| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue / Net Sales | ¥2947.6B | ¥2791.8B | +5.6% |
| Operating Income / Operating Profit | ¥365.4B | ¥330.9B | +10.4% |
| Ordinary Income | ¥406.9B | ¥366.6B | +11.0% |
| Net Income / Net Profit | ¥296.8B | ¥270.3B | +9.8% |
| ROE | 7.5% | 7.0% | - |
For the fiscal year ended March 2026, Uwagumi reported Revenue ¥2,947.6B (YoY +¥155.8B +5.6%), Operating Income ¥365.4B (YoY +¥34.5B +10.4%), Ordinary Income ¥406.9B (YoY +¥40.3B +11.0%), and Net Income ¥296.8B (YoY +¥26.5B +9.8%), landing in a year of higher revenue and profits. The operating margin improved to 12.4% from 11.9% a year earlier (+0.5pt), as price revisions in the Distribution business and higher utilization drove operating leverage. Ordinary Income exceeded Operating Income by ¥41.5B, supported by Dividend Income ¥19.0B and Equity-method Investment Income ¥20.7B. Extraordinary gains totaled ¥60.96B (Gain on Sales of Investment Securities ¥43.9B, Gain on Sales of Fixed Assets ¥11.5B) less Extraordinary Losses ¥23.4B, netting +¥37.6B which boosted profit before tax. As a result, Net Income attributable to owners of the parent reached ¥312.6B (YoY +16.1%), exceeding prior expectations at the bottom line. Operating Cash Flow was ¥357.2B, outpacing Net Income ¥312.6B and maintaining high-quality cash generation, but decreased YoY -11.6% due to working capital drag (Accounts Payable -¥62.0B, Accounts Receivable -¥15.6B). Investing Cash Flow was -¥606.1B, reflecting intensified growth investments including Acquisition of Subsidiary Shares -¥193.9B and Capital Expenditures -¥146.7B. Financing Cash Flow was -¥16.1B; the company executed total shareholder returns of ¥302B comprising Share Repurchases -¥130.0B and Dividends -¥172.1B, balancing shareholder returns and investment. Total assets expanded to ¥5,384.1B (YoY +9.6%), Equity Ratio was 73.9%, and Debt/EBITDA was 1.01x, indicating very strong financial soundness.
[Revenue] Operating revenue totaled ¥2,947.6B (YoY +5.6%) showing steady growth. By segment, the core Distribution business contributed ¥2,608.5B (YoY +7.4%) and Other Businesses ¥339.1B (YoY -6.4%), resulting in a revenue mix of Distribution 88.5% and Other Businesses 11.5%. The Distribution business benefited from resilient demand in port transportation, warehousing, and international transport, plus the effect of fare and storage fee revisions. Other Businesses declined due to reduced activity in certain construction and real estate leasing projects. By geography, external customer revenue in Japan accounts for over 90% of consolidated operating revenue, indicating a domestically centered business structure.
[Profitability] Operating Income was ¥365.4B (YoY +10.4%), with an Operating Margin of 12.4% (prior year 11.9%, +0.5pt). Cost of sales ratio improved to 78.9% from 80.1% a year earlier (-1.2pt), while SG&A ratio rose to 8.7% from 8.0% (+0.7pt) but was absorbed by improvement in gross margin. SG&A totaled ¥255.9B (YoY +14.0%), primarily driven by Salaries and Allowances ¥142.8B. Non-operating income was ¥48.7B, including Dividend Income ¥19.0B and Equity-method Investment Income ¥20.7B, and after subtracting Non-operating expenses ¥7.2B (Interest Expense ¥3.6B, Foreign Exchange Loss ¥2.2B), Ordinary Income was ¥406.9B (YoY +11.0%). Extraordinary items contributed net +¥37.6B (Gain on Sales of Investment Securities ¥43.9B, Gain on Sales of Fixed Assets ¥11.5B less Loss on Valuation of Investment Securities ¥10.6B and Loss on Disposal/Retirement of Fixed Assets ¥4.2B). Profit before tax was ¥444.4B (YoY +16.7%), income taxes ¥130.5B (effective tax rate 29.4%), resulting in Net Income ¥296.8B (YoY +9.8%) and Net Income attributable to owners of the parent ¥312.6B (YoY +16.1%). In summary, the company achieved revenue and profit growth, with one-off extraordinary gains contributing to a higher growth rate at the bottom line than at the operating level.
The Distribution business reported Revenue ¥2,608.5B (YoY +7.4%), Operating Income ¥315.4B (YoY +9.9%), and margin 12.1%, leading earnings among segments. Strong demand in port transport, warehousing, and international transport, along with price revisions and higher utilization, enabled operating leverage. Other Businesses posted Revenue ¥339.1B, Operating Income ¥49.8B, and margin 14.7%, maintaining high margins but Revenue declined YoY -6.4% due to contraction in certain construction and real estate leasing projects. Segment profit concentration is high: the Distribution business accounted for 86.3% of consolidated Operating Income, indicating a concentrated earnings base.
[Profitability] Operating Margin 12.4% (prior year 11.9%, +0.5pt), Ordinary Income Margin 13.8% (prior year 13.1%, +0.7pt), Net Margin 10.1% (prior year 9.7%, +0.4pt) — steady margin improvement at three levels. ROE was 7.5% (prior year 7.0%, +0.5pt), though the mid-term target is above 10%. [Cash Quality] Operating Cash Flow / Net Income is 1.14x (¥357.2B/¥312.6B), indicating high quality. However, OCF/EBITDA is 0.71x and somewhat weak, with working capital reversal (Accounts Payable -¥62.0B, Accounts Receivable -¥15.6B) temporarily suppressing cash generation. Accrual ratio is -0.8%, which is favorable. [Investment Efficiency] Total Asset Turnover was 0.547x (prior year 0.568x), a slight decline. Accumulation of Investment Securities ¥1,290.9B (YoY +33.3%) and Intangible Assets ¥258.6B (YoY +286.8%) increased asset thickness and diluted turnover efficiency. CapEx/Depreciation was 1.06x, indicating moderate renewal and capacity expansion. [Financial Soundness] Equity Ratio 73.9%, Current Ratio 235%, Quick Ratio 233% — liquidity and solvency extremely strong. Debt/EBITDA 1.01x and Interest Coverage 101.8x show conservative leverage. Cash and Deposits ¥762.8B and Marketable Securities ¥170.9B provide ample liquidity buffer.
Operating Cash Flow was ¥357.2B (YoY -11.6%); Operating CF subtotal was ¥448.4B, from which working capital reversal (Inventory -¥1.0B, Accounts Receivable -¥15.6B, Accounts Payable -¥62.0B) and Income Taxes Paid -¥124.0B were deducted. Operating Cash Flow / Net Income is a high-quality 1.14x, but OCF/EBITDA remained at 0.71x as decreases in Accounts Payable and increases in Accounts Receivable restrained cash conversion. Investing Cash Flow was -¥606.1B, reflecting growth investments including Acquisition of Subsidiary Shares -¥193.9B and Purchases of Tangible and Intangible Fixed Assets -¥146.7B, partially offset by Marketable Securities Redemptions/Sales +¥53.1B. Free Cash Flow was negative ¥-248.9B. Financing Cash Flow was -¥16.1B (Dividends -¥172.1B, Share Repurchases -¥130.0B, Long-term Borrowings +¥300.0B, Repayment of Long-term Borrowings -¥0.9B, Net Decrease in Short-term Borrowings -¥5.6B). Cash and Cash Equivalents decreased ¥263.2B from ¥955.1B at the beginning of the period to ¥691.9B at the end, mainly due to total shareholder returns ¥302B and aggressive investments ¥606B. The working capital reversal appears temporary; focus will be on recovery and normalization of cash conversion next fiscal year.
Recurring income consists of Operating Income from Distribution ¥365.4B and Non-operating Income Dividend Income ¥19.0B and Equity-method Investment Income ¥20.7B, indicating a solid baseline earning power. One-off items — Extraordinary Gains ¥60.96B (Gain on Sales of Investment Securities ¥43.9B, Gain on Sales of Fixed Assets ¥11.5B) and Extraordinary Losses ¥23.4B — contributed net +¥37.6B, boosting Profit before tax ¥444.4B by approximately 8.5%. Non-operating income represented 1.65% of Revenue, below 5% and within an acceptable range. Operating Cash Flow ¥357.2B exceeded Net Income ¥296.8B, and the accrual ratio of -0.8% is favorable. The gap between Ordinary Income ¥406.9B and Net Income ¥296.8B is within tax and extraordinary item ranges, with no structural divergence observed. The large contribution from extraordinary gains poses a drop-off risk next fiscal year, but the improvement in operating-level margins is assessed as having high persistence.
Full-year guidance: Revenue ¥3,050.0B, Operating Income ¥343.0B (YoY -6.1%), Ordinary Income ¥375.0B (YoY -7.8%), Net Income ¥257.4B (YoY -13.3%), EPS ¥276.94, DPS ¥100. Actual results: Revenue ¥2,947.6B (vs guidance -¥102.4B, achievement 96.6%), Operating Income ¥365.4B (vs guidance +¥22.4B, achievement 106.5%), Ordinary Income ¥406.9B (vs guidance +¥31.9B, achievement 108.5%), Net Income ¥296.8B (vs guidance +¥39.4B, achievement 115.3%), Net Income attributable to owners of the parent ¥312.6B (114.4% of guidance), with outperformance on profit lines. Progress rates: Operating Income 106.5%, Ordinary Income 108.5%, Net Income 115.3% — the bottom-line outperformance was driven by extraordinary gains. Next fiscal year guidance anticipates decreases vs this year: Operating Income -6.1% and Net Income -13.3%, which appears to be a conservative plan factoring in the expected disappearance of this year’s extraordinary gains and cost-upside risks.
Dividends consisted of an interim dividend of ¥90 and a year-end dividend of ¥115, totaling ¥205 (prior same period ¥105; prior full-year dividend was ¥205, thus effectively flat year-on-year). With Net Income attributable to owners of the parent ¥312.6B and total dividends approx. ¥172.1B, the payout ratio was 55.0%. Additionally, Share Repurchases amounted to ¥130.0B, bringing Total Return Ratio to 96.6% (Dividends + Share Repurchases ¥302.1B / Net Income ¥312.6B), a high level. Because Free Cash Flow was negative ¥-248.9B, dividends and buybacks exceeded internally generated cash and were financed with excess cash and borrowings. Next fiscal year guidance proposes DPS ¥100, a cut, indicating an adjustment to payout ratio to prioritize sustainability. With a strong balance sheet (Equity Ratio 73.9%, Cash and Deposits ¥762.8B), return capacity is sufficient, but balancing investment and returns will be an ongoing focus.
Continued working capital reversal risk: Accounts Payable -¥62.0B and Accounts Receivable -¥15.6B have pressured Operating Cash Flow; if this continues, OCF/EBITDA may remain low at 0.71x and internal cash generation for investments will weaken. Normalization of working capital days is a key issue for next fiscal year.
Downside risk from disappearance of extraordinary gains: Net extraordinary contribution of +¥37.6B (Gain on Sales of Investment Securities ¥43.9B, Gain on Sales of Fixed Assets ¥11.5B) accounted for about 8.5% of profit before tax; a drop-off is expected next year. The key question is whether operating-level earnings growth can cover this shortfall.
Market value volatility of investment securities: Investment Securities ¥1,290.9B (24.0% of Total Assets) increased by ¥322.3B YoY. Increase in valuation differences (¥95.3B) contributed to comprehensive income, but market deterioration could increase equity volatility and impact ROE and Equity Ratio.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Operating Margin | 12.4% | 6.3% (3.7%–8.5%) | +6.1pt |
| Net Margin | 10.1% | 2.7% (1.6%–4.7%) | +7.3pt |
Profitability significantly exceeds the industry median; Operating Margin is about 2x the median and Net Margin about 4x, placing the company among the top in the transportation industry.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth Rate (YoY) | 5.6% | 5.0% (-0.4%–9.4%) | +0.6pt |
Growth rate is in line with the median, maintaining a stable growth pace comparable to the industry.
※Source: Company compilation
Distribution business Operating Margin 12.1% and industry-leading profitability: Operating Margin 12.4% is roughly double the transportation industry median of 6.3%, benefiting from price revisions in port and warehousing and higher utilization. Although extraordinary gains are expected to drop next year, operating-level earning power is solid and, given conservative guidance, actuals could beat guidance. ROE 7.5% is improving but remains mid-range; raising it above 10% is a medium-term focus for capital efficiency.
Total Return Ratio 96.6% and balance with a strong BS: Total returns (Dividends payout ratio 55.0% plus Share Repurchases ¥130B) amount to ¥302B and are generous, but Free Cash Flow was negative ¥-248.9B, exceeding internal cash generation. With Equity Ratio 73.9% and Cash and Deposits ¥762.8B, financial capacity is sufficient, and the planned dividend cut to DPS ¥100 indicates a shift toward sustainability. Balancing growth investments (Acquisition of Subsidiary Shares ¥193.9B, CapEx ¥146.7B) with returns will be a key evaluation point.
Monitoring working capital reversal and OCF/EBITDA: Operating Cash Flow ¥357.2B is higher than Net Income and is high quality, but OCF/EBITDA at 0.71x reflects working capital reversal (Accounts Payable -¥62.0B, Accounts Receivable -¥15.6B) temporarily restraining cash conversion. Normalization next fiscal year is critical for improving operating cash flow, sustaining investment capacity, and maintaining shareholder returns.
This report is an earnings analysis document automatically generated by AI analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmarks are reference information compiled by our firm based on publicly available financial statements. Investment decisions are your responsibility; please consult a professional advisor as needed.