# Konoike Transport 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86期(2025/04/01－2026/03/31) (S100YGFS)
> Page: https://vizora.meequs.com/en/company/konoike-transport
> Retrieved: 2026-09-30T19:53:55.901Z

## Company

Konoike Transport, founded in 1880, is a company in HR & Staffing listed on TSE Prime. It has 17,016 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Konoike Transport Co.,Ltd. |
| Ticker | 9025 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9025.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区伏見町四丁目3番9号 |
| Representative (per filing) | 代表取締役会長兼社長執行役員 鴻池 忠彦 |
| Founded | May 1880 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 17,016 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.konoike.net (https://www.konoike.net/) |
| Corporate number | 5120001079182 |
| EDINET | E04341 |
| Industries (Vizora) | HR & Staffing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGFS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.4 | 68 |
| Profitability | 41.5 | 88 |
| Cash conversion | 68.1 | 80 |
| Efficiency | 39.2 | 88 |
| Financial strength | 50 | 5 |

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 65% of Konoike Transport's sales come from Integrated solutions business, with International logistics business and Domestic logistics business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +6.5%.

## Company structure

- Segment revenue mix: Integrated solutions business 65.2%、International logistics business 18.9%、Domestic logistics business 15.9%、Other 0.0%
- Revenue → net income: ¥355555000000 → ¥14871000000
- Net income → operating cash flow: ¥14871000000 → ¥24862000000（difference ¥9991000000）
- Main uses of operating cash flow: CapEx ¥13664000000 / dividends ¥6157000000 / buybacks —
- Change in cash: ¥-1766000000
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 | ¥355.6B |  |
| Operating income | ¥22.8B | Margin 6.4% |
| Net income | ¥14.3B | Margin 4.0% |
| Free cash flow | ¥11.2B |  |
| Largest business | Integrated solutions business | of segment revenue 65.2% |
| Employees (consolidated) | 17,016 |  |
| EPS | ¥139.56 |  |
| Book value per share | ¥1947.5 |  |
| Equity ratio | 53.1% |  |
| Shares outstanding | 56,952,442 |  |
| Treasury shares | 3,852,800 |  |
| Shareholders | 4,846 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 20.3% | Net cash ¥18.1B · Cash ÷ revenue 17.1% |
| Vs. industry median margin | -2.2 pp | HR & Staffing |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥292348000000 | ¥355555000000 | +21.6% |
| Operating income | ¥3997000000 | ¥22785000000 | +470.1% |
| Operating margin | 1.4% | 6.4% | +5 pp |
| Employees | 15,690 people | 17,016 people | +8.5% |
| Cash and equivalents | ¥62217000000 | ¥60937000000 | -2.1% |

### 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 |
| --- | ---: |
| 複合ソリューション事業 → 複合ソリューション事業 | 63.0% |
| 国内物流事業 → 国内物流事業 | 15.9% |
| 国内物流事業 → 事業再編・廃止 | 1.6% |
| 国際物流事業 → 国際物流事業 | 18.9% |
| 国際物流事業 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 複合ソリューション事業 | 2.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Integrated solutions business | 5 years | +4.6% | ¥231985000000 | 10.3% | 2 |
| International logistics business | 5 years | +3.6% | ¥67028000000 | 5.9% | 2 |
| Domestic logistics business | 5 years | +2.0% | ¥56513000000 | 6.1% | 2 |
| Other | 5 years | -51.3% | ¥28000000 | -317.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 355,555 | 100.0% | S100YGFS |
| Cost of revenue | 312,227 | 87.8% | S100YGFS |
| Gross profit | 43,328 | 12.2% | S100YGFS |
| SG&A | 20,542 | 5.8% | S100YGFS |
| Operating income | 22,785 | 6.4% | S100YGFS |
| Ordinary income | 22,585 | 6.4% | S100YGFS |
| Pretax income | 22,154 | 6.2% | S100YGFS |
| Income tax | 7,283 | 2.0% | S100YGFS |
| Net income | 14,871 | 4.2% | S100YGFS |
| Net income attributable to owners | 14,268 | 4.0% | S100YGFS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 6 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 12.2% → Operating margin 6.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +6.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.14×
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 | 344,987 | 355,555 | 10,568 | +3.1% |
| Gross profit | 40,328 | 43,328 | 3,000 | +7.4% |
| Operating income | 21,385 | 22,785 | 1,400 | +6.5% |
| Net income attributable to owners | 14,050 | 14,268 | 218 | +1.6% |
| Operating cash flow | 23,468 | 24,862 | 1,394 | +5.9% |
| Free cash flow | 13,544 | 11,198 | -2,346 | -17.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 310,834 | 9,686 | 3.1% | 4,593 | 18,367 | 6,205 | S100LPN7 |
| FY ending Mar 2021 | 292,348 | 3,997 | 1.4% | 4,836 | 14,465 | 883 | S100ODYP |
| FY ending Mar 2022 | 301,373 | 10,288 | 3.4% | 7,988 | 16,749 | 7,825 | S100R2JC |
| FY ending Mar 2023 | 311,840 | 13,243 | 4.2% | 8,301 | 18,793 | 12,990 | S100TQ4T |
| FY ending Mar 2024 | 315,029 | 16,634 | 5.3% | 11,349 | 17,687 | 9,467 | S100W21M |
| FY ending Mar 2025 | 344,987 | 21,385 | 6.2% | 14,050 | 23,468 | 13,544 | S100YGFS |
| FY ending Mar 2026 | 355,555 | 22,785 | 6.4% | 14,268 | 24,862 | 11,198 | S100YGFS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.9M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥838.5K |

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) | 15,188 | 15,709 | 15,807 | 16,650 | 17,016 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.4M | ¥5.7M | ¥5.9M |
| Average age (parent company) | 42.4 years | 42.8 years | 43.3 years | 43.7 years | 44.0 years |
| Average tenure (parent company) | 12.3 years | 12.6 years | 13.1 years | 13.3 years | 13.4 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Integrated solutions business | 231,985 | 65.2% | 23,864 | 10.3% |
| Domestic logistics business | 56,513 | 15.9% | 3,448 | 6.1% |
| International logistics business | 67,028 | 18.9% | 3,973 | 5.9% |
| Other | 28 | 0.0% | -89 | -317.9% |

### 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 solutions business | 65.2% | 76.3% | 11.0 | 10.3% |
| Domestic logistics business | 15.9% | 11.0% | -4.9 | 6.1% |
| International logistics business | 18.9% | 12.7% | -6.2 | 5.9% |
| Other | 0.0% | — | — | -317.9% |

Loss-making segment (excluded from profit shares): Other -89 JPY mn

Segment → industry: Integrated solutions business → HR & Staffing / Domestic logistics business → Trucking & Parcel Delivery / International logistics business → Warehouses & Logistics Facilities / Domestic logistics 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 | 24,862 | 7.0% | S100YGFS |
| Capital expenditure | 13,664 | 3.8% | S100YGFS |
| Free cash flow | 11,198 | 3.1% | 算出 |
| Investing cash flow | -16,234 | -4.6% | S100YGFS |
| Financing cash flow | -10,476 | -2.9% | S100YGFS |
| Dividends paid | 6,157 | 1.7% | S100YGFS |
| Change in cash | -1,766 | -0.5% | S100YGFS |
| Cash and equivalents | 60,937 | 17.1% | S100YGFS |

## 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 | 57,628 | 67,580 | 68,114 | 62,704 | 60,937 | S100TQ4T, S100W21M, S100YGFS |
| Total assets | 257,764 | 266,022 | 277,056 | 289,702 | 299,726 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Net assets | 113,291 | 123,793 | 136,081 | 150,424 | 163,251 | S100TQ4T, S100W21M, S100YGFS |
| Share capital | 1,723 | 1,723 | 1,723 | 1,723 | 1,723 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Property, plant and equipment | 102,623 | 101,889 | 105,479 | 112,296 | 116,000 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Intangible assets excluding goodwill | 5,959 | 6,097 | 5,424 | 6,846 | 6,605 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Goodwill | 1,800 | 1,568 | 1,336 | 2,595 | 2,206 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Investment securities | 12,290 | 12,610 | 13,565 | 13,005 | 16,883 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Current assets | 123,899 | 132,254 | 138,176 | 140,129 | 143,362 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Current liabilities | 51,010 | 52,526 | 61,886 | 63,932 | 72,781 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Trade payables | 17,618 | 15,110 | 14,843 | 16,247 | 14,584 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Short-term borrowings | 4,949 | 6,636 | 4,005 | 6,190 | 7,452 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Long-term borrowings | 9,107 | 5,737 | 4,120 | 4,115 | 5,340 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Bonds | 55,000 | 55,000 | 45,000 | 40,000 | 30,000 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Interest-bearing debt | 69,056 | 67,373 | 53,125 | 50,305 | 42,792 | 算出 |
| Total liabilities | 144,472 | 142,228 | 140,975 | 139,278 | 136,475 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Non-controlling interests | 2,358 | 2,498 | 2,814 | 3,648 | 4,175 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Equity attributable to owners of parent | 111,599 | 118,391 | 127,393 | 137,772 | 145,982 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Retained earnings | 114,564 | 121,235 | 130,161 | 140,453 | 148,579 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |
| Treasury stock | -6,596 | -6,475 | -6,400 | -6,342 | -6,298 | S100R2JC, S100TQ4T, S100W21M, S100YGFS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YGFS |
| Property, plant and equipment | 39% | S100YGFS |
| Intangibles and goodwill | 3% | S100YGFS |
| Investment securities | 6% | S100YGFS |
| Other assets | 32% | S100YGFS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YGFS |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 26% | S100YGFS |
| Equity | 55% | S100YGFS |

### 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 | 257,764 | 266,022 | 277,056 | 289,702 | 299,726 |
| Equity | 113,291 | 123,793 | 136,081 | 150,424 | 163,251 |
| Interest-bearing debt | 69,056 | 67,373 | 53,125 | 50,305 | 42,792 |
| Cash | 57,628 | 67,580 | 68,114 | 62,704 | 60,937 |

## 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) | 32.6% | S100YGFS |
| Fixed assets ÷ total assets | 38.7% | S100YGFS |
| Goodwill ÷ parent equity | 1.5% | S100YGFS |

Goodwill over 4 years: 1,800 → 2,206 JPY; total investing cash flow: -53,303 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) | 20.3% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | ¥18.1B |
| Net debt ÷ operating cash flow | -0.73× |
| Cash conversion (operating CF ÷ operating income) | 109.1% |
| Cash vs. profit gap | 10,594 JPY mn (of net income 74.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.2% |
| Shareholder payments — dividends / FCF | 55.0% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 65.3% |

## 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 | 2.7% | 1.17× | 3.1% | 2.31× | 7.2% | S100R2JC |
| 2023 | 2.7% | 1.19× | 3.2% | 2.28× | 7.2% | S100TQ4T |
| 2024 | 3.6% | 1.16× | 4.2% | 2.21× | 9.2% | S100W21M |
| 2025 | 4.1% | 1.22× | 5.0% | 2.14× | 10.6% | S100YGFS |
| 2026 | 4.0% | 1.21× | 4.8% | 2.08× | 10.1% | S100YGFS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 江之子島商事株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| 鴻池運輸従業員持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 銀泉株式会社 | Major shareholder | 6.8% | 2026-03-31 |
| 鴻池 忠彦 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 大阪瓦斯株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 鴻池 忠嗣 | Major shareholder | 3.1% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 3.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥355.6B, up 3.1% from ¥345B.
- Operating income grew faster, to ¥22.8B (+6.5%), but net income attributable to owners rose only slightly, to ¥14.3B (+1.6%).
- Operating cash flow increased to ¥24.9B (+5.9%), while free cash flow dropped to ¥11.2B (-17.3%).

### Drivers

- Newly consolidated subsidiaries in India and Canada
- More international passenger flights returned, lifting airport-related volumes
- The integrated solutions business handled more volume at fairer prices, while international logistics lost sales and profit as air cargo volumes fell

### Risks

- Fewer flights on China routes are hurting the airport business, and it is unclear when this will end
- Tension in the Middle East is pushing up fuel prices, which could raise logistics costs
- Higher US import tariffs are weighing on overseas operations

Cited: Annual securities report, 86th fiscal term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YGFS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGFS,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W21M | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W21M,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TQ4T | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ4T,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R2JC | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2JC,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100ODYP | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODYP,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LPN7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPN7,, |

## 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).