# Japan Transcity Corporation: 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112期(2025/04/01－2026/03/31) (S100YGL7)
> Page: https://vizora.meequs.com/en/company/japan-transcity
> Retrieved: 2026-09-30T22:28:32.608Z

## Company

Japan Transcity, founded in 1942, is a company in Warehouses & Logistics Facilities listed on TSE Prime. It has 2,442 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Transcity Corporation |
| Ticker | 9310 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9310.T) |
| Listing | TSE Prime |
| Head office | 三重県四日市市霞二丁目1番地の1 |
| Representative (per filing) | 取締役社長 安藤仁 |
| Founded | Dec 1942 |
| Share capital | ¥8.43B |
| Employees (consolidated) | 2,442 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.trancy.co.jp (https://www.trancy.co.jp/) |
| Corporate number | 9190001015895 |
| EDINET | E04289 |
| Industries (Vizora) | Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGL7, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.5 | 37 |
| Profitability | 67.9 | 39 |
| Cash conversion | 22.4 | 38 |
| Efficiency | 44.9 | 39 |
| Financial strength | 82.1 | 14 |

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 98% of Japan Transcity's sales come from Integrated logistics services, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +9.5%.

## Company structure

- Segment revenue mix: Integrated logistics services 98.3%、Other 1.7%
- Revenue → net income: ¥125517000000 → ¥6840000000
- Net income → operating cash flow: ¥6840000000 → ¥9294000000（difference ¥2454000000）
- Main uses of operating cash flow: CapEx ¥5065000000 / dividends ¥2564000000 / buybacks ¥1000000000
- Change in cash: ¥-2655000000
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 | ¥125.5B |  |
| Operating income | ¥8.55B | Margin 6.8% |
| Net income | ¥6.59B | Margin 5.3% |
| Free cash flow | ¥4.23B |  |
| Largest business | Integrated logistics services | of segment revenue 98.3% |
| Employees (consolidated) | 2,442 |  |
| EPS | ¥86.38 |  |
| Book value per share | ¥1111.38 |  |
| Equity ratio | 57.9% |  |
| Shares outstanding | 66,405,517 |  |
| Treasury shares | 4,541,300 |  |
| Shareholders | 5,381 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 13.8% | Net cash -¥2.21B · Cash ÷ revenue 19.3% |
| Vs. industry median margin | +1 pp | Warehouses & Logistics Facilities |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, employees -1% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥101173000000 | ¥125517000000 | +24.1% |
| Operating income | ¥4441000000 | ¥8548000000 | +92.5% |
| Operating margin | 4.4% | 6.8% | +2.4 pp |
| Employees | 2,345 people | 2,442 people | +4.1% |
| Cash and equivalents | ¥12313000000 | ¥24186000000 | +96.4% |

### 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 |
| --- | ---: |
| 総合物流事業 → 総合物流事業 | 98.3% |
| 総合物流事業 → 事業再編・廃止 | 0.7% |
| その他 → その他 | 1.0% |
| 新設・再編 → その他 | 0.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 125,517 | 100.0% | S100YGL7 |
| Cost of revenue | 109,741 | 87.4% | S100YGL7 |
| Gross profit | 15,776 | 12.6% | S100YGL7 |
| SG&A | 7,227 | 5.8% | S100YGL7 |
| Operating income | 8,548 | 6.8% | S100YGL7 |
| Ordinary income | 9,482 | 7.6% | S100YGL7 |
| Pretax income | 9,461 | 7.5% | S100YGL7 |
| Income tax | 2,621 | 2.1% | S100YGL7 |
| Net income | 6,840 | 5.4% | S100YGL7 |
| Net income attributable to owners | 6,595 | 5.3% | S100YGL7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 6 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 12.6% → Operating margin 6.8% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +9.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.79×
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 | 124,765 | 125,517 | 752 | +0.6% |
| Gross profit | 15,078 | 15,776 | 698 | +4.6% |
| Operating income | 7,805 | 8,548 | 743 | +9.5% |
| Net income attributable to owners | 6,041 | 6,595 | 554 | +9.2% |
| Operating cash flow | 15,136 | 9,294 | -5,842 | -38.6% |
| Free cash flow | 11,416 | 4,229 | -7,187 | -63.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 101,620 | 3,337 | 3.3% | 3,034 | 7,098 | -192 | S100MAH6 |
| FY ending Mar 2021 | 101,173 | 4,441 | 4.4% | 4,636 | 8,623 | 5,284 | S100OS87 |
| FY ending Mar 2022 | 116,750 | 6,669 | 5.7% | 5,597 | 7,261 | 4,676 | S100R8OV |
| FY ending Mar 2023 | 134,063 | 7,250 | 5.4% | 6,155 | 11,595 | 8,070 | S100TRG3 |
| FY ending Mar 2024 | 122,555 | 6,241 | 5.1% | 4,633 | 7,282 | -10,727 | S100W4H5 |
| FY ending Mar 2025 | 124,765 | 7,805 | 6.3% | 6,041 | 15,136 | 11,416 | S100YGL7 |
| FY ending Mar 2026 | 125,517 | 8,548 | 6.8% | 6,595 | 9,294 | 4,229 | S100YGL7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51.4M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 2,334 | 2,436 | 2,492 | 2,472 | 2,442 |
| Average salary (parent company) | ¥7M | ¥6.9M | ¥7M | ¥7M | ¥7.3M |
| Average age (parent company) | 38.9 years | 40.0 years | 39.7 years | 40.1 years | 40.6 years |
| Average tenure (parent company) | 15.0 years | 17.1 years | 15.1 years | 15.5 years | 15.7 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Integrated logistics services | 123,442 | 98.3% | 7,991 | 6.5% |
| Other | 2,075 | 1.7% | 581 | 28.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Integrated logistics services | 98.3% | 93.2% | -5.1 | 6.5% |
| Other | 1.7% | 6.8% | 5.1 | 28.0% |

Segment → industry: Integrated logistics services → 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 | 9,294 | 7.4% | S100YGL7 |
| Capital expenditure | 5,065 | 4.0% | S100YGL7 |
| Free cash flow | 4,229 | 3.4% | 算出 |
| Investing cash flow | -6,170 | -4.9% | S100YGL7 |
| Financing cash flow | -6,032 | -4.8% | S100YGL7 |
| Dividends paid | 2,564 | 2.0% | S100YGL7 |
| Share buyback | 1,000 | 0.8% | S100YGL7 |
| Change in cash | -2,655 | -2.1% | S100YGL7 |
| Cash and equivalents | 24,186 | 19.3% | S100YGL7 |

## 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 | 13,737 | 19,515 | 21,507 | 26,841 | 24,186 | S100TRG3, S100W4H5, S100YGL7 |
| Total assets | 129,886 | 137,166 | 160,323 | 165,411 | 174,722 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Net assets | 72,778 | 79,742 | 89,205 | 95,574 | 105,978 | S100TRG3, S100W4H5, S100YGL7 |
| Share capital | 8,428 | 8,428 | 8,428 | 8,428 | 8,428 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Inventories | 183 | 206 | 254 | 270 | 367 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Property, plant and equipment | 70,499 | 70,636 | 83,474 | 82,777 | 83,485 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Intangible assets excluding goodwill | 1,048 | 1,122 | 1,055 | 1,005 | 1,439 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Investment securities | 16,552 | 17,720 | 23,099 | 25,366 | 32,350 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Current assets | 35,993 | 41,577 | 44,005 | 46,825 | 44,936 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Current liabilities | 26,482 | 25,128 | 19,683 | 19,314 | 24,110 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Short-term borrowings | 2,370 | 2,457 | 2,370 | 100 | 100 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Long-term borrowings | 19,416 | 20,042 | 29,091 | 27,253 | 18,299 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Bonds | — | — | 8,000 | 8,000 | 8,000 | S100W4H5, S100YGL7 |
| Interest-bearing debt | — | — | 39,461 | 35,353 | 26,399 | 算出 |
| Total liabilities | 57,107 | 57,424 | 71,117 | 69,837 | 68,743 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Non-controlling interests | 2,570 | 3,132 | 3,684 | 4,382 | 4,786 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Equity attributable to owners of parent | 68,014 | 73,428 | 76,850 | 80,462 | 83,597 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Retained earnings | 53,883 | 59,332 | 63,194 | 67,797 | 71,667 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |
| Treasury stock | -1,119 | -1,154 | -1,642 | -2,642 | -3,088 | S100R8OV, S100TRG3, S100W4H5, S100YGL7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGL7 |
| Inventories | 0% | S100YGL7 |
| Property, plant and equipment | 48% | S100YGL7 |
| Intangibles and goodwill | 1% | S100YGL7 |
| Investment securities | 18% | S100YGL7 |
| Other assets | 19% | S100YGL7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 24% | S100YGL7 |
| Equity | 61% | S100YGL7 |
| Other liabilities | 0% | S100YGL7 |

### 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 | 129,886 | 137,166 | 160,323 | 165,411 | 174,722 |
| Equity | 72,778 | 79,742 | 89,205 | 95,574 | 105,978 |
| Interest-bearing debt | — | — | 39,461 | 35,353 | 26,399 |
| Cash | 13,737 | 19,515 | 21,507 | 26,841 | 24,186 |

## 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) | 66.5% | S100YGL7 |
| Fixed assets ÷ total assets | 47.8% | S100YGL7 |
| Goodwill ÷ parent equity | — | —, S100YGL7 |

### 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) | 13.8% |
| Cash ÷ revenue | 19.3% |
| Net cash (cash − interest-bearing debt) | -¥2.21B |
| Net debt ÷ operating cash flow | 0.24× |
| Cash conversion (operating CF ÷ operating income) | 108.7% |
| Cash vs. profit gap | 2,699 JPY mn (of net income 40.9%) |
| Shareholder returns / net income | 54.0% |
| Shareholder returns / FCF | 84.3% |
| Shareholder payments — dividends / net income | 38.9% |
| Shareholder payments — dividends / FCF | 60.6% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 66.4% |

## 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 | 4.8% | 0.90× | 4.3% | 1.91× | 8.2% | S100R8OV |
| 2023 | 4.6% | 1.00× | 4.6% | 1.89× | 8.7% | S100TRG3 |
| 2024 | 3.8% | 0.82× | 3.1% | 1.98× | 6.2% | S100W4H5 |
| 2025 | 4.8% | 0.77× | 3.7% | 2.07× | 7.7% | S100YGL7 |
| 2026 | 5.3% | 0.74× | 3.9% | 2.07× | 8.0% | S100YGL7 |

## 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 | 9.6% | 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 | 6.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 日本トランスシティグループ社員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 （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 | 2.4% | 2026-03-31 |
| セイノーホールディングス株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 蒼栄会 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YGL7 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGL7,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W4H5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4H5,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TRG3 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRG3,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R8OV | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8OV,, |
| 訂正有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OS87 | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OS87,, |
| 訂正有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100MAH6 | 2021-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MAH6,, |

## 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).