Apple Park Co., Ltd. (TSE: 164A), a Japanese operator of coin-operated and time-based ("coin parking") car parks, reported non-consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue rose 9.8% year-on-year to ¥5,999 million from ¥5,464 million, while operating profit jumped 22.8% to ¥752 million from ¥612 million. Ordinary profit advanced 19.7% to ¥765 million, and net profit rose 9.1% to ¥501 million from ¥459 million. Basic EPS came in at ¥375.66 versus ¥344.32 the prior year.
Margins expand as parking demand recovers
Top-line growth outpaced the prior year's 7.8% gain, and the heavier flow-through to profit pushed the operating margin up to 12.5% from 11.2%. The faster growth in operating and ordinary profit relative to revenue reflects operating leverage in a fixed-cost parking-lot business, where incremental occupancy and utilization on the existing site network drop largely to the bottom line. Net profit grew more modestly than operating profit, partly because the comparable prior year benefited from a stronger swing in non-operating and tax items.
Returns and balance sheet
Apple Park delivered a strong return on equity of 32.0%, with the ratio of ordinary profit to total assets at 15.1%. Total assets expanded to ¥5,591 million from ¥4,539 million, and net assets rose to ¥1,795 million from ¥1,342 million as retained earnings accumulated. The equity ratio improved to 32.1% from 29.6%, and book value per share rose to ¥1,344.37 from ¥1,006.16. The company had 1,334,000 shares outstanding, unchanged year-on-year.
Cash flow and liquidity
Operating cash flow strengthened to ¥981 million from ¥791 million, comfortably funding the year's expansion. Investing activities used ¥726 million — consistent with continued investment in new parking sites and equipment — while financing activities provided ¥27 million. Period-end cash and equivalents rose to ¥3,004 million from ¥2,080 million, leaving the operator with a healthy liquidity cushion relative to its size.
Dividend lifted to ¥37.48
The board set the annual dividend at ¥37.48 per share, paid entirely as a year-end dividend (¥0.00 interim + ¥37.48 year-end), up from the prior year and implying total dividends of roughly ¥50 million and a payout ratio of about 10.0%. The company is targeting the same ¥37.48 annual dividend for FY3/2027, signaling a stable shareholder-return stance as it continues to reinvest the bulk of its earnings into network growth.
FY27 guidance: continued top-line growth, flat operating profit
For FY3/2027, management guides to revenue of ¥6,477 million (+8.0%), ordinary profit of ¥807 million (+5.5%), and net profit of ¥502 million (+0.2%), implying basic EPS of ¥376.52. Operating profit is guided to ¥752 million (+0.1%) — essentially flat — suggesting the company expects continued revenue gains to be largely offset by higher operating costs as it adds new sites. The outlook points to durable demand for short-term urban parking even as the company digests the cost of expansion.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 5,999 | 5,464 | +9.8% |
| Operating profit (¥ million) | 752 | 612 | +22.8% |
| Ordinary profit (¥ million) | 765 | 639 | +19.7% |
| Net profit (¥ million) | 501 | 459 | +9.1% |
| Basic EPS (¥) | 375.66 | 344.32 | +9.1% |
| Operating margin | 12.5% | 11.2% | +1.3pp |
| ROE | 32.0% | 40.4% | −8.4pp |
| Equity ratio | 32.1% | 29.6% | +2.5pp |
| Annual dividend (¥) | 37.48 | 37.48 | ±0.0% |
| FY27 revenue guidance (¥ million) | 6,477 | — | +8.0% |
| FY27 operating profit guidance (¥ million) | 752 | — | +0.1% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.