Overview
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Nippon Ski Resort Development Co.,Ltd.

Nihon Ski Jo Kaihatsu (NSD) is a ski resort operator that acquires and revitalizes ski resorts across Japan, with a portfolio including renowned destinations such as Hakuba Iwatake, Hakuba Happo-one, Ryuoo Ski Park, Kawaba Ski Resort, Meiho Ski Area, and Miyagi Zao Eboshi Resort. The company generates revenue through lift ticket sales, food and beverage, equipment rental, merchandise, and year-round mountain resort activities including mountain biking, camping, and nature tourism during the green season. NSD differentiates itself through hands-on local management, cross-resort knowledge sharing, continuous facility investment (snowmaking equipment, gondola upgrades, IC ticketing systems), and a growing inbound tourism focus, particularly in the HAKUBA VALLEY area.

Market Cap
¥22.5B
US$143M
EV
¥23.4B
US$149M
Stock¥488▼-1.01%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.5
x
LTM EV/EBIT
9.6
x
LTM PER
10.5
x
LTM PBR
2.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-30.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
22.5BUS$143MMarket Cap6.06BUS$38.7M+ Debt5.74BUS$36.6M− Cash0.00BUS$0.03M− Inv. Sec.0.60BUS$3.83M+ NCI23.4BUS$149MEV
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Performance & Balance
Revenue 5Y (¥B)
5.57US$35.5M'22/76.90US$44.0M'23/78.25US$52.6M'24/710.5US$66.7M'25/711.5US$73.3M'26/7
EBITDA 5Y (¥B)
0.86US$5.47M'22/71.64US$10.5M'23/72.28US$14.5M'24/73.27US$20.9M'25/73.60US$23.0M'26/7
Net Income 5Y (¥B)
0.03US$0.20M'22/70.95US$6.07M'23/71.09US$6.97M'24/71.59US$10.1M'25/72.15US$13.7M'26/7
Capital Structure
63%
37%
EquityD/E 0.60xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
2.38US$15.2M1.42US$9.04M'22/71.75US$11.2M0.68US$4.35M'23/73.15US$20.1M2.86US$18.3M'24/73.46US$22.1M3.41US$21.7M'25/75.74US$36.6M6.06US$38.7M'26/7
Shareholders
Top 10 hold 76.9%
1
NIPPON PARKING DEVELOPMENT Co.,Ltd.
68.37%
2
OKASAN INTERNATIONAL (ASIA) LIMITED (Standing Proxy: Okasan Securities Co., Ltd.)
2.61%
3
Shuhei SUZUKI
1.80%
4
Custody Bank of Japan, Ltd.
0.89%
5
HOTEL LOTTE CO.,LTD. (Standing Proxy: LOTTE HOTEL TOKYO OFFICE)
0.87%
6
Reiichi SASAKI
0.66%
7
Hikaru TAKANASHI
0.52%
8
The Master Trust Bank of Japan, Ltd.
0.52%
9
Nihon Cable Co., Ltd.
0.42%
10
BNP PARIBAS NEW YORK BRANCH-PRIME BROKERAGE CLEARANCE ACCOUNT
0.26%
Management
12 officers
Shuhei SUZUKI
Representative Director, President
Nov. 2000: Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC); Apr. 2004: Joined Pacific Golf Management K.K.; Jul. 2006: Joined Nippon Parking Development Co., Ltd.; Oct. 2007: Director, Nippon Parking Development Co., Ltd.; Oct. 2010: Director, the Company; Mar. 2011: Representative Director & President, Kawaba Resort Co., Ltd.; Aug. 2012: Representative Director & President, the Company (current); Oct. 2012: Chairman of the Board, Kawaba Resort Co., Ltd.; Nov. 2012: Director, Hakuba Kanko Kaihatsu Co., Ltd.; Oct. 2013: Managing Director, Nippon Parking Development Co., Ltd.; Oct. 2014: Director, Meiho Kogen Development Co., Ltd.; Nov. 2015: Director, Harley Ski Resort Co., Ltd.; Oct. 2017: Director, Hakuba Kanko Kaihatsu Co., Ltd.; Director, Iwatake Resort Co., Ltd.; Director, Tsugaike Gondola Lift Co., Ltd.; Oct. 2019: Chairman of the Board, Meiho Kogen Development Co., Ltd.; Oct. 2020: Director, Meiho Kogen Development Co., Ltd.; Jun. 2021: Director, Kitashiga Ryuoo Co., Ltd. (current); Oct. 2021: Director, Harley Ski Resort Co., Ltd.; Oct. 2022: Director, Hakuba Kanko Kaihatsu Co., Ltd.; Director, Kashimayari Co., Ltd.; Oct. 2024: Director, Kawaba Resort Co., Ltd.
1976-11-10
Hiroki TAKAYANAGI
Director
Sep 1997 Representative Director, President, Webhat Communications Inc. Mar 2001 Completed Doctoral Program, Graduate School of Sociology, Rikkyo University; Master of Sociology Apr 2001 Part-time Lecturer (concurrent), Graduate School of Business Design and Department of Media Sociology, Faculty of Sociology, Rikkyo University, and others Jun 2006 Representative Director, CEO, Alowana Partners Inc. (current) May 2007 Director and Founder, Kotobuki Shoji Co., Ltd. (current) Apr 2016 Special Part-time Lecturer, Rikkyo Ikebukuro Junior and Senior High School (current) Jun 2016 Partner and IT-Driven Management Architect, Guardian Advisors Inc. Apr 2019 Associate Professor (Specially Appointed), Graduate School of Business Design, Rikkyo University; Department of Media Sociology, Faculty of Sociology (concurrent) Oct 2021 Outside Director of the Company Apr 2023 Visiting Associate Professor, Graduate School of Business Design, Rikkyo University; Department of Media Sociology, Faculty of Sociology (concurrent) (current) Sep 2024 Director, Guardian Advisors Inc. (current) Oct 2024 Director of the Company (current); Director, Tokyo Ski Federation (SAT), General Incorporated Foundation (current) Apr 2026 Visiting Professor, Graduate School of Business Design, Rikkyo University (current)
1976-06-21
Kensuke ATSUMI
Director
Apr 2007 Joined Nihon Parking Development Co., Ltd. Dec 2011 Representative Director, President, Nihon Jidosha Service Co., Ltd. (now Nihon Jidosha Service Development Co., Ltd.) Aug 2014 Director, T.C.K. Workshop Co., Ltd. Oct 2016 Director, Nihon Parking Development Co., Ltd. Oct 2018 Managing Director, Nihon Parking Development Co., Ltd.; Director, Nihon Jidosha Service Development Co., Ltd. Nov 2018 Managing Director, General Manager of Administration Division, Nihon Parking Development Co., Ltd. (current); Director, NIPPON PARKING DEVELOPMENT (THAILAND) CO., LTD.; Director, NPD Healthcare Service (Thailand) Co., Ltd. Aug 2020 Audit & Supervisory Board Member, Fujiwa Nasu Resort Co., Ltd. Oct 2020 Director of the Company (current) May 2022 Representative Director, President, Smart Green Energy Co., Ltd. (current) Oct 2022 Director, Nihon Theme Park Development Co., Ltd. Dec 2022 Representative Director, President, Smart Green Energy Nasu Co., Ltd. (current) Apr 2024 Representative Director, Smart Green Energy Katashina Co., Ltd. (current)
1984-12-13
Kenji KAWAMURA
Director
Mar 1999 Joined Nihon Parking Development Co., Ltd. Oct 1999 Managing Director, Nihon Parking Development Co., Ltd. Oct 2007 Senior Managing Director (Vice President), Nihon Parking Development Co., Ltd. (current) Sep 2010 President and CEO, NPD GLOBAL CO., LTD. (current) Oct 2010 Founder and President, NIPPON PARKING DEVELOPMENT (THAILAND) CO., LTD. (current) Dec 2011 President and CEO, SIAM NOPPON PARKING SOLUTIONS CO., LTD. (current) Oct 2015 President and CEO, NPD Healthcare Service (THAILAND) CO., LTD. Dec 2017 Director, NPD Healthcare Service (THAILAND) CO., LTD. (current) Oct 2018 Director of the Company (resigned Oct 2021) Oct 2022 Director, T.C.K. Workshop Co., Ltd.
1964-09-15
Hiroyuki KANEDA
Director
Apr 1985 Joined Nomura Securities Co., Ltd. Mar 1992 Joined Lehman Brothers Securities Co., Ltd. Mar 1994 Joined CS First Boston Securities Company (now UBS Securities Co., Ltd.) Mar 2003 Joined Goldman Sachs Securities Company (now Goldman Sachs Japan Co., Ltd.) Mar 2011 Vice Chairman, Merrill Lynch Japan Securities Co., Ltd. (now BofA Securities Japan Co., Ltd.) Jun 2022 Representative Director, Biten Gyoshi Inc. (current)
1962-04-13
Tomoko KUSAMOTO
Director
Apr. 1993: Joined Morgan Stanley Japan Limited (now Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.); Jun. 1998: Obtained MBA, UC Berkeley; Jul. 1998: Joined Goldman Sachs (Japan) Ltd. (now Goldman Sachs Japan Co., Ltd.); Jun. 2009: Director, Resort Japan Co., Ltd. (current); Apr. 2017: Representative Director, Preparatory Foundation for Hakuba International School; Oct. 2021: Outside Director, the Company (current); Apr. 2022: Representative Director, Hakuba International School (General Incorporated Foundation); Apr. 2024: Chairman of the Board, Hakuba International School (School Corporation) (current)
1969-10-10
Takashi ARAKI
Director
Apr. 1981: Joined The Bank of Tokyo, Ltd. (now MUFG Bank, Ltd.); Sep. 1991: Joined Sparx Investment Advisors Co., Ltd. (now Sparx Group Co., Ltd.); May 1992: Managing Director, Sparx Group Co., Ltd.; Jan. 1995: Representative Director, Interlacet Co., Ltd. (current); Sep. 2004: Senior Executive Director, Avex Inc.; May 2009: Representative Director & Executive Vice President, Avex Group Holdings Inc. (now Avex Inc.); Jul. 2012: COO & Chief Operating Officer, Dwango Co., Ltd.; Dec. 2012: Representative Director & President, Dwango Co., Ltd.; Oct. 2014: Director, KADOKAWA DWANGO Corporation (now KADOKAWA Corporation); Apr. 2016: Executive Managing Director, Kadokawa Dwango Educational Institute (School Corporation); Oct. 2019: Outside Director, Nippon Theme Park Development Co., Ltd. (sister company of the Company) (current); Oct. 2023: Outside Director, the Company (current); Oct. 2025: Director (Chairman of the Board), Kadokawa Haruki Corporation (current)
1957-06-16
Satoshi YAMADA
Director
Apr. 1983: Joined The Bank of Tokyo, Ltd. (now MUFG Bank, Ltd.); Sep. 1989: Completed MBA, MIT Sloan School of Management; Jun. 1990: Completed program, Harvard Business School; Aug. 1996: General Manager, Strategic Planning Division, Coca-Cola (Japan) Co., Ltd.; Jan. 1999: Vice President, Strategic Marketing, Coca-Cola (Japan) Co., Ltd.; May 2000: Representative Director, President & CEO, DealTime.com Japan Co., Ltd.; Mar. 2008: Representative Executive Officer & President, Phoenix Resort Co., Ltd.; Aug. 2009: Executive Officer, Head of Corporate Marketing & Partnership Division, Universal Studios Japan; Jun. 2012: Senior Executive Officer & Chief Operating Officer, International Group, Lawson, Inc.; Dec. 2016: Deputy President & Director, Taito Corporation; Apr. 2017: Representative Director & President, Taito Corporation; Jun. 2021: Chairman of the Board, Taito Corporation (current); Oct. 2025: Outside Director, the Company (current)
1961-02-01
Toshiro HIROSE
Director
Apr 2004 Joined Toshiba Corporation Sep 2016 Director, CLOUDY (NPO) (current) Mar 2019 Representative Director, HiRAKU Inc. (current) Feb 2020 Representative Director, One Rugby (NPO) (current) Jul 2020 Co-Representative Director, Sports wo Tomeruna (General Incorporated Association) (current) Apr 2021 CCC, Kandenko Co., Ltd. (current) Apr 2022 Director, Japan Wheelchair Rugby Federation (General Incorporated Association) May 2024 Representative Director, WAZIWAZI (General Incorporated Association) (current) Jun 2024 Chairman, One Rugby (NPO) (current) Oct 2024 Vice Chairman, Japan Wheelchair Rugby Federation (General Incorporated Association) (current) Mar 2025 Fellow, Ring and Motivation Inc. (current) Aug 2025 Senior Advisor, AAIC Holding Pte. Ltd. (current) Jun 2026 Outside Director, Ricoh Leasing Co., Ltd. (current); Member, Nomination and Compensation Committee, Ricoh Leasing Co., Ltd. (current)
1981-10-17
Masayuki TAKEDA
Full-time Audit & Supervisory Board Member
Apr. 1983: Joined Hakuba Kanko Kaihatsu Co., Ltd.; Jun. 2005: General Manager, Finance Group; Jun. 2008: Director, Tsugaike Gondola Lift Co., Ltd.; Jun. 2009: Director, Iwatake Resort Co., Ltd.; Oct. 2013: Director, Head of Administration Division, Hakuba Kanko Kaihatsu Co., Ltd.; Oct. 2014: Auditor, Iwatake Resort Co., Ltd.; Oct. 2015: Managing Director, Head of Administration Division, Hakuba Kanko Kaihatsu Co., Ltd.; Auditor, Tsugaike Gondola Lift Co., Ltd.; Nov. 2015: Head of Administration Department, Administration Division, the Company; Oct. 2017: Director, Iwatake Resort Co., Ltd.; Oct. 2018: Auditor, Kitashiga Ryuoo Co., Ltd.; Auditor, Harley Ski Resort Co., Ltd.; Oct. 2020: Director, Tsugaike Gondola Lift Co., Ltd.; Oct. 2021: Representative Director & President, Tsugaike Gondola Lift Co., Ltd.; Oct. 2022: Audit & Supervisory Board Member, the Company (current)
1960-12-15
Taku SETO
Audit & Supervisory Board Member
Mar 1992 Joined Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Apr 1995 Registered as Certified Public Accountant Jul 2005 Partner, Tohmatsu & Co. (now Deloitte Touche Tohmatsu LLC) Jul 2015 Head of Sendai Office, Tohmatsu & Co. Apr 2016 Comprehensive External Auditor, City of Sendai Jul 2019 General Manager, First Business Division, Deloitte Touche Tohmatsu LLC Oct 2022 Head, Taku Seto Certified Public Accountant Office (current); Outside Statutory Auditor of the Company (current) Apr 2023 Partner, Kanade Audit Corporation (current) Nov 2024 Auditor, Kanade Audit Corporation (current)
1969-04-04
Ai YOSHIKAWA
Audit & Supervisory Board Member
Oct. 2004: Registered as Attorney-at-Law (Tokyo Bar Association); Joined Akasakamitsuke Sogo Law & Accounting Office (current); Apr. 2013: Consultant, Small and Medium Enterprise Support Center (current); Dec. 2019: Outside Audit & Supervisory Board Member, Best Reha Co., Ltd. (current); May 2023: Outside Audit & Supervisory Board Member, Japan Van Lines Co., Ltd. (current); Outside Audit & Supervisory Board Member, Japan Engineering Co., Ltd. (current); Outside Audit & Supervisory Board Member, YS Agency Co., Ltd. (current); Sep. 2023: Outside Audit & Supervisory Board Member, Punctual Co., Ltd. (current); Oct. 2023: Outside Audit & Supervisory Board Member, the Company (current); Apr. 2024: Outside Audit & Supervisory Board Member, RM Trust Co., Ltd. (current)
1979-05-26
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-22
Annual Securities Report
Period: Aug 2025 – Jul 2026
TDnet
2026-09-11
Full-Year Earnings Flash
FY ending Jul 2026
TDnet
2026-06-05
Q3 Earnings Flash
FY ending Jul 2026
EDINET
2026-03-13
Semi-Annual Securities Report
Period: Aug 2025 – Jan 2026
TDnet
2025-12-05
Q1 Earnings Flash
FY ending Jul 2026
EDINET
2025-10-22
Annual Securities Report
Period: Aug 2024 – Jul 2025
TDnet
2025-06-06
Q3 Earnings Flash
FY ending Jul 2025
EDINET
2025-03-14
Semi-Annual Securities Report
Period: Aug 2024 – Jul 2025
TDnet
2024-12-06
Q1 Earnings Flash
FY ending Jul 2025
EDINETAmended
2024-10-31
Amended Annual Securities Report
Period: Aug 2020 – Jul 2021
EDINETAmended
2024-10-31
Amended Annual Securities Report
Period: Aug 2019 – Jul 2020
EDINETAmended
2024-10-31
Amended Annual Securities Report
Period: Aug 2022 – Jul 2023
EDINETAmended
2024-10-31
Amended Annual Securities Report
Period: Aug 2021 – Jul 2022
EDINET
2024-10-31
Annual Securities Report
Period: Aug 2023 – Jul 2024
EDINETAmended
2024-10-31
Amended Annual Securities Report
Period: Aug 2018 – Jul 2019
EDINET
2024-06-14
Quarterly Securities Report
Period: Feb 2024 – Apr 2024
EDINET
2024-03-15
Quarterly Securities Report
Period: Nov 2023 – Jan 2024
EDINET
2023-12-15
Quarterly Securities Report
Period: Aug 2023 – Oct 2023
EDINET
2023-10-31
Annual Securities Report
Period: Aug 2022 – Jul 2023
EDINETAmended
2023-10-31
Amended Annual Securities Report
Period: Aug 2021 – Jul 2022
EDINET
2023-06-14
Quarterly Securities Report
Period: Feb 2023 – Apr 2023
EDINET
2023-03-10
Quarterly Securities Report
Period: Nov 2022 – Jan 2023
EDINET
2022-12-15
Quarterly Securities Report
EDINET
2022-10-28
Annual Securities Report
EDINET
2022-06-10
Quarterly Securities Report
EDINET
2022-03-11
Quarterly Securities Report
EDINET
2021-12-10
Quarterly Securities Report
EDINET
2021-10-28
Annual Securities Report
EDINET
2021-06-11
Quarterly Securities Report
EDINET
2021-03-12
Quarterly Securities Report
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