# Maruzen Showa Unyu 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124期(2025/04/01－2026/03/31) (S100YKCI)
> Page: https://vizora.meequs.com/en/company/maruzen-showa-unyu-co
> Retrieved: 2026-09-30T20:40:38.146Z

## Company

Maruzen Showa Unyu Co,., founded in 1931, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 3,723 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Maruzen Showa Unyu Co.,Ltd. |
| Ticker | 9068 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9068.T) |
| Listing | TSE Prime |
| Head office | 横浜市中区南仲通二丁目15番地 |
| Representative (per filing) | 代表取締役社長 岡田 廣次 |
| Founded | Aug 1931 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 3,723 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.maruzenshowa.co.jp (https://www.maruzenshowa.co.jp/) |
| Corporate number | 8020001028881 |
| EDINET | E04178 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YKCI, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.7 | 37 |
| Profitability | 93.6 | 39 |
| Cash conversion | 25 | 38 |
| Efficiency | 47.4 | 39 |
| Financial strength | 96.4 | 14 |

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 87% of Maruzen Showa Unyu Co,.'s sales come from Physical distribution, with Operations inside factories and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +2.8% from the prior year, operating profit +5.6%.

## Company structure

- Segment revenue mix: Physical distribution 87.0%、Operations inside factories 11.4%、Other 1.6%
- Revenue → net income: ¥148603000000 → ¥12841000000
- Net income → operating cash flow: ¥12841000000 → ¥17166000000（difference ¥4325000000）
- Main uses of operating cash flow: CapEx ¥6922000000 / dividends ¥3573000000 / buybacks ¥2202000000
- Change in cash: ¥2296000000
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 | ¥148.6B |  |
| Operating income | ¥15.5B | Margin 10.4% |
| Net income | ¥12.7B | Margin 8.5% |
| Free cash flow | ¥10.2B |  |
| Largest business | Physical distribution | of segment revenue 87.0% |
| Employees (consolidated) | 3,723 |  |
| EPS | ¥536.37 |  |
| Book value per share | ¥6266.23 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 20,618,000 |  |
| Treasury shares | 1,015,400 |  |
| Shareholders | 2,326 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 19.7% | Net cash ¥17B · Cash ÷ revenue 27.2% |
| Vs. industry median margin | +5.6 pp | Trucking & Parcel Delivery |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥121136000000 | ¥148603000000 | +22.7% |
| Operating income | ¥9851000000 | ¥15462000000 | +57.0% |
| Operating margin | 8.1% | 10.4% | +2.3 pp |
| Employees | 3,859 people | 3,723 people | -3.5% |
| Cash and equivalents | ¥25887000000 | ¥40402000000 | +56.1% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 85.9% |
| 構内作業及び機械荷役事業 → 構内作業及び機械荷役事業 | 11.4% |
| 構内作業及び機械荷役事業 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 物流事業 | 1.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Physical distribution | 5 years | +4.4% | ¥129318000000 | 10.4% | 2 |
| Operations inside factories | 5 years | +2.6% | ¥16884000000 | 9.2% | 2 |
| Other | 5 years | +1.0% | ¥2400000000 | 20.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 148,603 | 100.0% | S100YKCI |
| SG&A | 5,155 | 3.5% | S100YKCI |
| Operating income | 15,462 | 10.4% | S100YKCI |
| Ordinary income | 16,648 | 11.2% | S100YKCI |
| Pretax income | 18,258 | 12.3% | S100YKCI |
| Income tax | 5,416 | 3.6% | S100YKCI |
| Net income | 12,841 | 8.6% | S100YKCI |
| Net income attributable to owners | 12,685 | 8.5% | S100YKCI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 90 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 10.4% → Net margin 8.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.8%; Core profit growth: +5.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.99×
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 | 144,572 | 148,603 | 4,031 | +2.8% |
| Operating income | 14,648 | 15,462 | 814 | +5.6% |
| Net income attributable to owners | 9,804 | 12,685 | 2,881 | +29.4% |
| Operating cash flow | 16,267 | 17,166 | 899 | +5.5% |
| Free cash flow | 6,656 | 10,244 | 3,588 | +53.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 122,801 | 8,877 | 7.2% | 8,030 | 10,636 | 4,542 | S100LUHB |
| FY ending Mar 2021 | 121,136 | 9,851 | 8.1% | 6,748 | 11,376 | 700 | S100OKZI |
| FY ending Mar 2022 | 136,850 | 11,820 | 8.6% | 8,579 | 12,239 | 1,387 | S100R9E4 |
| FY ending Mar 2023 | 140,861 | 12,692 | 9.0% | 8,931 | 16,501 | 10,397 | S100TWKH |
| FY ending Mar 2024 | 140,194 | 13,204 | 9.4% | 9,741 | 14,514 | 8,386 | S100W6XI |
| FY ending Mar 2025 | 144,572 | 14,648 | 10.1% | 9,804 | 16,267 | 6,656 | S100YKCI |
| FY ending Mar 2026 | 148,603 | 15,462 | 10.4% | 12,685 | 17,166 | 10,244 | S100YKCI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.9M |
| Operating income per employee (consolidated) | ¥4.2M |
| 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) | 3,825 | 3,790 | 3,709 | 3,660 | 3,723 |
| Average salary (parent company) | ¥6.7M | ¥6.6M | ¥6.7M | ¥6.8M | ¥7M |
| Average age (parent company) | 41.2 years | 40.7 years | 40.6 years | 40.4 years | 40.5 years |
| Average tenure (parent company) | 16.9 years | 16.4 years | 16.3 years | 16.0 years | 16.2 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Physical distribution | 129,318 | 87.0% | 13,427 | 10.4% |
| Operations inside factories | 16,884 | 11.4% | 1,555 | 9.2% |
| Other | 2,400 | 1.6% | 479 | 20.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Physical distribution | 87.0% | 86.8% | -0.2 | 10.4% |
| Operations inside factories | 11.4% | 10.1% | -1.3 | 9.2% |
| Other | 1.6% | 3.1% | 1.5 | 20.0% |

Segment → industry: Physical distribution → Trucking & Parcel Delivery / Operations inside factories → Warehouses & Logistics Facilities / Physical distribution → 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 | 17,166 | 11.6% | S100YKCI |
| Capital expenditure | 6,922 | 4.7% | S100YKCI |
| Free cash flow | 10,244 | 6.9% | 算出 |
| Investing cash flow | -5,401 | -3.6% | S100YKCI |
| Financing cash flow | -9,507 | -6.4% | S100YKCI |
| Dividends paid | 3,573 | 2.4% | S100YKCI |
| Share buyback | 2,202 | 1.5% | S100YKCI |
| Change in cash | 2,296 | 1.5% | S100YKCI |
| Cash and equivalents | 40,402 | 27.2% | S100YKCI |

## 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 | 30,250 | 37,237 | 41,202 | 38,105 | 40,402 | S100TWKH, S100W6XI, S100YKCI |
| Total assets | 170,919 | 177,443 | 191,357 | 192,088 | 204,585 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Net assets | 108,514 | 116,085 | 127,941 | 132,151 | 144,377 | S100TWKH, S100W6XI, S100YKCI |
| Share capital | 10,117 | 10,117 | 10,127 | 10,127 | 10,127 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Property, plant and equipment | 77,197 | 78,973 | 78,439 | 79,859 | 81,686 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Intangible assets excluding goodwill | 2,653 | 1,953 | 3,095 | 4,593 | 5,680 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Goodwill | 1,313 | 734 | 157 | — | — | S100R9E4, S100TWKH, S100W6XI |
| Investment securities | 20,059 | 20,273 | 27,526 | 27,186 | 34,497 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Current assets | 63,012 | 68,386 | 74,596 | 72,113 | 72,368 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Current liabilities | 32,515 | 36,903 | 39,367 | 34,487 | 32,923 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Short-term borrowings | 10,507 | 15,260 | 15,693 | 11,765 | 9,808 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Long-term borrowings | 22,451 | 16,269 | 12,982 | 13,506 | 12,605 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Bonds | — | — | — | 1,000 | 1,000 | S100YKCI |
| Interest-bearing debt | — | — | — | 26,271 | 23,413 | 算出 |
| Total liabilities | 62,404 | 61,358 | 63,416 | 59,936 | 60,207 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Non-controlling interests | 1,853 | 1,920 | 2,013 | 2,097 | 2,335 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Equity attributable to owners of parent | 99,835 | 106,924 | 113,361 | 116,980 | 123,930 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Retained earnings | 80,380 | 87,457 | 94,880 | 101,629 | 110,741 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |
| Treasury stock | -610 | -600 | -1,608 | -4,743 | -6,915 | S100R9E4, S100TWKH, S100W6XI, S100YKCI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YKCI |
| Property, plant and equipment | 40% | S100YKCI |
| Intangibles and goodwill | 3% | S100YKCI |
| Investment securities | 17% | S100YKCI |
| Other assets | 20% | S100YKCI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 18% | S100YKCI |
| Equity | 71% | S100YKCI |
| Other liabilities | 0% | S100YKCI |

### 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 | 170,919 | 177,443 | 191,357 | 192,088 | 204,585 |
| Equity | 108,514 | 116,085 | 127,941 | 132,151 | 144,377 |
| Interest-bearing debt | — | — | — | 26,271 | 23,413 |
| Cash | 30,250 | 37,237 | 41,202 | 38,105 | 40,402 |

## 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) | 55.0% | S100YKCI |
| Fixed assets ÷ total assets | 39.9% | S100YKCI |
| Goodwill ÷ parent equity | — | —, S100YKCI |

### 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) | 19.7% |
| Cash ÷ revenue | 27.2% |
| Net cash (cash − interest-bearing debt) | ¥17B |
| Net debt ÷ operating cash flow | -0.99× |
| Cash conversion (operating CF ÷ operating income) | 111.0% |
| Cash vs. profit gap | 4,481 JPY mn (of net income 35.3%) |
| Shareholder returns / net income | 45.5% |
| Shareholder returns / FCF | 56.4% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 34.9% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 31.5% |

## 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 | 6.3% | 0.80× | 5.0% | 1.71× | 8.6% | S100R9E4 |
| 2023 | 6.3% | 0.81× | 5.1% | 1.68× | 8.6% | S100TWKH |
| 2024 | 6.9% | 0.76× | 5.3% | 1.67× | 8.8% | S100W6XI |
| 2025 | 6.8% | 0.75× | 5.1% | 1.66× | 8.5% | S100YKCI |
| 2026 | 8.5% | 0.75× | 6.4% | 1.65× | 10.5% | S100YKCI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸全商事株式会社 | Major shareholder | 8.4% | 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 | 8.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 6.2% | 2026-03-31 |
| 株式会社横浜銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 丸全昭和運輸取引先持株会 | Major shareholder | 4.2% | 2026-03-31 |
| THE SFP VALUE REALIZATION MASTER FUND LTD. （常任代理人 立花証券株式会社） | Major shareholder | 4.0% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 横浜振興株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YKCI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKCI,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100W6XI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6XI,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TWKH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWKH,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100R9E4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9E4,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100OKZI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKZI,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LUHB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUHB,, |

## 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).