# Mitsubishi Logistics Corporation: 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223期(2025/04/01－2026/03/31) (S100YA7K)
> Page: https://vizora.meequs.com/en/company/mitsubishi-logistics
> Retrieved: 2026-09-30T17:56:58.131Z

## Company

Mitsubishi Logistics, founded in 1880, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 4,991 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Logistics Corporation |
| Ticker | 9301 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9301.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋一丁目19番1号 |
| Representative (per filing) | 代表取締役 社長 斉藤秀親 |
| Founded | Mar 1880 |
| Share capital | ¥22.4B |
| Employees (consolidated) | 4,991 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.mitsubishi-logistics.co.jp (https://www.mitsubishi-logistics.co.jp/) |
| Corporate number | 8010001034947 |
| EDINET | E04283 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YA7K, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.3 | 37 |
| Profitability | 52.6 | 39 |
| Cash conversion | 1.3 | 38 |
| Efficiency | 14.1 | 39 |
| Financial strength | 60.7 | 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 Mitsubishi Logistics's sales come from Logistics, with Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -3.7% from the prior year, operating profit -21.6%.

## Company structure

- Segment revenue mix: Logistics 87.0%、Real estate 13.0%
- Revenue → net income: ¥273446000000 → ¥55067000000
- Net income → operating cash flow: ¥55067000000 → ¥6531000000（difference ¥-48536000000）
- Main uses of operating cash flow: CapEx ¥19132000000 / dividends ¥12076000000 / buybacks ¥20050000000
- Change in cash: ¥-457000000
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 | ¥273.4B |  |
| Operating income | ¥15.9B | Margin 5.8% |
| Net income | ¥54.8B | Margin 20.0% |
| Free cash flow | -¥12.6B |  |
| Largest business | Logistics | of segment revenue 87.0% |
| Employees (consolidated) | 4,991 |  |
| EPS | ¥151.9 |  |
| Book value per share | ¥952.15 |  |
| Equity ratio | 59.3% |  |
| Shares outstanding | 362,135,395 |  |
| Treasury shares | 19,238,000 |  |
| Shareholders | 18,170 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 9.5% | Net cash -¥42.7B · Cash ÷ revenue 22.1% |
| Vs. industry median margin | 0 pp | Warehouses & Logistics Facilities |
| ROE | 18.0% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends
- FY2026, segment profit share differs by -35 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥213729000000 | ¥273446000000 | +27.9% |
| Operating income | ¥11735000000 | ¥15928000000 | +35.7% |
| Operating margin | 5.5% | 5.8% | +0.3 pp |
| Employees | 4,598 people | 4,991 people | +8.5% |
| Cash and equivalents | ¥61367000000 | ¥60548000000 | -1.3% |

### 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 | 83.6% |
| 不動産事業 → 不動産事業 | 13.0% |
| 不動産事業 → 事業再編・廃止 | 3.5% |
| 新設・再編 → 物流事業 | 3.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 273,446 | 100.0% | S100YA7K |
| SG&A | 17,607 | 6.4% | S100YA7K |
| Operating income | 15,928 | 5.8% | S100YA7K |
| Ordinary income | 21,563 | 7.9% | S100YA7K |
| Pretax income | 80,071 | 29.3% | S100YA7K |
| Income tax | 25,004 | 9.1% | S100YA7K |
| Net income | 55,067 | 20.1% | S100YA7K |
| Net income attributable to owners | 54,773 | 20.0% | S100YA7K |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 20 |

### Margin funnel

Operating margin 5.8% → Net margin 20.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.7%; Core profit growth: -21.6%
Operating leverage (core profit growth ÷ revenue growth): 5.77×
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 | 284,069 | 273,446 | -10,623 | -3.7% |
| Operating income | 20,310 | 15,928 | -4,382 | -21.6% |
| Net income attributable to owners | 31,864 | 54,773 | 22,909 | +71.9% |
| Operating cash flow | 29,622 | 6,531 | -23,091 | -78.0% |
| Free cash flow | 16,457 | -12,601 | -29,058 | -176.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 229,057 | 12,195 | 5.3% | 11,851 | 17,624 | -5,945 | S100LKF3 |
| FY ending Mar 2021 | 213,729 | 11,735 | 5.5% | 39,160 | 40,176 | 451 | S100OD0M |
| FY ending Mar 2022 | 257,230 | 18,144 | 7.1% | 17,892 | 36,216 | -1,790 | S100R7D0 |
| FY ending Mar 2023 | 300,594 | 23,027 | 7.7% | 27,226 | 40,488 | 20,069 | S100TRBR |
| FY ending Mar 2024 | 254,507 | 18,941 | 7.4% | 27,787 | 41,768 | 23,510 | S100W207 |
| FY ending Mar 2025 | 284,069 | 20,310 | 7.1% | 31,864 | 29,622 | 16,457 | S100YA7K |
| FY ending Mar 2026 | 273,446 | 15,928 | 5.8% | 54,773 | 6,531 | -12,601 | S100YA7K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.8M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥11M |

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) | 4,732 | 4,708 | 4,922 | 5,004 | 4,991 |
| Average salary (parent company) | ¥7.9M | ¥8.8M | ¥9.4M | ¥9.1M | ¥9.4M |
| Average age (parent company) | 39.9 years | 40.4 years | 40.5 years | 40.7 years | 40.7 years |
| Average tenure (parent company) | 15.7 years | 16.0 years | 15.9 years | 16.0 years | 15.6 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) -3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 238,013 | 87.0% | 12,693 | 5.3% |
| Real estate | 35,432 | 13.0% | 11,693 | 33.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 87.0% | 52.1% | -35.0 | 5.3% |
| Real estate | 13.0% | 47.9% | 35.0 | 33.0% |

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 Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,531 | 2.4% | S100YA7K |
| Capital expenditure | 19,132 | 7.0% | S100YA7K |
| Free cash flow | -12,601 | -4.6% | 算出 |
| Investing cash flow | 26,247 | 9.6% | S100YA7K |
| Financing cash flow | -33,635 | -12.3% | S100YA7K |
| Dividends paid | 12,076 | 4.4% | S100YA7K |
| Share buyback | 20,050 | 7.3% | S100YA7K |
| Change in cash | -457 | -0.2% | S100YA7K |
| Cash and equivalents | 60,548 | 22.1% | S100YA7K |

## 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 | 52,505 | 62,297 | 58,444 | 61,006 | 60,548 | S100TRBR, S100W207, S100YA7K |
| Total assets | 562,187 | 573,689 | 679,143 | 626,058 | 639,786 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Net assets | 347,759 | 354,432 | 411,703 | 379,276 | 384,517 | S100TRBR, S100W207, S100YA7K |
| Share capital | 22,393 | 22,393 | 22,393 | 22,393 | 22,393 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Property, plant and equipment | 283,788 | 281,952 | 293,372 | 281,711 | 287,811 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Intangible assets excluding goodwill | 12,935 | 12,599 | 39,001 | 40,345 | 33,917 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Goodwill | 82 | — | 6,162 | 5,834 | — | S100R7D0, S100W207, S100YA7K |
| Investment securities | 145,185 | 144,282 | 213,457 | 163,716 | 156,312 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Current assets | 109,885 | 124,331 | 119,404 | 125,881 | 139,937 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Current liabilities | 91,245 | 90,396 | 93,828 | 93,158 | 106,262 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Short-term borrowings | 48,296 | 40,313 | 29,948 | 35,580 | 39,693 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Long-term borrowings | 13,600 | 23,970 | 24,135 | 18,453 | 15,553 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Bonds | 41,000 | 36,000 | 48,000 | 48,000 | 48,000 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Interest-bearing debt | 102,896 | 100,283 | 102,083 | 102,033 | 103,246 | 算出 |
| Total liabilities | 214,427 | 219,256 | 267,439 | 246,782 | 255,268 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Non-controlling interests | 3,674 | 3,635 | 6,276 | 4,607 | 4,978 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Equity attributable to owners of parent | 271,775 | 281,923 | 292,360 | 292,888 | 316,346 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Retained earnings | 250,528 | 252,759 | 272,839 | 276,857 | 293,641 | S100R7D0, S100TRBR, S100W207, S100YA7K |
| Treasury stock | -20,747 | -12,289 | -22,192 | -25,477 | -18,759 | S100R7D0, S100TRBR, S100W207, S100YA7K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YA7K |
| Property, plant and equipment | 45% | S100YA7K |
| Intangibles and goodwill | 5% | S100YA7K |
| Investment securities | 24% | S100YA7K |
| Other assets | 16% | S100YA7K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 24% | S100YA7K |
| Equity | 60% | S100YA7K |
| Other liabilities | 0% | S100YA7K |

### 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 | 562,187 | 573,689 | 679,143 | 626,058 | 639,786 |
| Equity | 347,759 | 354,432 | 411,703 | 379,276 | 384,517 |
| Interest-bearing debt | 102,896 | 100,283 | 102,083 | 102,033 | 103,246 |
| Cash | 52,505 | 62,297 | 58,444 | 61,006 | 60,548 |

## 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) | 105.3% | S100YA7K |
| Fixed assets ÷ total assets | 45.0% | S100YA7K |
| Goodwill ÷ parent equity | — | —, S100YA7K |

### 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) | 9.5% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | -¥42.7B |
| Net debt ÷ operating cash flow | 6.54× |
| Cash conversion (operating CF ÷ operating income) | 41.0% |
| Cash vs. profit gap | -48,242 JPY mn (of net income -88.1%) |
| Shareholder returns / net income | 58.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 401.9% |

## 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 | 7.0% | 0.46× | 3.2% | 2.07× | 6.6% | S100R7D0 |
| 2023 | 9.1% | 0.53× | 4.8% | 2.05× | 9.8% | S100TRBR |
| 2024 | 10.9% | 0.41× | 4.4% | 2.18× | 9.7% | S100W207 |
| 2025 | 11.2% | 0.44× | 4.9% | 2.23× | 10.9% | S100YA7K |
| 2026 | 20.0% | 0.43× | 8.7% | 2.08× | 18.0% | S100YA7K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 7.5% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 3.2% | 2026-03-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 3.2% | 2026-03-31 |
| AVI GLOBAL TRUST PLC(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社竹中工務店 | Major shareholder | 2.8% | 2026-03-31 |
| GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.1% | 2026-03-31 |
| 三菱倉庫職員持株会 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第223期(2025/04/01－2026/03/31) | S100YA7K | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA7K,, |
| 有価証券報告書－第222期(2024/04/01－2025/03/31) | S100W207 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W207,, |
| 有価証券報告書－第221期(2023/04/01－2024/03/31) | S100TRBR | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRBR,, |
| 有価証券報告書－第220期(2022/04/01－2023/03/31) | S100R7D0 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7D0,, |
| 有価証券報告書－第219期(令和3年4月1日－令和4年3月31日) | S100OD0M | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD0M,, |
| 有価証券報告書－第218期(令和2年4月1日－令和3年3月31日) | S100LKF3 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKF3,, |

## 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).