| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | ¥311.1B | ¥284.4B | +9.4% |
| 営業利益 | ¥70.2B | ¥66.5B | +5.6% |
| 経常利益 | ¥71.8B | ¥66.2B | +8.4% |
| 純利益 | ¥52.1B | ¥46.3B | +12.5% |
| ROE | 21.5% | 20.3% | - |
The cumulative results for 2026 FY Q3 landed with Revenue of ¥311.1B (YoY +¥26.7B +9.4%), Operating Income of ¥70.2B (YoY +¥3.7B +5.6%), Ordinary Income of ¥71.8B (YoY +¥5.6B +8.4%), and Net Income attributable to owners of the parent of ¥42.1B (YoY +¥4.4B +11.6%), achieving revenue and profit growth. Operating margin slightly declined to 22.6% (down -0.8pt from 23.4% prior year), but improvements in non-operating and special items lifted Net margin slightly to 13.5% (prior 13.3%). By segment, the Parking Business led with Revenue ¥142.2B (+7.4%) and Operating Income ¥36.1B (+10.7%), Theme Park Business showed high growth and margin improvement with Revenue ¥61.9B (+12.7%) and Operating Income ¥10.6B (+30.8%), while the Ski Resort Business recorded Revenue ¥99.8B (+8.9%) but fell to Operating Income ¥27.2B (-4.5%). Progress against full-year forecasts stands above a standard pace at Revenue 76.3%, Operating Income 82.5%, Ordinary Income 84.4%, though Net Income lags at 73.8% due to high corporate tax burden (effective tax rate 34.2%) and deduction of ¥10.0B attributable to non-controlling interests.
[Revenue] Revenue grew robustly to ¥311.1B (YoY +9.4%). By segment, Parking Business accounted for 45.7% of sales with Revenue ¥142.2B (+7.4%), Ski Resort Business 32.1% with ¥99.8B (+8.9%), Theme Park Business 19.9% with ¥61.9B (+12.7%), and Others 2.6% with ¥8.0B (+14.0%), with all segments achieving revenue increases. Theme Park Business achieved double-digit growth from visitor recovery and higher spend per visitor; Parking Business benefited from stable occupancy and accumulation of existing facilities. Ski Resort Business grew revenue but, as discussed below, profitability deteriorated due to cost increases. Gross profit margin slightly declined to 41.1% (down -0.5pt from 41.6%) reflecting higher cost of sales.
[Profitability] Cost of sales rose to ¥183.2B (+10.0%), outpacing revenue growth and compressing gross margin. SG&A was ¥57.8B (+10.3%), showing notable cost increases relative to revenue, leaving Operating Income at ¥70.2B (+5.6%). Operating margin fell to 22.6% (down -0.8pt from 23.4%), with Ski Resort Business’s profit decline (Operating Income -4.5%) pressuring overall margins. Ski Resort Business maintains a high margin of 27.3% but could not absorb increases in labor, energy costs, and variability in snowfall conditions. Parking Business secured stable earnings with an operating margin of 25.4%, and Theme Park Business significantly improved to 17.2% (up +2.4pt from 14.8%). Non-operating items contributed +¥1.6B (Non-operating income ¥4.0B — interest income ¥0.5B, dividend income ¥0.4B, foreign exchange gains ¥1.5B — versus non-operating expenses ¥2.4B including interest expense ¥1.9B), improving Ordinary Income to ¥71.8B (+8.4%). Special items produced net special gains of ¥7.5B (special gains ¥11.3B mainly from fixed asset disposal gains ¥11.2B; special losses ¥3.8B including impairment losses ¥3.0B and fixed asset retirement losses ¥0.7B), lifting Profit before Tax to ¥79.3B (+20.6%). After corporate taxes ¥27.1B (effective tax rate 34.2%) and deduction of non-controlling interests ¥10.0B, Net Income attributable to owners of the parent reached ¥42.1B (+11.6%). In conclusion, while revenue and income increased, margin pressure from higher operating costs persisted and profit growth depended materially on one-off fixed asset disposal gains.
The Parking Business (segment Operating Income ¥36.1B, 48.8% of segment profits) remains the core of corporate profits, achieving stable growth with Revenue ¥142.2B (+7.4%) and Operating Income ¥36.1B (+10.7%). Operating margin improved to 25.4% (up +0.7pt from 24.7%), underpinned by higher occupancy at existing facilities and tariff adjustments. The Ski Resort Business (Operating Income ¥27.2B, 36.7% of segment profits) recorded Revenue ¥99.8B (+8.9%) but Operating Income fell to ¥27.2B (-4.5%), with operating margin deteriorating to 27.3% (down -3.8pt from 31.1%). Inflation in labor and energy costs, variability in snowfall, and visitor trends likely hindered cost absorption. Theme Park Business (Operating Income ¥10.6B, 14.4% of segment profits) showed high growth and margin improvement with Revenue ¥61.9B (+12.7%) and Operating Income ¥10.6B (+30.8%), lifting operating margin to 17.2% (up +2.4pt). Visitor recovery, price improvements, and higher occupancy contributed, positioning it as a growth driver. Other Businesses generated Revenue ¥8.0B (+14.0%) but Operating Income ¥1.3B (-18.3%), with margin down to 15.9% (down -6.3pt from 22.2%), as the mix of education, healthcare, and renewable energy businesses pressured profitability.
[Profitability] Operating margin was 22.6% (prior 23.4%), slightly down but still high within domestic service industries. Net margin was 13.5% (prior 13.3%) slightly up, and ROE was 21.5% (prior year implied ~20.2% based on shareholders’ equity ¥228.8B and Net Income ¥46.3B), maintaining a strong level. Gross margin was 41.1% (down -0.5pt from 41.6%) but core profitability was supported by margin improvements in Theme Park Business and stable earnings in Parking Business. [Cash Quality] Operating Cash Flow (OCF) data is undisclosed, but inventories rose materially to ¥25.9B (prior ¥20.4B; +27.0%), indicating higher working capital needs relative to Operating Income ¥70.2B. Cash and deposits are ample at ¥269.3B (prior ¥216.6B; +24.3%), and interest coverage is very high at Operating Income ¥70.2B ÷ interest expense ¥1.9B = 36.6x, indicating strong ability to service interest. [Investment Efficiency] Asset turnover annualized is about 0.52x (Revenue ¥311.1B ÷ ending total assets ¥600.1B × 12/9 months), low but reasonable given the resort/real estate nature with tangible fixed assets ¥194.4B and investment securities ¥49.4B. Investment securities rose from ¥39.5B to ¥49.4B (+25.2%), suggesting expanded strategic/financial investments. [Financial Soundness] Equity Ratio is 40.4% (prior 45.8%), slightly lower but still healthy. Total liabilities increased to ¥357.7B (prior ¥271.1B; +31.9%); interest-bearing debt rose to ¥210.0B (long-term borrowings ¥200.2B, short-term borrowings ¥3.8B, bonds ¥1.0B, current portion of bonds ¥5.0B) from ¥168.7B (prior +24.5%), lifting Debt/Equity to 1.05x (prior 0.74x). Current ratio is 347.1% (current assets ¥329.4B ÷ current liabilities ¥94.9B), and quick ratio is 319.8% ((current assets − inventories) ¥303.5B ÷ current liabilities ¥94.9B), both very high, indicating robust short-term liquidity. The increase in long-term borrowings funded capex, strategic investments, and share buybacks; attention to higher financial costs in a rising-rate environment is warranted.
Detailed OCF figures are not disclosed, but Operating Income ¥70.2B is healthy, indicating a solid cash-generation base. Inventories increased materially to ¥25.9B (prior ¥20.4B; +¥5.5B +27.0%), likely due to stocking resort/theme park related goods and operating supplies, lifting working capital demand. Investing cash flow likely reflects an increase in investment securities (+¥9.9B) and tangible fixed asset acquisitions (details unknown, but active asset renewal is inferred given fixed asset disposal gains ¥11.2B and retirement losses ¥0.7B), suggesting continued growth investment. Financing cash flow shows long-term borrowings increased from ¥158.1B to ¥200.2B (+¥42.1B), and treasury stock rose from ¥46.1B to ¥62.4B (+¥16.3B), while dividend payments at Q2 were zero under a year-end lump-sum policy. Cash and deposits rose significantly to ¥269.3B (prior ¥216.6B; +¥52.7B), indicating that combined OCF and borrowing exceeded FCF outflows and share buybacks. The fixed asset disposal gain ¥11.2B is a cash inflow, materially boosting short-term liquidity, whereas impairment losses ¥3.0B are non-cash. Going forward, improving inventory turnover and disciplined capex will determine FCF sustainability.
Core recurring earnings center on Operating Income ¥70.2B, supported by high-margin stable earnings from Parking Business and growth in Theme Park Business. Non-operating income ¥4.0B (1.3% of sales) — interest income ¥0.5B, dividend income ¥0.4B, foreign exchange gains ¥1.5B, others ¥0.7B — is low in dependency and generally recurring. However, one-off items (special gains ¥11.3B mainly from fixed asset disposal gains ¥11.2B, special losses ¥3.8B including impairment ¥3.0B and retirement losses ¥0.7B) produced net special gains of ¥7.5B, contributing materially to Net Income and accounting for roughly 17.8% of Net Income attributable to owners of the parent ¥42.1B. Fixed asset disposal gains are a one-time benefit from asset replacement and lack clear repeatability. The drop from Ordinary Income ¥71.8B to Net Income ¥42.1B is ¥29.7B (-41.4%), mainly due to corporate taxes ¥27.1B (effective tax rate 34.2%) and non-controlling interests ¥10.0B. Comprehensive income was ¥55.9B (breakdown: Net Income ¥52.1B, foreign currency translation adjustments ¥0.6B, valuation gains on available-for-sale securities ¥3.2B), exceeding Net Income; other comprehensive income +¥3.8B mainly reflects mark-to-market gains on investment securities, which are unrealized and not recorded in the income statement. Comprehensive income attributable to owners of the parent was ¥45.7B; the +¥3.6B difference from Net Income attributable to owners of the parent ¥42.1B reflects valuation gains but lacks realized cash, so quality adjustments are warranted. Overall, core operating profit is solid but Net Income shows high dependence on one-off disposal gains, with high tax burden and non-controlling interests reducing EPS sustainability.
Full-year guidance is Revenue ¥408.0B (YoY +10.8%), Operating Income ¥85.0B (YoY +11.0%), Ordinary Income ¥85.0B (YoY +8.5%), and Net Income attributable to owners of the parent ¥57.0B (progress = Net Income ¥42.1B ÷ forecast ¥57.0B = 73.8%). Q3 cumulative progress rates exceed standard pacing: Revenue 76.3% (standard 75% +1.3pt), Operating Income 82.5% (+7.5pt), Ordinary Income 84.4% (+9.4pt), indicating high likelihood of achievement at operating and ordinary levels. Net Income progress is 73.8% (standard -1.2pt) and slightly lagging, affected by high corporate tax burden (effective tax rate 34.2%; full-year assumed mid-30% range) and increased non-controlling interests. Q4 Revenue implied from the full-year forecast is approx. ¥97B (prior-year Q4 approx. ¥84B, ~+15%), and implied Q4 Operating Income approx. ¥15B (prior-year ~¥11B, ~+36%). Even assuming seasonal declines in Ski Resort Business and normalization after Theme Park Business peak, reliance on stable earnings from Parking Business suggests attainability. However, repeatability of large one-off gains like the fixed asset disposal gain ¥11.2B in Q3 is low; if Q4 special items remain small, Net Income progress may fall short of forecast. Full-year EPS forecast 17.87 yen vs. Q3 cumulative EPS 13.26 yen (progress 74.2%) implies Q4 EPS buildup of ~4.6 yen required; reducing one-off dependence and stabilizing tax burden are key. No revisions to earnings or dividend guidance were made this quarter; the company appears confident in achieving the full-year forecast.
Full-year dividend forecast is ¥9.00 per share (entirely paid at year-end), implying a Payout Ratio of roughly 50.4% against full-year EPS forecast 17.87 yen, a sustainable level. No interim dividend was paid at Q2 under the year-end lump-sum policy. While prior-year dividend details are not provided, given Q3 cumulative EPS 13.26 yen, the ¥9.00 dividend forecast appears achievable on a period-to-date EPS basis. Treasury stock increased materially to ¥62.4B at period-end (prior ¥46.1B; +¥16.3B +35.4%), strengthening shareholder returns via dividends plus buybacks. The combined amount of treasury stock buybacks ¥16.3B and full-year dividend forecast approx. ¥28.6B (forecast outstanding shares ~318 million × ¥9) totals ~¥45B, implying a Total Return Ratio of approx. 78.9% against forecast Net Income ¥57.0B, a high level. With cash and deposits ¥269.3B and current ratio 347% plus steady Operating Income, dividend sustainability is high. Next fiscal year profit could fluctuate due to loss of one-off gains and tax normalization, but maintaining a ~50% payout policy should limit dividend cut risk.
Seasonality and weather dependence of Ski Resort Business: Although Ski Resort Business exhibits high operating margin at 27.3%, it turned to a profit decline of -4.5% this period. Despite Revenue +8.9%, cost absorption lagged, with the margin falling from 31.1% prior year to 27.3% (-3.8pt). Variability in snowfall and inflation in labor and energy costs likely contributed. The Ski Resort Business is highly seasonal concentrated in Q3 (Jan–Mar) and subject to weather and fuel cost volatility, increasing earnings variability.
Interest-rate risk from increased long-term borrowings: Long-term borrowings rose to ¥200.2B (prior ¥158.1B; +26.6%), raising Debt/Equity to 1.05x (prior 0.74x). Interest expense is currently minor at ¥1.9B and interest coverage is strong at 36.6x, but rising interest rates could increase financial costs, pressuring non-operating expenses and restraining Ordinary Income growth. The rise in long-term borrowings financed simultaneous capex, strategic investments, and share buybacks, so monitoring future funding costs is important.
Dependence on one-off gains and sustained high tax burden: Of Net Income attributable to owners of the parent ¥42.1B, net special gains +¥7.5B (mainly fixed asset disposal gains ¥11.2B) represent about 17.8%, indicating high one-off dependence. There is no assurance that similar asset disposal gains will recur, and normalization could reduce Net Income. Additionally, an effective tax rate of 34.2% remains high; without tax relief, EPS growth may slow. Non-controlling interests attributable profit ¥10.0B (prior ¥8.6B; +16.3%) is also rising, diluting parent shareholders’ earnings.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 営業利益率 | 22.6% | 8.0% (2.8%–11.2%) | +14.6pt |
| 純利益率 | 16.8% | 4.4% (1.2%–7.2%) | +12.3pt |
The company’s Operating and Net margins significantly exceed industry medians, reflecting a highly profitable business structure within the real estate & resort sector.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| 売上高成長率（前年比） | 9.4% | 18.5% (6.9%–54.7%) | -9.1pt |
Revenue growth lags the industry median, reflecting the company’s stable-growth business model versus high-growth startups and redevelopment projects included in the real estate/REIT sector.
※Source: Company aggregation
High core profitability and Parking Business stability: Operating margin 22.6% far exceeds the industry median 8.0%, with Parking Business (operating margin 25.4%) contributing 48.8% of corporate profits. Theme Park Business has improved to 17.2% (up +2.4pt) combining high growth and margin improvement, providing ample earnings support to offset Ski Resort Business declines. Progress to full-year Operating Income 82.5% and Ordinary Income 84.4% suggests strong support heading into Q4.
One-off gain dependence and quality of earnings: Net special gains net +¥7.5B (mainly fixed asset disposal gains ¥11.2B) account for about 17.8% of Net Income attributable to owners of the parent ¥42.1B, indicating earnings quality is dependent on one-off items. There is no guarantee of repeatable asset disposals next year, and normalization could reduce Net Income and EPS. High effective tax rate 34.2% and rising non-controlling interests ¥10.0B (prior ¥8.6B; +16.3%) dilute parent shareholders’ earnings and contribute to the slightly lagging Net Income progress (73.8% vs. standard -1.2pt). If Q4 lacks large one-off gains, meeting full-year Net Income guidance warrants attention.
Balancing financial soundness and shareholder returns: Cash and deposits ¥269.3B and current ratio 347% indicate ample liquidity, and interest coverage 36.6x shows strong interest-rate resilience. Treasury stock purchases ¥16.3B and full-year dividend forecast approx. ¥28.6B combine to a Total Return Ratio approx. 78.9%, enhancing shareholder returns. However, long-term borrowings +¥42.1B (up +26.6%) raise Debt/Equity to 1.05x, so rising interest rates could increase financing costs. Payout Ratio 50.4% is within a sustainable range and dividend policy stability is likely to continue.
This report was automatically generated by AI analyzing XBRL financial statement data and is a financial analysis document. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are company-compiled reference information based on public financial statements. Investment decisions are your sole responsibility; consult a professional advisor as needed.