# kuribayashi steamship 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153期(2025/04/01－2026/03/31) (S100YKD9)
> Page: https://vizora.meequs.com/en/company/kuribayashi-steamship
> Retrieved: 2026-09-30T23:08:38.791Z

## Company

kuribayashi steamship is a company in Real Estate Development & Leasing listed on TSE Standard. It has 1,110 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kuribayashi Steamship Co., Ltd. |
| Ticker | 9171 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9171.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区大手町二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 栗林宏吉 |
| Share capital | ¥1.22B |
| Employees (consolidated) | 1,110 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Corporate number | 8010001008678 |
| EDINET | E04254 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Shipping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YKD9, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.8 | 12 |
| Profitability | 26.9 | 13 |
| Cash conversion | 57.7 | 13 |
| Efficiency | 73.1 | 13 |

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 90% of kuribayashi steamship's sales come from Shipping, with Hotel and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit -23.1%.

## Company structure

- Segment revenue mix: Shipping 89.9%、Hotel 4.7%、Other 4.3%、Real estate 1.1%
- Revenue → net income: ¥53825129000 → ¥4080033000
- Net income → operating cash flow: ¥4080033000 → ¥5640748000（difference ¥1560715000）
- Main uses of operating cash flow: CapEx ¥3725144000 / dividends ¥311012000 / buybacks ¥201796000
- Change in cash: ¥-1349135000
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 | ¥53.8B |  |
| Operating income | ¥2.08B | Margin 3.9% |
| Net income | ¥3.72B | Margin 6.9% |
| Free cash flow | ¥1.92B |  |
| Largest business | Shipping | of segment revenue 89.9% |
| Employees (consolidated) | 1,110 |  |
| EPS | ¥191.22 |  |
| Book value per share | ¥1503.63 |  |
| Equity ratio | 41.4% |  |
| Shares outstanding | 12,739,696 |  |
| Treasury shares | 386,700 |  |
| Shareholders | 1,700 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 14.9% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | -3.1 pp | Shipping |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41498486000 | ¥53825129000 | +29.7% |
| Operating income | ¥-41086000 | ¥2081311000 | — |
| Operating margin | -0.1% | 3.9% | +4 pp |
| Employees | 1,103 people | 1,110 people | +0.6% |
| Cash and equivalents | ¥9091288000 | ¥12235527000 | +34.6% |

### 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 |
| --- | ---: |
| 海運事業 → 海運事業 | 89.9% |
| 海運事業 → 事業再編・廃止 | 7.0% |
| ホテル事業 → ホテル事業 | 1.6% |
| 不動産事業 → 不動産事業 | 1.1% |
| 不動産事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → ホテル事業 | 3.0% |
| 新設・再編 → その他 | 4.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Shipping | 5 years | +3.8% | ¥48411418000 | 3.6% | 2 |
| Hotel | 5 years | +30.2% | ¥2507709000 | 1.6% | 2 |
| Other | 4 years | +39.3% | ¥2337343000 | 0.6% | 2 |
| Real estate | 5 years | -0.3% | ¥568657000 | 50.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,825 | 100.0% | S100YKD9 |
| Cost of revenue | 42,741 | 79.4% | S100YKD9 |
| Gross profit | 11,084 | 20.6% | S100YKD9 |
| SG&A | 9,003 | 16.7% | S100YKD9 |
| Operating income | 2,081 | 3.9% | S100YKD9 |
| Ordinary income | 2,883 | 5.4% | S100YKD9 |
| Pretax income | 5,801 | 10.8% | S100YKD9 |
| Income tax | 1,721 | 3.2% | S100YKD9 |
| Net income | 4,080 | 7.6% | S100YKD9 |
| Net income attributable to owners | 3,724 | 6.9% | S100YKD9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.6% → Operating margin 3.9% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.4%; Core profit growth: -23.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -16.26×
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 | 53,072 | 53,825 | 754 | +1.4% |
| Gross profit | 11,110 | 11,084 | -26 | -0.2% |
| Operating income | 2,706 | 2,081 | -625 | -23.1% |
| Net income attributable to owners | 2,014 | 3,724 | 1,710 | +84.9% |
| Operating cash flow | 6,815 | 5,641 | -1,174 | -17.2% |
| Free cash flow | 5,335 | 1,916 | -3,420 | -64.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,991 | 438 | 1.0% | 431 | 1,843 | -7,909 | S100LJ8L |
| FY ending Mar 2021 | 41,498 | -41 | -0.1% | 671 | 3,528 | -1,489 | S100OL79 |
| FY ending Mar 2022 | 45,256 | 104 | 0.2% | 91 | 4,919 | 3,100 | S100RIRY |
| FY ending Mar 2023 | 49,855 | 2,061 | 4.1% | 1,836 | 4,902 | 830 | S100TUD0 |
| FY ending Mar 2024 | 48,886 | 1,533 | 3.1% | 1,674 | 4,329 | 347 | S100W7OA |
| FY ending Mar 2025 | 53,072 | 2,706 | 5.1% | 2,014 | 6,815 | 5,335 | S100YKD9 |
| FY ending Mar 2026 | 53,825 | 2,081 | 3.9% | 3,724 | 5,641 | 1,916 | S100YKD9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 1,108 | 1,098 | 1,109 | 1,107 | 1,110 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.8M | ¥8.5M | ¥8.5M |
| Average age (parent company) | 41.2 years | 41.4 years | 43.2 years | 43.5 years | 42.9 years |
| Average tenure (parent company) | 12.5 years | 12.0 years | 13.0 years | 12.4 years | 11.5 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Shipping | 48,411 | 89.9% | 1,734 | 3.6% |
| Hotel | 2,508 | 4.7% | 39 | 1.6% |
| Real estate | 569 | 1.1% | 288 | 50.6% |
| Other | 2,337 | 4.3% | 13 | 0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Shipping | 89.9% | 83.6% | -6.3 | 3.6% |
| Hotel | 4.7% | 1.9% | -2.8 | 1.6% |
| Real estate | 1.1% | 13.9% | 12.8 | 50.6% |
| Other | 4.3% | 0.6% | -3.7 | 0.6% |

Segment → industry: Real estate → Real Estate Development & Leasing / Hotel → Hotels & Inns / Shipping → Shipping / Shipping → 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 | 5,641 | 10.5% | S100YKD9 |
| Capital expenditure | 3,725 | 6.9% | S100YKD9 |
| Free cash flow | 1,916 | 3.6% | 算出 |
| Investing cash flow | -1,192 | -2.2% | S100YKD9 |
| Financing cash flow | -5,817 | -10.8% | S100YKD9 |
| Dividends paid | 311 | 0.6% | S100YKD9 |
| Share buyback | 202 | 0.4% | S100YKD9 |
| Change in cash | -1,349 | -2.5% | S100YKD9 |
| Cash and equivalents | 12,236 | 22.7% | S100YKD9 |

## 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 | 10,566 | 11,522 | 12,401 | 13,585 | 12,236 | S100TUD0, S100W7OA, S100YKD9 |
| Total assets | 69,432 | 70,743 | 77,932 | 80,274 | 82,355 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Net assets | 23,056 | 24,544 | 29,797 | 33,717 | 36,141 | S100TUD0, S100W7OA, S100YKD9 |
| Share capital | 1,215 | 1,215 | 1,215 | 1,215 | 1,215 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Property, plant and equipment | 35,251 | 36,217 | 37,208 | 35,482 | 35,979 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Intangible assets excluding goodwill | 1,281 | 1,224 | 1,262 | 1,205 | 1,177 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Goodwill | 80 | 64 | 48 | 32 | 16 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Investment securities | 11,253 | 10,535 | 15,806 | 18,893 | 21,254 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Current assets | 20,277 | 21,428 | 22,402 | 23,430 | 22,570 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Current liabilities | 18,494 | 16,659 | 15,439 | 15,599 | 16,055 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Trade payables | 7,129 | 6,382 | 6,670 | 6,641 | 7,263 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Short-term borrowings | 5,952 | 3,686 | 2,050 | 1,480 | 1,620 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Long-term borrowings | 11,389 | 12,011 | 12,072 | 10,980 | 10,524 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Bonds | 740 | 440 | 400 | — | — | S100RIRY, S100TUD0, S100W7OA |
| Interest-bearing debt | 18,081 | 16,137 | 14,522 | — | — | 算出 |
| Total liabilities | 46,376 | 46,199 | 48,136 | 46,557 | 46,214 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Non-controlling interests | 2,884 | 3,072 | 3,356 | 3,725 | 2,060 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Equity attributable to owners of parent | 16,210 | 17,994 | 19,471 | 21,147 | 23,546 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Retained earnings | 13,740 | 15,500 | 17,020 | 18,882 | 22,294 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |
| Treasury stock | -15 | -0 | -45 | -235 | -1,216 | S100RIRY, S100TUD0, S100W7OA, S100YKD9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YKD9 |
| Property, plant and equipment | 44% | S100YKD9 |
| Intangibles and goodwill | 1% | S100YKD9 |
| Investment securities | 26% | S100YKD9 |
| Other assets | 14% | S100YKD9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YKD9 |
| Other liabilities | 47% | S100YKD9 |
| Equity | 44% | S100YKD9 |
| Other liabilities | 0% | S100YKD9 |

### 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 | 69,432 | 70,743 | 77,932 | 80,274 | 82,355 |
| Equity | 23,056 | 24,544 | 29,797 | 33,717 | 36,141 |
| Interest-bearing debt | 18,081 | 16,137 | 14,522 | — | — |
| Cash | 10,566 | 11,522 | 12,401 | 13,585 | 12,236 |

## 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) | 66.8% | S100YKD9 |
| Fixed assets ÷ total assets | 43.7% | S100YKD9 |
| Goodwill ÷ parent equity | 0.1% | S100YKD9 |

Goodwill over 4 years: 80 → 16 JPY; total investing cash flow: -11,313 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) | 14.9% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 271.0% |
| Cash vs. profit gap | 1,917 JPY mn (of net income 51.5%) |
| Shareholder returns / net income | 13.8% |
| Shareholder returns / FCF | 26.8% |
| Shareholder payments — dividends / net income | 8.4% |
| Shareholder payments — dividends / FCF | 16.2% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 21.1% |

## 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 | 0.2% | 0.65× | 0.1% | 4.28× | 0.6% | S100RIRY |
| 2023 | 3.7% | 0.71× | 2.6% | 4.10× | 10.7% | S100TUD0 |
| 2024 | 3.4% | 0.66× | 2.3% | 3.97× | 8.9% | S100W7OA |
| 2025 | 3.8% | 0.67× | 2.5% | 3.89× | 9.9% | S100YKD9 |
| 2026 | 6.9% | 0.66× | 4.6% | 3.64× | 16.7% | S100YKD9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 栗林株式会社 | Major shareholder | 9.3% | 2026-03-31 |
| 王子ホールディングス株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社日本製鋼所 | Major shareholder | 6.6% | 2026-03-31 |
| 栗林總子 | Major shareholder | 6.3% | 2026-03-31 |
| 日本製紙株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 三ッ輪運輸株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社栗林商会 | Major shareholder | 5.1% | 2026-03-31 |
| 栗林英雄 | Major shareholder | 4.7% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託Ｅ口) | Major shareholder | 3.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第153期(2025/04/01－2026/03/31) | S100YKD9 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKD9,, |
| 有価証券報告書－第152期(2024/04/01－2025/03/31) | S100W7OA | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7OA,, |
| 有価証券報告書－第151期(2023/04/01－2024/03/31) | S100TUD0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUD0,, |
| 訂正有価証券報告書－第150期(2022/04/01－2023/03/31) | S100RIRY | 2023-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RIRY,, |
| 有価証券報告書－第149期(令和3年4月1日－令和4年3月31日) | S100OL79 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL79,, |
| 有価証券報告書－第148期(令和2年4月1日－令和3年3月31日) | S100LJ8L | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ8L,, |

## 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).