# ASAGAMI COPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第104期(2025/04/01－2026/03/31) (S100YIGL)
> Page: https://vizora.meequs.com/en/company/asagami-coporation
> Retrieved: 2026-09-30T19:52:21.709Z

## Company

Asagami Coporation, founded in 1948, is a company in Printing listed on TSE Standard. It has 1,444 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ASAGAMI CORPORATION |
| Ticker | 9311 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9311.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区有楽町一丁目13番2号 |
| Representative (per filing) | 代表取締役社長 木村健一 |
| Founded | Nov 1948 |
| Share capital | ¥2.19B |
| Employees (consolidated) | 1,444 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.asagami.co.jp (https://www.asagami.co.jp/) |
| Corporate number | 2010001035562 |
| EDINET | E04323 |
| Industries (Vizora) | Printing, Real Estate Development & Leasing, General Contractors, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YIGL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.9 | 37 |
| Profitability | 65.4 | 39 |
| Cash conversion | 43.4 | 38 |
| Efficiency | 52.6 | 39 |

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 58% of Asagami Coporation's sales come from Logistics business, with Printing business and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +33.9%.

## Company structure

- Segment revenue mix: Logistics business 58.2%、Printing business 35.4%、Real estate business 4.9%、Other 1.5%
- Revenue → net income: ¥39123081000 → ¥1783744000
- Net income → operating cash flow: ¥1783744000 → ¥3729459000（difference ¥1945715000）
- Main uses of operating cash flow: CapEx ¥1132822000 / dividends ¥168999000 / buybacks —
- Change in cash: ¥372025000
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 | ¥39.1B |  |
| Operating income | ¥2.58B | Margin 6.6% |
| Net income | ¥1.78B | Margin 4.6% |
| Free cash flow | ¥2.6B |  |
| Largest business | Logistics business | of segment revenue 58.2% |
| Employees (consolidated) | 1,444 |  |
| EPS | ¥788.33 |  |
| Book value per share | ¥13389 |  |
| Equity ratio | 51.6% |  |
| Shares outstanding | 1,418,000 |  |
| Treasury shares | 3,400 |  |
| Shareholders | 587 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 19.1% |
| Vs. industry median margin | +1.8 pp | Trucking & Parcel Delivery |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, employees 0% while operating income rose 34%
- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38781736000 | ¥39123081000 | +0.9% |
| Operating income | ¥644985000 | ¥2582134000 | +300.3% |
| Operating margin | 1.7% | 6.6% | +4.9 pp |
| Employees | 1,558 people | 1,444 people | -7.3% |
| Cash and equivalents | ¥6858349000 | ¥7456102000 | +8.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 物流事業 → 物流事業 | 51.4% |
| 不動産事業 → 不動産事業 | 4.9% |
| 不動産事業 → 事業再編・廃止 | 0.2% |
| 印刷事業 → 印刷事業 | 35.4% |
| 印刷事業 → 事業再編・廃止 | 6.4% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 物流事業 | 6.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Logistics business | 5 years | +2.7% | ¥22756094000 | 9.8% | 2 |
| Printing business | 5 years | -3.1% | ¥13868858000 | 6.3% | 2 |
| Real estate business | 5 years | -0.6% | ¥1923860000 | 87.4% | 2 |
| Other | 5 years | -2.2% | ¥574267000 | 14.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,123 | 100.0% | S100YIGL |
| Cost of revenue | 30,902 | 79.0% | S100YIGL |
| Gross profit | 8,222 | 21.0% | S100YIGL |
| SG&A | 5,639 | 14.4% | S100YIGL |
| Operating income | 2,582 | 6.6% | S100YIGL |
| Ordinary income | 2,668 | 6.8% | S100YIGL |
| Pretax income | 2,723 | 7.0% | S100YIGL |
| Income tax | 939 | 2.4% | S100YIGL |
| Net income | 1,784 | 4.6% | S100YIGL |
| Net income attributable to owners | 1,781 | 4.6% | S100YIGL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 14 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.0% → Operating margin 6.6% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +33.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 73.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 38,944 | 39,123 | 179 | +0.5% |
| Gross profit | 8,134 | 8,222 | 87 | +1.1% |
| Operating income | 1,929 | 2,582 | 653 | +33.9% |
| Net income attributable to owners | 1,174 | 1,781 | 607 | +51.7% |
| Operating cash flow | 3,126 | 3,729 | 603 | +19.3% |
| Free cash flow | 1,570 | 2,597 | 1,026 | +65.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,894 | 1,730 | 3.9% | 622 | 2,869 | 1,345 | S100LMFB |
| FY ending Mar 2021 | 38,782 | 645 | 1.7% | 148 | 2,911 | 1,257 | S100OFJ0 |
| FY ending Mar 2022 | 41,526 | 1,983 | 4.8% | 1,264 | 2,555 | 1,624 | S100R4LP |
| FY ending Mar 2023 | 41,092 | 1,676 | 4.1% | 997 | 2,009 | 836 | S100TRWR |
| FY ending Mar 2024 | 39,634 | 1,537 | 3.9% | 858 | 2,839 | 1,963 | S100W598 |
| FY ending Mar 2025 | 38,944 | 1,929 | 5.0% | 1,174 | 3,126 | 1,570 | S100YIGL |
| FY ending Mar 2026 | 39,123 | 2,582 | 6.6% | 1,781 | 3,729 | 2,597 | S100YIGL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.1M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,520 | 1,521 | 1,527 | 1,451 | 1,444 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.1M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 48.0 years | 48.0 years | 48.0 years | 48.0 years | 48.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 19.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics business | 22,756 | 58.2% | 2,222 | 9.8% |
| Real estate business | 1,924 | 4.9% | 1,682 | 87.4% |
| Printing business | 13,869 | 35.4% | 876 | 6.3% |
| Other | 574 | 1.5% | 84 | 14.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics business | 58.2% | 45.7% | -12.5 | 9.8% |
| Real estate business | 4.9% | 34.6% | 29.7 | 87.4% |
| Printing business | 35.4% | 18.0% | -17.4 | 6.3% |
| Other | 1.5% | 1.7% | 0.3 | 14.6% |

Segment → industry: Printing business → Printing / Real estate business → Real Estate Development & Leasing / Other → General Contractors / Logistics business → Trucking & Parcel Delivery / Logistics business → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,729 | 9.5% | S100YIGL |
| Capital expenditure | 1,133 | 2.9% | S100YIGL |
| Free cash flow | 2,597 | 6.6% | 算出 |
| Investing cash flow | -995 | -2.5% | S100YIGL |
| Financing cash flow | -2,366 | -6.0% | S100YIGL |
| Dividends paid | 169 | 0.4% | S100YIGL |
| Change in cash | 372 | 1.0% | S100YIGL |
| Cash and equivalents | 7,456 | 19.1% | S100YIGL |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,698 | 6,086 | 6,171 | 7,084 | 7,456 | S100TRWR, S100W598, S100YIGL |
| Total assets | 46,665 | 45,326 | 45,550 | 44,249 | 45,457 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Net assets | 18,165 | 19,080 | 20,243 | 21,313 | 23,584 | S100TRWR, S100W598, S100YIGL |
| Share capital | 2,189 | 2,189 | 2,189 | 2,189 | 2,189 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Property, plant and equipment | 25,328 | 24,757 | 24,411 | 23,556 | 23,321 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Intangible assets excluding goodwill | 1,740 | 1,725 | 1,510 | 1,416 | 1,423 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Investment securities | 1,866 | 1,958 | 2,628 | 2,894 | 3,857 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Current assets | 14,246 | 13,585 | 13,735 | 13,328 | 13,749 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Current liabilities | 12,077 | 10,958 | 11,057 | 9,446 | 9,899 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Trade payables | 3,083 | 2,681 | 2,643 | 2,315 | 2,696 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Short-term borrowings | 5,268 | 4,860 | 4,476 | 3,723 | 3,166 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Long-term borrowings | 10,015 | 8,775 | 7,486 | 6,687 | 5,048 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Total liabilities | 28,500 | 26,246 | 25,307 | 22,936 | 21,873 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Non-controlling interests | 125 | 131 | 129 | 130 | 132 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Equity attributable to owners of parent | 12,034 | 12,861 | 13,549 | 14,552 | 16,164 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Retained earnings | 9,824 | 10,651 | 11,340 | 12,344 | 13,956 | S100R4LP, S100TRWR, S100W598, S100YIGL |
| Treasury stock | -12 | -12 | -13 | -13 | -13 | S100R4LP, S100TRWR, S100W598, S100YIGL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YIGL |
| Property, plant and equipment | 51% | S100YIGL |
| Intangibles and goodwill | 3% | S100YIGL |
| Investment securities | 9% | S100YIGL |
| Other assets | 21% | S100YIGL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIGL |
| Other liabilities | 42% | S100YIGL |
| Equity | 52% | S100YIGL |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,665 | 45,326 | 45,550 | 44,249 | 45,457 |
| Equity | 18,165 | 19,080 | 20,243 | 21,313 | 23,584 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,698 | 6,086 | 6,171 | 7,084 | 7,456 |

## 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) | 59.6% | S100YIGL |
| Fixed assets ÷ total assets | 51.3% | S100YIGL |
| Goodwill ÷ parent equity | — | —, S100YIGL |

### 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) | 16.4% |
| Cash ÷ revenue | 19.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.4% |
| Cash vs. profit gap | 1,948 JPY mn (of net income 109.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.5% |
| Shareholder payments — dividends / FCF | 6.5% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 26.7% |

## 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 | 3.0% | 0.89× | 2.7% | 3.88× | 10.5% | S100R4LP |
| 2023 | 2.4% | 0.89× | 2.2% | 3.70× | 8.0% | S100TRWR |
| 2024 | 2.2% | 0.87× | 1.9% | 3.44× | 6.5% | S100W598 |
| 2025 | 3.0% | 0.87× | 2.6% | 3.20× | 8.4% | S100YIGL |
| 2026 | 4.6% | 0.87× | 4.0% | 2.92× | 11.6% | S100YIGL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社オーエーコーポレーション | Major shareholder | 52.5% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 芝海株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 大同生命保険株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社東京ウエルズ | Major shareholder | 2.1% | 2026-03-31 |
| アサガミ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.1% | 2026-03-31 |
| 三菱ふそうトラック・バス株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YIGL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGL,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W598 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W598,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TRWR | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRWR,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100R4LP | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4LP,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OFJ0 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFJ0,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LMFB | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMFB,, |

## 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).