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Iino Kaiun KaishaIINO KAIUN KAISHA, LTD.9119東証プライム海運業FY ending Mar 2026, consolidated, J-GAAP

Iino Kaiun Kaisha revenue and profit

Out of every ¥100 of sales, about ¥11 is left as operating profit. Revenue changed -10.3% from the prior year, operating profit -21.4%.

Five-year trend

Revenue¥127.3B
FY ending Mar 2022: ¥104.1B¥104.1BFY ending Mar 2023: ¥141.3B¥141.3BFY ending Mar 2024: ¥137.9B¥137.9BFY ending Mar 2025: ¥141.9B¥141.9BFY ending Mar 2026: ¥127.3B¥127.3BFY22FY23FY24FY25FY26
Operating income¥13.4B
FY ending Mar 2022: ¥7.52B¥7.52BFY ending Mar 2023: ¥20B¥20BFY ending Mar 2024: ¥19.1B¥19.1BFY ending Mar 2025: ¥17.1B¥17.1BFY ending Mar 2026: ¥13.4B¥13.4BFY22FY23FY24FY25FY26
Operating margin10.6%
FY ending Mar 2022: 7.2%7.2%FY ending Mar 2023: 14.2%14.2%FY ending Mar 2024: 13.8%13.8%FY ending Mar 2025: 12.1%12.1%FY ending Mar 2026: 10.6%10.6%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin12.1%
Asset turnover0.39×
ROA4.7%
ROA4.7%
Financial leverage2.45×
ROE11.6%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin12.1%
2022: 12.0%12.0%2023: 16.5%16.5%2024: 14.3%14.3%2025: 12.9%12.9%2026: 12.1%12.1%2223242526
Asset turnover0.39×
2022: 0.42×0.42×2023: 0.55×0.55×2024: 0.49×0.49×2025: 0.47×0.47×2026: 0.39×0.39×2223242526
ROA4.7%
2022: 5.1%5.1%2023: 9.1%9.1%2024: 7.1%7.1%2025: 6.1%6.1%2026: 4.7%4.7%2223242526
Financial leverage2.45×
2022: 2.88×2.88×2023: 2.72×2.72×2024: 2.55×2.55×2025: 2.45×2.45×2026: 2.45×2.45×2223242526
ROE11.6%
2022: 14.6%14.6%2023: 24.8%24.8%2024: 18.0%18.0%2025: 15.0%15.0%2026: 11.6%11.6%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202212.0%0.42×5.1%2.88×14.6%
202316.5%0.55×9.1%2.72×24.8%
202414.3%0.49×7.1%2.55×18.0%
202512.9%0.47×6.1%2.45×15.0%
202612.1%0.39×4.7%2.45×11.6%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue200.7%
2021: 218.5%218.5%2022: 184.1%184.1%2023: 142.3%142.3%2024: 148.9%148.9%2025: 158.6%158.6%2026: 200.7%200.7%212223242526
PPE ÷ total assets73.7%
2021: 79.1%79.1%2022: 77.5%77.5%2023: 75.8%75.8%2024: 70.1%70.1%2025: 73.4%73.4%2026: 73.7%73.7%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 31d31d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue104,100141,324137,950141,866127,295
Cost of revenue89,155112,415108,667113,341103,463
Gross profit14,94528,90929,28328,52523,832
SG&A7,4218,89210,22011,42510,393
Operating income7,52420,01719,06317,10013,439
Pretax income12,99124,37421,12620,00318,010
Income tax4891,0081,2841,6272,649
Net income attributable to owners12,52623,37819,74518,36715,391
Operating margin7.2%14.2%13.8%12.1%10.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

4%
Property, plant and equipment 74%
1%
Investment securities 10%
Other assets 11%

Funding

Other liabilities 54%
Equity 46%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥11.7B¥15.5B¥19.9B¥11.6B¥14.1B
Total assets¥247.1B¥265.5B¥293.2B¥306.4B¥346.7B
Net assets¥91.3B¥110.6B¥132.1B¥145.6B¥158.3B
Share capital¥13.1B¥13.1B¥13.1B¥13.1B¥13.1B
Property, plant and equipment¥191.6B¥201.1B¥205.5B¥225.1B¥255.5B
Intangible assets excluding goodwill¥634M¥274M¥3.23B¥3.66B¥3.9B
Investment securities¥18.7B¥20.3B¥26B¥25.7B¥34.4B
Current assets¥33.5B¥40.1B¥46.8B¥41.1B¥41.3B
Current liabilities¥38.2B¥52.8B¥55.7B¥67.3B¥48.8B
Short-term borrowings¥23.3B¥29.2B¥33.5B¥48.6B¥25.5B
Long-term borrowings¥92.6B¥80.5B¥85.3B¥72.1B¥116.2B
Bonds¥5B————
Interest-bearing debt¥120.9Bderived————
Total liabilities¥155.8B¥154.9B¥161.1B¥160.8B¥188.4B
Non-controlling interests¥23M¥27M¥57M¥140M¥66M
Equity attributable to owners of parent¥85.8B¥102.9B¥116B¥128.4B¥137.8B
Retained earnings¥68.4B¥85.5B¥98.5B¥111B¥120.3B
Treasury stock-¥1.91B-¥1.91B-¥1.91B-¥1.91B-¥1.91B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第135期(2025/04/01－2026/03/31)

    ID S100YGFN2026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第134期(2024/04/01－2025/03/31)

    ID S100W0HT2025-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第133期(2023/04/01－2024/03/31)

    ID S100TR7U2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第132期(2022/04/01－2023/03/31)

    ID S100QZ5I2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第131期(令和3年4月1日－令和4年3月31日)

    ID S100OJB82022-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第130期(令和2年4月1日－令和3年3月31日)

    ID S100LP062021-06-25Open

Extracted from XBRL: 51 / Derived from other figures: 1

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