Overview
Services

AirTrip Corp.

Airtrip Corp. operates Japan's leading online travel agency (OTA) platform 'Airtrip,' offering domestic and international flight tickets, hotels, and package tours to consumers (BtoC) and as OEM travel content to third-party platforms (BtoBtoC). Beyond its core travel business, the company has expanded into a diversified 'Airtrip Economic Zone' encompassing inbound travel services, Wi-Fi rental, cloud SaaS tools for the accommodation industry, regional revitalization tech, media (email newsletters and web media via Magmag), HR/matching platforms, CVC investment, and CXO community services. The group pursues aggressive M&A to broaden its business portfolio, targeting the position of Japan's No. 1 domestic OTA while expanding into adjacent sectors.

Market Cap
¥31.3B
US$199M
EV
¥27.4B
US$175M
Stock¥1,415▼-2.21%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.1
x
LTM EV/EBIT
6.9
x
LTM PER
13.4
x
LTM PBR
1.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+36.1%pt
1001234
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 17, 26Q3 FY2026/09 earnings announced
2Sep 10, 26Major dividend hike announced (¥10→¥160, 16x) and upward operating profit revision (¥1.5bn→¥3.0bn)
3Sep 11, 26Dividend hike to ¥160 (16x) & operating profit guidance raised ¥1.5bn→¥3.0bn
4Sep 14, 26FY2026 dividend raised to ¥160 (+¥150 YoY); operating profit revised up ¥1.5B→¥3.0B
MC → EV Bridge
31.3BUS$199MMarket Cap6.88BUS$43.9M+ Debt13.2BUS$84.4M− Cash0.12BUS$0.75M− Inv. Sec.2.65BUS$16.9M+ NCI27.4BUS$175MEV
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Performance & Balance
Revenue 5Y (¥B)
17.5US$112M'21/913.5US$86.2M'22/923.2US$148M'23/926.6US$169M'24/928.1US$179M'25/9
EBITDA 5Y (¥B)
4.01US$25.6M'21/92.89US$18.5M'22/93.07US$19.6M'23/93.03US$19.3M'24/93.76US$24.0M'25/9
Net Income 5Y (¥B)
2.37US$15.1M'21/91.90US$12.1M'22/91.49US$9.50M'23/92.01US$12.8M'24/91.78US$11.3M'25/9
Capital Structure
71%
29%
EquityD/E 0.41xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
8.77US$55.9M7.03US$44.8M'21/98.95US$57.1M6.29US$40.1M'22/912.5US$79.4M4.98US$31.7M'23/99.65US$61.5M4.32US$27.6M'24/912.1US$77.2M4.43US$28.3M'25/9
Shareholders
Top 10 hold 51.1%
1
Oishi Co., Ltd.
13.80%
2
Oishi International Co., Ltd.
13.80%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.10%
4
Midas Project Co., Ltd.
4.90%
5
Midas Project Co., Ltd. (IFA Account)
3.70%
6
INTERACTIVE BROKERS LLC
3.00%
7
Takanori OISHI
1.50%
8
Japan Securities Finance Co.,Ltd.
1.20%
9
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)
1.10%
10
Tadao YAMAMOTO
1.00%
Management
8 officers
Hiroaki SHIBATA
Representative Director, President
Mar 2005 Joined Audit Corporation Tohmatsu (currently Deloitte Touche Tohmatsu LLC) Sep 2010 Seconded to Nomura Securities Co., Ltd. (returned 2012) May 2015 Director, CFO of the Company May 2018 Director, Airtrip International Co., Ltd. (absorbed by merger Apr 2024; formerly DeNA Travel Co., Ltd.) Jan 2019 Representative Director, CFO of the Company Jan 2020 Representative Director, President and CFO of the Company (current) Jan 2020 Representative Director, President and CFO, Airtrip International Co., Ltd. (absorbed by merger Apr 2024; formerly DeNA Travel Co., Ltd.) Apr 2020 Representative Director, N's Enterprise Co., Ltd. Jun 2021 Outside Director, Kudan Inc. May 2023 Representative Director, President, Airtrip Premium Club Co., Ltd. (current) Apr 2025 Representative Director, Minato Co., Ltd. (current) In charge of: Hotel Reservation Business Division, Corporate Strategy Headquarters, Administration Headquarters, Chairman and President's Office
1982-08-05
Takeshi MASUDA
Director
Feb 2004 Joined IVT Co., Ltd. (merged into Tabi Capital Co., Ltd. Oct 2011) Oct 2013 General Manager, Travel Sales Department, the Company Oct 2013 Executive Officer, the Company Jan 2019 Director of the Company (current) In charge of: Domestic Air Ticket Sales Headquarters
1978-07-15
Kazuki ISHIHARA
Director
Jan 2013 Joined Yahoo Japan Corporation Jan 2015 Joined Hogan Lovells Foreign Law Joint Enterprise May 2015 Joined Kubota Law Office Jul 2015 General Counsel, Colabit Inc. Apr 2017 Founded Ishihara Sogo Kenkyusho Co., Ltd., Representative Director, President (current) May 2017 Founded Seven Rich Law Office (now FAST Law Office), Representative May 2017 Corporate Auditor, Coconala Inc. May 2017 Secretariat, Sharing Economy Association of Japan Jun 2017 Corporate Auditor, Mirativ Inc. Nov 2018 Outside Director, BIZVAL Inc. Apr 2020 Member, Galaxy Law Corporation Nov 2021 Chairperson, Japan Beauty Freelance Association (current) Dec 2021 Representative Director, LDX Inc. (current) Apr 2022 Director, Japan Association of Zero-Dispensing Pharmacies Jun 2022 Joined Watanabe Sakai Law Office, Foreign Law Joint Enterprise (current) Dec 2023 Director of the Company (current) Oct 2024 Corporate Auditor, Wellbeings Inc. (current) Jan 2025 Outside Director (Audit and Supervisory Committee Member), Birdman Inc.
1985-05-12
Masayasu MORITA
Corporate Auditor
Dec 2006 Representative Director, Hitomedia Inc. Dec 2011 Representative Director, Tranet Inc. Apr 2014 Director, Classi Inc. Dec 2014 Corporate Auditor of the Company (current) May 2015 Representative Director, Hitotoki Incubator Inc. (current) Sep 2015 Director, English Central Inc. (current) Outside Director, Open 8 Inc. Jun 2016 Director, Polyglots Inc. (current) Sep 2017 Corporate Auditor, Magmag Inc. Jan 2019 Director, Albirex Niigata Co., Ltd. (current) Apr 2019 Outside Corporate Auditor, GMO OMAKASE Inc. (current) Jan 2021 Representative Director, Bancroft & Telegraph Inc. (current) Sep 2021 Director, Hitomedia Inc. (current) Oct 2024 Non-Executive Director, Okiden CplusC Co., Ltd. (current) Mar 2025 Corporate Auditor, Open 8 Inc. (current)
1976-01-14
Takanori OISHI
Director
Nov 1995 Founded IVT Co., Ltd., Representative Director, President (merged into the Company Oct 2011) May 2007 Company established Aug 2007 Founded DTS Co., Ltd., Representative Director, President (merged into the Company Oct 2009) Oct 2009 Chairman and Director of the Company (current) May 2018 Director, Airtrip International Co., Ltd. (absorbed by merger Apr 2024; formerly DeNA Travel Co., Ltd.) Jul 2018 Director, Giamso International Tours Pte Ltd. Nov 2018 Representative Director, N's Enterprise Co., Ltd. Dec 2019 Director, Pikapaka Inc. (current)
1972-11-19
Yasuto OMORI
Director
Apr 1981 Joined Ministry of Finance Jul 1997 Director, Market Reform Promotion Office, Securities Bureau Jul 1998 Director-General, Investigation Department I, Tokyo Regional Taxation Bureau Jul 2001 Director, Investigation Office and Legal Affairs Office, Financial Services Agency Jul 2002 Director, Securities Division, Financial Services Agency Jul 2003 Director, Market Division, Financial Services Agency Jul 2007 Director, Planning Division, Financial Services Agency Jul 2009 Deputy Director-General, Secretariat, Securities and Exchange Surveillance Commission Nov 2011 Director-General, Preparation Office, Disaster Recovery Support Organization, Cabinet Office Mar 2012 Deputy Director-General, Reconstruction Agency Jul 2013 Director-General, Secretariat, Securities and Exchange Surveillance Commission, Financial Services Agency Nov 2015 Advisor, Dai-ichi Life Research Institute Jan 2018 Advisor of the Company Jan 2019 Director of the Company (current) Sep 2020 Director, Oukiwave Inc. Nov 2020 Director, Develop Co., Ltd.
1958-07-02
Yasuhiro SAKATA
Full-time Corporate Auditor
Oct 1992 Joined H.I.S. Co., Ltd. Oct 1999 Joined Airlink Co., Ltd. (currently Airtrip Co., Ltd.) Apr 2015 General Manager, Internal Audit Office, Airlink Co., Ltd. Feb 2020 General Manager, Sales Management Department, Administration Headquarters, the Company Oct 2022 Full-time Corporate Auditor, N's Enterprise Co., Ltd. Dec 2023 Full-time Corporate Auditor of the Company (current) Apr 2025 Corporate Auditor, Minato Co., Ltd. (current)
1970-05-28
Yuki SHIMIZU
Corporate Auditor
Jan 2019 Joined Kitahama Law Office, Foreign Law Joint Enterprise Apr 2022 Lecturer (Civil Procedure Law), Ritsumeikan University Apr 2022 Part-time Lecturer, Osaka Jogakuin University Oct 2022 Opened Litt Law Office, Representative Attorney (current) Oct 2023 Representative Director, Litt Inc. Nov 2023 Representative Director, Tomoshibi General Incorporated Association Dec 2023 Full-time Corporate Auditor of the Company (current) Jul 2024 Representative Director, Akari Hosho Co., Ltd. (current)
1995-01-25
Large Shareholding Reports
Midas Project Co., Ltd.
2026-08-24
8.62%→3.85%
Annual report (as of 2026-03-31): 4.90%
Midas Project Co., Ltd. Representative Director Hideki YOSHIMURA
2026-06-02
8.76%→8.62%
Oishi Co., Ltd.
2026-03-30
13.85%
Annual report (as of 2026-03-31): 13.80%
Oishi Capital Co., Ltd.
2026-01-29
28.15%→27.69%
Midas Project Co., Ltd. Representative Director Hideki YOSHIMURA
2025-12-11
8.76%→8.75%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Midas Project Co., Ltd. Representative Director Hideki YOSHIMURA
2025-12-04
8.76%→8.75%
Yoshimura Holdings Co., Ltd. (Representative Director: Hideki YOSHIMURA)
2025-08-05
10.06%→8.76%
Oishi Capital Co., Ltd.
2025-08-05
28.15%
Yoshimura Holdings Co., Ltd. (Representative Director: Hideki YOSHIMURA)
2025-07-29
11.04%→10.07%
Yoshimura Holdings Co., Ltd. (Representative Director: Hideki YOSHIMURA)
2025-07-29
10.07%→10.06%
Disclosures
M&A / Other
2026-08-21
M&A / Other
2026-07-31
Primary Source Filings
EDINET
2026-08-24
Large Shareholding Report
TDnet
2026-08-21
M&A / Other
TDnet
2026-08-14
Q3 Earnings Flash
FY ending Sep 2026
TDnet
2026-07-31
M&A / Other
EDINET
2026-06-02
Large Shareholding Report
EDINET
2026-05-15
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
EDINET
2026-03-30
Large Shareholding Report
TDnet
2026-02-13
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2026-01-29
Large Shareholding Report
EDINET
2025-12-23
Annual Securities Report
Period: Oct 2024 – Sep 2025
EDINETAmended
2025-12-11
Change Report
EDINET
2025-12-04
Large Shareholding Report
TDnet
2025-08-14
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-08-05
Large Shareholding Report
EDINET
2025-08-05
Large Shareholding Report
EDINETAmended
2025-07-29
Change Report
EDINET
2025-07-29
Large Shareholding Report
EDINET
2025-05-15
Semi-Annual Securities Report
Period: Oct 2024 – Sep 2025
EDINETAmended
2025-02-14
Amended Annual Securities Report
Period: Oct 2023 – Sep 2024
TDnet
2025-02-14
Q1 Earnings Flash
FY ending Sep 2025
TDnet
2025-01-07
Full-Year Earnings Flash
FY ending Sep 2024
EDINET
2024-12-26
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINETAmended
2024-02-16
Amended Annual Securities Report
Period: Oct 2018 – Sep 2019
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINETAmended
2024-01-16
Amended Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-12-27
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
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