Industry map/Entertainment, Media & Leisure
Travel Agencies industry map
Who earns the money in Travel Agencies, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 25 companies · ¥1.83T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥1.83T
- Companies
- 25
- Avg. salary（parent only）
- ¥5.9M
- Industry weather
- Sunny
YoY +7.5%
Avg. age 37.8
Operating income +1.8%
Kintetsu Group Holdings[9041]
Hotel and leisure
- Revenue
- ¥367.2B▲7.1%
- Operating income
- ¥13.8B▼1.4%
Margin 3.8%
Whole company: Revenue ¥1.75T · Net income ¥53.8B
Avg. salary ¥8.2M · 44.6（parent only）
KNT-CT Holdings[9726]
- Revenue
- ¥297.1B▲8.2%
- Operating income
- ¥6.07B▲0.5%
Margin 2.0%
Avg. salary ¥6.5M · 43.5（parent only）
- Kintetsu Group Holdings owns 53.6%
H.I.S.[9603]
Travel Business
- Revenue
- ¥308B▲8.9%
- Operating income
- ¥9.64B▲3.6%
Margin 3.1%
Whole company: Revenue ¥373.1B · Net income ¥4.72B
Avg. salary ¥5.5M · 37.0（parent only）
Hankyu Hanshin Holdings[9042]
Travel
- Revenue
- ¥295.8B▲13.3%
- Operating income
- ¥5.42B▲2.4%
Margin 1.8%
Whole company: Revenue ¥1.2T · Net income ¥78.5B
Avg. salary ¥9.2M · 42.4（parent only）
West Japan Railway Company[9021]
Travel and regional solutions
- Revenue
- ¥189.2B▲0.2%
- Operating income
- ¥529M▼53.3%
Margin 0.3%
Whole company: Revenue ¥1.85T · Net income ¥127.5B
Avg. salary ¥7.3M · 37.4（parent only）
Japan Airlines[9201]
Mileage/Finance and Commerce
- Revenue
- ¥148.2B▲12.5%
- Operating income
- —
Whole company: Revenue ¥2.01T · Net income ¥137.6B
Avg. salary ¥10.1M · 40.2（parent only）
Nagoya Railroad[9048]
Leisure and services
- Revenue
- ¥106.2B▲4.0%
- Operating income
- ¥3.43B▲34.7%
Margin 3.2%
Whole company: Revenue ¥691.6B · Net income ¥23B
Avg. salary ¥6.6M · 44.4（parent only）
ANA Holdingsinc.[9202]
Travel Services
- Revenue
- ¥50.2B▼10.3%
- Operating income
- -¥146MTurned to loss
Margin -0.3%
Whole company: Revenue ¥2.54T · Net income ¥169.1B
Avg. salary ¥7.7M · 46.2（parent only）
- Nagoya Railroad owns 1.5%
AirTrip[6191]
Online travel
- Revenue
- ¥27.7B▲12.7%
- Operating income
- ¥4.48B▲7.9%
Margin 16.1%
Whole company: Revenue ¥28.1B · Net income ¥1.78B
Avg. salary ¥6.1M · 36.9（parent only）
Shinki Bus[9083]
Travel charter
- Revenue
- ¥6.97B▲6.7%
- Operating income
- ¥23MBack to profit
Margin 0.3%
Whole company: Revenue ¥55.6B · Net income ¥3.16B
Avg. salary ¥5.3M · 49.7（parent only）
Eurasia Travel[9376]
- Revenue
- ¥4.79B▲4.1%
- Operating income
- ¥115.1M▲7.7%
Margin 2.4%
Avg. salary ¥5.4M · 39.3（parent only）
Veltra[7048]
OTA + 1 more
- Revenue
- ¥4.54B▲6.0%
- Operating income
- ¥589.6M▲107.5%
Margin 13.0%
Whole company: Revenue ¥4.58B · Net income ¥140.5M
Avg. salary ¥5.9M · 38.4（parent only）
- Open Door owns 14.6%
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
Other companies: Mainichi Comnet · Tabikobo · Iace Travel · Hanatour Japan · NiigataKotsu · Bestone.Com · Open Door · Anabuki Kosan · Vision · Booking Resort · Enigmo · Value Golf · Inbound Platform
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- Kintetsu's hotel and leisure arm leads at ¥367.2B, with H.I.S., KNT-CT and Hankyu Hanshin's travel business bunched just behind.
- Size doesn't bring profit here. Hankyu Hanshin keeps 1.8% as operating profit and West Japan Railway 0.3%, while AirTrip's online travel earns 16.1% and VELTRA's OTA 23.3%.
- Some are shrinking: ANA Holdings' travel services fell -10.3% and Bestone.Com -18.9%.
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 | Kintetsu Group HoldingsHotel and leisure | ¥367.2B | 20.0% | 3.8% | +21.8% | -¥33.8B |
| 2 | H.I.S.Travel Business | ¥308B | 16.8% | 3.1% | +63.7% | ¥14.1B |
| 3 | KNT-CT Holdings | ¥297.1B | 16.2% | 2.0% | +20.7% | ¥4.33B |
| 4 | Hankyu Hanshin HoldingsTravel | ¥295.8B | 16.1% | 1.8% | +48.9% | -¥57.7B |
| 5 | West Japan Railway CompanyTravel and regional solutions | ¥189.2B | 10.3% | 0.3% | — | ¥78.5B |
| 6 | Japan AirlinesMileage/Finance and Commerce | ¥148.2B | 8.1% | — | — | — |
| 7 | Nagoya RailroadLeisure and services | ¥106.2B | 5.8% | 3.2% | +22.4% | -¥110.8B |
| 8 | ANA Holdingsinc.Travel Services | ¥50.2B | 2.7% | -0.3% | +11.8% | ¥181.2B |
| 9 | AirTripOnline travel | ¥27.7B | 1.5% | 16.1% | +15.6% | ¥3.45B |
| 10▲1 | Shinki BusTravel charter | ¥6.97B | 0.4% | 0.3% | +26.1% | -¥1.56B |
| 11▲1 | Eurasia Travel | ¥4.79B | 0.3% | 2.4% | +114.9% | ¥128.3M |
| 12▲1 | VeltraOTA + 1 more | ¥4.54B | 0.2% | 13.0% | — | ¥519.9M |
| 13▲1 | Mainichi ComnetSchool life solution | ¥4.42B | 0.2% | 7.3% | +16.3% | ¥1.44B |
| 14new | Tabikobo | ¥3.72B | 0.2% | -3.0% | -25.5% | ¥128.2M |
| 15▲2 | Iace Travel | ¥3.02B | 0.2% | 25.0% | +11.6% | ¥409M |
| 16 | Hanatour JapanTravel Business | ¥2.93B | 0.2% | 38.9% | +228.6% | ¥1.74B |
| 17▲1 | NiigataKotsuTravel Business | ¥2.57B | 0.1% | 2.1% | +25.9% | ¥2.03B |
| 18▼3 | Bestone.Com | ¥2.54B | 0.1% | 1.1% | +134.6% | -¥206.7M |
| 19 | Open Door | ¥2.45B | 0.1% | -1.8% | +19.5% | -¥60.9M |
| 20 | Anabuki KosanTourism business | ¥2.11B | 0.1% | 1.9% | +44.7% | -¥2.21B |
| 21 | VisionGlamping Tourism Business | ¥1.59B | 0.1% | 11.1% | — | ¥1.75B |
| 22 | Booking Resort | ¥1.46B | 0.1% | 35.4% | +37.5% | ¥334.3M |
| 23▲1 | EnigmoTravelPlatform Segment | ¥906.7M | 0.0% | -36.1% | — | ¥46.9M |
| 24▼1 | Value GolfTravel business | ¥662.9M | 0.0% | 6.3% | +11.0% | -¥497.2M |
| 25 | Inbound PlatformCamping car business | ¥122.7M | 0.0% | 5.0% | — | ¥314.4M |
* 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
- Other
- Operating profit
- Booking Resort313435
- Hanatour Japan205228
- Iace Travel235225
- Vision443917
- Hankyu Hanshin Holdings8911
- West Japan Railway Company8911
- AirTrip434511
- Mainichi Comnet701911
- NiigataKotsu672211
- Japan Airlines9010
- Inbound Platform256510
- ANA Holdingsinc.82108
- Shinki Bus75178
- Kintetsu Group Holdings95
- Nagoya Railroad95
- Anabuki Kosan8016
- H.I.S.6829
- KNT-CT Holdings8117
- Eurasia Travel98
- Veltra98
- Bestone.Com8019
- Enigmo2871
- Value Golf6534
- Open Door3765loss ¥2
- Tabikobo7627loss ¥3
Ownership links
From the major-shareholder section of annual securities reports.
- AirTripIn industry
- SubsidiaryInbound Platform65.1%
- Kintetsu Group HoldingsIn industry
- SubsidiaryKNT-CT Holdings53.6%
- AdventureIn industry
- SubsidiaryTabikobo53.0%
- StakeIace Travel3.5%
- ソニーグループ株式会社Outside
- AffiliateEnigmo25.2%
- Open DoorIn industry
- StakeVeltra14.6%
- 株式会社くふうカンパニーホールディングスOutside
- StakeOpen Door7.0%
- 株式会社ブリヂストンOutside
- StakeNiigataKotsu4.3%
- 株式会社松井証券Outside
- StakeBestone.Com4.3%
- いすゞ自動車株式会社Outside
- StakeNiigataKotsu4.0%
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 Travel Agencies (by revenue)
All 26 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.
- Kintetsu Group Holdings¥367.2B · 3.8%
- H.I.S.¥308B · 3.1%
- KNT-CT Holdings¥297.1B · 2.0%
- Hankyu Hanshin Holdings¥295.8B · 1.8%
- West Japan Railway Company¥189.2B · 0.3%
- Japan Airlines¥148.2B
- Nagoya Railroad¥106.2B · 3.2%
- ANA Holdingsinc.¥50.2B · -0.3%
- AirTrip¥27.7B · 16.1%
- Adventure¥25.6B · 4.6%
- Shinki Bus¥6.97B · 0.3%
- Eurasia Travel¥4.79B · 2.4%
- Tabikobo¥4.77B · -3.5%
- Mainichi Comnet¥4.65B · 8.5%
- Veltra¥4.54B · 13.0%
- Iace Travel¥3.02B · 25.0%
- Hanatour Japan¥2.93B · 38.9%
- NiigataKotsu¥2.57B · 2.1%
- Bestone.Com¥2.54B · 1.1%
- Open Door¥2.45B · -1.8%
- Anabuki Kosan¥2.11B · 1.9%
- Booking Resort¥1.72B · 29.6%
- Vision¥1.59B · 11.1%
- Enigmo¥906.7M · -36.1%
- Value Golf¥662.9M · 6.3%
- Inbound Platform¥122.7M · 5.0%
Revenue · Op. margin
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