# Azuma Shipping Co.,Ltd.: 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125期(2025/04/01－2026/03/31) (S100YHD3)
> Page: https://vizora.meequs.com/en/company/azuma-shipping
> Retrieved: 2026-09-30T18:33:09.870Z

## Company

Azuma Shipping, founded in 1917, is a company in Agriculture & Seeds listed on TSE Standard. It has 753 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Azuma Shipping Co.,Ltd. |
| Ticker | 9380 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9380.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区晴海一丁目8番12号 |
| Representative (per filing) | 代表取締役社長 松井伸介 |
| Founded | Dec 1917 |
| Share capital | ¥2.29B |
| Employees (consolidated) | 753 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.azumaship.co.jp (https://www.azumaship.co.jp/) |
| Corporate number | 4010001035123 |
| EDINET | E04329 |
| Industries (Vizora) | Agriculture & Seeds, Real Estate Development & Leasing, Shipping, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YHD3, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23 | 37 |
| Profitability | 11.5 | 39 |
| Cash conversion | 82.9 | 38 |
| Efficiency | 62.8 | 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 75% of Azuma Shipping's sales come from Logistics, with Shipping and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +26.3%.

## Company structure

- Segment revenue mix: Logistics 74.7%、Shipping 22.7%、Real estate 1.9%、Other business 0.6%
- Revenue → net income: ¥40148374000 → ¥732864000
- Net income → operating cash flow: ¥732864000 → ¥2130318000（difference ¥1397454000）
- Main uses of operating cash flow: CapEx ¥4015933000 / dividends ¥199665000 / buybacks ¥125400000
- Change in cash: ¥142543000
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 | ¥40.1B |  |
| Operating income | ¥868.9M | Margin 2.2% |
| Net income | ¥722.8M | Margin 1.8% |
| Free cash flow | -¥1.89B |  |
| Largest business | Logistics | of segment revenue 74.7% |
| Employees (consolidated) | 753 |  |
| EPS | ¥21.62 |  |
| Book value per share | ¥562.19 |  |
| Equity ratio | 41.9% |  |
| Shares outstanding | 28,923,000 |  |
| Treasury shares | 732,600 |  |
| Shareholders | 18,796 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 13.2% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | -2.6 pp | Trucking & Parcel Delivery |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, employees -1% while operating income rose 26%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39001015000 | ¥40148374000 | +2.9% |
| Operating income | ¥700734000 | ¥868946000 | +24.0% |
| Operating margin | 1.8% | 2.2% | +0.4 pp |
| Employees | 785 people | 753 people | -4.1% |
| Cash and equivalents | ¥5118368000 | ¥5833125000 | +14.0% |

### 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 | 72.3% |
| 海運事業 → 海運事業 | 22.7% |
| 海運事業 → 事業再編・廃止 | 2.7% |
| 不動産事業 → 不動産事業 | 1.7% |
| その他事業 → その他事業 | 0.6% |
| 新設・再編 → 物流事業 | 2.4% |
| 新設・再編 → 不動産事業 | 0.2% |
| 新設・再編 → その他事業 | 0.0% |

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 | 5 years | +1.2% | ¥29977087000 | 6.1% | 2 |
| Shipping | 5 years | -1.6% | ¥9132443000 | 5.3% | 2 |
| Real estate | 5 years | +3.3% | ¥777896000 | 81.2% | 2 |
| Other business | 5 years | +2.0% | ¥260946000 | -13.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,148 | 100.0% | S100YHD3 |
| SG&A | 3,432 | 8.5% | S100YHD3 |
| Operating income | 869 | 2.2% | S100YHD3 |
| Ordinary income | 981 | 2.4% | S100YHD3 |
| Pretax income | 965 | 2.4% | S100YHD3 |
| Income tax | 232 | 0.6% | S100YHD3 |
| Net income | 733 | 1.8% | S100YHD3 |
| Net income attributable to owners | 723 | 1.8% | S100YHD3 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 2.2% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +26.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 13.83×
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 | 39,399 | 40,148 | 749 | +1.9% |
| Operating income | 688 | 869 | 181 | +26.3% |
| Net income attributable to owners | 578 | 723 | 145 | +25.1% |
| Operating cash flow | 3,025 | 2,130 | -895 | -29.6% |
| Free cash flow | -1,635 | -1,886 | -251 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,006 | 443 | 1.1% | 273 | 1,927 | 790 | S100LNHZ |
| FY ending Mar 2021 | 39,001 | 701 | 1.8% | 394 | 4,423 | 4,071 | S100OCPU |
| FY ending Mar 2022 | 39,614 | 684 | 1.7% | 636 | 2,173 | 1,391 | S100R06J |
| FY ending Mar 2023 | 41,467 | 666 | 1.6% | 198 | 1,671 | 1,138 | S100TQBN |
| FY ending Mar 2024 | 39,747 | 288 | 0.7% | 317 | 825 | -1,906 | S100W2BM |
| FY ending Mar 2025 | 39,399 | 688 | 1.7% | 578 | 3,025 | -1,635 | S100YHD3 |
| FY ending Mar 2026 | 40,148 | 869 | 2.2% | 723 | 2,130 | -1,886 | S100YHD3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.3M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥959.9K |

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) | 797 | 832 | 824 | 762 | 753 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.4M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 46.2 years | 46.1 years | 46.5 years | 46.8 years | 47.2 years |
| Average tenure (parent company) | 13.1 years | 13.4 years | 13.6 years | 13.7 years | 13.7 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 29,977 | 74.7% | 1,819 | 6.1% |
| Shipping | 9,132 | 22.7% | 481 | 5.3% |
| Real estate | 778 | 1.9% | 632 | 81.2% |
| Other business | 261 | 0.6% | -35 | -13.4% |

### 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 | 74.7% | 62.0% | -12.6 | 6.1% |
| Shipping | 22.7% | 16.4% | -6.3 | 5.3% |
| Real estate | 1.9% | 21.5% | 19.6 | 81.2% |
| Other business | 0.6% | — | — | -13.4% |

Loss-making segment (excluded from profit shares): Other business -35 JPY mn

Segment → industry: Other business → Agriculture & Seeds / Real estate → Real Estate Development & Leasing / Shipping → Shipping / 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 | 2,130 | 5.3% | S100YHD3 |
| Capital expenditure | 4,016 | 10.0% | S100YHD3 |
| Free cash flow | -1,886 | -4.7% | 算出 |
| Investing cash flow | -3,399 | -8.5% | S100YHD3 |
| Financing cash flow | 1,388 | 3.5% | S100YHD3 |
| Dividends paid | 200 | 0.5% | S100YHD3 |
| Share buyback | 125 | 0.3% | S100YHD3 |
| Change in cash | 143 | 0.4% | S100YHD3 |
| Cash and equivalents | 5,833 | 14.5% | S100YHD3 |

## 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 | 5,481 | 6,255 | 6,054 | 5,691 | 5,833 | S100TQBN, S100W2BM, S100YHD3 |
| Total assets | 37,354 | 37,545 | 38,730 | 41,163 | 44,110 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Net assets | 16,134 | 16,317 | 16,983 | 17,585 | 18,633 | S100TQBN, S100W2BM, S100YHD3 |
| Share capital | 2,295 | 2,295 | 2,295 | 2,295 | 2,295 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Inventories | 53 | 63 | 67 | 72 | 75 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Property, plant and equipment | 19,225 | 18,736 | 18,935 | 22,483 | 24,370 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Intangible assets excluding goodwill | 1,536 | 1,505 | 1,443 | 1,496 | 1,585 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Investment securities | 2,793 | 2,923 | 3,541 | 3,757 | 4,452 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Current assets | 13,163 | 13,859 | 14,233 | 12,858 | 13,191 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Current liabilities | 10,912 | 10,959 | 10,900 | 10,772 | 10,698 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Short-term borrowings | 2,696 | 3,097 | 3,128 | 2,743 | 3,003 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Long-term borrowings | 3,740 | 3,692 | 4,442 | 6,728 | 8,775 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Total liabilities | 21,220 | 21,228 | 21,747 | 23,578 | 25,478 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Non-controlling interests | 70 | 112 | 119 | 128 | 133 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Equity attributable to owners of parent | 15,528 | 15,514 | 15,687 | 16,106 | 16,519 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Retained earnings | 12,067 | 12,036 | 12,194 | 12,573 | 13,096 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |
| Treasury stock | -318 | -301 | -285 | -245 | -356 | S100R06J, S100TQBN, S100W2BM, S100YHD3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YHD3 |
| Inventories | 0% | S100YHD3 |
| Property, plant and equipment | 55% | S100YHD3 |
| Intangibles and goodwill | 4% | S100YHD3 |
| Investment securities | 10% | S100YHD3 |
| Other assets | 18% | S100YHD3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YHD3 |
| Equity | 42% | S100YHD3 |
| Other liabilities | 0% | S100YHD3 |

### 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 | 37,354 | 37,545 | 38,730 | 41,163 | 44,110 |
| Equity | 16,134 | 16,317 | 16,983 | 17,585 | 18,633 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,481 | 6,255 | 6,054 | 5,691 | 5,833 |

## 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) | 60.7% | S100YHD3 |
| Fixed assets ÷ total assets | 55.2% | S100YHD3 |
| Goodwill ÷ parent equity | — | —, S100YHD3 |

### 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) | 13.2% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 245.2% |
| Cash vs. profit gap | 1,407 JPY mn (of net income 194.7%) |
| Shareholder returns / net income | 45.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.0% |
| Investing CF relative to operating CF | 159.6% |

## 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 | 1.6% | 1.06× | 1.7% | 2.41× | 4.1% | S100R06J |
| 2023 | 0.5% | 1.11× | 0.5% | 2.41× | 1.3% | S100TQBN |
| 2024 | 0.8% | 1.04× | 0.8% | 2.44× | 2.0% | S100W2BM |
| 2025 | 1.5% | 0.99× | 1.4% | 2.51× | 3.6% | S100YHD3 |
| 2026 | 1.8% | 0.94× | 1.7% | 2.61× | 4.4% | S100YHD3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太平洋セメント㈱ | Major shareholder | 39.4% | 2026-03-31 |
| 鈴与建設㈱ | Major shareholder | 13.5% | 2026-03-31 |
| 鈴与㈱ | Major shareholder | 3.5% | 2026-03-31 |
| むさし証券㈱ | Major shareholder | 2.8% | 2026-03-31 |
| ㈱商船三井 | Major shareholder | 2.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 東 海運持株会 | Major shareholder | 1.0% | 2026-03-31 |
| ㈱内山アドバンス | Major shareholder | 0.8% | 2026-03-31 |
| 小林 広幸 | Major shareholder | 0.5% | 2026-03-31 |
| SCBHK AC LIECHTENSTEINISCHELANDESBANK AG（常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/04/01－2026/03/31) | S100YHD3 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHD3,, |
| 有価証券報告書－第124期(2024/04/01－2025/03/31) | S100W2BM | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2BM,, |
| 有価証券報告書－第123期(2023/04/01－2024/03/31) | S100TQBN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQBN,, |
| 有価証券報告書－第122期(2022/04/01－2023/03/31) | S100R06J | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R06J,, |
| 有価証券報告書－第121期(令和3年4月1日－令和4年3月31日) | S100OCPU | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCPU,, |
| 有価証券報告書－第120期(令和2年4月1日－令和3年3月31日) | S100LNHZ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNHZ,, |

## 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).