# FUKUYAMA TRANSPORTING 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78期(2025/04/01－2026/03/31) (S100YIXL)
> Page: https://vizora.meequs.com/en/company/fukuyama-transporting
> Retrieved: 2026-09-30T18:31:18.545Z

## Company

Fukuyama Transporting, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 22,501 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUKUYAMA TRANSPORTING CO., LTD. |
| Ticker | 9075 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9075.T) |
| Listing | TSE Prime |
| Head office | 広島県福山市東深津町四丁目20番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 熊野弘幸 |
| Founded | Sep 1948 |
| Share capital | ¥30.3B |
| Employees (consolidated) | 22,501 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | corp.fukutsu.co.jp (https://corp.fukutsu.co.jp/) |
| Corporate number | 1240001032736 |
| EDINET | E04334 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YIXL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 21 |
| Profitability | 29.5 | 22 |
| Cash conversion | 79.5 | 22 |
| Efficiency | 15.9 | 22 |

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 77% of Fukuyama Transporting's sales come from Trans-porting, with Chartered Transportation Services and Logistics making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +26.9%.

## Company structure

- Segment revenue mix: Trans-porting 76.8%、Chartered Transportation Services 8.7%、Logistics 7.4%、International operations 4.8%、Other 2.3%
- Revenue → net income: ¥318582000000 → ¥13766000000
- Net income → operating cash flow: ¥13766000000 → ¥27619000000（difference ¥13853000000）
- Main uses of operating cash flow: CapEx ¥22146000000 / dividends ¥2796000000 / buybacks ¥17023000000
- Change in cash: ¥764000000
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 | ¥318.6B |  |
| Operating income | ¥9.35B | Margin 2.9% |
| Net income | ¥13.7B | Margin 4.3% |
| Free cash flow | ¥5.47B |  |
| Largest business | Trans-porting | of segment revenue 76.8% |
| Employees (consolidated) | 22,501 |  |
| EPS | ¥299.98 |  |
| Book value per share | ¥6412.89 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 40,194,163 |  |
| Treasury shares | 4,717,000 |  |
| Shareholders | 3,612 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 6.1% | Cash ÷ revenue 9.5% |
| Vs. industry median margin | -1.9 pp | Trucking & Parcel Delivery |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.1× dividends
- FY2026, operating cash flow is 2.0× net income
- FY2026, segment profit share differs by -31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥285518000000 | ¥318582000000 | +11.6% |
| Operating income | ¥21145000000 | ¥9347000000 | -55.8% |
| Operating margin | 7.4% | 2.9% | -4.5 pp |
| Employees | 21,826 people | 22,501 people | +3.1% |
| Cash and equivalents | ¥35769000000 | ¥30391000000 | -15.0% |

### 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 |
| --- | ---: |
| 運送事業 → 運送事業 | 76.8% |
| 運送事業 → 事業再編・廃止 | 11.3% |
| 流通加工事業 → 流通加工事業 | 6.5% |
| 国際事業 → 国際事業 | 2.8% |
| その他 → その他 | 2.3% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 貸切事業 | 8.7% |
| 新設・再編 → 流通加工事業 | 1.0% |
| 新設・再編 → 国際事業 | 2.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Trans-porting | 5 years | -0.5% | ¥244573000000 | 2.6% | 2 |
| Chartered Transportation Services | 2 years | +7.7% | ¥27807000000 | 9.3% | 2 |
| Logistics | 5 years | +5.1% | ¥23700000000 | 16.1% | 2 |
| International operations | 5 years | +14.1% | ¥15244000000 | 2.9% | 2 |
| Other | 5 years | -1.6% | ¥7256000000 | 12.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 318,582 | 100.0% | S100YIXL |
| Cost of revenue | 299,147 | 93.9% | S100YIXL |
| Gross profit | 19,434 | 6.1% | S100YIXL |
| SG&A | 10,087 | 3.2% | S100YIXL |
| Operating income | 9,347 | 2.9% | S100YIXL |
| Ordinary income | 11,475 | 3.6% | S100YIXL |
| Pretax income | 20,560 | 6.5% | S100YIXL |
| Income tax | 6,794 | 2.1% | S100YIXL |
| Net income | 13,766 | 4.3% | S100YIXL |
| Net income attributable to owners | 13,696 | 4.3% | S100YIXL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 94 |
| SG&A | 3 |
| Operating income | 3 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 6.1% → Operating margin 2.9% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +26.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.07×
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 | 302,495 | 318,582 | 16,087 | +5.3% |
| Gross profit | 16,922 | 19,434 | 2,512 | +14.8% |
| Operating income | 7,363 | 9,347 | 1,984 | +26.9% |
| Net income attributable to owners | 8,748 | 13,696 | 4,948 | +56.6% |
| Operating cash flow | 24,454 | 27,619 | 3,165 | +12.9% |
| Free cash flow | -14,434 | 5,473 | 19,907 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 292,999 | 20,541 | 7.0% | 12,918 | 29,805 | -2,962 | S100LMXG |
| FY ending Mar 2021 | 285,518 | 21,145 | 7.4% | 15,320 | 33,219 | 14,380 | S100OBYF |
| FY ending Mar 2022 | 291,266 | 22,091 | 7.6% | 16,763 | 32,139 | 15,594 | S100R4KN |
| FY ending Mar 2023 | 293,358 | 21,375 | 7.3% | 20,791 | 31,018 | 14,667 | S100TQ5K |
| FY ending Mar 2024 | 287,563 | 10,448 | 3.6% | 7,834 | 18,503 | -7,561 | S100W1TS |
| FY ending Mar 2025 | 302,495 | 7,363 | 2.4% | 8,748 | 24,454 | -14,434 | S100YIXL |
| FY ending Mar 2026 | 318,582 | 9,347 | 2.9% | 13,696 | 27,619 | 5,473 | S100YIXL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.2M |
| Operating income per employee (consolidated) | ¥415.4K |
| Net income per employee (consolidated) | ¥608.7K |

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) | 21,907 | 21,743 | 22,022 | 22,469 | 22,501 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5M | ¥5.1M | ¥5.2M |
| Average age (parent company) | 44.4 years | 44.7 years | 45.0 years | 45.3 years | 45.9 years |
| Average tenure (parent company) | 15.2 years | 15.3 years | 15.4 years | 15.3 years | 15.6 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Trans-porting | 244,573 | 76.8% | 6,470 | 2.6% |
| Chartered Transportation Services | 27,807 | 8.7% | 2,580 | 9.3% |
| Logistics | 23,700 | 7.4% | 3,821 | 16.1% |
| International operations | 15,244 | 4.8% | 439 | 2.9% |
| Other | 7,256 | 2.3% | 927 | 12.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Trans-porting | 76.8% | 45.4% | -31.3 | 2.6% |
| Chartered Transportation Services | 8.7% | 18.1% | 9.4 | 9.3% |
| Logistics | 7.4% | 26.8% | 19.4 | 16.1% |
| International operations | 4.8% | 3.1% | -1.7 | 2.9% |
| Other | 2.3% | 6.5% | 4.2 | 12.8% |

Segment → industry: Other → Real Estate Development & Leasing / Chartered Transportation Services → Trucking & Parcel Delivery / Trans-porting → Trucking & Parcel Delivery / International operations → Warehouses & Logistics Facilities / Logistics → 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 | 27,619 | 8.7% | S100YIXL |
| Capital expenditure | 22,146 | 7.0% | S100YIXL |
| Free cash flow | 5,473 | 1.7% | 算出 |
| Investing cash flow | -7,732 | -2.4% | S100YIXL |
| Financing cash flow | -19,324 | -6.1% | S100YIXL |
| Dividends paid | 2,796 | 0.9% | S100YIXL |
| Share buyback | 17,023 | 5.3% | S100YIXL |
| Change in cash | 764 | 0.2% | S100YIXL |
| Cash and equivalents | 30,391 | 9.5% | S100YIXL |

## 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 | 38,722 | 43,524 | 29,053 | 29,626 | 30,391 | S100TQ5K, S100W1TS, S100YIXL |
| Total assets | 478,147 | 477,015 | 503,391 | 500,674 | 497,320 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Net assets | 256,304 | 270,381 | 296,415 | 287,773 | 285,142 | S100TQ5K, S100W1TS, S100YIXL |
| Share capital | 30,310 | 30,310 | 30,310 | 30,310 | 30,310 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Trade receivables | 39,681 | 39,038 | 40,877 | 39,518 | 42,226 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Property, plant and equipment | 327,363 | 329,341 | 339,833 | 357,886 | 354,791 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Intangible assets excluding goodwill | 4,761 | 4,454 | 4,837 | 5,287 | 8,694 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Goodwill | 26 | 86 | 319 | 276 | 2,859 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Investment securities | 54,936 | 47,515 | 76,058 | 58,005 | 50,119 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Current assets | 84,099 | 88,429 | 75,296 | 74,045 | 78,557 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Current liabilities | 88,828 | 78,546 | 103,933 | 89,778 | 76,314 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Trade payables | 16,180 | 15,950 | 16,556 | 15,977 | 16,299 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Short-term borrowings | 10,675 | 10,700 | 13,400 | 5,200 | 14,200 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Long-term borrowings | 71,602 | 68,748 | 37,035 | 61,675 | 81,953 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Total liabilities | 221,843 | 206,633 | 206,975 | 212,901 | 212,178 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Non-controlling interests | 3,761 | 3,680 | 1,761 | 1,824 | 2,028 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Equity attributable to owners of parent | 195,651 | 213,962 | 220,843 | 223,597 | 217,494 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Retained earnings | 181,503 | 183,483 | 188,474 | 157,832 | 166,642 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |
| Treasury stock | -55,650 | -37,465 | -37,443 | -4,059 | -18,972 | S100R4KN, S100TQ5K, S100W1TS, S100YIXL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YIXL |
| Receivables | 9% | S100YIXL |
| Property, plant and equipment | 71% | S100YIXL |
| Intangibles and goodwill | 2% | S100YIXL |
| Investment securities | 10% | S100YIXL |
| Other assets | 2% | S100YIXL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIXL |
| Other liabilities | 40% | S100YIXL |
| Equity | 57% | S100YIXL |

### 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 | 478,147 | 477,015 | 503,391 | 500,674 | 497,320 |
| Equity | 256,304 | 270,381 | 296,415 | 287,773 | 285,142 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,722 | 43,524 | 29,053 | 29,626 | 30,391 |

## 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) | 111.4% | S100YIXL |
| Fixed assets ÷ total assets | 71.3% | S100YIXL |
| Goodwill ÷ parent equity | 1.3% | S100YIXL |

Goodwill over 4 years: 26 → 2,859 JPY; total investing cash flow: -88,110 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) | 6.1% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 295.5% |
| Cash vs. profit gap | 13,923 JPY mn (of net income 101.7%) |
| Shareholder returns / net income | 144.7% |
| Shareholder returns / FCF | 362.1% |
| Shareholder payments — dividends / net income | 20.4% |
| Shareholder payments — dividends / FCF | 51.1% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 28.0% |

## 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 | 5.8% | 0.61× | 3.5% | 2.44× | 8.6% | S100R4KN |
| 2023 | 7.1% | 0.61× | 4.4% | 2.33× | 10.2% | S100TQ5K |
| 2024 | 2.7% | 0.59× | 1.6% | 2.25× | 3.6% | S100W1TS |
| 2025 | 2.9% | 0.60× | 1.7% | 2.26× | 3.9% | S100YIXL |
| 2026 | 4.3% | 0.64× | 2.7% | 2.26× | 6.2% | S100YIXL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人渋谷育英会 | Major shareholder | 15.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-03-31 |
| 福山通運共済会 | Major shareholder | 4.3% | 2026-03-31 |
| 福山通運従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 福山通運協力業者持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 五洋建設株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社大創産業 | Major shareholder | 2.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥318.6B, up +5.3% from ¥302.5B.
- Operating income grew faster, rising +26.9% from ¥7.36B to ¥9.35B.
- Net income reached ¥13.7B (+56.6%), boosted by gains on selling investment securities on top of the stronger core business.
- Free cash flow swung from -¥14.4B to a positive ¥5.47B.

### Drivers

- In Transporting, volumes of heavy and oversized cargo grew and freight rates were raised in stages. Higher labor, outsourcing and depreciation costs were more than offset by better efficiency and pricing.
- International operations handled more shipments overseas and, from the second half, added a newly acquired freight forwarding company.
- Logistics won new customers, used more warehouse space and raised fees to match rising costs.

### Risks

- A lasting shortage of truck drivers could hurt results.
- Swings in crude oil prices change fuel costs.
- Deregulation has crowded the trucking market, and staying competitive means spending on wages, working conditions and equipment, which adds cost.

Cited: Annual Securities Report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YIXL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXL,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W1TS | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1TS,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TQ5K | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ5K,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R4KN | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4KN,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OBYF | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBYF,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LMXG | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMXG,, |

## 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).