Cash flow Invincible Investment Corporation

Equities

8963

JP3046190009

Diversified REITs

Delayed Japan Exchange Other stock markets 01:32:53 2026-05-21 am EDT			5-day change	1st Jan Change
60,400.00 ^JPY	+1.17%		-0.98%	-6.21%

Mar. 27	Invincible Extends Hotel Leases, Management Agreements Through 2036	MT
Mar. 25	Invincible Investment Posts Strong February Hotel Performance Despite China Visitor Drop	MT

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Published financial data: INVINCIBLE INVESTMENT CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	9.64B	15.38B	28.7B	38.14B	45.9B
Property Management Fee	-	2.76B	6.04B	4.77B	4.17B
Interest and Investment Income, Total (Revenue Block)	-	-	-	1.43B	1.09B
Gain (Loss) on Sale of Assets, Total (Rev)	2.57B	1.47B	-	-	-
Other Revenues, Total	1K	2K	1K	2.35B	2.53B
Total Revenues	12.21B	19.61B	34.73B	46.69B	53.7B
Property Expenses	11.74B	10.87B	11.62B	13.1B	16.05B
Selling General & Admin Expenses, Total	113M	102M	97.7M	144M	172M
Provision for Bad Debts	-	-	-	-	-
Other Operating Expenses	406M	269M	69.63M	1.06B	1.24B
Total Operating Expenses	12.26B	11.24B	11.79B	14.3B	17.45B
Operating Income (REIT / Utility Template)	-49.07M	8.37B	22.95B	32.39B	36.25B
Interest Expense, Total	-1.3B	-1.17B	-1.23B	-3.29B	-4.56B
Interest and Investment Income	1.28M	260K	238K	5.78M	86.02M
Net Interest Expenses	-1.29B	-1.17B	-1.23B	-3.28B	-4.47B
Currency Exchange Gains (Loss)	-75.23M	-67.54M	102M	424M	-219M
Other Non Operating Income (Expenses)	-1.17B	-1.04B	-1.87B	-1.32B	-500M
EBT, Excl. Unusual Items	-2.58B	6.09B	19.95B	28.21B	31.05B
Asset Writedown	-	-	-	-24.99M	-99.85M
Other Unusual Items	-	-	-	-145M	99.85M
EBT, Incl. Unusual Items	-2.58B	6.09B	19.95B	28.04B	31.05B
Income Tax Expense	1.21M	1.21M	1.21M	605K	605K
Earnings From Continuing Operations	-2.59B	6.09B	19.95B	28.04B	31.05B
Net Income to Company	-2.59B	6.09B	19.95B	28.04B	31.05B
Net Income - (IS)	-2.59B	6.09B	19.95B	28.04B	31.05B
Net Income to Common Incl Extra Items	-2.59B	6.09B	19.95B	28.04B	31.05B
Net Income to Common Excl. Extra Items	-2.59B	6.09B	19.95B	28.04B	31.05B
Per Share Items
Net EPS - Basic	-424.07	998.96	3.11K	3.9K	4.06K
Basic EPS - Continuing Operations	-424.07	998.96	3.11K	3.9K	4.06K
Basic Weighted Average Shares Outstanding	6.1M	6.1M	6.41M	7.19M	7.65M
Net EPS - Diluted	-424.07	998.96	3.11K	3.9K	4.06K
Diluted EPS - Continuing Operations	-424.07	998.96	3.11K	3.9K	4.06K
Diluted Weighted Average Shares Outstanding	6.1M	6.1M	6.41M	7.19M	7.65M
Normalized Basic EPS	-264.92	624.47	1.94K	2.45K	2.54K
Normalized Diluted EPS	-264.92	624.47	1.94K	2.45K	2.54K
Dividend Per Share	181	998	3.1K	-	-
Payout Ratio	-43.03	33.23	70.16	85.45	95.46
Supplemental Items
EBITDA	7.69B	15.89B	30.91B	41.74B	47.11B
EBITA	-9.84M	8.41B	22.98B	32.43B	36.29B
EBIT	-49.07M	8.37B	22.95B	32.39B	36.25B
Total Revenues (As Reported)	12.21B	19.61B	34.73B	21.14B	25.11B
Effective Tax Rate - (Ratio)	-0.05	0.02	0.01	0	0
Total Current Taxes	1.21M	1.21M	1.21M	605K	605K
Normalized Net Income	-1.62B	3.81B	12.47B	17.63B	19.41B
Interest on Long-Term Debt	68.5M	68.5M	115M	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	113M	102M	97.7M	144M	172M
Maintenance & Repair Expenses, Total	-	866M	884M	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	465B	463B	521B	-	-
Accumulated Depreciation	-37.51B	-44.28B	-52.16B	-	-
Net Property Plant And Equipment	427B	419B	469B	621B	655B
Total Real Estate Assets	427B	419B	469B	621B	655B
Cash And Equivalents	12.76B	15.55B	21.96B	31.96B	24.64B
Accounts Receivable, Total	2.29B	4.85B	4.83B	7.51B	9.27B
Other Receivables	10K	13K	2.62B	-	-
Investment In Debt and Equity Securities	-	-	-	-	-
Other Intangibles, Total	25.14B	25.06B	28.03B	-	-
Restricted Cash	6.77B	7.77B	12.94B	13.32B	14.76B
Other Current Assets, Total	796M	2.36B	3.13B	5.73B	5B
Deferred Charges Long-Term	50.35M	37.84M	88.78M	-	-
Other Long-Term Assets, Total	19.66B	19.67B	21.1B	129M	93M
Total Assets	495B	494B	563B	680B	709B
Liabilities
Current Portion of Long-Term Debt	48.67B	45.4B	37.79B	40.6B	58.15B
Short-Term Borrowings	71.79B	115B	36.52B	3.42B	-
Long-Term Debt	124B	80.88B	195B	279B	291B
Accounts Payable, Total	774M	629M	800M	1.47B	1.15B
Accrued Expenses, Total	833M	636M	281M	427M	503M
Current Income Taxes Payable	605K	605K	605K	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	574M	334M	367M	799M	1.23B
Other Non Current Liabilities	1.56B	1.52B	2.54B	2.73B	2.98B
Total Liabilities	249B	244B	273B	329B	355B
Common Stock, Total	236B	236B	270B	326B	326B
Additional Paid In Capital	6.26B	6.26B	6.26B	734M	734M
Retained Earnings	9.68B	13.74B	19.69B	23.76B	25.18B
Distributions In Excess Of Earnings	-	-	-	-	-
Comprehensive Income and Other	-5.51B	-5.39B	-5.75B	810M	2.6B
Total Common Equity	246B	250B	290B	351B	355B
Total Equity	246B	250B	290B	351B	355B
Total Liabilities And Equity	495B	494B	563B	680B	709B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	6.1M	6.1M	6.1M	7.64M	7.65M
ECS Total Common Shares Outstanding	6.1M	6.1M	6.1M	7.64M	7.65M
Book Value / Share	40.37K	41.06K	47.62K	45.97K	46.37K
Tangible Book Value	221B	225B	262B	351B	355B
Tangible Book Value Per Share	36.25K	36.95K	43.02K	45.97K	46.37K
Total Debt	245B	241B	269B	323B	349B
Net Debt	232B	225B	247B	291B	324B
Equity Method Investments, Total	17.86B	17.86B	17.86B	-	-
Account Code - Inventory Valuation	3	3	3	-	-
Land - (BS)	242B	241B	265B	-	-
Buildings, Total	218B	217B	250B	-	-
Machinery, Total	4.07B	4.42B	5.13B	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	-2.58B	6.09B	19.95B	28.04B	31.06B
Depreciation, Depletion & Amortization	7.7B	7.48B	7.93B	9.31B	10.82B
Amortization of Goodwill and Intangible Assets - (CF)	39.24M	39.24M	39.24M	41.1M	43.33M
Total Depreciation, Depletion & Amortization	7.74B	7.52B	7.96B	9.35B	10.86B
Amortization of Deferred Charges, Total	12.5M	12.5M	170M	15.61M	18.09M
Total Asset Writedown	-	-	-	24.99M	99.85M
Change in Accounts Receivable	-576M	-2.55B	11.08M	-2.67B	-1.76B
Change in Accounts Payable	-74.09M	-515M	10.28M	-762M	-1.43B
Change In Income Taxes	4K	-2K	-6K	-3K	-4.27M
Change in Other Net Operating Assets (Collected)	7.12B	782M	-3.24B	3.26B	3.11B
Other Operating Activities	1.19B	1.06B	1.69B	547M	756M
Cash from Operations	12.82B	12.4B	26.56B	37.8B	42.7B
Acquisition of Real Estate Assets, Total	-1.1B	-1.53B	-57.12B	-111B	-43.3B
Net Sale / Acquisition of Real Estate Assets	-1.1B	-1.53B	-57.12B	-111B	-43.3B
Purchase / Sale of Intangible Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	-1.47B	0	2.8B	-	-
Other Investing Activities, Total	-185M	-34.14M	-3.2B	-662M	-197M
Cash from Investing	-2.75B	-1.57B	-57.52B	-111B	-43.5B
Short Term Debt Issued, Total	72.93B	115B	39.56B	-	-
Long-Term Debt Issued, Total	1.58B	1.79B	152B	52.02B	30.2B
Total Debt Issued	74.51B	116B	191B	102B	56.44B
Short Term Debt Repaid, Total	-35.99B	-71.79B	-118B	-	-
Long-Term Debt Repaid, Total	-56.16B	-48.67B	-45.4B	-	-
Total Debt Repaid	-92.15B	-120B	-163B	-47.5B	-30.99B
Issuance of Common Stock	-	-	34.25B	55.81B	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-1.11B	-2.02B	-13.99B	-23.96B	-29.64B
Common & Preferred Stock Dividends Paid	-1.11B	-2.02B	-13.99B	-23.96B	-29.64B
Other Financing Activities, Total	-765M	-863M	-3.16B	-2.02B	-904M
Cash from Financing	-19.52B	-7.03B	45.33B	83.85B	-5.09B
Foreign Exchange Rate Adjustments	-83K	-129K	67K	142K	-88K
Miscellaneous Cash Flow Adjustments	-2K	-4K	-3K	-1K	1M
Net Change in Cash	-9.45B	3.8B	14.37B	10.39B	-5.88B
Supplemental Items
Cash Interest Paid	1.28B	1.16B	1.18B	2.49B	3.85B
Cash Income Tax Paid (Refund)	1.21M	1.21M	1.21M	605K	605K
Net Debt Issued / Repaid	-17.64B	-4.15B	28.24B	54.02B	25.46B
Levered Free Cash Flow	5.94B	6.34B	13.01B	-	-
Unlevered Free Cash Flow	6.73B	7.06B	13.76B	-	-
Change In Net Working Capital	976M	5.7B	8.7B	1.79B	2.29B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	-0.01	1.06	2.71	3.26	3.26
Return on Total Capital	-0.01	1.07	2.73	3.28	3.29
Return On Equity %	-1.04	2.45	7.38	8.74	8.8
Return on Common Equity	-1.04	2.45	7.38	8.74	8.8
Margin Analysis
Gross Profit Margin %	3.85	44.58	66.54	71.95	70.12
SG&A Margin	0.93	0.52	0.28	0.31	0.32
EBITDA Margin %	62.98	81.05	88.99	89.39	87.73
EBITA Margin %	-0.08	42.89	66.17	69.45	67.58
EBIT Margin %	-0.4	42.69	66.06	69.37	67.5
Income From Continuing Operations Margin %	-21.17	31.06	57.43	60.05	57.83
Net Income Margin %	-21.17	31.06	57.43	60.05	57.83
Net Avail. For Common Margin %	-21.17	31.06	57.43	60.05	57.83
Normalized Net Income Margin	-13.23	19.42	35.89	37.76	36.14
Levered Free Cash Flow Margin	48.61	32.31	37.47	-	-
Unlevered Free Cash Flow Margin	55.14	35.98	39.62	-	-
Asset Turnover
Asset Turnover	0.02	0.04	0.07	0.08	0.08
Fixed Assets Turnover	0.03	0.05	0.08	0.09	0.08
Receivables Turnover (Average Receivables)	4.81	5.08	7.18	6.95	5.97
Short Term Liquidity
Current Ratio	0.18	0.19	0.6	1.25	0.88
Quick Ratio	0.12	0.13	0.39	0.84	0.56
Operating Cash Flow to Current Liabilities	0.1	0.08	0.35	0.81	0.7
Days Sales Outstanding (Average Receivables)	75.91	71.82	50.86	52.63	61.14
Average Days Payable Outstanding	25.18	23.57	22.45	31.67	29.72
Long Term Solvency
Total Debt/Equity	99.52	96.2	92.7	91.98	98.33
Total Debt / Total Capital	49.88	49.03	48.1	47.91	49.58
LT Debt/Equity	50.58	32.31	67.1	79.45	81.93
Long-Term Debt / Total Capital	25.35	16.47	34.82	41.38	41.31
Total Liabilities / Total Assets	50.26	49.35	48.47	48.33	49.99
EBIT / Interest Expense	-0.04	7.14	18.72	9.85	7.95
EBITDA / Interest Expense	5.94	13.55	25.22	12.7	10.34
(EBITDA - Capex) / Interest Expense	5.94	13.55	25.22	-	-
Total Debt / EBITDA	31.85	15.15	8.71	7.74	7.4
Net Debt / EBITDA	30.19	14.17	8	6.98	6.88
Total Debt / (EBITDA - Capex)	31.85	15.15	8.71	-	-
Net Debt / (EBITDA - Capex)	30.19	14.17	8	-	-
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-28.65	60.57	77.13	34.42	15.01
Gross Profit, 1 Yr. Growth %	-84.83	1.76K	164.37	45.35	12.08
EBITDA, 1 Yr. Growth %	-27.07	106.65	94.48	35.03	12.87
EBITA, 1 Yr. Growth %	-100.38	-85.6K	173.28	41.09	11.9
EBIT, 1 Yr. Growth %	-101.92	-17.16K	174.1	41.15	11.91
Earnings From Cont. Operations, 1 Yr. Growth %	-346.79	-335.56	227.5	40.57	10.76
Net Income, 1 Yr. Growth %	-346.79	-335.56	227.5	40.57	10.76
Diluted EPS Before Extra, 1 Yr. Growth %	-346.79	-335.56	211.28	25.4	4.15
Normalized Net Income, 1 Yr. Growth %	-346.39	-335.72	227.45	41.42	10.09
Net Property, Plant and Equip., 1 Yr. Growth %	-3.08	-1.97	11.88	32.57	5.47
Accounts Receivable, 1 Yr. Growth %	33.52	111.23	-0.23	55.31	23.45
Total Assets, 1 Yr. Growth %	-4.2	-0.12	13.99	20.7	4.28
Common Equity, 1 Yr. Growth %	-1.41	1.7	15.97	21.04	0.91
Tangible Book Value, 1 Yr. Growth %	-1.53	1.93	16.43	33.98	0.91
Cash From Operations, 1 Yr. Growth %	-51	-3.31	114.18	42.33	12.98
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-64.5
Levered Free Cash Flow, 1 Yr. Growth %	-65.95	6.72	105.44	-	-
Unlevered Free Cash Flow, 1 Yr. Growth %	-63.23	4.79	95.06	-	-
Dividend Per Share, 1 Yr. Growth %	-23.31	451.38	211.02	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-45.93	7.04	68.65	54.3	24.34
Gross Profit, 2 Yr. CAGR %	-87.73	67.95	601.1	96.02	27.63
EBITDA, 2 Yr. CAGR %	-54.9	22.77	100.47	62.05	23.45
EBITA, 2 Yr. CAGR %	-98.22	80.12	4.73K	96.36	25.65
EBIT, 2 Yr. CAGR %	-96.01	81.08	2.06K	96.69	25.68
Earnings From Cont. Operations, 2 Yr. CAGR %	-71.96	141.11	177.75	114.56	24.78
Net Income, 2 Yr. CAGR %	-71.96	141.11	177.75	114.56	24.78
Diluted EPS Before Extra, 2 Yr. CAGR %	-72.46	141.11	170.79	97.57	14.28
Normalized Net Income, 2 Yr. CAGR %	-71.96	141	177.83	115.19	24.77
Net Property, Plant and Equip., 2 Yr. CAGR %	-1.69	-2.52	4.73	21.78	18.25
Accounts Receivable, 2 Yr. CAGR %	-24.86	67.94	45.17	24.48	38.47
Total Assets, 2 Yr. CAGR %	-2.68	-2.18	6.7	17.3	12.19
Common Equity, 2 Yr. CAGR %	-2.65	0.14	8.6	18.48	10.52
Tangible Book Value, 2 Yr. CAGR %	-3.2	0.19	8.94	24.9	16.27
Cash From Operations, 2 Yr. CAGR %	-56.82	-31.17	43.9	74.6	26.81
Levered Free Cash Flow, 2 Yr. CAGR %	-42.12	-39.72	48.07	-	-
Unlevered Free Cash Flow, 2 Yr. CAGR %	-39.72	-37.93	42.96	-	-
Dividend Per Share, 2 Yr. CAGR %	-76.86	105.64	314.12	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-22.24	-22.28	26.6	56.37	39.9
Gross Profit, 3 Yr. CAGR %	-69.64	-34.6	95.37	314.95	62.7
EBITDA, 3 Yr. CAGR %	-29.75	-25.09	43.11	75.73	43.64
EBITA, 3 Yr. CAGR %	-91.58	-35.21	106.97	1.39K	62.8
EBIT, 3 Yr. CAGR %	-85.58	-35.28	107.91	770.65	62.99
Earnings From Cont. Operations, 3 Yr. CAGR %	-45.65	-43	167.02	121.35	72.12
Net Income, 3 Yr. CAGR %	-45.65	-43	167.02	121.35	72.12
Diluted EPS Before Extra, 3 Yr. CAGR %	-48.51	-43.68	162.54	109.5	59.6
Normalized Net Income, 3 Yr. CAGR %	-45.66	-42.99	166.93	121.83	72.11
Net Property, Plant and Equip., 3 Yr. CAGR %	5.63	-1.79	2.06	13.29	16.08
Accounts Receivable, 3 Yr. CAGR %	-10.26	6.05	41.18	48.48	24.14
Total Assets, 3 Yr. CAGR %	2.81	-1.83	2.94	11.18	12.79
Common Equity, 3 Yr. CAGR %	3.6	-1.22	5.16	12.6	12.31
Tangible Book Value, 3 Yr. CAGR %	3.15	-1.52	5.33	16.72	16.33
Cash From Operations, 3 Yr. CAGR %	-25.6	-43.51	0.49	43.38	51.02
Levered Free Cash Flow, 3 Yr. CAGR %	-18.47	-29.02	-9.29	-	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-16.59	-27.52	-9.08	-	-
Dividend Per Share, 3 Yr. CAGR %	-61.26	-33.42	136.05	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-7.12	-2.19	5.98	2.25	25.69
Gross Profit, 5 Yr. CAGR %	-47.04	-8.85	6.59	1.46	64.78
EBITDA, 5 Yr. CAGR %	-12.21	-2.92	6.86	2	34.9
EBITA, 5 Yr. CAGR %	-75.44	-9.3	6.87	0.96	69.52
EBIT, 5 Yr. CAGR %	-66.13	-9.23	6.99	0.96	69.99
Earnings From Cont. Operations, 5 Yr. CAGR %	-23.39	-12.69	4.37	-3.13	96.96
Net Income, 5 Yr. CAGR %	-23.39	-12.69	4.37	-3.13	96.96
Diluted EPS Before Extra, 5 Yr. CAGR %	-31.22	-19.64	0.02	-6.96	88.24
Normalized Net Income, 5 Yr. CAGR %	-23.39	-12.71	4.37	-3.02	96.92
Net Property, Plant and Equip., 5 Yr. CAGR %	11.22	6.15	5.27	7.04	8.25
Accounts Receivable, 5 Yr. CAGR %	10.42	19.54	8.78	13.07	40.09
Total Assets, 5 Yr. CAGR %	12.27	5.86	4.35	5.41	6.54
Common Equity, 5 Yr. CAGR %	13.36	6.66	5.57	6.23	7.27
Tangible Book Value, 5 Yr. CAGR %	12.5	6.49	5.43	8.3	9.58
Cash From Operations, 5 Yr. CAGR %	-3.26	-9.57	-3.13	-11.28	10.29
Levered Free Cash Flow, 5 Yr. CAGR %	-7.49	20.15	3.51	-	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-6	18.3	3.47	-	-
Dividend Per Share, 5 Yr. CAGR %	-41.59	-18.8	-0.06	-	-