# ICHINEN 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64期(2025/04/01－2026/03/31) (S100YCGP)
> Page: https://vizora.meequs.com/en/company/ichinen-holdings
> Retrieved: 2026-09-30T22:56:53.462Z

## Company

Ichinen Holdings, founded in 1963, is a company in Leasing listed on TSE Prime. It has 2,067 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ICHINEN HOLDINGS CO., LTD. |
| Ticker | 9619 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9619.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区西中島四丁目10番6号 |
| Representative (per filing) | 代表取締役社長 黒田 雅史 |
| Founded | May 1963 |
| Share capital | ¥2.53B |
| Employees (consolidated) | 2,067 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | ichinenhd.co.jp (https://ichinenhd.co.jp/) |
| Corporate number | 9120001053828 |
| EDINET | E04904 |
| Industries (Vizora) | Leasing, Chemicals, Home & Lifestyle Services, Specialty Trading & Wholesale, Livestock, Feed & Fertilizer, Agriculture & Seeds |

> Profile source: annual securities report (S100YCGP, filed 2026-06-16). As of filing

## Key points (generated from figures)

- About 39% of Ichinen Holdings's sales come from Automotive integrated service business, with Tools and Equipments business and Agriculture related business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +4.7% from the prior year, operating profit +6.3%.

## Company structure

- Segment revenue mix: Automotive integrated service business 39.4%、Tools and Equipments business 23.3%、Agriculture related business 12.1%、Synthetic resins business 11.7%、Chemical business 7.0%
- Revenue → net income: ¥162254000000 → ¥7651000000
- Net income → operating cash flow: ¥7651000000 → ¥9451000000（difference ¥1800000000）
- Main uses of operating cash flow: CapEx ¥4876000000 / dividends — / buybacks —
- Change in cash: ¥1472000000
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 | ¥162.3B |  |
| Operating income | ¥10.9B | Margin 6.7% |
| Net income | ¥7.65B | Margin 4.7% |
| Free cash flow | ¥4.58B |  |
| Largest business | Automotive integrated service business | of segment revenue 39.4% |
| Employees (consolidated) | 2,067 |  |
| EPS | ¥180.93 |  |
| Book value per share | ¥1229.6 |  |
| Equity ratio | 33.8% |  |
| Shares outstanding | 23,762,227 |  |
| Treasury shares | 84,900 |  |
| Shareholders | 10,729 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 5.0% | Net cash -¥61.4B · Cash ÷ revenue 6.6% |
| Vs. industry median margin | -0.3 pp | Leasing |
| ROE | 11.7% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, segment profit share differs by 22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥112618000000 | ¥162254000000 | +44.1% |
| Operating income | ¥7516000000 | ¥10926000000 | +45.4% |
| Operating margin | 6.7% | 6.7% | +0.1 pp |
| Employees | 1,349 people | 2,067 people | +53.2% |
| Cash and equivalents | ¥11984000000 | ¥10635000000 | -11.3% |

### 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 |
| --- | ---: |
| 自動車リース関連事業 → 自動車リース関連事業 | 39.4% |
| 自動車リース関連事業 → 事業再編・廃止 | 6.4% |
| ケミカル事業 → ケミカル事業 | 7.0% |
| ケミカル事業 → 事業再編・廃止 | 2.5% |
| パーキング事業 → パーキング事業 | 4.5% |
| 機械工具販売事業 → 機械工具販売事業 | 23.3% |
| 機械工具販売事業 → 事業再編・廃止 | 6.7% |
| 合成樹脂事業 → 合成樹脂事業 | 10.0% |
| その他 → その他 | 0.3% |
| 新設・再編 → パーキング事業 | 0.5% |
| 新設・再編 → 合成樹脂事業 | 1.8% |
| 新設・再編 → 農業関連事業 | 12.1% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 13 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive integrated service business | 5 years | +4.4% | ¥63885000000 | 10.6% | 2 |
| Tools and Equipments business | 5 years | +2.3% | ¥37808000000 | 0.7% | 2 |
| Agriculture related business | 3 years | +311.9% | ¥19634000000 | 7.4% | 2 |
| Synthetic resins business | 5 years | +11.1% | ¥19014000000 | -0.9% | 2 |
| Chemical business | 5 years | +1.3% | ¥11384000000 | 9.3% | 2 |
| Parking business | 5 years | +9.9% | ¥8169000000 | 17.6% | 2 |
| Other | 5 years | +50.9% | ¥2357000000 | 4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 162,254 | 100.0% | S100YCGP |
| Cost of revenue | 126,800 | 78.1% | S100YCGP |
| Gross profit | 35,454 | 21.9% | S100YCGP |
| SG&A | 24,527 | 15.1% | S100YCGP |
| Operating income | 10,926 | 6.7% | S100YCGP |
| Ordinary income | 10,998 | 6.8% | S100YCGP |
| Pretax income | 11,595 | 7.1% | S100YCGP |
| Income tax | 3,943 | 2.4% | S100YCGP |
| Net income | 7,651 | 4.7% | S100YCGP |
| Net income attributable to owners | 7,652 | 4.7% | S100YCGP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 15 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 21.9% → Operating margin 6.7% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.7%; Core profit growth: +6.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.33×
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 | 154,920 | 162,254 | 7,334 | +4.7% |
| Gross profit | 34,024 | 35,454 | 1,430 | +4.2% |
| Operating income | 10,279 | 10,926 | 647 | +6.3% |
| Net income attributable to owners | 6,657 | 7,652 | 995 | +14.9% |
| Operating cash flow | 4,018 | 9,451 | 5,433 | +135.2% |
| Free cash flow | 1,888 | 4,575 | 2,687 | +142.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 98,715 | 6,877 | 7.0% | 4,426 | 1,823 | -2,497 | S100LJHU |
| FY ending Mar 2021 | 112,618 | 7,516 | 6.7% | 3,015 | 3,161 | 277 | S100O9N6 |
| FY ending Mar 2022 | 120,644 | 8,623 | 7.1% | 5,646 | 5,093 | 2,647 | S100QYSD |
| FY ending Mar 2023 | 127,822 | 8,861 | 6.9% | 5,923 | 2,716 | 947 | S100TMUS |
| FY ending Mar 2024 | 138,253 | 9,045 | 6.5% | 12,253 | 5,266 | 3,668 | S100VXBB |
| FY ending Mar 2025 | 154,920 | 10,279 | 6.6% | 6,657 | 4,018 | 1,888 | S100YCGP |
| FY ending Mar 2026 | 162,254 | 10,926 | 6.7% | 7,652 | 9,451 | 4,575 | S100YCGP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.5M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥3.7M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,451 | 1,454 | 2,031 | 2,067 | 2,067 |
| Average salary (parent company) | ¥7.1M | ¥7.4M | ¥6.9M | ¥7.3M | ¥7.9M |
| Average age (parent company) | 43.0 years | 42.8 years | 42.9 years | 42.7 years | 44.4 years |
| Average tenure (parent company) | 12.1 years | 12.6 years | 13.0 years | 13.3 years | 14.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +4.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive integrated service business | 63,885 | 39.4% | 6,769 | 10.6% |
| Chemical business | 11,384 | 7.0% | 1,061 | 9.3% |
| Parking business | 8,169 | 5.0% | 1,436 | 17.6% |
| Tools and Equipments business | 37,808 | 23.3% | 251 | 0.7% |
| Synthetic resins business | 19,014 | 11.7% | -170 | -0.9% |
| Agriculture related business | 19,634 | 12.1% | 1,453 | 7.4% |
| Other | 2,357 | 1.5% | 100 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automotive integrated service business | 39.4% | 61.1% | 21.8 | 10.6% |
| Chemical business | 7.0% | 9.6% | 2.6 | 9.3% |
| Parking business | 5.0% | 13.0% | 7.9 | 17.6% |
| Tools and Equipments business | 23.3% | 2.3% | -21.0 | 0.7% |
| Synthetic resins business | 11.7% | — | — | -0.9% |
| Agriculture related business | 12.1% | 13.1% | 1.0 | 7.4% |
| Other | 1.5% | 0.9% | -0.5 | 4.2% |

Loss-making segment (excluded from profit shares): Synthetic resins business -170 JPY mn

Segment → industry: Automotive integrated service business → Leasing / Chemical business → Chemicals / Parking business → Home & Lifestyle Services / Tools and Equipments business → Specialty Trading & Wholesale / Synthetic resins business → Chemicals / Agriculture related business → Livestock, Feed & Fertilizer / Agriculture related business → Agriculture & Seeds

## 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 | 9,451 | 5.8% | S100YCGP |
| Capital expenditure | 4,876 | 3.0% | S100YCGP |
| Free cash flow | 4,575 | 2.8% | 算出 |
| Investing cash flow | -4,449 | -2.7% | S100YCGP |
| Financing cash flow | -3,685 | -2.3% | S100YCGP |
| Change in cash | 1,472 | 0.9% | S100YCGP |
| Cash and equivalents | 10,635 | 6.6% | S100YCGP |

## 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 | 10,890 | 9,984 | 8,374 | 9,162 | 10,635 | S100TMUS, S100VXBB, S100YCGP |
| Total assets | 168,507 | 171,888 | 202,606 | 205,371 | 211,603 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Net assets | 43,673 | 48,375 | 61,007 | 65,395 | 72,145 | S100TMUS, S100VXBB, S100YCGP |
| Share capital | 2,529 | 2,529 | 2,529 | 2,529 | 2,529 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Trade receivables | 15,825 | 15,961 | 21,637 | 20,849 | — | S100QYSD, S100TMUS, S100VXBB |
| Property, plant and equipment | 85,930 | 84,618 | 94,240 | 96,129 | 100,491 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Intangible assets excluding goodwill | 1,392 | 1,432 | 1,335 | 1,110 | 858 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Goodwill | 947 | 700 | 453 | 217 | — | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Investment securities | 4,690 | 4,672 | 6,863 | 6,055 | 6,824 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Current assets | 71,806 | 76,567 | 94,997 | 96,914 | 97,826 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Current liabilities | 52,629 | 57,347 | 63,559 | 57,506 | 67,884 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Trade payables | 13,542 | 13,017 | 16,076 | 15,015 | 15,793 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Short-term borrowings | 4,350 | 4,300 | 4,400 | 4,400 | 4,500 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Long-term borrowings | 52,386 | 51,568 | 58,381 | 52,591 | 48,885 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Bonds | 16,490 | 11,230 | 16,000 | 25,800 | 18,600 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Interest-bearing debt | 73,226 | 67,098 | 78,781 | 82,791 | 71,985 | 算出 |
| Total liabilities | 124,834 | 123,513 | 141,598 | 139,975 | 139,458 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Non-controlling interests | — | — | 543 | 579 | 604 | S100VXBB, S100YCGP |
| Equity attributable to owners of parent | 42,166 | 47,045 | 57,975 | 62,311 | 68,332 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Retained earnings | 38,201 | 42,956 | 53,887 | 59,054 | 64,127 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |
| Treasury stock | -368 | -245 | -245 | -1,077 | -128 | S100QYSD, S100TMUS, S100VXBB, S100YCGP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YCGP |
| Property, plant and equipment | 48% | S100YCGP |
| Intangibles and goodwill | 0% | S100YCGP |
| Investment securities | 3% | S100YCGP |
| Other assets | 44% | S100YCGP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YCGP |
| Interest-bearing debt | 34% | 算出 |
| Other liabilities | 24% | S100YCGP |
| Equity | 34% | S100YCGP |

### 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 | 168,507 | 171,888 | 202,606 | 205,371 | 211,603 |
| Equity | 43,673 | 48,375 | 61,007 | 65,395 | 72,145 |
| Interest-bearing debt | 73,226 | 67,098 | 78,781 | 82,791 | 71,985 |
| Cash | 10,890 | 9,984 | 8,374 | 9,162 | 10,635 |

## 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) | 61.9% | S100YCGP |
| Fixed assets ÷ total assets | 47.5% | S100YCGP |
| Goodwill ÷ parent equity | — | —, S100YCGP |

### 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) | 5.0% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | -¥61.4B |
| Net debt ÷ operating cash flow | 6.49× |
| Cash conversion (operating CF ÷ operating income) | 86.5% |
| Cash vs. profit gap | 1,799 JPY mn (of net income 23.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 47.1% |

## 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 | 4.7% | 0.72× | 3.4% | 4.00× | 13.4% | S100QYSD |
| 2023 | 4.6% | 0.75× | 3.5% | 3.82× | 13.3% | S100TMUS |
| 2024 | 8.9% | 0.74× | 6.5% | 3.57× | 23.3% | S100VXBB |
| 2025 | 4.3% | 0.76× | 3.3% | 3.39× | 11.1% | S100YCGP |
| 2026 | 4.7% | 0.78× | 3.7% | 3.19× | 11.7% | S100YCGP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 第一燃料株式会社 | Major shareholder | 11.7% | 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 | 10.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 黒田 雅史 | Major shareholder | 3.0% | 2026-03-31 |
| 黒田 勝彦 | Major shareholder | 2.9% | 2026-03-31 |
| 黒田 和伸 | Major shareholder | 2.4% | 2026-03-31 |
| イチネン共栄会持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2025/04/01－2026/03/31) | S100YCGP | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCGP,, |
| 有価証券報告書－第63期(2024/04/01－2025/03/31) | S100VXBB | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXBB,, |
| 有価証券報告書－第62期(2023/04/01－2024/03/31) | S100TMUS | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMUS,, |
| 有価証券報告書－第61期(2022/04/01－2023/03/31) | S100QYSD | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYSD,, |
| 有価証券報告書－第60期(令和3年4月1日－令和4年3月31日) | S100O9N6 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9N6,, |
| 有価証券報告書－第59期(令和2年4月1日－令和3年3月31日) | S100LJHU | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJHU,, |

## 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).