FUJI KYUKO CO., LTD.
9010・Prime Market・Land Transportation
Business
Fuji Kyuko was founded in 1926 under the founding spirit of "Opening Mt. Fuji to the World," and is a tourism resort conglomerate operating in the Yamanashi, Shizuoka, and Kanagawa areas. With 35 consolidated subsidiaries and 3 equity-method affiliates, the company operates the Transportation business (railway, bus, marine transportation, and ropeway), the Real Estate business (villa land and leasing around the foot of Mt. Fuji), the Leisure & Service business (Fuji-Q Highland, hotels, skiing, and outdoor activities), and Other businesses (Mineral Water Manufacturing & Sales, Construction, etc.). In addition to its core domestic customer base of families and young people, inbound travelers have increased rapidly, with the number of Group users in the Greater Mt. Fuji area reaching 19.39 million in FY2026 (ending March 2026).
Business Model
Within the group, transportation (rail, bus, marine) channels customers to tourism facilities (amusement parks, hotels, ski resorts), employing a vertically integrated model that raises customer spend and length of stay through cross-selling between facilities. Transportation (operating margin of 24.6%) and Real Estate (20.3%) serve as the stable earnings base, while Leisure & Service is the main arena for growth investment. The structure promotes cross-selling through data marketing via the digital platform "Fujiyama Connect," aiming to raise customer lifetime value (CLTV) across the group as a whole.
Company Strengths
The cluster of tourism facilities concentrated in the Mt. Fuji and Hakone area—including Fuji-Q Highland, Highland Resort Hotel & Spa, Snow Park Yeti, outdoor facilities under the PICA brand, the Lake Ashi sightseeing boats, and Jukkoku Pass—possesses geographic and historical advantages that competitors cannot easily replicate in a short period. In FY2026 (ending March 2026), operating revenue in the Leisure & Service segment reached ¥25,317 million, with group visitor numbers recording 19.39 million.
The transportation network of railways, buses, ships, and ropeways functions as dedicated access to the group's tourism facilities, generating mutual customer-referral synergies. In FY2026 (ending March 2026), the Transportation segment maintained a high operating margin of 24.6% (operating profit of ¥5,054 million). The company's ability to independently strengthen transportation capacity to group facilities—such as the launch of a direct bus service between Busta Shinjuku and Fuji-Q Highland and the opening of a direct bus route from Mishima Station to the Fujinomiya 5th Station—constitutes a competitive advantage.
In FY2026 (ending March 2026), cash flow from operating activities secured income of ¥11,731 million. While funding capital expenditures (on a received basis) of ¥9,576 million (up 27.4% year on year) through internal funds and borrowings, the company reduced its interest-bearing debt balance by ¥5,572 million year on year to ¥43,812 million. ROA also improved to 8.5% (up 0.4 percentage points year on year), demonstrating both investment growth and enhanced financial soundness.
ENVALITH's Perspective
Performance Trend
Operating revenue increased 52% over four years, from ¥35,084 million in FY2022 (ended March 2022) to ¥53,517 million in FY2026 (ending March 2026). While the pace of revenue growth slowed in FY2026, up 2.5% year on year, operating profit reached ¥8,762 million (up 5.4% year on year) and profit attributable to owners of parent reached ¥5,799 million (up 13.5% year on year), maintaining an upward earnings trend and setting a new record high. As an external factor, the continued increase in inbound foreign visitors to Japan drove the Transportation and Hotel businesses. On the other hand, operating profit in Leisure & Service declined 4.1% year on year to ¥2,480 million, weighed down by rising costs. The equity ratio improved to 40.7% (from 35.3% in the previous fiscal year), strengthening the company's financial position. For FY2027 (ending March 2027), the company forecasts operating revenue of ¥56,500 million (up 5.6% year on year), but a conservative plan projecting net income of ¥5,750 million (down 0.8% year on year), a slight decrease.
Growth Strategy
First year of the Seventh Medium-Term Management Plan, maximizing earnings through group-wide provision of experiential value centered on Fuji-Q Highland
Strengthening the capture of foreign visitors to Japan through new direct bus service between Busta Shinjuku and Fuji-Q Highland, launch of direct bus service between Mishima Station and Fujinomiyaguchi Fifth Station, and increased operation of special trains. Transportation Business operating revenue in FY2026 (ended March 2026) grew 4.0% year on year to ¥20,551 million.
Opening of the skateboard park "FUJI BerriQs SKATE PLAZA" and holding of outdoor theater events to develop new customer segments and enhance the value of nighttime stays. Investment was accelerated, with the increase in tangible and intangible fixed assets in FY2026 (ended March 2026) rising 27% year on year to ¥9,576 million.
Renewal of the "Kokorogi" restaurant at Highland Resort Hotel & Spa, conversion of rooms to twin rooms at Fujinomiya Fujikyu Hotel, and conversion of meeting rooms into guest rooms at Mt. Fuji Station Hotel, among other measures. Hotel business operating revenue in FY2026 (ended March 2026) increased 5.9% year on year to ¥6,641 million.
Planned repayment of borrowings reduced the combined total of short-term and long-term borrowings and bonds by ¥5,957 million year on year. The equity ratio improved to 40.7% (from 35.3% in the prior period), and net assets per share also rose to ¥787.27 (from ¥672.12 in the prior period).
Although development of new subdivision lots in the premium district has been completed, sales and brokerage transactions remain unable to resume because approval for land subleasing from Yamanashi Prefecture has not yet been obtained. Once approval is obtained, this represents a potential growth opportunity directly linked to the expansion of Real Estate earnings.
Last updated: July 19, 2026