# Tokyo Theatres Company, Incorporated: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第110期(2025/04/01－2026/03/31) (S100YL02)
> Page: https://vizora.meequs.com/en/company/tokyo-theatres
> Retrieved: 2026-09-30T17:56:55.672Z

## Company

Tokyo Theatres Company, founded in 1946, is a company in Film & Anime listed on TSE Standard. It has 437 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO THEATRES COMPANY, INCORPORATED |
| Ticker | 9633 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9633.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿一丁目1番8号 |
| Representative (per filing) | 代表取締役社長 太田 和宏 |
| Founded | Jun 1946 |
| Share capital | ¥4.55B |
| Employees (consolidated) | 437 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.theatres.co.jp (https://www.theatres.co.jp/) |
| Corporate number | 3010001035000 |
| EDINET | E04589 |
| Industries (Vizora) | Film & Anime, Real Estate Development & Leasing, Restaurants & Pubs |

> Profile source: annual securities report (S100YL02, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46 | 75 |
| Profitability | 6.4 | 86 |
| Cash conversion | 95.7 | 82 |
| Efficiency | 54.1 | 86 |

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 54% of Tokyo Theatres Company's sales come from Real estate related, with Food and beverage related and Image related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +25.0%.

## Company structure

- Segment revenue mix: Real estate related 53.6%、Food and beverage related 29.6%、Image related 16.7%
- Revenue → net income: ¥20655080000 → ¥827808000
- Net income → operating cash flow: ¥827808000 → ¥1461767000（difference ¥633959000）
- Main uses of operating cash flow: CapEx ¥1737970000 / dividends ¥68680000 / buybacks ¥176719000
- Change in cash: ¥711081000
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 | ¥20.7B |  |
| Operating income | ¥334.5M | Margin 1.6% |
| Net income | ¥834M | Margin 4.0% |
| Free cash flow | -¥276.2M |  |
| Largest business | Real estate related | of segment revenue 53.6% |
| Employees (consolidated) | 437 |  |
| EPS | ¥83.93 |  |
| Book value per share | ¥2392.14 |  |
| Equity ratio | 55.7% |  |
| Shares outstanding | 8,013,000 |  |
| Treasury shares | 1,238,800 |  |
| Shareholders | 20,086 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -8.9 pp | Real Estate Development & Leasing |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.6× dividends
- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, segment profit share differs by 36 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13306037000 | ¥20655080000 | +55.2% |
| Operating income | ¥-1627293000 | ¥334490000 | — |
| Operating margin | -12.2% | 1.6% | +13.8 pp |
| Employees | 472 people | 437 people | -7.4% |
| Cash and equivalents | ¥4387523000 | ¥4334783000 | -1.2% |

### 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 |
| --- | ---: |
| 映像関連事業 → 映像関連事業 | 16.7% |
| 映像関連事業 → 事業再編・廃止 | 14.2% |
| 飲食関連事業 → 飲食関連事業 | 25.8% |
| 不動産関連事業 → 不動産関連事業 | 43.4% |
| 新設・再編 → 飲食関連事業 | 3.9% |
| 新設・再編 → 不動産関連事業 | 10.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate related | 5 years | +13.9% | ¥11076090000 | 13.8% | 2 |
| Food and beverage related | 5 years | +12.3% | ¥6121862000 | 3.0% | 2 |
| Image related | 5 years | -3.4% | ¥3457127000 | -16.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,655 | 100.0% | S100YL02 |
| Cost of revenue | 15,571 | 75.4% | S100YL02 |
| Gross profit | 5,084 | 24.6% | S100YL02 |
| SG&A | 4,750 | 23.0% | S100YL02 |
| Operating income | 334 | 1.6% | S100YL02 |
| Ordinary income | 405 | 2.0% | S100YL02 |
| Pretax income | 1,088 | 5.3% | S100YL02 |
| Income tax | 260 | 1.3% | S100YL02 |
| Net income | 828 | 4.0% | S100YL02 |
| Net income attributable to owners | 834 | 4.0% | S100YL02 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.6% → Operating margin 1.6% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +25.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.03×
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 | 18,387 | 20,655 | 2,268 | +12.3% |
| Gross profit | 4,958 | 5,084 | 126 | +2.5% |
| Operating income | 268 | 334 | 67 | +25.0% |
| Net income attributable to owners | 3,040 | 834 | -2,206 | -72.6% |
| Operating cash flow | 197 | 1,462 | 1,264 | +640.9% |
| Free cash flow | -2,921 | -276 | 2,644 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,218 | 174 | 1.0% | 51 | 588 | 202 | S100LSTB |
| FY ending Mar 2021 | 13,306 | -1,627 | -12.2% | -2,292 | -583 | -775 | S100OL8D |
| FY ending Mar 2022 | 13,056 | -595 | -4.6% | 826 | -1,026 | -1,327 | S100R7XT |
| FY ending Mar 2023 | 16,317 | 66 | 0.4% | 188 | -103 | -318 | S100TXAB |
| FY ending Mar 2024 | 17,087 | 249 | 1.5% | 233 | 253 | -100 | S100W9CX |
| FY ending Mar 2025 | 18,387 | 268 | 1.5% | 3,040 | 197 | -2,921 | S100YL02 |
| FY ending Mar 2026 | 20,655 | 334 | 1.6% | 834 | 1,462 | -276 | S100YL02 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.3M |
| Operating income per employee (consolidated) | ¥765.4K |
| Net income per employee (consolidated) | ¥1.9M |

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) | 446 | 435 | 448 | 436 | 437 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥7.2M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 42.1 years | 42.2 years | 42.6 years | 42.6 years | 43.1 years |
| Average tenure (parent company) | 14.1 years | 13.5 years | 14.3 years | 14.3 years | 14.7 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +12.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Image related | 3,457 | 16.7% | -556 | -16.1% |
| Food and beverage related | 6,122 | 29.6% | 184 | 3.0% |
| Real estate related | 11,076 | 53.6% | 1,533 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Image related | 16.7% | — | — | -16.1% |
| Food and beverage related | 29.6% | 10.7% | -18.9 | 3.0% |
| Real estate related | 53.6% | 89.3% | 35.7 | 13.8% |

Loss-making segment (excluded from profit shares): Image related -556 JPY mn

Segment → industry: Image related → Film & Anime / Real estate related → Real Estate Development & Leasing / Food and beverage related → Restaurants & Pubs

## 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 | 1,462 | 7.1% | S100YL02 |
| Capital expenditure | 1,738 | 8.4% | S100YL02 |
| Free cash flow | -276 | -1.3% | 算出 |
| Investing cash flow | 53 | 0.3% | S100YL02 |
| Financing cash flow | -804 | -3.9% | S100YL02 |
| Dividends paid | 69 | 0.3% | S100YL02 |
| Share buyback | 177 | 0.9% | S100YL02 |
| Change in cash | 711 | 3.4% | S100YL02 |
| Cash and equivalents | 4,335 | 21.0% | S100YL02 |

## 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 | 3,565 | 2,240 | 2,401 | 3,624 | 4,335 | S100TXAB, S100W9CX, S100YL02 |
| Total assets | 23,927 | 23,582 | 24,564 | 28,908 | 30,078 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Net assets | 12,050 | 11,987 | 12,735 | 15,555 | 16,770 | S100TXAB, S100W9CX, S100YL02 |
| Share capital | 4,553 | 4,553 | 4,553 | 4,553 | 4,553 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Property, plant and equipment | 13,890 | 13,666 | 13,534 | 16,018 | 16,215 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Intangible assets excluding goodwill | 75 | 91 | 95 | 47 | 36 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Investment securities | 2,008 | 2,158 | 3,045 | 3,378 | 4,289 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Current assets | 7,456 | 7,117 | 7,331 | 8,880 | 8,984 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Current liabilities | 3,956 | 4,154 | 4,483 | 4,096 | 4,083 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Trade payables | 918 | 1,150 | 915 | 978 | 876 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Short-term borrowings | 60 | 87 | 600 | — | 40 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Long-term borrowings | 4,245 | 3,713 | 3,304 | 4,676 | 4,322 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Total liabilities | 11,877 | 11,595 | 11,829 | 13,352 | 13,308 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Non-controlling interests | 34 | 41 | 43 | 28 | 22 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Equity attributable to owners of parent | 9,871 | 9,694 | 9,824 | 12,470 | 13,064 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Retained earnings | 2,368 | 2,481 | 2,642 | 5,610 | 6,375 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |
| Treasury stock | -787 | -1,077 | -1,109 | -1,429 | -1,600 | S100R7XT, S100TXAB, S100W9CX, S100YL02 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YL02 |
| Property, plant and equipment | 54% | S100YL02 |
| Intangibles and goodwill | 0% | S100YL02 |
| Investment securities | 14% | S100YL02 |
| Other assets | 17% | S100YL02 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YL02 |
| Other liabilities | 41% | S100YL02 |
| Equity | 56% | S100YL02 |
| Other liabilities | 0% | S100YL02 |

### 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 | 23,927 | 23,582 | 24,564 | 28,908 | 30,078 |
| Equity | 12,050 | 11,987 | 12,735 | 15,555 | 16,770 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,565 | 2,240 | 2,401 | 3,624 | 4,335 |

## 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) | 78.5% | S100YL02 |
| Fixed assets ÷ total assets | 53.9% | S100YL02 |
| Goodwill ÷ parent equity | — | —, S100YL02 |

### 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) | 14.4% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 437.0% |
| Cash vs. profit gap | 628 JPY mn (of net income 75.3%) |
| Shareholder returns / net income | 29.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 8.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 3.6% |

## 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 | 6.3% | 0.55× | 3.5% | 2.42× | 8.4% | S100R7XT |
| 2023 | 1.2% | 0.69× | 0.8% | 2.43× | 1.9% | S100TXAB |
| 2024 | 1.4% | 0.71× | 1.0% | 2.47× | 2.4% | S100W9CX |
| 2025 | 16.5% | 0.69× | 11.4% | 2.40× | 27.3% | S100YL02 |
| 2026 | 4.0% | 0.70× | 2.8% | 2.31× | 6.5% | S100YL02 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井住友信託銀行株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| DBS BANK LTD 700170 （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.5% | 2026-03-31 |
| サッポロビール株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| DEUTSCHE BANK AG,SINGAPORE A／C CLIENTS （TREATY)4600601 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| 日活株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| チャレンジ２号投資事業組合 | Major shareholder | 1.5% | 2026-03-31 |
| トーセイ株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| アイザワ証券グループ株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDON SPECIAL ACCOUNT NO.1 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YL02 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL02,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W9CX | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9CX,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TXAB | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXAB,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R7XT | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7XT,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OL8D | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL8D,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LSTB | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSTB,, |

## 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).