# DAITO KOUN 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77期(2025/04/01－2026/03/31) (S100YH3W)
> Page: https://vizora.meequs.com/en/company/daito-koun
> Retrieved: 2026-09-30T19:08:53.377Z

## Company

Daito Koun, founded in 1957, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 426 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAITO KOUN CO.,LTD. |
| Ticker | 9367 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9367.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦四丁目2番8号 |
| Representative (per filing) | 代表取締役社長 曽根好貞 |
| Founded | Dec 1957 |
| Share capital | ¥856M |
| Employees (consolidated) | 426 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Corporate number | 8010401016578 |
| EDINET | E04356 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YH3W, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 37 |
| Profitability | 57.7 | 39 |
| Cash conversion | 9.2 | 38 |
| Efficiency | 75.6 | 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 79% of Daito Koun's sales come from Import and export service, with Steel distribution and Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +65.8%.

## Company structure

- Segment revenue mix: Import and export service 79.0%、Steel distribution 12.8%、Overseas business 6.2%、Domestic real estate rental business 2.0%
- Revenue → net income: ¥18132106000 → ¥910197000
- Net income → operating cash flow: ¥910197000 → ¥884940000（difference ¥-25257000）
- Main uses of operating cash flow: CapEx ¥726952000 / dividends ¥206612000 / buybacks —
- Change in cash: ¥-314661000
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 | ¥18.1B |  |
| Operating income | ¥1.1B | Margin 6.0% |
| Net income | ¥869.9M | Margin 4.8% |
| Free cash flow | ¥158M |  |
| Largest business | Import and export service | of segment revenue 79.0% |
| Employees (consolidated) | 426 |  |
| EPS | ¥86.31 |  |
| Book value per share | ¥1095.49 |  |
| Equity ratio | 67.0% |  |
| Shares outstanding | 9,389,000 |  |
| Treasury shares | 744,400 |  |
| Shareholders | 2,957 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | +0.2 pp | Warehouses & Logistics Facilities |
| ROE | 9.9% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, employees -1% while operating income rose 66%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22247766000 | ¥18132106000 | -18.5% |
| Operating income | ¥782325000 | ¥1095273000 | +40.0% |
| Operating margin | 3.5% | 6.0% | +2.5 pp |
| Employees | 393 people | 426 people | +8.4% |
| Cash and equivalents | ¥2150813000 | ¥2678791000 | +24.5% |

### 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 |
| --- | ---: |
| 輸出入貨物取扱事業 → 輸出入貨物取扱事業 | 79.0% |
| 輸出入貨物取扱事業 → 事業再編・廃止 | 14.3% |
| 鉄鋼物流事業 → 鉄鋼物流事業 | 6.7% |
| 新設・再編 → 鉄鋼物流事業 | 6.1% |
| 新設・再編 → 海外事業 | 6.2% |
| 新設・再編 → 国内不動産賃貸事業 | 2.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Import and export service | 5 years | -7.1% | ¥13221038000 | 13.4% | 2 |
| Steel distribution | 5 years | +9.2% | ¥2139675000 | 9.2% | 2 |
| Overseas business | 2 years | +49.5% | ¥1034483000 | 6.7% | 2 |
| Domestic real estate rental business | 2 years | +8.7% | ¥338779000 | 33.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,132 | 100.0% | S100YH3W |
| SG&A | 4,128 | 22.8% | S100YH3W |
| Operating income | 1,095 | 6.0% | S100YH3W |
| Ordinary income | 1,239 | 6.8% | S100YH3W |
| Pretax income | 1,258 | 6.9% | S100YH3W |
| Income tax | 348 | 1.9% | S100YH3W |
| Net income | 910 | 5.0% | S100YH3W |
| Net income attributable to owners | 870 | 4.8% | S100YH3W |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Operating margin 6.0% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +65.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.04×
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 | 16,761 | 18,132 | 1,371 | +8.2% |
| Operating income | 661 | 1,095 | 435 | +65.8% |
| Net income attributable to owners | 617 | 870 | 253 | +40.9% |
| Operating cash flow | 920 | 885 | -35 | -3.8% |
| Free cash flow | -647 | 158 | 805 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,106 | 874 | 3.8% | 655 | 869 | 711 | S100LQ45 |
| FY ending Mar 2021 | 22,248 | 782 | 3.5% | 580 | 1,045 | 920 | S100OH8E |
| FY ending Mar 2022 | 16,604 | 1,073 | 6.5% | 833 | 826 | 676 | S100R3KD |
| FY ending Mar 2023 | 17,130 | 1,038 | 6.1% | 784 | 796 | 626 | S100TXEY |
| FY ending Mar 2024 | 16,051 | 642 | 4.0% | 535 | 1,035 | 860 | S100W3KA |
| FY ending Mar 2025 | 16,761 | 661 | 3.9% | 617 | 920 | -647 | S100YH3W |
| FY ending Mar 2026 | 18,132 | 1,095 | 6.0% | 870 | 885 | 158 | S100YH3W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.6M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥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) | 404 | 417 | 422 | 430 | 426 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.4M | ¥6.5M | ¥6.9M |
| Average age (parent company) | 39.9 years | 40.5 years | 40.7 years | 41.0 years | 41.5 years |
| Average tenure (parent company) | 15.0 years | 15.6 years | 15.3 years | 15.6 years | 15.9 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Import and export service | 13,221 | 79.0% | 1,771 | 13.4% |
| Steel distribution | 2,140 | 12.8% | 197 | 9.2% |
| Overseas business | 1,034 | 6.2% | 70 | 6.7% |
| Domestic real estate rental business | 339 | 2.0% | 114 | 33.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Import and export service | 79.0% | 82.3% | 3.3 | 13.4% |
| Steel distribution | 12.8% | 9.2% | -3.6 | 9.2% |
| Overseas business | 6.2% | 3.2% | -2.9 | 6.7% |
| Domestic real estate rental business | 2.0% | 5.3% | 3.3 | 33.6% |

Segment → industry: Domestic real estate rental business → Real Estate Development & Leasing / Overseas business → Warehouses & Logistics Facilities / Steel distribution → Warehouses & Logistics Facilities / Import and export service → 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 | 885 | 4.9% | S100YH3W |
| Capital expenditure | 727 | 4.0% | S100YH3W |
| Free cash flow | 158 | 0.9% | 算出 |
| Investing cash flow | -808 | -4.5% | S100YH3W |
| Financing cash flow | -468 | -2.6% | S100YH3W |
| Dividends paid | 207 | 1.1% | S100YH3W |
| Change in cash | -315 | -1.7% | S100YH3W |
| Cash and equivalents | 2,679 | 14.8% | S100YH3W |

## 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 | 2,635 | 2,911 | 3,820 | 2,993 | 2,679 | S100TXEY, S100W3KA, S100YH3W |
| Total assets | 13,278 | 14,121 | 14,737 | 15,190 | 15,791 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Net assets | 7,739 | 8,588 | 9,165 | 9,570 | 10,760 | S100TXEY, S100W3KA, S100YH3W |
| Share capital | 856 | 856 | 856 | 856 | 856 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Inventories | 247 | 390 | 350 | 378 | 348 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Property, plant and equipment | 3,100 | 3,213 | 3,122 | 4,579 | 4,891 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Intangible assets excluding goodwill | 236 | 209 | 175 | 142 | 147 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Goodwill | 62 | 45 | 34 | 23 | 11 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Investment securities | 1,138 | 1,395 | 1,664 | 1,455 | 2,149 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Current assets | 7,309 | 7,867 | 8,415 | 7,519 | 7,092 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Current liabilities | 3,477 | 3,411 | 3,258 | 3,239 | 3,596 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Short-term borrowings | 705 | 728 | 783 | 646 | 1,458 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Long-term borrowings | 956 | 923 | 1,356 | 1,623 | 756 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Total liabilities | 5,539 | 5,533 | 5,571 | 5,621 | 5,031 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Non-controlling interests | 123 | 172 | 155 | 171 | 177 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Equity attributable to owners of parent | 7,118 | 7,768 | 8,056 | 8,487 | 9,164 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Retained earnings | 6,029 | 6,667 | 6,943 | 7,362 | 8,025 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |
| Treasury stock | -376 | -368 | -360 | -353 | -346 | S100R3KD, S100TXEY, S100W3KA, S100YH3W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YH3W |
| Inventories | 2% | S100YH3W |
| Property, plant and equipment | 31% | S100YH3W |
| Intangibles and goodwill | 1% | S100YH3W |
| Investment securities | 14% | S100YH3W |
| Other assets | 35% | S100YH3W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YH3W |
| Equity | 68% | S100YH3W |
| Other liabilities | 0% | S100YH3W |

### 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 | 13,278 | 14,121 | 14,737 | 15,190 | 15,791 |
| Equity | 7,739 | 8,588 | 9,165 | 9,570 | 10,760 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,635 | 2,911 | 3,820 | 2,993 | 2,679 |

## 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) | 27.0% | S100YH3W |
| Fixed assets ÷ total assets | 31.0% | S100YH3W |
| Goodwill ÷ parent equity | 0.1% | S100YH3W |

Goodwill over 4 years: 62 → 11 JPY; total investing cash flow: -2,979 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) | 17.0% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.8% |
| Cash vs. profit gap | 15 JPY mn (of net income 1.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 130.8% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 91.3% |

## 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 | 5.0% | 1.25× | 6.3% | 1.87× | 11.7% | S100R3KD |
| 2023 | 4.6% | 1.25× | 5.7% | 1.84× | 10.5% | S100TXEY |
| 2024 | 3.3% | 1.11× | 3.7% | 1.82× | 6.8% | S100W3KA |
| 2025 | 3.7% | 1.12× | 4.1% | 1.81× | 7.5% | S100YH3W |
| 2026 | 4.8% | 1.17× | 5.6% | 1.76× | 9.9% | S100YH3W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 協友商事株式会社 | Major shareholder | 13.4% | 2026-03-31 |
| 株式会社住友倉庫 | Major shareholder | 9.2% | 2026-03-31 |
| 株式会社コベルコロジスティクス | Major shareholder | 6.9% | 2026-03-31 |
| 横浜冷凍株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 大東港運取引先持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 曽 根 好 貞 | Major shareholder | 3.9% | 2026-03-31 |
| 田 中 孝 一 | Major shareholder | 3.5% | 2026-03-31 |
| 五十嵐冷蔵株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 日塩株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| タカセ株式会社 | Major shareholder | 3.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YH3W | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH3W,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W3KA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3KA,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TXEY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXEY,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R3KD | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3KD,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OH8E | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH8E,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LQ45 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ45,, |

## 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).