# AIT CORPORATION: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/03/01－2026/02/28) (S100Y53V)
> Page: https://vizora.meequs.com/en/company/ait
> Retrieved: 2026-09-30T19:05:58.265Z

## Company

AIT, founded in 1988, is a company in Shipping listed on TSE Prime. It has 1,165 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AIT CORPORATION |
| Ticker | 9381 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9381.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区本町二丁目1番6号 |
| Representative (per filing) | 代表取締役社長 矢倉英一 |
| Founded | Feb 1988 |
| Share capital | ¥500M |
| Employees (consolidated) | 1,165 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | February |
| Website | www.ait-jp.com (https://www.ait-jp.com/) |
| Corporate number | 3120001075217 |
| EDINET | E04369 |
| Industries (Vizora) | Shipping, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100Y53V, filed 2026-05-22). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 12 |
| Profitability | 57.7 | 13 |
| Cash conversion | 3.8 | 13 |
| Efficiency | 96.2 | 13 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 85% of AIT's sales come from Japan, with China and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +3.0%.

## Company structure

- Segment revenue mix: Japan 85.2%、China 12.0%、Other 2.8%
- Revenue → net income: ¥58399000000 → ¥3293000000
- Net income → operating cash flow: ¥3293000000 → ¥3530000000（difference ¥237000000）
- Main uses of operating cash flow: CapEx ¥96000000 / dividends ¥1996000000 / buybacks —
- Change in cash: ¥-163000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥58.4B |  |
| Operating income | ¥4.2B | Margin 7.2% |
| Net income | ¥3.17B | Margin 5.4% |
| Free cash flow | ¥3.43B |  |
| Largest business | Japan | of segment revenue 85.2% |
| Employees (consolidated) | 1,165 |  |
| EPS | ¥99.61 |  |
| Book value per share | ¥584.37 |  |
| Equity ratio | 74.3% |  |
| Shares outstanding | 23,913,600 |  |
| Treasury shares | 420,000 |  |
| Shareholders | 12,474 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 50.2% | Cash ÷ revenue 23.7% |
| Vs. industry median margin | +0.2 pp | Shipping |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 12.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, cash is 50% of total assets
- FY2026, employees -5% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45797000000 | ¥58399000000 | +27.5% |
| Operating income | ¥2304000000 | ¥4196000000 | +82.1% |
| Operating margin | 5.0% | 7.2% | +2.2 pp |
| Employees | 1,290 people | 1,165 people | -9.7% |
| Cash and equivalents | ¥10052000000 | ¥13852000000 | +37.8% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 80.7% |
| 中国 → 中国 | 12.0% |
| 中国 → 事業再編・廃止 | 4.7% |
| その他 → その他 | 2.6% |
| 新設・再編 → 日本 | 4.4% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.1% | ¥49731000000 | 6.8% | 2 |
| China | 5 years | -1.7% | ¥7005000000 | 9.4% | 2 |
| Other | 5 years | +7.0% | ¥1663000000 | 10.5% | 2 |

## Income statement（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,399 | 100.0% | S100Y53V |
| Cost of revenue | 48,107 | 82.4% | 算出 |
| Gross profit | 10,292 | 17.6% | S100Y53V |
| SG&A | 6,095 | 10.4% | S100Y53V |
| Operating income | 4,196 | 7.2% | S100Y53V |
| Ordinary income | 4,680 | 8.0% | S100Y53V |
| Pretax income | 4,681 | 8.0% | S100Y53V |
| Income tax | 1,387 | 2.4% | S100Y53V |
| Net income | 3,293 | 5.6% | S100Y53V |
| Net income attributable to owners | 3,175 | 5.4% | S100Y53V |

## Per ¥100 of revenue（FY ending Feb 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 11 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 17.6% → Operating margin 7.2% → Net margin 5.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.61×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 55,638 | 58,399 | 2,761 | +5.0% |
| Gross profit | 10,095 | 10,292 | 197 | +2.0% |
| Operating income | 4,073 | 4,196 | 123 | +3.0% |
| Net income attributable to owners | 3,047 | 3,175 | 128 | +4.2% |
| Operating cash flow | 3,228 | 3,530 | 302 | +9.4% |
| Free cash flow | 3,135 | 3,434 | 299 | +9.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 45,004 | 1,576 | 3.5% | 1,326 | 2,219 | 1,960 | S100LD3T |
| FY ending Feb 2021 | 45,797 | 2,304 | 5.0% | 1,732 | 1,521 | 1,456 | S100O3JN |
| FY ending Feb 2022 | 59,931 | 3,581 | 6.0% | 2,367 | 3,772 | 3,721 | S100QSKR |
| FY ending Feb 2023 | 69,463 | 5,288 | 7.6% | 3,684 | 5,321 | 5,182 | S100TGMY |
| FY ending Feb 2024 | 51,400 | 4,328 | 8.4% | 2,989 | 3,174 | 3,064 | S100VRXL |
| FY ending Feb 2025 | 55,638 | 4,073 | 7.3% | 3,047 | 3,228 | 3,135 | S100Y53V |
| FY ending Feb 2026 | 58,399 | 4,196 | 7.2% | 3,175 | 3,530 | 3,434 | S100Y53V |

## People and productivity（FY ending Feb 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.1M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥2.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,120 | 1,152 | 1,198 | 1,232 | 1,165 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.1M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 36.9 years | 37.6 years | 37.7 years | 37.4 years | 37.6 years |
| Average tenure (parent company) | 7.0 years | 7.0 years | 8.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) -5.4% · Revenue (consolidated) +5.0%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 49,731 | 85.2% | 3,359 | 6.8% |
| China | 7,005 | 12.0% | 661 | 9.4% |
| Other | 1,663 | 2.8% | 175 | 10.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 85.2% | 80.1% | -5.1 | 6.8% |
| China | 12.0% | 15.8% | 3.8 | 9.4% |
| Other | 2.8% | 4.2% | 1.3 | 10.5% |

Segment → industry: China → Shipping / Japan → Shipping / China → Trucking & Parcel Delivery / Japan → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,530 | 6.0% | S100Y53V |
| Capital expenditure | 96 | 0.2% | S100Y53V |
| Free cash flow | 3,434 | 5.9% | 算出 |
| Investing cash flow | -1,590 | -2.7% | S100Y53V |
| Financing cash flow | -2,222 | -3.8% | S100Y53V |
| Dividends paid | 1,996 | 3.4% | S100Y53V |
| Change in cash | -163 | -0.3% | S100Y53V |
| Cash and equivalents | 13,852 | 23.7% | S100Y53V |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,419 | 15,323 | 14,448 | 14,016 | 13,852 | S100TGMY, S100VRXL, S100Y53V |
| Total assets | 23,516 | 24,888 | 23,866 | 25,538 | 27,596 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Net assets | 14,134 | 16,602 | 17,843 | 19,478 | 20,858 | S100TGMY, S100VRXL, S100Y53V |
| Share capital | 271 | 271 | 500 | 500 | 500 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Trade receivables | 4,757 | — | — | — | — | S100QSKR |
| Property, plant and equipment | 635 | 606 | 774 | 677 | 567 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Intangible assets excluding goodwill | 2,772 | 2,406 | 2,026 | 1,617 | 1,262 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Goodwill | 761 | 652 | 544 | 435 | 326 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Investment securities | 525 | 551 | 634 | 2,492 | 3,923 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Current assets | 19,235 | 21,048 | 19,968 | 20,353 | 21,392 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Current liabilities | 7,875 | 6,594 | 4,109 | 4,409 | 5,134 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Total liabilities | 9,382 | 8,286 | 6,023 | 6,059 | 6,738 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Non-controlling interests | 202 | 283 | 329 | 429 | 362 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Equity attributable to owners of parent | 13,341 | 15,476 | 16,350 | 17,519 | 18,698 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Retained earnings | 8,189 | 10,323 | 11,198 | 12,366 | 13,545 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |
| Treasury stock | -392 | -392 | -392 | -392 | -392 | S100QSKR, S100TGMY, S100VRXL, S100Y53V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100Y53V |
| Property, plant and equipment | 2% | S100Y53V |
| Intangibles and goodwill | 6% | S100Y53V |
| Investment securities | 14% | S100Y53V |
| Other assets | 28% | S100Y53V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100Y53V |
| Equity | 76% | S100Y53V |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,516 | 24,888 | 23,866 | 25,538 | 27,596 |
| Equity | 14,134 | 16,602 | 17,843 | 19,478 | 20,858 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,419 | 15,323 | 14,448 | 14,016 | 13,852 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 1.0% | S100Y53V |
| Fixed assets ÷ total assets | 2.1% | S100Y53V |
| Goodwill ÷ parent equity | 1.7% | S100Y53V |

Goodwill over 4 years: 761 → 326 JPY; total investing cash flow: -3,106 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 50.2% |
| Cash ÷ revenue | 23.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.1% |
| Cash vs. profit gap | 355 JPY mn (of net income 11.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 62.9% |
| Shareholder payments — dividends / FCF | 58.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 45.0% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.9% | 2.55× | 10.1% | 1.76× | 17.7% | S100QSKR |
| 2023 | 5.3% | 2.87× | 15.2% | 1.68× | 25.6% | S100TGMY |
| 2024 | 5.8% | 2.11× | 12.3% | 1.53× | 18.8% | S100VRXL |
| 2025 | 5.5% | 2.25× | 12.3% | 1.46× | 18.0% | S100Y53V |
| 2026 | 5.4% | 2.20× | 12.0% | 1.47× | 17.5% | S100Y53V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エイチアンドワイ | Major shareholder | 33.4% | 2026-02-28 |
| ロジスティード株式会社 | Major shareholder | 20.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2026-02-28 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.5% | 2026-02-28 |
| ステート ストリート バンク アンド トラスト クライアント オムニバス アカウント オーエムゼロツー 505002（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-02-28 |
| 馬上 真一 | Major shareholder | 1.9% | 2026-02-28 |
| 株式会社シーアンドティー | Major shareholder | 1.6% | 2026-02-28 |
| 株式会社ドルフィンズ | Major shareholder | 1.0% | 2026-02-28 |
| ステート ストリート バンク アンド トラスト カンパニー 505224（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/03/01－2026/02/28) | S100Y53V | 2026-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y53V,, |
| 有価証券報告書－第38期(2024/03/01－2025/02/28) | S100VRXL | 2025-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VRXL,, |
| 有価証券報告書－第37期(2023/03/01－2024/02/29) | S100TGMY | 2024-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGMY,, |
| 有価証券報告書－第36期(2022/03/01－2023/02/28) | S100QSKR | 2023-05-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QSKR,, |
| 有価証券報告書－第35期(令和3年3月1日－令和4年2月28日) | S100O3JN | 2022-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3JN,, |
| 有価証券報告書－第34期(令和2年3月1日－令和3年2月28日) | S100LD3T | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LD3T,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).