Overview
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GOKURAKUYU HOLDINGS CO.,LTD.

Gokurakuyu Holdings operates a network of Japanese public bath (onsen/super sento) facilities under the 'Gokurakuyu' and 'RAKU SPA' brands across Japan and China, with 55 locations in total (as of June 2025), comprising 29 domestic directly managed stores, 10 domestic franchise stores, 12 overseas affiliated stores, and ancillary RAKU CAFE and partner facilities. The company generates revenue from admission fees, food and beverage sales, ancillary services (massage, barber, retail) at directly managed locations, and royalty and product sales income from franchise operators. Its competitive strengths lie in strong brand recognition in the Japanese bath culture segment, a scalable franchise model, and an expanding presence in China leveraging Japanese onsен hospitality concepts.

Market Cap
¥16.0B
US$102M
EV
¥17.0B
US$108M
Stock¥504▼-0.20%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.2
x
LTM EV/EBIT
15.0
x
LTM PER
19.0
x
LTM PBR
3.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-16.5%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
16.0BUS$102MMarket Cap2.36BUS$15.0M+ Debt1.16BUS$7.40M− Cash0.27BUS$1.70M− Inv. Sec.17.0BUS$108MEV
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Performance & Balance
Revenue 5Y (¥B)
10.0US$64.0M'22/312.8US$81.4M'23/314.1US$89.8M'24/315.2US$96.7M'25/316.2US$104M'26/3
EBITDA 5Y (¥B)
0.37US$2.34M'22/30.82US$5.24M'23/31.44US$9.21M'24/31.73US$11.1M'25/31.95US$12.4M'26/3
Net Income 5Y (¥B)
-1.98-US$12.6M'22/3-0.30-US$1.94M'23/30.70US$4.45M'24/30.77US$4.90M'25/30.93US$5.92M'26/3
Capital Structure
66%
34%
EquityD/E 0.52xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
6.82US$43.5M11.4US$72.7M'22/35.63US$35.9M9.24US$58.9M'23/33.17US$20.2M4.22US$26.9M'24/33.15US$20.1M3.19US$20.4M'25/31.79US$11.4M2.50US$15.9M'26/3
Shareholders
Top 10 hold 26.5%
1
Mirai Nihon Asset Management LLC
9.40%
2
SPRING OF GOLD HOTEL INVESTMENT AND MANAGEMENT COMPANY LIMITED (Standing Proxy: Citibank, N.A., Tokyo Branch)
9.30%
3
Asahi Breweries, Ltd.
1.50%
4
HAITONG INT SEC-CL AC-10 (PERCENTAGE; Standing Proxy: Citibank, N.A., Tokyo Branch)
1.40%
5
Takehiro NIKAWA
1.40%
6
Okuda Shoten Co., Ltd.
1.30%
7
KUZE CO.,LTD.
0.90%
8
STATE STREET BANK AND TRUST COMPANY 505004 (Standing Proxy: Mizuho Bank, Ltd.)
0.50%
9
Tetsuyasu TAJIMA
0.50%
10
Business Partners' Stock Ownership Association
0.30%
Management
11 officers
Takehiro NIKAWA
Representative Director, Chairman and President, Group CEO
Apr 1983 Joined Hokuriku Bank, Ltd. Apr 1990 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Aug 2003 Joined ITOCHU Corporation Apr 2005 Special Advisor, the Company Jun 2005 Representative Director, President, the Company Mar 2007 Representative Director, President and Head of Sales Division, the Company Jul 2007 Representative Director, President, the Company Jan 2017 Representative Director, President and CEO, the Company; Representative Director, President, Gokurakuyu Co., Ltd. (subsidiary) Jun 2017 Representative Director, President, Group CEO, the Company Apr 2020 Director, Eonex Co., Ltd. (subsidiary) (current) Aug 2023 Representative Director, President, GK Marketing Inc. (subsidiary) Apr 2024 Representative Director, Chairman and President, Group CEO, the Company (current); Representative Director, Chairman, Gokurakuyu Co., Ltd. (subsidiary) (current); Representative Director, Chairman, GK Marketing Inc. (subsidiary) (current) Significant concurrent positions: Representative Director, Chairman, Gokurakuyu Co., Ltd.; Representative Director, Chairman, GK Marketing Inc.
1959-04-09
Kenji GOTO
Director, Senior Managing Executive Officer
Apr 1991 Joined Kanematsu Corporation Dec 1999 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Jul 2003 Joined ITOCHU Corporation Oct 2010 Joined Ichigo Group Holdings Co., Ltd. Mar 2011 Executive Officer, Ichigo Group Holdings Co., Ltd. Feb 2012 Executive Officer, Ichigo Real Estate Investment Advisory Co., Ltd. (now Ichigo Investment Advisors Co., Ltd.) Apr 2015 Representative Director, Office Goto Co., Ltd. (current) Jul 2015 Director, Ferris Wheel Investment Co., Ltd. Jun 2016 Director, New Real Property Co., Ltd. (current) Jun 2019 Director, the Company Mar 2020 Representative Director, Mirai Nihon Ventures Co., Ltd. (current) Sep 2020 Designated Member, Mirai Sports Ventures LLC (now Mirai Nihon Asset Management LLC); Executing Officer, Mirai Nihon Ventures Co., Ltd. (current) Jun 2024 Director, Senior Managing Executive Officer, the Company Jun 2025 Director, Senior Executive Vice President, the Company (current)
1968-12-21
Shinji YAMAMOTO
Director, Executive Officer
Apr 2000 Joined the Company Sep 2004 Store Manager, the Company Feb 2010 Section Manager, Store Sales Section, the Company Apr 2012 Deputy General Manager, Overseas Business Division, the Company Apr 2015 General Manager, General Planning Department, the Company Jan 2017 General Manager, Sales Planning Department, the Company Apr 2019 Executive Officer, CBO in charge of Development, Construction and Planning, the Company Jun 2020 Executive Officer, CBO in charge of Planning, the Company Sep 2022 Director, Executive Officer, CBO in charge of Planning, the Company Apr 2024 Director, Executive Officer, the Company (current); Director, Gokurakuyu Co., Ltd. (subsidiary) (current); Representative Director, President, GK Marketing Inc. (subsidiary) (current) Significant concurrent positions: Representative Director, President, GK Marketing Inc.; Director, Gokurakuyu Co., Ltd.
1978-03-10
Takeshi SATO
Director, Executive Officer
Apr 2003 Joined the Company Apr 2005 Store Manager, the Company Apr 2010 Supervisor, the Company Apr 2015 Section Manager, Domestic Business Division, the Company Apr 2017 Deputy General Manager, Store Sales Department, Gokurakuyu Co., Ltd. (subsidiary) Apr 2019 General Manager, Management Planning Department, the Company; Director, Gokurakuyu Co., Ltd. (subsidiary) Jun 2020 Executive Officer in charge of Management Planning, the Company Sep 2022 Director, Executive Officer, Deputy Head of Japan Operations, in charge of Management Planning, General Affairs and Human Resources, the Company Apr 2024 Director, Executive Officer, the Company (current); Representative Director, President, Gokurakuyu Co., Ltd. (subsidiary) (current); Director, GK Marketing Inc. (subsidiary) (current) Significant concurrent positions: Representative Director, President, Gokurakuyu Co., Ltd.; Director, GK Marketing Inc.
1980-06-10
Takahiro NIKAWA
Director, Executive Officer
May 2014 Joined Sirius Co., Ltd. Feb 2016 Joined Japan Marine Survey Global Support Co. Jan 2019 Joined the Company Apr 2019 Section Manager, China Division, the Company Apr 2020 Section Manager, China Division and Management Planning Department, the Company Apr 2022 Deputy General Manager, Overseas Business Division and Management Planning Department, the Company Apr 2024 Director, Gokurakuyu Co., Ltd. (subsidiary) (current); Director, GK Marketing Inc. (subsidiary) (current); General Manager, Management Planning Department, the Company Apr 2025 Executive Officer, General Manager, Management Planning Department, the Company (current) Significant concurrent positions: Director, Gokurakuyu Co., Ltd.; Director, GK Marketing Inc.
1986-12-02
Tsutomu ICHIYAMA
Director
Apr 1981 Joined Kokusai Kogyo Co., Ltd. Apr 1985 Joined Hokuriku Chikatsu Kaihatsu Co., Ltd. (now Eonex Co., Ltd., affiliate); joined Risui Co., Ltd. Jun 1987 Director, Risui Co., Ltd. Aug 1987 Director, Hokuriku Chikatsu Kaihatsu Co., Ltd. (now Eonex Co., Ltd., affiliate) Sep 1993 Representative Director, Hokuriku Chikatsu Kaihatsu Co., Ltd. (now Eonex Co., Ltd., affiliate) (current); Representative Director, Risui Co., Ltd. (current) Sep 2017 Representative Director, Yunex Co., Ltd. Jun 2020 Director, Yunex Co., Ltd. (current) Jun 2024 Director, the Company (current) Significant concurrent positions: Representative Director, Eonex Co., Ltd.
1958-09-09
Kentaro UENO
Director
Apr 2002 Joined Harley-Davidson Japan K.K. Sep 2013 Representative Director, Plus Farm Co., Ltd. (current) Sep 2017 Representative Director, Meridian Partners Co., Ltd. (current) Sep 2022 Director, the Company (current)
1978-05-11
Go KOBAYASHI
Director
Oct 1998 Joined Nihon Kantei Co., Ltd. Jul 2000 Joined LCR Land Use Research Institute Co., Ltd. Dec 2001 Joined KPMG FAS Co., Ltd. Jun 2006 Representative Director, Real Quality Co., Ltd. (current) Jun 2024 Director, the Company (current)
1975-10-25
Shinichiro KOTSUMA
Full-time Audit & Supervisory Board Member
Apr 1979 Joined Nichii Co., Ltd. Apr 1985 Joined Nichii Foods Co., Ltd. Sep 1989 Joined People Co., Ltd. (now Konami Sports Co., Ltd.) Aug 2005 Joined the Company Apr 2018 Joined Gokurakuyu Co., Ltd. Jun 2019 Full-time Audit & Supervisory Board Member, the Company (current)
1960-08-27
Yoko SUZUKI
Audit & Supervisory Board Member
Apr 1993 Joined Nikko Securities Co., Ltd. (now SMBC Nikko Securities Inc.) Jun 2004 Joined Inoue Business Consultants Co., Ltd. Nov 2006 Joined Tokyo Star Bank, Ltd. Dec 2007 Joined Inoue Business Consultants Co., Ltd. Jun 2014 Joined Agriculture, Forestry and Fisheries Growth Industry Support Organization Apr 2018 Representative Director, Kinsei Foods Co., Ltd. (current) Jun 2018 Outside Director, 21LADY Co., Ltd. Dec 2019 Director, MJG Co., Ltd. Jun 2020 Audit & Supervisory Board Member, the Company (current)
1971-02-05
Toshiyuki KENMOCHI
Audit & Supervisory Board Member
Apr 1978 Joined Mitsubishi Corporation (Domestic Steel Division) Sep 1981 Indonesian Language Trainee, Mitsubishi Corporation Apr 1988 Seconded to Shenzhen Steel Processing Center, Guangdong, China; First General Manager, Sales Department Nov 1989 Kuala Lumpur Branch, Mitsubishi Corporation Dec 2004 Deputy General Manager, Metalone Corporation Hong Kong Dec 2016 Chairman and General Manager, Metalone Corporation Hong Kong Jul 2010 Branch Manager, Hokkaido Branch, Metalone Corporation; President, Metalone Hokkaido Corporation; President, Obico Co., Ltd. (color steel processing and sales) Feb 2015 Joined Suzutoku Holdings Co., Ltd. (now River Holdings Co., Ltd.) as Executive Officer in charge of Overseas Business Aug 2016 Joined Tobishima Special Vehicles Co., Ltd. as Director Aug 2017 Joined Ogiya Co., Ltd.; Managing Director (President), Singapore subsidiary Nov 2023 Representative, KHSJ Planning (current) Jun 2025 Audit & Supervisory Board Member, the Company (current)
1971-02-05
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINETAmended
2026-06-30
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-29
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-14
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-30
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-14
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINETAmended
2023-06-29
Amended Securities Registration Statement
EDINET
2023-05-26
Securities Registration Statement
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-09-12
Quarterly Securities Report
EDINET
2022-08-29
Annual Securities Report
EDINET
2022-03-25
Securities Registration Statement
EDINET
2022-02-14
Quarterly Securities Report
EDINETAmended
2021-11-12
Amended Annual Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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