PARK24 CO., LTD.
4666・Prime Market・Real Estate
Business
Park24 Group is a transportation infrastructure services company that develops parking lot operation and management as well as mobility services both in Japan and overseas. In Japan, the company has built a parking network of 19,679 locations and 697,375 spaces under the
Business Model
The Domestic Parking Business secures stable earnings by subleasing or taking on management contracts for idle land from landowners, operating it as hourly rental (Times Parking) and monthly contract parking. The Mobility Business rolls out "Times Car," which combines car sharing and rental cars, nationwide, earning membership fees and usage income. The structure aims to leverage the member and location networks of both businesses as a mutual customer referral base, targeting improved profitability as scale expands. For FY2025 (ending October 2025), revenue composition was ¥193,635 million for Domestic Parking Business, ¥128,158 million for Mobility Business, and ¥84,373 million for Overseas Parking Business.
Company Strengths
As of the end of the fiscal year ending October 2025, the company operated 19,679 Times Parking (Hourly Rental Parking) locations with 697,375 spaces, and a total of 27,151 parking facilities with 881,545 spaces under management. Against a backdrop of chronic domestic parking supply-demand gaps, the company maintained stable utilization while achieving 1,784 new site developments during FY2025 (ending October 2025). Through selective development expertise, it continues to expand its network while maintaining profitability.
The network expanded rapidly, with Times Car dedicated vehicles reaching 63,880 units (+25.1% year on year), rental locations reaching 26,073 (+30.6% year on year), and membership reaching 3,616 thousand people (+19.2% year on year). Through a unique service format that combines car sharing and car rental, the company meets a wide range of usage needs, recording revenue of ¥128,506 million and operating profit of ¥14,888 million for FY2025 (ending October 2025).
Cash flow from operating activities remained high at ¥62,880 million for FY2025 (ending October 2025) (up ¥8,704 million year on year). The net D/E ratio improved from 1.07x to 0.88x, and shareholders' equity expanded to ¥104,285 million. The company has steadily restored its financial base, which was impaired during the COVID-19 pandemic, achieving a balance between growth investment and financial soundness.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, from ¥251,102 million in FY2021 to ¥406,168 million in FY2025, though the growth rate has been on a decelerating trend. In FY2025, despite revenue growth (+9.5%), operating profit fell to ¥37,561 million (down 3.0% year on year), marking a shift to declining profit. In H1 FY2026 (ending October 2026) (November 2025 to April 2026), revenue was ¥202,275 million (up 4.6% year on year), operating profit was ¥17,295 million (up 9.6%), and ordinary profit was ¥15,730 million (up 13.0%), indicating an improving trend in the core business. Net income attributable to owners of the parent for the interim period surged to ¥29,657 million (up 495.3% year on year), but this was mainly due to a one-time factor: a ¥31,087 million gain from deferred income tax adjustments associated with the restructuring of the UK business. The full-year earnings forecast has been revised to revenue of ¥411,000 million (up 1.2% year on year), operating profit of ¥42,500 million (up 13.1%), and net income of ¥44,000 million (up 176.4%). Free cash flow deteriorated to ¥-4,108 million from ¥9,144 million in the same period of the previous year, due to an increase in investing activities (acquisition of property, plant and equipment of ¥27,488 million).
Growth Strategy
Through the expansion and integration of the "four networks" of people, cars, destinations, and parking lots, the company aims to evolve into a mobility service platformer by 2035
New parking lots are, in principle, being made cashless-payment-only, accelerating the transition to next-generation parking facilities utilizing the in-house developed payment machine Times Tower and license plate recognition cameras. In the first half of FY2026 (ending March 2026), 806 units were developed, expanding the number of Times Parking (Hourly Rental Parking) locations to 20,107 sites and 740,652 vehicle spaces. This simultaneously improves the convenience of entry/exit and payment processes while achieving cost efficiency.
The company is pursuing expansion focused on profitability per vehicle through appropriate vehicle space development and vehicle allocation based on demand analysis at the local mesh level. Continued promotional activities such as TV commercials and web advertising are accelerating member acquisition, and as of the end of the first half of FY2026 (ending March 2026), the pace of member growth has come to exceed the pace of vehicle fleet expansion. The number of rental locations expanded to 28,733 (up 10.2% from the previous fiscal year-end).
The UK business has moved away from a model centered on large-scale, long-term lease contracts through liquidation procedures under UK corporate insolvency law, and has been restructured as a small-scale business centered on Times Parking (Country-specific Versions). The Singapore business has completed its sale. As a result of deconsolidating four companies (including PARK24 INTERNATIONAL LIMITED), goodwill decreased by ¥10,378 million. The company aims to maintain steady utilization in the remaining businesses while improving the soundness of its earnings structure.
Through the "Medium-Term Management Plan for FY2027 (ending March 2027)" (a three-year plan) announced in December 2024, the company is promoting the expansion, evolution, and integration of four networks: people (members), cars (mobility), destinations (towns), and parking lots. The company aims to evolve from a transportation infrastructure service company into a mobility service platformer, with the goal of becoming an indispensable presence in society.
Last updated: July 17, 2026