# Japan Oil Transportation 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109期(2025/04/01－2026/03/31) (S100YC3A)
> Page: https://vizora.meequs.com/en/company/japan-oil-transportation
> Retrieved: 2026-09-30T18:29:09.728Z

## Company

Japan Oil Transportation, founded in 1946, is a company in Electric Power & Gas listed on TSE Standard. It has 1,626 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Oil Transportation Co., Ltd. |
| Ticker | 9074 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9074.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区大崎一丁目11番1号 |
| Representative (per filing) | 代表取締役社長 原 昌一郎 |
| Founded | Mar 1946 |
| Share capital | ¥1.66B |
| Employees (consolidated) | 1,626 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.jot.co.jp (https://www.jot.co.jp/) |
| Corporate number | 3010701012439 |
| EDINET | E04327 |
| Industries (Vizora) | Electric Power & Gas, Leasing, Real Estate Development & Leasing, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YC3A, 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 | 35.7 | 21 |
| Profitability | 52.3 | 22 |
| Cash conversion | 88.6 | 22 |
| Efficiency | 38.6 | 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 49% of Japan Oil Transportation's sales come from Oil transportation, with High-pressure gas transportation and Chemical and container transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +20.2%.

## Company structure

- Segment revenue mix: Oil transportation 48.5%、High-pressure gas transportation 25.3%、Chemical and container transportation 24.8%、Asset Management 1.3%
- Revenue → net income: ¥38537000000 → ¥1507000000
- Net income → operating cash flow: ¥1507000000 → ¥5763000000（difference ¥4256000000）
- Main uses of operating cash flow: CapEx ¥2181000000 / dividends ¥330000000 / buybacks ¥202000000
- Change in cash: ¥593000000
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 | ¥38.5B |  |
| Operating income | ¥1.87B | Margin 4.8% |
| Net income | ¥1.51B | Margin 3.9% |
| Free cash flow | ¥3.58B |  |
| Largest business | Oil transportation | of segment revenue 48.5% |
| Employees (consolidated) | 1,626 |  |
| EPS | ¥304.24 |  |
| Book value per share | ¥6637.43 |  |
| Equity ratio | 60.2% |  |
| Shares outstanding | 3,322,000 |  |
| Treasury shares | 52,300 |  |
| Shareholders | 2,178 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 14.2% | Cash ÷ revenue 18.2% |
| Vs. industry median margin | 0 pp | Trucking & Parcel Delivery |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.8× net income
- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32341000000 | ¥38537000000 | +19.2% |
| Operating income | ¥1357000000 | ¥1868000000 | +37.7% |
| Operating margin | 4.2% | 4.8% | +0.7 pp |
| Employees | 1,499 people | 1,626 people | +8.5% |
| Cash and equivalents | ¥4084000000 | ¥7014000000 | +71.7% |

### 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 |
| --- | ---: |
| 石油輸送 → 石油輸送 | 45.7% |
| 高圧ガス輸送 → 高圧ガス輸送 | 25.3% |
| 高圧ガス輸送 → 事業再編・廃止 | 1.4% |
| 化成品・コンテナ輸送 → 化成品・コンテナ輸送 | 24.8% |
| 化成品・コンテナ輸送 → 事業再編・廃止 | 1.4% |
| 資産運用 → 資産運用 | 1.3% |
| 資産運用 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 石油輸送 | 2.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Oil transportation | 5 years | +4.8% | ¥18698000000 | 8.0% | 2 |
| High-pressure gas transportation | 5 years | +2.5% | ¥9757000000 | -0.2% | 2 |
| Chemical and container transportation | 5 years | +2.5% | ¥9564000000 | 1.5% | 2 |
| Asset Management | 5 years | +3.0% | ¥517000000 | 48.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,537 | 100.0% | S100YC3A |
| Cost of revenue | 33,821 | 87.8% | S100YC3A |
| Gross profit | 4,716 | 12.2% | S100YC3A |
| SG&A | 2,847 | 7.4% | S100YC3A |
| Operating income | 1,868 | 4.8% | S100YC3A |
| Ordinary income | 2,147 | 5.6% | S100YC3A |
| Pretax income | 2,150 | 5.6% | S100YC3A |
| Income tax | 642 | 1.7% | S100YC3A |
| Net income | 1,507 | 3.9% | S100YC3A |
| Net income attributable to owners | 1,507 | 3.9% | S100YC3A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 12.2% → Operating margin 4.8% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +20.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.18×
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 | 37,090 | 38,537 | 1,447 | +3.9% |
| Gross profit | 4,178 | 4,716 | 538 | +12.9% |
| Operating income | 1,554 | 1,868 | 314 | +20.2% |
| Net income attributable to owners | 1,262 | 1,507 | 245 | +19.4% |
| Operating cash flow | 5,110 | 5,763 | 653 | +12.8% |
| Free cash flow | 3,624 | 3,582 | -42 | -1.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,326 | 1,303 | 3.8% | 1,115 | 5,143 | 2,125 | S100LRBN |
| FY ending Mar 2021 | 32,341 | 1,357 | 4.2% | 915 | 5,064 | 2,621 | S100OIAR |
| FY ending Mar 2022 | 34,262 | 1,458 | 4.3% | 1,088 | 4,668 | 2,377 | S100R5HN |
| FY ending Mar 2023 | 35,219 | 1,579 | 4.5% | 1,227 | 4,712 | 3,618 | S100TOD5 |
| FY ending Mar 2024 | 34,985 | 1,561 | 4.5% | 1,154 | 4,984 | 2,436 | S100VZWR |
| FY ending Mar 2025 | 37,090 | 1,554 | 4.2% | 1,262 | 5,110 | 3,624 | S100YC3A |
| FY ending Mar 2026 | 38,537 | 1,868 | 4.8% | 1,507 | 5,763 | 3,582 | S100YC3A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥926.8K |

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) | 1,491 | 1,518 | 1,571 | 1,603 | 1,626 |
| Average salary (parent company) | ¥6.4M | ¥6.6M | ¥6.8M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 42.1 years | 41.7 years | 41.2 years | 40.7 years | 40.7 years |
| Average tenure (parent company) | 16.0 years | 15.5 years | 15.8 years | 15.4 years | 14.8 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Oil transportation | 18,698 | 48.5% | 1,491 | 8.0% |
| High-pressure gas transportation | 9,757 | 25.3% | -20 | -0.2% |
| Chemical and container transportation | 9,564 | 24.8% | 146 | 1.5% |
| Asset Management | 517 | 1.3% | 250 | 48.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Oil transportation | 48.5% | 79.0% | 30.5 | 8.0% |
| High-pressure gas transportation | 25.3% | — | — | -0.2% |
| Chemical and container transportation | 24.8% | 7.7% | -17.1 | 1.5% |
| Asset Management | 1.3% | 13.2% | 11.9 | 48.4% |

Loss-making segment (excluded from profit shares): High-pressure gas transportation -20 JPY mn

Segment → industry: Asset Management → Electric Power & Gas / Chemical and container transportation → Leasing / Asset Management → Real Estate Development & Leasing / Chemical and container transportation → Trucking & Parcel Delivery / High-pressure gas transportation → Trucking & Parcel Delivery / Oil transportation → Trucking & Parcel Delivery

## 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 | 5,763 | 15.0% | S100YC3A |
| Capital expenditure | 2,181 | 5.7% | S100YC3A |
| Free cash flow | 3,582 | 9.3% | 算出 |
| Investing cash flow | -2,374 | -6.2% | S100YC3A |
| Financing cash flow | -2,798 | -7.3% | S100YC3A |
| Dividends paid | 330 | 0.9% | S100YC3A |
| Share buyback | 202 | 0.5% | S100YC3A |
| Change in cash | 593 | 1.5% | S100YC3A |
| Cash and equivalents | 7,014 | 18.2% | S100YC3A |

## 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 | 4,828 | 6,456 | 6,515 | 6,421 | 7,014 | S100TOD5, S100VZWR, S100YC3A |
| Total assets | 35,649 | 36,803 | 41,089 | 43,279 | 49,466 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Net assets | 21,406 | 22,589 | 25,006 | 25,947 | 29,768 | S100TOD5, S100VZWR, S100YC3A |
| Share capital | 1,661 | 1,661 | 1,661 | 1,661 | 1,661 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Inventories | 47 | 47 | 47 | 125 | 79 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Property, plant and equipment | 20,163 | 19,029 | 20,277 | 21,498 | 22,103 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Intangible assets excluding goodwill | 226 | 298 | 381 | 399 | 343 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Investment securities | 4,633 | 5,080 | 7,257 | 7,309 | 11,632 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Current assets | 9,429 | 11,131 | 11,484 | 12,111 | 13,296 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Current liabilities | 6,958 | 6,888 | 7,488 | 7,620 | 8,060 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Trade payables | 2,057 | 1,745 | 1,680 | 1,810 | 1,760 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Short-term borrowings | 450 | 424 | 301 | 316 | 387 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Total liabilities | 14,243 | 14,214 | 16,082 | 17,331 | 19,697 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Equity attributable to owners of parent | 20,581 | 21,544 | 22,366 | 23,297 | 24,262 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Retained earnings | 18,666 | 19,629 | 20,452 | 21,384 | 22,560 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |
| Treasury stock | -36 | -37 | -38 | -38 | -250 | S100R5HN, S100TOD5, S100VZWR, S100YC3A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YC3A |
| Inventories | 0% | S100YC3A |
| Property, plant and equipment | 45% | S100YC3A |
| Intangibles and goodwill | 1% | S100YC3A |
| Investment securities | 23% | S100YC3A |
| Other assets | 17% | S100YC3A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YC3A |
| Other liabilities | 36% | S100YC3A |
| Equity | 60% | S100YC3A |
| Other liabilities | 0% | S100YC3A |

### 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 | 35,649 | 36,803 | 41,089 | 43,279 | 49,466 |
| Equity | 21,406 | 22,589 | 25,006 | 25,947 | 29,768 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,828 | 6,456 | 6,515 | 6,421 | 7,014 |

## 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) | 57.4% | S100YC3A |
| Fixed assets ÷ total assets | 44.7% | S100YC3A |
| Goodwill ÷ parent equity | — | —, S100YC3A |

### 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) | 14.2% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 308.5% |
| Cash vs. profit gap | 4,256 JPY mn (of net income 282.4%) |
| Shareholder returns / net income | 35.3% |
| Shareholder returns / FCF | 14.9% |
| Shareholder payments — dividends / net income | 21.9% |
| Shareholder payments — dividends / FCF | 9.2% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 41.2% |

## 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 | 3.2% | 0.96× | 3.1% | 1.73× | 5.3% | S100R5HN |
| 2023 | 3.5% | 0.97× | 3.4% | 1.72× | 5.8% | S100TOD5 |
| 2024 | 3.3% | 0.90× | 3.0% | 1.77× | 5.3% | S100VZWR |
| 2025 | 3.4% | 0.88× | 3.0% | 1.85× | 5.5% | S100YC3A |
| 2026 | 3.9% | 0.83× | 3.2% | 1.95× | 6.3% | S100YC3A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＮＥＯＳホールディングス株式会社 | Major shareholder | 29.5% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 7.6% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ３投資事業有限責任組合 | Major shareholder | 2.6% | 2026-03-31 |
| 日本石油輸送グループ従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 西 將弘 | Major shareholder | 1.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.6% | 2026-03-31 |
| ジェットエイト株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.2% | 2026-03-31 |
| 小野寺 毅 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YC3A | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC3A,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100VZWR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZWR,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TOD5 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOD5,, |
| 有価証券報告書－第106期(2022/04/01－2023/03/31) | S100R5HN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5HN,, |
| 有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100OIAR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIAR,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LRBN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRBN,, |

## 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).