# MITSUI-SOKO HOLDINGS 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178期(2025/04/01－2026/03/31) (S100YEZT)
> Page: https://vizora.meequs.com/en/company/mitsui-soko-holdings
> Retrieved: 2026-09-30T20:33:28.949Z

## Company

Mitsui-Soko Holdings, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 7,654 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUI-SOKO HOLDINGS Co., Ltd. |
| Ticker | 9302 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9302.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町19番21号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 古賀 博文 |
| Founded | Jul 1948 |
| Share capital | ¥16.7B |
| Employees (consolidated) | 7,654 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.mitsui-soko.com (https://www.mitsui-soko.com/) |
| Corporate number | 2010401046416 |
| EDINET | E04284 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YEZT, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.6 | 37 |
| Profitability | 80.8 | 39 |
| Cash conversion | 19.7 | 38 |
| Efficiency | 67.9 | 39 |
| Financial strength | 67.9 | 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 97% of Mitsui-Soko Holdings's sales come from Logistics segment, with Real estate Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +24.0%.

## Company structure

- Segment revenue mix: Logistics segment 97.5%、Real estate Segment 2.5%
- Revenue → net income: ¥299472000000 → ¥14539000000
- Net income → operating cash flow: ¥14539000000 → ¥23697000000（difference ¥9158000000）
- Main uses of operating cash flow: CapEx ¥11615000000 / dividends ¥3653000000 / buybacks ¥11958000000
- Change in cash: ¥13045000000
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 | ¥299.5B |  |
| Operating income | ¥22.1B | Margin 7.4% |
| Net income | ¥11.2B | Margin 3.7% |
| Free cash flow | ¥12.1B |  |
| Largest business | Logistics segment | of segment revenue 97.5% |
| Employees (consolidated) | 7,654 |  |
| EPS | ¥69.89 |  |
| Diluted EPS | ¥69.86 |  |
| Book value per share | ¥937.88 |  |
| Equity ratio | 45.7% |  |
| Shares outstanding | 77,991,106 |  |
| Treasury shares | 1,182,600 |  |
| Shareholders | 7,056 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 15.4% | Net cash -¥19.9B · Cash ÷ revenue 15.9% |
| Vs. industry median margin | +1.6 pp | Warehouses & Logistics Facilities |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.3× dividends
- FY2026, operating cash flow is 2.1× net income
- 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 | ¥253559000000 | ¥299472000000 | +18.1% |
| Operating income | ¥17661000000 | ¥22111000000 | +25.2% |
| Operating margin | 7.0% | 7.4% | +0.4 pp |
| Employees | 8,502 people | 7,654 people | -10.0% |
| Cash and equivalents | ¥22718000000 | ¥47698000000 | +110.0% |

### 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 | 96.5% |
| 不動産事業 → 不動産事業 | 2.5% |
| 不動産事業 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 物流事業 | 1.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 299,472 | 100.0% | S100YEZT |
| SG&A | 24,012 | 8.0% | S100YEZT |
| Operating income | 22,111 | 7.4% | S100YEZT |
| Ordinary income | 21,284 | 7.1% | S100YEZT |
| Pretax income | 20,961 | 7.0% | S100YEZT |
| Income tax | 6,422 | 2.1% | S100YEZT |
| Net income | 14,539 | 4.9% | S100YEZT |
| Net income attributable to owners | 11,151 | 3.7% | S100YEZT |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 7.4% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +24.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.60×
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 | 280,742 | 299,472 | 18,730 | +6.7% |
| Operating income | 17,831 | 22,111 | 4,280 | +24.0% |
| Net income attributable to owners | 10,040 | 11,151 | 1,111 | +11.1% |
| Operating cash flow | 21,901 | 23,697 | 1,796 | +8.2% |
| Free cash flow | 8,139 | 12,082 | 3,943 | +48.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 241,080 | 11,808 | 4.9% | 6,395 | 21,112 | 15,382 | S100LNHY |
| FY ending Mar 2021 | 253,559 | 17,661 | 7.0% | 11,549 | 21,257 | 13,260 | S100OCZC |
| FY ending Mar 2022 | 301,022 | 25,939 | 8.6% | 14,503 | 23,123 | 15,862 | S100R0UZ |
| FY ending Mar 2023 | 300,836 | 25,961 | 8.6% | 15,617 | 32,340 | 26,595 | S100TRNA |
| FY ending Mar 2024 | 260,593 | 20,754 | 8.0% | 12,107 | 23,176 | 11,710 | S100W15N |
| FY ending Mar 2025 | 280,742 | 17,831 | 6.4% | 10,040 | 21,901 | 8,139 | S100YEZT |
| FY ending Mar 2026 | 299,472 | 22,111 | 7.4% | 11,151 | 23,697 | 12,082 | S100YEZT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 8,172 | 8,057 | 7,882 | 7,924 | 7,654 |
| Average salary (parent company) | ¥7.7M | ¥8.1M | ¥7.9M | ¥7.9M | ¥8.5M |
| Average age (parent company) | 42.3 years | 42.4 years | 42.3 years | 42.1 years | 42.3 years |
| Average tenure (parent company) | 14.2 years | 13.2 years | 11.9 years | 12.4 years | 12.9 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics segment | 291,963 | 97.5% | 24,463 | 8.4% |
| Real estate Segment | 7,509 | 2.5% | 3,661 | 48.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics segment | 97.5% | 87.0% | -10.5 | 8.4% |
| Real estate Segment | 2.5% | 13.0% | 10.5 | 48.8% |

Segment → industry: Real estate Segment → Real Estate Development & Leasing / Logistics segment → 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 | 23,697 | 7.9% | S100YEZT |
| Capital expenditure | 11,615 | 3.9% | S100YEZT |
| Free cash flow | 12,082 | 4.0% | 算出 |
| Investing cash flow | -9,637 | -3.2% | S100YEZT |
| Financing cash flow | -3,416 | -1.1% | S100YEZT |
| Dividends paid | 3,653 | 1.2% | S100YEZT |
| Share buyback | 11,958 | 4.0% | S100YEZT |
| Change in cash | 13,045 | 4.4% | S100YEZT |
| Cash and equivalents | 47,698 | 15.9% | S100YEZT |

## 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 | 22,822 | 33,417 | 30,876 | 34,652 | 47,698 | S100TRNA, S100W15N, S100YEZT |
| Total assets | 258,297 | 258,679 | 263,543 | 280,374 | 310,706 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Net assets | 88,631 | 104,078 | 120,828 | 129,749 | 157,093 | S100TRNA, S100W15N, S100YEZT |
| Share capital | 11,100 | 11,156 | 11,219 | 11,282 | 16,714 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Inventories | 2,045 | 1,999 | 1,987 | 1,503 | 2,219 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Property, plant and equipment | 139,493 | 138,730 | 138,785 | 141,331 | 144,230 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Intangible assets excluding goodwill | 8,700 | 10,521 | 12,411 | 13,346 | 13,121 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Goodwill | 1,917 | 1,670 | 1,587 | 2,335 | 2,325 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Investment securities | 9,883 | 11,068 | 15,393 | 17,148 | 23,679 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Current assets | 77,354 | 76,515 | 73,560 | 83,240 | 100,642 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Current liabilities | 65,441 | 54,227 | 61,152 | 56,469 | 56,527 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Short-term borrowings | 2,049 | 706 | 716 | 6,470 | 550 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Long-term borrowings | 57,317 | 50,900 | 45,929 | 52,040 | 51,070 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Bonds | 25,000 | 25,000 | 11,000 | 16,000 | 16,000 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Interest-bearing debt | 84,366 | 76,606 | 57,645 | 74,510 | 67,620 | 算出 |
| Total liabilities | 169,666 | 154,601 | 142,715 | 150,625 | 153,612 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Non-controlling interests | 9,172 | 10,792 | 10,920 | 12,570 | 15,022 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Equity attributable to owners of parent | 69,298 | 80,900 | 88,554 | 94,932 | 108,756 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Retained earnings | 52,752 | 64,244 | 71,772 | 78,024 | 85,522 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |
| Treasury stock | -103 | -103 | -104 | -105 | -4,337 | S100R0UZ, S100TRNA, S100W15N, S100YEZT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YEZT |
| Inventories | 1% | S100YEZT |
| Property, plant and equipment | 46% | S100YEZT |
| Intangibles and goodwill | 5% | S100YEZT |
| Investment securities | 8% | S100YEZT |
| Other assets | 25% | S100YEZT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 28% | S100YEZT |
| Equity | 50% | S100YEZT |
| Other liabilities | 0% | S100YEZT |

### 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 | 258,297 | 258,679 | 263,543 | 280,374 | 310,706 |
| Equity | 88,631 | 104,078 | 120,828 | 129,749 | 157,093 |
| Interest-bearing debt | 84,366 | 76,606 | 57,645 | 74,510 | 67,620 |
| Cash | 22,822 | 33,417 | 30,876 | 34,652 | 47,698 |

## 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) | 48.2% | S100YEZT |
| Fixed assets ÷ total assets | 46.4% | S100YEZT |
| Goodwill ÷ parent equity | 2.1% | S100YEZT |

Goodwill over 4 years: 1,917 → 2,325 JPY; total investing cash flow: -49,085 JPY. This does not imply causation.

### 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) | 15.4% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | -¥19.9B |
| Net debt ÷ operating cash flow | 0.84× |
| Cash conversion (operating CF ÷ operating income) | 107.2% |
| Cash vs. profit gap | 12,546 JPY mn (of net income 112.5%) |
| Shareholder returns / net income | 140.0% |
| Shareholder returns / FCF | 129.2% |
| Shareholder payments — dividends / net income | 32.8% |
| Shareholder payments — dividends / FCF | 30.2% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 40.7% |

## 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 | 4.8% | 1.17× | 5.6% | 3.73× | 20.9% | S100R0UZ |
| 2023 | 5.2% | 1.16× | 6.0% | 3.44× | 20.8% | S100TRNA |
| 2024 | 4.6% | 1.00× | 4.6% | 3.08× | 14.3% | S100W15N |
| 2025 | 3.6% | 1.03× | 3.7% | 2.96× | 10.9% | S100YEZT |
| 2026 | 3.7% | 1.01× | 3.8% | 2.90× | 10.9% | S100YEZT |

## 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 | 8.0% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 7.2% | 2026-03-31 |
| 三井不動産株式会社 | Major shareholder | 7.0% | 2026-03-31 |
| 大樹生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 6.1% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.7% | 2026-03-31 |
| MACQUARIE BANK LIMITED DBU AC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| みずほ証券株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社竹中工務店 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第178期(2025/04/01－2026/03/31) | S100YEZT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEZT,, |
| 有価証券報告書－第177期(2024/04/01－2025/03/31) | S100W15N | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W15N,, |
| 有価証券報告書－第176期(2023/04/01－2024/03/31) | S100TRNA | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRNA,, |
| 有価証券報告書－第175期(2022/04/01－2023/03/31) | S100R0UZ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0UZ,, |
| 有価証券報告書－第174期(令和3年4月1日－令和4年3月31日) | S100OCZC | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCZC,, |
| 有価証券報告書－第173期(令和2年4月1日－令和3年3月31日) | S100LNHY | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNHY,, |

## 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).