# Kamigumi  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87期(2025/04/01－2026/03/31) (S100YG9D)
> Page: https://vizora.meequs.com/en/company/kamigumi
> Retrieved: 2026-09-30T22:08:47.287Z

## Company

Kamigumi, founded in 1906, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 4,389 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kamigumi Co., Ltd. |
| Ticker | 9364 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9364.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区浜辺通4丁目1番11号 |
| Representative (per filing) | 代表取締役社長 田原 典人 |
| Founded | May 1906 |
| Share capital | ¥31.6B |
| Employees (consolidated) | 4,389 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.kamigumi.co.jp (https://www.kamigumi.co.jp/) |
| Corporate number | 6140001006951 |
| EDINET | E04345 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YG9D, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.4 | 37 |
| Profitability | 96.2 | 39 |
| Cash conversion | 17.1 | 38 |
| Efficiency | 26.9 | 39 |

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 88% of Kamigumi's sales come from Distribution Business, with Other Businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit +10.4%.

## Company structure

- Segment revenue mix: Distribution Business 88.5%、Other Businesses 11.5%
- Revenue → net income: ¥294758000000 → ¥31393000000
- Net income → operating cash flow: ¥31393000000 → ¥35717000000（difference ¥4324000000）
- Main uses of operating cash flow: CapEx ¥14669000000 / dividends ¥17205000000 / buybacks ¥13000000000
- Change in cash: ¥-26320000000
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 | ¥294.8B |  |
| Operating income | ¥36.5B | Margin 12.4% |
| Net income | ¥31.3B | Margin 10.6% |
| Free cash flow | ¥21B |  |
| Largest business | Distribution Business | of segment revenue 88.5% |
| Employees (consolidated) | 4,389 |  |
| EPS | ¥295.55 |  |
| Book value per share | ¥3823.21 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 106,576,000 |  |
| Treasury shares | 8,067,400 |  |
| Shareholders | 10,143 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 12.9% | Cash ÷ revenue 23.5% |
| Vs. industry median margin | +7.6 pp | Trucking & Parcel Delivery |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥239314000000 | ¥294758000000 | +23.2% |
| Operating income | ¥24449000000 | ¥36544000000 | +49.5% |
| Operating margin | 10.2% | 12.4% | +2.2 pp |
| Employees | 4,335 people | 4,389 people | +1.2% |
| Cash and equivalents | ¥22780000000 | ¥69189000000 | +203.7% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 41.2% |
| 国内物流事業 → 事業再編・廃止 | 41.6% |
| その他事業 → その他事業 | 5.9% |
| 国際物流事業 → 事業再編・廃止 | 6.4% |
| その他 → 事業再編・廃止 | 4.8% |
| 新設・再編 → 物流事業 | 47.3% |
| 新設・再編 → その他事業 | 5.6% |

Segment revenue source references: 7 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 294,758 | 100.0% | S100YG9D |
| SG&A | 25,586 | 8.7% | S100YG9D |
| Operating income | 36,544 | 12.4% | S100YG9D |
| Ordinary income | 40,685 | 13.8% | S100YG9D |
| Pretax income | 44,442 | 15.1% | S100YG9D |
| Income tax | 13,049 | 4.4% | S100YG9D |
| Net income | 31,393 | 10.7% | S100YG9D |
| Net income attributable to owners | 31,262 | 10.6% | S100YG9D |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 88 |
| Operating income | 12 |
| (Ref.) Net income | 11 |

### Margin funnel

Operating margin 12.4% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.6%; Core profit growth: +10.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.87×
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 | 279,182 | 294,758 | 15,576 | +5.6% |
| Operating income | 33,095 | 36,544 | 3,449 | +10.4% |
| Net income attributable to owners | 26,935 | 31,262 | 4,327 | +16.1% |
| Operating cash flow | 40,409 | 35,717 | -4,692 | -11.6% |
| Free cash flow | 27,272 | 21,048 | -6,224 | -22.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 278,815 | 24,679 | 8.9% | 18,378 | 33,701 | 18,854 | S100LUK7 |
| FY ending Mar 2021 | 239,314 | 24,449 | 10.2% | 17,932 | 29,561 | 17,406 | S100OOTR |
| FY ending Mar 2022 | 261,681 | 28,524 | 10.9% | 20,861 | 37,036 | 20,408 | S100R341 |
| FY ending Mar 2023 | 274,139 | 31,580 | 11.5% | 24,620 | 35,564 | 23,884 | S100TPIB |
| FY ending Mar 2024 | 266,785 | 30,592 | 11.5% | 25,035 | 42,471 | 36,327 | S100VZET |
| FY ending Mar 2025 | 279,182 | 33,095 | 11.9% | 26,935 | 40,409 | 27,272 | S100YG9D |
| FY ending Mar 2026 | 294,758 | 36,544 | 12.4% | 31,262 | 35,717 | 21,048 | S100YG9D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.2M |
| Operating income per employee (consolidated) | ¥8.3M |
| Net income per employee (consolidated) | ¥7.1M |

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) | 4,261 | 4,206 | 4,180 | 4,149 | 4,389 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.4M | ¥6.6M | ¥7M |
| Average age (parent company) | 39.7 years | 40.5 years | 41.0 years | 41.5 years | 41.6 years |
| Average tenure (parent company) | 15.7 years | 16.4 years | 16.9 years | 17.3 years | 16.9 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Distribution Business | 260,849 | 88.5% | 31,536 | 12.1% |
| Other Businesses | 33,908 | 11.5% | 4,978 | 14.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Distribution Business | 88.5% | 86.4% | -2.1 | 12.1% |
| Other Businesses | 11.5% | 13.6% | 2.1 | 14.7% |

Segment → industry: Distribution Business → Trucking & Parcel Delivery / Distribution 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 | 35,717 | 12.1% | S100YG9D |
| Capital expenditure | 14,669 | 5.0% | S100YG9D |
| Free cash flow | 21,048 | 7.1% | 算出 |
| Investing cash flow | -60,608 | -20.6% | S100YG9D |
| Financing cash flow | -1,613 | -0.5% | S100YG9D |
| Dividends paid | 17,205 | 5.8% | S100YG9D |
| Share buyback | 13,000 | 4.4% | S100YG9D |
| Change in cash | -26,320 | -8.9% | S100YG9D |
| Cash and equivalents | 69,189 | 23.5% | S100YG9D |

## 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 | 46,364 | 66,147 | 80,098 | 95,509 | 69,189 | S100TPIB, S100VZET, S100YG9D |
| Total assets | 434,734 | 456,038 | 483,921 | 491,092 | 538,407 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Net assets | 367,917 | 373,005 | 387,290 | 384,518 | 397,859 | S100TPIB, S100VZET, S100YG9D |
| Share capital | 31,642 | 31,642 | 31,642 | 31,642 | 31,642 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Inventories | 764 | 816 | 893 | 1,046 | 1,177 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Property, plant and equipment | 232,086 | 229,737 | 223,978 | 223,287 | 225,404 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Intangible assets excluding goodwill | 6,649 | 6,586 | 6,774 | 6,684 | 25,865 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Goodwill | — | — | — | — | 11,081 | S100YG9D |
| Investment securities | 75,101 | 78,441 | 102,129 | 96,863 | 129,088 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Current assets | 111,904 | 132,587 | 143,101 | 156,362 | 149,534 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Current liabilities | 46,631 | 42,906 | 44,957 | 46,660 | 63,654 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Short-term borrowings | — | — | — | 486 | — | S100YG9D |
| Long-term borrowings | — | 20,000 | 30,000 | 40,000 | 50,422 | S100TPIB, S100VZET, S100YG9D |
| Total liabilities | 66,816 | 83,033 | 96,630 | 106,574 | 140,547 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Non-controlling interests | 1,776 | 1,760 | 1,624 | 1,629 | 2,336 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Equity attributable to owners of parent | 355,390 | 358,055 | 361,153 | 359,976 | 361,297 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Retained earnings | 321,928 | 313,851 | 317,355 | 317,009 | 331,210 | S100R341, S100TPIB, S100VZET, S100YG9D |
| Treasury stock | -25,034 | -14,292 | -14,697 | -15,528 | -28,468 | S100R341, S100TPIB, S100VZET, S100YG9D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YG9D |
| Inventories | 0% | S100YG9D |
| Property, plant and equipment | 42% | S100YG9D |
| Intangibles and goodwill | 7% | S100YG9D |
| Investment securities | 24% | S100YG9D |
| Other assets | 14% | S100YG9D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YG9D |
| Equity | 74% | S100YG9D |
| Other liabilities | 0% | S100YG9D |

### 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 | 434,734 | 456,038 | 483,921 | 491,092 | 538,407 |
| Equity | 367,917 | 373,005 | 387,290 | 384,518 | 397,859 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 46,364 | 66,147 | 80,098 | 95,509 | 69,189 |

## 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) | 76.5% | S100YG9D |
| Fixed assets ÷ total assets | 41.9% | S100YG9D |
| Goodwill ÷ parent equity | 3.1% | S100YG9D |

### 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) | 12.9% |
| Cash ÷ revenue | 23.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.7% |
| Cash vs. profit gap | 4,455 JPY mn (of net income 14.3%) |
| Shareholder returns / net income | 96.6% |
| Shareholder returns / FCF | 143.5% |
| Shareholder payments — dividends / net income | 55.0% |
| Shareholder payments — dividends / FCF | 81.7% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 169.7% |

## 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 | 8.0% | 0.60× | 4.8% | 1.22× | 5.9% | S100R341 |
| 2023 | 9.0% | 0.62× | 5.5% | 1.25× | 6.9% | S100TPIB |
| 2024 | 9.4% | 0.57× | 5.3% | 1.31× | 7.0% | S100VZET |
| 2025 | 9.6% | 0.57× | 5.5% | 1.35× | 7.5% | S100YG9D |
| 2026 | 10.6% | 0.57× | 6.1% | 1.43× | 8.7% | S100YG9D |

## 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 | 13.7% | 2026-03-31 |
| かみぐみ共栄会 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| 上組社員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 一般財団法人村尾育英会 | Major shareholder | 2.5% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険相互会社 （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 | 2.3% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 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 | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YG9D | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG9D,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100VZET | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZET,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TPIB | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPIB,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R341 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R341,, |
| 訂正有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100OOTR | 2022-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOTR,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LUK7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUK7,, |

## 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).