# JAPAN LOGISTIC SYSTEMS CORP.: 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110期(2025/04/01－2026/03/31) (S100YNBV)
> Page: https://vizora.meequs.com/en/company/japan-logistic-systems
> Retrieved: 2026-09-30T21:46:36.439Z

## Company

Japan Logistic Systems, founded in 1944, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 3,718 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN LOGISTIC SYSTEMS CORP. |
| Ticker | 9060 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9060.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区荏原一丁目19番17号 (同所は登記上の本店所在地で実際の業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 中西 伸次郎 |
| Founded | Oct 1944 |
| Share capital | ¥3.15B |
| Employees (consolidated) | 3,718 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.logitem.co.jp (https://www.logitem.co.jp/) |
| Corporate number | 3010701007868 |
| EDINET | E04206 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YNBV, filed 2026-06-30). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 21 |
| Profitability | 15.9 | 22 |
| Cash conversion | 93.2 | 22 |
| Efficiency | 70.5 | 22 |
| Financial strength | 41.7 | 6 |

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 38% of Japan Logistic Systems's sales come from Tracking business, with Assets business and Center business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +16.9%.

## Company structure

- Segment revenue mix: Tracking business 37.7%、Assets business 27.6%、Center business 25.2%、Other 9.4%
- Revenue → net income: ¥71317499000 → ¥693379000
- Net income → operating cash flow: ¥693379000 → ¥5902213000（difference ¥5208834000）
- Main uses of operating cash flow: CapEx ¥3346434000 / dividends ¥108130000 / buybacks —
- Change in cash: ¥828045000
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 | ¥71.3B |  |
| Operating income | ¥1.44B | Margin 2.0% |
| Net income | ¥684.8M | Margin 1.0% |
| Free cash flow | ¥2.56B |  |
| Largest business | Tracking business | of segment revenue 37.7% |
| Employees (consolidated) | 3,718 |  |
| EPS | ¥472.56 |  |
| Book value per share | ¥7952.8 |  |
| Equity ratio | 32.2% |  |
| Shares outstanding | 1,383,310 |  |
| Treasury shares | 29,100 |  |
| Shareholders | 1,873 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 9.0% | Net cash -¥10.2B · Cash ÷ revenue 6.5% |
| Vs. industry median margin | -2.8 pp | Trucking & Parcel Delivery |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 8.6× net income
- FY2026, employees 0% while operating income rose 17%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53963117000 | ¥71317499000 | +32.2% |
| Operating income | ¥845515000 | ¥1437117000 | +70.0% |
| Operating margin | 1.6% | 2.0% | +0.4 pp |
| Employees | 3,754 people | 3,718 people | -1.0% |
| Cash and equivalents | ¥2770937000 | ¥4635281000 | +67.3% |

### 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 |
| --- | ---: |
| 貨物自動車運送事業 → 貨物自動車運送事業 | 37.7% |
| 貨物自動車運送事業 → 事業再編・廃止 | 5.8% |
| センター事業 → センター事業 | 22.7% |
| アセット事業 → アセット事業 | 23.3% |
| その他 → その他 | 9.4% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → センター事業 | 2.5% |
| 新設・再編 → アセット事業 | 4.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tracking business | 5 years | +2.8% | ¥26911408000 | 7.3% | 2 |
| Assets business | 5 years | +9.5% | ¥19715687000 | 6.7% | 2 |
| Center business | 5 years | +8.0% | ¥17992405000 | 4.8% | 2 |
| Other | 5 years | +3.3% | ¥6697998000 | 13.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 71,317 | 100.0% | S100YNBV |
| SG&A | 3,655 | 5.1% | S100YNBV |
| Operating income | 1,437 | 2.0% | S100YNBV |
| Ordinary income | 1,463 | 2.1% | S100YNBV |
| Pretax income | 1,281 | 1.8% | S100YNBV |
| Income tax | 588 | 0.8% | S100YNBV |
| Net income | 693 | 1.0% | S100YNBV |
| Net income attributable to owners | 685 | 1.0% | S100YNBV |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Operating margin 2.0% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +16.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.10×
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 | 66,002 | 71,317 | 5,316 | +8.1% |
| Operating income | 1,229 | 1,437 | 208 | +16.9% |
| Net income attributable to owners | 461 | 685 | 224 | +48.5% |
| Operating cash flow | 2,535 | 5,902 | 3,367 | +132.8% |
| Free cash flow | 935 | 2,556 | 1,621 | +173.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,768 | 1,113 | 2.1% | 612 | 2,617 | 1,193 | S100LUOZ |
| FY ending Mar 2021 | 53,963 | 846 | 1.6% | 454 | 1,287 | -544 | S100OLZX |
| FY ending Mar 2022 | 58,100 | 1,029 | 1.8% | 633 | 2,208 | 1,111 | S100R9EZ |
| FY ending Mar 2023 | 62,477 | 1,041 | 1.7% | 524 | 2,025 | -616 | S100TW2L |
| FY ending Mar 2024 | 62,973 | 1,017 | 1.6% | 500 | 3,277 | 1,614 | S100W969 |
| FY ending Mar 2025 | 66,002 | 1,229 | 1.9% | 461 | 2,535 | 935 | S100YNBV |
| FY ending Mar 2026 | 71,317 | 1,437 | 2.0% | 685 | 5,902 | 2,556 | S100YNBV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.2M |
| Operating income per employee (consolidated) | ¥386.5K |
| Net income per employee (consolidated) | ¥184.2K |

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) | 3,733 | 3,737 | 3,709 | 3,719 | 3,718 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 42.0 years | 42.0 years | 42.0 years | 42.0 years | 43.0 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 13.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) -0.0% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tracking business | 26,911 | 37.7% | 1,976 | 7.3% |
| Center business | 17,992 | 25.2% | 872 | 4.8% |
| Assets business | 19,716 | 27.6% | 1,330 | 6.7% |
| Other | 6,698 | 9.4% | 913 | 13.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tracking business | 37.7% | 38.8% | 1.1 | 7.3% |
| Center business | 25.2% | 17.1% | -8.1 | 4.8% |
| Assets business | 27.6% | 26.1% | -1.5 | 6.7% |
| Other | 9.4% | 17.9% | 8.5 | 13.6% |

Segment → industry: Assets business → Real Estate Development & Leasing / Tracking business → Trucking & Parcel Delivery / Center business → 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 | 5,902 | 8.3% | S100YNBV |
| Capital expenditure | 3,346 | 4.7% | S100YNBV |
| Free cash flow | 2,556 | 3.6% | 算出 |
| Investing cash flow | -3,995 | -5.6% | S100YNBV |
| Financing cash flow | -972 | -1.4% | S100YNBV |
| Dividends paid | 108 | 0.2% | S100YNBV |
| Change in cash | 828 | 1.2% | S100YNBV |
| Cash and equivalents | 4,635 | 6.5% | S100YNBV |

## 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 | 3,169 | 3,140 | 3,397 | 3,807 | 4,635 | S100TW2L, S100W969, S100YNBV |
| Total assets | 44,212 | 46,313 | 47,868 | 48,827 | 51,312 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Net assets | 12,809 | 13,714 | 14,909 | 15,595 | 16,617 | S100TW2L, S100W969, S100YNBV |
| Share capital | 3,146 | 3,146 | 3,146 | 3,146 | 3,146 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Inventories | 102 | 88 | 72 | 101 | 102 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Property, plant and equipment | 18,558 | 19,571 | 19,085 | 18,737 | 19,786 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Intangible assets excluding goodwill | 962 | 1,233 | 1,621 | 1,633 | 1,454 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Investment securities | 1,337 | 1,413 | 1,921 | 1,964 | 2,763 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Current assets | 14,404 | 14,728 | 14,953 | 16,042 | 15,843 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Current liabilities | 16,796 | 16,720 | 17,104 | 18,371 | 18,021 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Short-term borrowings | 4,830 | 5,493 | 5,604 | 5,821 | 4,521 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Long-term borrowings | 7,150 | 8,573 | 8,014 | 7,778 | 10,045 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Bonds | — | — | 700 | 500 | 300 | S100W969, S100YNBV |
| Interest-bearing debt | — | — | 14,317 | 14,099 | 14,867 | 算出 |
| Total liabilities | 31,403 | 32,598 | 32,960 | 33,232 | 34,695 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Non-controlling interests | 49 | 40 | 42 | 57 | 71 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Equity attributable to owners of parent | 12,390 | 12,805 | 13,140 | 13,492 | 14,068 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Retained earnings | 6,092 | 6,506 | 6,896 | 7,249 | 7,825 | S100R9EZ, S100TW2L, S100W969, S100YNBV |
| Treasury stock | -37 | -37 | -92 | -93 | -93 | S100R9EZ, S100TW2L, S100W969, S100YNBV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YNBV |
| Inventories | 0% | S100YNBV |
| Property, plant and equipment | 39% | S100YNBV |
| Intangibles and goodwill | 3% | S100YNBV |
| Investment securities | 5% | S100YNBV |
| Other assets | 44% | S100YNBV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 29% | 算出 |
| Other liabilities | 39% | S100YNBV |
| Equity | 32% | S100YNBV |
| Other liabilities | 0% | S100YNBV |

### 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 | 44,212 | 46,313 | 47,868 | 48,827 | 51,312 |
| Equity | 12,809 | 13,714 | 14,909 | 15,595 | 16,617 |
| Interest-bearing debt | — | — | 14,317 | 14,099 | 14,867 |
| Cash | 3,169 | 3,140 | 3,397 | 3,807 | 4,635 |

## 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) | 27.7% | S100YNBV |
| Fixed assets ÷ total assets | 38.6% | S100YNBV |
| Goodwill ÷ parent equity | — | —, S100YNBV |

### 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) | 9.0% |
| Cash ÷ revenue | 6.5% |
| Net cash (cash − interest-bearing debt) | -¥10.2B |
| Net debt ÷ operating cash flow | 1.73× |
| Cash conversion (operating CF ÷ operating income) | 410.7% |
| Cash vs. profit gap | 5,217 JPY mn (of net income 761.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.8% |
| Shareholder payments — dividends / FCF | 4.2% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 67.7% |

## 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 | 1.1% | 1.31× | 1.4% | 3.57× | 5.1% | S100R9EZ |
| 2023 | 0.8% | 1.38× | 1.2% | 3.59× | 4.2% | S100TW2L |
| 2024 | 0.8% | 1.34× | 1.1% | 3.63× | 3.9% | S100W969 |
| 2025 | 0.7% | 1.37× | 1.0% | 3.63× | 3.5% | S100YNBV |
| 2026 | 1.0% | 1.42× | 1.4% | 3.63× | 5.0% | S100YNBV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日清製粉株式会社 | Major shareholder | 20.8% | 2026-03-31 |
| 一般社団法人富士桜の会 | Major shareholder | 18.0% | 2026-03-31 |
| 有限会社ジェイエフ企画 | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社日清製粉グループ本社 | Major shareholder | 5.1% | 2026-03-31 |
| 日本ロジテム従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 黒岩 千代 | Major shareholder | 1.9% | 2026-03-31 |
| 藤間 孝泰 | Major shareholder | 0.9% | 2026-03-31 |
| 中西 弘毅 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YNBV | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNBV,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W969 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W969,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TW2L | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW2L,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R9EZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9EZ,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OLZX | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLZX,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LUOZ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUOZ,, |

## 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).