# International Conglomerate of Distribution for Automobile 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17期(2025/04/01－2026/03/31) (S100YCVD)
> Page: https://vizora.meequs.com/en/company/international-conglomerate-of-distribution-for-automobile-holdings
> Retrieved: 2026-09-30T22:46:04.223Z

## Company

International Conglomerate of Distribution for Automobile Holdings, founded in 2024, is a company in Waste Management & Recycling listed on TSE Standard. It has 392 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | International Conglomerate of Distribution for Automobile Holdings Co., Ltd. |
| Ticker | 3184 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3184.T) |
| Listing | TSE Standard |
| Head office | 三重県鈴鹿市飯野寺家町234番地の1 |
| Representative (per filing) | 代表取締役社長 向井 弘光 |
| Founded | Apr 2024 |
| Share capital | ¥1.16B |
| Employees (consolidated) | 392 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.icda.jp (https://www.icda.jp/) |
| Corporate number | 2190001006257 |
| EDINET | E27572 |
| Industries (Vizora) | Waste Management & Recycling, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YCVD, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.2 | 18 |
| Profitability | 79.5 | 22 |
| Cash conversion | 67.5 | 20 |
| Efficiency | 56.8 | 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 96% of International Conglomerate of Distribution for Automobile Holdings's sales come from Automobile selling related, with Automobile recycle making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +7.7%.

## Company structure

- Segment revenue mix: Automobile selling related 96.3%、Automobile recycle 3.7%
- Revenue → net income: ¥38938679000 → ¥1298554000
- Net income → operating cash flow: ¥1298554000 → ¥2253473000（difference ¥954919000）
- Main uses of operating cash flow: CapEx ¥3557431000 / dividends ¥147036000 / buybacks —
- Change in cash: ¥-432961000
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 | ¥38.9B |  |
| Operating income | ¥1.95B | Margin 5.0% |
| Net income | ¥1.27B | Margin 3.3% |
| Free cash flow | -¥1.3B |  |
| Largest business | Automobile selling related | of segment revenue 96.3% |
| Employees (consolidated) | 392 |  |
| EPS | ¥92.26 |  |
| Book value per share | ¥1519.62 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 2,100,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 535 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 2.9% | Cash ÷ revenue 1.7% |
| Vs. industry median margin | +1.8 pp | Car Dealers & Used Cars |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, cash is 3% of total assets
- FY2026, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26717330000 | ¥38938679000 | +45.7% |
| Operating income | ¥1460373000 | ¥1951461000 | +33.6% |
| Operating margin | 5.5% | 5.0% | -0.5 pp |
| Employees | 391 people | 392 people | +0.3% |
| Cash and equivalents | ¥882047000 | ¥648808000 | -26.4% |

### 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 |
| --- | ---: |
| 自動車販売関連事業 → 自動車販売関連事業 | 96.3% |
| 自動車販売関連事業 → 事業再編・廃止 | 0.2% |
| 自動車リサイクル事業 → 自動車リサイクル事業 | 3.4% |
| 新設・再編 → 自動車リサイクル事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,939 | 100.0% | S100YCVD |
| Cost of revenue | 31,937 | 82.0% | S100YCVD |
| Gross profit | 7,001 | 18.0% | S100YCVD |
| SG&A | 5,050 | 13.0% | S100YCVD |
| Operating income | 1,951 | 5.0% | S100YCVD |
| Ordinary income | 1,990 | 5.1% | S100YCVD |
| Pretax income | 1,990 | 5.1% | S100YCVD |
| Income tax | 692 | 1.8% | S100YCVD |
| Net income | 1,299 | 3.3% | S100YCVD |
| Net income attributable to owners | 1,268 | 3.3% | S100YCVD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.0% → Operating margin 5.0% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +7.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.86×
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 | 38,181 | 38,939 | 757 | +2.0% |
| Gross profit | 6,958 | 7,001 | 43 | +0.6% |
| Operating income | 1,813 | 1,951 | 139 | +7.7% |
| Net income attributable to owners | 1,274 | 1,268 | -7 | -0.5% |
| Operating cash flow | 5,658 | 2,253 | -3,405 | -60.2% |
| Free cash flow | 2,210 | -1,304 | -3,514 | -159.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,066 | 1,117 | 4.1% | 679 | 1,903 | 572 | S100LKT5 |
| FY ending Mar 2021 | 26,717 | 1,460 | 5.5% | 788 | 2,512 | 1,254 | S100OA74 |
| FY ending Mar 2022 | 28,453 | 1,542 | 5.4% | 976 | 1,784 | 323 | S100R1O4 |
| FY ending Mar 2023 | 30,496 | 1,373 | 4.5% | 884 | 3,195 | 876 | S100TQKT |
| FY ending Mar 2024 | 33,102 | 1,798 | 5.4% | 931 | 1,136 | -1,590 | S100VXHU |
| FY ending Mar 2025 | 38,181 | 1,813 | 4.7% | 1,274 | 5,658 | 2,210 | S100YCVD |
| FY ending Mar 2026 | 38,939 | 1,951 | 5.0% | 1,268 | 2,253 | -1,304 | S100YCVD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥99.3M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 389 | 385 | 395 | 394 | 392 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 42.0 years | 43.1 years | 43.2 years | 41.8 years | 40.6 years |
| Average tenure (parent company) | 15.0 years | 16.2 years | 15.9 years | 15.2 years | 14.6 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile selling related | 37,514 | 96.3% | 2,017 | 5.4% |
| Automobile recycle | 1,425 | 3.7% | 170 | 11.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile selling related | 96.3% | 92.2% | -4.1 | 5.4% |
| Automobile recycle | 3.7% | 7.8% | 4.1 | 11.9% |

Segment → industry: Automobile recycle → Waste Management & Recycling / Automobile selling related → Car Dealers & Used Cars

## 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 | 2,253 | 5.8% | S100YCVD |
| Capital expenditure | 3,557 | 9.1% | S100YCVD |
| Free cash flow | -1,304 | -3.3% | 算出 |
| Investing cash flow | -3,577 | -9.2% | S100YCVD |
| Financing cash flow | 891 | 2.3% | S100YCVD |
| Dividends paid | 147 | 0.4% | S100YCVD |
| Change in cash | -433 | -1.1% | S100YCVD |
| Cash and equivalents | 649 | 1.7% | S100YCVD |

## 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 | 676 | 679 | 761 | 1,082 | 649 | S100TQKT, S100VXHU, S100YCVD |
| Total assets | 15,254 | 15,619 | 19,829 | 19,335 | 22,244 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Net assets | 7,709 | 8,568 | 9,524 | 10,758 | 12,087 | S100TQKT, S100VXHU, S100YCVD |
| Share capital | 1,161 | 1,161 | 1,161 | 1,161 | 1,161 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Trade receivables | 421 | 498 | 745 | 896 | 636 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Property, plant and equipment | 9,219 | 9,558 | 10,486 | 10,550 | 11,576 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Intangible assets excluding goodwill | 44 | 38 | 35 | 32 | 35 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Investment securities | 264 | 298 | 470 | 461 | 718 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Current assets | 4,917 | 4,946 | 8,009 | 7,475 | 9,156 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Current liabilities | 6,206 | 5,931 | 9,149 | 6,675 | 7,637 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Short-term borrowings | 1,900 | 1,300 | 3,310 | 500 | 800 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Long-term borrowings | 195 | — | — | 786 | 1,404 | S100R1O4, S100YCVD |
| Total liabilities | 7,544 | 7,050 | 10,306 | 8,577 | 10,157 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Non-controlling interests | 257 | 288 | 316 | 342 | 367 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Equity attributable to owners of parent | 7,414 | 8,192 | 9,018 | 10,188 | 11,308 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Retained earnings | 5,104 | 5,882 | 6,708 | 7,878 | 8,999 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |
| Treasury stock | -0 | -0 | -0 | -0 | -1 | S100R1O4, S100TQKT, S100VXHU, S100YCVD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YCVD |
| Receivables | 3% | S100YCVD |
| Property, plant and equipment | 52% | S100YCVD |
| Intangibles and goodwill | 0% | S100YCVD |
| Investment securities | 3% | S100YCVD |
| Other assets | 39% | S100YCVD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YCVD |
| Equity | 54% | S100YCVD |

### 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 | 15,254 | 15,619 | 19,829 | 19,335 | 22,244 |
| Equity | 7,709 | 8,568 | 9,524 | 10,758 | 12,087 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 676 | 679 | 761 | 1,082 | 649 |

## 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) | 29.7% | S100YCVD |
| Fixed assets ÷ total assets | 52.0% | S100YCVD |
| Goodwill ÷ parent equity | — | —, S100YCVD |

### 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) | 2.9% |
| Cash ÷ revenue | 1.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 115.5% |
| Cash vs. profit gap | 986 JPY mn (of net income 77.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.1% |
| Investing CF relative to operating CF | 158.8% |

## 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 | 3.4% | 1.87× | 6.4% | 2.06× | 13.2% | S100R1O4 |
| 2023 | 2.9% | 1.98× | 5.7% | 1.98× | 11.3% | S100TQKT |
| 2024 | 2.8% | 1.87× | 5.3% | 2.06× | 10.8% | S100VXHU |
| 2025 | 3.3% | 1.95× | 6.5% | 2.04× | 13.3% | S100YCVD |
| 2026 | 3.3% | 1.87× | 6.1% | 1.93× | 11.8% | S100YCVD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エム・エフ | Major shareholder | 25.2% | 2026-03-31 |
| 向井 俊樹 | Major shareholder | 13.4% | 2026-03-31 |
| 向井 弘光 | Major shareholder | 13.0% | 2026-03-31 |
| ICDAグループ社員持株会 | Major shareholder | 6.8% | 2026-03-31 |
| 向井 なよ子 | Major shareholder | 4.0% | 2026-03-31 |
| 三菱ＵＦＪｅスマート証券株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 向井 崇 | Major shareholder | 1.9% | 2026-03-31 |
| 奥村 学 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第17期(2025/04/01－2026/03/31) | S100YCVD | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCVD,, |
| 有価証券報告書－第16期(2024/04/01－2025/03/31) | S100VXHU | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXHU,, |
| 有価証券報告書－第15期(2023/04/01－2024/03/31) | S100TQKT | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQKT,, |
| 有価証券報告書－第14期(2022/04/01－2023/03/31) | S100R1O4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1O4,, |
| 有価証券報告書－第13期(令和3年4月1日－令和4年3月31日) | S100OA74 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA74,, |
| 有価証券報告書－第12期(令和2年4月1日－令和3年3月31日) | S100LKT5 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKT5,, |

## 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).