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Tokyotokeiba Co., Ltd.
(9672)
Tokyotokeiba Co., Ltd. (9672) vs. iShares MSCI Japan ETF (EWJ)
Tokyotokeiba Co., Ltd. Business Overview & Revenue Model
Tokyotokeiba Co., Ltd. Financial Statement Overview
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.08B | 41.76B | 40.44B | 37.54B | 35.45B | 31.80B |
| Gross Profit | 16.69B | 11.19B | 16.09B | 15.42B | 15.96B | 14.51B |
| EBITDA | 20.95B | 21.67B | 20.27B | 18.92B | 19.06B | 17.06B |
| Net Income | 10.04B | 10.46B | 9.71B | 8.45B | 9.39B | 9.08B |
Balance Sheet | ||||||
| Total Assets | 123.58B | 125.79B | 122.41B | 115.79B | 124.65B | 110.11B |
| Cash, Cash Equivalents and Short-Term Investments | 22.10B | 21.87B | 17.44B | 17.16B | 32.56B | 26.85B |
| Total Debt | 18.37B | 17.47B | 19.17B | 18.79B | 25.04B | 26.02B |
| Total Liabilities | 29.51B | 30.88B | 31.26B | 29.00B | 44.36B | 37.27B |
| Stockholders Equity | 93.91B | 94.76B | 91.03B | 86.72B | 80.29B | 72.85B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 13.65B | 5.66B | -7.08B | 7.82B | 3.45B |
| Operating Cash Flow | 0.00 | 19.90B | 16.10B | 12.80B | 14.68B | 14.37B |
| Investing Cash Flow | 0.00 | -12.82B | -8.63B | -8.73B | -14.84B | -10.82B |
| Financing Cash Flow | 0.00 | -8.70B | -5.36B | -8.28B | -2.76B | 2.20B |
Tokyotokeiba Co., Ltd. Technical Analysis
Tokyotokeiba Co., Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥168.33B | 15.22 | ― | 1.78% | 4.04% | 4.80% | |
72 Outperform | ¥66.11B | 18.04 | ― | 2.88% | 12.39% | 9.81% | |
66 Neutral | ¥22.12B | 16.35 | ― | 0.76% | 20.69% | 17.46% | |
63 Neutral | ¥174.17B | 58.11 | ― | 0.49% | -1.00% | 5.32% | |
63 Neutral | ¥142.98B | 15.19 | ― | 0.30% | 10.26% | 6.31% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | ¥6.32B | 12.99 | ― | 2.41% | <0.01% | 23.81% |
Tokyotokeiba Co., Ltd. Corporate Events
Tokyotokeiba Co., Ltd. announced a planned change in its top leadership, with the Board of Directors tentatively approving the appointment of Takashi Takeichi as the new President and CEO, replacing current President and CEO Mitsuchika Tarao. The transition is part of a new executive management structure set to take effect after the 101st Annual General Meeting of Shareholders on March 26, 2026.
Takeichi, a former Vice Governor of Tokyo and senior official within the Tokyo Metropolitan Government, brings extensive public-sector and organizational leadership experience, including current roles in personnel support and major sports event planning. His appointment signals a strategic move that may strengthen Tokyotokeiba’s relationships with local authorities and enhance its positioning in city-linked events and infrastructure-related initiatives.
The scheduled date for Takeichi to assume office as representative director is March 26, 2026, aligning the leadership shift with the company’s new fiscal and governance cycle. Stakeholders can expect continuity in operations during the transition, while the new management structure could influence the company’s long-term strategic direction and its engagement with regional development and sports-related opportunities.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6300.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. has resolved to increase its year-end dividend for the fiscal year ended December 31, 2025 to 73 yen per share, up 4 yen from its most recent forecast, with the proposal to be submitted at the March 26, 2026 shareholders’ meeting. Supported by strong performance in its public competition business, the company’s total annual dividend will rise to 118 yen per share including the already paid interim dividend of 45 yen, resulting in a consolidated payout ratio of 30.1% in line with its three-year dividend policy.
The company reiterates its policy for the 2023–2025 period of securing a stable management base while targeting a payout ratio of around 30% and ensuring at least 90 yen per share in annual dividends. By delivering higher ordinary dividends year-on-year without relying on commemorative payouts, Tokyotokeiba underscores its commitment to predictable shareholder returns and signals confidence in the sustainability of earnings from its core operations.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6300.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. reported solid earnings for the fiscal year ended December 31, 2025, with net sales rising 3.3% to ¥41.76 billion and profit attributable to owners of parent up 7.8% to ¥10.46 billion. Profitability indicators improved, as operating profit climbed 10.7% and the equity ratio edged up to 75.3%, supported by strong cash flows from operating activities.
The board raised the annual dividend for 2025 to ¥118 per share and forecasts a further increase to ¥146 per share in 2026, signaling confidence in stable cash generation and shareholder returns. For 2026, the company projects modest top-line growth of about 2% and a roughly 3% rise in profit attributable to owners, suggesting a strategy centered on steady expansion and disciplined capital allocation rather than aggressive growth.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6300.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. has completed the cancellation of 680,000 shares of its own common stock, effective January 30, 2026, pursuant to Article 178 of the Companies Act, following a resolution by its board of directors in December 2025. As a result of this move, the company’s total number of issued shares has been reduced to 28,084,854, a capital policy action that typically aims to enhance capital efficiency and may be seen as shareholder-friendly by increasing the relative ownership stake of remaining shareholders.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6300.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba has revised its dividend policy for the five-year period covered by its Medium-Term Management Plan 2030, running from the fiscal year ending December 31, 2026 through 2030, to enhance shareholder returns in line with its focus on maximizing shareholder value. The company will lift its standard consolidated payout ratio from 30% to 35% and adopt an annual dividend guideline of ¥137 per share, up from a previous lower limit of ¥90, while retaining its practice of paying interim and year-end dividends and reserving the flexibility to adjust payouts in years when profits fluctuate significantly due to external factors, signaling a more shareholder-friendly capital allocation stance without compromising its commitment to stable, long-term operations.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba has unveiled a five-year medium-term management plan, dubbed “Future-Oriented Space Creation Project: the 1st Furlong – Medium-Term Management Plan 2030,” to lay the groundwork for its 2035 long-term vision of becoming a leading creator of entertainment-centric community spaces. The plan prioritizes upgrading Oi Horse Racing through a new training center, enhancements to its SPAT4 system, and new fan information services, while simultaneously developing a world-class urban “entertainment racecourse” and transforming the Oi bay area into a landmark tourism hub; financially, the company is targeting FY2030 net sales of at least ¥48 billion and operating profit of at least ¥19 billion, average ROE of 10% or higher, disciplined leverage and an A credit rating, approximately ¥75 billion of strategic investment funded by about ¥90 billion in operating cash flow, and a standard dividend payout ratio of 35%, all underpinned by a revamped human capital strategy and ESG initiatives focused on place, planet, and people.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. has completed a share buyback program authorized by its board on December 19, 2025, repurchasing 653,400 common shares for approximately 3.85 billion yen through the Tokyo Stock Exchange’s off-auction ToSTNeT-3 system on December 22, 2025. The initiative, undertaken to enable a more flexible capital policy and improve capital efficiency, nearly reached the board-approved ceiling of 680,000 shares and 4.1 billion yen, signaling an active stance on capital management and potential support for shareholder returns and the company’s market valuation.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. has approved a share buyback and subsequent cancellation of treasury shares as part of its capital policy aimed at improving capital efficiency and enhancing shareholder value. The company plans to repurchase up to 680,000 common shares, or about 2.55% of its outstanding shares excluding treasury stock, for a maximum of ¥4.1 billion via the Tokyo Stock Exchange’s ToSTNeT-3 off-auction trading system at the December 19, 2025 closing price of ¥5,890, with the transaction scheduled for December 22, 2025 and the repurchased shares to be cancelled on January 30, 2026. This move reduces the share count and is intended to strengthen shareholder returns, though the company notes that market conditions could limit the full execution of the planned buyback.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. has approved the acquisition of approximately 810,000 square meters of land in Ichihara City, Chiba Prefecture, to build a new training center and relocate stables as part of its broader redevelopment of the Oi Racecourse. The land, to be purchased at a fair, objectively valued price and funded through a mix of internal funds and borrowings, underpins the company’s strategy to develop stronger racehorses and further promote Oi Horse Racing, with management emphasizing that the financial impact on the current fiscal year will be minimal, as most related capital expenditures will occur in future periods.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
TOKYOTOKEIBA has unveiled a five-year medium-term management plan, “Future-Oriented Space Creation Project: the 1st Furlong – Medium-Term Management Plan 2030,” covering fiscal years 2026–2030 as the first phase toward its 2035 long-term vision. The plan centers on upgrading Oi Horse Racing as a model for public competitions through a new training center, SPAT4 system enhancements, and new fan information services, while simultaneously developing a world-class urban “entertainment racecourse” and an attractive bay-area landmark community around the Oi Racecourse. Financially, the company targets FY2030 net sales of at least ¥48 billion and operating profit of at least ¥19 billion, implying roughly 3% and 5% average annual growth, alongside a five-year average ROE of 10% or higher, controlled leverage, and a standard dividend payout ratio of 35%. Backed by an expected ¥90 billion in operating cash flow, TOKYOTOKEIBA plans approximately ¥75 billion of strategic investment focused on entertainment-racecourse and racing-related projects, while maintaining financial discipline and enhancing shareholder returns. The company is also rolling out a new personnel system and organizational structure to strengthen human capital, and advancing ESG initiatives under the themes of PLACE, PLANET, and PEOPLE, aiming to balance sustainable societal contributions with the group’s growth.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.
Tokyotokeiba Co., Ltd. announced that outside director and independent officer Koji Sato passed away on December 14, 2025, resulting in his retirement from the board as of that date, and the company expressed gratitude for his contributions. The company emphasized that, despite this change, the number of directors continues to satisfy legal and Articles of Incorporation requirements, indicating that governance and board structure remain compliant and operationally unaffected for stakeholders.
The most recent analyst rating on (JP:9672) stock is a Buy with a Yen6334.00 price target. To see the full list of analyst forecasts on Tokyotokeiba Co., Ltd. stock, see the JP:9672 Stock Forecast page.