Oriental Land Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = ¥5.03t | Revenue (TTM) = ¥721.52b
Market Cap = ¥5.03t | Estimated Revenue = ¥756.48b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = ¥4.79t | Revenue (TTM) = ¥721.52b
Enterprise Value = ¥4.79t | Forward Revenue = ¥756.48b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Oriental Land Stock Analysis
Analyst Opinions
20 Analysts have issued a Oriental Land forecast:
Analyst Opinions
20 Analysts have issued a Oriental Land forecast:
Oriental Land Events
Past Events
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JUL
30
Q1 2027 Earnings Call
about 2 months ago
|
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APR
28
Q4 2026 Earnings Call
5 months ago
|
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JAN
29
Q3 2026 Earnings Call
8 months ago
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OCT
30
Q2 2026 Earnings Call
11 months ago
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StocksGuide Free
Oriental Land — Q1 2027 Earnings Call
1. Management Discussion
Hello, everyone. This is Tomoyuki Shimoda. Thank you very much for taking time out of your busy schedules to attend our company's financial presentation today.
Prior to today's financial results briefing, we would like to express our deepest sympathies to all those affected by the Reiwa 8 Kumamoto Earthquake and their families. We sincerely pray for everyone's safety and for the swift recovery and reconstruction of the affected areas.
While we have not confirmed any significant impact on our company at this time, we will continue to closely monitor the situation and take necessary measures. Furthermore, for guests who are unable to visit our parks or reschedule their visits due to the impact of this earthquake, we will provide refunds for park tickets and take other necessary measures taking into account the situation and the needs of the affected areas.
I will now explain the financial results for the first quarter of the fiscal year ending March 2027 and our outlook for the future.
First, I will explain the financial results overview. Please turn to Page 4. As you can see, here are the financial results for the first quarter. Due to the strong performance of the Tokyo DisneySea 25th anniversary events and other factors, consolidated operating cash flow, net sales and operating profit all reached record highs this quarter.
Going forward, we will continue to prioritize allocating cash to growth investments and take steady steps to enhance corporate value, including shareholder returns. In our Cruise business as well, preparations for the launch in fiscal year 2028 are in full swing, and we are making steady progress. Through growth investments, we will create unprecedented new experiences and accelerate growth of the company.
Please turn to Page 5. The results for this quarter are as shown here. Compared to the same period of the previous fiscal year, we saw an increase in both net sales and profits, driven by factors such as higher attendance and higher net sales per guest.
Please turn to Page 6. I will now explain the results by segment and the factors behind the changes. Net sales for the Theme Parks segment increased by JPY 16.1 billion to JPY 147.4 billion. Attendance increased due to factors such as the Tokyo DisneySea 25th anniversary events. Net sales per guest reached a record high across all revenue categories. Attractions and Shows revenue increased slightly, mainly due to a rise in revenue from Disney Premier Access.
Merchandise revenue increased due to factors such as higher sales of merchandise related to Tokyo DisneySea 25th anniversary. Food and Beverages revenue increased primarily driven by strong sales of menu items and food souvenirs related to Tokyo DisneySea 25th anniversary. As a reference, we will explain the trends in attendance and net sales per guest compared to the same period of the previous fiscal year.
Attendance for the 3 months of this quarter was approximately 7% higher. By month, attendance was up approximately 4% in April, approximately 13% in May and approximately 3% in June. Net sales per guest were up approximately 5% for the first 3-month quarter.
Please refer to Page 7. Operating profit for the Theme Parks segment increased by JPY 8.5 billion to JPY 37.8 billion. The merchandise and food beverages cost ratio decreased overall as the Food and Beverages cost ratio declined due to price adjustments and changes in the sales mix. Personnel expenses increased due to an increase in headcount and compensation revisions.
Miscellaneous costs increased due to higher costs related to the Tokyo DisneySea 25th anniversary events and costs related to entertainment.
Please refer to Page 8. In the Hotel Business segment, driven by factors such as an increase in average room rates, net sales rose by JPY 0.7 billion to JPY 29.2 billion, reaching a record high. The occupancy rate at Disney Hotels for this quarter was 95.2%, up 1.2 percentage points and the average room rate was JPY 67,036, up JPY 502. Although miscellaneous costs climbed due to decoration costs for the Tokyo DisneySea 25th anniversary events, et cetera, operating profit reached a record high of JPY 9.2 billion, driven by factors such as an increase in net sales.
Please turn to Page 9. Net sales for the Other business segment increased primarily due to growth in the Ikspiari business, offsetting the impact of business restructuring. Operating profit rose by JPY 0.3 billion to JPY 0.5 billion, owing to a decrease in miscellaneous costs and other factors.
Please turn to Page 10. Driven by an increase in net sales for guests and a rise in attendance, both net sales and operating profit exceeded our initial forecast. Attendance outperformed our forecast, driven by the Tokyo DisneySea 25th anniversary events. Net sales per guest were higher than expected in total. This was attributable to higher-than-projected revenues from merchandise and Food Beverages owing to the strong performance of products, menu items and food souvenirs related to Tokyo DisneySea 25th anniversary.
For your reference, I will explain the trends in attendance and net sales per guest compared to our initial forecast. Attendance for the 3-month period under review outperformed our forecast by approximately 3%. On a monthly basis, attendance was roughly on par with the forecast in April, about 5% higher in May and about 4% higher in June. Net sales per guest also outperformed the initial forecast by approximately 4%.
Costs in the Theme Parks segment decreased due to factors such as the deferral of miscellaneous costs to the second quarter and after as well and the lower-than-expected merchandise and food beverages cost ratio. As a result, operating profit exceeded our forecast.
Please turn to Page 11. Next, I will explain our earnings outlook for the first half and the full fiscal year. Please turn to Page 12. Although net sales and operating profit for this quarter exceeded our forecast, driven by the strong performance of the Tokyo DisneySea 25th anniversary events, among other factors, we are maintaining our financial forecasts for the first half and the full fiscal year at this time, taking into account factors such as weather risks.
In addition to the Tokyo DisneySea 25th anniversary events, summer cool-off at Tokyo Disney Resort began on July 2 and has been well received by guests. Moving forward into the second quarter and beyond, we will continue to strive to improve our business performance by steadily implementing our initiatives.
Please refer to Page 13. Although we expect a temporary decline in profits for the current fiscal year due to factors such as the implementation of a large-scale guest room renovation work at some Disney hotels beginning in the second quarter, we will continue to aim to contribute to our financial performance by implementing various initiatives. For example, regarding park tickets, in addition to adjusting the price tier composition, we have decided to introduce higher-priced tickets.
We also plan to expand the scope of facilities covered by Disney Premier Access and revise its pricing. As part of our future initiatives regarding cost control, we will fundamentally review our budget management system and prioritize costs to ensure a strategic allocation of resources. In addition, by formulating budgets that reflect current conditions, we will work to establish a system that enables us to execute plans as scheduled.
We will continue to explore ways to control costs so that we can provide an update on our progress going forward. To support our future growth, we will implement various initiatives to improve profitability, thereby generating cash to source growth investments. Our vision for Theme Parks is the pinnacle of happiness creation that exceeds people's imagination.
Moving forward, we will continue to meet the diverse needs of our guests and work to further enhance our existing services, thereby creating unique and unparalleled value. That concludes my remarks. Thank you very much.
Oriental Land — Q4 2026 Earnings Call
1. Management Discussion
Hello, everyone. This is Tomoyuki Shimoda. Thank you very much for taking time out of your busy schedules to attend our company's financial presentation today. We sincerely appreciate your time.
First, I will explain the financial results overview. Please turn to Page 4. The cumulative results for the fiscal year ended March 2026 are as shown here. Compared to the previous fiscal year, net sales increased to a record high due to factors such as higher net sales per guest. However, operating profit decreased due to increases in various costs. Meanwhile, both net sales and operating profit exceeded the initial forecast, primarily due to an increase in net sales per guest. In addition, based on our full year results, we have increased the annual dividend for the fiscal year ended March 2026 by JPY 1 from the initial forecast, setting it at JPY 15 per share.
Please turn to Page 5. I will now explain the results by segment and the factors behind the changes. Compared to the previous fiscal year, net sales for the Theme Park segment increased by JPY 16.2 billion to JPY 568.3 billion. Attendance was roughly the same as in the previous fiscal year. While the rush of demand prior to the closure of Space Mountain contributed to the previous fiscal year's results, the fiscal year under review saw strong performance from special events and full year operation of Fantasy Springs.
As a reference, I will explain the trend in attendance in the fourth quarter compared to the same period of the previous fiscal year. For the 3-month period of this quarter, the attendance numbers were approximately 1% lower. By month, January was approximately 5% lower. February and March were largely similar. Net sales per guest reached a record high of JPY 18,403, driven by factors such as increased revenue from attractions and shows.
Attractions and shows revenue increased mainly due to a rise in Disney Premier Access sales and an increase in the proportion of higher-priced tickets due to variable pricing. Merchandise revenue increased primarily due to a rise in Duffy and Friends 20th anniversary merchandise and products related to special events. Food and Beverages revenue increased due to the reopening of restaurants that were closed during the previous fiscal year, among other factors.
Please turn to Page 6. Operating profit for the Theme Park segment decreased by JPY 9.9 billion to JPY 130.4 billion, primarily due to increases in personnel expenses and miscellaneous costs, although net sales increased. While the food and beverages cost ratio increased due to factors such as higher manufacturing labor cost percentages, the merchandise cost ratio decreased due to improved material yield resulting from changes in the sales mix, resulting in the overall merchandise and food beverages cost ratio to decrease.
Personnel expenses increased due to differences in the recognition of performance bonuses and lump sum payments between fiscal years ended March 2025 and March 2026 as well as an upward revision of employee salaries and wages and an increase in headcount.
Miscellaneous costs increased due to higher maintenance costs for Fantasy Springs and an increase in IT-related expenses resulting from the replacement of IT equipment. Please refer to Page 7. In the Hotel Business segment, thanks to an increase in accommodation revenue driven by higher average charges per room and the full year operation of the Tokyo DisneySea Fantasy Springs Hotel, net sales increased by JPY 8.5 billion to JPY 119 billion, reaching a record high.
The room occupancy rate for Disney Hotels during the fiscal year under review decreased by 1 percentage point to 94.7% due to a decline in reservations made through Tokyo Disney Resort vacation packages, while the average room rate increased by JPY 4,705 to JPY 69,591. Although personnel expenses and depreciation and amortization expenses rose, operating profit increased by JPY 6.3 billion to JPY 36.8 billion, also reaching a record high driven by higher net sales and other factors. Please refer to Page 8. Net sales for the Other Business segment increased by JPY 0.3 billion to JPY 17.1 billion, driven by growth in the Ikspiari business and others.
Operating profit decreased by JPY 0.1 billion to JPY 0.4 billion, mainly owing to higher personnel expenses and miscellaneous costs. Please turn to Page 9. I will explain the comparison with the initial forecast. Although attendance fell short of our expectations mainly in the fourth quarter, this was offset by factors such as a higher-than-expected net sales per guest, resulting in net sales and operating profits exceeding the initial forecast.
As a reference, I will explain the trend in attendance compared to the full year forecast of 28 million. For the 3-month period of this quarter, the attendance numbers were approximately 5% lower. By month, January was approximately 5% lower, February was approximately 5% lower and March was approximately 6% lower. That concludes my remarks. Thank you very much.
Hello, everyone. This is Wataru Takahashi. I will explain our earnings forecast for the fiscal year ending March 31, 2027. Please note that as there are currently many uncertainties regarding the impact of geopolitical risks on our various business segments, we have not factored these into our full year earnings forecast. We will continue monitoring the situation closely and provide updates as necessary.
Please turn to Page 11. First, I would like to explain our premises for the full fiscal year ending March 2027. As a result of factoring large-scale renovations at Disney Hotels and other factors, we expect a temporary decline in profits for the fiscal year ending March 2027. However, we aim to enhance our business performance by implementing various initiatives.
In addition to hosting the Tokyo DisneySea 25th anniversary event, we will consider expanding the range of facilities applicable for Disney Premier Access and reviewing appropriate pricing and we'll prepare to introduce a service that allows guests to purchase Disney Premier Access before their visit. Furthermore, regarding park tickets, we are actively considering a price revision during the fiscal year. Since we are prepared to pass on value to pricing, we will also consider raising the price ceiling.
Please turn to Page 12. The earnings forecast for the fiscal year ending March 2027 is as shown. Although we anticipate increased net sales for the fiscal year due to factors such as higher attendance and increased net sales per guest, we expect a year-on-year decline in profits due to room renovation work in the hotel business and increases in various costs.
Please refer to Page 13. I will explain the factors contributing to the changes by segment. Net sales for the Theme Park business are expected to increase by JPY 23.8 billion to JPY 592.2 billion. Attendance is projected to reach 28 million, an increase of 470,000, driven by the Tokyo DisneySea 25th anniversary events and a rise in the number of overseas guests. Although the external environment remains uncertain due to factors such as the deteriorating situation in the Middle East and the impact of Japan-China relations, we expect the number of overseas guests to increase as a result of a rise in the number of foreign visitors to Japan and the strengthening of promotional activities.
Please refer to Page 14. Net sales per guest are expected to increase by JPY 309 to JPY 18,712. Revenue from attractions and shows is expected to increase due to a larger proportion of higher-priced tickets resulting from variable pricing and growth driven by Disney Premier Access. Merchandise revenue is expected to decrease primarily due to a decline in regular merchandise sales and the discontinuation of Duffy and Friends 20th anniversary merchandise, which will offset the anticipated increase in sales of Tokyo DisneySea 25th anniversary merchandise. Food and Beverages revenue is expected to remain largely unchanged.
Please refer to Page 15. Operating profit for the Theme Parks segment is expected to decrease by JPY 1.7 billion to JPY 128.7 billion. The merchandise and food beverages cost ratio is expected to increase, raising costs by approximately JPY 1.5 billion. This is primarily due to higher costs resulting from foreign exchange rate fluctuations.
Personnel expenses are expected to increase by approximately JPY 2.5 billion due to factors such as compensation revisions and an increase in the number of full-time employees, offsetting the decrease resulting from the recognition of performance bonuses in the previous fiscal year.
Miscellaneous costs are expected to increase by approximately JPY 16.5 billion, primarily due to higher maintenance costs and increased expenses related to Tokyo DisneySea 25th anniversary events. Please refer to Page 16. I will now explain our miscellaneous costs. We anticipate an increase of approximately JPY 16.5 billion in miscellaneous costs and the breakdown of this increase is as shown here. The increase of approximately JPY 4 billion is due to costs driven by the external environment. We expect these costs to continue rising. The increase of approximately JPY 3.5 billion represents costs for medium- to long-term growth. We believe we can control approximately JPY 1 billion in one-time costs for the fiscal year ending March 2027 as well as approximately JPY 8 billion in the base costs.
Regarding cost control, we will fundamentally overhaul our budget management system and reduce unnecessary costs by appropriately allocating resources to essential expenses. We aim to improve the accuracy of our budgets and establish a system that enables us to execute plans as intended. Moving forward, we will aim for cost optimization through fundamental cost control over the medium to long term, minimize the extent of increase and achieve the financial targets set forth in the 2035 long-term management strategy.
Please turn to Page 17. Net sales for the Hotel Business segment are expected to decrease by JPY 3.2 billion to JPY 115.7 billion due to guest-room renovation work. Operating profit is expected to decrease by JPY 6.1 billion to JPY 30.7 billion due to factors such as increased costs associated with guest room renovations.
Please turn to Page 18. In the Other Business segment, net sales are expected to decrease by JPY 0.8 billion to JPY 16.3 billion, while operating profit is expected to increase by JPY 300 million to JPY 800 million. Please refer to Page 19. I would like to explain our dividend policy. Based on our full year results, we have set the annual dividend for the fiscal year ended March 2026 at JPY 15 per share, an increase of JPY 1 from the initial forecast announced at the beginning of the fiscal year. As announced in our 2035 long-term management strategy, we will continue to maintain stable dividends while prioritizing the allocation of resources to growth investments, and we will steadily increase the dividend payout ratio to a 30% level by 2035.
For the fiscal year ending March 2027, we forecast a dividend of JPY 16 per share, an increase of JPY 1 from the previous fiscal year. Please refer to Page 20. Next, I will explain the implementation of a special shareholder benefit. Please turn to Page 21. This year marks the 30th anniversary of our group's listing. To express our gratitude to our shareholders, we have decided to offer a special shareholder benefit. We will distribute 1-Day Passport to all shareholders holding 100 or more shares as of September 30, 2026.
As announced in our 2035 long-term management strategy, we will continue to strengthen shareholder returns through measures such as increasing the dividend payout ratio, repurchasing treasury stock and expanding shareholder benefits. We ask our shareholders and investors to continue supporting our group's growth over the medium to long term, and we appreciate your continued guidance and encouragement.
Please refer to Page 22. Next, I will explain the outlook for the future. Please turn to Page 23. The outline of the 2035 long-term management strategy announced in April 2025 is shown here. In the first year of the 2035 long-term management strategy, we steadily implemented initiatives aimed at achieving our goals. For example, regarding growth investments, we steadily advanced the development of new attractions. In the Cruise business, we resolved to establish a subsidiary, Oriental Land Cruise Company Limited, with the aim of accelerating commercialization and achieving specialized management and operation of cruise ships. We will consistently implement initiatives aimed at overall growth of the company.
Please turn to Page 24. There are no changes to the goals set forth in the 2035 long-term management strategy. We will continue to maintain our steady pace of growth investments and strive to achieve the goals of the 2035 long-term management strategy. In addition to our Theme Park segment, Disney Cruise Line Japan is scheduled to launch in fiscal year 2028 and begin year-round operations in fiscal year 2029. We will continue to strive to create happiness for our guests by further enhancing the appeal of Tokyo Disney Resort and offering family entertainment cruises.
Please turn to Page 25. In closing, I would like to once again share my sincere thoughts with you. This year marks a major milestone, the Tokyo DisneySea 25th anniversary. Over the course of a quarter century, Tokyo DisneySea has taken on many challenges, creating new and memorable experiences each time. Despite changes in the external environment, the value we aim to deliver remains unchanged, and we are steadily moving forward with discussions towards our next leap forward.
Our mission is to provide a place where guests can truly enjoy themselves. For children, we want to provide a world where they can go on adventures, let their imaginations run wild and dream big. And for adults, we want to offer a world where they can forget their daily worries and fully immerse themselves in an extraordinary experience, not only at Tokyo Disney Resort, but also in our Cruise business. We will continue to deliver experiences that far exceed our guests' expectations. Please look forward to the future of our group. That concludes my remarks. Thank you very much.
Oriental Land — Q3 2026 Earnings Call
1. Management Discussion
Hello, everyone. This is Shimoda. Thank you very much for taking time out of your busy schedules to attend our company financial presentation today. We sincerely appreciate your time.
First, I will explain the financial results summary. Please turn to Page 4 of the materials in front of you. Trends in net sales, operating profit and operating cash flow for the third quarter are as shown with this quarter achieving record highs. We leverage special events such as Christmas, along with Fantasy Springs to achieve high net sales per guest.
Please turn to Page 5. The results for the first 9 months are as shown: Compared to the same period of the previous fiscal year, net sales and profits increased due to factors such as higher net sales per guest and growth in the hotel business segment.
Please turn to Page 6. I will explain the results by segment and the factors contributing to the increase or decrease. Net sales for the Theme Park segment increased by JPY 16.9 billion to JPY 427.9 billion. Attendance was nearly the same as the same period of the previous fiscal year. Although the same period of fiscal year 3/'25 benefited from pre-closure demand for Space Mountain, et cetera, this period saw strong performances of Fantasy Springs and special events. As a reference, I will explain the trend in attendance compared to the same period of the previous fiscal year.
For the 3-month period of this quarter, the attendance numbers were largely similar. By month, October was approximately 4% lower, November was approximately 1% higher and December was approximately 3% higher. Net sales per guest reached record highs across all revenue categories. Attractions and shows revenue rose, driven by increases in Disney Premier Access and sales of higher-priced tickets due to variable pricing.
Merchandise revenue grew due to increases of products related to Duffy and Friends 20th anniversary and special events. Food and Beverages revenue increased due to the reopening of restaurants closed during the same period of the previous fiscal year.
Please refer to Page 7. Operating profit for the Theme Parks segment increased by JPY 0.3 billion to JPY 109.9 billion. Regarding the Merchandise and Food/Beverages cost ratio, the Food/Beverages cost ratio increased due to factors such as higher manufacturing expense ratios associated with the reopening of the central kitchen. However, the merchandise cost ratio decreased primarily due to improved material yield resulting from changes in the sales mix. Overall, the cost ratio decreased.
Personnel expenses increased due to factors such as a rise in compensation and an increase in the headcount. Miscellaneous costs increased due to higher maintenance costs at Fantasy Springs and increased IT-related expenses resulting from the replacement of IT equipment. Depreciation and amortization expenses increased due to the full year operation of Fantasy Springs and other factors.
Please refer to Page 8. The Hotel business segment saw net sales increase by JPY 7.8 billion to JPY 89.5 billion, driven by factors including higher room rates and the full year operation of Tokyo DisneySea Fantasy Springs Hotel. For the first 9 months, the occupancy rate at Disney Hotels decreased by 1.4 percentage points to 94% due to a decline in reservations made through vacation packages. The average charge per room increased by JPY 5,727 to JPY 69,839. Operating profit increased by JPY 6.2 billion to JPY 29.8 billion, driven by factors including higher net sales.
Please turn to Page 9. The other business segment saw net sales increase by JPY 0.2 billion to JPY 12.7 billion, driven primarily by the Ikspiari business, while operating profit decreased by JPY 0.1 billion to JPY 1.1 billion.
Please refer to Page 10. Both net sales and operating profit exceeded our earnings forecast due to factors such as higher-than-expected net sales per guest and lower-than-expected miscellaneous costs. Although attendance was negatively impacted by the absence of a surge in demand for Space Mountain, et cetera, ahead of their closure seen during the same period of the previous fiscal year, it remained largely comparable to our projection, thanks to the strong performance of Fantasy Springs and special events.
As a reference, we will explain the trend in attendance figures compared to the earnings forecast. For the 3-month period of this quarter, attendance was largely comparable. Month by month, October was about 1% lower. November was about 2% lower and December was about 2% higher. Net sales per guest exceeded the forecast overall, driven by higher-than-expected merchandise revenue from strong demand for regular products and higher-than-expected food and beverages revenue, supported by an increase in the proportion of high-priced restaurants used. Operating profit surpassed our forecast, driven by lower-than-expected miscellaneous costs and higher-than-expected net sales.
Please turn to Page 11. Next, I will explain the outlook for fiscal year ending March 2026. Please turn to Page 12. Although operating profit for the first 9 months exceeded our projection, we are maintaining our earnings forecast for fiscal year 3/'26 at this time, considering factors such as timing differences in cost recognition and weather risks. Minnie's Funderland at Disney Pal-Palooza and the new entertainment show Dance the Globe at Tokyo DisneySea began on January 14 and have been well received by guests.
Through the steady implementation of initiatives and ongoing cost control, we will continue striving to improve our business performance.
Please see Page 13. Next, I will explain the future outlook. Please turn to Page 14. While the fiscal year 2026 budget is currently under review, we intend to formulate it with full consideration of the operational environment at Tokyo Disney Resort for the next fiscal year. Therefore, we will share factors currently visible that could impact performance.
First is the Tokyo DisneySea 25th anniversary event, which will be held year-round starting in April 2026. We will offer entertainment programs and special content to enhance the guest experience. Additionally, we will carry out renovation work on guest rooms at some Disney hotels. For example, Tokyo DisneySea Hotel MiraCosta will undergo its first major renovation in 10 years. With the goal of maintaining a high level of experience value going forward, we will continue to improve the environment for the future.
Furthermore, while we anticipate a continued cost increase trend due to rising prices and ongoing investments in human capital, we will strive to limit the increase through enhanced cost control.
Please turn to Page 15. The new attraction set in the world of Wreck-It Ralph is now scheduled to open in spring 2027. In the same year, with the opening of the new Space Mountain attraction and the complete redesign of the surrounding area, the entire Tomorrowland area at Tokyo Disneyland will offer a whole new experience. Please stay tuned.
Please turn to Page 16. We have consistently explored various options to meet diverse needs. While we cannot share details at this time, we're exploring various directions, including ticket pricing strategies and enhancements to the Disney Premier Access service, and we are steadily making progress. Regarding our pricing philosophy, continuously enhancing experience value is paramount. The value we provide is a unique experience and lifelong memories. And based on our guest price sensitivity surveys, we believe there is room to raise prices. Our commitment to reflecting value in pricing remains unchanged. We will continue to actively pursue this approach. We will aim for flexible pricing over the medium to long term, refining our methods and timing.
Regarding Disney Premier Access, while considering expanding eligible facilities and determining appropriate pricing, we plan to implement a service that allows purchases prior to a park visit in 2027. Guests will be able to enjoy our parks in a more planned manner. We kindly ask for your patience until its introduction. Moving forward, we will continue to build on our attractive parks, prioritizing various initiatives, expanding guest options to create parks that cater to diverse guest needs. That concludes my remarks. Thank you.
Oriental Land — Q3 2026 Earnings Call
Oriental Land — Q2 2026 Earnings Call
1. Management Discussion
Hello, everyone. This is Shimoda. Thank you very much for taking time out of your busy schedules to attend our company financial presentation today. We sincerely appreciate your time. First, I will explain the financial results summary. Please turn to Page 4 of the materials in front of you. I will now explain the financial results summary for the second quarter of the fiscal year ending March 2026. In the first half of the fiscal year, driven by strong performance at Fantasy Springs and special events, consolidated net sales, operating profit and operating cash flow all exceeded both the previous year's figures and our performance forecasts.
Consolidated net sales and operating cash flow reached record highs, and we recognize that we have achieved strong results even under challenging conditions such as severe heat. We will explain the situation compared to the previous year and compared to the earnings forecast, along with the factors contributing to the increase or decrease.
Please refer to Page 5. First, I will explain the year-on-year comparison for the first half year results. As shown here, net sales and operating profit increased year-on-year due to factors such as an increase in net sales per guest and higher hotel revenue.
Please take a look at Page 6. I will explain the results by segment and the factors contributing to the increase or decrease. Net sales for the Theme Park segment increased by JPY 12.9 billion to JPY 251.7 billion. Attendance figures were on a par with the same period of the previous fiscal year. This was due to the strong performance of Fantasy Springs and special events in the first half of the current fiscal year, which offset a decrease due to the absence of a surge in demand for Space Mountain ahead of its closure seen in the same period of the previous fiscal year.
As a reference, I will explain the trend in attendance compared to the same period last year. Over the 3-month period, it was approximately 1% higher. Month by month, July was approximately 9% lower, August was approximately 15% higher. September was approximately 2% lower.
Please refer to Page 7. Following last year's severe heat, we have made extensive preparations this season to stimulate summer demand. Our strategy focused on narrowing our target guests, introducing content and initiatives that resonate with them and establishing guest-friendly systems while promoting the park's appeal. This led to the launch of the special event Summer Cool-off at Tokyo Disney Resort. As a result, particularly during the summer vacation period, summer cool-off at Tokyo Disney Resort helped motivate guests to visit the parks.
Given the high level of interest among the target demographics in experiencing the events, we believe it effectively generated buzz and demand, boosting overall attendance. In addition, the number of guests to the park was raised as a result of the release of more nighttime ticket options and the number of slots available for sale while promoting the rich park experience in the evenings and beyond.
Please refer to Page 8. We are actively implementing various measures to enhance comfort. As you can see, we have installed tops, get soaked zones and cooling blowers. In the next fiscal year and beyond, we will continue to enhance the value of the summer theme park experiences and actively promote effective measures to attract guests in order to create special park experiences that can only be experienced in summer.
Please refer to Page 9. Net sales per guest reached a record high as each revenue category increased. Attractions and shows revenue increased due to higher revenue from Disney Premier Access and a rise in the sales of higher-priced tickets due to variable pricing. Merchandise revenue increased due to factors such as a rise in sales of products related to Goffy & Friends' 20th anniversary, which offset the decrease due to the settling of initial demand for products related to Fantasy Springs.
Food and Beverages revenue increased due to the full fiscal year operation of restaurants within Fantasy Springs and the reopening of restaurants that were closed during the same period last year.
Please see Page 10. Operating profit of the Theme Parks segment decreased by JPY 0.2 billion to JPY 49.7 billion. The merchandise and food beverages cost ratio decreased overall. Although the food and beverages cost ratio increased due to a rise in the manufacturing expense ratio, the merchandise cost ratio decreased because the sales price adjustments implemented in the same period of the previous fiscal year were not carried out in the current year.
Personnel expenses increased due to factors such as a rise in compensation and an increase in headcount. Miscellaneous costs increased due to factors such as higher IT-related expenses from replacing IT equipment and increased maintenance costs from investment transfer costs. Depreciation and amortization expenses increased due to the full fiscal year operation of Fantasy Springs and other factors.
Please see Page 11. The Hotel Business segment saw net sales increase by JPY 5.8 billion to JPY 56.1 billion, driven by higher accommodation revenue from Tokyo Disney Fantasy Springs Hotel and increased room rates. For the first half of the fiscal year, the occupancy rate at Disney Hotels decreased by 1 percentage point to 92.3% due to a decline in reservations made through vacation packages, while the average charge per room increased by JPY 5,350 to JPY 66,806. Operating profit increased by JPY 5.1 billion to JPY 17.5 billion, driven by factors, including higher net sales.
Please see Page 12. The net sales of the Other Business segment were JPY 8.2 billion, driven by growth in the expiry business and other factors. Operating profit increased by JPY 0.1 billion to JPY 0.6 billion due to higher net sales and reduced miscellaneous costs.
Please refer to Page 13. Next, I will compare the first half year results with our forecast. The comparison with the earnings forecast is as shown. Net sales were largely as projected. Operating profit exceeded the forecast due to factors such as lower-than-expected miscellaneous costs. I will explain the results by segment and the factors contributing to the changes.
Please turn to Page 14. Net sales for the Theme Park segment exceeded projections by JPY 0.9 billion. Attendance remained largely as projected, mainly due to the strong performance of Fantasy Springs and special events in the first half of the current year, despite the negative impact of the absence of a surge in demand for Space Mountain ahead of its closure seen in fiscal year 3/'25.
As a reference, I will explain the trend in attendance compared to our forecast. Over the 3-month second quarter period, attendance was approximately 2% below our forecast. By month, July was about 11% below. August was about 10% above, September was about 4% below. Overall net sales per guest slightly exceeded our forecast, driven by higher-than-expected merchandise revenue from a strong demand for regular products and higher-than-expected food and beverages revenue on the back of increased demand for special event-related menu items and other items.
Please see Page 15. Operating profit for the Theme Parks segment exceeded that of the forecast by JPY 5.1 billion, mainly due to lower-than-expected miscellaneous costs and a lower-than-expected merchandise and food beverages cost ratio. The merchandise and food beverages ratio was lower than expected as a result of decrease in obsolescence write-downs and the decline in the merchandise cost ratio due to a change in the merchandise sales mix.
Miscellaneous costs were lower than expected, primarily due to a deferral of sales promotion costs and a decrease in IT-related expenses resulting from changes in plans. Personnel expenses and depreciation and amortization expenses were almost as projected.
Please refer to Page 16. In the Hotel business segment, net sales were almost in line with our forecast. Operating profit was JPY 0.6 billion higher, mainly due to lower miscellaneous costs. In the Other Business segment, net sales and operating profit were respectively, JPY 0.5 billion higher than projected. That concludes my remarks. Thank you.
Hello, everyone. This is Takahashi. I will now explain the outlook for the fiscal year ending March 2026. Please turn to Page 18 of the materials in front of you. Although profits exceeded our forecast in the first half of the year, we have decided to leave the forecast for the fiscal year ending March 31, 2026, unchanged at this time because the third quarter onward is the volume zone for theme park attendance. And one of the factors for the increase in profits in the first half was the timing of miscellaneous costs.
We have stretched targets for the second half of the year, and we will continue to introduce various measures through the third quarter when high demand is expected as well as through the fourth quarter. From January 14 to March 2, we will roll out Disney Pal-Palooza Minnie's Funderland, which was very well received in 2024 with a new nighttime immersive program added.
In addition, we will introduce new entertainment at Tokyo DisneySea and develop ticket types that meet various guest needs. While steadily implementing the measures we are preparing, we will strive to achieve the goals we set at the beginning of the fiscal year.
Please see Page 19. Next, I will explain the organizational restructuring. Please turn to Page 20. As announced recently, we have decided to implement a major reorganization effective November 1. We have been advancing the 2035 long-term management strategy announced in April 2025. By changing to a more agile and specialized organizational structure, we will strengthen and enhance the efficiency of each function.
For example, the organization is currently divided by business operation, such as the operations division, which oversees attractions and park operations, the Food division and the merchandise division. Going forward, we will integrate these functions and reorganize them into the Food and Merchandise Development division and the Operation division. We expect that this will strengthen collaboration even more than before and enable us to provide new experience value to our guests.
We also believe that consolidating highly similar functions will lead to greater efficiency in the future. We are also making various other revisions, including the reorganization of the corporate strategy planning division and the establishment of the new corporate communication department, and we are determined to accelerate the pace of our efforts to realize the 2035 long-term management strategy. I would like to ask all of you for your continued support and encouragement for our group. That concludes my remarks. Thank you.
Oriental Land — Q2 2026 Earnings Call
Financial data from Oriental Land
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 721,523 721,523 |
4%
4%
100%
|
|
| - Direct Costs | 438,800 438,800 |
6%
6%
61%
|
|
| Gross Profit | 282,723 282,723 |
1%
1%
39%
|
|
| - Selling and Administrative Expenses | 105,360 105,360 |
3%
3%
15%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | - - |
-
-
|
|
| - Depreciation and Amortization | - - |
-
-
|
|
| EBIT (Operating Income) EBIT | 177,362 177,362 |
0%
0%
25%
|
|
| Net Profit | 135,699 135,699 |
7%
7%
19%
|
|
In millions JPY.
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Oriental Land Stock News
Company Profile
Oriental Land Co., Ltd. engages in the operation and management of leisure facilities. It operates through the following segments: Theme Parks, Hotels and Others. The Theme Parks segment operates Tokyo Disneyland and Tokyo DisneySea theme parks. The Hotels segment manages Tokyo Disneyland Hotel, Disney Ambassador Hotel, Tokyo DisneySea Hotel MiraCosta, and Palm & Fountain Terrace Hotel. The Others segment includes land development operations. The company was founded by Chiharu Kawasaki and Hideo Edo on July 11, 1960 and is headquartered in Urayasu, Japan.
StocksGuide Premium
| Head office | Japan |
| CEO | Ms. Takano |
| Employees | 10,507 |
| Founded | 1960 |
| Website | www.olc.co.jp |
