# RINKO 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165期(2025/04/01－2026/03/31) (S100YHZP)
> Page: https://vizora.meequs.com/en/company/rinko
> Retrieved: 2026-09-30T20:26:08.266Z

## Company

Rinko, founded in 1905, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 583 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RINKO CORPORATION |
| Ticker | 9355 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9355.T) |
| Listing | TSE Standard |
| Head office | 新潟県新潟市中央区万代五丁目11番30号 |
| Representative (per filing) | 代表取締役社長 本間 常悌 |
| Founded | Nov 1905 |
| Share capital | ¥1.95B |
| Employees (consolidated) | 583 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.rinko.co.jp (https://www.rinko.co.jp/) |
| Corporate number | 3110001005876 |
| EDINET | E04326 |
| Industries (Vizora) | Real Estate Development & Leasing, Hotels & Inns, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YHZP, 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 | 9.5 | 37 |
| Profitability | 19.2 | 39 |
| Cash conversion | 93.4 | 38 |
| Efficiency | 3.8 | 39 |
| Financial strength | 25 | 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 72% of Rinko's sales come from Common carriers segments, with Hotel operating segments and related business segments making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +3.7%.

## Company structure

- Segment revenue mix: Common carriers segments 72.1%、Hotel operating segments 17.7%、related business segments 8.0%、Real estate sales segments 2.2%
- Revenue → net income: ¥13856138000 → ¥1064750000
- Net income → operating cash flow: ¥1064750000 → ¥1428725000（difference ¥363975000）
- Main uses of operating cash flow: CapEx ¥819215000 / dividends ¥107806000 / buybacks ¥5000
- Change in cash: ¥145584000
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 | ¥13.9B |  |
| Operating income | ¥491.1M | Margin 3.5% |
| Net income | ¥1.06B | Margin 7.7% |
| Free cash flow | ¥609.5M |  |
| Largest business | Common carriers segments | of segment revenue 72.1% |
| Employees (consolidated) | 583 |  |
| EPS | ¥351.55 |  |
| Book value per share | ¥7656.86 |  |
| Equity ratio | 50.0% |  |
| Shares outstanding | 2,700,000 |  |
| Treasury shares | 2,400 |  |
| Shareholders | 937 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 1.3% | Net cash -¥5.44B · Cash ÷ revenue 3.7% |
| Vs. industry median margin | -1.3 pp | Trucking & Parcel Delivery |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -52 points
- FY2026, cash is 1% of total assets
- FY2026, employees -1% while operating income rose 4%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14196537000 | ¥13856138000 | -2.4% |
| Operating income | ¥-525259000 | ¥491075000 | — |
| Operating margin | -3.7% | 3.5% | +7.2 pp |
| Employees | 668 people | 583 people | -12.7% |
| Cash and equivalents | ¥610053000 | ¥516736000 | -15.3% |

### 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 |
| --- | ---: |
| 運輸部門 → 運輸部門 | 61.6% |
| 不動産部門 → 不動産部門 | 1.9% |
| ホテル事業部門 → ホテル事業部門 | 8.4% |
| 機械販売部門 → 事業再編・廃止 | 7.6% |
| 商品販売部門 → 事業再編・廃止 | 9.4% |
| その他事業部門 → 事業再編・廃止 | 1.9% |
| その他 → 事業再編・廃止 | 9.4% |
| 新設・再編 → 運輸部門 | 10.5% |
| 新設・再編 → 不動産部門 | 0.3% |
| 新設・再編 → ホテル事業部門 | 9.3% |
| 新設・再編 → 関連事業部門 | 8.0% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Common carriers segments | 5 years | +0.7% | ¥9988449000 | 1.0% | 2 |
| Hotel operating segments | 5 years | +13.4% | ¥2452915000 | 5.8% | 2 |
| related business segments | 4 years | +1.5% | ¥1114766000 | 8.9% | 2 |
| Real estate sales segments | 5 years | +0.4% | ¥300006000 | 53.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,856 | 100.0% | S100YHZP |
| Cost of revenue | 12,029 | 86.8% | S100YHZP |
| Gross profit | 1,827 | 13.2% | S100YHZP |
| SG&A | 1,336 | 9.6% | S100YHZP |
| Operating income | 491 | 3.5% | S100YHZP |
| Ordinary income | 610 | 4.4% | S100YHZP |
| Pretax income | 811 | 5.9% | S100YHZP |
| Income tax | -254 | -1.8% | S100YHZP |
| Net income | 1,065 | 7.7% | S100YHZP |
| Net income attributable to owners | 1,065 | 7.7% | S100YHZP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 13.2% → Operating margin 3.5% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +3.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
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 | 13,543 | 13,856 | 313 | +2.3% |
| Gross profit | 1,770 | 1,827 | 58 | +3.2% |
| Operating income | 474 | 491 | 17 | +3.7% |
| Net income attributable to owners | 527 | 1,065 | 538 | +102.1% |
| Operating cash flow | 1,328 | 1,429 | 100 | +7.5% |
| Free cash flow | 668 | 610 | -59 | -8.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,804 | 497 | 3.0% | 100 | 900 | -2,020 | S100LNJA |
| FY ending Mar 2021 | 14,197 | -525 | -3.7% | -1,566 | 685 | 454 | S100OEP5 |
| FY ending Mar 2022 | 12,695 | 124 | 1.0% | 455 | 943 | 854 | S100R0TD |
| FY ending Mar 2023 | 13,443 | 209 | 1.6% | 683 | 1,263 | 857 | S100TS4N |
| FY ending Mar 2024 | 13,111 | 153 | 1.2% | 358 | 1,402 | 842 | S100W4QY |
| FY ending Mar 2025 | 13,543 | 474 | 3.5% | 527 | 1,328 | 668 | S100YHZP |
| FY ending Mar 2026 | 13,856 | 491 | 3.5% | 1,065 | 1,429 | 610 | S100YHZP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.8M |
| Operating income per employee (consolidated) | ¥842.3K |
| Net income per employee (consolidated) | ¥1.8M |

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) | 631 | 598 | 586 | 586 | 583 |
| Average salary (parent company) | ¥5.1M | ¥5.3M | ¥5.6M | ¥5.8M | ¥6M |
| Average age (parent company) | 43.2 years | 44.1 years | 44.1 years | 44.8 years | 45.2 years |
| Average tenure (parent company) | 19.1 years | 20.1 years | 20.2 years | 20.5 years | 20.8 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Common carriers segments | 9,988 | 72.1% | 102 | 1.0% |
| Real estate sales segments | 300 | 2.2% | 161 | 53.8% |
| Hotel operating segments | 2,453 | 17.7% | 143 | 5.8% |
| related business segments | 1,115 | 8.0% | 99 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Common carriers segments | 72.1% | 20.1% | -52.0 | 1.0% |
| Real estate sales segments | 2.2% | 31.9% | 29.8 | 53.8% |
| Hotel operating segments | 17.7% | 28.3% | 10.6 | 5.8% |
| related business segments | 8.0% | 19.7% | 11.6 | 8.9% |

Segment → industry: Real estate sales segments → Real Estate Development & Leasing / Hotel operating segments → Hotels & Inns / Common carriers segments → Trucking & Parcel Delivery / Common carriers segments → 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 | 1,429 | 10.3% | S100YHZP |
| Capital expenditure | 819 | 5.9% | S100YHZP |
| Free cash flow | 610 | 4.4% | 算出 |
| Investing cash flow | -608 | -4.4% | S100YHZP |
| Financing cash flow | -675 | -4.9% | S100YHZP |
| Dividends paid | 108 | 0.8% | S100YHZP |
| Share buyback | 0 | 0.0% | S100YHZP |
| Change in cash | 146 | 1.1% | S100YHZP |
| Cash and equivalents | 517 | 3.7% | S100YHZP |

## 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 | 394 | 734 | 357 | 371 | 517 | S100TS4N, S100W4QY, S100YHZP |
| Total assets | 36,686 | 36,963 | 38,589 | 38,501 | 39,828 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Net assets | 15,223 | 16,046 | 17,853 | 17,982 | 19,929 | S100TS4N, S100W4QY, S100YHZP |
| Share capital | 1,950 | 1,950 | 1,950 | 1,950 | 1,950 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Property, plant and equipment | 28,821 | 28,650 | 28,634 | 28,687 | 28,793 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Intangible assets excluding goodwill | 129 | 108 | 80 | 53 | 46 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Investment securities | 3,191 | 3,363 | 5,906 | 5,668 | 6,838 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Current assets | 4,203 | 4,474 | 3,557 | 3,635 | 3,616 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Current liabilities | 7,841 | 7,215 | 6,910 | 7,310 | 6,936 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Short-term borrowings | 2,350 | 1,700 | 1,450 | 1,700 | 1,600 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Long-term borrowings | 6,024 | 5,135 | 4,415 | 3,965 | 4,028 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Bonds | — | 720 | 890 | 610 | 330 | S100TS4N, S100W4QY, S100YHZP |
| Interest-bearing debt | — | 7,555 | 6,755 | 6,275 | 5,958 | 算出 |
| Total liabilities | 21,463 | 20,918 | 20,737 | 20,519 | 19,899 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Equity attributable to owners of parent | 4,832 | 5,253 | 5,286 | 5,817 | 6,846 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Retained earnings | 2,080 | 2,501 | 2,799 | 3,262 | 4,223 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |
| Treasury stock | -7 | -7 | -273 | -204 | -136 | S100R0TD, S100TS4N, S100W4QY, S100YHZP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YHZP |
| Property, plant and equipment | 72% | S100YHZP |
| Intangibles and goodwill | 0% | S100YHZP |
| Investment securities | 17% | S100YHZP |
| Other assets | 9% | S100YHZP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 35% | S100YHZP |
| Equity | 50% | S100YHZP |
| Other liabilities | 0% | S100YHZP |

### 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 | 36,686 | 36,963 | 38,589 | 38,501 | 39,828 |
| Equity | 15,223 | 16,046 | 17,853 | 17,982 | 19,929 |
| Interest-bearing debt | — | 7,555 | 6,755 | 6,275 | 5,958 |
| Cash | 394 | 734 | 357 | 371 | 517 |

## 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) | 207.8% | S100YHZP |
| Fixed assets ÷ total assets | 72.3% | S100YHZP |
| Goodwill ÷ parent equity | — | —, S100YHZP |

### 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) | 1.3% |
| Cash ÷ revenue | 3.7% |
| Net cash (cash − interest-bearing debt) | -¥5.44B |
| Net debt ÷ operating cash flow | 3.81× |
| Cash conversion (operating CF ÷ operating income) | 290.9% |
| Cash vs. profit gap | 364 JPY mn (of net income 34.2%) |
| Shareholder returns / net income | 10.1% |
| Shareholder returns / FCF | 17.7% |
| Shareholder payments — dividends / net income | 10.1% |
| Shareholder payments — dividends / FCF | 17.7% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 42.5% |

## 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 | 3.6% | 0.35× | 1.2% | 7.59× | 9.4% | S100R0TD |
| 2023 | 5.1% | 0.37× | 1.9% | 7.30× | 13.6% | S100TS4N |
| 2024 | 2.7% | 0.35× | 0.9% | 7.17× | 6.8% | S100W4QY |
| 2025 | 3.9% | 0.35× | 1.4% | 6.94× | 9.5% | S100YHZP |
| 2026 | 7.7% | 0.35× | 2.7% | 6.19× | 16.8% | S100YHZP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 川崎汽船株式会社 | Major shareholder | 24.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 公益財団法人福田育英会 | Major shareholder | 4.5% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| 学校法人新潟総合学園 | Major shareholder | 3.3% | 2026-03-31 |
| リンコーコーポレーション 取引先持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 日本海曳船株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/04/01－2026/03/31) | S100YHZP | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHZP,, |
| 有価証券報告書－第164期(2024/04/01－2025/03/31) | S100W4QY | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4QY,, |
| 有価証券報告書－第163期(2023/04/01－2024/03/31) | S100TS4N | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS4N,, |
| 有価証券報告書－第162期(2022/04/01－2023/03/31) | S100R0TD | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0TD,, |
| 有価証券報告書－第161期(令和3年4月1日－令和4年3月31日) | S100OEP5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEP5,, |
| 有価証券報告書－第160期(令和2年4月1日－令和3年3月31日) | S100LNJA | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJA,, |

## 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).