# CHUBU SUISAN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第83期(2025/04/01－2026/03/31) (S100YI2J)
> Page: https://vizora.meequs.com/en/company/chubu-suisan
> Retrieved: 2026-09-30T19:52:21.327Z

## Company

Chubu Suisan, founded in 1946, is a company in Real Estate Development & Leasing listed on Nagoya. It has 83 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHŪBU SUISAN CO.,LTD. |
| Ticker | 8145 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8145.T) |
| Listing | Nagoya |
| Head office | 名古屋市熱田区川並町2番22号 |
| Representative (per filing) | 代表取締役社長 脇坂剛 |
| Founded | Feb 1946 |
| Share capital | ¥1.45B |
| Employees (consolidated) | 83 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.nagoya-chusui.co.jp (https://www.nagoya-chusui.co.jp/) |
| Corporate number | 3180001022262 |
| EDINET | E02646 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YI2J, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.8 | 179 |
| Profitability | 15.4 | 185 |
| Cash conversion | 10.3 | 179 |
| Efficiency | 80.8 | 185 |

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 98% of Chubu Suisan's sales come from Wholesale section, with Refrigerated warehouse section and Real estate for lease section making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +35.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥37.4B |  |
| Operating income | ¥446.2M | Margin 1.2% |
| Net income | ¥440.2M | Margin 1.2% |
| Free cash flow | -¥448M |  |
| Largest business | Wholesale section | of segment revenue 97.9% |
| Employees (consolidated) | 83 |  |
| EPS | ¥268.85 |  |
| Book value per share | ¥9053.99 |  |
| Equity ratio | 81.0% |  |
| Shares outstanding | 1,926,000 |  |
| Treasury shares | 289,500 |  |
| Shareholders | 702 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | -1.7 pp | Specialty Trading & Wholesale |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -45 points
- FY2026, employees -1% while operating income rose 35%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40840299000 | ¥37400793000 | -8.4% |
| Operating income | ¥288365000 | ¥446237000 | +54.7% |
| Operating margin | 0.7% | 1.2% | +0.5 pp |
| Employees | 106 people | 83 people | -21.7% |
| Cash and equivalents | ¥3768951000 | ¥3693749000 | -2.0% |

### 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 |
| --- | ---: |
| 卸売部門 → 卸売部門 | 95.1% |
| 冷蔵倉庫部門 → 冷蔵倉庫部門 | 1.2% |
| 飼料工場部門 → 事業再編・廃止 | 2.0% |
| 不動産賃貸部門 → 不動産賃貸部門 | 0.4% |
| 冷蔵工場部門 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 卸売部門 | 2.8% |
| 新設・再編 → 冷蔵倉庫部門 | 0.2% |
| 新設・再編 → 不動産賃貸部門 | 0.2% |

Segment revenue source references: 3 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Wholesale section | 5 years | -1.4% | ¥36620992000 | 1.2% | 1 |
| Refrigerated warehouse section | 5 years | +1.8% | ¥538840000 | 39.0% | 1 |
| Real estate for lease section | 5 years | +5.7% | ¥240959000 | 70.6% | 1 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 37,401 | 100.0% | S100YI2J |
| Cost of revenue | 35,266 | 94.3% | S100YI2J |
| Gross profit | 2,135 | 5.7% | S100YI2J |
| SG&A | 1,689 | 4.5% | S100YI2J |
| Operating income | 446 | 1.2% | S100YI2J |
| Ordinary income | 637 | 1.7% | S100YI2J |
| Pretax income | 637 | 1.7% | S100YI2J |
| Income tax | 197 | 0.5% | S100YI2J |
| Net income | 440 | 1.2% | S100YI2J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 5 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 5.7% → Operating margin 1.2% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +35.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.19×
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 | 36,761 | 37,401 | 640 | +1.7% |
| Gross profit | 1,925 | 2,135 | 210 | +10.9% |
| Operating income | 330 | 446 | 116 | +35.2% |
| Operating cash flow | -830 | -31 | 799 | — |
| Free cash flow | -857 | -448 | 409 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,221 | 178 | 0.4% | 215 | 169 | -217 | S100LUIX |
| FY ending Mar 2021 | 40,840 | 288 | 0.7% | 233 | 221 | -796 | S100OEJZ |
| FY ending Mar 2022 | 34,858 | 246 | 0.7% | 317 | 131 | 78 | S100T9XO |
| FY ending Mar 2023 | 34,891 | 118 | 0.3% | 320 | -97 | -182 | S100TRMZ |
| FY ending Mar 2024 | 36,146 | 345 | 1.0% | 325 | 2,272 | 2,231 | S100W7YH |
| FY ending Mar 2025 | 36,761 | 330 | 0.9% | 330 | -830 | -857 | S100YI2J |
| FY ending Mar 2026 | 37,401 | 446 | 1.2% | 440 | -31 | -448 | S100YI2J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥450.6M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 91 | 87 | 86 | 84 | 83 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.3M | ¥6.3M | ¥6.6M |
| Average age (parent company) | 46.0 years | 46.1 years | 45.5 years | 46.2 years | 46.6 years |
| Average tenure (parent company) | 23.1 years | 23.2 years | 22.4 years | 23.1 years | 23.3 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale section | 36,621 | 97.9% | 431 | 1.2% |
| Refrigerated warehouse section | 539 | 1.4% | 210 | 39.0% |
| Real estate for lease section | 241 | 0.6% | 170 | 70.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wholesale section | 97.9% | 53.1% | -44.8 | 1.2% |
| Refrigerated warehouse section | 1.4% | 25.9% | 24.5 | 39.0% |
| Real estate for lease section | 0.6% | 21.0% | 20.3 | 70.6% |

Segment → industry: Real estate for lease section → Real Estate Development & Leasing / Wholesale section → Specialty Trading & Wholesale / Refrigerated warehouse section → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -31 | -0.1% | S100YI2J |
| Capital expenditure | 417 | 1.1% | S100YI2J |
| Free cash flow | -448 | -1.2% | 算出 |
| Investing cash flow | -1,257 | -3.4% | S100YI2J |
| Financing cash flow | -139 | -0.4% | S100YI2J |
| Dividends paid | 139 | 0.4% | S100YI2J |
| Share buyback | 0 | 0.0% | S100YI2J |
| Change in cash | -1,427 | -3.8% | S100YI2J |
| Cash and equivalents | 3,694 | 9.9% | S100YI2J |

## 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 | 3,628 | 3,436 | 5,897 | 5,121 | 3,694 | S100TRMZ, S100W7YH, S100YI2J |
| Total assets | 14,549 | 15,040 | 16,701 | 16,021 | 18,302 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Net assets | 12,209 | 12,306 | 13,123 | 13,240 | 14,824 | S100TRMZ, S100W7YH, S100YI2J |
| Share capital | 1,450 | 1,450 | 1,450 | 1,450 | 1,450 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Property, plant and equipment | 2,657 | 2,656 | 2,636 | 2,598 | 2,947 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Intangible assets excluding goodwill | 39 | 53 | 39 | 38 | 46 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Investment securities | 3,143 | 2,902 | 3,542 | 3,800 | 5,482 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Current assets | 8,453 | 9,074 | 10,340 | 9,431 | 9,672 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Current liabilities | 1,779 | 2,162 | 2,740 | 1,943 | 2,019 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Total liabilities | 2,340 | 2,733 | 3,578 | 2,782 | 3,477 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Equity attributable to owners of parent | 11,607 | 11,563 | 11,745 | 11,846 | 12,146 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Retained earnings | 9,754 | 9,924 | 10,106 | 10,296 | 10,597 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |
| Treasury stock | -642 | -856 | -857 | -946 | -947 | S100T9XO, S100TRMZ, S100W7YH, S100YI2J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YI2J |
| Property, plant and equipment | 16% | S100YI2J |
| Intangibles and goodwill | 0% | S100YI2J |
| Investment securities | 30% | S100YI2J |
| Other assets | 34% | S100YI2J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100YI2J |
| Equity | 81% | S100YI2J |
| Other liabilities | 0% | S100YI2J |

### 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 | 14,549 | 15,040 | 16,701 | 16,021 | 18,302 |
| Equity | 12,209 | 12,306 | 13,123 | 13,240 | 14,824 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,628 | 3,436 | 5,897 | 5,121 | 3,694 |

## 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) | 7.9% | S100YI2J |
| Fixed assets ÷ total assets | 16.1% | S100YI2J |
| Goodwill ÷ parent equity | — | —, S100YI2J |

### 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) | 20.2% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -6.8% |
| Cash vs. profit gap | -471 JPY mn (of net income -106.9%) |
| Shareholder returns / net income | 31.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | — |

## 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 | 0.9% | 2.40× | 2.2% | 1.25× | 2.7% | S100T9XO |
| 2023 | 0.9% | 2.36× | 2.2% | 1.28× | 2.8% | S100TRMZ |
| 2024 | 0.9% | 2.28× | 2.0% | 1.36× | 2.8% | S100W7YH |
| 2025 | 0.9% | 2.25× | 2.0% | 1.39× | 2.8% | S100YI2J |
| 2026 | 1.2% | 2.18× | 2.6% | 1.43× | 3.7% | S100YI2J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ニッスイ | Major shareholder | 14.6% | 2026-03-31 |
| ㈱極洋 | Major shareholder | 7.3% | 2026-03-31 |
| Umios㈱ | Major shareholder | 4.8% | 2026-03-31 |
| ㈱あいち銀行 | Major shareholder | 4.7% | 2026-03-31 |
| ㈱名古屋銀行 | Major shareholder | 3.8% | 2026-03-31 |
| ㈱スノーボールキャピタル | Major shareholder | 3.4% | 2026-03-31 |
| 中央魚類㈱ | Major shareholder | 2.8% | 2026-03-31 |
| 服部貴男 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱北陸銀行 | Major shareholder | 1.9% | 2026-03-31 |
| ㈱大水 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YI2J | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI2J,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W7YH | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7YH,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TRMZ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRMZ,, |
| 訂正有価証券報告書－第80期(2022/04/01－2023/03/31) | S100T9XO | 2024-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T9XO,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R56Z | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R56Z,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OEJZ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEJZ,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LUIX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIX,, |

## 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).