# Kyogoku unyu shoji 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) (S100YGY5)
> Page: https://vizora.meequs.com/en/company/kyogoku-unyu-shoji
> Retrieved: 2026-09-30T21:19:26.883Z

## Company

Kyogoku unyu shoji, founded in 1947, is a company in Steel listed on TSE Standard. It has 315 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kyogoku unyu shoji Co., Ltd. |
| Ticker | 9073 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9073.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋浜町一丁目2番1号 |
| Representative (per filing) | 代表取締役社長 北山 剛規 |
| Founded | May 1947 |
| Share capital | ¥50M |
| Employees (consolidated) | 315 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Corporate number | 6010001040914 |
| EDINET | E04197 |
| Industries (Vizora) | Steel, Oil Refining & Fuels, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YGY5, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 21 |
| Profitability | 11.4 | 22 |
| Cash conversion | 97.7 | 22 |
| Efficiency | 52.3 | 22 |

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 46% of Kyogoku unyu shoji's sales come from Domestic transportation business, with Steel drum and pail business and Energy business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +867.8%.

## Company structure

- Segment revenue mix: Domestic transportation business 45.5%、Steel drum and pail business 28.3%、Energy business 11.0%、Tank washing business 7.9%、International logistics business 7.3%
- Revenue → net income: ¥8702436000 → ¥175069000
- Net income → operating cash flow: ¥175069000 → ¥908514000（difference ¥733445000）
- Main uses of operating cash flow: CapEx ¥100678000 / dividends ¥28747000 / buybacks ¥106640000
- Change in cash: ¥413090000
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 | ¥8.7B |  |
| Operating income | ¥163.7M | Margin 1.9% |
| Net income | ¥172.6M | Margin 2.0% |
| Free cash flow | ¥807.8M |  |
| Largest business | Domestic transportation business | of segment revenue 45.5% |
| Employees (consolidated) | 315 |  |
| EPS | ¥29.98 |  |
| Book value per share | ¥1304.23 |  |
| Equity ratio | 52.2% |  |
| Shares outstanding | 2,795,000 |  |
| Shareholders | 3,439 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 14.5% | Cash ÷ revenue 14.9% |
| Vs. industry median margin | -2.9 pp | Trucking & Parcel Delivery |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.3× net income
- FY2026, buybacks were 3.7× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8698923000 | ¥8702436000 | +0.0% |
| Operating income | ¥172726000 | ¥163743000 | -5.2% |
| Operating margin | 2.0% | 1.9% | -0.1 pp |
| Employees | 315 people | 315 people | 0.0% |
| Cash and equivalents | ¥976011000 | ¥1293817000 | +32.6% |

### 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 |
| --- | ---: |
| 石油・ドラム缶等販売事業 → 事業再編・廃止 | 41.0% |
| 貨物自動車運送事業 → 事業再編・廃止 | 39.1% |
| 港湾運送及び通関事業 → 事業再編・廃止 | 4.4% |
| 倉庫事業 → 事業再編・廃止 | 5.1% |
| タンク洗滌・修理事業 → 事業再編・廃止 | 10.4% |
| 新設・再編 → 国内輸送事業 | 45.5% |
| 新設・再編 → 国際物流事業 | 7.3% |
| 新設・再編 → ドラム缶・ペール缶事業 | 28.3% |
| 新設・再編 → エネルギー事業 | 11.0% |
| 新設・再編 → タンク洗浄事業 | 7.9% |

Segment revenue source references: 10 (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 transportation business | 3 years | +1.7% | ¥3960373000 | 7.0% | 2 |
| Steel drum and pail business | 3 years | +2.0% | ¥2461754000 | 3.6% | 2 |
| Energy business | 3 years | -12.7% | ¥959844000 | 0.3% | 2 |
| Tank washing business | 3 years | +15.0% | ¥689409000 | 15.7% | 2 |
| International logistics business | 3 years | -5.1% | ¥631056000 | 21.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,702 | 100.0% | S100YGY5 |
| Cost of revenue | 7,943 | 91.3% | S100YGY5 |
| Gross profit | 759 | 8.7% | S100YGY5 |
| SG&A | 595 | 6.8% | S100YGY5 |
| Operating income | 164 | 1.9% | S100YGY5 |
| Ordinary income | 244 | 2.8% | S100YGY5 |
| Pretax income | 246 | 2.8% | S100YGY5 |
| Income tax | 71 | 0.8% | S100YGY5 |
| Net income | 175 | 2.0% | S100YGY5 |
| Net income attributable to owners | 173 | 2.0% | S100YGY5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 7 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 8.7% → Operating margin 1.9% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +867.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 260.23×
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 | 8,422 | 8,702 | 281 | +3.3% |
| Gross profit | 624 | 759 | 135 | +21.6% |
| Operating income | 17 | 164 | 147 | +867.8% |
| Net income attributable to owners | 104 | 173 | 69 | +66.2% |
| Operating cash flow | 393 | 909 | 515 | +131.2% |
| Free cash flow | 266 | 808 | 542 | +204.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,052 | 115 | 1.3% | 117 | 591 | 221 | S100MQS2 |
| FY ending Mar 2021 | 8,699 | 173 | 2.0% | 154 | 360 | -156 | S100OJ00 |
| FY ending Mar 2022 | 8,970 | 151 | 1.7% | 153 | 719 | 468 | S100R6QM |
| FY ending Mar 2023 | 8,725 | 6 | 0.1% | 62 | 359 | 130 | S100TQF5 |
| FY ending Mar 2024 | 8,414 | 33 | 0.4% | 60 | 466 | 329 | S100W32C |
| FY ending Mar 2025 | 8,422 | 17 | 0.2% | 104 | 393 | 266 | S100YGY5 |
| FY ending Mar 2026 | 8,702 | 164 | 1.9% | 173 | 909 | 808 | S100YGY5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.6M |
| Operating income per employee (consolidated) | ¥519.8K |
| Net income per employee (consolidated) | ¥548K |

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) | 313 | 312 | 303 | 311 | 315 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.5M | ¥5.9M | ¥5.9M |
| Average age (parent company) | 47.1 years | 46.9 years | 48.1 years | 50.5 years | 49.7 years |
| Average tenure (parent company) | 14.7 years | 13.8 years | 12.5 years | 13.7 years | 12.8 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic transportation business | 3,960 | 45.5% | 279 | 7.0% |
| International logistics business | 631 | 7.3% | 133 | 21.1% |
| Steel drum and pail business | 2,462 | 28.3% | 89 | 3.6% |
| Energy business | 960 | 11.0% | 3 | 0.3% |
| Tank washing business | 689 | 7.9% | 108 | 15.7% |

### 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 transportation business | 45.5% | 45.6% | 0.1 | 7.0% |
| International logistics business | 7.3% | 21.7% | 14.5 | 21.1% |
| Steel drum and pail business | 28.3% | 14.6% | -13.7 | 3.6% |
| Energy business | 11.0% | 0.5% | -10.6 | 0.3% |
| Tank washing business | 7.9% | 17.7% | 9.7 | 15.7% |

Segment → industry: Steel drum and pail business → Steel / Energy business → Oil Refining & Fuels / Tank washing business → Trucking & Parcel Delivery / International logistics business → Trucking & Parcel Delivery / Domestic transportation business → Trucking & Parcel Delivery

## 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 | 909 | 10.4% | S100YGY5 |
| Capital expenditure | 101 | 1.2% | S100YGY5 |
| Free cash flow | 808 | 9.3% | 算出 |
| Investing cash flow | -74 | -0.9% | S100YGY5 |
| Financing cash flow | -421 | -4.8% | S100YGY5 |
| Dividends paid | 29 | 0.3% | S100YGY5 |
| Share buyback | 107 | 1.2% | S100YGY5 |
| Change in cash | 413 | 4.7% | S100YGY5 |
| Cash and equivalents | 1,294 | 14.9% | S100YGY5 |

## 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 | 1,230 | 1,108 | 944 | 881 | 1,294 | S100TQF5, S100W32C, S100YGY5 |
| Total assets | 7,661 | 7,489 | 8,073 | 8,169 | 8,929 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Net assets | 3,792 | 3,946 | 4,349 | 4,241 | 4,682 | S100TQF5, S100W32C, S100YGY5 |
| Share capital | 160 | 160 | 160 | 50 | 50 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Property, plant and equipment | 3,140 | 3,108 | 3,292 | 3,637 | 3,584 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Intangible assets excluding goodwill | 131 | 92 | 58 | 27 | 43 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Investment securities | 1,130 | 1,336 | 1,956 | 1,797 | 2,393 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Current assets | 2,989 | 2,754 | 2,642 | 2,532 | 2,742 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Current liabilities | 2,449 | 2,571 | 2,334 | 2,292 | 2,453 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Trade payables | 846 | 768 | 783 | 746 | 758 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Short-term borrowings | 930 | 1,149 | 872 | 840 | 826 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Long-term borrowings | 456 | 77 | 25 | 6 | — | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Total liabilities | 3,869 | 3,543 | 3,724 | 3,928 | 4,247 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Non-controlling interests | 22 | 21 | 22 | 22 | 25 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Equity attributable to owners of parent | 3,433 | 3,458 | 3,433 | 3,434 | 3,471 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Retained earnings | 3,327 | 3,352 | 3,381 | 3,456 | 3,416 | S100R6QM, S100TQF5, S100W32C, S100YGY5 |
| Treasury stock | -59 | -59 | -113 | -186 | — | S100R6QM, S100TQF5, S100W32C, S100YGY5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YGY5 |
| Property, plant and equipment | 40% | S100YGY5 |
| Intangibles and goodwill | 0% | S100YGY5 |
| Investment securities | 27% | S100YGY5 |
| Other assets | 18% | S100YGY5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YGY5 |
| Other liabilities | 39% | S100YGY5 |
| Equity | 52% | S100YGY5 |

### 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 | 7,661 | 7,489 | 8,073 | 8,169 | 8,929 |
| Equity | 3,792 | 3,946 | 4,349 | 4,241 | 4,682 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,230 | 1,108 | 944 | 881 | 1,294 |

## 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) | 41.2% | S100YGY5 |
| Fixed assets ÷ total assets | 40.1% | S100YGY5 |
| Goodwill ÷ parent equity | — | —, S100YGY5 |

### 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) | 14.5% |
| Cash ÷ revenue | 14.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 554.8% |
| Cash vs. profit gap | 736 JPY mn (of net income 426.3%) |
| Shareholder returns / net income | 78.4% |
| Shareholder returns / FCF | 16.8% |
| Shareholder payments — dividends / net income | 16.7% |
| Shareholder payments — dividends / FCF | 3.6% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 8.2% |

## 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 | 1.7% | 1.17× | 2.0% | 2.23× | 4.5% | S100R6QM |
| 2023 | 0.7% | 1.15× | 0.8% | 2.20× | 1.8% | S100TQF5 |
| 2024 | 0.7% | 1.08× | 0.8% | 2.26× | 1.7% | S100W32C |
| 2025 | 1.2% | 1.04× | 1.3% | 2.37× | 3.0% | S100YGY5 |
| 2026 | 2.0% | 1.02× | 2.0% | 2.48× | 5.0% | S100YGY5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＥＮＥＯＳホールディングス株式会社 | Major shareholder | 35.0% | 2026-03-31 |
| ジェットエイト株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| グリーンエイト株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 京北倉庫株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 西 將弘 | Major shareholder | 5.1% | 2026-03-31 |
| 神奈川三菱ふそう自動車販売株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| いすゞ自動車首都圏株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社タンクテック | Major shareholder | 2.1% | 2026-03-31 |
| 高橋産業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 東洋容器株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100YGY5 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGY5,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W32C | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W32C,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TQF5 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQF5,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100R6QM | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6QM,, |
| 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) | S100OJ00 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ00,, |
| 訂正有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100MQS2 | 2021-11-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MQS2,, |

## 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).