.6% | 8.8% | +92.5 pp |
| Employees | 546 people | 480 people | -12.1% |
| Cash and equivalents | ¥2395494000 | ¥6561541000 | +173.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,260 | 100.0% | S100YFQM |
| Cost of revenue | 13,834 | 85.1% | S100YFQM |
| Gross profit | 2,426 | 14.9% | S100YFQM |
| SG&A | 988 | 6.1% | S100YFQM |
| Operating income | 1,438 | 8.8% | S100YFQM |
| Ordinary income | 1,480 | 9.1% | S100YFQM |
| Pretax income | 1,465 | 9.0% | S100YFQM |
| Income tax | 476 | 2.9% | S100YFQM |
| Net income | 990 | 6.1% | S100YFQM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 6 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 14.9% → Operating margin 8.8% → Net margin 6.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +12.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.97×
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 | 15,273 | 16,260 | 986 | +6.5% |
| Gross profit | 2,180 | 2,426 | 246 | +11.3% |
| Operating income | 1,275 | 1,438 | 162 | +12.7% |
| Operating cash flow | 1,573 | 2,443 | 870 | +55.3% |
| Free cash flow | 1,518 | 2,297 | 779 | +51.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,504 | 148 | 1.3% | 108 | 1,915 | 1,840 | S100LM1S |
| FY ending Mar 2021 | 4,034 | -3,374 | -83.6% | -3,220 | -1,264 | -1,286 | S100OHJX |
| FY ending Mar 2022 | 8,400 | -1,743 | -20.8% | 845 | -2,005 | -2,145 | S100R0Q9 |
| FY ending Mar 2023 | 12,886 | 229 | 1.8% | 250 | 1,074 | 1,033 | S100TNYL |
| FY ending Mar 2024 | 14,884 | 1,048 | 7.0% | 1,535 | 1,936 | 1,787 | S100VZIO |
| FY ending Mar 2025 | 15,273 | 1,275 | 8.4% | 889 | 1,573 | 1,518 | S100YFQM |
| FY ending Mar 2026 | 16,260 | 1,438 | 8.8% | 990 | 2,443 | 2,297 | S100YFQM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.9M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 491 | 463 | 448 | 451 | 480 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.5M | ¥5M | ¥5M |
| Average age (parent company) | 42.1 years | 43.1 years | 43.4 years | 43.2 years | 41.7 years |
| Average tenure (parent company) | 13.7 years | 13.2 years | 12.8 years | 12.5 years | 11.4 years |

Year over year: Employees (consolidated) +6.4% · Revenue (consolidated) +6.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,443 | 15.0% | S100YFQM |
| Capital expenditure | 146 | 0.9% | S100YFQM |
| Free cash flow | 2,297 | 14.1% | 算出 |
| Investing cash flow | 354 | 2.2% | S100YFQM |
| Financing cash flow | -647 | -4.0% | S100YFQM |
| Dividends paid | 99 | 0.6% | S100YFQM |
| Share buyback | 2 | 0.0% | S100YFQM |
| Change in cash | 2,151 | 13.2% | S100YFQM |
| Cash and equivalents | 6,562 | 40.4% | S100YFQM |

## 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 | 4,444 | 4,719 | 5,513 | 4,411 | 6,562 | S100TNYL, S100VZIO, S100YFQM |
| Total assets | 24,942 | 25,219 | 26,430 | 27,498 | 30,174 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Net assets | 7,123 | 7,532 | 9,598 | 10,957 | 13,131 | S100TNYL, S100VZIO, S100YFQM |
| Share capital | 3,700 | 3,700 | 3,700 | 3,700 | 3,700 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Property, plant and equipment | 15,487 | 14,912 | 14,081 | 13,389 | 12,734 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Intangible assets excluding goodwill | 42 | 33 | 24 | 15 | 7 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Investment securities | 1,998 | 2,480 | 3,341 | 4,420 | 6,299 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Current assets | 5,105 | 5,587 | 6,963 | 7,765 | 9,367 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Current liabilities | 2,559 | 2,926 | 3,182 | 3,022 | 3,204 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Short-term borrowings | 360 | 360 | 360 | 270 | 190 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Long-term borrowings | 11,760 | 11,520 | 11,280 | 11,040 | 10,800 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Total liabilities | 17,820 | 17,687 | 16,832 | 16,540 | 17,042 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Equity attributable to owners of parent | 6,344 | 6,593 | 8,061 | 8,700 | 9,587 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Retained earnings | 845 | 1,094 | 2,563 | 3,352 | 4,241 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |
| Treasury stock | -443 | -444 | -444 | -594 | -596 | S100R0Q9, S100TNYL, S100VZIO, S100YFQM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YFQM |
| Property, plant and equipment | 42% | S100YFQM |
| Intangibles and goodwill | 0% | S100YFQM |
| Investment securities | 21% | S100YFQM |
| Other assets | 15% | S100YFQM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YFQM |
| Equity | 44% | S100YFQM |
| Other liabilities | 0% | S100YFQM |

### 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 | 24,942 | 25,219 | 26,430 | 27,498 | 30,174 |
| Equity | 7,123 | 7,532 | 9,598 | 10,957 | 13,131 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,444 | 4,719 | 5,513 | 4,411 | 6,562 |

## 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) | 78.3% | S100YFQM |
| Fixed assets ÷ total assets | 42.2% | S100YFQM |
| Goodwill ÷ parent equity | — | —, S100YFQM |

### 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) | 21.7% |
| Cash ÷ revenue | 40.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 169.9% |
| Cash vs. profit gap | 1,454 JPY mn (of net income 146.9%) |
| Shareholder returns / net income | 10.3% |
| Shareholder returns / FCF | 4.4% |
| Shareholder payments — dividends / net income | 10.0% |
| Shareholder payments — dividends / FCF | 4.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 14.5% |

## 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 | 10.1% | 0.34× | 3.4% | 3.93× | 13.3% | S100R0Q9 |
| 2023 | 1.9% | 0.51× | 1.0% | 3.88× | 3.9% | S100TNYL |
| 2024 | 10.3% | 0.58× | 5.9% | 3.52× | 21.0% | S100VZIO |
| 2025 | 5.8% | 0.57× | 3.3% | 3.22× | 10.6% | S100YFQM |
| 2026 | 6.1% | 0.56× | 3.4% | 3.15× | 10.8% | S100YFQM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サントリーホールディングス株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 東京會舘取引先持株会 | Major shareholder | 5.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.2% | 2026-03-31 |
| 三信株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| 阪急阪神ホールディングス株式会社 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YFQM | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFQM,, |
| 有価証券報告書－第131期(2024/04/01－2025/03/31) | S100VZIO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZIO,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TNYL | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNYL,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100R0Q9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0Q9,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100OHJX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHJX,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LM1S | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM1S,, |

## 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).