# HIGASHI HOLDINGS 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104期(2025/04/01－2026/03/31) (S100Y848)
> Page: https://vizora.meequs.com/en/company/higashi-holdings
> Retrieved: 2026-09-30T21:52:19.353Z

## Company

Higashi Holdings, founded in 1944, is a company in Trucking & Parcel Delivery listed on TSE Standard. It has 1,744 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HIGASHI HOLDINGS CO.,LTD. |
| Ticker | 9029 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9029.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区内久宝寺町三丁目1番9号 |
| Representative (per filing) | 取締役代表執行役社長 児島一裕 |
| Founded | Dec 1944 |
| Share capital | ¥1B |
| Employees (consolidated) | 1,744 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.e-higashi.co.jp (https://www.e-higashi.co.jp/) |
| Corporate number | 3120001077535 |
| EDINET | E04228 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y848, filed 2026-06-05). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 21 |
| Profitability | 84.1 | 22 |
| Cash conversion | 15.9 | 22 |
| Efficiency | 88.6 | 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 51% of Higashi Holdings's sales come from Transportation, with Warehouse and Goods sale making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +20.5% from the prior year, operating profit +47.6%.

## Company structure

- Segment revenue mix: Transportation 50.9%、Warehouse 29.8%、Goods sale 11.6%、Other 5.6%、Welfare 2.2%
- Revenue → net income: ¥57972556000 → ¥2602610000
- Net income → operating cash flow: ¥2602610000 → ¥4989387000（difference ¥2386777000）
- Main uses of operating cash flow: CapEx ¥649864000 / dividends ¥546331000 / buybacks —
- Change in cash: ¥4492524000
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 | ¥58B |  |
| Operating income | ¥4.04B | Margin 7.0% |
| Net income | ¥2.6B | Margin 4.5% |
| Free cash flow | ¥4.34B |  |
| Largest business | Transportation | of segment revenue 50.9% |
| Employees (consolidated) | 1,744 |  |
| EPS | ¥53.89 |  |
| Book value per share | ¥880.37 |  |
| Equity ratio | 44.0% |  |
| Shares outstanding | 13,264,000 |  |
| Treasury shares | 189,000 |  |
| Shareholders | 3,959 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 25.0% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | +2.2 pp | Trucking & Parcel Delivery |
| ROE | 18.4% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, parent-company salary changed +32% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24436700000 | ¥57972556000 | +137.2% |
| Operating income | ¥1022882000 | ¥4044456000 | +295.4% |
| Operating margin | 4.2% | 7.0% | +2.8 pp |
| Employees | 998 people | 1,744 people | +74.7% |
| Cash and equivalents | ¥3068026000 | ¥9140119000 | +197.9% |

### 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 | 50.9% |
| 運送事業 → 事業再編・廃止 | 15.7% |
| 倉庫事業 → 倉庫事業 | 26.0% |
| 商品販売事業 → 商品販売事業 | 2.3% |
| ウエルフェア事業 → ウエルフェア事業 | 2.2% |
| ウエルフェア事業 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 1.4% |
| 新設・再編 → 倉庫事業 | 3.8% |
| 新設・再編 → 商品販売事業 | 9.2% |
| 新設・再編 → その他 | 4.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +12.7% | ¥29529807000 | 12.5% | 2 |
| Warehouse | 5 years | +22.1% | ¥17247044000 | 11.3% | 2 |
| Goods sale | 5 years | +63.7% | ¥6711124000 | 5.1% | 2 |
| Other | 5 years | +56.2% | ¥3237640000 | 17.7% | 2 |
| Welfare | 5 years | +6.9% | ¥1246940000 | 17.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,973 | 100.0% | S100Y848 |
| Cost of revenue | 46,877 | 80.9% | S100Y848 |
| Gross profit | 11,095 | 19.1% | S100Y848 |
| SG&A | 7,051 | 12.2% | S100Y848 |
| Operating income | 4,044 | 7.0% | S100Y848 |
| Ordinary income | 4,151 | 7.2% | S100Y848 |
| Pretax income | 4,087 | 7.0% | S100Y848 |
| Income tax | 1,484 | 2.6% | S100Y848 |
| Net income | 2,603 | 4.5% | S100Y848 |
| Net income attributable to owners | 2,603 | 4.5% | S100Y848 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 19.1% → Operating margin 7.0% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.5%; Core profit growth: +47.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.33×
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 | 48,126 | 57,973 | 9,847 | +20.5% |
| Gross profit | 9,026 | 11,095 | 2,069 | +22.9% |
| Operating income | 2,740 | 4,044 | 1,305 | +47.6% |
| Net income attributable to owners | 1,806 | 2,603 | 797 | +44.1% |
| Operating cash flow | 2,368 | 4,989 | 2,622 | +110.7% |
| Free cash flow | -1,219 | 4,340 | 5,559 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,112 | 997 | 4.0% | 692 | 1,298 | 932 | S100LICE |
| FY ending Mar 2021 | 24,437 | 1,023 | 4.2% | 667 | 509 | 194 | S100OA6A |
| FY ending Mar 2022 | 27,953 | 1,475 | 5.3% | 1,121 | 1,484 | 805 | S100QYLW |
| FY ending Mar 2023 | 34,808 | 1,908 | 5.5% | 1,269 | 665 | 244 | S100TMA8 |
| FY ending Mar 2024 | 40,635 | 2,190 | 5.4% | 1,507 | 3,027 | 152 | S100VWZH |
| FY ending Mar 2025 | 48,126 | 2,740 | 5.7% | 1,806 | 2,368 | -1,219 | S100Y848 |
| FY ending Mar 2026 | 57,973 | 4,044 | 7.0% | 2,603 | 4,989 | 4,340 | S100Y848 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.2M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 1,113 | 1,394 | 1,495 | 1,603 | 1,744 |
| Average salary (parent company) | ¥4.4M | ¥4.7M | ¥4.8M | ¥4.6M | ¥5.8M |
| Average age (parent company) | 44.7 years | 43.6 years | 43.4 years | 43.4 years | 43.0 years |
| Average tenure (parent company) | 10.2 years | 9.4 years | 8.5 years | 8.1 years | 8.6 years |

Year over year: Employees (consolidated) +8.8% · Revenue (consolidated) +20.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 29,530 | 50.9% | 3,687 | 12.5% |
| Warehouse | 17,247 | 29.8% | 1,954 | 11.3% |
| Goods sale | 6,711 | 11.6% | 344 | 5.1% |
| Welfare | 1,247 | 2.2% | 213 | 17.1% |
| Other | 3,238 | 5.6% | 574 | 17.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 50.9% | 54.4% | 3.5 | 12.5% |
| Warehouse | 29.8% | 28.9% | -0.9 | 11.3% |
| Goods sale | 11.6% | 5.1% | -6.5 | 5.1% |
| Welfare | 2.2% | 3.1% | 1.0 | 17.1% |
| Other | 5.6% | 8.5% | 2.9 | 17.7% |

Segment → industry: Transportation → Trucking & Parcel Delivery / Warehouse → 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 | 4,989 | 8.6% | S100Y848 |
| Capital expenditure | 650 | 1.1% | S100Y848 |
| Free cash flow | 4,340 | 7.5% | 算出 |
| Investing cash flow | -669 | -1.2% | S100Y848 |
| Financing cash flow | 172 | 0.3% | S100Y848 |
| Dividends paid | 546 | 0.9% | S100Y848 |
| Change in cash | 4,493 | 7.7% | S100Y848 |
| Cash and equivalents | 9,140 | 15.8% | S100Y848 |

## 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 | 3,443 | 3,488 | 4,062 | 4,648 | 9,140 | S100TMA8, S100VWZH, S100Y848 |
| Total assets | 18,140 | 21,226 | 25,535 | 31,597 | 36,617 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Net assets | 9,863 | 10,871 | 12,312 | 13,510 | 16,114 | S100TMA8, S100VWZH, S100Y848 |
| Share capital | 1,002 | 1,002 | 1,002 | 1,002 | 1,002 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Property, plant and equipment | 6,159 | 6,114 | 9,132 | 11,598 | 11,091 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Intangible assets excluding goodwill | 440 | 764 | 603 | 1,132 | 1,072 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Goodwill | 191 | 541 | 421 | 991 | 931 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Investment securities | 553 | 714 | 1,212 | 1,307 | 1,923 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Current assets | 9,147 | 10,928 | 11,738 | 14,018 | 18,901 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Current liabilities | 5,981 | 7,475 | 8,517 | 12,320 | 15,596 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Short-term borrowings | 1,030 | 1,630 | 2,030 | 4,330 | 5,130 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Long-term borrowings | 1,116 | 1,745 | 2,664 | 3,673 | 2,684 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Total liabilities | 8,277 | 10,356 | 13,223 | 18,087 | 20,503 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Equity attributable to owners of parent | 9,816 | 10,785 | 11,949 | 13,097 | 15,229 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Retained earnings | 8,809 | 9,738 | 10,851 | 12,182 | 14,238 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |
| Treasury stock | -102 | -70 | -44 | -265 | -210 | S100QYLW, S100TMA8, S100VWZH, S100Y848 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100Y848 |
| Property, plant and equipment | 30% | S100Y848 |
| Intangibles and goodwill | 6% | S100Y848 |
| Investment securities | 5% | S100Y848 |
| Other assets | 34% | S100Y848 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100Y848 |
| Equity | 44% | S100Y848 |

### 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 | 18,140 | 21,226 | 25,535 | 31,597 | 36,617 |
| Equity | 9,863 | 10,871 | 12,312 | 13,510 | 16,114 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,443 | 3,488 | 4,062 | 4,648 | 9,140 |

## 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) | 19.1% | S100Y848 |
| Fixed assets ÷ total assets | 30.3% | S100Y848 |
| Goodwill ÷ parent equity | 6.1% | S100Y848 |

Goodwill over 4 years: 191 → 931 JPY; total investing cash flow: -10,809 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) | 25.0% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.4% |
| Cash vs. profit gap | 2,387 JPY mn (of net income 91.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 12.6% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 13.4% |

## 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 | 4.0% | 1.54× | 6.2% | 1.85× | 11.4% | S100QYLW |
| 2023 | 3.6% | 1.77× | 6.4% | 1.91× | 12.3% | S100TMA8 |
| 2024 | 3.7% | 1.74× | 6.4% | 2.06× | 13.3% | S100VWZH |
| 2025 | 3.8% | 1.68× | 6.3% | 2.28× | 14.4% | S100Y848 |
| 2026 | 4.5% | 1.70× | 7.6% | 2.41× | 18.4% | S100Y848 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 関西電力株式会社 | Major shareholder | 13.8% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 8.0% | 2026-03-31 |
| 星光ビル管理株式会社 | Major shareholder | 7.2% | 2026-03-31 |
| 株式会社毎日新聞社 | Major shareholder | 5.3% | 2026-03-31 |
| ヒガシホールディングス 従業員持株会 | Major shareholder | 4.4% | 2026-03-31 |
| 東京センチュリー株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社星和ビジネスリンク | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.7% | 2026-03-31 |
| 金森 滋美 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第104期(2025/04/01－2026/03/31) | S100Y848 | 2026-06-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y848,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100VWZH | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWZH,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TMA8 | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMA8,, |
| 有価証券報告書－第101期(2022/04/01－2023/03/31) | S100QYLW | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYLW,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OA6A | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA6A,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LICE | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LICE,, |

## 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).