# Maruhachi Warehouse Company , Limited: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第130期(2024/12/01－2025/11/30) (S100XN1B)
> Page: https://vizora.meequs.com/en/company/maruhachi-warehouse
> Retrieved: 2026-09-30T19:51:23.331Z

## Company

Maruhachi Warehouse Company, founded in 1934, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 102 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruhachi Warehouse Company, Limited |
| Ticker | 9313 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9313.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区富岡2丁目1番9号 |
| Representative (per filing) | 代表取締役社長 峯島 一郎 |
| Founded | Mar 1934 |
| Share capital | ¥2.53B |
| Employees (consolidated) | 102 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | November |
| Website | www.maru8.co.jp (https://www.maru8.co.jp/) |
| Corporate number | 2010601006194 |
| EDINET | E04296 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100XN1B, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.2 | 37 |
| Profitability | 91 | 39 |
| Cash conversion | 3.9 | 38 |
| Efficiency | 1.3 | 39 |

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 86% of Maruhachi Warehouse Company's sales come from Logistics, with Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -19.7%.

## Company structure

- Segment revenue mix: Logistics 86.4%、Real estate 13.6%
- Revenue → net income: ¥4931022000 → ¥312224000
- Net income → operating cash flow: ¥312224000 → ¥345005000（difference ¥32781000）
- Main uses of operating cash flow: CapEx ¥2865530000 / dividends ¥118316000 / buybacks —
- Change in cash: ¥-1468490000
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 | ¥4.93B |  |
| Operating income | ¥497.3M | Margin 10.1% |
| Net income | ¥311M | Margin 6.3% |
| Free cash flow | -¥2.52B |  |
| Largest business | Logistics | of segment revenue 86.4% |
| Employees (consolidated) | 102 |  |
| EPS | ¥38.6 |  |
| Book value per share | ¥1909.68 |  |
| Equity ratio | 62.7% |  |
| Shares outstanding | 7,300,000 |  |
| Treasury shares | 1,378,800 |  |
| Shareholders | 1,147 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 3.6% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | +4.3 pp | Warehouses & Logistics Facilities |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4918748000 | ¥4931022000 | +0.2% |
| Operating income | ¥773001000 | ¥497303000 | -35.7% |
| Operating margin | 15.7% | 10.1% | -5.6 pp |
| Employees | 109 people | 102 people | -6.4% |
| Cash and equivalents | ¥1400138000 | ¥727601000 | -48.0% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 物流事業 → 物流事業 | 86.4% |
| 物流事業 → 事業再編・廃止 | 1.0% |
| 不動産事業 → 不動産事業 | 12.6% |
| 新設・再編 → 不動産事業 | 1.0% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,931 | 100.0% | S100XN1B |
| Cost of revenue | 3,740 | 75.8% | S100XN1B |
| Gross profit | 1,191 | 24.2% | S100XN1B |
| SG&A | 694 | 14.1% | S100XN1B |
| Operating income | 497 | 10.1% | S100XN1B |
| Ordinary income | 481 | 9.8% | S100XN1B |
| Pretax income | 488 | 9.9% | S100XN1B |
| Income tax | 176 | 3.6% | S100XN1B |
| Net income | 312 | 6.3% | S100XN1B |
| Net income attributable to owners | 311 | 6.3% | S100XN1B |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 14 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.2% → Operating margin 10.1% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -19.7%
Operating leverage (core profit growth ÷ revenue growth): 16.29×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,991 | 4,931 | -60 | -1.2% |
| Gross profit | 1,209 | 1,191 | -18 | -1.4% |
| Operating income | 619 | 497 | -122 | -19.7% |
| Net income attributable to owners | 902 | 311 | -591 | -65.5% |
| Operating cash flow | 850 | 345 | -505 | -59.4% |
| Free cash flow | 786 | -2,521 | -3,307 | -420.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 5,038 | 701 | 13.9% | 438 | 1,236 | 1,047 | S100KVD4 |
| FY ending Nov 2020 | 4,919 | 773 | 15.7% | 474 | 954 | -617 | S100NKJO |
| FY ending Nov 2021 | 4,823 | 741 | 15.4% | 506 | 730 | -1,273 | S100QA0T |
| FY ending Nov 2022 | 4,764 | 572 | 12.0% | 360 | 1,026 | 389 | S100SYHH |
| FY ending Nov 2023 | 4,972 | 574 | 11.6% | 412 | 1,146 | 934 | S100V9VD |
| FY ending Nov 2024 | 4,991 | 619 | 12.4% | 902 | 850 | 786 | S100XN1B |
| FY ending Nov 2025 | 4,931 | 497 | 10.1% | 311 | 345 | -2,521 | S100XN1B |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48.3M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 108 | 115 | 114 | 108 | 102 |
| Average salary (parent company) | ¥6.1M | ¥5.9M | ¥6.2M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 44.5 years | 44.5 years | 44.9 years | 45.0 years | 46.5 years |
| Average tenure (parent company) | 19.3 years | 18.0 years | 18.3 years | 18.4 years | 19.5 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) -1.2%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 4,260 | 86.4% | 699 | 16.4% |
| Real estate | 671 | 13.6% | 332 | 49.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 86.4% | 67.8% | -18.6 | 16.4% |
| Real estate | 13.6% | 32.2% | 18.6 | 49.4% |

Segment → industry: Real estate → Real Estate Development & Leasing / Logistics → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 345 | 7.0% | S100XN1B |
| Capital expenditure | 2,866 | 58.1% | S100XN1B |
| Free cash flow | -2,521 | -51.1% | 算出 |
| Investing cash flow | -2,846 | -57.7% | S100XN1B |
| Financing cash flow | 1,032 | 20.9% | S100XN1B |
| Dividends paid | 118 | 2.4% | S100XN1B |
| Change in cash | -1,468 | -29.8% | S100XN1B |
| Cash and equivalents | 728 | 14.8% | S100XN1B |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,048 | 932 | 1,064 | 2,196 | 728 | S100SYHH, S100V9VD, S100XN1B |
| Total assets | 18,406 | 18,383 | 18,291 | 18,832 | 20,447 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Net assets | 10,330 | 10,637 | 11,096 | 12,145 | 12,842 | S100SYHH, S100V9VD, S100XN1B |
| Share capital | 2,528 | 2,528 | 2,528 | 2,528 | 2,528 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Property, plant and equipment | 14,738 | 14,824 | 14,420 | 13,454 | 15,686 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Intangible assets excluding goodwill | 104 | 108 | 101 | 93 | 89 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Investment securities | 1,264 | 1,344 | 1,558 | 1,905 | 2,652 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Current assets | 1,590 | 1,361 | 1,469 | 2,599 | 1,235 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Current liabilities | 1,362 | 1,570 | 1,602 | 1,742 | 1,533 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Short-term borrowings | 100 | 100 | 100 | 100 | 100 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Long-term borrowings | 5,466 | 4,866 | 4,267 | 3,554 | 4,391 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Total liabilities | 8,077 | 7,746 | 7,195 | 6,687 | 7,604 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Non-controlling interests | 25 | 26 | 27 | 29 | 30 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Equity attributable to owners of parent | 10,102 | 10,343 | 10,660 | 11,467 | 11,660 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Retained earnings | 6,693 | 6,958 | 7,276 | 8,083 | 8,275 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |
| Treasury stock | -1,166 | -1,190 | -1,190 | -1,190 | -1,190 | S100QA0T, S100SYHH, S100V9VD, S100XN1B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100XN1B |
| Property, plant and equipment | 77% | S100XN1B |
| Intangibles and goodwill | 0% | S100XN1B |
| Investment securities | 13% | S100XN1B |
| Other assets | 6% | S100XN1B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100XN1B |
| Equity | 63% | S100XN1B |
| Other liabilities | 0% | S100XN1B |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,406 | 18,383 | 18,291 | 18,832 | 20,447 |
| Equity | 10,330 | 10,637 | 11,096 | 12,145 | 12,842 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,048 | 932 | 1,064 | 2,196 | 728 |

## 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) | 318.1% | S100XN1B |
| Fixed assets ÷ total assets | 76.7% | S100XN1B |
| Goodwill ÷ parent equity | — | —, S100XN1B |

### 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) | 3.6% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.4% |
| Cash vs. profit gap | 34 JPY mn (of net income 10.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 58.1% |
| Investing CF relative to operating CF | 824.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.5% | 0.26× | 2.8% | 1.82× | 5.0% | S100QA0T |
| 2022 | 7.6% | 0.26× | 2.0% | 1.80× | 3.5% | S100SYHH |
| 2023 | 8.3% | 0.27× | 2.2% | 1.75× | 3.9% | S100V9VD |
| 2024 | 18.1% | 0.27× | 4.9% | 1.68× | 8.2% | S100XN1B |
| 2025 | 6.3% | 0.25× | 1.6% | 1.70× | 2.7% | S100XN1B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 尾張屋土地株式会社 | Major shareholder | 27.7% | 2025-11-30 |
| 山﨑商事株式会社 | Major shareholder | 6.8% | 2025-11-30 |
| 東京海上日動火災保険株式会社 | Major shareholder | 5.5% | 2025-11-30 |
| 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 | 3.5% | 2025-11-30 |
| 養命酒製造株式会社 | Major shareholder | 3.4% | 2025-11-30 |
| 有限会社藍屋 | Major shareholder | 3.0% | 2025-11-30 |
| 峯 島 一 郎 | Major shareholder | 2.9% | 2025-11-30 |
| ホーチキ株式会社 | Major shareholder | 2.6% | 2025-11-30 |
| 大豊建設株式会社 | Major shareholder | 2.4% | 2025-11-30 |
| 有限会社八峯 | Major shareholder | 2.2% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第130期(2024/12/01－2025/11/30) | S100XN1B | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN1B,, |
| 有価証券報告書－第129期(2023/12/01－2024/11/30) | S100V9VD | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9VD,, |
| 有価証券報告書－第128期(2022/12/01－2023/11/30) | S100SYHH | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYHH,, |
| 有価証券報告書－第127期(2021/12/01－2022/11/30) | S100QA0T | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA0T,, |
| 有価証券報告書－第126期(令和2年12月1日－令和3年11月30日) | S100NKJO | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKJO,, |
| 有価証券報告書－第125期(令和1年12月1日－令和2年11月30日) | S100KVD4 | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVD4,, |

## 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).