| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue / Net Sales | ¥1255.2B | ¥1247.7B | +0.6% |
| Operating Income / Operating Profit | ¥85.5B | ¥78.0B | +9.5% |
| Ordinary Income | ¥94.8B | ¥88.1B | +7.7% |
| Net Income | ¥54.0B | ¥44.9B | +20.2% |
| ROE | 5.1% | 4.7% | - |
For the fiscal year ended March 2026, Revenue was ¥1255.2B (YoY +¥7.5B +0.6%), Operating Income was ¥85.5B (YoY +¥7.5B +9.5%), Ordinary Income was ¥94.8B (YoY +¥6.7B +7.7%), and Net Income attributable to owners of the parent was ¥54.0B (YoY +¥9.1B +20.2%). Revenue edged up modestly while the operating margin improved to 6.8% (up 0.5pt from 6.3% a year earlier), and Net Income achieved double-digit growth. At the ordinary-income level, dividend income of ¥6.7B and equity-method investment income of ¥5.5B provided support, expanding the Net Income margin to 4.3% (up 0.7pt from 3.6%). Comprehensive income reached ¥139.2B, 2.6x Net Income, driven by ¥46.0B in valuation differences on available-for-sale securities and ¥19.1B in adjustments related to retirement benefits. Operating Cash Flow (OCF) was ¥92.9B, providing coverage of 1.72x relative to Net Income, but declined -38.6% YoY due to decreases in accounts payable and higher tax payments.
[Revenue] Revenue was ¥1255.2B (+0.6%), a slight increase. By segment, the Integrated Logistics Business (external sales ¥1234.4B, +0.6%) accounted for 98.3% of the total, with Other Businesses (external sales ¥20.8B, +1.0%) comprising the remainder. The Integrated Logistics Business, an integrated logistics service comprising warehousing, port transportation, land transportation, and international multimodal transport, maintained a revenue composition roughly in line with the prior year. Cost of sales was ¥1097.4B (cost ratio 87.4%, improved -0.5pt from 87.9% a year earlier), expanding gross profit to ¥157.8B (gross margin 12.6%, +0.5pt).
[Profitability] SG&A was held to ¥72.3B (SG&A ratio 5.8%, flat from 5.8% prior year), producing Operating Income of ¥85.5B (operating margin 6.8%, +0.5pt). Non-operating income totaled ¥14.3B, with increases in dividend income ¥6.7B (from ¥4.8B) and equity-method investment income ¥5.5B (from ¥4.1B) contributing. Non-operating expenses were ¥5.0B; a foreign exchange loss of ¥2.8B occurred (prior year had foreign exchange gain ¥0.4B), while interest expense was ¥1.7B, remaining low (YoY +¥0.1B). Ordinary Income reached ¥94.8B (ordinary income margin 7.6%, +0.5pt). Extraordinary gains were ¥0.3B (including gain on sale of investment securities ¥1.2B) and extraordinary losses were ¥0.5B (loss on disposal of fixed assets ¥0.5B), netting to -¥0.2B, marginal. Income before income taxes was ¥94.6B, with income taxes of ¥26.2B (effective tax rate 27.7%). After deducting non-controlling interests of ¥2.4B, Net Income attributable to owners of the parent was ¥54.0B (+20.2%). Conclusion: revenue and profit both increased.
The Integrated Logistics Business posted Revenue of ¥1234.4B (+0.6%), Operating Income of ¥79.9B (+10.1%), and an operating margin of 6.5% (improved +0.5pt from 6.0% prior year). Segment assets were ¥1688.4B, including investments in equity-method affiliates of ¥85.1B and capital expenditures of ¥56.6B. Other Businesses (real estate, construction, non-life insurance agency, automobile maintenance, golf courses, etc.) recorded Revenue of ¥38.6B (+2.7%), Operating Income of ¥5.8B (+0.9%), and operating margin of 15.1% (slight decline -0.2pt from 15.3% prior year), maintaining high profitability; segment assets were ¥90.9B. Improvement in margins in Integrated Logistics drove the increase in consolidated Operating Income, while the high profitability of Other Businesses supported overall margins.
[Profitability] Gross profit margin was 12.6% (up 0.5pt from 12.1%), operating margin 6.8% (+0.5pt), ordinary income margin 7.6% (+0.5pt), and Net Income margin 4.3% (+0.7pt), all improved across stages. ROE (attributable to owners of the parent) was 5.1% (down 0.4pt from 5.5%) due to an expanded denominator of equity (increase in equity from comprehensive income of ¥139.2B). ROA (based on Ordinary Income) was 5.6% (up 0.2pt from 5.4%). [Cash Quality] OCF was ¥92.9B, providing 1.72x coverage of Net Income ¥54.0B but declined -38.6% YoY. OCF/EBITDA (Operating Income + Depreciation = ¥138.3B) was 0.67x, low, with working capital movements (accounts payable down ¥16.1B, consumption tax outflow -¥7.99B, tax payments -¥27.8B) pressuring cash conversion. [Investment Efficiency] Capital expenditures (increase in tangible and intangible fixed assets) were ¥64.9B, exceeding depreciation of ¥52.8B, indicating continued growth investment. Intangible assets expanded to ¥14.4B (from ¥10.1B, +43.2%), suggesting increased system and software investments. Investments in equity-method affiliates were ¥85.1B (from ¥82.6B, +3.0%). [Financial Soundness] Equity Ratio was 60.7% (up 2.8pt from 57.9%), high. Interest-bearing debt (short-term borrowings ¥1.0B + long-term borrowings ¥183.0B + corporate bonds ¥80.0B + lease liabilities, etc.) totaled ¥264.0B, and Debt/EBITDA was 1.91x. Interest coverage (Operating Income / Interest Expense) was 50.6x, indicating ample capacity. Current ratio was 186.4% and quick ratio 184.9%, showing very strong short-term liquidity. Cash and deposits were ¥253.9B versus current liabilities of ¥241.1B, yielding a net cash position of ¥12.8B.
OCF was ¥92.9B, starting from income before income taxes ¥94.6B, adding back depreciation ¥52.8B, subtracting equity-method investment income -¥5.5B, with changes in trade receivables +¥4.1B (cash inflow), inventory change -¥1.0B (cash outflow), change in accounts payable -¥16.1B (cash outflow), and corporate taxes paid -¥27.8B as major adjustments. The YoY decrease of -¥58.4B was mainly due to a decline in accounts payable (previous year had cash inflow of +¥3.8B), period-end composition change in consumption taxes (-¥7.99B outflow vs prior year +¥19.3B inflow), and increased corporate tax payments (from -¥10.7B to -¥27.8B, +¥17.1B burden). Investing Cash Flow was -¥61.7B, driven by purchases of tangible and intangible fixed assets -¥50.7B, acquisition of investment securities -¥0.5B, proceeds from sales +¥1.3B, and net increase in time deposits -¥10.2B (paid -¥10.2B, received +¥1.8B). Free Cash Flow was ¥31.2B (down ¥90.0B from ¥121.2B prior year). Financing Cash Flow was -¥60.3B, including repayment of long-term borrowings -¥19.4B, net change in short-term borrowings -¥22.7B, dividends paid -¥25.6B, share buybacks -¥10.0B, and lease liabilities repayments -¥4.2B. Cash and deposits declined from ¥270.3B at the beginning of the period to ¥253.9B at the end, a decrease of -¥16.4B; net change including foreign exchange translation adjustment +¥2.5B was -¥26.6B.
Net Income of ¥54.0B stems from Operating Income ¥85.5B plus non-operating income ¥14.3B (dividend income ¥6.7B, equity-method investment income ¥5.5B, interest income ¥0.9B, etc.), minus non-operating expenses ¥5.0B (interest expense ¥1.7B, foreign exchange loss ¥2.8B), extraordinary items net -¥0.2B, income taxes ¥26.2B, and non-controlling interests ¥2.4B. Non-operating income of ¥14.3B is low at 1.1% of Revenue and is composed mainly of stable dividend and equity-method income. The foreign exchange loss of ¥2.8B is a deterioration of ¥3.2B from the prior year’s foreign exchange gain of ¥0.4B, but the effective tax rate improved to 27.7% (down 0.6pt from 28.3%), reducing tax burden. Extraordinary items were marginal at -¥0.2B, so profit is broadly at ordinary levels. OCF ¥92.9B / Net Income ¥54.0B = 1.72x coverage is healthy, but OCF/EBITDA 0.67x declined YoY and working capital movements (accounts payable -¥16.1B, consumption tax -¥7.99B, tax payments -¥27.8B) slowed cash conversion efficiency. Comprehensive income of ¥139.2B was 2.6x Net Income, with valuation differences on available-for-sale securities ¥46.0B, retirement benefit adjustments ¥19.1B, and foreign currency translation adjustments ¥5.0B composing other comprehensive income of ¥70.8B; rising market values of investment securities boosted equity.
Full Year guidance: Revenue ¥1300.0B (YoY +3.6%), Operating Income ¥86.0B (YoY +0.6%), Ordinary Income ¥96.0B (YoY +1.2%), Net Income attributable to owners of the parent ¥67.0B, EPS forecast ¥107.19, dividend forecast ¥21.50. Actual results for the period were Revenue ¥1255.2B (vs plan -3.4%), Operating Income ¥85.5B (vs plan -0.6%), Ordinary Income ¥94.8B (vs plan -1.2%), Net Income ¥54.0B (EPS implied 105.52, vs plan 107.19 -1.6%), showing a slight shortfall but within margin of error. Reasons for the shortfall include slower growth in Integrated Logistics (+0.6%), the foreign exchange loss of ¥2.8B, and timing effects related to working capital movements. On the other hand, upside from dividend income and equity-method income supported the ordinary-income level and extraordinary items were limited. Relative to guidance, performance landed broadly flat and stability was maintained.
Annual dividend was ¥43.0 per share (Q2 interim ¥18.5, year-end ¥24.5), totaling ¥25.6B. Dividend payout ratio relative to Net Income was 47.4% (dividend total / Net Income). Share buybacks were -¥10.0B in Financing CF, and combined with dividends ¥25.6B, total return amounted to ¥35.6B, representing a Total Return Ratio of 65.9% relative to Net Income. Dividends of ¥25.6B are covered by Free Cash Flow ¥31.2B at a coverage ratio of 1.22x, but total returns ¥35.6B exceed FCF at 0.88x, with part funded from cash balances. Cash and deposits ¥253.9B and Equity Ratio 60.7% indicate strong financial health, making continuation of dividends and buybacks sustainable. The dividend forecast ¥21.50 (Full Year) versus actual ¥43.0 appears double; this reflects that the full-year cumulative ¥43.0 is the actual dividend paid and the company’s forecast ¥21.50 may represent a mid-year estimate or a possible data error (data verification required). If working capital optimization can raise OCF/EBITDA from 0.67x to above 0.9x, total return capacity could expand further.
Business concentration risk: The Integrated Logistics Business accounts for 98.3% of Revenue and the bulk of Operating Income, creating a high-concentration structure with elevated sensitivity to economic cycles and adjustments in logistics demand. Limited customer and industry diversification could mean that declines in shipments from specific customers could directly impact consolidated results.
Decline in cash conversion efficiency: OCF/EBITDA is 0.67x and declined YoY; working capital movements (accounts payable -¥16.1B, consumption tax -¥7.99B, tax payments -¥27.8B) compressed cash flows. If working capital management does not improve, FCF generation could slow, constraining dividends and investment capacity.
Price volatility risk of investment securities: Investment securities of ¥323.5B (18.5% of total assets) are recognized, and valuation differences on available-for-sale securities of ¥46.0B boosted comprehensive income. In a market downturn, declines in valuation differences could reduce equity and worsen metrics such as Equity Ratio and ROE.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Margin | 6.8% | 6.3% (3.7%–8.5%) | +0.5pt |
| Net Income Margin | 4.3% | 2.7% (1.6%–4.7%) | +1.6pt |
The company outperforms the industry median on both operating margin and net income margin, indicating favorable profitability relative to peers.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth Rate (YoY) | 0.6% | 5.0% (-0.4%–9.4%) | -4.4pt |
Revenue growth lags the industry median of 5.0%, indicating a slower top-line expansion pace versus peers.
※ Source: Company compilation
Sustainability of margin improvement: Operating margin improved to 6.8% (+0.5pt) and Net Income margin to 4.3% (+0.7pt) while securing ROE of 5.1%. Maintenance of SG&A ratio at 5.8% and reduction in cost of sales ratio (87.9%→87.4%) contributed to margin expansion, evidencing effective cost control and operational efficiency. Continued enhancement of value-added services to further expand gross margin is a challenge, but current trends point to sustainable improvement.
Balance of financial soundness and investment capacity: Equity Ratio 60.7%, Debt/EBITDA 1.91x, Interest Coverage 50.6x, and current ratio 186.4% indicate very robust finances. Long-term borrowings were reduced significantly YoY (-32.9%), lowering interest burden. FCF ¥31.2B sufficiently covers dividends ¥25.6B, and a Total Return Ratio of 65.9% is broadly acceptable, though including share buybacks it slightly exceeds FCF. Optimizing working capital (maintaining accounts payable terms, improving inventory turns, smoothing tax payment timing) to restore OCF/EBITDA from 0.67x to above 0.9x would expand capacity for dividends and investments. Capital expenditures ¥64.9B exceed depreciation ¥52.8B, indicating ongoing growth investment without excessive burden, and conservative leverage and high liquidity provide downside resilience.
Volatility of comprehensive income and investment securities risk: Comprehensive income ¥139.2B is 2.6x Net Income ¥54.0B, driven by valuation differences on available-for-sale securities ¥46.0B and retirement benefit adjustments ¥19.1B. Investment securities expanded to ¥323.5B (18.5% of total assets), up +27.5% YoY, with market price increases boosting equity. In market corrections, declines in valuation differences could cause equity and ROE volatility; price risk management and effectiveness of FX hedging merit attention. The foreign exchange loss of ¥2.8B (prior year foreign exchange gain ¥0.4B) also highlights the relevance of FX impact mitigation to stabilize the ordinary-income level.
This report was generated automatically by AI analyzing XBRL earnings release data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by the firm from public filing data. Investment decisions are your responsibility; consult a professional advisor as necessary.