9672
Tokyo Horse Racing Co.
東京都競馬株式会社
Services
Tokyotokeiba Co.,Ltd. engages in rental of horse racing facilities in Japan. The company is involved in rental of auto racetracks, as well as provision of Oi Racecourse, a racecourse that holds night races. It also engages in management of amusement park; and rental of warehouse, commercial, and logistics facilities, as well as betting systems. In addition, the company offers construction management services and maintenance services for air conditioning equipment. Further, it manages and operates shopping malls and office buildings. Additionally, the company operates restaurants. Tokyotokeiba Co.,Ltd. was incorporated in 1949 and is based in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥41.8B
¥40.4B
¥37.5B
¥35.5B
¥31.8B
Cost of Sales
¥24.1B
¥24.4B
¥22.1B
¥19.5B
¥17.3B
Gross Profit
¥17.7B
¥16.1B
¥15.4B
¥16.0B
¥14.5B
SG&A
¥2.3B
¥2.2B
¥2.1B
¥1.8B
¥1.7B
Operating Income
¥15.4B
¥13.9B
¥13.4B
¥14.2B
¥12.8B
Non-Operating Income
¥110M
¥67M
¥66M
¥58M
¥148M
Dividend Income
¥50M
¥38M
¥27M
¥25M
¥26M
Interest Income
¥45M
¥3M
¥4M
¥4M
¥5M
Non-Operating Expenses
¥76M
¥81M
¥45M
¥50M
¥109M
Interest Expense
¥74M
¥50M
¥43M
¥47M
¥30M
Ordinary Income
¥15.4B
¥13.9B
¥13.4B
¥14.2B
¥12.8B
Pre-tax Income
¥15.1B
¥14.1B
¥12.1B
¥13.4B
¥13.1B
Income Taxes
¥4.6B
¥4.3B
¥3.7B
¥4.0B
¥4.0B
Current Tax
¥4.6B
¥4.2B
¥3.5B
¥4.7B
¥4.0B
Deferred Tax
¥1M
¥164M
¥214M
¥-758M
¥16M
Net Income (owners)
¥10.5B
¥9.7B
¥8.5B
¥9.4B
¥9.1B
Minority Interest
¥27M
¥42M
¥-35M
—
—
Comprehensive Income
¥10.8B
¥10.1B
¥8.5B
¥9.2B
¥9.0B
EBITDA
¥21.9B
¥20.3B
¥18.9B
¥19.1B
¥17.1B
EPS
¥392.22
¥359.94
¥308.37
¥342.41
¥320.43
Shares Outstanding
26.0M
26.7M
27.4M
27.4M
27.4M
Shares Issued (total)
28.8M
28.8M
28.8M
28.8M
28.8M
Treasury Shares
2.7M
2.1M
1.4M
1.4M
1.4M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥125.8B
¥122.4B
¥115.8B
¥124.6B
¥110.1B
Current Assets
¥27.2B
¥23.9B
¥21.8B
¥37.5B
¥30.5B
Cash & Deposits
¥17.5B
¥16.0B
¥14.2B
¥28.2B
¥22.2B
Inventories
¥42M
¥41M
¥31M
¥32M
¥35M
Non-Current Assets
¥98.6B
¥98.5B
¥94.0B
¥87.2B
¥79.6B
PP&E
¥88.5B
¥87.0B
¥83.2B
¥76.3B
¥72.5B
Intangible Assets
¥4.9B
¥6.3B
¥5.7B
¥6.3B
¥2.8B
Investment Securities
¥2.7B
¥2.3B
¥1.8B
¥1.6B
¥2.0B
Deferred Tax Assets
¥1.8B
¥1.9B
¥2.2B
¥2.4B
¥1.6B
Total Liabilities
¥30.9B
¥31.3B
¥29.0B
¥44.4B
¥37.3B
Current Liabilities
¥20.9B
¥9.7B
¥7.9B
¥26.5B
¥8.4B
ST Debt
¥1.7B
¥1.7B
¥1.5B
¥1.0B
¥1.0B
Taxes Payable
¥2.8B
¥2.6B
¥1.3B
¥2.9B
¥2.3B
Non-Current Liabilities
¥10.0B
¥21.6B
¥21.1B
¥17.8B
¥28.8B
Total LT Borrowings
¥5.8B
¥17.4B
¥17.2B
¥14.0B
¥25.0B
Pension Obligations
¥1.3B
¥1.2B
¥1.3B
¥1.2B
¥1.2B
Total Equity
¥94.9B
¥91.1B
¥86.8B
¥80.3B
¥72.8B
Capital Stock
¥10.6B
¥10.6B
¥10.6B
¥10.6B
¥10.6B
Capital Surplus
¥6.8B
¥6.8B
¥6.8B
¥6.9B
¥6.9B
Retained Earnings
¥88.8B
¥81.5B
¥74.5B
¥68.1B
¥60.5B
Treasury Stock
¥-12.4B
¥-8.5B
¥-5.5B
¥-5.5B
¥-5.5B
AOCI
¥896M
¥626M
¥313M
¥202M
¥355M
Equity (owners)
¥93.9B
¥90.4B
¥86.4B
¥80.1B
¥72.5B
Minority Interests
¥141M
¥114M
¥72M
—
—
Total Interest-Bearing Debt ⓘ
¥7.5B
¥19.2B
¥18.8B
¥15.0B
¥26.0B
Net Cash ⓘ
¥10.0B
¥-3.1B
¥-4.6B
¥13.2B
¥-3.8B
NCAV ⓘ
¥-3.7B
¥-7.4B
¥-7.2B
¥-6.9B
¥-6.7B
NCAV/Share
¥-143
¥-276
¥-263
¥-252
¥-245
BV/Share
¥3,605
¥3,387
¥3,152
¥2,922
¥2,644
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥19.9B
¥16.1B
¥12.8B
¥14.7B
¥14.4B
Interest Paid
¥-74M
¥-48M
¥-43M
¥-48M
¥-29M
Interest Received
¥96M
¥40M
¥31M
¥29M
¥31M
D&A
¥6.5B
¥6.3B
¥5.6B
¥4.9B
¥4.3B
Investing CF
¥-12.8B
¥-8.6B
¥-8.7B
¥-14.8B
¥-10.8B
CapEx
¥6.2B
¥7.9B
¥14.0B
¥5.4B
¥10.2B
Purchase Investments
—
—
—
—
¥-2M
Proceeds from Invest.
—
—
—
¥539M
¥340M
Financing CF
¥-8.7B
¥-5.4B
¥-8.3B
¥-2.8B
¥2.2B
Dividends Paid
¥-3.1B
¥-2.7B
¥-2.0B
¥-1.8B
¥-1.7B
Share Buybacks
¥-3.9B
¥-3.0B
¥-13M
¥-10M
¥-5.0B
LT Debt Repaid
¥-1.7B
¥-1.6B
¥-1.2B
¥-1.0B
¥-1.0B
Free Cash Flow
¥13.7B
¥8.2B
¥-1.1B
¥9.3B
¥4.1B
Net Change in Cash
¥-1.6B
¥2.1B
¥-4.2B
¥-2.9B
¥5.7B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
11.3%
10.9%
10.1%
12.3%
12.7%
ROA
8.4%
8.1%
7.0%
8.0%
8.2%
EPS
¥392.22
¥359.94
¥308.37
¥342.41
¥320.43
DPS
¥118.00
¥113.00
¥90.00
¥75.00
¥65.00
BPS
¥3,639.47
¥3,410.48
¥3,163.92
¥2,929.06
¥2,657.32
FCF/Share
¥524
¥309
¥-42
¥340
¥151
NCAV/Share
¥-143
¥-276
¥-263
¥-252
¥-245
Payout Ratio
30.1%
31.4%
29.2%
21.9%
20.3%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 2
Date Activist Stake Event Flag Demands Source
2024-09-04
Nomura Securities Co.,Ltd.
4.28%
-0.77%
change
Passive
—
2024-08-22
Nomura Securities Co.,Ltd.
5.05%
initial_5pct
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 12
#
Shareholder
Shares (thou.)
% of Total
1
東京都
79,916
30.69%
2
特別区競馬組合
36,762
14.11%
3
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)
16,588
6.37%
4
UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店)
7,017
2.69%
5
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
5,869
2.25%
6
GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社)
4,804
1.84%
7
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB) (常任代理人 野村證券株式会社)
4,304
1.65%
8
CGML PB CLIENT ACCOUNT/COLLATERAL (常任代理人 シティバンク、エヌ・エイ東京支店)
3,681
1.41%
9
BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND(常任代理人 株式会社三菱UFJ銀行)
3,645
1.39%
10
BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRD PARTY(常任代理人 香港上海銀行東京支店)
3,452
1.32%
Domestic Nominees
8.6%
-1.5% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
0.0%
-1.1% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
55.1%
-1.4% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
東京都
29.15%
29.94%
30.69%
+0.75%
特別区競馬組合
13.41%
13.77%
14.11%
+0.34%
日本マスタートラスト信託銀行
7.14%
6.80%
6.37%
-0.43%
UBS
1.68%
2.58%
2.69%
+0.11%
日本カストディ銀行
3.97%
3.28%
2.25%
-1.03%
Goldman Sachs
4.87%
4.51%
1.84%
-2.67%
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)
NEW ENTRY
—
—
—
1.65%
NEW
CGML PB CLIENT ACCOUNT/COLLATERAL
NEW ENTRY
—
—
—
1.41%
NEW
BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND
NEW ENTRY
—
—
—
1.39%
NEW
BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE SEGREGATION ACC FOR THIRD PARTY
—
2.30%
1.32%
-0.98%
式会社東京ドーム
last seen 2024
Exited Top 10
2.38%
2.44%
—
State Street
last seen 2024
Exited Top 10
2.14%
1.07%
—
THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION A/C CLIENTS
last seen 2024
Exited Top 10
—
0.93%
—
MLI FOR CLIENT GENERAL OMNI NON COLLATERAL NON TREATY-PB
last seen 2023
Exited Top 10
3.19%
—
—
Concentration (HHI)
ⓘ
1143
1183
1206
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥1,550M
+102% since 2023
Holdings
12
Trend
2 building
vs 2023
Held Company
FY2025
¥1,550M total
FY2023
¥766M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
576
101,006
244
101,006
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
482
+200.0%
↑
95,517
219
31,839
Nomura Holdings Inc.
野村ホールディングス㈱
142
108,803
69
108,803
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
119
47,630
58
47,630
Keikyu Corporation
京浜急行電鉄㈱
97
63,051
81
63,051
第一生命ホールディングス㈱
45
+300.0%
↑
34,800
26
8,700
TOHO CO., LTD.
東宝㈱
27
3,360
16
3,360
Tokyo Kaikan Co.,Ltd.
㈱東京會舘
26
6,207
23
6,207
Resona Holdings, Inc.
㈱りそなホールディングス
15
10,000
7
10,000
Kabukiza Co.
㈱歌舞伎座
14
3,000
14
3,000
Keio Corporation
京王電鉄㈱
8
1,848
8
1,848
M
Daiwa Securities Group Inc.
㈱大和証券グループ本社
1
715
1
715
Portfolio total
1,550
766
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding