# IINO KAIUN KAISHA, 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135期(2025/04/01－2026/03/31) (S100YGFN)
> Page: https://vizora.meequs.com/en/company/iino-kaiun-kaisha
> Retrieved: 2026-10-01T03:29:22.879Z

## Company

Iino Kaiun Kaisha, founded in 1918, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 688 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | IINO KAIUN KAISHA, LTD. |
| Ticker | 9119 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9119.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 大谷祐介 |
| Founded | Dec 1918 |
| Share capital | ¥13.1B |
| Employees (consolidated) | 688 |
| Average salary (parent only) | ¥12.8M |
| Fiscal year end | March |
| Website | www.iino.co.jp (https://www.iino.co.jp/) |
| Corporate number | 6010001008655 |
| EDINET | E04243 |
| Industries (Vizora) | Real Estate Development & Leasing, Shipping |

> Profile source: annual securities report (S100YGFN, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.8 | 12 |
| Profitability | 88.5 | 13 |
| Cash conversion | 50 | 13 |
| Efficiency | 34.6 | 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 80% of Iino Kaiun Kaisha's sales come from Oceangoing Shipping, with Real estate and Regional Shipping making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Oceangoing Shipping 80.5%、Real estate 11.1%、Regional Shipping 8.5%
- Revenue → net income: ¥127295000000 → ¥15361000000
- Net income → operating cash flow: ¥15361000000 → ¥29858000000（difference ¥14497000000）
- Main uses of operating cash flow: CapEx ¥64005000000 / dividends ¥6022000000 / buybacks ¥0
- Change in cash: ¥2457000000
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 | ¥127.3B |  |
| Operating income | ¥13.4B | Margin 10.6% |
| Net income | ¥15.4B | Margin 12.1% |
| Free cash flow | -¥34.1B |  |
| Largest business | Oceangoing Shipping | of segment revenue 80.5% |
| Employees (consolidated) | 688 |  |
| EPS | ¥120.57 |  |
| Book value per share | ¥1305.43 |  |
| Equity ratio | 45.6% |  |
| Shares outstanding | 108,900,000 |  |
| Treasury shares | 3,097,200 |  |
| Shareholders | 19,344 |  |
| Average salary (parent only) | ¥12.8M | Filing company only |
| Cash ratio | 4.1% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +3.6 pp | Shipping |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, parent-company salary changed +36% over five years
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥88916000000 | ¥127295000000 | +43.2% |
| Operating income | ¥6831000000 | ¥13439000000 | +96.7% |
| Operating margin | 7.7% | 10.6% | +2.9 pp |
| Employees | 659 people | 688 people | +4.4% |
| Cash and equivalents | ¥13301000000 | ¥14050000000 | +5.6% |

### 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 |
| --- | ---: |
| 外航海運業 → 事業再編・廃止 | 78.3% |
| 内航・近海海運業 → 事業再編・廃止 | 9.3% |
| 不動産業 → 事業再編・廃止 | 12.4% |
| 新設・再編 → 外航海運業 | 80.5% |
| 新設・再編 → 内航・近海海運業 | 8.5% |
| 新設・再編 → 不動産業 | 11.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Oceangoing Shipping | — | — | ¥102459000000 | 8.6% | 2 |
| Real estate | — | — | ¥14072000000 | 30.9% | 2 |
| Regional Shipping | — | — | ¥10764000000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 127,295 | 100.0% | S100YGFN |
| Cost of revenue | 103,463 | 81.3% | S100YGFN |
| Gross profit | 23,832 | 18.7% | S100YGFN |
| SG&A | 10,393 | 8.2% | S100YGFN |
| Operating income | 13,439 | 10.6% | S100YGFN |
| Ordinary income | 16,885 | 13.3% | S100YGFN |
| Pretax income | 18,010 | 14.1% | S100YGFN |
| Income tax | 2,649 | 2.1% | S100YGFN |
| Net income | 15,361 | 12.1% | S100YGFN |
| Net income attributable to owners | 15,391 | 12.1% | S100YGFN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 8 |
| Operating income | 11 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 18.7% → Operating margin 10.6% → Net margin 12.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.3%; Core profit growth: -21.4%
Operating leverage (core profit growth ÷ revenue growth): 2.08×
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 | 141,866 | 127,295 | -14,571 | -10.3% |
| Gross profit | 28,525 | 23,832 | -4,693 | -16.5% |
| Operating income | 17,100 | 13,439 | -3,661 | -21.4% |
| Net income attributable to owners | 18,367 | 15,391 | -2,976 | -16.2% |
| Operating cash flow | 30,729 | 29,858 | -871 | -2.8% |
| Free cash flow | -3,827 | -34,147 | -30,320 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 89,179 | 3,976 | 4.5% | 3,788 | 13,079 | -4,632 | S100LP06 |
| FY ending Mar 2021 | 88,916 | 6,831 | 7.7% | 7,655 | 19,282 | -11,588 | S100OJB8 |
| FY ending Mar 2022 | 104,100 | 7,524 | 7.2% | 12,526 | 15,782 | 3,284 | S100QZ5I |
| FY ending Mar 2023 | 141,324 | 20,017 | 14.2% | 23,378 | 35,268 | 13,595 | S100TR7U |
| FY ending Mar 2024 | 137,950 | 19,063 | 13.8% | 19,745 | 29,448 | 17,428 | S100W0HT |
| FY ending Mar 2025 | 141,866 | 17,100 | 12.1% | 18,367 | 30,729 | -3,827 | S100YGFN |
| FY ending Mar 2026 | 127,295 | 13,439 | 10.6% | 15,391 | 29,858 | -34,147 | S100YGFN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥185M |
| Operating income per employee (consolidated) | ¥19.5M |
| Net income per employee (consolidated) | ¥22.4M |

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) | 644 | 669 | 680 | 698 | 688 |
| Average salary (parent company) | ¥9.4M | ¥11.4M | ¥14.1M | ¥12.9M | ¥12.8M |
| Average age (parent company) | 37.7 years | 37.9 years | 37.9 years | 38.3 years | 38.6 years |
| Average tenure (parent company) | 13.3 years | 13.0 years | 12.8 years | 13.0 years | 13.2 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) -10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Oceangoing Shipping | 102,459 | 80.5% | 8,786 | 8.6% |
| Regional Shipping | 10,764 | 8.5% | 303 | 2.8% |
| Real estate | 14,072 | 11.1% | 4,350 | 30.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Oceangoing Shipping | 80.5% | 65.4% | -15.1 | 8.6% |
| Regional Shipping | 8.5% | 2.3% | -6.2 | 2.8% |
| Real estate | 11.1% | 32.4% | 21.3 | 30.9% |

Segment → industry: Real estate → Real Estate Development & Leasing / Regional Shipping → Shipping / Oceangoing Shipping → Shipping

## 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 | 29,858 | 23.5% | S100YGFN |
| Capital expenditure | 64,005 | 50.3% | S100YGFN |
| Free cash flow | -34,147 | -26.8% | 算出 |
| Investing cash flow | -42,116 | -33.1% | S100YGFN |
| Financing cash flow | 14,310 | 11.2% | S100YGFN |
| Dividends paid | 6,022 | 4.7% | S100YGFN |
| Share buyback | 0 | 0.0% | S100YGFN |
| Change in cash | 2,457 | 1.9% | S100YGFN |
| Cash and equivalents | 14,050 | 11.0% | S100YGFN |

## 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 | 11,654 | 15,521 | 19,853 | 11,593 | 14,050 | S100TR7U, S100W0HT, S100YGFN |
| Total assets | 247,130 | 265,453 | 293,228 | 306,431 | 346,684 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Net assets | 91,333 | 110,587 | 132,126 | 145,645 | 158,290 | S100TR7U, S100W0HT, S100YGFN |
| Share capital | 13,092 | 13,092 | 13,092 | 13,092 | 13,092 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Property, plant and equipment | 191,626 | 201,124 | 205,463 | 225,055 | 255,521 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Intangible assets excluding goodwill | 634 | 274 | 3,226 | 3,663 | 3,900 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Investment securities | 18,675 | 20,300 | 26,019 | 25,660 | 34,356 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Current assets | 33,550 | 40,104 | 46,757 | 41,139 | 41,261 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Current liabilities | 38,232 | 52,780 | 55,707 | 67,341 | 48,788 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Short-term borrowings | 23,322 | 29,190 | 33,484 | 48,578 | 25,516 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Long-term borrowings | 92,606 | 80,494 | 85,280 | 72,076 | 116,204 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Bonds | 5,000 | — | — | — | — | S100QZ5I |
| Interest-bearing debt | 120,928 | — | — | — | — | 算出 |
| Total liabilities | 155,797 | 154,866 | 161,102 | 160,787 | 188,394 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Non-controlling interests | 23 | 27 | 57 | 140 | 66 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Equity attributable to owners of parent | 85,845 | 102,913 | 115,991 | 128,432 | 137,792 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Retained earnings | 68,386 | 85,455 | 98,533 | 110,975 | 120,336 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |
| Treasury stock | -1,907 | -1,908 | -1,909 | -1,910 | -1,910 | S100QZ5I, S100TR7U, S100W0HT, S100YGFN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YGFN |
| Property, plant and equipment | 74% | S100YGFN |
| Intangibles and goodwill | 1% | S100YGFN |
| Investment securities | 10% | S100YGFN |
| Other assets | 11% | S100YGFN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YGFN |
| Equity | 46% | S100YGFN |

### 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 | 247,130 | 265,453 | 293,228 | 306,431 | 346,684 |
| Equity | 91,333 | 110,587 | 132,126 | 145,645 | 158,290 |
| Interest-bearing debt | 120,928 | — | — | — | — |
| Cash | 11,654 | 15,521 | 19,853 | 11,593 | 14,050 |

## 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) | 200.7% | S100YGFN |
| Fixed assets ÷ total assets | 73.7% | S100YGFN |
| Goodwill ÷ parent equity | — | —, S100YGFN |

### 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) | 4.1% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 222.2% |
| Cash vs. profit gap | 14,467 JPY mn (of net income 94.0%) |
| Shareholder returns / net income | 39.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 39.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 50.3% |
| Investing CF relative to operating CF | 141.1% |

## 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 | 12.0% | 0.42× | 5.1% | 2.88× | 14.6% | S100QZ5I |
| 2023 | 16.5% | 0.55× | 9.1% | 2.72× | 24.8% | S100TR7U |
| 2024 | 14.3% | 0.49× | 7.1% | 2.55× | 18.0% | S100W0HT |
| 2025 | 12.9% | 0.47× | 6.1% | 2.45× | 15.0% | S100YGFN |
| 2026 | 12.1% | 0.39× | 4.7% | 2.45× | 11.6% | S100YGFN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.8% | 2026-03-31 |
| 飯野海運取引先持株会 | Major shareholder | 6.0% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505018(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社竹中工務店 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.9% | 2026-03-31 |
| 三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.9% | 2026-03-31 |
| 美須賀海運株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第135期(2025/04/01－2026/03/31) | S100YGFN | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGFN,, |
| 有価証券報告書－第134期(2024/04/01－2025/03/31) | S100W0HT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0HT,, |
| 有価証券報告書－第133期(2023/04/01－2024/03/31) | S100TR7U | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR7U,, |
| 有価証券報告書－第132期(2022/04/01－2023/03/31) | S100QZ5I | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ5I,, |
| 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) | S100OJB8 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJB8,, |
| 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) | S100LP06 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP06,, |

## 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).