# TOKYU CORPORATION: 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157期(2025/04/01－2026/03/31) (S100YE63)
> Page: https://vizora.meequs.com/en/company/tokyu
> Retrieved: 2026-09-30T18:18:33.064Z

## Company

Tokyu, founded in 2022, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 24,262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYU CORPORATION |
| Ticker | 9005 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9005.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区南平台町5番6号 |
| Representative (per filing) | 取締役社長 堀江 正博 |
| Founded | Dec 2022 |
| Share capital | ¥121.7B |
| Employees (consolidated) | 24,262 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.tokyu.co.jp (https://www.tokyu.co.jp/) |
| Corporate number | 7011001016291 |
| EDINET | E04090 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Supermarkets, Private Railways, Department Stores |

> Profile source: annual securities report (S100YE63, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.8 | 45 |
| Profitability | 92.9 | 49 |
| Cash conversion | 30.9 | 47 |
| Efficiency | 1 | 49 |
| Financial strength | 18.8 | 8 |

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 47% of Tokyu's sales come from Life service, with Transportation and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -0.3%.

## Company structure

- Segment revenue mix: Life service 47.1%、Transportation 20.5%、Real estate 19.6%、Hotel and resort 12.8%
- Revenue → net income: ¥1086179000000 → ¥89010000000
- Net income → operating cash flow: ¥89010000000 → ¥127747000000（difference ¥38737000000）
- Main uses of operating cash flow: CapEx ¥159324000000 / dividends ¥15570000000 / buybacks ¥10008000000
- Change in cash: ¥21307000000
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 | ¥1.09T |  |
| Operating income | ¥103.2B | Margin 9.5% |
| Net income | ¥87.1B | Margin 8.0% |
| Free cash flow | -¥31.6B |  |
| Largest business | Life service | of segment revenue 47.1% |
| Employees (consolidated) | 24,262 |  |
| EPS | ¥84.69 |  |
| Book value per share | ¥898.05 |  |
| Equity ratio | 31.2% |  |
| Shares outstanding | 624,869,000 |  |
| Treasury shares | 51,850,300 |  |
| Shareholders | 100,281 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 2.7% | Net cash -¥1.13T · Cash ÷ revenue 7.3% |
| Vs. industry median margin | +6.7 pp | Supermarkets |
| ROE | 11.2% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -26 points
- FY2026, parent-company salary changed +21% over five years
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥935927000000 | ¥1086179000000 | +16.1% |
| Operating income | ¥-31658000000 | ¥103193000000 | — |
| Operating margin | -3.4% | 9.5% | +12.9 pp |
| Employees | 24,655 people | 24,262 people | -1.6% |
| Cash and equivalents | ¥45297000000 | ¥79626000000 | +75.8% |

### 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 |
| --- | ---: |
| 交通事業 → 交通事業 | 15.9% |
| 不動産事業 → 不動産事業 | 17.2% |
| 生活サービス事業 → 生活サービス事業 | 47.1% |
| 生活サービス事業 → 事業再編・廃止 | 15.9% |
| ホテル・リゾート事業 → ホテル・リゾート事業 | 4.0% |
| 新設・再編 → 交通事業 | 4.7% |
| 新設・再編 → 不動産事業 | 2.4% |
| 新設・再編 → ホテル・リゾート事業 | 8.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Life service | 5 years | -2.8% | ¥511523000000 | 4.3% | 2 |
| Transportation | 5 years | +8.5% | ¥223130000000 | 12.3% | 2 |
| Real estate | 5 years | +5.8% | ¥212736000000 | 20.5% | 2 |
| Hotel and resort | 5 years | +29.8% | ¥138789000000 | 7.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,086,179 | 100.0% | S100YE63 |
| SG&A | 238,275 | 21.9% | S100YE63 |
| Operating income | 103,193 | 9.5% | S100YE63 |
| Ordinary income | 116,132 | 10.7% | S100YE63 |
| Pretax income | 109,159 | 10.0% | S100YE63 |
| Income tax | 20,148 | 1.9% | S100YE63 |
| Net income | 89,010 | 8.2% | S100YE63 |
| Net income attributable to owners | 87,071 | 8.0% | S100YE63 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 9.5% → Net margin 8.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -0.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.10×
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 | 1,054,981 | 1,086,179 | 31,198 | +3.0% |
| Operating income | 103,485 | 103,193 | -292 | -0.3% |
| Net income attributable to owners | 79,677 | 87,071 | 7,394 | +9.3% |
| Operating cash flow | 155,104 | 127,747 | -27,357 | -17.6% |
| Free cash flow | 28,357 | -31,577 | -59,934 | -211.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,164,243 | 68,760 | 5.9% | 42,386 | 155,302 | -44,928 | S100LQ75 |
| FY ending Mar 2021 | 935,927 | -31,658 | -3.4% | -56,229 | 85,890 | -27,339 | S100OIH8 |
| FY ending Mar 2022 | 879,112 | 31,544 | 3.6% | 8,782 | 85,577 | -24,820 | S100R7UU |
| FY ending Mar 2023 | 931,293 | 44,603 | 4.8% | 25,995 | 95,404 | -56,941 | S100TS53 |
| FY ending Mar 2024 | 1,037,819 | 94,905 | 9.1% | 63,935 | 145,334 | 31,237 | S100W6EI |
| FY ending Mar 2025 | 1,054,981 | 103,485 | 9.8% | 79,677 | 155,104 | 28,357 | S100YE63 |
| FY ending Mar 2026 | 1,086,179 | 103,193 | 9.5% | 87,071 | 127,747 | -31,577 | S100YE63 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.8M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 24,364 | 23,763 | 23,583 | 24,054 | 24,262 |
| Average salary (parent company) | ¥7.5M | ¥8M | ¥7.8M | ¥8.8M | ¥9M |
| Average age (parent company) | 43.0 years | 43.0 years | 43.0 years | 43.0 years | 42.0 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 14.0 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 223,130 | 20.5% | 27,341 | 12.3% |
| Real estate | 212,736 | 19.6% | 43,595 | 20.5% |
| Life service | 511,523 | 47.1% | 21,868 | 4.3% |
| Hotel and resort | 138,789 | 12.8% | 9,710 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 20.5% | 26.7% | 6.1 | 12.3% |
| Real estate | 19.6% | 42.5% | 22.9 | 20.5% |
| Life service | 47.1% | 21.3% | -25.8 | 4.3% |
| Hotel and resort | 12.8% | 9.5% | -3.3 | 7.0% |

Segment → industry: Real estate → Real Estate Development & Leasing / Hotel and resort → Hotels & Inns / Life service → Supermarkets / Transportation → Private Railways / Life service → Department Stores

## 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 | 127,747 | 11.8% | S100YE63 |
| Capital expenditure | 159,324 | 14.7% | S100YE63 |
| Free cash flow | -31,577 | -2.9% | 算出 |
| Investing cash flow | -174,984 | -16.1% | S100YE63 |
| Financing cash flow | 68,386 | 6.3% | S100YE63 |
| Dividends paid | 15,570 | 1.4% | S100YE63 |
| Share buyback | 10,008 | 0.9% | S100YE63 |
| Change in cash | 21,307 | 2.0% | S100YE63 |
| Cash and equivalents | 79,626 | 7.3% | S100YE63 |

## 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 | 51,635 | 68,516 | 41,557 | 58,318 | 79,626 | S100TS53, S100W6EI, S100YE63 |
| Total assets | 2,479,182 | 2,614,012 | 2,652,073 | 2,698,981 | 2,922,828 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Net assets | 752,942 | 779,372 | 830,825 | 872,295 | 959,506 | S100TS53, S100W6EI, S100YE63 |
| Share capital | 121,724 | 121,724 | 121,724 | 121,724 | 121,724 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Trade receivables | 146,286 | 160,746 | 194,948 | 162,697 | 173,761 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Property, plant and equipment | 1,787,563 | 1,830,693 | 1,820,589 | 1,814,292 | 1,856,847 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Intangible assets excluding goodwill | 35,617 | 38,674 | 40,108 | 39,255 | 45,550 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Investment securities | 204,855 | 226,392 | 248,486 | 272,657 | 316,780 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Current assets | 353,019 | 422,300 | 443,177 | 459,501 | 566,677 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Current liabilities | 668,321 | 769,056 | 743,123 | 719,727 | 767,781 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Trade payables | 88,029 | 100,887 | 108,547 | 85,392 | 103,377 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Short-term borrowings | 384,876 | 423,036 | 378,062 | 330,791 | 324,677 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Long-term borrowings | 500,880 | 489,483 | 477,464 | 480,932 | 534,051 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Bonds | 300,000 | 320,000 | 300,000 | 320,000 | 351,000 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Interest-bearing debt | 1,185,756 | 1,232,519 | 1,155,526 | 1,131,723 | 1,209,728 | 算出 |
| Total liabilities | 1,726,240 | 1,834,639 | 1,821,248 | 1,826,685 | 1,963,322 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Non-controlling interests | 49,974 | 38,751 | 40,325 | 44,320 | 46,638 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Equity attributable to owners of parent | 670,278 | 699,074 | 726,501 | 747,411 | 811,120 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Retained earnings | 454,484 | 471,348 | 527,227 | 593,827 | 665,359 | S100R7UU, S100TS53, S100W6EI, S100YE63 |
| Treasury stock | -39,614 | -17,329 | -45,818 | -91,155 | -99,199 | S100R7UU, S100TS53, S100W6EI, S100YE63 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YE63 |
| Receivables | 6% | S100YE63 |
| Property, plant and equipment | 63% | S100YE63 |
| Intangibles and goodwill | 2% | S100YE63 |
| Investment securities | 11% | S100YE63 |
| Other assets | 15% | S100YE63 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YE63 |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 22% | S100YE63 |
| Equity | 33% | S100YE63 |

### 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 | 2,479,182 | 2,614,012 | 2,652,073 | 2,698,981 | 2,922,828 |
| Equity | 752,942 | 779,372 | 830,825 | 872,295 | 959,506 |
| Interest-bearing debt | 1,185,756 | 1,232,519 | 1,155,526 | 1,131,723 | 1,209,728 |
| Cash | 51,635 | 68,516 | 41,557 | 58,318 | 79,626 |

## 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) | 171.0% | S100YE63 |
| Fixed assets ÷ total assets | 63.5% | S100YE63 |
| Goodwill ÷ parent equity | — | —, S100YE63 |

### 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) | 2.7% |
| Cash ÷ revenue | 7.3% |
| Net cash (cash − interest-bearing debt) | -¥1.13T |
| Net debt ÷ operating cash flow | 8.85× |
| Cash conversion (operating CF ÷ operating income) | 123.8% |
| Cash vs. profit gap | 40,676 JPY mn (of net income 46.7%) |
| Shareholder returns / net income | 29.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.7% |
| Investing CF relative to operating CF | 137.0% |

## 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 | 1.0% | 0.35× | 0.4% | 3.70× | 1.3% | S100R7UU |
| 2023 | 2.8% | 0.37× | 1.0% | 3.72× | 3.8% | S100TS53 |
| 2024 | 6.2% | 0.39× | 2.4% | 3.69× | 9.0% | S100W6EI |
| 2025 | 7.6% | 0.39× | 3.0% | 3.63× | 10.8% | S100YE63 |
| 2026 | 8.0% | 0.39× | 3.1% | 3.61× | 11.2% | S100YE63 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 太陽生命保険株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 東急グループ従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 野村信託銀行株式会社（退職給付信託三菱ＵＦＪ銀行口） | Major shareholder | 1.3% | 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 | 1.2% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.09T, up +3.0% from ¥1.05T.
- Operating income was ¥103.2B, nearly unchanged at -0.3%, while net income climbed +9.3% to ¥87.1B.
- Operating cash flow fell -17.6% to ¥127.7B, and free cash flow swung from ¥28.4B to -¥31.6B as spending on facilities increased.

### Drivers

- Hotels, especially in central Tokyo, drew strong demand from overseas visitors and profits rose sharply
- Transportation carried more passengers, but profit fell because the company moved ahead with facility investment, repairs, hiring and better pay
- Real estate profit dropped after a large condominium sale in the prior year, and the same effect lowered cash collected from customers

### Risks

- The group relies heavily on loans and bonds, so higher interest rates or a credit downgrade could raise its funding costs
- Rising construction and other procurement costs could squeeze profitability
- Its business is concentrated along its rail lines, so population decline or changing lifestyles could reduce use of its trains, offices and shops

Cited: Annual securities report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第157期(2025/04/01－2026/03/31) | S100YE63 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE63,, |
| 有価証券報告書－第156期(2024/04/01－2025/03/31) | S100W6EI | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6EI,, |
| 有価証券報告書－第155期(2023/04/01－2024/03/31) | S100TS53 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS53,, |
| 有価証券報告書－第154期(2022/04/01－2023/03/31) | S100R7UU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7UU,, |
| 有価証券報告書－第153期(令和3年4月1日－令和4年3月31日) | S100OIH8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIH8,, |
| 有価証券報告書－第152期(令和2年4月1日－令和3年3月31日) | S100LQ75 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ75,, |

## 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).