# Universal Entertainment Corporation: 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53期(2025/01/01－2025/12/31) (S100XVDD)
> Page: https://vizora.meequs.com/en/company/universal-entertainment
> Retrieved: 2026-09-30T20:25:26.849Z

## Company

Universal Entertainment, founded in 1969, is a company in Hotels & Inns listed on TSE Standard. It has 7,004 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Universal Entertainment Corporation |
| Ticker | 6425 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6425.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区有明三丁目7番26号 有明フロンティアビルA棟 |
| Representative (per filing) | 代表取締役社長 岡田 知裕 |
| Founded | Dec 1969 |
| Share capital | ¥98M |
| Employees (consolidated) | 7,004 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.universal-777.com (https://www.universal-777.com/) |
| Corporate number | 6010601025422 |
| EDINET | E02452 |
| Industries (Vizora) | Hotels & Inns, Pachinko |

> Profile source: annual securities report (S100XVDD, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.1 | 16 |
| Profitability | 8.8 | 17 |
| Efficiency | 8.8 | 17 |

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 53% of Universal Entertainment's sales come from Integrated Resort Business, with Amusement Equipments Business and Other making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed -2.8% from the prior year, operating profit -206.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥122.8B |  |
| Operating income | -¥3.23B | Margin -2.6% |
| Net income | -¥231.4B | Margin -188.4% |
| Free cash flow | ¥1.8B |  |
| Largest business | Integrated Resort Business | of segment revenue 53.3% |
| Employees (consolidated) | 7,004 |  |
| EPS | ¥-2175.97 |  |
| Book value per share | ¥2370.92 |  |
| Equity ratio | 34.7% |  |
| Shares outstanding | 80,195,000 |  |
| Treasury shares | 2,704,100 |  |
| Shareholders | 18,154 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 29.5% |
| Vs. industry median margin | -13.3 pp | Hotels & Inns |
| ROA | -46.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 95% of positive segment profit
- FY2025, segment profit share differs by 48 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥90871000000 | ¥122827000000 | +35.2% |
| Operating income | ¥2555000000 | ¥-3228000000 | -226.3% |
| Operating margin | 2.8% | -2.6% | -5.4 pp |
| Employees | 6,775 people | 7,004 people | +3.4% |
| Cash and equivalents | ¥37133000000 | ¥36279000000 | -2.3% |

### 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 |
| --- | ---: |
| 遊技機事業 → 遊技機事業 | 46.2% |
| 遊技機事業 → 事業再編・廃止 | 21.9% |
| 統合型リゾート（IR)事業 → 統合型リゾート（IR)事業 | 30.5% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 統合型リゾート（IR)事業 | 22.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Integrated Resort Business | 5 years | +18.8% | ¥65409000000 | -10.9% | 2 |
| Amusement Equipments Business | 5 years | -1.7% | ¥56708000000 | 18.8% | 2 |
| Other | 5 years | -15.0% | ¥534000000 | 115.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 122,827 | 100.0% | S100XVDD |
| Cost of revenue | 50,846 | 41.4% | S100XVDD |
| Gross profit | 71,980 | 58.6% | S100XVDD |
| SG&A | 75,208 | 61.2% | S100XVDD |
| Operating income | -3,228 | -2.6% | S100XVDD |
| Ordinary income | -18,497 | -15.1% | S100XVDD |
| Pretax income | -242,271 | -197.2% | S100XVDD |
| Income tax | -10,846 | -8.8% | S100XVDD |
| Net income | -231,425 | -188.4% | S100XVDD |
| Net income attributable to owners | -231,425 | -188.4% | S100XVDD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 61 |
| Operating income | -3 |
| (Ref.) Net income | -188 |

### Margin funnel

Gross margin 58.6% → Operating margin -2.6% → Net margin -188.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 126,328 | 122,827 | -3,501 | -2.8% |
| Gross profit | 75,102 | 71,980 | -3,122 | -4.2% |
| Operating income | 3,024 | -3,228 | -6,252 | -206.7% |
| Net income attributable to owners | -15,569 | -231,425 | -215,856 | — |
| Operating cash flow | 1,518 | 11,053 | 9,535 | +628.1% |
| Free cash flow | -7,511 | 1,798 | 9,309 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 124,944 | 389 | 0.3% | -5,191 | 29,468 | 1,232 | S100L39P |
| FY ending Dec 2020 | 90,871 | 2,555 | 2.8% | -19,218 | 3,112 | -8,775 | S100NSJH |
| FY ending Dec 2021 | 90,435 | 1,959 | 2.2% | -19,052 | 1,745 | -6,923 | S100QINP |
| FY ending Dec 2022 | 140,998 | 12,085 | 8.6% | 11,506 | 24,461 | 16,434 | S100T6E9 |
| FY ending Dec 2023 | 178,995 | 30,480 | 17.0% | 28,439 | 28,017 | 16,284 | S100VIC2 |
| FY ending Dec 2024 | 126,328 | 3,024 | 2.4% | -15,569 | 1,518 | -7,511 | S100XVDD |
| FY ending Dec 2025 | 122,827 | -3,228 | -2.6% | -231,425 | 11,053 | 1,798 | S100XVDD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.5M |
| Operating income per employee (consolidated) | -¥460.9K |
| Net income per employee (consolidated) | -¥33M |

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) | 6,408 | 6,689 | 6,983 | 7,437 | 7,004 |
| Average salary (parent company) | ¥6.5M | ¥6.7M | ¥7.1M | ¥7M | ¥7.4M |
| Average age (parent company) | 42.0 years | 43.0 years | 44.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 12.0 years | 12.0 years | 13.0 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Amusement Equipments Business | 56,708 | 46.2% | 10,662 | 18.8% |
| Integrated Resort Business | 65,409 | 53.3% | -7,114 | -10.9% |
| Other | 534 | 0.4% | 615 | 115.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Amusement Equipments Business | 46.2% | 94.5% | 48.3 | 18.8% |
| Integrated Resort Business | 53.3% | — | — | -10.9% |
| Other | 0.4% | 5.5% | 5.0 | 115.2% |

Loss-making segment (excluded from profit shares): Integrated Resort Business -7,114 JPY mn

Segment → industry: Integrated Resort Business → Hotels & Inns / Amusement Equipments Business → Pachinko

## 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 | 11,053 | 9.0% | S100XVDD |
| Capital expenditure | 9,255 | 7.5% | S100XVDD |
| Free cash flow | 1,798 | 1.5% | 算出 |
| Investing cash flow | -3,923 | -3.2% | S100XVDD |
| Financing cash flow | 9,250 | 7.5% | S100XVDD |
| Change in cash | 16,204 | 13.2% | S100XVDD |
| Cash and equivalents | 36,279 | 29.5% | S100XVDD |

## 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 | 30,546 | 35,793 | 44,190 | 23,795 | 36,279 | S100T6E9, S100VIC2, S100XVDD |
| Total assets | 572,381 | 596,177 | 628,006 | 632,795 | 373,634 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Net assets | 338,919 | 349,315 | 388,388 | 369,731 | 129,687 | S100T6E9, S100VIC2, S100XVDD |
| Share capital | 98 | 98 | 98 | 98 | 98 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Trade receivables | 11,177 | 9,707 | 11,039 | 5,804 | 6,577 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Property, plant and equipment | 428,355 | 432,289 | 442,798 | 457,209 | 198,155 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Intangible assets excluding goodwill | 1,005 | 1,112 | 1,795 | 2,041 | 1,466 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Investment securities | 18,520 | 16,265 | 9,941 | 10,250 | 9,955 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Current assets | 77,743 | 87,807 | 103,958 | 78,856 | 93,415 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Current liabilities | 60,058 | 65,765 | 164,739 | 43,341 | 41,639 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Trade payables | 8,245 | 7,530 | 9,399 | 6,290 | 6,269 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Short-term borrowings | 5,750 | — | — | — | — | S100QINP |
| Long-term borrowings | 9,948 | 4,180 | — | 62,152 | 67,884 | S100QINP, S100T6E9, S100XVDD |
| Bonds | 90,318 | 104,585 | — | 62,913 | 62,999 | S100QINP, S100T6E9, S100XVDD |
| Interest-bearing debt | 106,016 | — | — | — | — | 算出 |
| Total liabilities | 233,461 | 246,861 | 239,618 | 263,064 | 243,947 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Equity attributable to owners of parent | 339,036 | 350,542 | 375,900 | 354,241 | 122,816 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Retained earnings | 327,426 | 338,932 | 364,273 | 342,614 | 111,189 | S100QINP, S100T6E9, S100VIC2, S100XVDD |
| Treasury stock | -7,317 | -7,317 | -7,298 | -7,298 | -7,299 | S100QINP, S100T6E9, S100VIC2, S100XVDD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XVDD |
| Receivables | 2% | S100XVDD |
| Property, plant and equipment | 53% | S100XVDD |
| Intangibles and goodwill | 0% | S100XVDD |
| Investment securities | 3% | S100XVDD |
| Other assets | 32% | S100XVDD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XVDD |
| Other liabilities | 63% | S100XVDD |
| Equity | 35% | S100XVDD |

### 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 | 572,381 | 596,177 | 628,006 | 632,795 | 373,634 |
| Equity | 338,919 | 349,315 | 388,388 | 369,731 | 129,687 |
| Interest-bearing debt | 106,016 | — | — | — | — |
| Cash | 30,546 | 35,793 | 44,190 | 23,795 | 36,279 |

## 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) | 161.3% | S100XVDD |
| Fixed assets ÷ total assets | 53.0% | S100XVDD |
| Goodwill ÷ parent equity | — | —, S100XVDD |

### 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) | 9.7% |
| Cash ÷ revenue | 29.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 242,478 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 35.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -3.3% | —× | — | S100QINP |
| 2022 | 8.2% | 0.24× | 2.0% | 1.69× | 3.3% | S100T6E9 |
| 2023 | 15.9% | 0.29× | 4.6% | 1.69× | 7.8% | S100VIC2 |
| 2024 | — | —× | -2.5% | —× | — | S100XVDD |
| 2025 | — | —× | -46.0% | —× | — | S100XVDD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| OKADA HOLDINGS LIMITED （常任代理人 SMBC日興証券株式会社） | Major shareholder | 70.3% | 2025-12-31 |
| 横塚 ヒロ子 | Major shareholder | 2.6% | 2025-12-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2025-12-31 |
| ユニバーサル従業員持株会 | Major shareholder | 1.0% | 2025-12-31 |
| 上田八木短資株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| JP JPMSE LUX RE BARCLAYS CAPITAL SEC LTD EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社北斗 | Major shareholder | 0.6% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.5% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/01/01－2025/12/31) | S100XVDD | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVDD,, |
| 有価証券報告書－第52期(2024/01/01－2024/12/31) | S100VIC2 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIC2,, |
| 有価証券報告書－第51期(2023/01/01－2023/12/31) | S100T6E9 | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6E9,, |
| 有価証券報告書－第50期(2022/01/01－2022/12/31) | S100QINP | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QINP,, |
| 有価証券報告書－第49期(令和3年1月1日－令和3年12月31日) | S100NSJH | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSJH,, |
| 有価証券報告書－第48期(令和2年1月1日－令和2年12月31日) | S100L39P | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L39P,, |

## 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).