# Okayamaken Freight Transportation 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114期(2025/04/01－2026/03/31) (S100YJ0L)
> Page: https://vizora.meequs.com/en/company/okayamaken-freight-transportation
> Retrieved: 2026-09-30T22:40:49.011Z

## Company

Okayamaken Freight Transportation, founded in 1943, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 2,173 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Okayamaken Freight Transportation Co., Ltd. |
| Ticker | 9063 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9063.T) |
| Listing | TSE Standard |
| Head office | 岡山市北区清心町4番31号 |
| Representative (per filing) | 代表取締役社長 馬屋原 章 |
| Founded | Mar 1943 |
| Share capital | ¥2.42B |
| Employees (consolidated) | 2,173 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.okaken.co.jp (https://www.okaken.co.jp/) |
| Corporate number | 4260001001001 |
| EDINET | E04195 |
| Industries (Vizora) | Specialty Trading & Wholesale, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YJ0L, 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 | 2.4 | 21 |
| Profitability | 34.1 | 22 |
| Cash conversion | 70.5 | 22 |
| Efficiency | 29.5 | 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 95% of Okayamaken Freight Transportation's sales come from Freight relevance, with Oil products sale and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +39.0%.

## Company structure

- Segment revenue mix: Freight relevance 94.9%、Oil products sale 2.6%、Other 2.5%
- Revenue → net income: ¥38899355000 → ¥2723090000
- Net income → operating cash flow: ¥2723090000 → ¥3206393000（difference ¥483303000）
- Main uses of operating cash flow: CapEx ¥1193450000 / dividends ¥142080000 / buybacks ¥765000
- Change in cash: ¥3480065000
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 | ¥38.9B |  |
| Operating income | ¥1.26B | Margin 3.2% |
| Net income | ¥2.72B | Margin 7.0% |
| Free cash flow | ¥2.01B |  |
| Largest business | Freight relevance | of segment revenue 94.9% |
| Employees (consolidated) | 2,173 |  |
| EPS | ¥1175.47 |  |
| Book value per share | ¥10891.89 |  |
| Equity ratio | 52.3% |  |
| Shares outstanding | 2,200,000 |  |
| Treasury shares | 173,400 |  |
| Shareholders | 1,174 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 19.3% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | -1.6 pp | Trucking & Parcel Delivery |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, employees -3% while operating income rose 39%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39499178000 | ¥38899355000 | -1.5% |
| Operating income | ¥1323426000 | ¥1260626000 | -4.7% |
| Operating margin | 3.4% | 3.2% | -0.1 pp |
| Employees | 2,475 people | 2,173 people | -12.2% |
| Cash and equivalents | ¥6035754000 | ¥9925387000 | +64.4% |

### 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 |
| --- | ---: |
| 貨物運送関連 → 貨物運送関連 | 94.9% |
| 貨物運送関連 → 事業再編・廃止 | 1.3% |
| 石油製品販売 → 石油製品販売 | 2.0% |
| その他 → その他 | 1.8% |
| 新設・再編 → 石油製品販売 | 0.6% |
| 新設・再編 → その他 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Freight relevance | 5 years | -0.6% | ¥36896294000 | 3.0% | 2 |
| Oil products sale | 5 years | +5.3% | ¥1011538000 | 1.2% | 2 |
| Other | 5 years | +6.6% | ¥991522000 | 13.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,899 | 100.0% | S100YJ0L |
| SG&A | 1,895 | 4.9% | S100YJ0L |
| Operating income | 1,261 | 3.2% | S100YJ0L |
| Ordinary income | 1,693 | 4.4% | S100YJ0L |
| Pretax income | 4,003 | 10.3% | S100YJ0L |
| Income tax | 1,279 | 3.3% | S100YJ0L |
| Net income | 2,723 | 7.0% | S100YJ0L |
| Net income attributable to owners | 2,719 | 7.0% | S100YJ0L |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 97 |
| Operating income | 3 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 3.2% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +39.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 27.03×
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 | 38,347 | 38,899 | 553 | +1.4% |
| Operating income | 907 | 1,261 | 354 | +39.0% |
| Net income attributable to owners | 957 | 2,719 | 1,762 | +184.0% |
| Operating cash flow | 2,592 | 3,206 | 614 | +23.7% |
| Free cash flow | 423 | 2,013 | 1,590 | +376.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,398 | 1,446 | 3.4% | 1,122 | 2,857 | 1,215 | S100LQVY |
| FY ending Mar 2021 | 39,499 | 1,323 | 3.4% | 1,099 | 3,110 | 1,232 | S100OF6A |
| FY ending Mar 2022 | 39,278 | 1,205 | 3.1% | 1,243 | 2,205 | -725 | S100R4JT |
| FY ending Mar 2023 | 38,474 | 1,126 | 2.9% | 951 | 2,880 | -1,550 | S100TQE6 |
| FY ending Mar 2024 | 37,693 | 640 | 1.7% | 2,495 | 1,965 | -854 | S100W50O |
| FY ending Mar 2025 | 38,347 | 907 | 2.4% | 957 | 2,592 | 423 | S100YJ0L |
| FY ending Mar 2026 | 38,899 | 1,261 | 3.2% | 2,719 | 3,206 | 2,013 | S100YJ0L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.9M |
| Operating income per employee (consolidated) | ¥580.1K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 2,398 | 2,381 | 2,294 | 2,243 | 2,173 |
| Average salary (parent company) | ¥4.3M | ¥4.3M | ¥4.3M | ¥4.4M | ¥4.7M |
| Average age (parent company) | 44.9 years | 45.7 years | 46.1 years | 46.5 years | 47.4 years |
| Average tenure (parent company) | 16.3 years | 17.0 years | 17.6 years | 18.0 years | 19.0 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Freight relevance | 36,896 | 94.9% | 1,089 | 3.0% |
| Oil products sale | 1,012 | 2.6% | 12 | 1.2% |
| Other | 992 | 2.5% | 136 | 13.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Freight relevance | 94.9% | 88.0% | -6.8 | 3.0% |
| Oil products sale | 2.6% | 0.9% | -1.7 | 1.2% |
| Other | 2.5% | 11.0% | 8.5 | 13.8% |

Segment → industry: Oil products sale → Specialty Trading & Wholesale / Freight relevance → Trucking & Parcel Delivery

## 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 | 3,206 | 8.2% | S100YJ0L |
| Capital expenditure | 1,193 | 3.1% | S100YJ0L |
| Free cash flow | 2,013 | 5.2% | 算出 |
| Investing cash flow | 1,317 | 3.4% | S100YJ0L |
| Financing cash flow | -1,044 | -2.7% | S100YJ0L |
| Dividends paid | 142 | 0.4% | S100YJ0L |
| Share buyback | 1 | 0.0% | S100YJ0L |
| Change in cash | 3,480 | 8.9% | S100YJ0L |
| Cash and equivalents | 9,925 | 25.5% | S100YJ0L |

## 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 | 5,738 | 6,127 | 5,551 | 6,445 | 9,925 | S100TQE6, S100W50O, S100YJ0L |
| Total assets | 42,557 | 45,807 | 46,426 | 47,389 | 51,320 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Net assets | 19,092 | 19,960 | 22,519 | 23,404 | 26,872 | S100TQE6, S100W50O, S100YJ0L |
| Share capital | 2,421 | 2,421 | 2,421 | 2,421 | 2,421 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Inventories | 129 | 119 | 128 | 125 | 137 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Property, plant and equipment | 25,616 | 28,386 | 29,305 | 29,565 | 29,126 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Intangible assets excluding goodwill | 573 | 559 | 554 | 546 | 535 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Investment securities | 2,982 | 3,097 | 3,640 | 3,787 | 4,675 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Current assets | 12,938 | 13,241 | 12,527 | 13,052 | 16,477 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Current liabilities | 13,839 | 13,825 | 10,728 | 13,000 | 11,159 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Short-term borrowings | 8,134 | 7,836 | 5,115 | 7,659 | 5,170 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Long-term borrowings | 5,842 | 8,113 | 8,486 | 6,207 | 7,850 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Total liabilities | 23,465 | 25,847 | 23,907 | 23,985 | 24,448 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Non-controlling interests | 30 | 31 | 32 | 32 | 22 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Equity attributable to owners of parent | 18,588 | 19,397 | 21,730 | 22,545 | 25,131 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Retained earnings | 14,693 | 15,501 | 17,834 | 18,650 | 21,227 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |
| Treasury stock | -295 | -295 | -296 | -296 | -297 | S100R4JT, S100TQE6, S100W50O, S100YJ0L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YJ0L |
| Inventories | 0% | S100YJ0L |
| Property, plant and equipment | 57% | S100YJ0L |
| Intangibles and goodwill | 1% | S100YJ0L |
| Investment securities | 9% | S100YJ0L |
| Other assets | 14% | S100YJ0L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YJ0L |
| Equity | 52% | S100YJ0L |

### 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 | 42,557 | 45,807 | 46,426 | 47,389 | 51,320 |
| Equity | 19,092 | 19,960 | 22,519 | 23,404 | 26,872 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,738 | 6,127 | 5,551 | 6,445 | 9,925 |

## 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) | 74.9% | S100YJ0L |
| Fixed assets ÷ total assets | 56.8% | S100YJ0L |
| Goodwill ÷ parent equity | — | —, S100YJ0L |

### 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) | 19.3% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 254.3% |
| Cash vs. profit gap | 487 JPY mn (of net income 17.9%) |
| Shareholder returns / net income | 5.3% |
| Shareholder returns / FCF | 7.1% |
| Shareholder payments — dividends / net income | 5.2% |
| Shareholder payments — dividends / FCF | 7.1% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 41.1% |

## 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 | 3.2% | 0.92× | 2.9% | 2.29× | 6.7% | S100R4JT |
| 2023 | 2.5% | 0.87× | 2.2% | 2.33× | 5.0% | S100TQE6 |
| 2024 | 6.6% | 0.82× | 5.4% | 2.24× | 12.1% | S100W50O |
| 2025 | 2.5% | 0.82× | 2.0% | 2.12× | 4.3% | S100YJ0L |
| 2026 | 7.0% | 0.79× | 5.5% | 2.07× | 11.4% | S100YJ0L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 損害保険ジャパン株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| マルケー従業員持株会 | Major shareholder | 7.2% | 2026-03-31 |
| 西尾総合印刷株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 福山通運株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社中国銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 両備ホールディングス株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| ＴＯＹＯ ＴＩＲＥ株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 堀口祐司 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社岡山マツダ | Major shareholder | 2.3% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YJ0L | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ0L,, |
| 有価証券報告書－第113期(2024/04/01－2025/03/31) | S100W50O | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W50O,, |
| 有価証券報告書－第112期(2023/04/01－2024/03/31) | S100TQE6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQE6,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100R4JT | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4JT,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100OF6A | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF6A,, |
| 有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LQVY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQVY,, |

## 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).