RESORTTRUST,INC.

リゾートトラスト株式会社

Services

Resorttrust, Inc. engages in the hotel and restaurant business in Japan. It operates through three segments: Membership business, Hotel and Restaurant business, and medical business. The company sells hotel memberships, money lending to members, as well as constructing member-only hotels. It also operates 42 resort hotels and city hotels in Japan and 1 in Hawaii, as well as 14 golf courses in Japan. In addition, the company provides hotel cleaning services, insurance agency services, and sells hair accessories and other products. Further, it offers medical memberships, medical equipment rental, management services, medical consulting services, home care services, etc. The company was incorporated in 1973 and is headquartered in Nagoya, Japan.

← Companies

Price

¥1,698

Market Cap

¥179.9B

Ent. Value

¥153.0B

Net Cash

¥26.9B

Shares Out.

105.9M

P / E

17.2×

EV / EBIT

5.2×

P / Book

2.25×

P / NCAV

N/M

Div. Yield

1.00%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥263.0B	¥249.3B	¥201.8B	¥169.8B	¥157.8B
Cost of Sales	¥58.4B	¥56.2B	¥31.1B	¥18.8B	¥22.5B
Gross Profit	¥204.6B	¥193.1B	¥170.7B	¥151.0B	¥135.3B
SG&A	¥175.4B	¥166.8B	¥149.6B	¥138.7B	¥126.6B
Operating Income	¥29.2B	¥26.4B	¥21.1B	¥12.3B	¥8.7B
Non-Operating Income	¥1.9B	¥1.7B	¥1.7B	¥2.0B	¥3.9B
Dividend Income	—	¥115M	¥135M	¥102M	¥94M
Interest Income	—	¥764M	¥802M	¥1.0B	¥896M
Non-Operating Expenses	—	¥1.2B	¥1.0B	¥1.0B	¥1.5B
Ordinary Income	¥29.3B	¥26.8B	¥21.8B	¥13.2B	¥11.1B
Pre-tax Income	¥29.5B	¥28.4B	¥22.9B	¥22.6B	¥10.8B
Income Taxes	¥8.4B	¥8.0B	¥6.7B	¥5.4B	¥4.8B
Current Tax	—	¥10.1B	¥7.2B	¥6.8B	¥4.8B
Deferred Tax	—	¥-2.1B	¥-496M	¥-1.5B	¥-27M
Net Income (owners)	¥20.9B	¥20.1B	¥15.9B	¥16.9B	¥5.8B
Minority Interest	—	¥286M	¥247M	¥280M	¥188M
Comprehensive Income	—	¥20.6B	¥19.5B	¥20.1B	¥7.7B
EBITDA	¥39.6B	¥36.5B	¥30.5B	¥22.0B	¥19.8B
Goodwill Amort. (J-GAAP)	—	¥428M	¥422M	¥422M	¥592M
EPS	¥98.58	¥95.19	¥150.03	¥158.97	¥54.27
Shares Outstanding	—	105.9M	105.6M	106.4M	106.2M
Shares Issued (total)	—	108.5M	108.5M	108.5M	108.5M
Treasury Shares	—	2.6M	3.0M	2.1M	2.4M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥525.3B	¥492.9B	¥468.6B	¥440.0B	¥394.4B
Current Assets	¥206.6B	¥196.4B	¥200.5B	¥188.0B	¥139.5B
Cash & Deposits	¥33.0B	¥28.4B	¥31.8B	¥28.5B	¥28.8B
Trade Receivables	—	¥12.8B	¥11.3B	¥11.6B	¥9.6B
Inventories	—	¥1.3B	¥1.2B	¥1.0B	¥936M
Non-Current Assets	¥318.7B	¥296.6B	¥268.0B	¥252.0B	¥254.9B
PP&E	¥213.6B	¥204.6B	¥192.4B	¥176.1B	¥175.9B
Goodwill	—	¥526M	¥842M	¥1.3B	¥1.7B
Intangible Assets	—	¥6.3B	¥6.1B	¥6.2B	¥7.6B
Investment Securities	¥42.9B	¥33.8B	¥22.7B	¥22.9B	¥26.1B
Deferred Tax Assets	—	¥21.4B	¥18.6B	¥19.3B	¥18.6B
Total Liabilities	¥358.6B	¥342.2B	¥333.0B	¥316.1B	¥287.6B
Current Liabilities	¥172.8B	¥170.0B	¥177.9B	¥156.7B	¥133.4B
Accounts Payable	—	¥1.9B	¥1.8B	¥1.7B	¥1.4B
ST Debt	¥4.3B	¥5.5B	¥10.4B	¥12.6B	¥27.4B
Taxes Payable	—	¥7.1B	¥4.6B	¥4.7B	¥2.4B
Non-Current Liabilities	¥185.8B	¥172.2B	¥155.0B	¥159.4B	¥154.2B
Total LT Borrowings	¥1.9B	¥2.5B	¥2.2B	¥13.5B	¥24.8B
Pension Obligations	—	¥3.2B	¥3.1B	¥3.0B	¥2.6B
Deferred Tax Liab.	—	¥76M	¥136M	¥322M	¥640M
Total Equity	¥166.7B	¥150.7B	¥135.6B	¥123.9B	¥106.8B
Capital Stock	—	¥19.6B	¥19.6B	¥19.6B	¥19.6B
Capital Surplus	—	¥21.6B	¥21.6B	¥21.6B	¥21.6B
Retained Earnings	¥111.9B	¥98.4B	¥84.2B	¥73.7B	¥60.5B
Treasury Stock	—	¥-4.9B	¥-5.5B	¥-3.1B	¥-3.5B
AOCI	—	¥9.7B	¥9.5B	¥6.1B	¥3.2B
Equity (owners)	¥148.8B	¥134.6B	¥119.9B	¥111.8B	¥98.2B
Minority Interests	—	¥6.4B	¥6.2B	¥6.0B	¥5.1B

Total Interest-Bearing Debt ⓘ	¥6.1B	¥8.0B	¥12.6B	¥26.1B	¥52.2B
Net Cash ⓘ	¥26.9B	¥20.4B	¥19.2B	¥2.4B	¥-23.4B
NCAV ⓘ	¥-152.0B	¥-145.8B	¥-132.4B	¥-128.1B	¥-148.0B
NCAV/Share	—	¥-1,377	¥-1,254	¥-1,204	¥-1,395
BV/Share	—	¥1,271	¥1,136	¥1,050	¥925

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥50.3B	¥36.7B	¥39.1B	¥24.3B	¥22.7B
Interest Paid	—	¥-298M	¥-259M	¥-271M	¥-430M
Interest Received	—	¥1.0B	¥1.0B	¥1.1B	¥1.1B
D&A	¥10.4B	¥9.7B	¥9.0B	¥9.3B	¥10.6B
Goodwill Amort.	—	¥428M	¥422M	¥422M	¥592M
Investing CF	¥-35.5B	¥-30.9B	¥-12.5B	¥6.3B	¥2.7B
CapEx	¥17.8B	¥19.5B	¥17.3B	¥9.3B	¥5.4B
Purchase Investments	—	¥-20.6B	¥-4.6B	¥-3.3B	¥-2M
Financing CF	¥-10.7B	¥-9.3B	¥-23.3B	¥-31.0B	¥-49.0B
Dividends Paid	—	¥-6.0B	¥-5.4B	¥-3.8B	¥-3.2B
Share Buybacks	—	¥-1M	¥-3.0B	¥0M	¥-2.2B
LT Debt Repaid	—	¥-8.8B	¥-13.9B	¥-18.6B	¥-21.1B
Free Cash Flow	¥32.5B	¥17.2B	¥21.8B	¥14.9B	¥17.2B
Net Change in Cash	—	¥-3.4B	¥3.3B	¥-283M	¥-23.5B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	13.2%	14.7%	12.9%	15.4%	5.3%
ROA	4.1%	4.2%	3.5%	4.1%	1.5%
EPS	¥98.58	¥95.19	¥150.03	¥158.97	¥54.27
DPS	¥17.00	¥62.00	¥54.00	¥45.00	¥30.00
BPS	¥754.67	¥681.32	¥1,225.46	¥1,107.35	¥955.07
FCF/Share	—	¥162	¥207	¥140	¥162
NCAV/Share	—	¥-1,377	¥-1,254	¥-1,204	¥-1,395
Payout Ratio	17.2%	65.1%	36.0%	28.3%	55.3%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2025-12-22	Mizuho Trust & Banking Co., Ltd.	5.26% +1.15%	initial_5pct	Passive	—
2025-11-07	Nomura Asset Management Co., Ltd.	5.09%	initial_5pct	Passive	—
2023-07-07	Mizuho Trust & Banking Co., Ltd.	4.11%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	㈱宝塚コーポレーション	13,419	12.57%
2	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱	13,242	12.40%
3	Japan Custody Bank ㈱日本カストディ銀行	5,815	5.45%
4	伊藤與朗	3,318	3.11%
5	㈱ジーアイ	1,921	1.80%
6	JPMorgan Chase Bank, N.A. JP MORGAN CHASE BANK 385632（常任代理人㈱みずほ銀行）	1,707	1.60%
7	GOVERNMENT OF NORWAY （常任代理人シティバンク、エヌ・エイ東京支店）	1,563	1.46%
8	Sumitomo Life Insurance 住友生命保険相互会社（常任代理人㈱日本カストディ銀行）	1,555	1.46%
9	KINDEN CORPORATION ㈱きんでん	1,442	1.35%
10	KY ㈱ＫＹ	1,335	1.25%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

17.9%

-2.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.6%

+0.4% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

23.0%

-1.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
㈱宝塚コーポレーション		12.47%	12.59%	12.57% -0.02%
日本マスタートラスト信託銀行		11.54%	14.63%	12.40% -2.23%
Japan Custody Bank 日本カストディ銀行		7.39%	5.73%	5.45% -0.28%
伊藤與朗		2.91%	3.03%	3.11% +0.08%
㈱ジーアイ		1.79%	1.80%	1.80%
JP Morgan NEW ENTRY		1.10%	—	1.60% NEW
Sumitomo Life Insurance 住友生命保険		1.44%	1.46%	1.46%
GOVERNMENT OF NORWAY NEW ENTRY	—	—	—	1.46% NEW
KINDEN CORPORATION ㈱きんでん		1.34%	1.35%	1.35%
KY ㈱ＫＹ		1.24%	1.25%	1.25%
サッポロビール last seen 2024	Exited Top 10	3.11%	3.15%	—
State Street last seen 2024	Exited Top 10	—	1.17%	—
Concentration (HHI) ⓘ		371	435	365

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥3,465M -18% since 2023

Holdings 8 5 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥3,465M total		FY2023 ¥4,225M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
KINDEN CORPORATION (株)きんでん	2,338	698,000	1,113	698,000	M
Sangetsu Corporation (株)サンゲツ	810	278,800	622	278,800	M
LIXIL Corporation (株)LIXIL	172	100,000	217	100,000	M
tacmina corporation (株)タクミナ	100	-35.1% ↓ 60,000	114	92,400	M
KOBAYASHI YOKO CO.,LTD. (株)小林洋行	22	76,700	18	76,700	M
SAKAI Holdings CO.,LTD (株)サカイホールディングス	17	-65.7% ↓ 39,100	62	114,000
Misonoza Co. (株)御園座	6	4,000	7	4,000
Kanemi Co.,Ltd. カネ美食品(株)	—		—		M
SAPPORO HOLDINGS LIMITED サッポロホールディングス(株)	—	−100% Exit —	1,765	518,600	M
MEIKO CONSTRUCTION CO.,LTD. 名工建設(株)	—	−100% Exit —	123	108,000	M
ASKA CORPORATION アスカ(株)	—	−100% Exit —	103	90,000	M
YAMAURA CORPORATION (株)ヤマウラ	—	−100% Exit —	53	48,500	M
AVANTIA CO., LTD. (株)AVANTIA	—	−100% Exit —	28	35,200
Portfolio total	3,465		4,225

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding