# DAIUN 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106期(2025/04/01－2026/03/31) (S100YK5Y)
> Page: https://vizora.meequs.com/en/company/daiun
> Retrieved: 2026-09-30T20:48:38.517Z

## Company

Daiun, founded in 1945, is a company in Non-life Insurance listed on TSE Standard. It has 97 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAIUN CO., LTD. |
| Ticker | 9363 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9363.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区久太郎町四丁目1番3号 |
| Representative (per filing) | 代表取締役社長 岩崎雅信 |
| Founded | Mar 1945 |
| Share capital | ¥2.39B |
| Employees (consolidated) | 97 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Corporate number | 4120001044831 |
| EDINET | E04247 |
| Industries (Vizora) | Non-life Insurance, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YK5Y, 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 | 58.1 | 37 |
| Profitability | 21.8 | 39 |
| Cash conversion | 56.6 | 38 |
| Efficiency | 91 | 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 98% of Daiun's sales come from Port transportation, with Automobile transportation and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.2% from the prior year, operating profit +42.6%.

## Company structure

- Segment revenue mix: Port transportation 98.2%、Automobile transportation 1.8%、Other 0.1%
- Revenue → net income: ¥9211685000 → ¥334697000
- Net income → operating cash flow: ¥334697000 → ¥543549000（difference ¥208852000）
- Main uses of operating cash flow: CapEx ¥34966000 / dividends ¥62576000 / buybacks ¥148000
- Change in cash: ¥181274000
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 | ¥9.21B |  |
| Operating income | ¥347.3M | Margin 3.8% |
| Net income | ¥334.7M | Margin 3.6% |
| Free cash flow | ¥508.6M |  |
| Largest business | Port transportation | of segment revenue 98.2% |
| Employees (consolidated) | 97 |  |
| EPS | ¥69.01 |  |
| Book value per share | ¥840.83 |  |
| Equity ratio | 66.3% |  |
| Shares outstanding | 6,228,039 |  |
| Treasury shares | 1,378,100 |  |
| Shareholders | 3,000 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 24.4% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -1 pp | Trucking & Parcel Delivery |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, employees -2% while operating income rose 43%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7473942000 | ¥9211685000 | +23.3% |
| Operating income | ¥100093000 | ¥347338000 | +247.0% |
| Operating margin | 1.3% | 3.8% | +2.4 pp |
| Employees | 114 people | 97 people | -14.9% |
| Cash and equivalents | ¥1441928000 | ¥1498422000 | +3.9% |

### 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 |
| --- | ---: |
| 港湾運送事業 → 港湾運送事業 | 96.8% |
| 自動車運送事業 → 自動車運送事業 | 1.8% |
| 自動車運送事業 → 事業再編・廃止 | 1.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 港湾運送事業 | 1.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Port transportation | 5 years | +4.6% | ¥9044458000 | 7.6% | 2 |
| Automobile transportation | 5 years | -6.9% | ¥162591000 | -7.2% | 2 |
| Other | 5 years | -2.2% | ¥4635000 | 99.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,212 | 100.0% | S100YK5Y |
| SG&A | 364 | 4.0% | S100YK5Y |
| Operating income | 347 | 3.8% | S100YK5Y |
| Ordinary income | 441 | 4.8% | S100YK5Y |
| Pretax income | 446 | 4.8% | S100YK5Y |
| Income tax | 111 | 1.2% | S100YK5Y |
| Net income | 335 | 3.6% | S100YK5Y |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 3.8% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.2%; Core profit growth: +42.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.85×
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 | 8,672 | 9,212 | 539 | +6.2% |
| Operating income | 244 | 347 | 104 | +42.6% |
| Operating cash flow | 216 | 544 | 327 | +151.6% |
| Free cash flow | 138 | 509 | 370 | +268.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,411 | -13 | -0.2% | -18 | 365 | 320 | S100LMC8 |
| FY ending Mar 2021 | 7,474 | 100 | 1.3% | 156 | 167 | 88 | S100OFB6 |
| FY ending Mar 2022 | 8,766 | 326 | 3.7% | 310 | 421 | 399 | S100RA8G |
| FY ending Mar 2023 | 8,931 | 164 | 1.8% | 220 | 87 | 54 | S100TWDD |
| FY ending Mar 2024 | 8,092 | 195 | 2.4% | 292 | 349 | 322 | S100W7MT |
| FY ending Mar 2025 | 8,672 | 244 | 2.8% | 270 | 216 | 138 | S100YK5Y |
| FY ending Mar 2026 | 9,212 | 347 | 3.8% | 335 | 544 | 509 | S100YK5Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥95M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 112 | 108 | 104 | 99 | 97 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.8M | ¥6M | ¥6.1M |
| Average age (parent company) | 46.8 years | 47.7 years | 48.6 years | 49.0 years | 50.0 years |
| Average tenure (parent company) | 18.8 years | 20.3 years | 21.1 years | 21.8 years | 22.6 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Port transportation | 9,044 | 98.2% | 691 | 7.6% |
| Automobile transportation | 163 | 1.8% | -12 | -7.2% |
| Other | 5 | 0.1% | 5 | 99.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Port transportation | 98.2% | 99.3% | 1.2 | 7.6% |
| Automobile transportation | 1.8% | — | — | -7.2% |
| Other | 0.1% | 0.7% | 0.6 | 99.1% |

Loss-making segment (excluded from profit shares): Automobile transportation -12 JPY mn

Segment → industry: Other → Non-life Insurance / Automobile transportation → Trucking & Parcel Delivery / Port transportation → Trucking & Parcel Delivery / Port transportation → 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 | 544 | 5.9% | S100YK5Y |
| Capital expenditure | 35 | 0.4% | S100YK5Y |
| Free cash flow | 509 | 5.5% | 算出 |
| Investing cash flow | -164 | -1.8% | S100YK5Y |
| Financing cash flow | -198 | -2.1% | S100YK5Y |
| Dividends paid | 63 | 0.7% | S100YK5Y |
| Share buyback | 0 | 0.0% | S100YK5Y |
| Change in cash | 181 | 2.0% | S100YK5Y |
| Cash and equivalents | 1,498 | 16.3% | S100YK5Y |

## 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 | 1,394 | 1,482 | 1,779 | 1,317 | 1,498 | S100TWDD, S100W7MT, S100YK5Y |
| Total assets | 5,005 | 5,117 | 5,913 | 5,431 | 6,149 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Net assets | 2,802 | 3,053 | 3,741 | 3,468 | 4,078 | S100TWDD, S100W7MT, S100YK5Y |
| Share capital | 2,394 | 2,394 | 2,394 | 2,394 | 2,394 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Property, plant and equipment | 777 | 768 | 733 | 703 | 708 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Intangible assets excluding goodwill | 159 | 116 | 124 | 159 | 111 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Goodwill | 140 | 112 | 84 | 56 | 28 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Investment securities | 965 | 1,191 | 1,811 | 1,669 | 2,285 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Current assets | 2,894 | 2,872 | 3,075 | 2,738 | 2,950 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Current liabilities | 1,369 | 1,197 | 1,256 | 1,222 | 1,275 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Long-term borrowings | 591 | 614 | 471 | 384 | 282 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Total liabilities | 2,203 | 2,064 | 2,172 | 1,963 | 2,071 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Equity attributable to owners of parent | 2,794 | 2,959 | 3,195 | 3,103 | 3,375 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Retained earnings | 660 | 824 | 1,060 | 1,269 | 1,541 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |
| Treasury stock | -312 | -312 | -312 | -613 | -613 | S100RA8G, S100TWDD, S100W7MT, S100YK5Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YK5Y |
| Property, plant and equipment | 12% | S100YK5Y |
| Intangibles and goodwill | 2% | S100YK5Y |
| Investment securities | 37% | S100YK5Y |
| Other assets | 25% | S100YK5Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100YK5Y |
| Equity | 66% | S100YK5Y |
| Other liabilities | 0% | S100YK5Y |

### 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 | 5,005 | 5,117 | 5,913 | 5,431 | 6,149 |
| Equity | 2,802 | 3,053 | 3,741 | 3,468 | 4,078 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,394 | 1,482 | 1,779 | 1,317 | 1,498 |

## 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) | 7.7% | S100YK5Y |
| Fixed assets ÷ total assets | 11.5% | S100YK5Y |
| Goodwill ÷ parent equity | 0.8% | S100YK5Y |

Goodwill over 4 years: 140 → 28 JPY; total investing cash flow: -146 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) | 24.4% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.5% |
| Cash vs. profit gap | 209 JPY mn (of net income 62.4%) |
| Shareholder returns / net income | 18.7% |
| Shareholder returns / FCF | 12.3% |
| Shareholder payments — dividends / net income | 18.7% |
| Shareholder payments — dividends / FCF | 12.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 30.2% |

## 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 | 3.5% | 1.75× | 6.2% | 1.79× | 11.1% | S100RA8G |
| 2023 | 2.5% | 1.76× | 4.3% | 1.76× | 7.6% | S100TWDD |
| 2024 | 3.6% | 1.47× | 5.3% | 1.79× | 9.5% | S100W7MT |
| 2025 | 3.1% | 1.53× | 4.8% | 1.80× | 8.6% | S100YK5Y |
| 2026 | 3.6% | 1.59× | 5.8% | 1.79× | 10.3% | S100YK5Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大運協力会社持株会 | Major shareholder | 18.2% | 2026-03-31 |
| 大運従業員持株会 | Major shareholder | 9.2% | 2026-03-31 |
| 株式会社Ｗ | Major shareholder | 3.9% | 2026-03-31 |
| 佐 伯 高 史 | Major shareholder | 2.9% | 2026-03-31 |
| 前 田 慶 和 | Major shareholder | 2.7% | 2026-03-31 |
| 石 渡 純 也 | Major shareholder | 1.9% | 2026-03-31 |
| 岩 崎 雅 信 | Major shareholder | 1.8% | 2026-03-31 |
| 山 野 井 康 雄 | Major shareholder | 1.8% | 2026-03-31 |
| 髙 橋 健 一 | Major shareholder | 1.5% | 2026-03-31 |
| 大運役員持株会 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YK5Y | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK5Y,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100W7MT | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7MT,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TWDD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWDD,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100RA8G | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA8G,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OFB6 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFB6,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LMC8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMC8,, |

## 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).