# AZ-COM MARUWA Holdings Inc.: 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53期(2025/04/01－2026/03/31) (S100YCWN)
> Page: https://vizora.meequs.com/en/company/az-com-maruwa-holdings
> Retrieved: 2026-09-30T18:37:40.060Z

## Company

AZ-COM MARUWA Holdings, founded in 1973, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 5,462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | AZ-COM MARUWA Holdings Inc. |
| Ticker | 9090 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9090.T) |
| Listing | TSE Prime |
| Head office | 埼玉県吉川市旭7番地1 |
| Representative (per filing) | 代表取締役社長 和佐見 勝 |
| Founded | Aug 1973 |
| Share capital | ¥9.12B |
| Employees (consolidated) | 5,462 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | az-com-maruwa-hd.co.jp (https://az-com-maruwa-hd.co.jp/) |
| Corporate number | 8030001065742 |
| EDINET | E30443 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YCWN, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.6 | 37 |
| Profitability | 42.3 | 39 |
| Cash conversion | 27.6 | 38 |
| Efficiency | 88.5 | 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 99% of AZ-COM MARUWA Holdings's sales come from Logistics, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.6% from the prior year, operating profit +8.3%.

## Company structure

- Segment revenue mix: Logistics 98.6%、Other 1.4%
- Revenue → net income: ¥230531000000 → ¥7882000000
- Net income → operating cash flow: ¥7882000000 → ¥13362000000（difference ¥5480000000）
- Main uses of operating cash flow: CapEx ¥28330000000 / dividends ¥4327000000 / buybacks ¥0
- Change in cash: ¥-21157000000
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 | ¥230.5B |  |
| Operating income | ¥11.9B | Margin 5.1% |
| Net income | ¥7.45B | Margin 3.2% |
| Free cash flow | -¥15B |  |
| Largest business | Logistics | of segment revenue 98.6% |
| Employees (consolidated) | 5,462 |  |
| EPS | ¥24.64 |  |
| Diluted EPS | ¥23.24 |  |
| Book value per share | ¥299.95 |  |
| Equity ratio | 40.1% |  |
| Shares outstanding | 137,984,520 |  |
| Treasury shares | 2,748,900 |  |
| Shareholders | 11,424 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 12.8% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | +0.3 pp | Trucking & Parcel Delivery |
| ROE | 13.3% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, parent-company salary changed +62% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥112113000000 | ¥230531000000 | +105.6% |
| Operating income | ¥8019000000 | ¥11864000000 | +47.9% |
| Operating margin | 7.2% | 5.1% | -2 pp |
| Employees | 3,630 people | 5,462 people | +50.5% |
| Cash and equivalents | ¥26482000000 | ¥19979000000 | -24.6% |

### 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 | 98.6% |
| 物流事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 0.9% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 230,531 | 100.0% | S100YCWN |
| Cost of revenue | 208,460 | 90.4% | S100YCWN |
| Gross profit | 22,071 | 9.6% | S100YCWN |
| SG&A | 10,206 | 4.4% | S100YCWN |
| Operating income | 11,864 | 5.1% | S100YCWN |
| Ordinary income | 12,530 | 5.4% | S100YCWN |
| Pretax income | 12,062 | 5.2% | S100YCWN |
| Income tax | 4,180 | 1.8% | S100YCWN |
| Net income | 7,882 | 3.4% | S100YCWN |
| Net income attributable to owners | 7,448 | 3.2% | S100YCWN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 5 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 9.6% → Operating margin 5.1% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.6%; Core profit growth: +8.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.78×
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 | 208,370 | 230,531 | 22,161 | +10.6% |
| Gross profit | 21,413 | 22,071 | 658 | +3.1% |
| Operating income | 10,956 | 11,864 | 908 | +8.3% |
| Net income attributable to owners | 7,276 | 7,448 | 172 | +2.4% |
| Operating cash flow | 8,897 | 13,362 | 4,465 | +50.2% |
| Free cash flow | -263 | -14,968 | -14,705 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 98,349 | 7,194 | 7.3% | 4,818 | 7,113 | 4,266 | S100LRP2 |
| FY ending Mar 2021 | 112,113 | 8,019 | 7.2% | 5,536 | 7,970 | 4,581 | S100OGKJ |
| FY ending Mar 2022 | 133,000 | 8,649 | 6.5% | 6,125 | 6,087 | 5,060 | S100R89E |
| FY ending Mar 2023 | 177,829 | 11,362 | 6.4% | 7,780 | 11,408 | 2,391 | S100TTPK |
| FY ending Mar 2024 | 198,554 | 13,845 | 7.0% | 9,119 | 10,798 | 5,417 | S100W3OV |
| FY ending Mar 2025 | 208,370 | 10,956 | 5.3% | 7,276 | 8,897 | -263 | S100YCWN |
| FY ending Mar 2026 | 230,531 | 11,864 | 5.1% | 7,448 | 13,362 | -14,968 | S100YCWN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.2M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 4,589 | 4,815 | 5,037 | 5,241 | 5,462 |
| Average salary (parent company) | ¥4.6M | ¥7.4M | ¥7.7M | ¥7.7M | ¥7.5M |
| Average age (parent company) | 38.2 years | 45.1 years | 46.8 years | 46.1 years | 46.1 years |
| Average tenure (parent company) | 8.5 years | 14.2 years | 15.0 years | 15.2 years | 15.6 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +10.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 227,377 | 98.6% | 11,650 | 5.1% |
| Other | 3,154 | 1.4% | 527 | 16.7% |

### 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 | 98.6% | 95.7% | -3.0 | 5.1% |
| Other | 1.4% | 4.3% | 3.0 | 16.7% |

Segment → industry: Logistics → Trucking & Parcel Delivery / Logistics → 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 | 13,362 | 5.8% | S100YCWN |
| Capital expenditure | 28,330 | 12.3% | S100YCWN |
| Free cash flow | -14,968 | -6.5% | 算出 |
| Investing cash flow | -39,173 | -17.0% | S100YCWN |
| Financing cash flow | 4,654 | 2.0% | S100YCWN |
| Dividends paid | 4,327 | 1.9% | S100YCWN |
| Share buyback | 0 | 0.0% | S100YCWN |
| Change in cash | -21,157 | -9.2% | S100YCWN |
| Cash and equivalents | 19,979 | 8.7% | S100YCWN |

## 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 | 29,442 | 32,365 | 45,880 | 41,136 | 19,979 | S100TTPK, S100W3OV, S100YCWN |
| Total assets | 88,391 | 112,028 | 134,594 | 138,550 | 155,661 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Net assets | 30,943 | 38,162 | 57,542 | 60,431 | 65,364 | S100TTPK, S100W3OV, S100YCWN |
| Share capital | 2,667 | 2,670 | 9,117 | 9,117 | 9,117 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Trade receivables | 18,196 | 19,474 | 22,242 | 22,952 | 22,370 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Property, plant and equipment | 22,438 | 30,734 | 33,960 | 42,193 | 66,600 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Intangible assets excluding goodwill | 7,498 | 11,002 | 10,241 | 11,043 | 9,871 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Goodwill | 1,983 | 3,656 | 3,399 | 3,973 | 3,704 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Investment securities | 5,624 | 10,439 | 11,318 | 10,935 | 13,933 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Current assets | 49,219 | 54,563 | 72,498 | 66,573 | 47,090 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Current liabilities | 23,972 | 29,907 | 32,615 | 50,682 | 33,183 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Trade payables | 11,287 | 12,278 | 12,669 | 12,977 | 12,779 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Short-term borrowings | 145 | 315 | 15 | 11 | 11 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Long-term borrowings | 6,960 | 15,370 | 15,237 | 17,315 | 23,783 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Bonds | 5 | 30 | 35 | 15 | — | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Interest-bearing debt | 7,110 | 15,715 | 15,287 | 17,341 | — | 算出 |
| Total liabilities | 57,447 | 73,865 | 77,052 | 78,119 | 90,297 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Non-controlling interests | 1,999 | 2,244 | 2,425 | 2,663 | 2,972 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Equity attributable to owners of parent | 27,933 | 33,044 | 51,688 | 54,540 | 57,666 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Retained earnings | 28,681 | 33,781 | 39,525 | 42,608 | 45,729 | S100R89E, S100TTPK, S100W3OV, S100YCWN |
| Treasury stock | -5,758 | -5,757 | -5,755 | -5,987 | -5,980 | S100R89E, S100TTPK, S100W3OV, S100YCWN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YCWN |
| Receivables | 14% | S100YCWN |
| Property, plant and equipment | 43% | S100YCWN |
| Intangibles and goodwill | 9% | S100YCWN |
| Investment securities | 9% | S100YCWN |
| Other assets | 12% | S100YCWN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YCWN |
| Other liabilities | 50% | S100YCWN |
| Equity | 42% | S100YCWN |

### 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 | 88,391 | 112,028 | 134,594 | 138,550 | 155,661 |
| Equity | 30,943 | 38,162 | 57,542 | 60,431 | 65,364 |
| Interest-bearing debt | 7,110 | 15,715 | 15,287 | 17,341 | — |
| Cash | 29,442 | 32,365 | 45,880 | 41,136 | 19,979 |

## 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) | 28.9% | S100YCWN |
| Fixed assets ÷ total assets | 42.8% | S100YCWN |
| Goodwill ÷ parent equity | 6.4% | S100YCWN |

Goodwill over 4 years: 1,983 → 3,704 JPY; total investing cash flow: -74,901 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) | 12.8% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.6% |
| Cash vs. profit gap | 5,914 JPY mn (of net income 79.4%) |
| Shareholder returns / net income | 58.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.3% |
| Investing CF relative to operating CF | 293.2% |

## 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 | 4.6% | 1.50× | 6.9% | 3.16× | 21.9% | S100R89E |
| 2023 | 4.4% | 1.77× | 7.8% | 3.29× | 25.5% | S100TTPK |
| 2024 | 4.6% | 1.61× | 7.4% | 2.91× | 21.5% | S100W3OV |
| 2025 | 3.5% | 1.53× | 5.3% | 2.57× | 13.7% | S100YCWN |
| 2026 | 3.2% | 1.57× | 5.1% | 2.62× | 13.3% | S100YCWN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＴＡＲＯ‘Ｓ | Major shareholder | 19.1% | 2026-03-31 |
| 和佐見 勝 | Major shareholder | 18.3% | 2026-03-31 |
| 株式会社ＷＡＳＡＭＩ | Major shareholder | 14.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷーＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ（常任代理人 ㈱三菱ＵＦＪ銀行）） | Major shareholder | 2.7% | 2026-03-31 |
| ＡＺ－ＣＯＭ丸和ホールディングスグループ社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社マツキヨココカラ＆カンパニー | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社上組 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YCWN | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCWN,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W3OV | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3OV,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TTPK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTPK,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R89E | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R89E,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OGKJ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGKJ,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LRP2 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRP2,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| JDSC | Capital alliance | 中長期DX戦略パートナーシップを前提とする資本業務提携（第三者割当による新株発行） | S100Z461 |

## 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).