# Sakai Moving Service 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49期(2025/04/01－2026/03/31) (S100YFJQ)
> Page: https://vizora.meequs.com/en/company/sakai-moving-service
> Retrieved: 2026-09-30T21:09:15.040Z

## Company

Sakai Moving Service, founded in 1971, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 6,989 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sakai Moving Service Co.,Ltd. |
| Ticker | 9039 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9039.T) |
| Listing | TSE Prime |
| Head office | 堺市堺区石津北町56番地 |
| Representative (per filing) | 代表取締役社長 田島 哲康 |
| Founded | Nov 1971 |
| Share capital | ¥4.73B |
| Employees (consolidated) | 6,989 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.hikkoshi-sakai.co.jp (https://www.hikkoshi-sakai.co.jp/) |
| Corporate number | 6120101002720 |
| EDINET | E04218 |
| Industries (Vizora) | Plant Engineering & Building Services, Secondhand Retail, Home & Lifestyle Services, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YFJQ, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 21 |
| Profitability | 93.2 | 22 |
| Cash conversion | 2.3 | 22 |
| Efficiency | 47.7 | 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 84% of Sakai Moving Service's sales come from Moving Service, with Reuse Business and Clean Service making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit -2.7%.

## Company structure

- Segment revenue mix: Moving Service 84.5%、Reuse Business 6.3%、Clean Service 4.6%、Electric construct 4.0%、Other 0.7%
- Revenue → net income: ¥124741000000 → ¥8652000000
- Net income → operating cash flow: ¥8652000000 → ¥9298000000（difference ¥646000000）
- Main uses of operating cash flow: CapEx ¥2968000000 / dividends ¥4551000000 / buybacks ¥1156000000
- Change in cash: ¥-500000000
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 | ¥124.7B |  |
| Operating income | ¥12.6B | Margin 10.1% |
| Net income | ¥8.65B | Margin 6.9% |
| Free cash flow | ¥6.33B |  |
| Largest business | Moving Service | of segment revenue 84.5% |
| Employees (consolidated) | 6,989 |  |
| EPS | ¥189.41 |  |
| Diluted EPS | ¥189.3 |  |
| Book value per share | ¥2292.04 |  |
| Equity ratio | 76.8% |  |
| Shares outstanding | 42,324,000 |  |
| Treasury shares | 2,064,200 |  |
| Shareholders | 23,228 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 19.9% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | +5.3 pp | Trucking & Parcel Delivery |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥100333000000 | ¥124741000000 | +24.3% |
| Operating income | ¥11132000000 | ¥12572000000 | +12.9% |
| Operating margin | 11.1% | 10.1% | -1 pp |
| Employees | 6,799 people | 6,989 people | +2.8% |
| Cash and equivalents | ¥21715000000 | ¥25705000000 | +18.4% |

### 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 |
| --- | ---: |
| 引越事業 → 引越事業 | 84.5% |
| 引越事業 → 事業再編・廃止 | 1.4% |
| 電気工事事業 → 電気工事事業 | 3.5% |
| クリーンサービス事業 → クリーンサービス事業 | 4.1% |
| リユース事業 → リユース事業 | 3.0% |
| リサイクル事業 → 事業再編・廃止 | 3.0% |
| その他 → その他 | 0.5% |
| 新設・再編 → 電気工事事業 | 0.4% |
| 新設・再編 → クリーンサービス事業 | 0.5% |
| 新設・再編 → リユース事業 | 3.3% |
| 新設・再編 → その他 | 0.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Moving Service | 5 years | +3.5% | ¥105358000000 | 10.9% | 2 |
| Reuse Business | 5 years | +20.3% | ¥7803000000 | 3.0% | 2 |
| Clean Service | 5 years | +6.4% | ¥5766000000 | 7.6% | 2 |
| Electric construct | 5 years | +6.3% | ¥4980000000 | 12.8% | 2 |
| Other | 5 years | +10.5% | ¥832000000 | 70.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 124,741 | 100.0% | S100YFJQ |
| Cost of revenue | 77,660 | 62.3% | S100YFJQ |
| Gross profit | 47,080 | 37.7% | S100YFJQ |
| SG&A | 34,508 | 27.7% | S100YFJQ |
| Operating income | 12,572 | 10.1% | S100YFJQ |
| Ordinary income | 13,229 | 10.6% | S100YFJQ |
| Pretax income | 13,208 | 10.6% | S100YFJQ |
| Income tax | 4,555 | 3.7% | S100YFJQ |
| Net income | 8,652 | 6.9% | S100YFJQ |
| Net income attributable to owners | 8,652 | 6.9% | S100YFJQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 28 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 37.7% → Operating margin 10.1% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.89×
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 | 121,023 | 124,741 | 3,718 | +3.1% |
| Gross profit | 46,486 | 47,080 | 594 | +1.3% |
| Operating income | 12,925 | 12,572 | -353 | -2.7% |
| Net income attributable to owners | 8,765 | 8,652 | -113 | -1.3% |
| Operating cash flow | 9,727 | 9,298 | -429 | -4.4% |
| Free cash flow | 6,074 | 6,330 | 256 | +4.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 100,859 | 11,184 | 11.1% | 8,951 | 9,216 | 968 | S100LLC1 |
| FY ending Mar 2021 | 100,333 | 11,132 | 11.1% | 7,697 | 11,303 | 9,040 | S100OAU4 |
| FY ending Mar 2022 | 103,884 | 10,790 | 10.4% | 6,711 | 7,916 | 5,404 | S100QZDZ |
| FY ending Mar 2023 | 109,556 | 11,845 | 10.8% | 8,210 | 10,179 | 7,368 | S100TMOR |
| FY ending Mar 2024 | 116,861 | 12,744 | 10.9% | 8,359 | 9,581 | 5,707 | S100W1EA |
| FY ending Mar 2025 | 121,023 | 12,925 | 10.7% | 8,765 | 9,727 | 6,074 | S100YFJQ |
| FY ending Mar 2026 | 124,741 | 12,572 | 10.1% | 8,652 | 9,298 | 6,330 | S100YFJQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.8M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 6,794 | 6,681 | 6,715 | 6,961 | 6,989 |
| Average salary (parent company) | ¥4.6M | ¥4.7M | ¥5M | ¥4.9M | ¥5M |
| Average age (parent company) | 33.5 years | 34.0 years | 34.1 years | 34.4 years | 34.5 years |
| Average tenure (parent company) | 6.7 years | 7.2 years | 7.4 years | 8.2 years | 8.4 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Moving Service | 105,358 | 84.5% | 11,441 | 10.9% |
| Electric construct | 4,980 | 4.0% | 636 | 12.8% |
| Clean Service | 5,766 | 4.6% | 440 | 7.6% |
| Reuse Business | 7,803 | 6.3% | 232 | 3.0% |
| Other | 832 | 0.7% | 589 | 70.8% |

### 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 |
| --- | ---: |
| Moving Service | 84.5% |
| Electric construct | 4.0% |
| Clean Service | 4.6% |
| Reuse Business | 6.3% |
| Other | 0.7% |

Segment → industry: Electric construct → Plant Engineering & Building Services / Reuse Business → Secondhand Retail / Clean Service → Home & Lifestyle Services / Moving Service → 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 | 9,298 | 7.5% | S100YFJQ |
| Capital expenditure | 2,968 | 2.4% | S100YFJQ |
| Free cash flow | 6,330 | 5.1% | 算出 |
| Investing cash flow | -3,051 | -2.4% | S100YFJQ |
| Financing cash flow | -6,747 | -5.4% | S100YFJQ |
| Dividends paid | 4,551 | 3.6% | S100YFJQ |
| Share buyback | 1,156 | 0.9% | S100YFJQ |
| Change in cash | -500 | -0.4% | S100YFJQ |
| Cash and equivalents | 25,705 | 20.6% | S100YFJQ |

## 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 | 22,806 | 25,573 | 27,732 | 26,205 | 25,705 | S100TMOR, S100W1EA, S100YFJQ |
| Total assets | 103,542 | 109,634 | 120,811 | 127,234 | 129,191 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Net assets | 75,948 | 82,364 | 89,312 | 96,000 | 99,349 | S100TMOR, S100W1EA, S100YFJQ |
| Share capital | 4,731 | 4,731 | 4,731 | 4,731 | 4,731 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Property, plant and equipment | 65,619 | 66,752 | 70,434 | 72,550 | 73,558 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Intangible assets excluding goodwill | 627 | 521 | 413 | 740 | 1,111 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Goodwill | 153 | 119 | 85 | 51 | 22 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Investment securities | 828 | 2,536 | 4,518 | 6,215 | 7,147 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Current assets | 32,852 | 36,070 | 41,991 | 44,663 | 44,461 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Current liabilities | 22,096 | 22,898 | 27,199 | 27,222 | 26,599 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Short-term borrowings | 1,555 | 1,373 | 1,700 | 1,500 | 1,700 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Long-term borrowings | 1,934 | 1,572 | 1,358 | 1,412 | 1,071 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Bonds | 78 | 66 | — | — | — | S100QZDZ, S100TMOR |
| Interest-bearing debt | 3,567 | 3,011 | — | — | — | 算出 |
| Total liabilities | 27,593 | 27,269 | 31,499 | 31,234 | 29,842 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Equity attributable to owners of parent | 76,319 | 82,700 | 89,354 | 95,913 | 98,857 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Retained earnings | 70,452 | 76,832 | 83,487 | 90,046 | 94,147 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |
| Treasury stock | -3,814 | -3,814 | -3,814 | -3,814 | -4,970 | S100QZDZ, S100TMOR, S100W1EA, S100YFJQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YFJQ |
| Property, plant and equipment | 57% | S100YFJQ |
| Intangibles and goodwill | 1% | S100YFJQ |
| Investment securities | 5% | S100YFJQ |
| Other assets | 17% | S100YFJQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YFJQ |
| Equity | 77% | S100YFJQ |

### 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 | 103,542 | 109,634 | 120,811 | 127,234 | 129,191 |
| Equity | 75,948 | 82,364 | 89,312 | 96,000 | 99,349 |
| Interest-bearing debt | 3,567 | 3,011 | — | — | — |
| Cash | 22,806 | 25,573 | 27,732 | 26,205 | 25,705 |

## 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) | 59.0% | S100YFJQ |
| Fixed assets ÷ total assets | 56.9% | S100YFJQ |
| Goodwill ÷ parent equity | 0.0% | S100YFJQ |

Goodwill over 4 years: 153 → 22 JPY; total investing cash flow: -25,533 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) | 19.9% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.0% |
| Cash vs. profit gap | 646 JPY mn (of net income 7.5%) |
| Shareholder returns / net income | 66.0% |
| Shareholder returns / FCF | 90.2% |
| Shareholder payments — dividends / net income | 52.6% |
| Shareholder payments — dividends / FCF | 71.9% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 32.8% |

## 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 | 6.5% | 1.00× | 6.5% | 1.36× | 8.8% | S100QZDZ |
| 2023 | 7.5% | 1.03× | 7.7% | 1.34× | 10.3% | S100TMOR |
| 2024 | 7.2% | 1.01× | 7.3% | 1.34× | 9.7% | S100W1EA |
| 2025 | 7.2% | 0.98× | 7.1% | 1.34× | 9.5% | S100YFJQ |
| 2026 | 6.9% | 0.97× | 6.7% | 1.32× | 8.9% | S100YFJQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アーイ | Major shareholder | 35.7% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 5.7% | 2026-03-31 |
| 田島 通利 | Major shareholder | 5.7% | 2026-03-31 |
| 田島 哲康 | Major shareholder | 5.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| サカイ引越センター従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| BBH FOR FIDELITY TRUST EMPLOYEE BENEFIT PLANS LOW PRICED STOCK POOL(常任代理人 株式会社三菱UFJ銀行決済事業部) | Major shareholder | 1.1% | 2026-03-31 |
| SMBC日興証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第49期(2025/04/01－2026/03/31) | S100YFJQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFJQ,, |
| 有価証券報告書－第48期(2024/04/01－2025/03/31) | S100W1EA | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1EA,, |
| 有価証券報告書－第47期(2023/04/01－2024/03/31) | S100TMOR | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMOR,, |
| 有価証券報告書－第46期(2022/04/01－2023/03/31) | S100QZDZ | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZDZ,, |
| 有価証券報告書－第45期(令和3年4月1日－令和4年3月31日) | S100OAU4 | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAU4,, |
| 有価証券報告書－第44期(令和2年4月1日－令和3年3月31日) | S100LLC1 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLC1,, |

## 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).