# Chuo Warehouse 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146期(2025/04/01－2026/03/31) (S100YF4M)
> Page: https://vizora.meequs.com/en/company/chuosoko
> Retrieved: 2026-09-30T17:49:12.338Z

## Company

Chuo Warehouse, founded in 1927, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 707 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chuo Warehouse Co.,Ltd. |
| Ticker | 9319 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9319.T) |
| Listing | TSE Prime |
| Head office | 京都市下京区朱雀内畑町41番地 |
| Representative (per filing) | 代表取締役 社長執行役員 谷奥 秀実 |
| Founded | Oct 1927 |
| Share capital | ¥2.73B |
| Employees (consolidated) | 707 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.chuosoko.co.jp (https://www.chuosoko.co.jp/) |
| Corporate number | 4130001018066 |
| EDINET | E04304 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YF4M, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.4 | 37 |
| Profitability | 75.6 | 39 |
| Cash conversion | 46.1 | 38 |
| Efficiency | 16.7 | 39 |
| Financial strength | 89.3 | 14 |

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 80% of Chuo Warehouse's sales come from domestic logistics business, with international freight business and real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -6.3%.

## Company structure

- Segment revenue mix: domestic logistics business 79.6%、international freight business 19.1%、real estate leasing business 1.3%
- Revenue → net income: ¥28029329000 → ¥2080513000
- Net income → operating cash flow: ¥2080513000 → ¥2965599000（difference ¥885086000）
- Main uses of operating cash flow: CapEx ¥3062289000 / dividends ¥682376000 / buybacks ¥929346000
- Change in cash: ¥1042268000
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 | ¥28B |  |
| Operating income | ¥2.05B | Margin 7.3% |
| Net income | ¥2.07B | Margin 7.4% |
| Free cash flow | -¥96.7M |  |
| Largest business | domestic logistics business | of segment revenue 79.6% |
| Employees (consolidated) | 707 |  |
| EPS | ¥109.41 |  |
| Book value per share | ¥2599.46 |  |
| Equity ratio | 76.6% |  |
| Shares outstanding | 19,064,000 |  |
| Treasury shares | 1,150,100 |  |
| Shareholders | 12,674 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 9.9% | Net cash -¥256.6M · Cash ÷ revenue 22.5% |
| Vs. industry median margin | +2.5 pp | Trucking & Parcel Delivery |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25927637000 | ¥28029329000 | +8.1% |
| Operating income | ¥1732516000 | ¥2051784000 | +18.4% |
| Operating margin | 6.7% | 7.3% | +0.6 pp |
| Employees | 630 people | 707 people | +12.2% |
| Cash and equivalents | ¥3907374000 | ¥6310384000 | +61.5% |

### 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 |
| --- | ---: |
| 倉庫業 → 事業再編・廃止 | 25.1% |
| 運送業 → 事業再編・廃止 | 47.9% |
| 国際貨物取扱業 → 事業再編・廃止 | 27.0% |
| 新設・再編 → 国内物流事業 | 79.6% |
| 新設・再編 → 国際貨物事業 | 19.1% |
| 新設・再編 → 不動産賃貸事業 | 1.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| domestic logistics business | 4 years | +3.2% | ¥22318265000 | 11.4% | 2 |
| international freight business | 4 years | +6.1% | ¥5350568000 | 9.1% | 2 |
| real estate leasing business | 4 years | +56.7% | ¥360495000 | 42.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,029 | 100.0% | S100YF4M |
| SG&A | 1,261 | 4.5% | S100YF4M |
| Operating income | 2,052 | 7.3% | S100YF4M |
| Ordinary income | 2,396 | 8.5% | S100YF4M |
| Pretax income | 2,898 | 10.3% | S100YF4M |
| Income tax | 818 | 2.9% | S100YF4M |
| Net income | 2,081 | 7.4% | S100YF4M |
| Net income attributable to owners | 2,068 | 7.4% | S100YF4M |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 7.3% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -6.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.28×
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 | 27,840 | 28,029 | 189 | +0.7% |
| Operating income | 2,190 | 2,052 | -138 | -6.3% |
| Net income attributable to owners | 1,589 | 2,068 | 480 | +30.2% |
| Operating cash flow | 4,123 | 2,966 | -1,157 | -28.1% |
| Free cash flow | 1,962 | -97 | -2,058 | -104.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,475 | 1,588 | 6.0% | 1,210 | 3,031 | -1,057 | S100LPN1 |
| FY ending Mar 2021 | 25,928 | 1,733 | 6.7% | 1,307 | 2,902 | 601 | S100OEMM |
| FY ending Mar 2022 | 23,932 | 1,867 | 7.8% | 1,352 | 2,256 | 290 | S100RVOD |
| FY ending Mar 2023 | 25,869 | 2,109 | 8.2% | 1,708 | 4,079 | -94 | S100TQS9 |
| FY ending Mar 2024 | 26,512 | 1,934 | 7.3% | 1,698 | 2,841 | 985 | S100W0X0 |
| FY ending Mar 2025 | 27,840 | 2,190 | 7.9% | 1,589 | 4,123 | 1,962 | S100YF4M |
| FY ending Mar 2026 | 28,029 | 2,052 | 7.3% | 2,068 | 2,966 | -97 | S100YF4M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.6M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 640 | 695 | 701 | 696 | 707 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.2M | ¥5.5M | ¥5.7M |
| Average age (parent company) | 40.2 years | 40.2 years | 40.9 years | 41.2 years | 41.4 years |
| Average tenure (parent company) | 13.4 years | 13.3 years | 15.7 years | 15.8 years | 15.9 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| domestic logistics business | 22,318 | 79.6% | 2,533 | 11.4% |
| international freight business | 5,351 | 19.1% | 486 | 9.1% |
| real estate leasing business | 360 | 1.3% | 153 | 42.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| domestic logistics business | 79.6% | 79.9% | 0.2 | 11.4% |
| international freight business | 19.1% | 15.3% | -3.8 | 9.1% |
| real estate leasing business | 1.3% | 4.8% | 3.5 | 42.5% |

Segment → industry: real estate leasing business → Real Estate Development & Leasing / domestic logistics business → Trucking & Parcel Delivery / international freight business → Warehouses & Logistics Facilities / domestic 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 | 2,966 | 10.6% | S100YF4M |
| Capital expenditure | 3,062 | 10.9% | S100YF4M |
| Free cash flow | -97 | -0.3% | 算出 |
| Investing cash flow | -2,010 | -7.2% | S100YF4M |
| Financing cash flow | 86 | 0.3% | S100YF4M |
| Dividends paid | 682 | 2.4% | S100YF4M |
| Share buyback | 929 | 3.3% | S100YF4M |
| Change in cash | 1,042 | 3.7% | S100YF4M |
| Cash and equivalents | 6,310 | 22.5% | S100YF4M |

## 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 | 3,726 | 4,923 | 5,251 | 5,268 | 6,310 | S100TQS9, S100W0X0, S100YF4M |
| Total assets | 53,306 | 56,159 | 58,016 | 58,928 | 63,663 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Net assets | 41,250 | 42,830 | 45,601 | 46,078 | 49,089 | S100TQS9, S100W0X0, S100YF4M |
| Share capital | 2,734 | 2,734 | 2,734 | 2,734 | 2,734 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Property, plant and equipment | 29,483 | 31,950 | 31,791 | 32,387 | 33,124 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Intangible assets excluding goodwill | 92 | 141 | 121 | 111 | 137 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Goodwill | — | 39 | 33 | 28 | 22 | S100TQS9, S100W0X0, S100YF4M |
| Investment securities | 9,546 | 9,452 | 11,715 | 12,009 | 15,462 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Current assets | 13,682 | 14,064 | 13,651 | 13,595 | 13,843 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Current liabilities | 7,899 | 7,883 | 6,745 | 7,584 | 7,028 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Short-term borrowings | 3,080 | 3,070 | 2,970 | 2,900 | 2,900 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Long-term borrowings | 1,804 | 2,699 | 2,179 | 1,853 | 3,537 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Bonds | — | 100 | 170 | 50 | 130 | S100TQS9, S100W0X0, S100YF4M |
| Interest-bearing debt | — | 5,869 | 5,319 | 4,803 | 6,567 | 算出 |
| Total liabilities | 12,057 | 13,329 | 12,415 | 12,851 | 14,573 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Non-controlling interests | 248 | 263 | 271 | 287 | 299 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Equity attributable to owners of parent | 37,441 | 38,667 | 39,823 | 40,095 | 40,602 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Retained earnings | 32,542 | 33,756 | 34,903 | 35,887 | 37,273 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |
| Treasury stock | -99 | -87 | -78 | -795 | -1,673 | S100RVOD, S100TQS9, S100W0X0, S100YF4M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YF4M |
| Property, plant and equipment | 52% | S100YF4M |
| Intangibles and goodwill | 0% | S100YF4M |
| Investment securities | 24% | S100YF4M |
| Other assets | 14% | S100YF4M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 13% | S100YF4M |
| Equity | 77% | S100YF4M |
| Other liabilities | 0% | S100YF4M |

### 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 | 53,306 | 56,159 | 58,016 | 58,928 | 63,663 |
| Equity | 41,250 | 42,830 | 45,601 | 46,078 | 49,089 |
| Interest-bearing debt | — | 5,869 | 5,319 | 4,803 | 6,567 |
| Cash | 3,726 | 4,923 | 5,251 | 5,268 | 6,310 |

## 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) | 118.2% | S100YF4M |
| Fixed assets ÷ total assets | 52.0% | S100YF4M |
| Goodwill ÷ parent equity | 0.1% | S100YF4M |

### 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) | 9.9% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | -¥256.6M |
| Net debt ÷ operating cash flow | 0.09× |
| Cash conversion (operating CF ÷ operating income) | 144.5% |
| Cash vs. profit gap | 897 JPY mn (of net income 43.4%) |
| Shareholder returns / net income | 77.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.9% |
| Investing CF relative to operating CF | 67.8% |

## 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 | 5.7% | 0.45× | 2.5% | 1.42× | 3.6% | S100RVOD |
| 2023 | 6.6% | 0.47× | 3.1% | 1.44× | 4.5% | S100TQS9 |
| 2024 | 6.4% | 0.46× | 3.0% | 1.45× | 4.3% | S100W0X0 |
| 2025 | 5.7% | 0.48× | 2.7% | 1.46× | 4.0% | S100YF4M |
| 2026 | 7.4% | 0.46× | 3.4% | 1.52× | 5.1% | S100YF4M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社京都銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社滋賀銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）（注）２ | Major shareholder | 4.5% | 2026-03-31 |
| 安田倉庫株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| みずほ信託銀行株式会社 (注)１ | Major shareholder | 3.3% | 2026-03-31 |
| 戸田建設株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 京都中央信用金庫 | Major shareholder | 2.9% | 2026-03-31 |
| 中央倉庫従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第146期(2025/04/01－2026/03/31) | S100YF4M | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF4M,, |
| 有価証券報告書－第145期(2024/04/01－2025/03/31) | S100W0X0 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0X0,, |
| 有価証券報告書－第144期(2023/04/01－2024/03/31) | S100TQS9 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQS9,, |
| 訂正有価証券報告書－第143期(2022/04/01－2023/03/31) | S100RVOD | 2023-09-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RVOD,, |
| 有価証券報告書－第142期(令和3年4月1日－令和4年3月31日) | S100OEMM | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEMM,, |
| 有価証券報告書－第141期(令和2年4月1日－令和3年3月31日) | S100LPN1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPN1,, |

## 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).