# Kanda Holdings 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113期(2025/04/01－2026/03/31) (S100YHF0)
> Page: https://vizora.meequs.com/en/company/kanda-holdings
> Retrieved: 2026-09-30T21:04:51.751Z

## Company

Kanda Holdings, founded in 1944, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 2,828 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kanda Holdings Co.,Ltd. |
| Ticker | 9059 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9059.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田三崎町三丁目2番4号 |
| Representative (per filing) | 代表取締役社長 原島 藤壽 |
| Founded | May 1944 |
| Share capital | ¥1.77B |
| Employees (consolidated) | 2,828 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | kanda-web.co.jp (https://kanda-web.co.jp/) |
| Corporate number | 9010001014238 |
| EDINET | E04194 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YHF0, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31 | 21 |
| Profitability | 79.5 | 22 |
| Cash conversion | 11.4 | 22 |
| Efficiency | 61.4 | 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 75% of Kanda Holdings's sales come from Trucking business, with International logistics business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit +6.1%.

## Company structure

- Segment revenue mix: Trucking business 75.2%、International logistics business 21.0%、Other 2.1%、Real-estate leasing business 1.7%
- Revenue → net income: ¥52366000000 → ¥2456000000
- Net income → operating cash flow: ¥2456000000 → ¥4296000000（difference ¥1840000000）
- Main uses of operating cash flow: CapEx ¥1498000000 / dividends ¥471000000 / buybacks —
- Change in cash: ¥1651000000
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 | ¥52.4B |  |
| Operating income | ¥3.65B | Margin 7.0% |
| Net income | ¥2.46B | Margin 4.7% |
| Free cash flow | ¥2.8B |  |
| Largest business | Trucking business | of segment revenue 75.2% |
| Employees (consolidated) | 2,828 |  |
| EPS | ¥60 |  |
| Book value per share | ¥851.65 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 23,308,000 |  |
| Treasury shares | 1,883,000 |  |
| Shareholders | 8,660 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 22.5% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | +2.2 pp | Trucking & Parcel Delivery |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44035000000 | ¥52366000000 | +18.9% |
| Operating income | ¥2364000000 | ¥3645000000 | +54.2% |
| Operating margin | 5.4% | 7.0% | +1.6 pp |
| Employees | 2,342 people | 2,828 people | +20.8% |
| Cash and equivalents | ¥4699000000 | ¥10822000000 | +130.3% |

### 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 | 75.2% |
| 貨物自動車運送事業 → 事業再編・廃止 | 1.0% |
| 国際物流事業 → 国際物流事業 | 21.0% |
| 国際物流事業 → 事業再編・廃止 | 0.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.7% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.3% |
| 新設・再編 → その他 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Trucking business | 5 years | +3.2% | ¥39400000000 | 7.4% | 2 |
| International logistics business | 5 years | +3.1% | ¥10985000000 | 11.1% | 2 |
| Other | 5 years | +49.4% | ¥1088000000 | 9.7% | 2 |
| Real-estate leasing business | 5 years | +0.4% | ¥892000000 | 60.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,366 | 100.0% | S100YHF0 |
| SG&A | 2,391 | 4.6% | S100YHF0 |
| Operating income | 3,645 | 7.0% | S100YHF0 |
| Ordinary income | 3,800 | 7.3% | S100YHF0 |
| Pretax income | 3,760 | 7.2% | S100YHF0 |
| Income tax | 1,304 | 2.5% | S100YHF0 |
| Net income | 2,456 | 4.7% | S100YHF0 |
| Net income attributable to owners | 2,456 | 4.7% | S100YHF0 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Operating margin 7.0% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.7%; Core profit growth: +6.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.86×
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 | 52,009 | 52,366 | 357 | +0.7% |
| Operating income | 3,436 | 3,645 | 209 | +6.1% |
| Net income attributable to owners | 2,206 | 2,456 | 250 | +11.3% |
| Operating cash flow | 3,796 | 4,296 | 500 | +13.2% |
| Free cash flow | 2,604 | 2,798 | 194 | +7.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,736 | 1,807 | 4.1% | 1,040 | 3,401 | 2,351 | S100LQU1 |
| FY ending Mar 2021 | 44,035 | 2,364 | 5.4% | 1,501 | 3,613 | 2,618 | S100OJIS |
| FY ending Mar 2022 | 47,645 | 3,028 | 6.4% | 1,948 | 3,804 | 2,621 | S100R8ZU |
| FY ending Mar 2023 | 51,621 | 2,730 | 5.3% | 1,774 | 3,581 | 2,031 | S100TV9U |
| FY ending Mar 2024 | 51,123 | 3,432 | 6.7% | 2,273 | 4,575 | -208 | S100W6B7 |
| FY ending Mar 2025 | 52,009 | 3,436 | 6.6% | 2,206 | 3,796 | 2,604 | S100YHF0 |
| FY ending Mar 2026 | 52,366 | 3,645 | 7.0% | 2,456 | 4,296 | 2,798 | S100YHF0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥868.5K |

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) | 2,543 | 2,778 | 2,784 | 2,791 | 2,828 |
| Average salary (parent company) | ¥7.4M | ¥7.7M | ¥7.9M | ¥7.7M | ¥8M |
| Average age (parent company) | 51.0 years | 51.0 years | 53.0 years | 50.0 years | 50.0 years |
| Average tenure (parent company) | 13.0 years | 13.0 years | 14.0 years | 15.0 years | 17.0 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +0.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Trucking business | 39,400 | 75.2% | 2,900 | 7.4% |
| International logistics business | 10,985 | 21.0% | 1,216 | 11.1% |
| Real-estate leasing business | 892 | 1.7% | 539 | 60.4% |
| Other | 1,088 | 2.1% | 105 | 9.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Trucking business | 75.2% | 60.9% | -14.3 | 7.4% |
| International logistics business | 21.0% | 25.5% | 4.6 | 11.1% |
| Real-estate leasing business | 1.7% | 11.3% | 9.6 | 60.4% |
| Other | 2.1% | 2.2% | 0.1 | 9.7% |

Segment → industry: Real-estate leasing business → Real Estate Development & Leasing / International logistics business → Trucking & Parcel Delivery / Trucking business → 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 | 4,296 | 8.2% | S100YHF0 |
| Capital expenditure | 1,498 | 2.9% | S100YHF0 |
| Free cash flow | 2,798 | 5.3% | 算出 |
| Investing cash flow | -1,451 | -2.8% | S100YHF0 |
| Financing cash flow | -1,198 | -2.3% | S100YHF0 |
| Dividends paid | 471 | 0.9% | S100YHF0 |
| Change in cash | 1,651 | 3.2% | S100YHF0 |
| Cash and equivalents | 10,822 | 20.7% | S100YHF0 |

## 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 | 5,273 | 6,210 | 8,260 | 9,170 | 10,822 | S100TV9U, S100W6B7, S100YHF0 |
| Total assets | 41,247 | 42,306 | 46,729 | 47,484 | 48,067 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Net assets | 20,563 | 22,033 | 24,025 | 25,766 | 28,091 | S100TV9U, S100W6B7, S100YHF0 |
| Share capital | 1,772 | 1,772 | 1,772 | 1,772 | 1,772 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Inventories | 149 | 127 | 122 | 169 | 168 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Property, plant and equipment | 20,988 | 20,777 | 23,843 | 23,438 | 23,155 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Intangible assets excluding goodwill | 808 | 760 | 681 | 560 | 438 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Goodwill | 383 | 300 | 217 | 133 | 50 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Investment securities | 1,188 | 1,325 | 1,522 | 1,581 | 2,017 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Current assets | 15,458 | 16,427 | 19,386 | 20,512 | 21,025 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Current liabilities | 13,374 | 14,018 | 15,315 | 14,806 | 14,339 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Short-term borrowings | 3,549 | 3,698 | 3,634 | 3,059 | 3,994 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Long-term borrowings | 3,469 | 2,574 | 4,012 | 3,541 | 2,156 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Total liabilities | 20,684 | 20,273 | 22,703 | 21,717 | 19,976 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Non-controlling interests | 16 | 7 | — | — | — | S100R8ZU, S100TV9U |
| Equity attributable to owners of parent | 20,128 | 21,548 | 23,445 | 25,223 | 27,208 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Retained earnings | 17,052 | 18,471 | 20,440 | 22,218 | 24,203 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |
| Treasury stock | -330 | -330 | -401 | -401 | -401 | S100R8ZU, S100TV9U, S100W6B7, S100YHF0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YHF0 |
| Inventories | 0% | S100YHF0 |
| Property, plant and equipment | 48% | S100YHF0 |
| Intangibles and goodwill | 1% | S100YHF0 |
| Investment securities | 4% | S100YHF0 |
| Other assets | 24% | S100YHF0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YHF0 |
| Equity | 58% | S100YHF0 |

### 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 | 41,247 | 42,306 | 46,729 | 47,484 | 48,067 |
| Equity | 20,563 | 22,033 | 24,025 | 25,766 | 28,091 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,273 | 6,210 | 8,260 | 9,170 | 10,822 |

## 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) | 44.2% | S100YHF0 |
| Fixed assets ÷ total assets | 48.2% | S100YHF0 |
| Goodwill ÷ parent equity | 0.2% | S100YHF0 |

Goodwill over 4 years: 383 → 50 JPY; total investing cash flow: -8,906 JPY. This does not imply causation.

### 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) | 22.5% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.9% |
| Cash vs. profit gap | 1,840 JPY mn (of net income 74.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.2% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 33.8% |

## 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 | 4.1% | 1.16× | 4.7% | 2.05× | 9.7% | S100R8ZU |
| 2023 | 3.4% | 1.24× | 4.2% | 2.00× | 8.5% | S100TV9U |
| 2024 | 4.4% | 1.15× | 5.1% | 1.98× | 10.1% | S100W6B7 |
| 2025 | 4.2% | 1.10× | 4.7% | 1.94× | 9.1% | S100YHF0 |
| 2026 | 4.7% | 1.10× | 5.1% | 1.82× | 9.4% | S100YHF0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社原島不動産 | Major shareholder | 36.8% | 2026-03-31 |
| カンダ従業員持株会 | Major shareholder | 5.0% | 2026-03-31 |
| カンダ共栄会 | Major shareholder | 4.2% | 2026-03-31 |
| 原島 藤壽 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社原島本店 | Major shareholder | 3.2% | 2026-03-31 |
| ユウエイ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 高橋 彰子 | Major shareholder | 2.1% | 2026-03-31 |
| 和佐見 勝 | Major shareholder | 1.3% | 2026-03-31 |
| 三菱ふそうトラック・バス株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YHF0 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHF0,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W6B7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6B7,, |
| 有価証券報告書－第111期(2023/04/01－2024/03/31) | S100TV9U | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV9U,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100R8ZU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8ZU,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100OJIS | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJIS,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LQU1 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQU1,, |

## 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).