October 2026
Largest Travel Services Public Companies in Japan
Benchmark revenue and EBITDA valuation multiples for public comps like
H.I.S. Group, KNT-CT Holdings, AirTrip, Alpico Group and Adventure Inc..
 | H.I.S. Co Ltd is a Japanese tourism and leisure company. The company organises itself into three segments: travel business, hotel business and The Kyushu Sanko Group The travel business segment, which contributes the vast majority of company revenue, includes the company's domestic and international travel agency operations including tours, cruises, honeymoons, and airline tickets. The Huis Ten Bosch Group, the second- large contributor to company revenue, includes H.I.S.'s theme and water park operations. The company earns the majority of its revenue within Japan. | $7 | -22% | $481M | $941M | 0.4x | 7.7x | ||
| KNT-CT Holdings Co Ltd is a Japan-based company. It is provider of travel related services. It mainly offers domestic and foreign carriers and air flight forwarder. It offers planning for travelers visiting Japan from around the world. | $13 | +30% | $344M | $259M | 0.1x | 5.6x | ||
| AirTrip Corp. is a Japanese online travel and IT services group headquartered in Minato-ku, Tokyo, listed on the Prime market of the Tokyo Stock Exchange since March 2016 under code 6191. Its core business is the AirTrip online travel platform, which sells domestic and international airline tickets, hotels, Shinkansen tickets, rental cars and package tours to Japanese consumers and earns commissions from airlines and suppliers. Around it the company runs more than 20 businesses, including inbound travel and Wi-Fi rental, IT offshore development through a hub in Vietnam, a media arm with an email newsletter reaching 4.3 million subscribers, cloud software for inns and hotels, HR consulting, a car rental service in Okinawa and an airline general-agent business. It also runs a corporate venture capital arm, AirTrip CVC, which has backed companies such as iYell, Arsaga Partners, regional airline JCAS Airways and 2501, and it has acquired GROWTH Co. and a majority of Knocklearn. The company was founded by Munenori Oishi and Hideki Yoshimura and is led by president and CFO Yusuke Shibata, and it sponsors sports teams as part of its marketing. | $9 | +59% | $185M | $122M | 0.7x | 6.2x | ||
| Alpico Holdings Co Ltd is engaged in the Planning, management and operation of group companies, with a focus on retail, transportation and tourism. | $1 | -13% | $91M | $222M | 0.3x | 5.2x | ||
| Adventure Inc engages in the provision of online travel services. It operates Skyticket and WANNATRIP website portals. The Skyticket website portal offers online ticket booking services for multiple airlines, both domestic and overseas. The WANNATRIP website portal offers package tours and cruise travel to various destinations across the globe. | $10 | -43% | $69M | $44M | 0.3x | 4.5x | ||
| Hanatour Japan Co Ltd is an integrated travel company. It offers domestic and international travel, hotel booking, ticketing, and other services. Company services include arranging local hotels, restaurants, and buses, etc., for customer referrals from Hanatour Co., Ltd. (South Korea). It also handles a large number of made-to-order planned products, such as FIT and incentive (travel incentives), in addition to package tours (PKG). Planned products and arranged travel such as PKG, INCENTIVE, FIT, AIR & HOTEL from Asian countries. New business development with local agents in, for example, the Philippines, Vietnam, India, and Russia (the Far East), and Other Events like organize K-POP concert tours in Japan and overseas, and Others. | $5 | -19% | $65M | $71M | 1.6x | 5.7x | ||
| VELTRA Corp is an online tour and activity booking service company. The company connects travelers to distinctive local experiences across the world and has branches in Honolulu, London, Paris, and Malaysia. | $1 | -37% | $32M | $3M | 0.1x | 1.5x | ||
| Median | $7 | -19% | $91M | $122M | 0.3x | 5.6x |
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