# Daiwa Motor Transportation 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119期(2025/04/01－2026/03/31) (S100YHKH)
> Page: https://vizora.meequs.com/en/company/daiwa-motor-transportation
> Retrieved: 2026-09-30T20:38:10.015Z

## Company

Daiwa Motor Transportation, founded in 1939, is a company in Real Estate Development & Leasing listed on Tokyo. It has 2,177 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiwa Motor Transportation Co., Ltd. |
| Ticker | 9082 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9082.T) |
| Listing | Tokyo |
| Head office | 東京都江東区猿江二丁目16番31号 |
| Representative (per filing) | 代表取締役社長 大塚 一基 |
| Founded | Sep 1939 |
| Share capital | ¥525M |
| Employees (consolidated) | 2,177 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.daiwaj.com (https://www.daiwaj.com/) |
| Corporate number | 4010601039713 |
| EDINET | E04159 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Specialty Trading & Wholesale, Private Railways |

> Profile source: annual securities report (S100YHKH, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 18 |
| Profitability | 8.3 | 18 |
| Cash conversion | 97.1 | 17 |
| Efficiency | 80.6 | 18 |

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 Daiwa Motor Transportation's sales come from General passenger vehicle transportation, with Service and Maintenance and Sales making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.5% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: General passenger vehicle transportation 74.5%、Service and Maintenance 10.5%、Sales 9.6%、Real estate 5.3%
- Revenue → net income: ¥19907000000 → ¥223000000
- Net income → operating cash flow: ¥223000000 → ¥1001000000（difference ¥778000000）
- Main uses of operating cash flow: CapEx ¥1643000000 / dividends ¥35000000 / buybacks ¥62000000
- Change in cash: ¥-1076000000
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 | ¥19.9B |  |
| Operating income | ¥384M | Margin 1.9% |
| Net income | ¥222M | Margin 1.1% |
| Free cash flow | -¥642M |  |
| Largest business | General passenger vehicle transportation | of segment revenue 74.5% |
| Employees (consolidated) | 2,177 |  |
| EPS | ¥-21.42 |  |
| Book value per share | ¥1676.73 |  |
| Equity ratio | 32.2% |  |
| Shares outstanding | 5,250,000 |  |
| Treasury shares | 720,100 |  |
| Shareholders | 1,393 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | -8.4 pp | Private Railways |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.5× net income
- FY2026, buybacks were 1.8× dividends
- FY2026, segment profit share differs by 48 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11533000000 | ¥19907000000 | +72.6% |
| Operating income | ¥-3544000000 | ¥384000000 | — |
| Operating margin | -30.7% | 1.9% | +32.7 pp |
| Employees | 2,969 people | 2,177 people | -26.7% |
| Cash and equivalents | ¥6398000000 | ¥3130000000 | -51.1% |

### 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 |
| --- | ---: |
| 旅客自動車運送事業 → 旅客自動車運送事業 | 64.7% |
| 不動産事業 → 不動産事業 | 5.3% |
| 不動産事業 → 事業再編・廃止 | 2.3% |
| 販売事業 → 販売事業 | 9.6% |
| 販売事業 → 事業再編・廃止 | 13.3% |
| サービス・メンテナンス事業 → サービス・メンテナンス事業 | 4.8% |
| 新設・再編 → 旅客自動車運送事業 | 9.9% |
| 新設・再編 → サービス・メンテナンス事業 | 5.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| General passenger vehicle transportation | 5 years | +14.7% | ¥14837000000 | 2.4% | 2 |
| Service and Maintenance | 5 years | +30.6% | ¥2099000000 | -0.6% | 2 |
| Sales | 5 years | -6.2% | ¥1918000000 | 10.3% | 2 |
| Real estate | 5 years | +3.6% | ¥1050000000 | 60.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,907 | 100.0% | S100YHKH |
| Cost of revenue | 17,429 | 87.6% | S100YHKH |
| Gross profit | 2,477 | 12.4% | S100YHKH |
| SG&A | 2,093 | 10.5% | S100YHKH |
| Operating income | 384 | 1.9% | S100YHKH |
| Ordinary income | 263 | 1.3% | S100YHKH |
| Pretax income | 318 | 1.6% | S100YHKH |
| Income tax | 94 | 0.5% | S100YHKH |
| Net income | 223 | 1.1% | S100YHKH |
| Net income attributable to owners | 222 | 1.1% | S100YHKH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 10 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 12.4% → Operating margin 1.9% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 19,042 | 19,907 | 865 | +4.5% |
| Gross profit | 1,741 | 2,477 | 736 | +42.3% |
| Operating income | -21 | 384 | 405 | — |
| Net income attributable to owners | 132 | 222 | 90 | +68.2% |
| Operating cash flow | 549 | 1,001 | 452 | +82.3% |
| Free cash flow | -106 | -642 | -536 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,026 | 63 | 0.4% | 635 | 849 | -325 | S100LS6I |
| FY ending Mar 2021 | 11,533 | -3,544 | -30.7% | -1,624 | -1,029 | -1,591 | S100PMVW |
| FY ending Mar 2022 | 15,271 | -1,234 | -8.1% | 1,818 | 1,197 | 629 | S100R7EN |
| FY ending Mar 2023 | 17,795 | 80 | 0.4% | 177 | 561 | -213 | S100TVLZ |
| FY ending Mar 2024 | 18,377 | -358 | -1.9% | -453 | 684 | -1,889 | S100W7H0 |
| FY ending Mar 2025 | 19,042 | -21 | -0.1% | 132 | 549 | -106 | S100YHKH |
| FY ending Mar 2026 | 19,907 | 384 | 1.9% | 222 | 1,001 | -642 | S100YHKH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥9.1M |
| Operating income per employee (consolidated) | ¥176.4K |
| Net income per employee (consolidated) | ¥102K |

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) | 2,162 | 1,992 | 1,920 | 2,158 | 2,177 |
| Average salary (parent company) | ¥4.7M | ¥4.9M | ¥5.1M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 47.6 years | 48.2 years | 45.6 years | 47.6 years | 48.8 years |
| Average tenure (parent company) | 16.8 years | 17.3 years | 14.9 years | 16.0 years | 16.5 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| General passenger vehicle transportation | 14,837 | 74.5% | 350 | 2.4% |
| Real estate | 1,050 | 5.3% | 634 | 60.4% |
| Sales | 1,918 | 9.6% | 197 | 10.3% |
| Service and Maintenance | 2,099 | 10.5% | -13 | -0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| General passenger vehicle transportation | 74.5% | 29.6% | -44.9 | 2.4% |
| Real estate | 5.3% | 53.7% | 48.4 | 60.4% |
| Sales | 9.6% | 16.7% | 7.0 | 10.3% |
| Service and Maintenance | 10.5% | — | — | -0.6% |

Loss-making segment (excluded from profit shares): Service and Maintenance -13 JPY mn

Segment → industry: Real estate → Real Estate Development & Leasing / Service and Maintenance → Real Estate Brokerage & Management / Real estate → Real Estate Brokerage & Management / Sales → Specialty Trading & Wholesale / General passenger vehicle transportation → Private Railways

## 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 | 1,001 | 5.0% | S100YHKH |
| Capital expenditure | 1,643 | 8.3% | S100YHKH |
| Free cash flow | -642 | -3.2% | 算出 |
| Investing cash flow | -745 | -3.7% | S100YHKH |
| Financing cash flow | -1,331 | -6.7% | S100YHKH |
| Dividends paid | 35 | 0.2% | S100YHKH |
| Share buyback | 62 | 0.3% | S100YHKH |
| Change in cash | -1,076 | -5.4% | S100YHKH |
| Cash and equivalents | 3,130 | 15.7% | S100YHKH |

## 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 | 8,056 | 6,246 | 4,503 | 4,206 | 3,130 | S100TVLZ, S100W7H0, S100YHKH |
| Total assets | 30,159 | 29,153 | 30,196 | 30,031 | 29,561 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Net assets | 9,296 | 9,471 | 9,240 | 9,262 | 9,575 | S100TVLZ, S100W7H0, S100YHKH |
| Share capital | 525 | 525 | 525 | 525 | 525 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Property, plant and equipment | 17,098 | 17,014 | 19,095 | 19,363 | 20,565 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Intangible assets excluding goodwill | 207 | 66 | 55 | 49 | 38 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Investment securities | 693 | 802 | 1,259 | 1,114 | 1,304 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Current assets | 11,511 | 10,540 | 9,229 | 8,742 | 6,452 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Current liabilities | 8,307 | 8,202 | 8,050 | 12,782 | 8,083 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Trade payables | 434 | 492 | 485 | 507 | 495 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Short-term borrowings | 4,926 | 5,159 | 5,231 | 9,833 | 5,228 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Long-term borrowings | 8,129 | 7,380 | 8,697 | 3,682 | 7,438 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Total liabilities | 20,863 | 19,682 | 20,956 | 20,769 | 19,985 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Non-controlling interests | 44 | 45 | 46 | 46 | 46 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Equity attributable to owners of parent | 9,050 | 9,228 | 8,838 | 8,974 | 9,161 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Retained earnings | 9,528 | 9,646 | 9,156 | 9,230 | 9,407 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |
| Treasury stock | -1,012 | -953 | -854 | -792 | -781 | S100R7EN, S100TVLZ, S100W7H0, S100YHKH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YHKH |
| Property, plant and equipment | 70% | S100YHKH |
| Intangibles and goodwill | 0% | S100YHKH |
| Investment securities | 4% | S100YHKH |
| Other assets | 15% | S100YHKH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YHKH |
| Other liabilities | 66% | S100YHKH |
| Equity | 32% | S100YHKH |
| Other liabilities | 0% | S100YHKH |

### 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 | 30,159 | 29,153 | 30,196 | 30,031 | 29,561 |
| Equity | 9,296 | 9,471 | 9,240 | 9,262 | 9,575 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,056 | 6,246 | 4,503 | 4,206 | 3,130 |

## 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) | 103.3% | S100YHKH |
| Fixed assets ÷ total assets | 69.6% | S100YHKH |
| Goodwill ÷ parent equity | — | —, S100YHKH |

### 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) | 10.6% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 260.7% |
| Cash vs. profit gap | 779 JPY mn (of net income 350.9%) |
| Shareholder returns / net income | 43.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 74.4% |

## 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 | 11.9% | 0.51× | 6.0% | 3.33× | 20.1% | S100R7EN |
| 2023 | 1.0% | 0.60× | 0.6% | 3.24× | 1.9% | S100TVLZ |
| 2024 | — | —× | -1.5% | —× | — | S100W7H0 |
| 2025 | 0.7% | 0.63× | 0.4% | 3.38× | 1.5% | S100YHKH |
| 2026 | 1.1% | 0.67× | 0.7% | 3.29× | 2.4% | S100YHKH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新倉 文明 | Major shareholder | 9.4% | 2026-03-31 |
| 東都自動車株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 国際自動車株式会社 | Major shareholder | 8.3% | 2026-03-31 |
| 吉田 智子 | Major shareholder | 6.6% | 2026-03-31 |
| newmo株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 宮園自動車株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 安田 一 | Major shareholder | 3.3% | 2026-03-31 |
| 新倉 眞由美 | Major shareholder | 3.1% | 2026-03-31 |
| 大和自動車交通社員持株会 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第119期(2025/04/01－2026/03/31) | S100YHKH | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHKH,, |
| 有価証券報告書－第118期(2024/04/01－2025/03/31) | S100W7H0 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7H0,, |
| 有価証券報告書－第117期(2023/04/01－2024/03/31) | S100TVLZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVLZ,, |
| 有価証券報告書－第116期(2022/04/01－2023/03/31) | S100R7EN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7EN,, |
| 訂正有価証券報告書－第115期(令和3年4月1日－令和4年3月31日) | S100PMVW | 2022-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PMVW,, |
| 有価証券報告書－第114期(令和2年4月1日－令和3年3月31日) | S100LS6I | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS6I,, |

## 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).