# Inui Global Logistics 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106期(2025/04/01－2026/03/31) (S100YD46)
> Page: https://vizora.meequs.com/en/company/inui-global-logistics
> Retrieved: 2026-09-30T18:31:22.404Z

## Company

Inui Global Logistics, founded in 1925, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 188 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Inui Global Logistics Co.,Ltd. |
| Ticker | 9308 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9308.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区勝どき一丁目13番6号 |
| Representative (per filing) | 代表取締役社長 乾 康之 |
| Founded | Oct 1925 |
| Share capital | ¥2.77B |
| Employees (consolidated) | 188 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.inui.co.jp (https://www.inui.co.jp/) |
| Corporate number | 7010001086980 |
| EDINET | E04288 |
| Industries (Vizora) | Real Estate Development & Leasing, Shipping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YD46, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 12 |
| Profitability | 42.3 | 13 |
| Cash conversion | 42.3 | 13 |
| Efficiency | 50 | 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 77% of Inui Global Logistics's sales come from Overseas shipping enterprise, with Warehousing and Transportation Enterprise and Real Estate Enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.9% from the prior year, operating profit -41.0%.

## Company structure

- Segment revenue mix: Overseas shipping enterprise 76.5%、Warehousing and Transportation Enterprise 11.8%、Real Estate Enterprise 11.7%
- Revenue → net income: ¥33636000000 → ¥833000000
- Net income → operating cash flow: ¥833000000 → ¥4445000000（difference ¥3612000000）
- Main uses of operating cash flow: CapEx ¥3967000000 / dividends ¥1854000000 / buybacks ¥0
- Change in cash: ¥82000000
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 | ¥33.6B |  |
| Operating income | ¥2.16B | Margin 6.4% |
| Net income | ¥833M | Margin 2.5% |
| Free cash flow | ¥478M |  |
| Largest business | Overseas shipping enterprise | of segment revenue 76.5% |
| Employees (consolidated) | 188 |  |
| EPS | ¥24.08 |  |
| Book value per share | ¥1514.34 |  |
| Equity ratio | 47.5% |  |
| Shares outstanding | 26,072,960 |  |
| Treasury shares | 891,400 |  |
| Shareholders | 13,341 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 55.7% |
| Vs. industry median margin | -0.5 pp | Shipping |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.3× net income
- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by -53 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18879000000 | ¥33636000000 | +78.2% |
| Operating income | ¥-1233000000 | ¥2158000000 | — |
| Operating margin | -6.5% | 6.4% | +12.9 pp |
| Employees | 172 people | 188 people | +9.3% |
| Cash and equivalents | ¥7137000000 | ¥18735000000 | +162.5% |

### 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 |
| --- | ---: |
| 外航海運事業 → 外航海運事業 | 54.9% |
| 倉庫・運送事業 → 倉庫・運送事業 | 11.8% |
| 倉庫・運送事業 → 事業再編・廃止 | 8.9% |
| 不動産事業 → 不動産事業 | 11.7% |
| 不動産事業 → 事業再編・廃止 | 12.7% |
| 新設・再編 → 外航海運事業 | 21.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas shipping enterprise | 5 years | +19.9% | ¥25747000000 | 2.9% | 2 |
| Warehousing and Transportation Enterprise | 5 years | +0.3% | ¥3955000000 | 9.9% | 2 |
| Real Estate Enterprise | 5 years | -3.1% | ¥3933000000 | 50.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,636 | 100.0% | S100YD46 |
| Cost of revenue | 29,898 | 88.9% | S100YD46 |
| Gross profit | 3,738 | 11.1% | S100YD46 |
| SG&A | 1,579 | 4.7% | S100YD46 |
| Operating income | 2,158 | 6.4% | S100YD46 |
| Ordinary income | 1,956 | 5.8% | S100YD46 |
| Pretax income | 1,502 | 4.5% | S100YD46 |
| Income tax | 669 | 2.0% | S100YD46 |
| Net income | 833 | 2.5% | S100YD46 |
| Net income attributable to owners | 833 | 2.5% | S100YD46 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 5 |
| Operating income | 6 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.1% → Operating margin 6.4% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.9%; Core profit growth: -41.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.98×
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 | 31,770 | 33,636 | 1,866 | +5.9% |
| Gross profit | 5,133 | 3,738 | -1,395 | -27.2% |
| Operating income | 3,656 | 2,158 | -1,498 | -41.0% |
| Net income attributable to owners | 5,021 | 833 | -4,188 | -83.4% |
| Operating cash flow | 7,997 | 4,445 | -3,552 | -44.4% |
| Free cash flow | -785 | 478 | 1,263 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,787 | -884 | -4.1% | 80 | 1,801 | -4,997 | S100LQYA |
| FY ending Mar 2021 | 18,879 | -1,233 | -6.5% | -1,186 | 2,431 | -2,219 | S100OANQ |
| FY ending Mar 2022 | 37,597 | 13,366 | 35.6% | 11,848 | 16,766 | 15,000 | S100R0X9 |
| FY ending Mar 2023 | 44,267 | 13,067 | 29.5% | 9,857 | 12,315 | 5,287 | S100TPG5 |
| FY ending Mar 2024 | 29,494 | 1,678 | 5.7% | 1,194 | 516 | -2,817 | S100VYWI |
| FY ending Mar 2025 | 31,770 | 3,656 | 11.5% | 5,021 | 7,997 | -785 | S100YD46 |
| FY ending Mar 2026 | 33,636 | 2,158 | 6.4% | 833 | 4,445 | 478 | S100YD46 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥178.9M |
| Operating income per employee (consolidated) | ¥11.5M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 174 | 174 | 176 | 181 | 188 |
| Average salary (parent company) | ¥9.3M | ¥9.2M | ¥9.2M | ¥9M | ¥8.9M |
| Average age (parent company) | 43.0 years | 44.0 years | 45.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 13.0 years | 14.0 years | 15.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +5.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Overseas shipping enterprise | 25,747 | 76.5% | 747 | 2.9% |
| Warehousing and Transportation Enterprise | 3,955 | 11.8% | 393 | 9.9% |
| Real Estate Enterprise | 3,933 | 11.7% | 1,986 | 50.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Overseas shipping enterprise | 76.5% | 23.9% | -52.7 | 2.9% |
| Warehousing and Transportation Enterprise | 11.8% | 12.6% | 0.8 | 9.9% |
| Real Estate Enterprise | 11.7% | 63.5% | 51.8 | 50.5% |

Segment → industry: Real Estate Enterprise → Real Estate Development & Leasing / Overseas shipping enterprise → Shipping / Warehousing and Transportation Enterprise → Warehouses & Logistics Facilities

## 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 | 4,445 | 13.2% | S100YD46 |
| Capital expenditure | 3,967 | 11.8% | S100YD46 |
| Free cash flow | 478 | 1.4% | 算出 |
| Investing cash flow | -4,446 | -13.2% | S100YD46 |
| Financing cash flow | -584 | -1.7% | S100YD46 |
| Dividends paid | 1,854 | 5.5% | S100YD46 |
| Share buyback | 0 | 0.0% | S100YD46 |
| Change in cash | 82 | 0.2% | S100YD46 |
| Cash and equivalents | 18,735 | 55.7% | S100YD46 |

## 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 | 20,235 | 20,576 | 13,980 | 18,652 | 18,735 | S100TPG5, S100VYWI, S100YD46 |
| Total assets | 66,137 | 69,573 | 66,505 | 74,903 | 78,698 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Net assets | 29,882 | 34,060 | 31,618 | 36,875 | 37,415 | S100TPG5, S100VYWI, S100YD46 |
| Share capital | 2,767 | 2,767 | 2,767 | 2,767 | 2,767 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Property, plant and equipment | 35,629 | 39,418 | 39,626 | 43,317 | 42,805 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Intangible assets excluding goodwill | 179 | 170 | 130 | 87 | 74 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Investment securities | 3,602 | 3,156 | 4,324 | 5,192 | 6,981 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Current assets | 25,585 | 26,204 | 20,625 | 24,511 | 27,018 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Current liabilities | 13,483 | 10,719 | 13,254 | 12,328 | 14,544 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Short-term borrowings | 2,710 | 2,710 | 2,710 | 2,710 | 2,710 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Long-term borrowings | 20,076 | 21,717 | 18,281 | 21,724 | 22,072 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Total liabilities | 36,254 | 35,512 | 34,887 | 38,028 | 41,283 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Equity attributable to owners of parent | 29,209 | 33,521 | 30,246 | 34,873 | 33,931 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Retained earnings | 15,849 | 20,102 | 16,763 | 21,351 | 20,349 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |
| Treasury stock | -1,032 | -1,000 | -953 | -919 | -872 | S100R0X9, S100TPG5, S100VYWI, S100YD46 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YD46 |
| Property, plant and equipment | 54% | S100YD46 |
| Intangibles and goodwill | 0% | S100YD46 |
| Investment securities | 9% | S100YD46 |
| Other assets | 13% | S100YD46 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YD46 |
| Equity | 48% | S100YD46 |

### 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 | 66,137 | 69,573 | 66,505 | 74,903 | 78,698 |
| Equity | 29,882 | 34,060 | 31,618 | 36,875 | 37,415 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,235 | 20,576 | 13,980 | 18,652 | 18,735 |

## 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) | 127.3% | S100YD46 |
| Fixed assets ÷ total assets | 54.4% | S100YD46 |
| Goodwill ÷ parent equity | — | —, S100YD46 |

### 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) | 23.8% |
| Cash ÷ revenue | 55.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 206.0% |
| Cash vs. profit gap | 3,612 JPY mn (of net income 433.6%) |
| Shareholder returns / net income | 222.6% |
| Shareholder returns / FCF | 387.9% |
| Shareholder payments — dividends / net income | 222.6% |
| Shareholder payments — dividends / FCF | 387.9% |
| CapEx intensity (capex ÷ revenue) | 11.8% |
| Investing CF relative to operating CF | 100.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 31.5% | 0.57× | 17.9% | 2.26× | 40.6% | S100R0X9 |
| 2023 | 22.3% | 0.65× | 14.5% | 2.16× | 31.4% | S100TPG5 |
| 2024 | 4.0% | 0.43× | 1.8% | 2.13× | 3.7% | S100VYWI |
| 2025 | 15.8% | 0.45× | 7.1% | 2.17× | 15.4% | S100YD46 |
| 2026 | 2.5% | 0.44× | 1.1% | 2.23× | 2.4% | S100YD46 |

## 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 | 7.6% | 2026-03-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人：株式会社三菱ＵＦＪ銀行） | Major shareholder | 7.5% | 2026-03-31 |
| 松岡冷蔵株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.4% | 2026-03-31 |
| LIM JAPAN EVENT MASTER FUND （常任代理人：立花証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| LIM JAPAN EVENT MASTER FUND （常任代理人：株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人：インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| みずほ信託銀行株式会社 (常任代理人：株式会社日本カストディ銀行) | Major shareholder | 2.0% | 2026-03-31 |
| 尾道造船株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YD46 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD46,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100VYWI | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYWI,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TPG5 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPG5,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R0X9 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0X9,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OANQ | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OANQ,, |
| 有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LQYA | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQYA,, |

## 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).