# KYOEI TANKER 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96期(2025/04/01－2026/03/31) (S100YK3U)
> Page: https://vizora.meequs.com/en/company/kyoei-tanker
> Retrieved: 2026-09-30T20:00:01.779Z

## Company

Kyoei Tanker, founded in 1937, is a company in Shipping listed on TSE Standard. It has 67 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KYOEI TANKER CO., LTD. |
| Ticker | 9130 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9130.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田三丁目2番6号 |
| Representative (per filing) | 代表取締役社長 近藤 耕司 |
| Founded | Mar 1937 |
| Share capital | ¥2.85B |
| Employees (consolidated) | 67 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | March |
| Website | www.kyoeitanker.co.jp (https://www.kyoeitanker.co.jp/) |
| Corporate number | 2010001008667 |
| EDINET | E04251 |
| Industries (Vizora) | Shipping |

> Profile source: annual securities report (S100YK3U, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 12 |
| Profitability | 65.4 | 13 |
| Cash conversion | 80.8 | 13 |
| Efficiency | 3.8 | 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)

- Kyoei Tanker brought in ¥15.5B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit -9.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15509566000 → ¥414480000
- Net income → operating cash flow: ¥414480000 → ¥5542469000（difference ¥5127989000）
- Main uses of operating cash flow: CapEx ¥6149948000 / dividends ¥301623000 / buybacks —
- Change in cash: ¥-1819815000
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 | ¥15.5B |  |
| Operating income | ¥1.24B | Margin 8.0% |
| Net income | ¥414.5M | Margin 2.7% |
| Free cash flow | -¥607.5M |  |
| Employees (consolidated) | 67 |  |
| EPS | ¥45.95 |  |
| Book value per share | ¥1758.84 |  |
| Equity ratio | 33.7% |  |
| Shares outstanding | 7,650,000 |  |
| Treasury shares | 2,300 |  |
| Shareholders | 8,762 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 7.5% | Cash ÷ revenue 37.5% |
| Vs. industry median margin | +1.1 pp | Shipping |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 13.4× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11670148000 | ¥15509566000 | +32.9% |
| Operating income | ¥782963000 | ¥1243794000 | +58.9% |
| Operating margin | 6.7% | 8.0% | +1.3 pp |
| Employees | 57 people | 67 people | +17.5% |
| Cash and equivalents | ¥1438484000 | ¥5808384000 | +303.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,510 | 100.0% | S100YK3U |
| Operating income | 1,244 | 8.0% | S100YK3U |
| Ordinary income | 887 | 5.7% | S100YK3U |
| Pretax income | 537 | 3.5% | S100YK3U |
| Income tax | 122 | 0.8% | S100YK3U |
| Net income | 414 | 2.7% | S100YK3U |
| Net income attributable to owners | 414 | 2.7% | S100YK3U |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 92 |
| Operating income | 8 |
| (Ref.) Net income | 3 |

### Margin funnel

Operating margin 8.0% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.3%; Core profit growth: -9.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.07×
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 | 15,160 | 15,510 | 349 | +2.3% |
| Operating income | 1,373 | 1,244 | -129 | -9.4% |
| Net income attributable to owners | 5,112 | 414 | -4,697 | -91.9% |
| Operating cash flow | 4,710 | 5,542 | 832 | +17.7% |
| Free cash flow | -1,376 | -607 | 768 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,505 | 1,556 | 12.4% | 2,100 | 6,098 | -8,661 | S100TX4N |
| FY ending Mar 2021 | 11,670 | 783 | 6.7% | 162 | 4,332 | -5,659 | S100W7NI |
| FY ending Mar 2022 | 12,141 | 421 | 3.5% | 883 | 6,025 | -3,477 | S100YK3U |
| FY ending Mar 2023 | 14,271 | 682 | 4.8% | 876 | 4,922 | 3,219 | S100YK3U |
| FY ending Mar 2024 | 14,178 | -124 | -0.9% | 147 | 6,038 | 2,788 | S100YK3U |
| FY ending Mar 2025 | 15,160 | 1,373 | 9.1% | 5,112 | 4,710 | -1,376 | S100YK3U |
| FY ending Mar 2026 | 15,510 | 1,244 | 8.0% | 414 | 5,542 | -607 | S100YK3U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥231.5M |
| Operating income per employee (consolidated) | ¥18.6M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 57 | 63 | 62 | 66 | 67 |
| Average salary (parent company) | ¥9.8M | ¥8.8M | ¥9M | ¥9.6M | ¥9.6M |
| Average age (parent company) | 41.8 years | 39.9 years | 39.5 years | 39.3 years | 37.4 years |
| Average tenure (parent company) | 13.9 years | 11.6 years | 11.9 years | 11.9 years | 11.0 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +2.3%

## 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 | 5,542 | 35.7% | S100YK3U |
| Capital expenditure | 6,150 | 39.7% | S100YK3U |
| Free cash flow | -607 | -3.9% | 算出 |
| Investing cash flow | -5,440 | -35.1% | S100YK3U |
| Financing cash flow | -1,914 | -12.3% | S100YK3U |
| Dividends paid | 302 | 1.9% | S100YK3U |
| Change in cash | -1,820 | -11.7% | S100YK3U |
| Cash and equivalents | 5,808 | 37.5% | S100YK3U |

## 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 | 4,492 | 4,379 | 4,408 | 7,628 | 5,808 | S100TX4N, S100W7NI, S100YK3U |
| Total assets | 73,497 | 70,843 | 70,528 | 77,291 | 77,438 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Net assets | 15,117 | 17,894 | 19,368 | 25,060 | 26,092 | S100TX4N, S100W7NI, S100YK3U |
| Share capital | 2,850 | 2,850 | 2,850 | 2,850 | 2,850 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Property, plant and equipment | 67,062 | 63,263 | 61,928 | 63,754 | 65,099 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Intangible assets excluding goodwill | 5 | 13 | 10 | 8 | 24 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Investment securities | 696 | 1,005 | 1,682 | 1,779 | 2,898 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Current assets | 5,498 | 6,359 | 6,608 | 10,649 | 8,424 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Current liabilities | 14,906 | 6,088 | 11,353 | 10,905 | 14,236 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Short-term borrowings | 13,333 | 4,871 | 8,569 | 9,432 | 10,760 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Long-term borrowings | 40,061 | 43,145 | 36,119 | 36,111 | 33,255 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Total liabilities | 58,380 | 52,949 | 51,160 | 52,231 | 51,346 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Equity attributable to owners of parent | 14,622 | 15,345 | 15,339 | 20,145 | 20,253 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Retained earnings | 11,257 | 11,980 | 11,973 | 16,779 | 16,888 | S100R97K, S100TX4N, S100W7NI, S100YK3U |
| Treasury stock | -3 | -3 | -3 | -3 | -3 | S100R97K, S100TX4N, S100W7NI, S100YK3U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YK3U |
| Property, plant and equipment | 84% | S100YK3U |
| Intangibles and goodwill | 0% | S100YK3U |
| Investment securities | 4% | S100YK3U |
| Other assets | 5% | S100YK3U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YK3U |
| Equity | 34% | S100YK3U |

### 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 | 73,497 | 70,843 | 70,528 | 77,291 | 77,438 |
| Equity | 15,117 | 17,894 | 19,368 | 25,060 | 26,092 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,492 | 4,379 | 4,408 | 7,628 | 5,808 |

## 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) | 419.7% | S100YK3U |
| Fixed assets ÷ total assets | 84.1% | S100YK3U |
| Goodwill ÷ parent equity | — | —, S100YK3U |

### 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) | 7.5% |
| Cash ÷ revenue | 37.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 445.6% |
| Cash vs. profit gap | 5,128 JPY mn (of net income 1237.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 72.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 39.7% |
| Investing CF relative to operating CF | 98.2% |

## 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 | 7.3% | 0.17× | 1.2% | 5.03× | 6.0% | S100R97K, S100YK3U |
| 2023 | 6.1% | 0.20× | 1.2% | 4.82× | 5.8% | S100TX4N, S100YK3U |
| 2024 | 1.0% | 0.20× | 0.2% | 4.61× | 1.0% | S100W7NI, S100YK3U |
| 2025 | 33.7% | 0.21× | 6.9% | 4.17× | 28.8% | S100YK3U |
| 2026 | 2.7% | 0.20× | 0.5% | 3.83× | 2.1% | S100YK3U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本郵船株式会社 | Major shareholder | 30.0% | 2026-03-31 |
| ジャパンマリンユナイテッド株式会社 | Major shareholder | 12.4% | 2026-03-31 |
| コスモ石油株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 馬場 邦子 | Major shareholder | 1.6% | 2026-03-31 |
| KGI ASIA LIMITED-CLIENT ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社エステックス | Major shareholder | 1.3% | 2026-03-31 |
| 馬場 洋子 | Major shareholder | 1.3% | 2026-03-31 |
| 林田 一男 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YK3U | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK3U,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100W7NI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7NI,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TX4N | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX4N,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100R97K | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R97K,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OLS4 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLS4,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LU1A | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU1A,, |

## 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).