# SAKURAJIMA FUTO KAISHA,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84期(2025/04/01－2026/03/31) (S100YDSZ)
> Page: https://vizora.meequs.com/en/company/sakurajima-futo-kaisha
> Retrieved: 2026-09-30T21:58:18.513Z

## Company

Sakurajima Futo Kaisha, founded in 1947, is a company in Warehouses & Logistics Facilities listed on TSE Standard. It has 89 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKURAJIMA FUTO KAISHA,LTD. |
| Ticker | 9353 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9353.T) |
| Listing | TSE Standard |
| Head office | 大阪市此花区梅町1丁目1番11号 |
| Representative (per filing) | 代表取締役社長 谷本 祐介 |
| Founded | Nov 1947 |
| Share capital | ¥770M |
| Employees (consolidated) | 89 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.sakurajima-futo.co.jp (https://www.sakurajima-futo.co.jp/) |
| Corporate number | 8120001026363 |
| EDINET | E04322 |
| Industries (Vizora) | Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YDSZ, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.1 | 37 |
| Profitability | 55.1 | 39 |
| Cash conversion | 90.8 | 38 |
| Efficiency | 9 | 39 |

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 54% of Sakurajima Futo Kaisha's sales come from Dry bulk cargo, with Liquid bulk cargo and Wearhouse making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +23.6%.

## Company structure

- Segment revenue mix: Dry bulk cargo 54.3%、Liquid bulk cargo 32.5%、Wearhouse 12.7%、Other 0.5%
- Revenue → net income: ¥4260693000 → ¥290080000
- Net income → operating cash flow: ¥290080000 → ¥694003000（difference ¥403923000）
- Main uses of operating cash flow: CapEx ¥625955000 / dividends ¥60173000 / buybacks —
- Change in cash: ¥-323594000
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 | ¥4.26B |  |
| Operating income | ¥251.1M | Margin 5.9% |
| Net income | ¥290.1M | Margin 6.8% |
| Free cash flow | ¥68M |  |
| Largest business | Dry bulk cargo | of segment revenue 54.3% |
| Employees (consolidated) | 89 |  |
| EPS | ¥194.35 |  |
| Book value per share | ¥5299.77 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 1,540,000 |  |
| Treasury shares | 18,200 |  |
| Shareholders | 1,757 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 5.1% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | +0.1 pp | Warehouses & Logistics Facilities |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 62% of positive segment profit
- FY2026, segment profit share differs by -49 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4507156000 | ¥4260693000 | -5.5% |
| Operating income | ¥91733000 | ¥251062000 | +173.7% |
| Operating margin | 2.0% | 5.9% | +3.9 pp |
| Employees | 87 people | 89 people | +2.3% |
| Cash and equivalents | ¥1331992000 | ¥617536000 | -53.6% |

### 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 |
| --- | ---: |
| ばら貨物 → ばら貨物 | 53.6% |
| 液体貨物 → 液体貨物 | 23.1% |
| 物流倉庫 → 物流倉庫 | 12.7% |
| 物流倉庫 → 事業再編・廃止 | 10.1% |
| その他 → その他 | 0.5% |
| 新設・再編 → ばら貨物 | 0.7% |
| 新設・再編 → 液体貨物 | 9.4% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Dry bulk cargo | 5 years | -0.9% | ¥2312376000 | 1.7% | 2 |
| Liquid bulk cargo | 5 years | +5.9% | ¥1386329000 | 31.3% | 2 |
| Wearhouse | 5 years | -12.0% | ¥541584000 | 41.3% | 2 |
| Other | 5 years | -0.2% | ¥20402000 | 29.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,261 | 100.0% | S100YDSZ |
| Cost of revenue | 3,402 | 79.8% | S100YDSZ |
| Gross profit | 859 | 20.2% | S100YDSZ |
| SG&A | 608 | 14.3% | S100YDSZ |
| Operating income | 251 | 5.9% | S100YDSZ |
| Ordinary income | 405 | 9.5% | S100YDSZ |
| Pretax income | 410 | 9.6% | S100YDSZ |
| Income tax | 120 | 2.8% | S100YDSZ |
| Net income | 290 | 6.8% | S100YDSZ |
| Net income attributable to owners | 290 | 6.8% | S100YDSZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.2% → Operating margin 5.9% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +23.6%
Operating leverage (core profit growth ÷ revenue growth): -13.22×
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 | 4,338 | 4,261 | -78 | -1.8% |
| Gross profit | 800 | 859 | 59 | +7.3% |
| Operating income | 203 | 251 | 48 | +23.6% |
| Net income attributable to owners | 233 | 290 | 57 | +24.5% |
| Operating cash flow | 756 | 694 | -62 | -8.2% |
| Free cash flow | 151 | 68 | -83 | -55.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,627 | 225 | 4.9% | 235 | -155 | -478 | S100LQJE |
| FY ending Mar 2021 | 4,507 | 92 | 2.0% | 190 | 558 | -14 | S100OJGT |
| FY ending Mar 2022 | 4,198 | 109 | 2.6% | 177 | 388 | 126 | S100R8TN |
| FY ending Mar 2023 | 3,866 | 157 | 4.1% | 193 | 632 | -546 | S100TVZT |
| FY ending Mar 2024 | 4,112 | 236 | 5.7% | 212 | 756 | -289 | S100W7JU |
| FY ending Mar 2025 | 4,338 | 203 | 4.7% | 233 | 756 | 151 | S100YDSZ |
| FY ending Mar 2026 | 4,261 | 251 | 5.9% | 290 | 694 | 68 | S100YDSZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.9M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 93 | 95 | 95 | 93 | 89 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥5.6M | ¥6.2M | ¥6.1M |
| Average age (parent company) | 45.6 years | 45.9 years | 46.8 years | 47.6 years | 47.9 years |
| Average tenure (parent company) | 16.9 years | 16.3 years | 16.6 years | 18.4 years | 18.7 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Dry bulk cargo | 2,312 | 54.3% | 39 | 1.7% |
| Liquid bulk cargo | 1,386 | 32.5% | 435 | 31.3% |
| Wearhouse | 542 | 12.7% | 223 | 41.3% |
| Other | 20 | 0.5% | 6 | 29.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Dry bulk cargo | 54.3% | 5.6% | -48.7 | 1.7% |
| Liquid bulk cargo | 32.5% | 61.8% | 29.2 | 31.3% |
| Wearhouse | 12.7% | 31.8% | 19.1 | 41.3% |
| Other | 0.5% | 0.8% | 0.4 | 29.2% |

Segment → industry: Wearhouse → Warehouses & Logistics Facilities / Liquid bulk cargo → Warehouses & Logistics Facilities / Dry bulk cargo → 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 | 694 | 16.3% | S100YDSZ |
| Capital expenditure | 626 | 14.7% | S100YDSZ |
| Free cash flow | 68 | 1.6% | 算出 |
| Investing cash flow | -619 | -14.5% | S100YDSZ |
| Financing cash flow | -399 | -9.4% | S100YDSZ |
| Dividends paid | 60 | 1.4% | S100YDSZ |
| Change in cash | -324 | -7.6% | S100YDSZ |
| Cash and equivalents | 618 | 14.5% | S100YDSZ |

## 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 | 1,543 | 935 | 850 | 941 | 618 | S100TVZT, S100W7JU, S100YDSZ |
| Total assets | 7,576 | 7,944 | 10,077 | 11,098 | 12,204 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Net assets | 4,628 | 4,968 | 6,265 | 6,971 | 8,073 | S100TVZT, S100W7JU, S100YDSZ |
| Share capital | 770 | 770 | 770 | 770 | 770 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Property, plant and equipment | 1,725 | 2,621 | 3,335 | 3,532 | 3,660 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Intangible assets excluding goodwill | 295 | 294 | 293 | 292 | 418 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Investment securities | 2,102 | 2,321 | 3,937 | 4,719 | 5,944 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Current assets | 3,002 | 2,255 | 2,056 | 2,113 | 1,705 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Current liabilities | 830 | 753 | 1,073 | 1,081 | 1,046 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Trade payables | 192 | 102 | 92 | 133 | 124 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Long-term borrowings | 1,267 | 1,119 | 1,205 | 1,331 | 1,032 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Total liabilities | 2,949 | 2,976 | 3,811 | 4,128 | 4,130 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Equity attributable to owners of parent | 3,787 | 3,958 | 4,134 | 4,330 | 4,567 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Retained earnings | 2,707 | 2,870 | 3,037 | 3,225 | 3,454 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |
| Treasury stock | -56 | -48 | -41 | -34 | -27 | S100R8TN, S100TVZT, S100W7JU, S100YDSZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YDSZ |
| Property, plant and equipment | 30% | S100YDSZ |
| Intangibles and goodwill | 3% | S100YDSZ |
| Investment securities | 49% | S100YDSZ |
| Other assets | 13% | S100YDSZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YDSZ |
| Other liabilities | 33% | S100YDSZ |
| Equity | 66% | S100YDSZ |

### 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 | 7,576 | 7,944 | 10,077 | 11,098 | 12,204 |
| Equity | 4,628 | 4,968 | 6,265 | 6,971 | 8,073 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,543 | 935 | 850 | 941 | 618 |

## 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) | 85.9% | S100YDSZ |
| Fixed assets ÷ total assets | 30.0% | S100YDSZ |
| Goodwill ÷ parent equity | — | —, S100YDSZ |

### 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) | 5.1% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 276.4% |
| Cash vs. profit gap | 404 JPY mn (of net income 139.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.7% |
| Shareholder payments — dividends / FCF | 88.4% |
| CapEx intensity (capex ÷ revenue) | 14.7% |
| Investing CF relative to operating CF | 89.1% |

## 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 | 4.2% | 0.55× | 2.3% | 2.00× | 4.7% | S100R8TN |
| 2023 | 5.0% | 0.50× | 2.5% | 2.00× | 5.0% | S100TVZT |
| 2024 | 5.1% | 0.46× | 2.3% | 2.23× | 5.2% | S100W7JU |
| 2025 | 5.4% | 0.41× | 2.2% | 2.50× | 5.5% | S100YDSZ |
| 2026 | 6.8% | 0.37× | 2.5% | 2.62× | 6.5% | S100YDSZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 埠頭ジャスタック株式会社 | Major shareholder | 19.1% | 2026-03-31 |
| セオ運輸株式会社 | Major shareholder | 11.5% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 9.1% | 2026-03-31 |
| 丸協産業株式会社 | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| 原 伊都子 | Major shareholder | 1.7% | 2026-03-31 |
| 原 勝隆 | Major shareholder | 1.1% | 2026-03-31 |
| 猪狩 恭典 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/04/01－2026/03/31) | S100YDSZ | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDSZ,, |
| 有価証券報告書－第83期(2024/04/01－2025/03/31) | S100W7JU | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7JU,, |
| 有価証券報告書－第82期(2023/04/01－2024/03/31) | S100TVZT | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVZT,, |
| 有価証券報告書－第81期(2022/04/01－2023/03/31) | S100R8TN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8TN,, |
| 有価証券報告書－第80期(令和3年4月1日－令和4年3月31日) | S100OJGT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJGT,, |
| 有価証券報告書－第79期(令和2年4月1日－令和3年3月31日) | S100LQJE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQJE,, |

## 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).