# THE KEIHIN 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79期(2025/04/01－2026/03/31) (S100YHI4)
> Page: https://vizora.meequs.com/en/company/keihin
> Retrieved: 2026-09-30T20:25:31.956Z

## Company

THE Keihin, founded in 1947, is a company in Trucking & Parcel Delivery listed on TSE Standard. It has 917 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE KEIHIN CO.,LTD. |
| Ticker | 9312 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9312.T) |
| Listing | TSE Standard |
| Head office | 東京都港区海岸3丁目4番20号 |
| Representative (per filing) | 代表取締役社長 杉山光延 |
| Founded | Dec 1947 |
| Share capital | ¥5.38B |
| Employees (consolidated) | 917 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.keihin.co.jp (https://www.keihin.co.jp/) |
| Corporate number | 4010401009239 |
| EDINET | E04293 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YHI4, 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 | 25.7 | 37 |
| Profitability | 70.5 | 39 |
| Cash conversion | 61.8 | 38 |
| Efficiency | 57.7 | 39 |
| Financial strength | 39.3 | 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 56% of THE Keihin's sales come from Domestic distribution, with Overseas distribution making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +18.3%.

## Company structure

- Segment revenue mix: Domestic distribution 55.8%、Overseas distribution 44.2%
- Revenue → net income: ¥50309000000 → ¥2537000000
- Net income → operating cash flow: ¥2537000000 → ¥5625000000（difference ¥3088000000）
- Main uses of operating cash flow: CapEx ¥12783000000 / dividends ¥524000000 / buybacks ¥0
- Change in cash: ¥-3776000000
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 | ¥50.3B |  |
| Operating income | ¥3.43B | Margin 6.8% |
| Net income | ¥2.54B | Margin 5.0% |
| Free cash flow | -¥7.16B |  |
| Largest business | Domestic distribution | of segment revenue 55.8% |
| Employees (consolidated) | 917 |  |
| EPS | ¥640.9 |  |
| Book value per share | ¥4252.52 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 6,536,445 |  |
| Treasury shares | 7,900 |  |
| Shareholders | 2,235 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 8.0% | Net cash -¥6.36B · Cash ÷ revenue 9.5% |
| Vs. industry median margin | +2 pp | Trucking & Parcel Delivery |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 69% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48159000000 | ¥50309000000 | +4.5% |
| Operating income | ¥2426000000 | ¥3427000000 | +41.3% |
| Operating margin | 5.0% | 6.8% | +1.8 pp |
| Employees | 954 people | 917 people | -3.9% |
| Cash and equivalents | ¥5307000000 | ¥4802000000 | -9.5% |

### 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 → 国内物流事業 | 55.8% |
| 国内物流事業 → 事業再編・廃止 | 8.5% |
| 国際物流事業 → 国際物流事業 | 35.7% |
| 新設・再編 → 国際物流事業 | 8.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,309 | 100.0% | S100YHI4 |
| Cost of revenue | 44,696 | 88.8% | S100YHI4 |
| Gross profit | 5,612 | 11.2% | S100YHI4 |
| Operating income | 3,427 | 6.8% | S100YHI4 |
| Ordinary income | 3,704 | 7.4% | S100YHI4 |
| Pretax income | 3,644 | 7.2% | S100YHI4 |
| Income tax | 1,106 | 2.2% | S100YHI4 |
| Net income | 2,537 | 5.0% | S100YHI4 |
| Net income attributable to owners | 2,537 | 5.0% | S100YHI4 |

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

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

### Margin funnel

Gross margin 11.2% → Operating margin 6.8% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +18.3%
Operating leverage (core profit growth ÷ revenue growth): -64.40×
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 | 50,452 | 50,309 | -143 | -0.3% |
| Gross profit | 5,082 | 5,612 | 530 | +10.4% |
| Operating income | 2,898 | 3,427 | 529 | +18.3% |
| Net income attributable to owners | 2,188 | 2,537 | 349 | +16.0% |
| Operating cash flow | 3,804 | 5,625 | 1,821 | +47.9% |
| Free cash flow | 1,120 | -7,158 | -8,278 | -739.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,702 | 1,900 | 4.0% | 1,420 | 3,635 | 2,752 | S100LPZX |
| FY ending Mar 2021 | 48,159 | 2,426 | 5.0% | 1,749 | 3,685 | 2,897 | S100OGB8 |
| FY ending Mar 2022 | 54,108 | 3,140 | 5.8% | 2,263 | 4,520 | 3,525 | S100R980 |
| FY ending Mar 2023 | 59,821 | 3,823 | 6.4% | 2,704 | 5,236 | 3,359 | S100TRTH |
| FY ending Mar 2024 | 46,520 | 2,668 | 5.7% | 2,049 | 3,906 | 1,406 | S100W8A3 |
| FY ending Mar 2025 | 50,452 | 2,898 | 5.7% | 2,188 | 3,804 | 1,120 | S100YHI4 |
| FY ending Mar 2026 | 50,309 | 3,427 | 6.8% | 2,537 | 5,625 | -7,158 | S100YHI4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.9M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 946 | 920 | 893 | 897 | 917 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥5.9M | ¥6.2M | ¥6.5M |
| Average age (parent company) | 40.0 years | 40.0 years | 41.5 years | 40.1 years | 40.4 years |
| Average tenure (parent company) | 16.3 years | 16.5 years | 17.6 years | 15.7 years | 15.3 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic distribution | 28,052 | 55.8% | 3,488 | 12.4% |
| Overseas distribution | 22,257 | 44.2% | 1,600 | 7.2% |

### 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 distribution | 55.8% | 68.6% | 12.8 | 12.4% |
| Overseas distribution | 44.2% | 31.4% | -12.8 | 7.2% |

Segment → industry: Domestic distribution → Trucking & Parcel Delivery / Overseas distribution → Warehouses & Logistics Facilities / Domestic distribution → 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 | 5,625 | 11.2% | S100YHI4 |
| Capital expenditure | 12,783 | 25.4% | S100YHI4 |
| Free cash flow | -7,158 | -14.2% | 算出 |
| Investing cash flow | -12,113 | -24.1% | S100YHI4 |
| Financing cash flow | 2,719 | 5.4% | S100YHI4 |
| Dividends paid | 524 | 1.0% | S100YHI4 |
| Share buyback | 0 | 0.0% | S100YHI4 |
| Change in cash | -3,776 | -7.5% | S100YHI4 |
| Cash and equivalents | 4,802 | 9.5% | S100YHI4 |

## 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 | 6,628 | 8,743 | 8,719 | 8,578 | 4,802 | S100TRTH, S100W8A3, S100YHI4 |
| Total assets | 41,989 | 44,437 | 49,499 | 51,106 | 59,770 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Net assets | 21,493 | 24,456 | 28,235 | 30,256 | 33,793 | S100TRTH, S100W8A3, S100YHI4 |
| Share capital | 5,376 | 5,376 | 5,376 | 5,376 | 5,376 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Property, plant and equipment | 21,232 | 21,725 | 23,496 | 24,457 | 35,864 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Intangible assets excluding goodwill | 1,367 | 1,318 | 1,282 | 1,239 | 1,223 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Investment securities | 4,879 | 5,440 | 8,258 | 8,303 | 10,625 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Current assets | 13,365 | 15,003 | 15,293 | 15,817 | 10,906 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Current liabilities | 9,917 | 10,476 | 9,819 | 8,982 | 10,131 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Short-term borrowings | 3,741 | 3,720 | 3,142 | 2,808 | 2,736 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Long-term borrowings | 2,702 | 2,919 | 3,714 | 4,450 | 8,305 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Bonds | 2,360 | 1,100 | 520 | 280 | 120 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Interest-bearing debt | 8,803 | 7,739 | 7,376 | 7,538 | 11,161 | 算出 |
| Total liabilities | 20,496 | 19,981 | 21,264 | 20,850 | 25,976 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Equity attributable to owners of parent | 20,971 | 23,349 | 24,941 | 26,672 | 28,688 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Retained earnings | 11,193 | 13,571 | 15,163 | 16,895 | 18,911 | S100R980, S100TRTH, S100W8A3, S100YHI4 |
| Treasury stock | -14 | -14 | -14 | -14 | -15 | S100R980, S100TRTH, S100W8A3, S100YHI4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHI4 |
| Property, plant and equipment | 60% | S100YHI4 |
| Intangibles and goodwill | 2% | S100YHI4 |
| Investment securities | 18% | S100YHI4 |
| Other assets | 12% | S100YHI4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 25% | S100YHI4 |
| Equity | 56% | S100YHI4 |
| Other liabilities | 0% | S100YHI4 |

### 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 | 41,989 | 44,437 | 49,499 | 51,106 | 59,770 |
| Equity | 21,493 | 24,456 | 28,235 | 30,256 | 33,793 |
| Interest-bearing debt | 8,803 | 7,739 | 7,376 | 7,538 | 11,161 |
| Cash | 6,628 | 8,743 | 8,719 | 8,578 | 4,802 |

## 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) | 71.3% | S100YHI4 |
| Fixed assets ÷ total assets | 60.0% | S100YHI4 |
| Goodwill ÷ parent equity | — | —, S100YHI4 |

### 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) | 8.0% |
| Cash ÷ revenue | 9.5% |
| Net cash (cash − interest-bearing debt) | -¥6.36B |
| Net debt ÷ operating cash flow | 1.13× |
| Cash conversion (operating CF ÷ operating income) | 164.1% |
| Cash vs. profit gap | 3,088 JPY mn (of net income 121.7%) |
| Shareholder returns / net income | 20.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 25.4% |
| Investing CF relative to operating CF | 215.3% |

## 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 | 4.2% | 1.29× | 5.4% | 2.00× | 10.8% | S100R980 |
| 2023 | 4.5% | 1.38× | 6.3% | 1.95× | 12.2% | S100TRTH |
| 2024 | 4.4% | 0.99× | 4.4% | 1.95× | 8.5% | S100W8A3 |
| 2025 | 4.3% | 1.00× | 4.3% | 1.95× | 8.5% | S100YHI4 |
| 2026 | 5.0% | 0.91× | 4.6% | 2.00× | 9.2% | S100YHI4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 京友株式会社 | Major shareholder | 9.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 8.3% | 2026-03-31 |
| 朝日生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 7.6% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 7.4% | 2026-03-31 |
| フィード・ワン株式会社 | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.2% | 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 | 3.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YHI4 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHI4,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W8A3 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8A3,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TRTH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRTH,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R980 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R980,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OGB8 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGB8,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LPZX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPZX,, |

## 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).