TOBU RAILWAY CO.,LTD.

東武鉄道株式会社

Land Transportation

Tobu Railway Co., Ltd. provides private rail system services in Japan. The company also operates health clubs, golf courses, theme parks, and hotels. It also develops and manages condominiums, housing developments, department stores, and other properties along its railways. In addition, the company operate sightseeing service centers that offers assistance on ticket exchanges, purchase of tickets, various arrangements, and sightseeing information. Tobu Railway Co., Ltd. was incorporated in 1896 and is headquartered in Tokyo, Japan.

← Companies

Price

¥2,783

Market Cap

¥557.4B

Ent. Value

¥1.3T

Net Debt

−¥734.8B

Shares Out.

200.3M

P / E

9.8×

EV / EBIT

18.0×

P / Book

0.88×

P / NCAV

N/M

Div. Yield

1.17%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥1,863.6B	¥1,753.2B	¥1,704.1B	¥1,738.2B	¥1,689.9B
Current Assets	¥194.8B	¥176.8B	¥169.0B	¥206.1B	¥167.5B
Cash & Deposits	¥44.4B	¥35.1B	¥31.4B	¥69.3B	¥46.1B
Trade Receivables	—	¥67.5B	¥65.3B	¥68.8B	¥61.5B
Non-Current Assets	¥1,668.8B	¥1,576.4B	¥1,535.1B	¥1,532.1B	¥1,522.4B
PP&E	¥1,462.4B	¥1,410.9B	¥1,367.3B	¥1,393.8B	¥1,395.5B
Intangible Assets	—	¥19.9B	¥18.6B	¥19.5B	¥18.2B
Investment Securities	¥127.5B	¥99.3B	¥101.5B	¥73.6B	¥62.3B
Deferred Tax Assets	—	¥11.4B	¥13.1B	¥12.7B	¥13.0B
Total Liabilities	¥1,241.3B	¥1,192.4B	¥1,162.3B	¥1,257.6B	¥1,230.6B
Current Liabilities	¥476.0B	¥438.7B	¥386.3B	¥459.4B	¥409.7B
Accounts Payable	—	¥43.3B	¥48.7B	¥51.9B	¥42.8B
ST Debt	¥171.8B	¥139.5B	¥105.5B	¥119.5B	¥116.9B
Taxes Payable	—	¥13.2B	¥13.9B	¥12.1B	¥8.3B
Non-Current Liabilities	¥765.4B	¥753.7B	¥776.0B	¥798.2B	¥820.9B
Total LT Borrowings	¥607.4B	¥601.3B	¥622.2B	¥652.8B	¥673.2B
Pension Obligations	—	¥40.3B	¥42.7B	¥44.0B	¥45.4B
Deferred Tax Liab.	—	¥20.4B	¥19.3B	¥10.0B	¥7.8B
Total Equity	¥622.2B	¥560.8B	¥541.7B	¥480.6B	¥459.2B
Capital Stock	—	¥102.1B	¥102.1B	¥102.1B	¥102.1B
Capital Surplus	—	¥52.0B	¥52.2B	¥52.0B	¥51.4B
Retained Earnings	¥347.3B	¥314.7B	¥298.0B	¥258.0B	¥234.9B
Treasury Stock	—	¥-4.9B	¥-10.5B	¥-10.3B	¥-4.5B
AOCI	—	¥90.6B	¥93.8B	¥72.9B	¥68.7B
Equity (owners)	¥496.2B	¥463.9B	¥441.8B	¥401.8B	¥383.9B
Minority Interests	—	¥6.2B	¥6.0B	¥5.8B	¥6.7B

Total Interest-Bearing Debt ⓘ	¥779.2B	¥740.8B	¥727.7B	¥772.3B	¥790.1B
Net Cash ⓘ	¥-734.8B	¥-705.6B	¥-696.2B	¥-703.0B	¥-744.0B
NCAV ⓘ	¥-1,046.5B	¥-1,015.6B	¥-993.4B	¥-1,051.5B	¥-1,063.2B
NCAV/Share	—	¥-5,071	¥-4,790	¥-5,084	¥-5,093
BV/Share	—	¥2,316	¥2,130	¥1,943	¥1,839

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥106.6B	¥90.1B	¥91.7B	¥101.1B	¥66.9B
Taxes Paid	—	—	—	—	¥-1.7B
Interest Paid	—	¥-6.0B	¥-5.6B	¥-5.6B	¥-5.8B
Interest Received	—	¥2.7B	¥2.2B	¥1.9B	¥1.6B
D&A	¥55.2B	¥53.5B	¥52.9B	¥53.4B	¥55.6B
Goodwill Amort.	—	¥16M	¥386M	¥385M	¥385M
Investing CF	¥-82.7B	¥-86.8B	¥-61.6B	¥-52.7B	¥-31.0B
Financing CF	¥-14.7B	¥321M	¥-67.9B	¥-25.3B	¥-35.0B
Dividends Paid	—	¥-11.7B	¥-8.3B	¥-5.2B	¥-4.2B
Share Buybacks	—	¥-17.6B	—	—	—
LT Debt Repaid	—	¥-68.1B	¥-83.5B	¥-54.7B	¥-56.4B
Free Cash Flow	¥106.6B	¥90.1B	¥91.7B	¥101.1B	¥66.9B
Net Change in Cash	—	¥3.7B	¥-37.8B	¥23.2B	¥938M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	9.4%	9.4%	9.5%	6.3%	3.0%
ROA	3.1%	3.0%	2.8%	1.7%	0.8%
EPS	¥282.92	¥252.99	¥232.99	¥140.06	¥64.49
DPS	¥32.50	¥60.00	¥55.00	¥30.00	¥20.00
BPS	¥3,148.37	¥2,777.78	¥2,591.47	¥2,296.65	¥2,169.34
FCF/Share	—	¥450	¥442	¥489	¥320
NCAV/Share	—	¥-5,071	¥-4,790	¥-5,084	¥-5,093
Payout Ratio	11.5%	23.7%	23.6%	21.4%	31.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 9

Date	Activist	Stake	Event	Flag	Demands
2026-05-12	Nomura Securities Co.,Ltd.	5.06% +0.63%	initial_5pct	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	5.56% -0.2%	change	Passive	—
2024-09-24	Nomura Securities Co.,Ltd.	4.43% -0.96%	change	Passive	—
2024-09-05	Sumitomo Mitsui Trust Bank,Limited	5.76% -0.36%	change	Passive	—
2024-06-07	Nomura Securities Co.,Ltd.	5.39%	initial_5pct	Passive	—
2024-06-06	BlackRock Japan Co., Ltd.	4.14% -3.08%	change	Passive	—
2024-05-21	Sumitomo Mitsui Trust Bank,Limited	6.12%	change	Passive	—
2023-12-22	Mizuho Bank, Ltd.	4.98%	change	Passive	—
2023-07-05	BlackRock Japan Co., Ltd.	7.22%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-15 15:30	Div Increase	¥7.4B ¥37.5/sh +15%	Tobu Railway (9001) announced a final dividend of ¥37.50 per share for fiscal year ending March 31, 2026, approved by bo…
Summary Tobu Railway (9001) announced a final dividend of ¥37.50 per share for fiscal year ending March 31, 2026, approved by board on May 15, 2026. Total dividend payout is ¥7.362 billion with annual per-share dividend reaching ¥70.00 (including ¥32.50 interim), representing a 15.4% increase from prior year's ¥60.00 annual dividend. The increase reflects improved business performance despite challenging operating environment with inflation and currency headwinds. Deadline: 2026-06-24 YoY: +15% Source (JP) 期末配当は１株当たり37円50銭といたします（これにより年間配当金は、１株につき、中間配当金32円50銭を含め合計70円となります。）剰余金の配当に関するお知らせ TDnet PDF
2026-04-30 15:30	Div Increase	¥37.5/sh +25%	Tobu Railway (9001) increased its FY2026 year-end dividend forecast by 2.50 yen per share from 35.00 yen to 37.50 yen, r…
Summary Tobu Railway (9001) increased its FY2026 year-end dividend forecast by 2.50 yen per share from 35.00 yen to 37.50 yen, raising full-year DPS to 70.00 yen. The increase reflects stronger-than-expected earnings from strategic revenue initiatives across operating segments, consistent with the company's basic policy of implementing stable dividends while prioritizing financial soundness. YoY: +25% Source (JP) 期末配当予想につきましては前回予想（2026年２月４日発表）の１株あたり35円00銭から2円50銭増配し、37円50銭に修正することといたします。期末配当予想の修正（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）	31,314	15.63%
2	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	10,009	4.99%
3	富国生命保険相互会社	5,235	2.61%
4	JPMorgan Chase Bank, N.A. JP MORGAN CHASE BANK 385781（常任代理人株式会社みずほ銀行決済営業部）	2,829	1.41%
5	GOVERNMENT OF NORWAY（常任代理人シティバンク、エヌ・エイ東京支店）	2,731	1.36%
6	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001（常任代理人株式会社みずほ銀行決済営業部）	2,515	1.25%
7	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505103（常任代理人株式会社みずほ銀行決済営業部）	2,450	1.22%
8	株式会社みずほ銀行	2,326	1.16%
9	State Street Bank and Trust Company STATE STREET BANK WEST CLIENT - TREATY 505234（常任代理人株式会社みずほ銀行決済営業部）	2,182	1.08%
10	株式会社埼玉りそな銀行	2,031	1.01%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

20.6%

+0.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

5.0%

+0.3% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

6.1%

-1.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		15.62%	15.35%	15.63% +0.28%
日本カストディ銀行		5.42%	5.19%	4.99% -0.20%
State Street		3.23%	3.31%	3.55% +0.24%
富国生命保険相互会社		2.53%	2.52%	2.61% +0.09%
JP Morgan ↑		1.31%	1.35%	1.41% +0.06%
GOVERNMENT OF NORWAY NEW ENTRY	—	—	—	1.36% NEW
みずほ銀行		1.87%	1.49%	1.16% -0.33%
りそな銀行		1.14%	1.06%	1.01% -0.05%
日本生命保険 last seen 2024	Exited Top 10	1.54%	1.53%	—
東日本旅客鉄道 last seen 2024	Exited Top 10	0.97%	0.97%	—
Concentration (HHI) ⓘ		300	288	295

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

Portfolio Book Value ¥80,925M +36% since 2023

Holdings 38 +2 new 6 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥80,925M total		FY2023 ¥59,301M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	10,767	NEW New 2,894,616	—		M
taisei corporation 大成建設㈱	10,455	1,582,000	6,478	1,582,000	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	8,543	2,109,081	3,960	2,109,081	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	8,423	-43.7% ↓ 4,188,950	6,307	7,438,950	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	7,969	1,389,420	3,538	1,389,420	M
East Japan Railway Company 東日本旅客鉄道㈱	6,422	+200.0% ↑ 2,175,600	5,319	725,200	M
Fuyo General Lease Co., Ltd. 芙蓉総合リース㈱	4,625	399,500	3,595	399,500	M
Hulic Co.,Ltd. ヒューリック㈱	4,247	2,955,500	3,212	2,955,500	M
Mitsui Fudosan Co., Ltd. 三井不動産㈱	3,919	+200.0% ↑ 2,946,000	2,439	982,000	M
Keisei Electric Railway Co. 京成電鉄㈱	2,702	+200.0% ↑ 2,005,500	2,724	668,500	M
MATSUYA CO., LTD. ㈱松屋	2,565	2,411,000	2,659	2,411,000	M
Japan Airport Terminal Co.,Ltd. 日本空港ビルデング㈱	2,388	580,800	3,833	580,800
ASAHI GROUP HOLDINGS,LTD. アサヒグループホールディングス㈱	1,484	+200.0% ↑ 776,400	1,274	258,800	M
Resona Holdings, Inc. ㈱りそなホールディングス	965	750,048	479	750,048	M
Tokyo Tatemono Co., Ltd. 東京建物㈱	942	372,866	602	372,866	M
Nippon Signal Company,Limited 日本信号㈱	800	894,795	950	894,795	M
Keikyu Corporation 京浜急行電鉄㈱	790	522,500	657	522,500
The Gunma Bank, Ltd. ㈱群馬銀行	763	-50.0% ↓ 620,294	549	1,240,294	M
Shochiku Co;Ltd. 松竹㈱	693	56,300	643	56,300	M
Kabukiza Co. ㈱歌舞伎座	450	100,000	475	100,000
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� ㈱めぶきフィナンシャルグループ	272	375,477	121	375,477	M
Tokyo Metro Co.,Ltd. 東京地下鉄㈱	151	NEW New 83,500	—
Gurunavi, Inc. ㈱ぐるなび	144	486,700	162	486,700
SHIMIZU CORPORATION 清水建設㈱	132	100,000	75	100,000	M
The Chiba Kogyo Bank, Ltd. ㈱千葉興業銀行	93	71,900	38	71,900
Toyo Electric Manufacturing Co. 東洋電機製造㈱	62	46,000	42	46,000	M
繧､繝ｳ繧ｿ繝ｼ繝ｩ繧､繝輔�帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ譬ｪ蠑丈ｼ夂､ｾインターライフホールディングス㈱	62	140,400	24	140,400	M
Chichibu Railway Co. 秩父鉄道㈱	20	10,033	23	10,033
KDDI CORPORATION ＫＤＤＩ㈱	19	4,200	17	4,200
Tokyu Fudosan Holdings Corporation 東急不動産ホールディングス㈱	15	16,000	10	16,000
The Chiba Bank, Ltd. ㈱千葉銀行	15	11,000	9	11,000	M
THE TOWA BANK,LTD. ㈱東和銀行	15	24,600	13	24,600	M
TOKYU CORPORATION 東急㈱	13	7,901	13	7,901	M
TBS Holdings Co., Ltd. ㈱ＴＢＳホールディングス	—		—
KAJIMA CORPORATION 鹿島建設㈱	—		—
SEIBU HOLDINGS INC. ㈱西武ホールディングス	—		—		M
Marubeni Corporation 丸紅㈱	—		—
The Musashino Bank, Ltd. ㈱武蔵野銀行	—		—		M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	—	−100% Exit —	1,024	194,997	M
SAPPORO HOLDINGS LIMITED サッポロホールディングス㈱	—	−100% Exit —	327	96,275	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	6,572	1,447,308	M
TOSHIBA CORPORATION ㈱東芝	—	−100% Exit —	584	131,600	M
Japan Airlines Co., Ltd. 日本航空㈱	—	−100% Exit —	516	200,000
㈱精養軒	—	−100% Exit —	38	32,400	M
Portfolio total	80,925		59,301

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