Industry map/Transport & Logistics
Private Railways industry map
Who earns the money in Private Railways, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 33 companies · ¥2.91T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥2.91T
- Companies
- 33
- Avg. salary（parent only）
- ¥6.5M
- Industry weather
- Sunny
YoY +4.2%
Avg. age 43.5
Operating income +1.9%
Tokyo Metro[9023]
Transportation
- Revenue
- ¥384.1B▲3.8%
- Operating income
- ¥76.2B▲2.7%
Margin 19.8%
Whole company: Revenue ¥422.4B · Net income ¥59B
Avg. salary ¥8.4M · 39.7（parent only）
Kintetsu Group Holdings[9041]
Transportation
- Revenue
- ¥223.3B▲4.1%
- Operating income
- ¥38.1B▲9.8%
Margin 17.0%
Whole company: Revenue ¥1.75T · Net income ¥53.8B
Avg. salary ¥8.2M · 44.6（parent only）
Tokyu[9005]
Transportation
- Revenue
- ¥223.1B▲2.9%
- Operating income
- ¥27.3B▼5.7%
Margin 12.3%
Whole company: Revenue ¥1.09T · Net income ¥87.1B
Avg. salary ¥9M · 42.0（parent only）
Tobu Railway[9001]
Transportation
- Revenue
- ¥216B▲1.7%
- Operating income
- ¥27.6B▼11.6%
Margin 12.8%
Whole company: Revenue ¥655.4B · Net income ¥55.6B
Avg. salary ¥7.4M · 47.7（parent only）
Hankyu Hanshin Holdings[9042]
Urban Transportation
- Revenue
- ¥209B▲4.6%
- Operating income
- ¥35.3B▲0.5%
Margin 16.9%
Whole company: Revenue ¥1.2T · Net income ¥78.5B
Avg. salary ¥9.2M · 42.4（parent only）
Keisei Electric Railway[9009]
Transportation
- Revenue
- ¥205.1B▲4.4%
- Operating income
- ¥17.6B▼12.9%
Margin 8.6%
Whole company: Revenue ¥332.4B · Net income ¥48B
Avg. salary ¥8M · 40.9（parent only）
Odakyu Electric Railway[9007]
Transportation
- Revenue
- ¥178.8B▲3.7%
- Operating income
- ¥29.5B▲11.4%
Margin 16.5%
Whole company: Revenue ¥418.7B · Net income ¥37.4B
Avg. salary ¥8.3M · 43.5（parent only）
- Kanagawa Chuo Kotsu owns 1.3%
Nagoya Railroad[9048]
Traffic
- Revenue
- ¥175.3B▲11.7%
- Operating income
- ¥21.8B▲11.2%
Margin 12.4%
Whole company: Revenue ¥691.6B · Net income ¥23B
Avg. salary ¥6.6M · 44.4（parent only）
Seibu Holdings[9024]
Urban Transportation and Regional
- Revenue
- ¥150.5B▲2.7%
- Operating income
- ¥9.55B▼15.6%
Margin 6.3%
Whole company: Revenue ¥513.3B · Net income ¥38.9B
Avg. salary ¥8.7M · 40.7（parent only）
- Keikyu owns 2.2%
Keio[9008]
Transportation
- Revenue
- ¥132.3B▲2.4%
- Operating income
- ¥13.3B▼15.5%
Margin 10.0%
Whole company: Revenue ¥496.9B · Net income ¥42.9B
Avg. salary ¥7.6M · 40.5（parent only）
Keikyu[9006]
Transportation
- Revenue
- ¥120.6B▲3.0%
- Operating income
- ¥18.7B▼1.0%
Margin 15.5%
Whole company: Revenue ¥304.2B · Net income ¥27.5B
Avg. salary ¥7.2M · 40.0（parent only）
Nankai[9044]
Urban Transportation
- Revenue
- ¥116B▲4.0%
- Operating income
- ¥14.9B▲12.4%
Margin 12.9%
Whole company: Revenue ¥264.7B · Net income ¥25.1B
Avg. salary ¥6.7M · 45.2（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Keihan Holdings · Nishi-Nippon Railroad · Daiichi Koutsu Sangyo · Kanagawa Chuo Kotsu · Sotetsu Holdings · Shinki Bus · H.I.S. · Mie Kotsu Group Holdings · Hiroshima Electric Railway · Sanyo Electric Railway · Fuji Kyuko · Hokkaido Chuo BUS · Daiwa Motor Transportation · Alpico Holdings · Kobe Electric Railway · NiigataKotsu · Keifuku Electric Railroad · Chichibu Railway · Gourmet Kineya · NANSO Transport · Tokai Kisen
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | Tokyo MetroTransportation | ¥384.1B | 13.2% | 19.8% | +8.8% | ¥42B |
| 2▲1 | Kintetsu Group HoldingsTransportation | ¥223.3B | 7.7% | 17.1% | +9.9% | -¥33.8B |
| 3▼1 | TokyuTransportation | ¥223.1B | 7.7% | 12.3% | +8.2% | -¥31.6B |
| 4 | Tobu RailwayTransportation | ¥216B | 7.4% | 12.8% | +6.2% | -¥1.94B |
| 5 | Hankyu Hanshin HoldingsUrban Transportation | ¥209B | 7.2% | 16.9% | +7.4% | -¥57.7B |
| 6 | Keisei Electric RailwayTransportation | ¥205.1B | 7.1% | 8.6% | +15.0% | -¥42.6B |
| 7 | Odakyu Electric RailwayTransportation | ¥178.8B | 6.1% | 16.5% | +8.5% | -¥24.7B |
| 8 | Nagoya RailroadTraffic | ¥175.3B | 6.0% | 12.4% | +11.5% | -¥110.8B |
| 9 | Seibu HoldingsUrban Transportation and Regional | ¥150.5B | 5.2% | 6.3% | +5.0% | -¥152.7B |
| 10 | KeioTransportation | ¥132.3B | 4.5% | 10.0% | — | -¥30.5B |
| 11 | KeikyuTransportation | ¥120.6B | 4.1% | 15.5% | +9.3% | -¥41.4B |
| 12 | NankaiUrban Transportation | ¥116B | 4.0% | 12.9% | +8.9% | -¥7.78B |
| 13 | Keihan HoldingsTransportation | ¥95.2B | 3.3% | 14.7% | +8.3% | -¥12.4B |
| 14 | Nishi-Nippon RailroadTransportation | ¥82.3B | 2.8% | 4.9% | +6.9% | -¥63M |
| 15 | Daiichi Koutsu SangyoTaxi + 1 more | ¥63.3B | 2.2% | -1.6% | +10.4% | -¥3.48B |
| 16 | Kanagawa Chuo KotsuPassenger automobile | ¥57.7B | 2.0% | 3.9% | — | -¥5.05B |
| 17 | Sotetsu HoldingsTransportation | ¥44.4B | 1.5% | 12.9% | +8.3% | -¥11.2B |
| 18 | Shinki BusVehicle Transportation + 1 more | ¥32.6B | 1.1% | 6.6% | +10.7% | -¥1.56B |
| 19 | H.I.S.Kyushu Sanko Group | ¥25.4B | 0.9% | 3.2% | +11.6% | ¥14.1B |
| 20 | Mie Kotsu Group HoldingsTransportation | ¥24.6B | 0.8% | 5.0% | +7.4% | -¥1.01B |
| 21 | Hiroshima Electric RailwayTransportation | ¥23.2B | 0.8% | -11.8% | +11.2% | -¥4.09B |
| 22 | Sanyo Electric RailwayTransportation | ¥21.3B | 0.7% | 7.7% | +7.2% | ¥2.44B |
| 23 | Fuji KyukoTransportation | ¥20.4B | 0.7% | 24.8% | +18.0% | ¥2.67B |
| 24 | Hokkaido Chuo BUSgeneral passenger automobile traffic | ¥19.7B | 0.7% | 4.9% | +6.7% | ¥1.68B |
| 25 | Daiwa Motor TransportationGeneral passenger vehicle transportation | ¥14.8B | 0.5% | 2.4% | +10.2% | -¥642M |
| 26 | Alpico HoldingsTransportation | ¥14.2B | 0.5% | 14.7% | +13.7% | ¥1.16B |
| 27 | Kobe Electric RailwayTransportation | ¥14B | 0.5% | 11.2% | +5.3% | -¥153M |
| 28 | NiigataKotsuTransportation business | ¥8.55B | 0.3% | 6.0% | +6.5% | ¥2.03B |
| 29 | Keifuku Electric RailroadTransportation | ¥7.89B | 0.3% | 6.1% | +7.8% | ¥924M |
| 30 | Chichibu Railwayrailway operation + 1 more | ¥4.09B | 0.1% | 5.3% | +3.9% | -¥471.6M |
| 31 | Gourmet KineyaTRANSPORTATION BUSINESS | ¥473.4M | 0.0% | -6.1% | +7.1% | ¥305.1M |
| 32 | NANSO TransportOther | ¥287.5M | 0.0% | -1.9% | -2.4% | ¥832.7M |
| 33 | Tokai KisenTransportation of passenger car business | ¥278.7M | 0.0% | 7.0% | +6.4% | ¥318.9M |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Operating costs
- SG&A
- Operating profit
- Tokyo Metro7921
- Fuji Kyuko8416
- Nankai8515
- Keihan Holdings8515
- Odakyu Electric Railway8713
- Sotetsu Holdings8713
- Tobu Railway8911
- Hankyu Hanshin Holdings8911
- Keio8911
- Keikyu8911
- Sanyo Electric Railway8911
- Tokyu9010
- Keisei Electric Railway9010
- Seibu Holdings919
- Mie Kotsu Group Holdings919
- Shinki Bus75178
- Hokkaido Chuo BUS82117
- Nishi-Nippon Railroad94
- Kintetsu Group Holdings95
- Nagoya Railroad95
- Kanagawa Chuo Kotsu8312
- Daiichi Koutsu Sangyo8611
- H.I.S.6829
- Daiwa Motor Transportation8810
- Hiroshima Electric Railway101loss ¥1
Showing the 25 largest companies by revenue.
Ownership links
From the major-shareholder section of annual securities reports.
- Odakyu Electric RailwayIn industry
- AffiliateKanagawa Chuo Kotsucross-held45.4%
- Keihan HoldingsIn industry
- AffiliateKeifuku Electric Railroad43.2%
- 太平洋セメント株式会社Outside
- AffiliateChichibu Railway33.5%
- Hankyu Hanshin HoldingsIn industry
- AffiliateKobe Electric Railway27.7%
- 藤田観光株式会社Outside
- StakeTokai Kisen18.0%
- Kintetsu Group HoldingsIn industry
- StakeMie Kotsu Group Holdings14.1%
- 日本駐車場開発株式会社Outside
- StakeKeifuku Electric Railroad9.5%
- サンリン株式会社Outside
- StakeAlpico Holdings9.2%
- ＤＯＷＡホールディングス株式会社Outside
- StakeTokai Kisen6.8%
- キッセイ薬品工業株式会社Outside
- StakeAlpico Holdings5.8%
- 株式会社北洋銀行Outside
- StakeHokkaido Chuo BUS5.0%
- ホクト株式会社Outside
- StakeAlpico Holdings4.4%
- 株式会社八十二長野銀行Outside
- StakeAlpico Holdings4.3%
- 株式会社ブリヂストンOutside
- StakeNiigataKotsu4.3%
- いすゞ自動車株式会社Outside
- StakeNiigataKotsu4.0%
- 株式会社百五銀行Outside
- StakeMie Kotsu Group Holdings4.0%
- 株式会社オリエンタルランドOutside
- StakeKeisei Electric Railway3.6%
- 東京汽船株式会社Outside
- StakeTokai Kisen3.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Private Railways (by revenue)
All 33 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- Tokyo Metro¥384.1B · 19.8%
- Kintetsu Group Holdings¥223.3B · 17.1%
- Tokyu¥223.1B · 12.3%
- Tobu Railway¥216B · 12.8%
- Hankyu Hanshin Holdings¥209B · 16.9%
- Keisei Electric Railway¥205.1B · 8.6%
- Odakyu Electric Railway¥178.8B · 16.5%
- Nagoya Railroad¥175.3B · 12.4%
- Seibu Holdings¥150.5B · 6.3%
- Keio¥132.3B · 10.0%
- Keikyu¥120.6B · 15.5%
- Nankai¥116B · 12.9%
- Keihan Holdings¥95.2B · 14.7%
- Nishi-Nippon Railroad¥82.3B · 4.9%
- Daiichi Koutsu Sangyo¥63.3B · -1.6%
- Kanagawa Chuo Kotsu¥57.7B · 3.9%
- Sotetsu Holdings¥44.4B · 12.9%
- Shinki Bus¥32.6B · 6.6%
- H.I.S.¥25.4B · 3.2%
- Mie Kotsu Group Holdings¥24.6B · 5.0%
- Hiroshima Electric Railway¥23.2B · -11.8%
- Sanyo Electric Railway¥21.3B · 7.7%
- Fuji Kyuko¥20.4B · 24.8%
- Hokkaido Chuo BUS¥19.7B · 4.9%
- Daiwa Motor Transportation¥14.8B · 2.4%
- Alpico Holdings¥14.2B · 14.7%
- Kobe Electric Railway¥14B · 11.2%
- NiigataKotsu¥8.55B · 6.0%
- Keifuku Electric Railroad¥7.89B · 6.1%
- Chichibu Railway¥4.09B · 5.3%
- Gourmet Kineya¥473.4M · -6.1%
- NANSO Transport¥287.5M · -1.9%
- Tokai Kisen¥278.7M · 7.0%
Revenue · Op. margin
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