# WASHINGTON HOTEL CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/04/01－2026/03/31) (S100YF5I)
> Page: https://vizora.meequs.com/en/company/washingtonhotel
> Retrieved: 2026-09-30T19:52:15.809Z

## Company

Washington Hotel, founded in 1961, is a company in Hotels & Inns listed on TSE Standard. It has 428 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | WASHINGTON HOTEL CORPORATION |
| Ticker | 4691 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4691.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市千種区内山三丁目23番5号 |
| Representative (per filing) | 代表取締役社長 長谷川 太 |
| Founded | May 1961 |
| Share capital | ¥100M |
| Employees (consolidated) | 428 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.washingtonhotel.co.jp (https://www.washingtonhotel.co.jp/) |
| Corporate number | 3180001042070 |
| EDINET | E35136 |
| Industries (Vizora) | Hotels & Inns |

> Profile source: annual securities report (S100YF5I, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Hotels & Inns (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.4 | 16 |
| Profitability | 73.5 | 17 |
| Cash conversion | 46.4 | 14 |
| Efficiency | 61.8 | 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)

- Washington Hotel brought in ¥24.2B in revenue.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +13.3% from the prior year, operating profit +70.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24192829000 → ¥3027286000
- Net income → operating cash flow: ¥3027286000 → ¥4573528000（difference ¥1546242000）
- Main uses of operating cash flow: CapEx ¥1273871000 / dividends ¥242501000 / buybacks ¥70853000
- Change in cash: ¥459808000
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 | ¥24.2B |  |
| Operating income | ¥3.82B | Margin 15.8% |
| Net income | ¥3.03B | Margin 12.5% |
| Free cash flow | ¥3.3B |  |
| Employees (consolidated) | 428 |  |
| EPS | ¥252.12 |  |
| Book value per share | ¥1015.82 |  |
| Equity ratio | 35.5% |  |
| Shares outstanding | 12,170,000 |  |
| Treasury shares | 175,400 |  |
| Shareholders | 7,413 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 26.6% |
| Vs. industry median margin | +5.1 pp | Hotels & Inns |
| ROE | 26.1% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.8× its level five years ago
- FY2026, parent-company salary changed +42% over five years

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4761970000 | ¥24192829000 | — |
| Operating income | ¥-7056697000 | ¥3818053000 | — |
| Operating margin | -148.2% | 15.8% | +164 pp |
| Employees | 405 people | 428 people | — |
| Cash and equivalents | ¥2872267000 | ¥6426303000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,193 | 100.0% | S100YF5I |
| Cost of revenue | 19,530 | 80.7% | S100YF5I |
| Gross profit | 4,662 | 19.3% | S100YF5I |
| SG&A | 844 | 3.5% | S100YF5I |
| Operating income | 3,818 | 15.8% | S100YF5I |
| Ordinary income | 3,276 | 13.5% | S100YF5I |
| Pretax income | 3,236 | 13.4% | S100YF5I |
| Income tax | 209 | 0.9% | S100YF5I |
| Net income | 3,027 | 12.5% | S100YF5I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 3 |
| Operating income | 16 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 19.3% → Operating margin 15.8% → Net margin 12.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.3%; Core profit growth: +70.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.28×
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 | 21,348 | 24,193 | 2,845 | +13.3% |
| Gross profit | 2,983 | 4,662 | 1,680 | +56.3% |
| Operating income | 2,241 | 3,818 | 1,577 | +70.4% |
| Operating cash flow | 3,418 | 4,574 | 1,155 | +33.8% |
| Free cash flow | 1,950 | 3,300 | 1,349 | +69.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,786 | 1,270 | 6.4% | 408 | 830 | -2,114 | S100LX2R |
| FY ending Mar 2021 | 4,667 | -6,633 | -142.1% | -7,518 | -6,727 | — | S100OHIA |
| FY ending Mar 2021 | 4,762 | -7,057 | -148.2% | -7,518 | -6,727 | -7,875 | S100LX2R |
| FY ending Mar 2022 | 8,548 | -3,244 | -37.9% | -3,261 | -2,670 | -2,889 | S100R9VP |
| FY ending Mar 2023 | 17,533 | 2,990 | 17.1% | 3,215 | 5,034 | 4,176 | S100TXPY |
| FY ending Mar 2024 | 18,295 | 1,490 | 8.1% | 836 | 2,043 | 1,003 | S100W6WI |
| FY ending Mar 2025 | 21,348 | 2,241 | 10.5% | 2,016 | 3,418 | 1,950 | S100YF5I |
| FY ending Mar 2026 | 24,193 | 3,818 | 15.8% | 3,027 | 4,574 | 3,300 | S100YF5I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.5M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥7.1M |

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) | 356 | 335 | 368 | 383 | 428 |
| Average salary (parent company) | ¥3.5M | ¥4.2M | ¥4.3M | ¥4.6M | ¥4.9M |
| Average age (parent company) | 40.1 years | 40.7 years | 39.9 years | 39.5 years | 38.4 years |
| Average tenure (parent company) | 11.5 years | 11.9 years | 10.5 years | 10.0 years | 9.1 years |

Year over year: Employees (consolidated) +11.7% · Revenue (consolidated) +13.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,574 | 18.9% | S100YF5I |
| Capital expenditure | 1,274 | 5.3% | S100YF5I |
| Free cash flow | 3,300 | 13.6% | 算出 |
| Investing cash flow | -1,593 | -6.6% | S100YF5I |
| Financing cash flow | -2,521 | -10.4% | S100YF5I |
| Dividends paid | 243 | 1.0% | S100YF5I |
| Share buyback | 71 | 0.3% | S100YF5I |
| Change in cash | 460 | 1.9% | S100YF5I |
| Cash and equivalents | 6,426 | 26.6% | S100YF5I |

## 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 | 4,876 | 9,000 | 6,467 | 5,966 | 6,426 | S100TXPY, S100W6WI, S100YF5I |
| Total assets | 32,227 | 35,707 | 33,072 | 33,546 | 34,333 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Net assets | 3,364 | 6,608 | 7,540 | 9,447 | 12,184 | S100TXPY, S100W6WI, S100YF5I |
| Share capital | 1,349 | 100 | 100 | 100 | 100 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Property, plant and equipment | 19,821 | 19,649 | 19,434 | 19,684 | 19,743 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Intangible assets excluding goodwill | 93 | 155 | 188 | 171 | 161 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Investment securities | 94 | 130 | 275 | 358 | 377 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Current assets | 7,640 | 11,055 | 8,305 | 7,980 | 8,880 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Current liabilities | 1,643 | 13,464 | 5,075 | 4,799 | 11,630 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Short-term borrowings | — | 8,000 | 2,000 | 1,000 | — | S100TXPY, S100W6WI, S100YF5I |
| Long-term borrowings | 20,765 | 9,613 | 14,613 | 13,613 | 5,000 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Total liabilities | 28,863 | 29,099 | 25,532 | 24,099 | 22,148 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Equity attributable to owners of parent | 4,323 | 7,538 | 8,374 | 10,228 | 12,932 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Retained earnings | -2,858 | 3,215 | 4,051 | 5,945 | 8,705 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |
| Treasury stock | -84 | -84 | -84 | -124 | -185 | S100R9VP, S100TXPY, S100W6WI, S100YF5I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YF5I |
| Property, plant and equipment | 58% | S100YF5I |
| Intangibles and goodwill | 0% | S100YF5I |
| Investment securities | 1% | S100YF5I |
| Other assets | 22% | S100YF5I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100YF5I |
| Equity | 35% | S100YF5I |

### 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 | 32,227 | 35,707 | 33,072 | 33,546 | 34,333 |
| Equity | 3,364 | 6,608 | 7,540 | 9,447 | 12,184 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,876 | 9,000 | 6,467 | 5,966 | 6,426 |

## 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) | 81.6% | S100YF5I |
| Fixed assets ÷ total assets | 57.5% | S100YF5I |
| Goodwill ÷ parent equity | — | —, S100YF5I |

### 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) | 18.7% |
| Cash ÷ revenue | 26.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.8% |
| Cash vs. profit gap | 1,546 JPY mn (of net income 51.1%) |
| Shareholder returns / net income | 10.4% |
| Shareholder returns / FCF | 9.5% |
| Shareholder payments — dividends / net income | 8.0% |
| Shareholder payments — dividends / FCF | 7.3% |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 34.8% |

## 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 | — | —× | -10.1% | —× | — | S100R9VP |
| 2023 | 18.3% | 0.52× | 9.5% | 5.73× | 54.2% | S100TXPY |
| 2024 | 4.6% | 0.53× | 2.4% | 4.32× | 10.5% | S100W6WI |
| 2025 | 9.4% | 0.64× | 6.1% | 3.58× | 21.7% | S100YF5I |
| 2026 | 12.5% | 0.71× | 8.9% | 2.93× | 26.1% | S100YF5I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 興和ファシリティズ株式会社 | Major shareholder | 11.8% | 2026-03-31 |
| 藤田観光株式会社 | Major shareholder | 7.1% | 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決済営業部） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.1% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.1% | 2026-03-31 |
| BNP PARIBAS SINGAPORE/2S/JASDEC/MBBC LIENT ASSETS 2（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 | 3.6% | 2026-03-31 |
| 株式会社近藤紡績所 | Major shareholder | 2.6% | 2026-03-31 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| アパホールディングス株式会社 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/04/01－2026/03/31) | S100YF5I | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF5I,, |
| 有価証券報告書－第64期(2024/04/01－2025/03/31) | S100W6WI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6WI,, |
| 有価証券報告書－第63期(2023/04/01－2024/03/31) | S100TXPY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXPY,, |
| 有価証券報告書－第62期(2022/04/01－2023/03/31) | S100R9VP | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9VP,, |
| 有価証券報告書－第61期(令和3年4月1日－令和4年3月31日) | S100OHIA | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHIA,, |
| 訂正有価証券報告書－第60期(令和2年4月1日－令和3年3月31日) | S100LX2R | 2021-07-02 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LX2R,, |

## 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).