# MEIKO TRANS 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103期(2025/04/01－2026/03/31) (S100YL49)
> Page: https://vizora.meequs.com/en/company/meiko-trans
> Retrieved: 2026-09-30T18:33:24.834Z

## Company

Meiko Trans, founded in 1949, is a company in Real Estate Development & Leasing listed on Nagoya. It has 1,890 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEIKO TRANS CO.,LTD. |
| Ticker | 9357 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9357.T) |
| Listing | Nagoya |
| Head office | 名古屋市港区入船二丁目4番6号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 髙橋 広 |
| Founded | Jan 1949 |
| Share capital | ¥2.35B |
| Employees (consolidated) | 1,890 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Corporate number | 6180001007509 |
| EDINET | E04328 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YL49, 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 | 60.8 | 37 |
| Profitability | 78.2 | 39 |
| Cash conversion | 48.7 | 38 |
| Efficiency | 19.2 | 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 98% of Meiko Trans's sales come from Domestic shipping and related, with Leasing and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -2.5%.

## Company structure

- Segment revenue mix: Domestic shipping and related 98.1%、Leasing 1.8%、Other 0.1%
- Revenue → net income: ¥82861134000 → ¥6241107000
- Net income → operating cash flow: ¥6241107000 → ¥9149153000（difference ¥2908046000）
- Main uses of operating cash flow: CapEx ¥13768105000 / dividends ¥1737829000 / buybacks ¥581699000
- Change in cash: ¥-1276098000
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 | ¥82.9B |  |
| Operating income | ¥6.12B | Margin 7.4% |
| Net income | ¥5.91B | Margin 7.1% |
| Free cash flow | -¥4.62B |  |
| Largest business | Domestic shipping and related | of segment revenue 98.1% |
| Employees (consolidated) | 1,890 |  |
| EPS | ¥108.02 |  |
| Book value per share | ¥3053.13 |  |
| Equity ratio | 77.4% |  |
| Shares outstanding | 33,006,204 |  |
| Treasury shares | 3,219,900 |  |
| Shareholders | 2,858 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 28.7% |
| Vs. industry median margin | +1.6 pp | Warehouses & Logistics Facilities |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 3.5% | 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 | ¥67054325000 | ¥82861134000 | +23.6% |
| Operating income | ¥3580680000 | ¥6115478000 | +70.8% |
| Operating margin | 5.3% | 7.4% | +2 pp |
| Employees | 1,841 people | 1,890 people | +2.7% |
| Cash and equivalents | ¥17495801000 | ¥23816258000 | +36.1% |

### 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 |
| --- | ---: |
| 港湾運送およびその関連 → 港湾運送およびその関連 | 97.6% |
| 賃貸 → 賃貸 | 1.8% |
| 賃貸 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 港湾運送およびその関連 | 0.5% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 5 (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 shipping and related | 5 years | +4.4% | ¥81283895000 | 6.5% | 2 |
| Leasing | 5 years | -0.9% | ¥1526925000 | 50.9% | 2 |
| Other | — | — | ¥50314000 | 4.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 82,861 | 100.0% | S100YL49 |
| Cost of revenue | 65,062 | 78.5% | S100YL49 |
| Gross profit | 17,799 | 21.5% | S100YL49 |
| SG&A | 11,684 | 14.1% | S100YL49 |
| Operating income | 6,115 | 7.4% | S100YL49 |
| Ordinary income | 8,205 | 9.9% | S100YL49 |
| Pretax income | 8,289 | 10.0% | S100YL49 |
| Income tax | 2,048 | 2.5% | S100YL49 |
| Net income | 6,241 | 7.5% | S100YL49 |
| Net income attributable to owners | 5,912 | 7.1% | S100YL49 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 14 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.5% → Operating margin 7.4% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -2.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.47×
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 | 81,485 | 82,861 | 1,376 | +1.7% |
| Gross profit | 17,545 | 17,799 | 254 | +1.4% |
| Operating income | 6,271 | 6,115 | -156 | -2.5% |
| Net income attributable to owners | 5,380 | 5,912 | 532 | +9.9% |
| Operating cash flow | 8,655 | 9,149 | 494 | +5.7% |
| Free cash flow | 6,366 | -4,619 | -10,985 | -172.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 70,903 | 4,911 | 6.9% | 3,889 | 6,586 | -3,988 | S100LSPV |
| FY ending Mar 2021 | 67,054 | 3,581 | 5.3% | 4,319 | 5,990 | 1,481 | S100OJVK |
| FY ending Mar 2022 | 81,273 | 6,458 | 7.9% | 4,624 | 4,692 | -1,087 | S100R72Z |
| FY ending Mar 2023 | 84,101 | 6,247 | 7.4% | 4,641 | 9,934 | 1,427 | S100TRO9 |
| FY ending Mar 2024 | 77,698 | 5,266 | 6.8% | 4,542 | 10,021 | 8,221 | S100W6IK |
| FY ending Mar 2025 | 81,485 | 6,271 | 7.7% | 5,380 | 8,655 | 6,366 | S100YL49 |
| FY ending Mar 2026 | 82,861 | 6,115 | 7.4% | 5,912 | 9,149 | -4,619 | S100YL49 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.8M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥3.1M |

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) | 1,829 | 1,858 | 1,892 | 1,895 | 1,890 |
| Average salary (parent company) | ¥7M | ¥7M | ¥7.1M | ¥7.2M | ¥8M |
| Average age (parent company) | 41.8 years | 42.1 years | 42.3 years | 42.4 years | 42.6 years |
| Average tenure (parent company) | 18.3 years | 18.5 years | 18.5 years | 18.8 years | 19.0 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic shipping and related | 81,284 | 98.1% | 5,314 | 6.5% |
| Leasing | 1,527 | 1.8% | 777 | 50.9% |
| Other | 50 | 0.1% | 2 | 4.8% |

### 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 shipping and related | 98.1% | 87.2% | -10.9 | 6.5% |
| Leasing | 1.8% | 12.7% | 10.9 | 50.9% |
| Other | 0.1% | 0.0% | -0.0 | 4.8% |

Segment → industry: Leasing → Real Estate Development & Leasing / Domestic shipping and related → 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 | 9,149 | 11.0% | S100YL49 |
| Capital expenditure | 13,768 | 16.6% | S100YL49 |
| Free cash flow | -4,619 | -5.6% | 算出 |
| Investing cash flow | -14,353 | -17.3% | S100YL49 |
| Financing cash flow | 3,372 | 4.1% | S100YL49 |
| Dividends paid | 1,738 | 2.1% | S100YL49 |
| Share buyback | 582 | 0.7% | S100YL49 |
| Change in cash | -1,276 | -1.5% | S100YL49 |
| Cash and equivalents | 23,816 | 28.7% | S100YL49 |

## 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 | 16,711 | 19,082 | 21,404 | 25,014 | 23,816 | S100TRO9, S100W6IK, S100YL49 |
| Total assets | 131,928 | 138,975 | 151,027 | 153,934 | 179,706 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Net assets | 102,722 | 108,935 | 121,792 | 126,338 | 142,020 | S100TRO9, S100W6IK, S100YL49 |
| Share capital | 2,351 | 2,351 | 2,351 | 2,351 | 2,351 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Property, plant and equipment | 68,115 | 72,233 | 70,510 | 70,002 | 80,715 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Intangible assets excluding goodwill | 360 | 475 | 576 | 566 | 571 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Investment securities | 20,766 | 21,854 | 31,579 | 28,403 | 42,584 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Current assets | 38,353 | 40,406 | 44,184 | 50,624 | 51,224 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Current liabilities | 16,667 | 14,852 | 11,661 | 11,957 | 18,717 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Short-term borrowings | 2,500 | 3,300 | — | — | 6,500 | S100R72Z, S100TRO9, S100YL49 |
| Long-term borrowings | 3,548 | 5,604 | 5,051 | 4,285 | 3,674 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Total liabilities | 29,207 | 30,040 | 29,235 | 27,596 | 37,686 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Non-controlling interests | 3,935 | 4,395 | 4,988 | 5,492 | 2,964 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Equity attributable to owners of parent | 91,746 | 95,270 | 99,189 | 103,348 | 110,531 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Retained earnings | 90,103 | 93,627 | 97,470 | 101,565 | 109,143 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |
| Treasury stock | -2,305 | -2,305 | -2,229 | -2,165 | -2,638 | S100R72Z, S100TRO9, S100W6IK, S100YL49 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YL49 |
| Property, plant and equipment | 45% | S100YL49 |
| Intangibles and goodwill | 0% | S100YL49 |
| Investment securities | 24% | S100YL49 |
| Other assets | 18% | S100YL49 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YL49 |
| Equity | 79% | S100YL49 |

### 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 | 131,928 | 138,975 | 151,027 | 153,934 | 179,706 |
| Equity | 102,722 | 108,935 | 121,792 | 126,338 | 142,020 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,711 | 19,082 | 21,404 | 25,014 | 23,816 |

## 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) | 97.4% | S100YL49 |
| Fixed assets ÷ total assets | 44.9% | S100YL49 |
| Goodwill ÷ parent equity | — | —, S100YL49 |

### 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) | 13.3% |
| Cash ÷ revenue | 28.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.6% |
| Cash vs. profit gap | 3,237 JPY mn (of net income 54.8%) |
| Shareholder returns / net income | 39.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 16.6% |
| Investing CF relative to operating CF | 156.9% |

## 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 | 5.7% | 0.62× | 3.5% | 1.44× | 5.0% | S100R72Z |
| 2023 | 5.5% | 0.62× | 3.4% | 1.45× | 5.0% | S100TRO9 |
| 2024 | 5.8% | 0.54× | 3.1% | 1.49× | 4.7% | S100W6IK |
| 2025 | 6.6% | 0.53× | 3.5% | 1.51× | 5.3% | S100YL49 |
| 2026 | 7.1% | 0.50× | 3.5% | 1.56× | 5.5% | S100YL49 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社商船三井 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 4.5% | 2026-03-31 |
| NIPPON ACTIVE VALUE FUND PLC(常任代理人 香港上海銀行東京支店) | Major shareholder | 4.5% | 2026-03-31 |
| 日本碍子株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 名港海運従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| ノリタケ株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 大成建設株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YL49 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL49,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W6IK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6IK,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TRO9 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRO9,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R72Z | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R72Z,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OJVK | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJVK,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LSPV | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSPV,, |

## 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).