# HAMAKYOREX 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55期(2025/04/01－2026/03/31) (S100YBXW)
> Page: https://vizora.meequs.com/en/company/hamakyorex
> Retrieved: 2026-09-30T20:17:38.534Z

## Company

Hamakyorex, founded in 1971, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 6,010 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAMAKYOREX CO., LTD. |
| Ticker | 9037 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9037.T) |
| Listing | TSE Prime |
| Head office | 静岡県浜松市中央区寺脇町1701番地の1 |
| Representative (per filing) | 代表取締役社長 大須賀 秀徳 |
| Founded | Feb 1971 |
| Share capital | ¥6.55B |
| Employees (consolidated) | 6,010 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.hamakyorex.co.jp (https://www.hamakyorex.co.jp/) |
| Corporate number | 1080401004368 |
| EDINET | E04220 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YBXW, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77 | 37 |
| Profitability | 88.5 | 39 |
| Cash conversion | 38.2 | 38 |
| Efficiency | 60.3 | 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 65% of Hamakyorex's sales come from Logistics center, with Motor truck transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +11.7%.

## Company structure

- Segment revenue mix: Logistics center 64.9%、Motor truck transportation 35.1%
- Revenue → net income: ¥155500000000 → ¥11779000000
- Net income → operating cash flow: ¥11779000000 → ¥19968000000（difference ¥8189000000）
- Main uses of operating cash flow: CapEx ¥9986000000 / dividends ¥2775000000 / buybacks —
- Change in cash: ¥3136000000
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 | ¥155.5B |  |
| Operating income | ¥14.8B | Margin 9.5% |
| Net income | ¥10.7B | Margin 6.9% |
| Free cash flow | ¥9.98B |  |
| Largest business | Logistics center | of segment revenue 64.9% |
| Employees (consolidated) | 6,010 |  |
| EPS | ¥111.38 |  |
| Book value per share | ¥949.88 |  |
| Equity ratio | 56.8% |  |
| Shares outstanding | 76,048,000 |  |
| Treasury shares | 2,020,100 |  |
| Shareholders | 4,753 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | +3.7 pp | Warehouses & Logistics Facilities |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥118876000000 | ¥155500000000 | +30.8% |
| Operating income | ¥10563000000 | ¥14761000000 | +39.7% |
| Operating margin | 8.9% | 9.5% | +0.6 pp |
| Employees | 5,080 people | 6,010 people | +18.3% |
| Cash and equivalents | ¥14804000000 | ¥24788000000 | +67.4% |

### 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 |
| --- | ---: |
| 物流センター事業 → 物流センター事業 | 60.2% |
| 貨物自動車運送事業 → 貨物自動車運送事業 | 35.1% |
| 貨物自動車運送事業 → 事業再編・廃止 | 4.7% |
| 新設・再編 → 物流センター事業 | 4.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 155,500 | 100.0% | S100YBXW |
| SG&A | 5,151 | 3.3% | S100YBXW |
| Operating income | 14,761 | 9.5% | S100YBXW |
| Ordinary income | 16,080 | 10.3% | S100YBXW |
| Pretax income | 17,083 | 11.0% | S100YBXW |
| Income tax | 5,303 | 3.4% | S100YBXW |
| Net income | 11,779 | 7.6% | S100YBXW |
| Net income attributable to owners | 10,720 | 6.9% | S100YBXW |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 9.5% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +11.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.95×
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 | 146,668 | 155,500 | 8,832 | +6.0% |
| Operating income | 13,213 | 14,761 | 1,548 | +11.7% |
| Net income attributable to owners | 8,931 | 10,720 | 1,789 | +20.0% |
| Operating cash flow | 14,111 | 19,968 | 5,857 | +41.5% |
| Free cash flow | 1,728 | 9,982 | 8,254 | +477.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 122,471 | 10,190 | 8.3% | 6,233 | 12,276 | 7,209 | S100LISA |
| FY ending Mar 2021 | 118,876 | 10,563 | 8.9% | 6,427 | 11,466 | 4,359 | S100O8JJ |
| FY ending Mar 2022 | 125,094 | 11,114 | 8.9% | 7,117 | 13,600 | 7,988 | S100QXSH |
| FY ending Mar 2023 | 131,912 | 11,548 | 8.8% | 7,400 | 13,655 | 11,127 | S100TN37 |
| FY ending Mar 2024 | 140,572 | 12,569 | 8.9% | 8,305 | 15,883 | 7,498 | S100VZJX |
| FY ending Mar 2025 | 146,668 | 13,213 | 9.0% | 8,931 | 14,111 | 1,728 | S100YBXW |
| FY ending Mar 2026 | 155,500 | 14,761 | 9.5% | 10,720 | 19,968 | 9,982 | S100YBXW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 5,079 | 5,176 | 5,778 | 5,813 | 6,010 |
| Average salary (parent company) | ¥4.7M | ¥4.7M | ¥4.8M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 43.1 years | 42.8 years | 43.2 years | 43.5 years | 44.2 years |
| Average tenure (parent company) | 10.1 years | 10.1 years | 10.1 years | 10.1 years | 11.0 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics center | 100,937 | 64.9% | 13,068 | 12.9% |
| Motor truck transportation | 54,562 | 35.1% | 1,712 | 3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics center | 64.9% | 88.4% | 23.5 | 12.9% |
| Motor truck transportation | 35.1% | 11.6% | -23.5 | 3.1% |

Segment → industry: Motor truck transportation → Trucking & Parcel Delivery / Logistics center → 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 | 19,968 | 12.8% | S100YBXW |
| Capital expenditure | 9,986 | 6.4% | S100YBXW |
| Free cash flow | 9,982 | 6.4% | 算出 |
| Investing cash flow | -10,587 | -6.8% | S100YBXW |
| Financing cash flow | -6,244 | -4.0% | S100YBXW |
| Dividends paid | 2,775 | 1.8% | S100YBXW |
| Change in cash | 3,136 | 2.0% | S100YBXW |
| Cash and equivalents | 24,788 | 15.9% | S100YBXW |

## 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 | 18,182 | 23,062 | 24,143 | 21,652 | 24,788 | S100TN37, S100VZJX, S100YBXW |
| Total assets | 135,672 | 143,038 | 154,892 | 159,446 | 172,360 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Net assets | 81,592 | 88,149 | 95,631 | 101,896 | 111,111 | S100TN37, S100VZJX, S100YBXW |
| Share capital | 6,547 | 6,547 | 6,547 | 6,547 | 6,547 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Property, plant and equipment | 87,832 | 87,744 | 95,420 | 103,171 | 110,629 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Intangible assets excluding goodwill | 2,938 | 2,654 | 2,858 | 2,638 | 2,586 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Goodwill | — | — | 900 | 807 | 844 | S100VZJX, S100YBXW |
| Investment securities | 2,642 | 2,731 | 3,374 | 3,331 | 4,155 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Current assets | 38,445 | 45,509 | 48,271 | 45,758 | 49,675 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Current liabilities | 35,644 | 36,595 | 39,849 | 34,658 | 35,764 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Trade payables | 7,316 | 7,371 | 7,930 | 6,914 | 7,474 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Short-term borrowings | 16,831 | 17,031 | 17,283 | 14,564 | 12,942 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Long-term borrowings | 5,866 | 4,669 | 6,228 | 9,776 | 11,868 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Total liabilities | 54,079 | 54,888 | 59,261 | 57,549 | 61,248 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Non-controlling interests | 10,034 | 10,770 | 11,694 | 12,337 | 13,161 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Equity attributable to owners of parent | 71,395 | 77,105 | 83,317 | 88,685 | 96,664 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Retained earnings | 59,046 | 64,756 | 71,091 | 77,599 | 85,543 | S100QXSH, S100TN37, S100VZJX, S100YBXW |
| Treasury stock | -643 | -643 | -771 | -1,945 | -1,926 | S100QXSH, S100TN37, S100VZJX, S100YBXW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YBXW |
| Property, plant and equipment | 64% | S100YBXW |
| Intangibles and goodwill | 2% | S100YBXW |
| Investment securities | 3% | S100YBXW |
| Other assets | 17% | S100YBXW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YBXW |
| Other liabilities | 31% | S100YBXW |
| Equity | 65% | S100YBXW |
| Other liabilities | 0% | S100YBXW |

### 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 | 135,672 | 143,038 | 154,892 | 159,446 | 172,360 |
| Equity | 81,592 | 88,149 | 95,631 | 101,896 | 111,111 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,182 | 23,062 | 24,143 | 21,652 | 24,788 |

## 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) | 71.1% | S100YBXW |
| Fixed assets ÷ total assets | 64.2% | S100YBXW |
| Goodwill ÷ parent equity | 0.9% | S100YBXW |

### 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) | 14.4% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 135.3% |
| Cash vs. profit gap | 9,248 JPY mn (of net income 86.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.9% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 53.0% |

## 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 | 5.7% | 0.92× | 5.2% | 1.90× | 10.0% | S100QXSH |
| 2023 | 5.6% | 0.95× | 5.3% | 1.88× | 10.0% | S100TN37 |
| 2024 | 5.9% | 0.94× | 5.6% | 1.86× | 10.4% | S100VZJX |
| 2025 | 6.1% | 0.93× | 5.7% | 1.83× | 10.4% | S100YBXW |
| 2026 | 6.9% | 0.94× | 6.5% | 1.79× | 11.6% | S100YBXW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エムエフカンパニー株式会社 | Major shareholder | 12.5% | 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 | 12.1% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| CGML-LONDON EQUITY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| 大須賀 正孝 | Major shareholder | 3.1% | 2026-03-31 |
| 大須賀 秀徳 | Major shareholder | 2.7% | 2026-03-31 |
| THE CHASE MANHATTAN BANK , N.A. LONDON SPECIAL ACCOUNT NO.1 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| とぴあ浜松農業協同組合 | Major shareholder | 1.9% | 2026-03-31 |
| 和佐見 勝 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YBXW | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBXW,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100VZJX | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZJX,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TN37 | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN37,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100QXSH | 2023-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXSH,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100O8JJ | 2022-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8JJ,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LISA | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LISA,, |

## 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).