# ENSHU TRUCK 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61期(2025/04/01－2026/03/31) (S100YBRY)
> Page: https://vizora.meequs.com/en/company/enshu-truck
> Retrieved: 2026-09-30T21:15:50.097Z

## Company

Enshu Truck, founded in 1965, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,378 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ENSHU TRUCK CO.,LTD. |
| Ticker | 9057 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9057.T) |
| Listing | TSE Standard |
| Head office | 静岡県袋井市木原22番地の1 |
| Representative (per filing) | 代表取締役社長 金原 秀樹 |
| Founded | Aug 1965 |
| Share capital | ¥1.28B |
| Employees (consolidated) | 1,378 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.enshu-truck.co.jp (https://www.enshu-truck.co.jp/) |
| Corporate number | 8080401017124 |
| EDINET | E04209 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YBRY, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.6 | 37 |
| Profitability | 60.3 | 39 |
| Cash conversion | 11.8 | 38 |
| Efficiency | 78.2 | 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 100% of Enshu Truck's sales come from Distribution business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -4.0%.

## Company structure

- Segment revenue mix: Distribution business 99.7%、Other 0.3%
- Revenue → net income: ¥49947000000 → ¥2257000000
- Net income → operating cash flow: ¥2257000000 → ¥2745000000（difference ¥488000000）
- Main uses of operating cash flow: CapEx ¥2592000000 / dividends ¥724000000 / buybacks —
- Change in cash: ¥-1872000000
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 | ¥49.9B |  |
| Operating income | ¥3.11B | Margin 6.2% |
| Net income | ¥2.26B | Margin 4.5% |
| Free cash flow | ¥153M |  |
| Largest business | Distribution business | of segment revenue 99.7% |
| Employees (consolidated) | 1,378 |  |
| EPS | ¥268.74 |  |
| Book value per share | ¥2811.81 |  |
| Equity ratio | 62.2% |  |
| Shares outstanding | 7,546,000 |  |
| Treasury shares | 72,400 |  |
| Shareholders | 2,393 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 11.1% |
| Vs. industry median margin | +1.4 pp | Trucking & Parcel Delivery |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39540000000 | ¥49947000000 | +26.3% |
| Operating income | ¥3138000000 | ¥3108000000 | -1.0% |
| Operating margin | 7.9% | 6.2% | -1.7 pp |
| Employees | 1,198 people | 1,378 people | +15.0% |
| Cash and equivalents | ¥5082000000 | ¥5528000000 | +8.8% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 99.5% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 物流事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,947 | 100.0% | S100YBRY |
| SG&A | 1,284 | 2.6% | S100YBRY |
| Operating income | 3,108 | 6.2% | S100YBRY |
| Ordinary income | 3,109 | 6.2% | S100YBRY |
| Pretax income | 3,149 | 6.3% | S100YBRY |
| Income tax | 891 | 1.8% | S100YBRY |
| Net income | 2,257 | 4.5% | S100YBRY |
| Net income attributable to owners | 2,257 | 4.5% | S100YBRY |

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

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

### Margin funnel

Operating margin 6.2% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -4.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.49×
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 | 48,631 | 49,947 | 1,316 | +2.7% |
| Operating income | 3,239 | 3,108 | -131 | -4.0% |
| Net income attributable to owners | 2,390 | 2,257 | -133 | -5.6% |
| Operating cash flow | 4,825 | 2,745 | -2,080 | -43.1% |
| Free cash flow | 3,539 | 153 | -3,386 | -95.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,001 | 2,345 | 6.9% | 1,587 | 2,084 | 558 | S100LMBJ |
| FY ending Mar 2021 | 39,540 | 3,138 | 7.9% | 2,261 | 3,328 | 2,731 | S100OCJK |
| FY ending Mar 2022 | 42,751 | 3,216 | 7.5% | 2,342 | 1,672 | 271 | S100R22S |
| FY ending Mar 2023 | 44,813 | 3,178 | 7.1% | 2,284 | 3,560 | -84 | S100TPR6 |
| FY ending Mar 2024 | 46,940 | 2,615 | 5.6% | 2,045 | 2,813 | -2,817 | S100VYO5 |
| FY ending Mar 2025 | 48,631 | 3,239 | 6.7% | 2,390 | 4,825 | 3,539 | S100YBRY |
| FY ending Mar 2026 | 49,947 | 3,108 | 6.2% | 2,257 | 2,745 | 153 | S100YBRY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.2M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 1,270 | 1,303 | 1,337 | 1,363 | 1,378 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥5.2M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 44.0 years | 44.0 years | 43.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.0 years | 8.0 years | 9.0 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Distribution business | 49,776 | 99.7% | 4,111 | 8.3% |
| Other | 170 | 0.3% | 83 | 48.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Distribution business | 99.7% | 98.0% | -1.6 | 8.3% |
| Other | 0.3% | 2.0% | 1.6 | 48.8% |

Segment → industry: Other → Real Estate Development & Leasing / Distribution business → Trucking & Parcel Delivery / Distribution 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 | 2,745 | 5.5% | S100YBRY |
| Capital expenditure | 2,592 | 5.2% | S100YBRY |
| Free cash flow | 153 | 0.3% | 算出 |
| Investing cash flow | -2,517 | -5.0% | S100YBRY |
| Financing cash flow | -2,100 | -4.2% | S100YBRY |
| Dividends paid | 724 | 1.4% | S100YBRY |
| Change in cash | -1,872 | -3.7% | S100YBRY |
| Cash and equivalents | 5,528 | 11.1% | S100YBRY |

## 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 | 4,808 | 5,396 | 5,756 | 7,400 | 5,528 | S100TPR6, S100VYO5, S100YBRY |
| Total assets | 31,591 | 35,812 | 39,304 | 40,078 | 39,764 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Net assets | 18,607 | 20,148 | 21,536 | 23,204 | 24,722 | S100TPR6, S100VYO5, S100YBRY |
| Share capital | 1,284 | 1,284 | 1,284 | 1,284 | 1,284 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Property, plant and equipment | 17,477 | 22,086 | 24,434 | 23,972 | 24,841 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Intangible assets excluding goodwill | 395 | 424 | 938 | 1,054 | 1,769 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Investment securities | 695 | 356 | 397 | 357 | 322 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Current assets | 11,288 | 11,140 | 11,765 | 13,126 | 11,259 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Current liabilities | 6,935 | 9,561 | 7,713 | 8,782 | 7,049 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Short-term borrowings | 1,314 | 2,275 | 2,088 | 2,392 | 1,233 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Long-term borrowings | 5,103 | 4,995 | 9,006 | 6,992 | 6,822 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Total liabilities | 12,984 | 15,663 | 17,768 | 16,873 | 15,041 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Equity attributable to owners of parent | 18,374 | 20,016 | 21,368 | 23,063 | 24,605 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Retained earnings | 16,061 | 17,696 | 19,040 | 20,728 | 22,261 | S100R22S, S100TPR6, S100VYO5, S100YBRY |
| Treasury stock | -59 | -57 | -55 | -53 | -51 | S100R22S, S100TPR6, S100VYO5, S100YBRY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YBRY |
| Property, plant and equipment | 63% | S100YBRY |
| Intangibles and goodwill | 4% | S100YBRY |
| Investment securities | 1% | S100YBRY |
| Other assets | 18% | S100YBRY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YBRY |
| Equity | 62% | S100YBRY |
| Other liabilities | 0% | S100YBRY |

### 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 | 31,591 | 35,812 | 39,304 | 40,078 | 39,764 |
| Equity | 18,607 | 20,148 | 21,536 | 23,204 | 24,722 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,808 | 5,396 | 5,756 | 7,400 | 5,528 |

## 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) | 49.7% | S100YBRY |
| Fixed assets ÷ total assets | 62.5% | S100YBRY |
| Goodwill ÷ parent equity | — | —, S100YBRY |

### 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) | 13.9% |
| Cash ÷ revenue | 11.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.3% |
| Cash vs. profit gap | 488 JPY mn (of net income 21.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.1% |
| Shareholder payments — dividends / FCF | 473.2% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 91.7% |

## 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 | 5.5% | 1.35× | 7.4% | 1.72× | 12.7% | S100R22S |
| 2023 | 5.1% | 1.33× | 6.8% | 1.76× | 11.9% | S100TPR6 |
| 2024 | 4.4% | 1.25× | 5.4% | 1.82× | 9.9% | S100VYO5 |
| 2025 | 4.9% | 1.23× | 6.0% | 1.79× | 10.8% | S100YBRY |
| 2026 | 4.5% | 1.25× | 5.7% | 1.67× | 9.5% | S100YBRY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社住友倉庫 | Major shareholder | 60.6% | 2026-03-31 |
| 澤田邦彦 | Major shareholder | 2.9% | 2026-03-31 |
| 遠州トラック従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.3% | 2026-03-31 |
| 有限会社スリーナイン | Major shareholder | 1.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社静岡銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.1% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 0.9% | 2026-03-31 |
| 静岡県信用農業協同組合連合会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YBRY | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBRY,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100VYO5 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYO5,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TPR6 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPR6,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R22S | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R22S,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OCJK | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCJK,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LMBJ | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMBJ,, |

## 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).