EURASIA TRAVEL Co.,Ltd.
9376・Standard Market・Services
Business
Eurasia Travel Co., Ltd. is an overseas travel specialist founded in 1986. Its core business is the planning and sale of proprietary original tours themed around nature, culture, art, and people, covering more than 170 countries worldwide. Its primary customer base consists of mature travelers with a strong desire for intellectual satisfaction and spiritual fulfillment, and the company is characterized by its high-quality tour operations that emphasize sightseeing time while eliminating stops at duty-free shops. Its subsidiary, Eurasia Service Co., Ltd., is responsible for training and dispatching dedicated tour conductors, providing escort services with deep expertise in the company's unique destination regions and itineraries. The company is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The business structure of collecting travel fares in advance as advance receipts enables 100% self-funded management with no external borrowing. Operating profit is generated by managing SG&A expenses such as advertising and personnel costs against gross profit after deducting procurement costs (mainly airfare and ground costs). Against operating revenue of ¥4,787 million in FY2025 (ending September 2025), total procurement costs were ¥3,885 million, and operating profit was ¥115 million. The company maintains a policy of preserving funds equivalent to advance receipts as cash equivalents.
Company Strengths
Since its founding in 1986, the company has continuously planned and sold original tours covering more than 170 countries worldwide, accumulating specialized expertise. Its subsidiary, Eurasia Service, trains and dispatches dedicated tour conductors, maintaining service quality backed by deep knowledge of its proprietary destinations and itineraries. As an IATA-accredited passenger sales agent, it has maintained its own ticketing system since 1995.
Due to a business structure premised on receiving advance payments for travel fares, the company has continued debt-free management with zero outstanding borrowings. As of the end of FY2025 (ending September 2025), the equity ratio stood at 57.3%, total net assets were ¥1,844 million, and cash and cash equivalents were ¥1,991 million. Even during the COVID-19 pandemic, the company sustained business continuity using internal reserves.
From the trough in FY2021, when revenue was ¥224 million and operating loss was ¥506 million, the company achieved a turnaround to operating profit in FY2024 (operating income of ¥107 million). In FY2025, operating revenue reached ¥4,787 million (up 4.1% year on year) and operating income reached ¥115 million (up 7.7% year on year), continuing the trend of increased revenue and profit, thereby demonstrating its post-COVID recovery in concrete figures.
ENVALITH's Perspective
Performance Trend
Revenue (operating revenue) rose from ¥224 million in FY2021, to ¥502 million in FY2022, ¥2,945 million in FY2023, ¥4,598 million in FY2024, and ¥4,788 million in FY2025, reflecting a sustained rapid recovery and revenue growth trend since the COVID-19 pandemic. In the first half of FY2026 (ending September 2026) (cumulative), revenue also increased to ¥2,502 million (up 11.2% year on year), maintaining the growth trend. However, profitability has deteriorated: additional costs stemming from the attack on Iran in February 2026 (external factor: materialization of geopolitical risk) combined with rising procurement costs due to the yen's depreciation trend since the start of the period (external factor: foreign exchange fluctuation) resulted in an operating loss of ¥21 million, an ordinary loss of ¥26 million, and an interim net loss of ¥27 million for the first half, marking a reversal from profit in the same period of the prior year. For the full fiscal year, the company forecasts an operating profit of ¥93 million, anticipating a recovery in the second half.
Growth Strategy
Leveraging the 40th anniversary of its founding, the company aims to enter its next growth stage through product lineup expansion, human resource reinforcement, and enhanced shareholder returns
The company enriched its travel product offerings in commemoration of its 40th anniversary, achieving a 12% increase in participant numbers and a 5% increase in average travel unit price in the first quarter. Advertising expenses were increased to accelerate new customer acquisition. Although some tours were cancelled due to the impact of the attack on Iran, the company achieved an 11.2% year-on-year increase in revenue on a cumulative basis for the first half.
The company is reinforcing hiring, which forms the foundation of Travel Business revenue. The number of new hires in April 2026 exceeded the same period of the previous year, and the recruitment plan is progressing smoothly. Base salary increases have also been implemented to secure and retain talented personnel.
The company has set a target of DOE (Dividend on Equity) of 10% or more, distributing 10% or more of consolidated shareholders' equity as of the end of the previous consolidated fiscal year as dividends. The annual dividend forecast for FY2026 (ending March 2026) is ¥50 per share (a substantial increase from the previous fiscal year's actual result of ¥31). Since the announcement on July 31, 2025, the share price has trended upward, reflecting improved investor evaluation.
The company is promoting its capital expenditure plan based on the medium-term management plan. In the first half, expenditures for new acquisitions of tangible and intangible fixed assets were zero, and investment timing may be concentrated in the second half and beyond.
Last updated: July 17, 2026