# HYOKI KAIUN KAISHA,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第83期(2025/04/01－2026/03/31) (S100YGR4)
> Page: https://vizora.meequs.com/en/company/hyoki-kaiun-kaisha
> Retrieved: 2026-09-30T23:08:37.495Z

## Company

Hyoki Kaiun Kaisha, founded in 1942, is a company in Shipping listed on TSE Standard. It has 236 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HYOKI KAIUN KAISHA,LTD. |
| Ticker | 9362 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9362.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区港島3丁目6番地1 |
| Representative (per filing) | 代表取締役社長 大東 慶治 |
| Founded | Dec 1942 |
| Share capital | ¥612M |
| Employees (consolidated) | 236 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Corporate number | 6140001010417 |
| EDINET | E04342 |
| Industries (Vizora) | Shipping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGR4, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 11.5 | 13 |
| Cash conversion | 11.5 | 13 |
| Efficiency | 88.5 | 13 |

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 57% of Hyoki Kaiun Kaisha's sales come from Marine transportation service, with Port carry service and Warehouse service making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit -20.4%.

## Company structure

- Segment revenue mix: Marine transportation service 56.8%、Port carry service and Warehouse service 43.2%
- Revenue → net income: ¥13389000000 → ¥397000000
- Net income → operating cash flow: ¥397000000 → ¥521000000（difference ¥124000000）
- Main uses of operating cash flow: CapEx ¥365000000 / dividends ¥137000000 / buybacks —
- Change in cash: ¥-275000000
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 | ¥13.4B |  |
| Operating income | ¥436M | Margin 3.3% |
| Net income | ¥397M | Margin 3.0% |
| Free cash flow | ¥156M |  |
| Largest business | Marine transportation service | of segment revenue 56.8% |
| Employees (consolidated) | 236 |  |
| EPS | ¥331.24 |  |
| Book value per share | ¥4711.88 |  |
| Equity ratio | 43.3% |  |
| Shares outstanding | 1,224,000 |  |
| Treasury shares | 24,100 |  |
| Shareholders | 725 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 13.1% | Cash ÷ revenue 12.7% |
| Vs. industry median margin | -3.7 pp | Shipping |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16087000000 | ¥13389000000 | — |
| Operating income | ¥488000000 | ¥436000000 | — |
| Operating margin | 3.0% | 3.3% | +0.2 pp |
| Employees | 231 people | 236 people | — |
| Cash and equivalents | ¥1964000000 | ¥1702000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 海運事業 → 海運事業 | 53.5% |
| 港運・倉庫事業 → 港運・倉庫事業 | 43.2% |
| 港運・倉庫事業 → 事業再編・廃止 | 3.3% |
| 新設・再編 → 海運事業 | 3.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,389 | 100.0% | S100YGR4 |
| Cost of revenue | 10,900 | 81.4% | S100YGR4 |
| Gross profit | 2,488 | 18.6% | S100YGR4 |
| SG&A | 2,052 | 15.3% | S100YGR4 |
| Operating income | 436 | 3.3% | S100YGR4 |
| Ordinary income | 499 | 3.7% | S100YGR4 |
| Pretax income | 571 | 4.3% | S100YGR4 |
| Income tax | 174 | 1.3% | S100YGR4 |
| Net income | 397 | 3.0% | S100YGR4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 15 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.6% → Operating margin 3.3% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.5%; Core profit growth: -20.4%
Operating leverage (core profit growth ÷ revenue growth): 8.32×
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 | 13,726 | 13,389 | -337 | -2.5% |
| Gross profit | 2,638 | 2,488 | -150 | -5.7% |
| Operating income | 548 | 436 | -112 | -20.4% |
| Operating cash flow | 877 | 521 | -356 | -40.6% |
| Free cash flow | 759 | 156 | -603 | -79.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,982 | 272 | 1.9% | 161 | 530 | -1,656 | S100LP82 |
| FY ending Mar 2021 | 13,001 | 186 | 1.4% | 324 | 790 | 110 | S100OD4F |
| FY ending Mar 2022 | 16,087 | 488 | 3.0% | 358 | 633 | -452 | S100R4T9 |
| FY ending Mar 2023 | 18,364 | 560 | 3.0% | 442 | 775 | — | S100TUYS |
| FY ending Mar 2023 | 18,387 | 548 | 3.0% | 442 | 775 | 454 | S100R4T9 |
| FY ending Mar 2024 | 14,636 | 519 | 3.5% | 512 | 908 | 897 | S100W9IY |
| FY ending Mar 2025 | 13,726 | 548 | 4.0% | 435 | 877 | 759 | S100YGR4 |
| FY ending Mar 2026 | 13,389 | 436 | 3.3% | 397 | 521 | 156 | S100YGR4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 237 | 237 | 248 | 237 | 236 |
| Average salary (parent company) | — | ¥5.8M | ¥5.9M | ¥6.1M | ¥6M |
| Average age (parent company) | — | 45.0 years | 45.1 years | 45.4 years | 45.4 years |
| Average tenure (parent company) | — | 15.7 years | 15.4 years | 16.3 years | 16.4 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) -2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine transportation service | 7,599 | 56.8% | 248 | 3.3% |
| Port carry service and Warehouse service | 5,789 | 43.2% | 188 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine transportation service | 56.8% | 56.9% | 0.1 | 3.3% |
| Port carry service and Warehouse service | 43.2% | 43.1% | -0.1 | 3.2% |

Segment → industry: Marine transportation service → Shipping / Port carry service and Warehouse service → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 521 | 3.9% | S100YGR4 |
| Capital expenditure | 365 | 2.7% | S100YGR4 |
| Free cash flow | 156 | 1.2% | 算出 |
| Investing cash flow | -229 | -1.7% | S100YGR4 |
| Financing cash flow | -568 | -4.2% | S100YGR4 |
| Dividends paid | 137 | 1.0% | S100YGR4 |
| Change in cash | -275 | -2.1% | S100YGR4 |
| Cash and equivalents | 1,702 | 12.7% | S100YGR4 |

## 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 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,785 | 1,790 | 2,043 | 1,977 | 1,702 | S100W9IY, S100R4T9, S100YGR4 |
| Total assets | 12,518 | 12,794 | 12,939 | 12,546 | 13,042 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Net assets | 3,786 | 4,000 | 4,609 | 4,853 | 5,653 | S100W9IY, S100R4T9, S100YGR4 |
| Share capital | 612 | 612 | 612 | 612 | 612 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Property, plant and equipment | 6,977 | 6,977 | 6,633 | 6,356 | 6,405 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Intangible assets excluding goodwill | 84 | 84 | 60 | 60 | 38 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Investment securities | 1,530 | 1,804 | 2,154 | 2,078 | 2,835 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Current assets | 3,852 | 3,856 | 3,978 | 3,907 | 3,608 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Current liabilities | 4,592 | 4,596 | 4,168 | 3,618 | 3,336 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Short-term borrowings | 2,884 | 2,884 | 2,532 | 1,966 | 1,856 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Long-term borrowings | 3,510 | 3,510 | 3,303 | 3,262 | 2,966 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Total liabilities | 8,732 | 8,793 | 8,329 | 7,693 | 7,388 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Equity attributable to owners of parent | 3,017 | 3,229 | 3,405 | 3,700 | 3,971 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Retained earnings | 2,456 | 2,675 | 2,832 | 3,112 | 3,372 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |
| Treasury stock | -84 | -91 | -72 | -58 | -51 | S100TUYS, S100R4T9, S100W9IY, S100YGR4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGR4 |
| Property, plant and equipment | 49% | S100YGR4 |
| Intangibles and goodwill | 0% | S100YGR4 |
| Investment securities | 22% | S100YGR4 |
| Other assets | 16% | S100YGR4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YGR4 |
| Equity | 43% | S100YGR4 |
| Other liabilities | 0% | S100YGR4 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,518 | 12,794 | 12,939 | 12,546 | 13,042 |
| Equity | 3,786 | 4,000 | 4,609 | 4,853 | 5,653 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,785 | 1,790 | 2,043 | 1,977 | 1,702 |

## 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) | 47.8% | S100YGR4 |
| Fixed assets ÷ total assets | 49.1% | S100YGR4 |
| Goodwill ÷ parent equity | — | —, S100YGR4 |

### 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) | 13.1% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.5% |
| Cash vs. profit gap | 124 JPY mn (of net income 31.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.5% |
| Shareholder payments — dividends / FCF | 87.8% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 44.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 2.4% | 1.47× | 3.5% | 4.15× | 14.7% | S100YGR4, S100TUYS |
| 2023 | 2.4% | 1.44× | 3.5% | 3.96× | 13.7% | S100R4T9 |
| 2024 | 3.5% | 1.13× | 4.0% | 3.80× | 15.0% | S100W9IY |
| 2025 | 3.2% | 1.08× | 3.4% | 3.59× | 12.2% | S100YGR4 |
| 2026 | 3.0% | 1.05× | 3.1% | 3.34× | 10.4% | S100YGR4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大和工業株式会社 | Major shareholder | 20.4% | 2026-03-31 |
| 堂島汽船株式会社 | Major shareholder | 10.0% | 2026-03-31 |
| ふたば会 | Major shareholder | 5.4% | 2026-03-31 |
| 有限会社山広運輸興業 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社富洋海運 | Major shareholder | 4.9% | 2026-03-31 |
| 有限会社山広商事 | Major shareholder | 2.4% | 2026-03-31 |
| 大東 洋治 | Major shareholder | 2.3% | 2026-03-31 |
| 兵機海運㈱従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 平井 清隆 | Major shareholder | 1.7% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YGR4 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGR4,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W9IY | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9IY,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TUYS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYS,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R4T9 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4T9,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OD4F | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD4F,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LP82 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP82,, |

## 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).