# KAWANISHI WAREHOUSE 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169期(2025/04/01－2026/03/31) (S100YF5T)
> Page: https://vizora.meequs.com/en/company/kawanishi-warehouse
> Retrieved: 2026-09-30T22:34:57.089Z

## Company

Kawanishi Warehouse, founded in 1918, is a company in Warehouses & Logistics Facilities listed on TSE Standard. It has 743 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KAWANISHI WAREHOUSE CO.,LTD. |
| Ticker | 9322 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9322.T) |
| Listing | TSE Standard |
| Head office | 神戸市兵庫区七宮町一丁目4番16号 |
| Representative (per filing) | 代表取締役社長 川西 二郎 |
| Founded | Jul 1918 |
| Share capital | ¥2.11B |
| Employees (consolidated) | 743 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.kawanishi.co.jp (https://www.kawanishi.co.jp/) |
| Corporate number | 9140001012831 |
| EDINET | E04317 |
| Industries (Vizora) | Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YF5T, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.9 | 37 |
| Profitability | 29.5 | 39 |
| Cash conversion | 51.3 | 38 |
| Efficiency | 37.2 | 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 81% of Kawanishi Warehouse's sales come from Domestic logistics, with International logistics and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +8.6%.

## Company structure

- Segment revenue mix: Domestic logistics 81.4%、International logistics 17.2%、Other 1.5%
- Revenue → net income: ¥26400941000 → ¥650422000
- Net income → operating cash flow: ¥650422000 → ¥1684724000（difference ¥1034302000）
- Main uses of operating cash flow: CapEx ¥804166000 / dividends ¥226375000 / buybacks —
- Change in cash: ¥847622000
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 | ¥26.4B |  |
| Operating income | ¥1.12B | Margin 4.2% |
| Net income | ¥636.2M | Margin 2.4% |
| Free cash flow | ¥880.6M |  |
| Largest business | Domestic logistics | of segment revenue 81.4% |
| Employees (consolidated) | 743 |  |
| EPS | ¥79.4 |  |
| Book value per share | ¥2719.25 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 8,258,000 |  |
| Treasury shares | 452,200 |  |
| Shareholders | 10,060 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 21.4% |
| Vs. industry median margin | -1.6 pp | Warehouses & Logistics Facilities |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21061623000 | ¥26400941000 | +25.4% |
| Operating income | ¥468253000 | ¥1115889000 | +138.3% |
| Operating margin | 2.2% | 4.2% | +2 pp |
| Employees | 610 people | 743 people | +21.8% |
| Cash and equivalents | ¥3475223000 | ¥5647444000 | +62.5% |

### 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 |
| --- | ---: |
| 国内物流 → 事業再編・廃止 | 85.1% |
| 国際物流 → 事業再編・廃止 | 13.1% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 国内物流 | 81.4% |
| 新設・再編 → 国際物流 | 17.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic logistics | 2 years | +2.7% | ¥21484139000 | 8.5% | 2 |
| International logistics | 2 years | +3.3% | ¥4532821000 | 3.6% | 2 |
| Other | 5 years | +0.7% | ¥383981000 | 65.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,401 | 100.0% | S100YF5T |
| SG&A | 3,138 | 11.9% | S100YF5T |
| Operating income | 1,116 | 4.2% | S100YF5T |
| Ordinary income | 1,043 | 4.0% | S100YF5T |
| Pretax income | 1,060 | 4.0% | S100YF5T |
| Income tax | 409 | 1.5% | S100YF5T |
| Net income | 650 | 2.5% | S100YF5T |
| Net income attributable to owners | 636 | 2.4% | S100YF5T |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 4.2% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +8.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.56×
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 | 25,543 | 26,401 | 858 | +3.4% |
| Operating income | 1,027 | 1,116 | 88 | +8.6% |
| Net income attributable to owners | 746 | 636 | -110 | -14.8% |
| Operating cash flow | 2,445 | 1,685 | -761 | -31.1% |
| Free cash flow | 988 | 881 | -107 | -10.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,922 | 542 | 2.3% | 244 | 1,786 | 950 | S100LPSA |
| FY ending Mar 2021 | 21,062 | 468 | 2.2% | 542 | 1,371 | -1,172 | S100OIS0 |
| FY ending Mar 2022 | 23,619 | 785 | 3.3% | 523 | 1,320 | -2,069 | S100R6JW |
| FY ending Mar 2023 | 27,107 | 894 | 3.3% | 1,492 | 2,681 | 1,801 | S100TR55 |
| FY ending Mar 2024 | 24,994 | 1,160 | 4.6% | 797 | 2,147 | 1,710 | S100W2UA |
| FY ending Mar 2025 | 25,543 | 1,027 | 4.0% | 746 | 2,445 | 988 | S100YF5T |
| FY ending Mar 2026 | 26,401 | 1,116 | 4.2% | 636 | 1,685 | 881 | S100YF5T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥856.3K |

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) | 613 | 631 | 617 | 632 | 743 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 38.4 years | 36.5 years | 37.8 years | 38.8 years | 39.5 years |
| Average tenure (parent company) | 14.4 years | 13.9 years | 14.5 years | 14.7 years | 15.4 years |

Year over year: Employees (consolidated) +17.6% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic logistics | 21,484 | 81.4% | 1,825 | 8.5% |
| International logistics | 4,533 | 17.2% | 163 | 3.6% |
| Other | 384 | 1.5% | 250 | 65.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic logistics | 81.4% | 81.5% | 0.2 | 8.5% |
| International logistics | 17.2% | 7.3% | -9.9 | 3.6% |
| Other | 1.5% | 11.2% | 9.7 | 65.1% |

Segment → industry: International logistics → Warehouses & Logistics Facilities / Domestic logistics → 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 | 1,685 | 6.4% | S100YF5T |
| Capital expenditure | 804 | 3.0% | S100YF5T |
| Free cash flow | 881 | 3.3% | 算出 |
| Investing cash flow | -890 | -3.4% | S100YF5T |
| Financing cash flow | 28 | 0.1% | S100YF5T |
| Dividends paid | 226 | 0.9% | S100YF5T |
| Change in cash | 848 | 3.2% | S100YF5T |
| Cash and equivalents | 5,647 | 21.4% | S100YF5T |

## 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 | 3,975 | 4,167 | 4,592 | 4,800 | 5,647 | S100TR55, S100W2UA, S100YF5T |
| Total assets | 36,884 | 37,836 | 38,138 | 38,380 | 40,254 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Net assets | 20,080 | 21,913 | 23,545 | 24,425 | 25,557 | S100TR55, S100W2UA, S100YF5T |
| Share capital | 2,108 | 2,108 | 2,108 | 2,108 | 2,108 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Property, plant and equipment | 22,583 | 22,561 | 22,056 | 22,419 | 22,327 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Intangible assets excluding goodwill | 2,646 | 2,608 | 2,567 | 2,594 | 3,188 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Goodwill | 4 | 1 | — | — | 446 | S100R6JW, S100TR55, S100YF5T |
| Investment securities | 1,092 | 1,175 | 1,625 | 1,638 | 1,961 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Current assets | 9,051 | 10,148 | 10,148 | 9,615 | 10,281 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Current liabilities | 3,683 | 4,365 | 3,729 | 4,957 | 4,216 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Short-term borrowings | 743 | 782 | 818 | 1,815 | 1,256 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Long-term borrowings | 9,722 | 8,941 | 8,122 | 6,307 | 7,991 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Total liabilities | 16,804 | 15,923 | 14,593 | 13,955 | 14,698 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Non-controlling interests | 2,437 | 2,636 | 2,925 | 3,116 | 3,451 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Equity attributable to owners of parent | 17,255 | 18,630 | 19,294 | 19,830 | 20,278 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Retained earnings | 13,801 | 15,177 | 15,841 | 16,377 | 16,786 | S100R6JW, S100TR55, S100W2UA, S100YF5T |
| Treasury stock | -553 | -562 | -562 | -562 | -524 | S100R6JW, S100TR55, S100W2UA, S100YF5T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YF5T |
| Property, plant and equipment | 55% | S100YF5T |
| Intangibles and goodwill | 9% | S100YF5T |
| Investment securities | 5% | S100YF5T |
| Other assets | 17% | S100YF5T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YF5T |
| Equity | 63% | S100YF5T |
| Other liabilities | 0% | S100YF5T |

### 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 | 36,884 | 37,836 | 38,138 | 38,380 | 40,254 |
| Equity | 20,080 | 21,913 | 23,545 | 24,425 | 25,557 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,975 | 4,167 | 4,592 | 4,800 | 5,647 |

## 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) | 84.6% | S100YF5T |
| Fixed assets ÷ total assets | 55.5% | S100YF5T |
| Goodwill ÷ parent equity | 2.2% | S100YF5T |

Goodwill over 4 years: 4 → 446 JPY; total investing cash flow: -6,609 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) | 14.0% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 151.0% |
| Cash vs. profit gap | 1,049 JPY mn (of net income 164.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.6% |
| Shareholder payments — dividends / FCF | 25.7% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 52.8% |

## 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 | 2.2% | 0.64× | 1.4% | 2.14× | 3.0% | S100R6JW |
| 2023 | 5.5% | 0.73× | 4.0% | 2.08× | 8.3% | S100TR55 |
| 2024 | 3.2% | 0.66× | 2.1% | 2.00× | 4.2% | S100W2UA |
| 2025 | 2.9% | 0.67× | 2.0% | 1.96× | 3.8% | S100YF5T |
| 2026 | 2.4% | 0.67× | 1.6% | 1.96× | 3.2% | S100YF5T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大和製衡株式会社 | Major shareholder | 16.6% | 2026-03-31 |
| 川西 多美 | Major shareholder | 7.2% | 2026-03-31 |
| 川西 央也 | Major shareholder | 6.3% | 2026-03-31 |
| 日本毛織株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 川西 康夫 | Major shareholder | 4.2% | 2026-03-31 |
| 川西 二郎 | Major shareholder | 2.9% | 2026-03-31 |
| 多島 晶子 | Major shareholder | 2.8% | 2026-03-31 |
| 大嶽 敬子 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社川西勝三商会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第169期(2025/04/01－2026/03/31) | S100YF5T | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF5T,, |
| 有価証券報告書－第168期(2024/04/01－2025/03/31) | S100W2UA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2UA,, |
| 有価証券報告書－第167期(2023/04/01－2024/03/31) | S100TR55 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR55,, |
| 有価証券報告書－第166期(2022/04/01－2023/03/31) | S100R6JW | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6JW,, |
| 有価証券報告書－第165期(令和3年4月1日－令和4年3月31日) | S100OIS0 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIS0,, |
| 有価証券報告書－第164期(令和2年4月1日－令和3年3月31日) | S100LPSA | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSA,, |

## 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).