# Fushiki Kairiku Unso Co.,Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第109期(2025/07/01－2026/06/30) (S100Z59R)
> Page: https://vizora.meequs.com/en/company/fushiki-kairiku-unso
> Retrieved: 2026-09-30T21:15:42.936Z

## Company

Fushiki Kairiku Unso, founded in 1944, is a company in Textiles & Fibers listed on TSE Standard. It has 704 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUSHIKI KAIRIKU UNSO CO.,LTD. |
| Ticker | 9361 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9361.T) |
| Listing | TSE Standard |
| Head office | 富山県高岡市伏木湊町5番1号 |
| Representative (per filing) | 代表取締役社長 浦 俊夫 |
| Founded | Mar 1944 |
| Share capital | ¥1.85B |
| Employees (consolidated) | 704 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | June |
| Website | www.fkk-toyama.co.jp (https://www.fkk-toyama.co.jp/) |
| Corporate number | 4230001010772 |
| EDINET | E04339 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Z59R, filed 2026-09-30). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 17.6 | 37 |
| Profitability | 85.9 | 39 |
| Cash conversion | 69.7 | 38 |
| Efficiency | 29.5 | 39 |
| Financial strength | 75 | 14 |

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 68% of Fushiki Kairiku Unso's sales come from Harbor transportation, with Fiber products manufacturing and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +7.0% from the prior year, operating profit +2.4%.

## Company structure

- Segment revenue mix: Harbor transportation 67.7%、Fiber products manufacturing 16.0%、Other 8.7%、Leal Estate Business 7.6%
- Revenue → net income: ¥14391599000 → ¥954916000
- Net income → operating cash flow: ¥954916000 → ¥1943421000（difference ¥988505000）
- Main uses of operating cash flow: CapEx ¥1333732000 / dividends ¥155758000 / buybacks ¥85000
- Change in cash: ¥428763000
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 | ¥14.4B |  |
| Operating income | ¥1.27B | Margin 8.9% |
| Net income | ¥823.6M | Margin 5.7% |
| Free cash flow | ¥609.7M |  |
| Largest business | Harbor transportation | of segment revenue 67.7% |
| Employees (consolidated) | 704 |  |
| EPS | ¥147.15 |  |
| Book value per share | ¥3524.29 |  |
| Equity ratio | 53.7% |  |
| Shares outstanding | 2,615,000 |  |
| Treasury shares | 47,600 |  |
| Shareholders | 839 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 11.6% | Net cash -¥267.1M · Cash ÷ revenue 19.8% |
| Vs. industry median margin | +3 pp | Warehouses & Logistics Facilities |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12354201000 | ¥14391599000 | +16.5% |
| Operating income | ¥456531000 | ¥1274467000 | +179.2% |
| Operating margin | 3.7% | 8.9% | +5.2 pp |
| Employees | 734 people | 704 people | -4.1% |
| Cash and equivalents | ¥1775936000 | ¥2846442000 | +60.3% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 港運事業 → 港運事業 | 67.7% |
| 港運事業 → 事業再編・廃止 | 3.6% |
| 不動産事業 → 不動産事業 | 7.6% |
| 不動産事業 → 事業再編・廃止 | 0.2% |
| 繊維製品製造事業 → 繊維製品製造事業 | 13.9% |
| その他 → その他 | 6.9% |
| 新設・再編 → 繊維製品製造事業 | 2.0% |
| 新設・再編 → その他 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Harbor transportation | 5 years | +2.0% | ¥9748472000 | 14.8% | 2 |
| Fiber products manufacturing | 5 years | +6.0% | ¥2297061000 | 1.8% | 2 |
| Other | 5 years | +7.9% | ¥1246482000 | 2.5% | 2 |
| Leal Estate Business | 5 years | +2.5% | ¥1099582000 | 22.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,392 | 100.0% | S100Z59R |
| Cost of revenue | 11,923 | 82.9% | S100Z59R |
| Gross profit | 2,468 | 17.1% | S100Z59R |
| SG&A | 1,194 | 8.3% | S100Z59R |
| Operating income | 1,274 | 8.9% | S100Z59R |
| Ordinary income | 1,192 | 8.3% | S100Z59R |
| Pretax income | 1,418 | 9.9% | S100Z59R |
| Income tax | 463 | 3.2% | S100Z59R |
| Net income | 955 | 6.6% | S100Z59R |
| Net income attributable to owners | 824 | 5.7% | S100Z59R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 8 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.1% → Operating margin 8.9% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.0%; Core profit growth: +2.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.35×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 13,453 | 14,392 | 938 | +7.0% |
| Gross profit | 2,371 | 2,468 | 97 | +4.1% |
| Operating income | 1,244 | 1,274 | 30 | +2.4% |
| Net income attributable to owners | 683 | 824 | 141 | +20.6% |
| Operating cash flow | 2,108 | 1,943 | -165 | -7.8% |
| Free cash flow | 1,430 | 610 | -820 | -57.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 14,146 | 861 | 6.1% | 449 | 1,350 | 786 | S100JQQ4 |
| FY ending Jun 2020 | 13,207 | 736 | 5.6% | 624 | 1,678 | 458 | S100MPZ8 |
| FY ending Jun 2021 | 12,354 | 457 | 3.7% | 392 | 1,038 | -483 | S100P99Q |
| FY ending Jun 2022 | 12,209 | 782 | 6.4% | 413 | 1,364 | 760 | S100RWNF |
| FY ending Jun 2023 | 13,066 | 1,335 | 10.2% | 688 | 1,649 | 1,006 | S100ULT4 |
| FY ending Jun 2024 | 12,936 | 742 | 5.7% | 468 | 1,150 | -244 | S100WQSP |
| FY ending Jun 2025 | 13,453 | 1,244 | 9.2% | 683 | 2,108 | 1,430 | S100Z59R |
| FY ending Jun 2026 | 14,392 | 1,274 | 8.9% | 824 | 1,943 | 610 | S100Z59R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.4M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 727 | 713 | 699 | 684 | 704 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.7M | ¥5.7M | ¥6M |
| Average age (parent company) | 40.5 years | 41.1 years | 41.0 years | 41.8 years | 41.8 years |
| Average tenure (parent company) | 17.7 years | 18.4 years | 18.1 years | 18.3 years | 18.1 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +7.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Harbor transportation | 9,748 | 67.7% | 1,443 | 14.8% |
| Leal Estate Business | 1,100 | 7.6% | 251 | 22.8% |
| Fiber products manufacturing | 2,297 | 16.0% | 41 | 1.8% |
| Other | 1,246 | 8.7% | 31 | 2.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Harbor transportation | 67.7% | 81.7% | 14.0 | 14.8% |
| Leal Estate Business | 7.6% | 14.2% | 6.6 | 22.8% |
| Fiber products manufacturing | 16.0% | 2.3% | -13.7 | 1.8% |
| Other | 8.7% | 1.8% | -6.9 | 2.5% |

Segment → industry: Fiber products manufacturing → Textiles & Fibers / Leal Estate Business → Real Estate Development & Leasing / Harbor transportation → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,943 | 13.5% | S100Z59R |
| Capital expenditure | 1,334 | 9.3% | S100Z59R |
| Free cash flow | 610 | 4.2% | 算出 |
| Investing cash flow | -367 | -2.5% | S100Z59R |
| Financing cash flow | -1,148 | -8.0% | S100Z59R |
| Dividends paid | 156 | 1.1% | S100Z59R |
| Share buyback | 0 | 0.0% | S100Z59R |
| Change in cash | 429 | 3.0% | S100Z59R |
| Cash and equivalents | 2,846 | 19.8% | S100Z59R |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,765 | 1,992 | 1,991 | 2,418 | 2,846 | S100ULT4, S100WQSP, S100Z59R |
| Total assets | 22,217 | 22,378 | 23,046 | 23,517 | 24,584 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Net assets | 11,004 | 11,674 | 12,195 | 12,883 | 14,555 | S100ULT4, S100WQSP, S100Z59R |
| Share capital | 1,851 | 1,851 | 1,851 | 1,851 | 1,851 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Property, plant and equipment | 13,865 | 13,773 | 14,305 | 14,124 | 13,787 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Intangible assets excluding goodwill | 58 | 69 | 63 | 73 | 132 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Investment securities | 2,417 | 2,404 | 2,597 | 2,711 | 3,686 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Current assets | 5,039 | 5,402 | 5,344 | 5,880 | 6,058 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Current liabilities | 4,034 | 4,143 | 3,587 | 4,364 | 3,824 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Trade payables | 965 | 1,035 | 976 | 928 | 938 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Short-term borrowings | 66 | 76 | 79 | 75 | 75 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Long-term borrowings | 3,585 | 3,238 | 3,528 | 2,946 | 2,559 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Bonds | 900 | 700 | 960 | 520 | 480 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Interest-bearing debt | 4,551 | 4,014 | 4,567 | 3,541 | 3,114 | 算出 |
| Total liabilities | 11,213 | 10,705 | 10,851 | 10,634 | 10,030 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Non-controlling interests | 1,065 | 1,104 | 1,142 | 1,217 | 1,358 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Equity attributable to owners of parent | 9,671 | 10,230 | 10,542 | 11,095 | 11,763 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Retained earnings | 6,409 | 6,967 | 7,280 | 7,833 | 8,501 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |
| Treasury stock | -41 | -41 | -41 | -41 | -41 | S100RWNF, S100ULT4, S100WQSP, S100Z59R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Z59R |
| Property, plant and equipment | 56% | S100Z59R |
| Intangibles and goodwill | 0% | S100Z59R |
| Investment securities | 15% | S100Z59R |
| Other assets | 17% | S100Z59R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Z59R |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 24% | S100Z59R |
| Equity | 59% | S100Z59R |
| Other liabilities | 0% | S100Z59R |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 22,217 | 22,378 | 23,046 | 23,517 | 24,584 |
| Equity | 11,004 | 11,674 | 12,195 | 12,883 | 14,555 |
| Interest-bearing debt | 4,551 | 4,014 | 4,567 | 3,541 | 3,114 |
| Cash | 1,765 | 1,992 | 1,991 | 2,418 | 2,846 |

## 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) | 95.8% | S100Z59R |
| Fixed assets ÷ total assets | 56.1% | S100Z59R |
| Goodwill ÷ parent equity | — | —, S100Z59R |

### 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) | 11.6% |
| Cash ÷ revenue | 19.8% |
| Net cash (cash − interest-bearing debt) | -¥267.1M |
| Net debt ÷ operating cash flow | 0.14× |
| Cash conversion (operating CF ÷ operating income) | 152.5% |
| Cash vs. profit gap | 1,120 JPY mn (of net income 136.0%) |
| Shareholder returns / net income | 18.9% |
| Shareholder returns / FCF | 25.6% |
| Shareholder payments — dividends / net income | 18.9% |
| Shareholder payments — dividends / FCF | 25.5% |
| CapEx intensity (capex ÷ revenue) | 9.3% |
| Investing CF relative to operating CF | 18.9% |

## 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 | 3.4% | 0.55× | 1.9% | 2.30× | 4.3% | S100RWNF |
| 2023 | 5.3% | 0.59× | 3.1% | 2.24× | 6.9% | S100ULT4 |
| 2024 | 3.6% | 0.57× | 2.1% | 2.19× | 4.5% | S100WQSP |
| 2025 | 5.1% | 0.58× | 2.9% | 2.15× | 6.3% | S100Z59R |
| 2026 | 5.7% | 0.60× | 3.4% | 2.10× | 7.2% | S100Z59R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社橘海運 | Major shareholder | 8.0% | 2026-06-30 |
| 明治安田生命保険相互会社 | Major shareholder | 7.4% | 2026-06-30 |
| 株式会社北陸銀行 | Major shareholder | 4.9% | 2026-06-30 |
| 橘 慶一郎 | Major shareholder | 4.1% | 2026-06-30 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.6% | 2026-06-30 |
| 夏野 公秀 | Major shareholder | 3.0% | 2026-06-30 |
| 住友生命保険相互会社 | Major shareholder | 2.7% | 2026-06-30 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2026-06-30 |
| 橘 洋子 | Major shareholder | 2.5% | 2026-06-30 |
| 第一生命保険株式会社 | Major shareholder | 2.4% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/07/01－2026/06/30) | S100Z59R | 2026-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z59R,, |
| 有価証券報告書－第108期(2024/07/01－2025/06/30) | S100WQSP | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQSP,, |
| 訂正有価証券報告書－第107期(2023/07/01－2024/06/30) | S100ULT4 | 2024-11-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ULT4,, |
| 有価証券報告書－第106期(2022/07/01－2023/06/30) | S100RWNF | 2023-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWNF,, |
| 有価証券報告書－第105期(令和3年7月1日－令和4年6月30日) | S100P99Q | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P99Q,, |
| 訂正有価証券報告書－第104期(令和2年7月1日－令和3年6月30日) | S100MPZ8 | 2021-11-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MPZ8,, |
| 有価証券報告書－第103期(令和1年7月1日－令和2年6月30日) | S100JQQ4 | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JQQ4,, |

## 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).