# TOKYOTOKEIBA CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第102期(2025/01/01－2025/12/31) (S100XTJA)
> Page: https://vizora.meequs.com/en/company/tokyotokeiba
> Retrieved: 2026-09-30T22:59:51.046Z

## Company

Tokyotokeiba, founded in 1949, is a company in Theme Parks & Leisure Facilities listed on TSE Prime. It has 198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYOTOKEIBA CO.,LTD. |
| Ticker | 9672 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9672.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区大森北一丁目6番8号 |
| Representative (per filing) | 代表取締役社長 多羅尾光睦 |
| Founded | Dec 1949 |
| Share capital | ¥10.6B |
| Employees (consolidated) | 198 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | December |
| Website | www.tokyotokeiba.co.jp (https://www.tokyotokeiba.co.jp/) |
| Corporate number | 9010001034995 |
| EDINET | E04603 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XTJA, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Theme Parks & Leisure Facilities (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 12 |
| Profitability | 95.8 | 12 |
| Cash conversion | 62.5 | 12 |
| Efficiency | 37.5 | 12 |

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 71% of Tokyotokeiba's sales come from Racing facilities business, with Ministorage business and Amusement park business making up much of the rest.
- Out of every ¥100 of sales, about ¥37 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +10.7%.

## Company structure

- Segment revenue mix: Racing facilities business 71.1%、Ministorage business 14.6%、Amusement park business 8.9%、Commercial Services business 5.4%
- Revenue → net income: ¥41758749000 → ¥10488923000
- Net income → operating cash flow: ¥10488923000 → ¥19901747000（difference ¥9412824000）
- Main uses of operating cash flow: CapEx ¥6830977000 / dividends ¥3138363000 / buybacks ¥3858983000
- Change in cash: ¥-1623718000
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 | ¥41.8B |  |
| Operating income | ¥15.4B | Margin 36.9% |
| Net income | ¥10.5B | Margin 25.1% |
| Free cash flow | ¥13.1B |  |
| Largest business | Racing facilities business | of segment revenue 71.1% |
| Employees (consolidated) | 198 |  |
| EPS | ¥347.63 |  |
| Book value per share | ¥3098.34 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 28,764,854 |  |
| Treasury shares | 2,727,600 |  |
| Shareholders | 23,130 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 11.3% | Cash ÷ revenue 34.1% |
| Vs. industry median margin | +23 pp | Theme Parks & Leisure Facilities |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.2× dividends
- FY2025, one segment accounts for 72% of positive segment profit
- FY2025, operating income keeps 37 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28789375000 | ¥41758749000 | +45.0% |
| Operating income | ¥11172354000 | ¥15414135000 | +38.0% |
| Operating margin | 38.8% | 36.9% | -1.9 pp |
| Employees | 179 people | 198 people | +10.6% |
| Cash and equivalents | ¥15161482000 | ¥14243423000 | -6.1% |

### 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 |
| --- | ---: |
| 公営競技事業 → 公営競技事業 | 71.1% |
| 公営競技事業 → 事業再編・廃止 | 1.9% |
| 遊園地事業 → 遊園地事業 | 4.6% |
| 倉庫賃貸事業 → 倉庫賃貸事業 | 14.6% |
| 倉庫賃貸事業 → 事業再編・廃止 | 2.1% |
| サービス事業 → サービス事業 | 5.4% |
| サービス事業 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 遊園地事業 | 4.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Racing facilities business | 5 years | +7.2% | ¥29688249000 | 41.0% | 2 |
| Ministorage business | 5 years | +4.8% | ¥6094257000 | 65.6% | 2 |
| Amusement park business | 5 years | +23.1% | ¥3726870000 | 12.7% | 2 |
| Commercial Services business | 5 years | +6.4% | ¥2249371000 | 15.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,759 | 100.0% | S100XTJA |
| Cost of revenue | 24,082 | 57.7% | S100XTJA |
| Gross profit | 17,677 | 42.3% | S100XTJA |
| SG&A | 2,263 | 5.4% | S100XTJA |
| Operating income | 15,414 | 36.9% | S100XTJA |
| Ordinary income | 15,448 | 37.0% | S100XTJA |
| Pretax income | 15,111 | 36.2% | S100XTJA |
| Income tax | 4,622 | 11.1% | S100XTJA |
| Net income | 10,489 | 25.1% | S100XTJA |
| Net income attributable to owners | 10,462 | 25.1% | S100XTJA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 5 |
| Operating income | 37 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 42.3% → Operating margin 36.9% → Net margin 25.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +10.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.29×
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 | 40,444 | 41,759 | 1,315 | +3.3% |
| Gross profit | 16,088 | 17,677 | 1,589 | +9.9% |
| Operating income | 13,926 | 15,414 | 1,488 | +10.7% |
| Net income attributable to owners | 9,706 | 10,462 | 755 | +7.8% |
| Operating cash flow | 16,101 | 19,902 | 3,801 | +23.6% |
| Free cash flow | 5,663 | 13,071 | 7,408 | +130.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 24,837 | 7,982 | 32.1% | 5,201 | 9,571 | -1,429 | S100L319 |
| FY ending Dec 2020 | 28,789 | 11,172 | 38.8% | 5,175 | 13,178 | 9,761 | S100NRZK |
| FY ending Dec 2021 | 31,801 | 12,803 | 40.3% | 9,084 | 14,367 | 3,454 | S100QHRY |
| FY ending Dec 2022 | 35,450 | 14,164 | 40.0% | 9,386 | 14,675 | 7,821 | S100T66H |
| FY ending Dec 2023 | 37,545 | 13,363 | 35.6% | 8,452 | 12,804 | -7,076 | S100VHAT |
| FY ending Dec 2024 | 40,444 | 13,926 | 34.4% | 9,706 | 16,101 | 5,663 | S100XTJA |
| FY ending Dec 2025 | 41,759 | 15,414 | 36.9% | 10,462 | 19,902 | 13,071 | S100XTJA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥210.9M |
| Operating income per employee (consolidated) | ¥77.8M |
| Net income per employee (consolidated) | ¥52.8M |

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) | 178 | 182 | 180 | 189 | 198 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥6.3M | ¥6.4M | ¥7.3M |
| Average age (parent company) | 35.2 years | 34.9 years | 36.5 years | 36.5 years | 37.3 years |
| Average tenure (parent company) | 11.8 years | 11.4 years | 12.1 years | 12.0 years | 11.9 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Racing facilities business | 29,688 | 71.1% | 12,180 | 41.0% |
| Amusement park business | 3,727 | 8.9% | 475 | 12.7% |
| Ministorage business | 6,094 | 14.6% | 3,999 | 65.6% |
| Commercial Services business | 2,249 | 5.4% | 344 | 15.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Racing facilities business | 71.1% | 71.7% | 0.6 | 41.0% |
| Amusement park business | 8.9% | 2.8% | -6.1 | 12.7% |
| Ministorage business | 14.6% | 23.5% | 8.9 | 65.6% |
| Commercial Services business | 5.4% | 2.0% | -3.4 | 15.3% |

Segment → industry: Amusement park business → Theme Parks & Leisure Facilities / Racing facilities business → Theme Parks & Leisure Facilities / Commercial Services business → Real Estate Development & Leasing / Ministorage business → Real Estate Development & Leasing

## 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 | 19,902 | 47.7% | S100XTJA |
| Capital expenditure | 6,831 | 16.4% | S100XTJA |
| Free cash flow | 13,071 | 31.3% | 算出 |
| Investing cash flow | -12,822 | -30.7% | S100XTJA |
| Financing cash flow | -8,704 | -20.8% | S100XTJA |
| Dividends paid | 3,138 | 7.5% | S100XTJA |
| Share buyback | 3,859 | 9.2% | S100XTJA |
| Change in cash | -1,624 | -3.9% | S100XTJA |
| Cash and equivalents | 14,243 | 34.1% | S100XTJA |

## 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 | 20,905 | 17,971 | 13,760 | 15,867 | 14,243 | S100T66H, S100VHAT, S100XTJA |
| Total assets | 110,114 | 124,648 | 115,792 | 122,406 | 125,785 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Net assets | 72,846 | 80,289 | 86,788 | 91,142 | 94,903 | S100T66H, S100VHAT, S100XTJA |
| Share capital | 10,586 | 10,586 | 10,586 | 10,586 | 10,586 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Property, plant and equipment | 72,470 | 76,302 | 83,237 | 86,986 | 88,457 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Intangible assets excluding goodwill | 2,797 | 6,332 | 5,699 | 6,250 | 4,851 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Investment securities | 1,960 | 1,618 | 1,808 | 2,258 | 2,666 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Current assets | 30,547 | 37,458 | 21,799 | 23,890 | 27,162 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Current liabilities | 8,418 | 26,538 | 7,914 | 9,697 | 20,916 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Short-term borrowings | 21 | 41 | 41 | 17 | 17 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Long-term borrowings | 5,000 | 4,000 | 7,250 | 7,450 | 5,750 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Bonds | 20,000 | 10,000 | 10,000 | 10,000 | — | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Interest-bearing debt | 25,021 | 14,041 | 17,291 | 17,467 | — | 算出 |
| Total liabilities | 37,268 | 44,359 | 29,004 | 31,264 | 30,882 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Non-controlling interests | — | — | 72 | 114 | 141 | S100VHAT, S100XTJA |
| Equity attributable to owners of parent | 72,491 | 80,086 | 86,403 | 90,403 | 93,865 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Retained earnings | 60,541 | 68,145 | 74,542 | 81,528 | 88,840 | S100QHRY, S100T66H, S100VHAT, S100XTJA |
| Treasury stock | -5,493 | -5,503 | -5,516 | -8,503 | -12,353 | S100QHRY, S100T66H, S100VHAT, S100XTJA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XTJA |
| Property, plant and equipment | 70% | S100XTJA |
| Intangibles and goodwill | 4% | S100XTJA |
| Investment securities | 2% | S100XTJA |
| Other assets | 13% | S100XTJA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XTJA |
| Equity | 75% | S100XTJA |

### 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 | 110,114 | 124,648 | 115,792 | 122,406 | 125,785 |
| Equity | 72,846 | 80,289 | 86,788 | 91,142 | 94,903 |
| Interest-bearing debt | 25,021 | 14,041 | 17,291 | 17,467 | — |
| Cash | 20,905 | 17,971 | 13,760 | 15,867 | 14,243 |

## 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) | 211.8% | S100XTJA |
| Fixed assets ÷ total assets | 70.3% | S100XTJA |
| Goodwill ÷ parent equity | — | —, S100XTJA |

### 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) | 11.3% |
| Cash ÷ revenue | 34.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.1% |
| Cash vs. profit gap | 9,440 JPY mn (of net income 90.2%) |
| Shareholder returns / net income | 66.9% |
| Shareholder returns / FCF | 53.5% |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | 24.0% |
| CapEx intensity (capex ÷ revenue) | 16.4% |
| Investing CF relative to operating CF | 64.4% |

## 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 | 28.6% | 0.29× | 8.2% | 1.52× | 12.5% | S100QHRY |
| 2022 | 26.5% | 0.30× | 8.0% | 1.54× | 12.3% | S100T66H |
| 2023 | 22.5% | 0.31× | 7.0% | 1.44× | 10.2% | S100VHAT |
| 2024 | 24.0% | 0.34× | 8.1% | 1.35× | 11.0% | S100XTJA |
| 2025 | 25.1% | 0.34× | 8.4% | 1.35× | 11.4% | S100XTJA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京都 | Major shareholder | 30.7% | 2025-12-31 |
| 特別区競馬組合 | Major shareholder | 14.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.4% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.8% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN（CASHPB） （常任代理人 野村證券株式会社） | Major shareholder | 1.7% | 2025-12-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2025-12-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRD PARTY（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/01/01－2025/12/31) | S100XTJA | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTJA,, |
| 有価証券報告書－第101期(2024/01/01－2024/12/31) | S100VHAT | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHAT,, |
| 有価証券報告書－第100期(2023/01/01－2023/12/31) | S100T66H | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T66H,, |
| 有価証券報告書－第99期(2022/01/01－2022/12/31) | S100QHRY | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHRY,, |
| 有価証券報告書－第98期(令和3年1月1日－令和3年12月31日) | S100NRZK | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRZK,, |
| 有価証券報告書－第97期(令和2年1月1日－令和2年12月31日) | S100L319 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L319,, |

## 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).