# ISEWAN TERMINAL SERVICE 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103期(2025/04/01－2026/03/31) (S100YE7Y)
> Page: https://vizora.meequs.com/en/company/isewan-terminal-service
> Retrieved: 2026-09-30T21:08:23.317Z

## Company

Isewan Terminal Service, founded in 1949, is a company in Trucking & Parcel Delivery listed on Nagoya. It has 1,245 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISEWAN TERMINAL SERVICE CO.,LTD. |
| Ticker | 9359 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9359.T) |
| Listing | Nagoya |
| Head office | 名古屋市港区入船一丁目7番40号 |
| Representative (per filing) | 代表取締役社長 髙橋 昭彦 |
| Founded | Jan 1949 |
| Share capital | ¥2.05B |
| Employees (consolidated) | 1,245 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.isewan.co.jp (https://www.isewan.co.jp/) |
| Corporate number | 3180001006050 |
| EDINET | E04330 |
| Industries (Vizora) | Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YE7Y, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.8 | 21 |
| Profitability | 70.5 | 22 |
| Cash conversion | 6.8 | 22 |
| Efficiency | 43.2 | 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)

- Isewan Terminal Service brought in ¥57.9B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +10.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥57893484000 → ¥2843234000
- Net income → operating cash flow: ¥2843234000 → ¥3560134000（difference ¥716900000）
- Main uses of operating cash flow: CapEx ¥1253981000 / dividends ¥764939000 / buybacks ¥49000
- Change in cash: ¥1832575000
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 | ¥57.9B |  |
| Operating income | ¥3.43B | Margin 5.9% |
| Net income | ¥2.6B | Margin 4.5% |
| Free cash flow | ¥2.31B |  |
| Employees (consolidated) | 1,245 |  |
| EPS | ¥80.05 |  |
| Book value per share | ¥1600.98 |  |
| Equity ratio | 78.3% |  |
| Shares outstanding | 27,487,054 |  |
| Treasury shares | 1,962,000 |  |
| Shareholders | 3,266 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 32.3% | Cash ÷ revenue 35.0% |
| Vs. industry median margin | +1.1 pp | Trucking & Parcel Delivery |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets
- FY2026, employees -4% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41759850000 | ¥57893484000 | +38.6% |
| Operating income | ¥954124000 | ¥3429074000 | +259.4% |
| Operating margin | 2.3% | 5.9% | +3.6 pp |
| Employees | 1,209 people | 1,245 people | +3.0% |
| Cash and equivalents | ¥9709179000 | ¥20236238000 | +108.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,893 | 100.0% | S100YE7Y |
| Cost of revenue | 44,213 | 76.4% | S100YE7Y |
| Gross profit | 13,681 | 23.6% | S100YE7Y |
| SG&A | 10,252 | 17.7% | S100YE7Y |
| Operating income | 3,429 | 5.9% | S100YE7Y |
| Ordinary income | 3,946 | 6.8% | S100YE7Y |
| Pretax income | 4,043 | 7.0% | S100YE7Y |
| Income tax | 1,199 | 2.1% | S100YE7Y |
| Net income | 2,843 | 4.9% | S100YE7Y |
| Net income attributable to owners | 2,596 | 4.5% | S100YE7Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 18 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.6% → Operating margin 5.9% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +10.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.78×
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 | 55,739 | 57,893 | 2,154 | +3.9% |
| Gross profit | 12,965 | 13,681 | 715 | +5.5% |
| Operating income | 3,096 | 3,429 | 333 | +10.7% |
| Net income attributable to owners | 2,663 | 2,596 | -67 | -2.5% |
| Operating cash flow | 3,262 | 3,560 | 298 | +9.1% |
| Free cash flow | 1,626 | 2,306 | 680 | +41.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,503 | 2,257 | 4.8% | 1,614 | 3,053 | 2,263 | S100LPAY |
| FY ending Mar 2021 | 41,760 | 954 | 2.3% | 827 | 1,703 | 1,388 | S100OHMR |
| FY ending Mar 2022 | 52,074 | 3,041 | 5.8% | 2,232 | 2,888 | 2,448 | S100R3GR |
| FY ending Mar 2023 | 69,994 | 5,855 | 8.4% | 4,242 | 4,642 | 4,444 | S100TT3I |
| FY ending Mar 2024 | 56,700 | 3,171 | 5.6% | 2,499 | 5,277 | 4,005 | S100W23J |
| FY ending Mar 2025 | 55,739 | 3,096 | 5.6% | 2,663 | 3,262 | 1,626 | S100YE7Y |
| FY ending Mar 2026 | 57,893 | 3,429 | 5.9% | 2,596 | 3,560 | 2,306 | S100YE7Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.5M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 1,249 | 1,254 | 1,263 | 1,303 | 1,245 |
| Average salary (parent company) | ¥7.8M | ¥7.9M | ¥7.9M | ¥8M | ¥8.2M |
| Average age (parent company) | 42.0 years | 42.3 years | 41.9 years | 41.7 years | 41.3 years |
| Average tenure (parent company) | 18.2 years | 18.4 years | 18.0 years | 17.9 years | 17.8 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +3.9%

## 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 | 3,560 | 6.1% | S100YE7Y |
| Capital expenditure | 1,254 | 2.2% | S100YE7Y |
| Free cash flow | 2,306 | 4.0% | 算出 |
| Investing cash flow | -682 | -1.2% | S100YE7Y |
| Financing cash flow | -1,365 | -2.4% | S100YE7Y |
| Dividends paid | 765 | 1.3% | S100YE7Y |
| Share buyback | 0 | 0.0% | S100YE7Y |
| Change in cash | 1,833 | 3.2% | S100YE7Y |
| Cash and equivalents | 20,236 | 35.0% | S100YE7Y |

## 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 | 11,552 | 15,100 | 17,289 | 18,404 | 20,236 | S100TT3I, S100W23J, S100YE7Y |
| Total assets | 49,137 | 54,746 | 56,551 | 59,431 | 62,659 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Net assets | 37,113 | 41,444 | 44,971 | 47,046 | 51,194 | S100TT3I, S100W23J, S100YE7Y |
| Share capital | 2,047 | 2,047 | 2,047 | 2,047 | 2,047 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Property, plant and equipment | 20,922 | 20,481 | 22,500 | 22,641 | 22,278 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Intangible assets excluding goodwill | 98 | 83 | 72 | 67 | 63 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Investment securities | 3,902 | 4,510 | 6,172 | 5,624 | 7,334 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Current assets | 22,072 | 27,703 | 26,453 | 29,405 | 32,057 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Current liabilities | 7,485 | 8,541 | 6,898 | 7,836 | 7,547 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Short-term borrowings | 66 | 66 | 66 | 66 | 66 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Long-term borrowings | 159 | 161 | 345 | 244 | — | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Total liabilities | 12,024 | 13,303 | 11,580 | 12,384 | 11,464 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Non-controlling interests | 1,192 | 1,463 | 1,635 | 1,903 | 2,130 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Equity attributable to owners of parent | 34,674 | 38,345 | 39,588 | 41,594 | 43,487 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Retained earnings | 32,382 | 36,053 | 37,697 | 39,649 | 41,481 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |
| Treasury stock | -1,219 | -1,219 | -1,634 | -1,591 | -1,546 | S100R3GR, S100TT3I, S100W23J, S100YE7Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YE7Y |
| Property, plant and equipment | 36% | S100YE7Y |
| Intangibles and goodwill | 0% | S100YE7Y |
| Investment securities | 12% | S100YE7Y |
| Other assets | 20% | S100YE7Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 18% | S100YE7Y |
| Equity | 82% | S100YE7Y |

### 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 | 49,137 | 54,746 | 56,551 | 59,431 | 62,659 |
| Equity | 37,113 | 41,444 | 44,971 | 47,046 | 51,194 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,552 | 15,100 | 17,289 | 18,404 | 20,236 |

## 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) | 38.5% | S100YE7Y |
| Fixed assets ÷ total assets | 35.6% | S100YE7Y |
| Goodwill ÷ parent equity | — | —, S100YE7Y |

### 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) | 32.3% |
| Cash ÷ revenue | 35.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.8% |
| Cash vs. profit gap | 964 JPY mn (of net income 37.1%) |
| Shareholder returns / net income | 29.5% |
| Shareholder returns / FCF | 33.2% |
| Shareholder payments — dividends / net income | 29.5% |
| Shareholder payments — dividends / FCF | 33.2% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 19.1% |

## 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 | 4.3% | 1.06× | 4.5% | 1.42× | 6.4% | S100R3GR |
| 2023 | 6.1% | 1.35× | 8.2% | 1.42× | 11.6% | S100TT3I |
| 2024 | 4.4% | 1.02× | 4.5% | 1.43× | 6.4% | S100W23J |
| 2025 | 4.8% | 0.96× | 4.6% | 1.43× | 6.6% | S100YE7Y |
| 2026 | 4.5% | 0.95× | 4.3% | 1.43× | 6.1% | S100YE7Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 五洋海運株式会社 | Major shareholder | 23.9% | 2026-03-31 |
| 伊勢湾海運取引先持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 伊勢湾陸運株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 伊勢湾海運従業員持株会 | Major shareholder | 4.2% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.2% | 2026-03-31 |
| ノリタケ株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YE7Y | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE7Y,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W23J | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W23J,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TT3I | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT3I,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R3GR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3GR,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OHMR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHMR,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LPAY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPAY,, |

## 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).