Tokyotokeiba - Public Comps and Valuation Multiples

Tokyotokeiba Overview

About Tokyotokeiba

Tokyotokeiba Co Ltd is a gambling company primarily engaged in horse racing. The company has four major business segments: public competition, amusement park, warehouse leasing, and service. The public competition segment operates horse and auto race tracks. The amusement park segment operates Tokyo Summerland. The warehouse leasing segment leases logistics warehouses, and the service segment leases commercial facilities. The company generates the vast majority of its revenue in Japan.

Founded

1949

HQ

Employees

206

Website

tokyotokeiba.co.jp

Sectors

Casinos & Gambling
Online Betting
ViceTech

Financials

LTM Revenue $276M

LTM EBITDA $141M

EV

$960M

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Tokyotokeiba Financials

As of September 2025, Tokyotokeiba reported last 12-month revenue of $276M and EBITDA of $141M.

In the same period, Tokyotokeiba generated $114M in LTM gross profit and $68.3M in net income.

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Tokyotokeiba P&L

In the most recent fiscal year, Tokyotokeiba reported revenue of $265M and EBITDA of $134M.

Tokyotokeiba expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$276M	XXX	$265M	XXX	XXX	XXX
Gross Profit	$114M	XXX	$106M	XXX	XXX	XXX
Gross Margin	42%	XXX	40%	XXX	XXX	XXX
EBITDA	$141M	XXX	$134M	XXX	XXX	XXX
EBITDA Margin	51%	XXX	51%	XXX	XXX	XXX
EBIT	$97.5M	XXX	$91.4M	XXX	XXX	XXX
EBIT Margin	35%	XXX	34%	XXX	XXX	XXX
Net Profit	$68.3M	XXX	$63.7M	XXX	XXX	XXX
Net Margin	25%	XXX	24%	XXX	XXX	XXX
Net Debt	XXX	XXX	$20.5M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tokyotokeiba including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $276M. EBITDA for the last twelve months was $141M. In the most recent fiscal year, Tokyotokeiba achieved $265M in revenue and $134M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$276M	Analyst estimates available to subscribers	$265M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$114M	Analyst estimates available to subscribers	$106M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	41.5% gross margin	Analyst estimates available to subscribers	39.8% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$141M	Analyst estimates available to subscribers	$134M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	51.0% EBITDA margin	Analyst estimates available to subscribers	50.6% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$97.5M	Analyst estimates available to subscribers	$91.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	35.4% EBIT margin	Analyst estimates available to subscribers	34.4% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$68.3M	Analyst estimates available to subscribers	$63.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	24.8% net profit margin	Analyst estimates available to subscribers	24.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$20.5M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tokyotokeiba

This financial data table provides comprehensive performance metrics for Tokyotokeiba, a company based in Japan. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Tokyotokeiba generated $276M in revenue over the last twelve months.
The company achieved $141M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $114M.
Net income over the last twelve months reached $68.3M.

Fiscal Year Performance

In the most recent fiscal year, Tokyotokeiba reported $265M in total revenue.
Fiscal year EBITDA was $134M.
The company maintained a gross profit margin of 39.8% in the most recent fiscal year.
EBITDA margin for the fiscal year was 50.6%.
Net profit margin reached 24.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Tokyotokeiba. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Tokyotokeiba Stock Performance

Tokyotokeiba has current market cap of JPY 150B (or $984M), and EV of JPY 146B (or $960M).

Market Cap Evolution

Tokyotokeiba Stock Data

As of October 17, 2025, Tokyotokeiba's stock price is JPY 5620 (or $37).

See Tokyotokeiba trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$960M	$984M	XXX	XXX	XXX	XXX	$2.55

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Tokyotokeiba Valuation Multiples

Tokyotokeiba's trades at 3.6x EV/Revenue multiple, and 7.1x EV/EBITDA.

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Tokyotokeiba Financial Valuation Multiples

As of October 17, 2025, Tokyotokeiba has market cap of $984M and EV of $960M.

Equity research analysts estimate Tokyotokeiba's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Tokyotokeiba has a P/E ratio of 14.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$984M	XXX	$984M	XXX	XXX	XXX
EV (current)	$960M	XXX	$960M	XXX	XXX	XXX
EV/Revenue	3.5x	XXX	3.6x	XXX	XXX	XXX
EV/EBITDA	6.8x	XXX	7.1x	XXX	XXX	XXX
EV/EBIT	9.8x	XXX	10.5x	XXX	XXX	XXX
EV/Gross Profit	8.4x	XXX	n/a	XXX	XXX	XXX
P/E	14.4x	XXX	15.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	25.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Tokyotokeiba Margins & Growth Rates

Tokyotokeiba's last 12 month revenue growth is 4%

Tokyotokeiba's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.1M for the same period.

Tokyotokeiba's rule of 40 is 52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tokyotokeiba's rule of X is 62% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Tokyotokeiba Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	5%	XXX	XXX	XXX
EBITDA Margin	51%	XXX	51%	XXX	XXX	XXX
EBITDA Growth	4%	XXX	11%	XXX	XXX	XXX
Rule of 40	52%	XXX	55%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	62%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	5%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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