Overview
Services

TOKYOTOKEIBA CO.,LTD.

Tokyo Racecourse Co., Ltd. owns and manages public racing facilities, primarily Oi Racecourse (Tokyo) and Isesaki Auto Race Track (Gunma), which it leases to local government bodies that operate horse racing and auto racing under applicable laws. The company also operates Tokyo Summerland, a comprehensive leisure/amusement park in Akiruno, Tokyo, through a consolidated subsidiary, and manages logistics/warehouse facilities in the Tokyo metropolitan area. Additional revenues are derived from commercial property management and air-conditioning engineering services through group companies.

Market Cap
¥126B
US$801M
EV
¥117B
US$746M
Stock¥4,835▲+1.26%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
5.3
x
LTM EV/EBIT
7.5
x
LTM PER
11.9
x
LTM PBR
1.3
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-31.2%pt
100
Nov 4, 25 – Oct 30, 26StockTOPIX
MC → EV Bridge
126BUS$801MMarket Cap16.7BUS$106M+ Debt17.0BUS$108M− Cash8.55BUS$54.4M− Inv. Sec.0.18BUS$1.16M+ NCI117BUS$746MEV
AI Briefing
Tokyo Racecourse leases public racing infrastructure (Oi Racecourse, Isesaki Auto Race) plus Tokyo Summerland and logistics/property assets across Greater Tokyo. FY25/12 revenue ¥41.8B with OP margin back up to 36.9%, steady growth off a stable, government-linked asset base. Trading at ¥126B cap / ¥117B EV vs ¥22.2B LTM EBITDA — a rare infrastructure-leisure-real estate hybrid with heavy public-sector shareholder concentration (Tokyo Metro + Special Ward consortium ~45%).
Performance & Balance
Revenue 5Y (¥B)
31.8US$202M'21/1235.5US$225M'22/1237.5US$239M'23/1240.4US$257M'24/1241.8US$266M'25/12
EBITDA 5Y (¥B)
17.1US$108M'21/1219.1US$121M'22/1218.9US$120M'23/1220.3US$129M'24/1221.9US$139M'25/12
Net Income 5Y (¥B)
9.08US$57.8M'21/129.39US$59.7M'22/128.45US$53.7M'23/129.71US$61.7M'24/1210.5US$66.5M'25/12
Capital Structure
85%
EquityD/E 0.17xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
24.2US$154M26.0US$165M'21/1229.9US$190M15.0US$95.7M'22/1216.0US$102M18.8US$119M'23/1218.3US$116M19.2US$122M'24/1220.1US$128M7.47US$47.5M'25/12
Shareholders
Top 10 hold 61.4%
1
Tokyo Metropolitan Government
30.68%
2
Tokyo Special Wards Racing Association
14.11%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
5.57%
4
UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.32%
5
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
1.68%
6
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
1.57%
7
BNYMSANV RE GCLB RE JP RD LMGC (Standing Proxy: Citibank, N.A., Tokyo Branch)
1.44%
8
BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.41%
9
BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND (Standing Proxy: MUFG Bank, Ltd.)
1.35%
10
Custody Bank of Japan, Ltd. (Trust Account)
1.25%
Management
13 officers
Takashi TAKEICHI
Representative Director, President
Jul 2015 Director-General, Port Bureau, Tokyo Metropolitan Government Jul 2016 Director-General, Finance Bureau, Tokyo Metropolitan Government Jun 2020 Vice Governor, Tokyo Metropolitan Government May 2023 Chairman, Tokyo Jinzai Shien Jigyodan (General Incorporated Foundation) (current) Jul 2023 Secretary General, Tokyo 2025 World Athletics Championships Foundation (Public Interest Incorporated Foundation) (current) Mar 2026 Representative Director, President, Tokyo Summerland Co., Ltd. (current) Representative Director, Chairman, Tokyo Soko Co., Ltd. (current) Representative Director, Chairman, Tokyo Property Service Co., Ltd. (current) Representative Director, President, the Company (current)
1960-04-17
Masahiro ITO
Managing Director; in charge of Finance and Warehouse Leasing Business Division
Apr 1987 Joined the Company Apr 2014 General Manager, Horse Racing Business Division, the Company Mar 2017 Director, General Manager, Horse Racing Business Division, the Company Mar 2019 Managing Director, Tokyo Summerland Co., Ltd.; Director, the Company Mar 2021 Director, Tokyo Summerland Co., Ltd. Mar 2021 Director, General Manager, Finance Department, the Company Mar 2022 Managing Director, the Company (current) Mar 2023 Director, Tokyo Soko Co., Ltd. Mar 2025 Representative Director, President, Tokyo Soko Co., Ltd. (current)
1965-02-24
Kazuhito TAKAKURA
Managing Director; in charge of General Affairs, Amusement Park Business, and Service Business Division
Apr 1989 Joined the Company Apr 2013 Deputy General Manager, Planning Department, the Company Oct 2014 General Manager, Internal Control Office, the Company Apr 2017 General Manager, Facilities Development Department, the Company Apr 2018 General Manager, General Affairs Department, the Company Mar 2019 Director, General Manager, General Affairs Department, the Company Mar 2023 Director, Tokyo Property Service Co., Ltd.; Managing Director, General Manager, General Affairs Department, the Company Mar 2025 Managing Director, the Company (current) Representative Director, President, Tokyo Property Service Co., Ltd. (current)
1965-11-16
Tetsuji KOYAMA
Managing Director; in charge of Corporate Planning, Public Gaming Business, and Facilities Development Division
Jul 2012 General Manager, General Affairs Department, Tokyo Metropolitan Sewerage Bureau Apr 2015 Director, Olympic and Paralympic Preparation Bureau (in charge of preparation coordination) Apr 2018 Director-General, Tokyo Metropolitan Sewerage Bureau Apr 2019 General Coordination Officer, Tokyo Organising Committee of the Olympic and Paralympic Games (Public Interest Incorporated Foundation) Oct 2022 Director, Local Government Finance Organization Aug 2024 Director, the Company Mar 2025 Representative Director, President, e-Paddock Co., Ltd. (current) Managing Director, the Company (current)
1958-11-03
Junsei MORISAKI
Director
Jul 2004 Executive Officer, General Manager, Securities Agency Department, UFJ Trust Bank Limited (now Mitsubishi UFJ Trust and Banking Corporation) Jun 2008 Representative Director, President, Japan Shareholder Services Co., Ltd. Oct 2015 Senior Advisor, Japan Exchange Group, Inc. Jun 2018 Chairman, Task Advisors Co., Ltd. (current) Jan 2019 Audit & Supervisory Board Member, Gigwork Co., Ltd. Mar 2022 Director, the Company (current)
1953-04-01
Shuji TANAKA
Director
Apr 2004 Senior Staff Officer, Policy and Management Planning Department, Minato City, Tokyo Apr 2006 Director, Shibaura-Konan Regional General Office, Minato City, Tokyo Apr 2010 Director-General, Planning and Management Department, Minato City, Tokyo Aug 2012 Deputy Mayor, Minato City, Tokyo Sep 2020 Chairman, Minato City Sports, Exchange, Culture and Health Foundation (Public Interest Incorporated Foundation) (current) Jun 2021 Director, Boshi Aiiku-kai (Imperial Gift Foundation) (current) Mar 2022 Director, the Company (current) Jul 2025 Outside Director, Kasai Holdings Co., Ltd. (current)
1953-10-10
Etsuko KAKEHI
Director
Jan 2002 Senior Manager, Process & IT Planning, Service Business Division, IBM Japan, Ltd. Dec 2010 Director, IBM Japan Staff Operations Ltd. Apr 2013 Executive, CIO Services Japan, IBM Japan, Ltd. Mar 2018 Advisor, DataLive Co., Ltd. (current) Dec 2012 Outside Director, Abist Co., Ltd. Jun 2023 Outside Director, Nihon Dempa Kogyo Co., Ltd. (current) Jun 2024 Outside Director, Nice Corporation (current) Mar 2025 Director, the Company (current)
1957-02-05
Junko MURATA
Director
Oct 1991 Corporate Sales, Sheraton Grande Tokyo Bay Hotel; Chief, Wedding Planning Sales Section, Banquet Department May 1999 Chief, Sales Section, Maihama Resort Hotels Co., Ltd. (now Mirial Resort Hotels Co., Ltd.) Oct 2010 Deputy General Manager, Sales Department, Imperial Hotel, Ltd. Apr 2018 Deputy General Manager, Administration Department, Urayasu Campus, Meikai University Sep 2018 Instructor, Bridal Coordinate Skill Certification Examination Committee Apr 2019 Lecturer, Faculty of Hospitality and Tourism, Meikai University; Researcher, Institute of Hospitality and Tourism Apr 2020 General Manager, Academic Affairs Department, Urayasu Campus, Meikai University (current) Mar 2025 Director, the Company (current)
1962-10-01
Jun TANIZAKI
Director
Mar 2013 General Manager, Racing Department, Japan Racing Association Mar 2014 Director, Ritto Training Center, Japan Racing Association Mar 2016 Director, Racing, Training Center and International Affairs, Japan Racing Association Mar 2019 Chairman, Japan Studbook International Inc. (Public Interest Incorporated Foundation) Mar 2020 Representative Director, President, Japan Horse Transport Co., Ltd. Mar 2026 Chairman and Director, Racehorse Breeding Association (Public Interest Incorporated Association) (current) Director, the Company (current)
1957-05-24
Kazumasa MURATA
Full-time Audit & Supervisory Board Member
Apr 1989 Joined the Company Apr 2014 Deputy General Manager, General Affairs Department, the Company Apr 2016 General Manager, Auto Race Business Division, the Company Apr 2018 General Manager, Facilities Development Department, the Company Mar 2019 Audit & Supervisory Board Member, Tokyo Property Service Co., Ltd. (current) Mar 2022 Audit & Supervisory Board Member, Tokyo Soko Co., Ltd. Mar 2022 Full-time Audit & Supervisory Board Member, the Company (current)
1965-04-27
Tatsutaro ISHIJIMA
Audit & Supervisory Board Member
Apr 2002 President, Tokyo Metropolitan University of Science and Technology Apr 2006 Vice Chairman, Tokyo Metropolitan University; President, Advanced Institute of Industrial Technology Mar 2009 Member, Board of Governors, Japan Broadcasting Corporation (NHK) Mar 2011 Member, Board of Governors and Audit Committee, Japan Broadcasting Corporation (NHK) Apr 2016 President Emeritus, Advanced Institute of Industrial Technology (current) Mar 2017 Audit & Supervisory Board Member, the Company (current)
1947-10-03
Daisuke TANAKA
Audit & Supervisory Board Member
Apr 1977 Joined Nakano City, Tokyo Apr 2000 Chief, Administrative and Fiscal Reform Section, Nakano City, Tokyo Dec 2001 Left Nakano City, Tokyo Jun 2002 Mayor, Nakano City, Tokyo Jun 2018 Retired as Mayor, Nakano City, Tokyo Mar 2019 Audit & Supervisory Board Member, the Company (current)
1951-11-13
Ryo TANAKA
Audit & Supervisory Board Member
Apr 1984 Joined TV Tokyo Corporation Apr 1991 Member, Suginami City Assembly Jun 1993 Member, Tokyo Metropolitan Assembly Aug 2009 Chairman, Tokyo Metropolitan Assembly Jul 2010 Mayor, Suginami City, Tokyo Jul 2022 Retired as Mayor, Suginami City, Tokyo Mar 2023 Audit & Supervisory Board Member, the Company (current)
1960-11-04
Large Shareholding Reports
Oasis Management Company Ltd.
2023-03-30
8.38%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-14
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-14
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-14
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-26
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-10
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-30
Large Shareholding Report
EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-05-12
Quarterly Securities Report
EDINET
2022-03-29
Annual Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-03-30
Annual Securities Report
Ask AI
I have this company's financials, ownership, and management on hand. Ask me anything from an M&A perspective.
Ask me!
End of Preview

Try the full product

Free demo (no time limit, up to 10 companies). Explore Comps, DCF, LBO, WACC on every screen. Excel export is on the paid plan.

Free Demo (No Time Limit, 10 Companies) →