# NANSO Transport 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117期(2025/04/01－2026/03/31) (S100YK2X)
> Page: https://vizora.meequs.com/en/company/nanso-transport
> Retrieved: 2026-09-30T21:09:32.501Z

## Company

NANSO Transport, founded in 1942, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 866 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NANSO Transport Co.,Ltd. |
| Ticker | 9034 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9034.T) |
| Listing | TSE Standard |
| Head office | 千葉県東金市東金582番地 |
| Representative (per filing) | 代表取締役社長 今井利彦 |
| Founded | Nov 1942 |
| Share capital | ¥538.5M |
| Employees (consolidated) | 866 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Corporate number | 6040001057294 |
| EDINET | E04223 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors, Private Railways, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YK2X, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.2 | 21 |
| Profitability | 97.7 | 22 |
| Cash conversion | 25 | 22 |
| Efficiency | 6.8 | 22 |

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 43% of NANSO Transport's sales come from Truck transportation, with Warehouse and Incidental making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +2.4% from the prior year, operating profit +0.0%.

## Company structure

- Segment revenue mix: Truck transportation 42.8%、Warehouse 27.8%、Incidental 22.3%、Real estate 4.4%、Other 1.7%
- Revenue → net income: ¥16498936000 → ¥1352746000
- Net income → operating cash flow: ¥1352746000 → ¥2609510000（difference ¥1256764000）
- Main uses of operating cash flow: CapEx ¥1776816000 / dividends ¥519244000 / buybacks ¥43000
- Change in cash: ¥343482000
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 | ¥16.5B |  |
| Operating income | ¥2.02B | Margin 12.2% |
| Net income | ¥1.35B | Margin 8.2% |
| Free cash flow | ¥832.7M |  |
| Largest business | Truck transportation | of segment revenue 42.8% |
| Employees (consolidated) | 866 |  |
| EPS | ¥197.86 |  |
| Book value per share | ¥2277.06 |  |
| Equity ratio | 66.5% |  |
| Shares outstanding | 10,000,000 |  |
| Treasury shares | 548,900 |  |
| Shareholders | 3,416 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 10.2% | Cash ÷ revenue 21.4% |
| Vs. industry median margin | +7.4 pp | Trucking & Parcel Delivery |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 27 points
- FY2026, employees -3% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13383348000 | ¥16498936000 | +23.3% |
| Operating income | ¥1303631000 | ¥2018677000 | +54.9% |
| Operating margin | 9.7% | 12.2% | +2.5 pp |
| Employees | 881 people | 866 people | -1.7% |
| Cash and equivalents | ¥2875669000 | ¥3528678000 | +22.7% |

### 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 |
| --- | ---: |
| 貨物自動車運送事業 → 貨物自動車運送事業 | 37.5% |
| 倉庫事業 → 倉庫事業 | 25.3% |
| 附帯事業 → 附帯事業 | 22.3% |
| 附帯事業 → 事業再編・廃止 | 3.7% |
| 不動産事業 → 不動産事業 | 4.4% |
| 不動産事業 → 事業再編・廃止 | 2.8% |
| 建設事業 → 建設事業 | 1.0% |
| 建設事業 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 貨物自動車運送事業 | 5.3% |
| 新設・再編 → 倉庫事業 | 2.4% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Truck transportation | 5 years | +7.1% | ¥7056154000 | 8.1% | 2 |
| Warehouse | 5 years | +6.2% | ¥4579662000 | 33.7% | 2 |
| Incidental | 5 years | +1.1% | ¥3685188000 | 5.0% | 2 |
| Real estate | 5 years | -5.6% | ¥724649000 | 66.8% | 2 |
| Other | 5 years | +0.6% | ¥287509000 | -1.9% | 2 |
| Construction | 5 years | -7.7% | ¥165770000 | 5.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,499 | 100.0% | S100YK2X |
| Operating income | 2,019 | 12.2% | S100YK2X |
| Ordinary income | 2,029 | 12.3% | S100YK2X |
| Pretax income | 2,016 | 12.2% | S100YK2X |
| Income tax | 663 | 4.0% | S100YK2X |
| Net income | 1,353 | 8.2% | S100YK2X |
| Net income attributable to owners | 1,353 | 8.2% | S100YK2X |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 88 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 12.2% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.4%; Core profit growth: +0.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.01×
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 | 16,106 | 16,499 | 393 | +2.4% |
| Operating income | 2,018 | 2,019 | 1 | +0.0% |
| Net income attributable to owners | 1,371 | 1,353 | -18 | -1.3% |
| Operating cash flow | 2,027 | 2,610 | 582 | +28.7% |
| Free cash flow | 565 | 833 | 268 | +47.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,427 | 1,429 | 9.9% | 903 | 1,795 | 520 | S100LRV5 |
| FY ending Mar 2021 | 13,383 | 1,304 | 9.7% | 746 | 1,787 | -2,018 | S100Q3C1 |
| FY ending Mar 2022 | 14,299 | 1,481 | 10.4% | 1,033 | 1,804 | -9 | S100R96Y |
| FY ending Mar 2023 | 14,424 | 1,593 | 11.0% | 1,082 | 2,138 | -172 | S100TVI0 |
| FY ending Mar 2024 | 15,480 | 1,958 | 12.6% | 1,583 | 2,573 | 1,955 | S100W6AR |
| FY ending Mar 2025 | 16,106 | 2,018 | 12.5% | 1,371 | 2,027 | 565 | S100YK2X |
| FY ending Mar 2026 | 16,499 | 2,019 | 12.2% | 1,353 | 2,610 | 833 | S100YK2X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.1M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 896 | 894 | 909 | 894 | 866 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.5M | ¥4.8M | ¥5M |
| Average age (parent company) | 45.5 years | 45.9 years | 46.0 years | 47.0 years | 48.5 years |
| Average tenure (parent company) | 11.8 years | 12.4 years | 12.0 years | 12.1 years | 13.4 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +2.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Truck transportation | 7,056 | 42.8% | 575 | 8.1% |
| Warehouse | 4,580 | 27.8% | 1,541 | 33.7% |
| Incidental | 3,685 | 22.3% | 184 | 5.0% |
| Real estate | 725 | 4.4% | 484 | 66.8% |
| Construction | 166 | 1.0% | 9 | 5.5% |
| Other | 288 | 1.7% | -6 | -1.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Truck transportation | 42.8% | 20.6% | -22.2 | 8.1% |
| Warehouse | 27.8% | 55.2% | 27.4 | 33.7% |
| Incidental | 22.3% | 6.6% | -15.7 | 5.0% |
| Real estate | 4.4% | 17.3% | 12.9 | 66.8% |
| Construction | 1.0% | 0.3% | -0.7 | 5.5% |
| Other | 1.7% | — | — | -1.9% |

Loss-making segment (excluded from profit shares): Other -6 JPY mn

Segment → industry: Real estate → Real Estate Development & Leasing / Construction → General Contractors / Other → Private Railways / Truck transportation → Trucking & Parcel Delivery / Incidental → Warehouses & Logistics Facilities / Warehouse → 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 | 2,610 | 15.8% | S100YK2X |
| Capital expenditure | 1,777 | 10.8% | S100YK2X |
| Free cash flow | 833 | 5.0% | 算出 |
| Investing cash flow | -1,818 | -11.0% | S100YK2X |
| Financing cash flow | -448 | -2.7% | S100YK2X |
| Dividends paid | 519 | 3.1% | S100YK2X |
| Share buyback | 0 | 0.0% | S100YK2X |
| Change in cash | 343 | 2.1% | S100YK2X |
| Cash and equivalents | 3,529 | 21.4% | S100YK2X |

## 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 | 3,846 | 4,020 | 5,098 | 3,185 | 3,529 | S100TVI0, S100W6AR, S100YK2X |
| Total assets | 32,819 | 34,675 | 35,177 | 33,466 | 34,452 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Net assets | 19,699 | 20,422 | 21,663 | 21,975 | 22,915 | S100TVI0, S100W6AR, S100YK2X |
| Share capital | 539 | 539 | 539 | 539 | 539 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Property, plant and equipment | 25,229 | 26,841 | 26,102 | 26,270 | 26,813 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Intangible assets excluding goodwill | 108 | 78 | 71 | 58 | 59 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Investment securities | 472 | 480 | 532 | 506 | 621 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Current assets | 6,411 | 6,671 | 7,922 | 6,058 | 6,424 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Current liabilities | 4,802 | 5,299 | 5,554 | 4,334 | 4,650 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Short-term borrowings | 1,700 | 1,748 | 1,649 | 870 | 1,188 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Long-term borrowings | 7,253 | 7,851 | 6,909 | 6,197 | 5,918 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Total liabilities | 13,120 | 14,253 | 13,514 | 11,491 | 11,536 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Non-controlling interests | 0 | 0 | 0 | 0 | 0 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Equity attributable to owners of parent | 19,490 | 20,211 | 21,419 | 21,734 | 22,598 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Retained earnings | 18,469 | 19,191 | 20,398 | 21,290 | 22,124 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |
| Treasury stock | -15 | -15 | -15 | -592 | -569 | S100R96Y, S100TVI0, S100W6AR, S100YK2X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YK2X |
| Property, plant and equipment | 78% | S100YK2X |
| Intangibles and goodwill | 0% | S100YK2X |
| Investment securities | 2% | S100YK2X |
| Other assets | 10% | S100YK2X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YK2X |
| Equity | 67% | S100YK2X |

### 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 | 32,819 | 34,675 | 35,177 | 33,466 | 34,452 |
| Equity | 19,699 | 20,422 | 21,663 | 21,975 | 22,915 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,846 | 4,020 | 5,098 | 3,185 | 3,529 |

## 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) | 162.5% | S100YK2X |
| Fixed assets ÷ total assets | 77.8% | S100YK2X |
| Goodwill ÷ parent equity | — | —, S100YK2X |

### 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) | 10.2% |
| Cash ÷ revenue | 21.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.3% |
| Cash vs. profit gap | 1,257 JPY mn (of net income 92.9%) |
| Shareholder returns / net income | 38.4% |
| Shareholder returns / FCF | 62.4% |
| Shareholder payments — dividends / net income | 38.4% |
| Shareholder payments — dividends / FCF | 62.4% |
| CapEx intensity (capex ÷ revenue) | 10.8% |
| Investing CF relative to operating CF | 69.7% |

## 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 | 7.2% | 0.44× | 3.1% | 1.68× | 5.3% | S100R96Y |
| 2023 | 7.5% | 0.43× | 3.2% | 1.70× | 5.5% | S100TVI0 |
| 2024 | 10.2% | 0.44× | 4.5% | 1.68× | 7.6% | S100W6AR |
| 2025 | 8.5% | 0.47× | 4.0% | 1.59× | 6.4% | S100YK2X |
| 2026 | 8.2% | 0.49× | 4.0% | 1.53× | 6.1% | S100YK2X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 総和商事株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 今 井 利 彦 | Major shareholder | 6.0% | 2026-03-31 |
| 南総通運従業員持株会 | Major shareholder | 5.8% | 2026-03-31 |
| 今 井 貴美子 | Major shareholder | 3.0% | 2026-03-31 |
| 宮 田 修 | Major shareholder | 2.9% | 2026-03-31 |
| 土 屋 任 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社エルマックス | Major shareholder | 2.5% | 2026-03-31 |
| SBSアセットマネジメント株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 中 村 隆 則 | Major shareholder | 2.4% | 2026-03-31 |
| 松 崎 知 人 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YK2X | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK2X,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W6AR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AR,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TVI0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVI0,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100R96Y | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R96Y,, |
| 訂正有価証券報告書－第113期(2021/04/01－2022/03/31) | S100Q3C1 | 2023-02-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q3C1,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LRV5 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRV5,, |

## 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).