# Tokyo Metro 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22期(2025/04/01－2026/03/31) (S100YZAA)
> Page: https://vizora.meequs.com/en/company/tokyo-metro
> Retrieved: 2026-09-30T21:02:54.060Z

## Company

Tokyo Metro, founded in 2004, is a company in Advertising listed on TSE Prime. It has 11,441 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Metro Co., Ltd. |
| Ticker | 9023 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9023.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区東上野三丁目19番6号 |
| Representative (per filing) | 代表取締役社長 小坂彰洋 |
| Founded | Apr 2004 |
| Share capital | ¥58.1B |
| Employees (consolidated) | 11,441 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.tokyometro.jp (https://www.tokyometro.jp/) |
| Corporate number | 4010501022810 |
| EDINET | E04153 |
| Industries (Vizora) | Advertising, Real Estate Development & Leasing, Private Railways |

> Profile source: annual securities report (S100YZAA, filed 2026-08-28). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.3 | 18 |
| Profitability | 97.2 | 18 |
| Cash conversion | 73.5 | 17 |
| Efficiency | 2.8 | 18 |

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 91% of Tokyo Metro's sales come from Transportation, with Consumer and corporate services and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Transportation 90.9%、Consumer and corporate services 5.6%、Real estate 3.4%、Other 0.1%
- Revenue → net income: ¥422414000000 → ¥59015000000
- Net income → operating cash flow: ¥59015000000 → ¥133764000000（difference ¥74749000000）
- Main uses of operating cash flow: CapEx ¥91766000000 / dividends ¥35412000000 / buybacks ¥773000000
- Change in cash: ¥-5482000000
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 | ¥422.4B |  |
| Operating income | ¥89.6B | Margin 21.2% |
| Net income | ¥59B | Margin 14.0% |
| Free cash flow | ¥42B |  |
| Largest business | Transportation | of segment revenue 90.9% |
| Employees (consolidated) | 11,441 |  |
| EPS | ¥97 |  |
| Book value per share | ¥1182.14 |  |
| Equity ratio | 35.9% |  |
| Shares outstanding | 581,000,000 |  |
| Treasury shares | 403,100 |  |
| Shareholders | 271,469 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 3.3% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | +10.9 pp | Private Railways |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥295729000000 | ¥422414000000 | +42.8% |
| Operating income | ¥-40299000000 | ¥89588000000 | — |
| Operating margin | -13.6% | 21.2% | +34.8 pp |
| Employees | 11,818 people | 11,441 people | -3.2% |
| Cash and equivalents | ¥70820000000 | ¥68280000000 | -3.6% |

### 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 → 運輸 | 85.7% |
| 不動産 → 不動産 | 3.4% |
| 不動産 → 事業再編・廃止 | 1.1% |
| 流通・広告 → 事業再編・廃止 | 9.7% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 運輸 | 5.2% |
| 新設・再編 → ライフ・ビジネスサービス | 5.6% |

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 | +8.7% | ¥384108000000 | 19.8% | 2 |
| Consumer and corporate services | — | — | ¥23603000000 | 36.1% | 2 |
| Real estate | 5 years | +1.5% | ¥14455000000 | 30.4% | 2 |
| Other | 5 years | -3.9% | ¥246000000 | 141.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 422,414 | 100.0% | S100YZAA |
| SG&A | 55,292 | 13.1% | S100YZAA |
| Operating income | 89,588 | 21.2% | S100YZAA |
| Ordinary income | 79,234 | 18.8% | S100YZAA |
| Pretax income | 85,633 | 20.3% | S100YZAA |
| Income tax | 26,618 | 6.3% | S100YZAA |
| Net income | 59,015 | 14.0% | S100YZAA |
| Net income attributable to owners | 59,015 | 14.0% | S100YZAA |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 79 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Operating margin 21.2% → Net margin 14.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +3.0%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.85×
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 | 407,832 | 422,414 | 14,582 | +3.6% |
| Operating income | 86,942 | 89,588 | 2,646 | +3.0% |
| Net income attributable to owners | 53,748 | 59,015 | 5,267 | +9.8% |
| Operating cash flow | 123,544 | 133,764 | 10,220 | +8.3% |
| Free cash flow | 7,564 | 41,998 | 34,434 | +455.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 433,147 | 83,917 | 19.4% | 51,391 | 136,626 | -34,166 | S100LVEX |
| FY ending Mar 2021 | 295,729 | -40,299 | -13.6% | -52,927 | 11,622 | -128,236 | S100OM2B |
| FY ending Mar 2022 | 306,904 | -12,117 | -3.9% | -13,397 | 83,295 | -20,738 | S100R82O |
| FY ending Mar 2023 | 345,370 | 27,777 | 8.0% | 27,771 | 88,177 | 6,463 | S100TPK6 |
| FY ending Mar 2024 | 389,267 | 76,359 | 19.6% | 46,262 | 135,066 | 30,934 | S100W3LV |
| FY ending Mar 2025 | 407,832 | 86,942 | 21.3% | 53,748 | 123,544 | 7,564 | S100YZAA |
| FY ending Mar 2026 | 422,414 | 89,588 | 21.2% | 59,015 | 133,764 | 41,998 | S100YZAA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.9M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 11,794 | 11,571 | 11,390 | 11,328 | 11,441 |
| Average salary (parent company) | — | — | — | ¥8M | ¥8.4M |
| Average age (parent company) | — | — | — | 39.5 years | 39.7 years |
| Average tenure (parent company) | — | — | — | 18.1 years | 18.1 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 384,108 | 90.9% | 76,189 | 19.8% |
| Real estate | 14,455 | 3.4% | 4,399 | 30.4% |
| Consumer and corporate services | 23,603 | 5.6% | 8,527 | 36.1% |
| Other | 246 | 0.1% | 349 | 141.9% |

### 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 | 90.9% | 85.2% | -5.8 | 19.8% |
| Real estate | 3.4% | 4.9% | 1.5 | 30.4% |
| Consumer and corporate services | 5.6% | 9.5% | 3.9 | 36.1% |
| Other | 0.1% | 0.4% | 0.3 | 141.9% |

Segment → industry: Consumer and corporate services → Advertising / Consumer and corporate services → Real Estate Development & Leasing / Real estate → Real Estate Development & Leasing / Transportation → Private Railways

## 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 | 133,764 | 31.7% | S100YZAA |
| Capital expenditure | 91,766 | 21.7% | S100YZAA |
| Free cash flow | 41,998 | 9.9% | 算出 |
| Investing cash flow | -87,400 | -20.7% | S100YZAA |
| Financing cash flow | -51,846 | -12.3% | S100YZAA |
| Dividends paid | 35,412 | 8.4% | S100YZAA |
| Share buyback | 773 | 0.2% | S100YZAA |
| Change in cash | -5,482 | -1.3% | S100YZAA |
| Cash and equivalents | 68,280 | 16.2% | S100YZAA |

## 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 | 111,664 | 88,982 | 90,665 | 73,762 | 68,280 | S100TPK6, S100W3LV, S100YZAA |
| Total assets | 1,812,967 | 2,002,821 | 2,022,524 | 2,029,745 | 2,047,168 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Net assets | 618,360 | 633,344 | 668,395 | 716,529 | 734,751 | S100TPK6, S100W3LV, S100YZAA |
| Share capital | 58,100 | 58,100 | 58,100 | 58,100 | 58,100 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Property, plant and equipment | 1,488,146 | 1,494,509 | 1,515,713 | 1,543,577 | 1,562,273 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Intangible assets excluding goodwill | 102,923 | 99,549 | 100,579 | 101,200 | 103,641 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Investment securities | 2,200 | 2,370 | 2,669 | 5,240 | 7,516 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Current assets | 157,253 | 334,139 | 337,220 | 316,446 | 311,950 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Current liabilities | 192,721 | 171,242 | 173,620 | 169,814 | 188,132 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Trade payables | 958 | 1,211 | 876 | 1,002 | 504 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Long-term borrowings | 325,868 | 329,781 | 307,692 | 277,379 | 258,713 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Bonds | 577,000 | 577,000 | 577,000 | 577,000 | 577,000 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Total liabilities | 1,194,607 | 1,369,476 | 1,354,128 | 1,313,215 | 1,312,416 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Equity attributable to owners of parent | 611,769 | 630,245 | 664,887 | 700,044 | 722,946 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Retained earnings | 491,502 | 509,978 | 544,620 | 579,777 | 603,356 | S100R82O, S100TPK6, S100W3LV, S100YZAA |
| Treasury stock | — | — | — | — | -677 | S100YZAA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YZAA |
| Property, plant and equipment | 76% | S100YZAA |
| Intangibles and goodwill | 5% | S100YZAA |
| Investment securities | 1% | S100YZAA |
| Other assets | 15% | S100YZAA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YZAA |
| Other liabilities | 64% | S100YZAA |
| Equity | 36% | S100YZAA |
| Other liabilities | 0% | S100YZAA |

### 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 | 1,812,967 | 2,002,821 | 2,022,524 | 2,029,745 | 2,047,168 |
| Equity | 618,360 | 633,344 | 668,395 | 716,529 | 734,751 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 111,664 | 88,982 | 90,665 | 73,762 | 68,280 |

## 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) | 369.8% | S100YZAA |
| Fixed assets ÷ total assets | 76.3% | S100YZAA |
| Goodwill ÷ parent equity | — | —, S100YZAA |

### 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) | 3.3% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.3% |
| Cash vs. profit gap | 74,749 JPY mn (of net income 126.7%) |
| Shareholder returns / net income | 61.3% |
| Shareholder returns / FCF | 86.2% |
| Shareholder payments — dividends / net income | 60.0% |
| Shareholder payments — dividends / FCF | 84.3% |
| CapEx intensity (capex ÷ revenue) | 21.7% |
| Investing CF relative to operating CF | 65.3% |

## 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 | — | —× | -0.7% | —× | — | S100R82O |
| 2023 | 8.0% | 0.18× | 1.5% | 3.07× | 4.5% | S100TPK6 |
| 2024 | 11.9% | 0.19× | 2.3% | 3.11× | 7.1% | S100W3LV |
| 2025 | 13.2% | 0.20× | 2.7% | 2.97× | 7.9% | S100YZAA |
| 2026 | 14.0% | 0.21× | 2.9% | 2.87× | 8.3% | S100YZAA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 財務大臣 | Major shareholder | 26.7% | 2026-03-31 |
| 東京都 | Major shareholder | 23.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 東京メトロ従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.5% | 2026-03-31 |
| J.P.MORGAN SECURITIES PLC（常任代理人 JPモルガン証券株式会社） | Major shareholder | 0.9% | 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 | 0.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 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 | 0.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.6% | 2026-03-31 |

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

- More people rode the subway, and fares pushed revenue up +3.6% to ¥422.4B in the FY ending Mar 2026.
- Costs climbed almost as fast, so operating income only rose +3.0%, to ¥89.6B.
- Net income jumped +9.8% to ¥59B, helped by a one-off gain rather than the core business.
- Free cash flow went from ¥7.56B to ¥42B.

### Drivers

- Passenger fare revenue kept growing, with both commuter-pass and regular riders up.
- Spending on outside services and staff rose, eating most of the extra revenue.
- The company booked a gain from changing its retirement benefit plan, and it spent less on new equipment and facilities than the year before.

### Risks

- Fewer commuters, whether from a shrinking Tokyo population or remote work, would cut fare revenue.
- Trains run on a lot of electricity, so long-lasting rises in power, material and labor costs would hit profits.
- A major earthquake, flood or accident that stops trains could hurt results.

Cited: Annual securities report (management analysis) (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); Annual securities report (business risks) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YZAA | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZAA,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W3LV | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3LV,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TPK6 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPK6,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R82O | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R82O,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OM2B | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM2B,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LVEX | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVEX,, |

## 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).