# SEINO HOLDINGS 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105期(2025/04/01－2026/03/31) (S100YI52)
> Page: https://vizora.meequs.com/en/company/seino-holdings
> Retrieved: 2026-09-30T19:12:59.618Z

## Company

Seino Holdings, founded in 1941, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 31,408 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEINO HOLDINGS CO., LTD. |
| Ticker | 9076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9076.T) |
| Listing | TSE Prime |
| Head office | 岐阜県大垣市田口町1番地 |
| Representative (per filing) | 代表取締役社長 田口義隆 |
| Founded | Jan 1941 |
| Share capital | ¥42.5B |
| Employees (consolidated) | 31,408 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.seino.co.jp (https://www.seino.co.jp/) |
| Corporate number | 3200001013795 |
| EDINET | E04198 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Car Dealers & Used Cars, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YI52, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69 | 21 |
| Profitability | 43.2 | 22 |
| Cash conversion | 43.2 | 22 |
| Efficiency | 56.8 | 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 78% of Seino Holdings's sales come from Transportation services, with Vehicle sales and Merchandise sales making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +10.3% from the prior year, operating profit +25.8%.

## Company structure

- Segment revenue mix: Transportation services 77.6%、Vehicle sales 13.6%、Merchandise sales 5.0%、Other 3.5%、Leasing for real estate services 0.3%
- Revenue → net income: ¥812965000000 → ¥25422000000
- Net income → operating cash flow: ¥25422000000 → ¥56590000000（difference ¥31168000000）
- Main uses of operating cash flow: CapEx ¥37473000000 / dividends ¥15203000000 / buybacks ¥0
- Change in cash: ¥6709000000
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 | ¥813B |  |
| Operating income | ¥37.6B | Margin 4.6% |
| Net income | ¥23.6B | Margin 2.9% |
| Free cash flow | ¥19.1B |  |
| Largest business | Transportation services | of segment revenue 77.6% |
| Employees (consolidated) | 31,408 |  |
| EPS | ¥83.01 |  |
| Diluted EPS | ¥76.75 |  |
| Book value per share | ¥1407.14 |  |
| Equity ratio | 56.1% |  |
| Shares outstanding | 187,679,783 |  |
| Treasury shares | 20,909,800 |  |
| Shareholders | 32,610 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 10.3% |
| Vs. industry median margin | -0.2 pp | Trucking & Parcel Delivery |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, employees 0% while operating income rose 26%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥592046000000 | ¥812965000000 | +37.3% |
| Operating income | ¥24560000000 | ¥37605000000 | +53.1% |
| Operating margin | 4.1% | 4.6% | +0.5 pp |
| Employees | 29,411 people | 31,408 people | +6.8% |
| Cash and equivalents | ¥93683000000 | ¥84064000000 | -10.3% |

### 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 |
| --- | ---: |
| 輸送事業 → 輸送事業 | 74.5% |
| 自動車販売事業 → 自動車販売事業 | 13.6% |
| 自動車販売事業 → 事業再編・廃止 | 3.0% |
| 物品販売事業 → 物品販売事業 | 5.0% |
| 物品販売事業 → 事業再編・廃止 | 0.2% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.3% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.0% |
| その他 → その他 | 3.3% |
| 新設・再編 → 輸送事業 | 3.1% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation services | 5 years | +7.4% | ¥630890000000 | 4.3% | 2 |
| Vehicle sales | 5 years | +2.3% | ¥110346000000 | 6.3% | 2 |
| Merchandise sales | 5 years | +5.7% | ¥40926000000 | 3.2% | 2 |
| Other | 5 years | +7.5% | ¥28345000000 | 8.0% | 2 |
| Leasing for real estate services | 5 years | +5.7% | ¥2456000000 | 73.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 812,965 | 100.0% | S100YI52 |
| Cost of revenue | 715,167 | 88.0% | S100YI52 |
| Gross profit | 97,797 | 12.0% | S100YI52 |
| SG&A | 60,192 | 7.4% | S100YI52 |
| Operating income | 37,605 | 4.6% | S100YI52 |
| Ordinary income | 37,264 | 4.6% | S100YI52 |
| Pretax income | 41,609 | 5.1% | S100YI52 |
| Income tax | 16,187 | 2.0% | S100YI52 |
| Net income | 25,422 | 3.1% | S100YI52 |
| Net income attributable to owners | 23,638 | 2.9% | S100YI52 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 7 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.0% → Operating margin 4.6% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.3%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 737,377 | 812,965 | 75,588 | +10.3% |
| Gross profit | 86,614 | 97,797 | 11,183 | +12.9% |
| Operating income | 29,883 | 37,605 | 7,722 | +25.8% |
| Net income attributable to owners | 19,253 | 23,638 | 4,385 | +22.8% |
| Operating cash flow | 52,746 | 56,590 | 3,844 | +7.3% |
| Free cash flow | 14,619 | 19,117 | 4,498 | +30.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 625,626 | 29,697 | 4.7% | 25,848 | 34,963 | 270 | S100LOQ0 |
| FY ending Mar 2021 | 592,046 | 24,560 | 4.1% | 16,660 | 38,685 | 3,232 | S100OKLK |
| FY ending Mar 2022 | 607,657 | 27,545 | 4.5% | 17,255 | 45,527 | 16,145 | S100R7O7 |
| FY ending Mar 2023 | 631,507 | 28,501 | 4.5% | 19,013 | 39,274 | 14,344 | S100TWCC |
| FY ending Mar 2024 | 642,811 | 23,403 | 3.6% | 14,561 | 48,441 | 25,041 | S100W4TE |
| FY ending Mar 2025 | 737,377 | 29,883 | 4.1% | 19,253 | 52,746 | 14,619 | S100YI52 |
| FY ending Mar 2026 | 812,965 | 37,605 | 4.6% | 23,638 | 56,590 | 19,117 | S100YI52 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥752.6K |

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) | 29,749 | 29,636 | 28,854 | 31,432 | 31,408 |
| Average salary (parent company) | ¥7.2M | ¥6.6M | ¥6.7M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 42.5 years | 44.0 years | 44.3 years | 43.7 years | 43.6 years |
| Average tenure (parent company) | 17.9 years | 19.0 years | 19.0 years | 17.8 years | 17.4 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +10.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation services | 630,890 | 77.6% | 27,425 | 4.3% |
| Vehicle sales | 110,346 | 13.6% | 6,917 | 6.3% |
| Merchandise sales | 40,926 | 5.0% | 1,314 | 3.2% |
| Leasing for real estate services | 2,456 | 0.3% | 1,810 | 73.7% |
| Other | 28,345 | 3.5% | 2,270 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation services | 77.6% | 69.0% | -8.6 | 4.3% |
| Vehicle sales | 13.6% | 17.4% | 3.8 | 6.3% |
| Merchandise sales | 5.0% | 3.3% | -1.7 | 3.2% |
| Leasing for real estate services | 0.3% | 4.6% | 4.3 | 73.7% |
| Other | 3.5% | 5.7% | 2.2 | 8.0% |

Segment → industry: Leasing for real estate services → Real Estate Development & Leasing / Merchandise sales → Specialty Trading & Wholesale / Vehicle sales → Car Dealers & Used Cars / Transportation services → 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 | 56,590 | 7.0% | S100YI52 |
| Capital expenditure | 37,473 | 4.6% | S100YI52 |
| Free cash flow | 19,117 | 2.4% | 算出 |
| Investing cash flow | -33,422 | -4.1% | S100YI52 |
| Financing cash flow | -16,571 | -2.0% | S100YI52 |
| Dividends paid | 15,203 | 1.9% | S100YI52 |
| Share buyback | 0 | 0.0% | S100YI52 |
| Change in cash | 6,709 | 0.8% | S100YI52 |
| Cash and equivalents | 84,064 | 10.3% | S100YI52 |

## 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 | 99,524 | 101,065 | 75,378 | 77,354 | 84,064 | S100TWCC, S100W4TE, S100YI52 |
| Total assets | 685,266 | 703,893 | 689,525 | 770,840 | 790,066 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Net assets | 433,520 | 449,727 | 435,577 | 423,571 | 471,267 | S100TWCC, S100W4TE, S100YI52 |
| Share capital | 42,481 | 42,481 | 42,481 | 42,481 | 42,481 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Inventories | 11,236 | 16,388 | 20,614 | 19,490 | 21,989 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Property, plant and equipment | 341,679 | 343,226 | 345,654 | 424,887 | 434,113 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Intangible assets excluding goodwill | 16,558 | 17,507 | 15,328 | 17,116 | 16,264 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Goodwill | 11,126 | 11,602 | 9,467 | 8,950 | 7,274 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Investment securities | 60,767 | 65,291 | 81,531 | 71,142 | 89,753 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Current assets | 245,578 | 255,432 | 230,369 | 233,579 | 229,784 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Current liabilities | 109,980 | 112,966 | 119,838 | 232,251 | 129,740 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Short-term borrowings | 3,241 | 4,760 | 3,748 | 83,153 | 6,884 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Long-term borrowings | 9,820 | 9,388 | 6,927 | 5,875 | 82,578 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Total liabilities | 251,746 | 254,166 | 253,947 | 347,269 | 318,798 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Non-controlling interests | 3,628 | 4,880 | 5,194 | 26,573 | 27,653 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Equity attributable to owners of parent | 419,144 | 433,350 | 403,420 | 365,515 | 399,085 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Retained earnings | 332,860 | 346,416 | 321,348 | 323,260 | 329,653 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |
| Treasury stock | -37,138 | -36,422 | -37,586 | -77,739 | -50,280 | S100R7O7, S100TWCC, S100W4TE, S100YI52 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YI52 |
| Inventories | 3% | S100YI52 |
| Property, plant and equipment | 55% | S100YI52 |
| Intangibles and goodwill | 3% | S100YI52 |
| Investment securities | 11% | S100YI52 |
| Other assets | 17% | S100YI52 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YI52 |
| Equity | 60% | S100YI52 |
| Other liabilities | 0% | S100YI52 |

### 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 | 685,266 | 703,893 | 689,525 | 770,840 | 790,066 |
| Equity | 433,520 | 449,727 | 435,577 | 423,571 | 471,267 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 99,524 | 101,065 | 75,378 | 77,354 | 84,064 |

## 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) | 53.4% | S100YI52 |
| Fixed assets ÷ total assets | 54.9% | S100YI52 |
| Goodwill ÷ parent equity | 1.8% | S100YI52 |

Goodwill over 4 years: 11,126 → 7,274 JPY; total investing cash flow: -191,189 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) | 10.6% |
| Cash ÷ revenue | 10.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 150.5% |
| Cash vs. profit gap | 32,952 JPY mn (of net income 139.4%) |
| Shareholder returns / net income | 64.3% |
| Shareholder returns / FCF | 79.5% |
| Shareholder payments — dividends / net income | 64.3% |
| Shareholder payments — dividends / FCF | 79.5% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 59.1% |

## 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 | 2.8% | 0.89× | 2.5% | 1.63× | 4.1% | S100R7O7 |
| 2023 | 3.0% | 0.91× | 2.7% | 1.63× | 4.5% | S100TWCC |
| 2024 | 2.3% | 0.92× | 2.1% | 1.67× | 3.5% | S100W4TE |
| 2025 | 2.6% | 1.01× | 2.6% | 1.90× | 5.0% | S100YI52 |
| 2026 | 2.9% | 1.04× | 3.0% | 2.04× | 6.2% | S100YI52 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人 田口福寿会 | Major shareholder | 15.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 9.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 8.6% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N. A. LONDON SPECIAL ACCOUNT NO.1 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社 十六銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 2.4% | 2026-03-31 |
| アドニス株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 岐建株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 | Major shareholder | 1.7% | 2026-03-31 |
| セイノーホールディングス従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥813B, up +10.3% from ¥737.4B.
- Profit grew faster than sales: operating income rose +25.8% to ¥37.6B, and net income rose +22.8% to ¥23.6B.
- Operating cash flow came in at ¥56.6B (+7.3%), and free cash flow at ¥19.1B (+30.8%).

### Drivers

- MD Logis, acquired in the prior year, counted toward transportation revenue for a full year this time
- In its core freight business, the company won rates that better match shipment weight and distance, and cut costs by adjusting routes and loading trucks more fully
- Vehicle sales fell, along with segment profit, as maker supply limits and a past certification scandal reduced new-vehicle deliveries

### Risks

- Driver shortages and working-hour limits could push up hiring costs and outsourcing fees
- A jump in oil prices could sharply raise fuel and transport costs
- New-vehicle supply depends almost entirely on Toyota and Hino, so a halt in their production would hit the vehicle sales business

Cited: Annual Securities Report (105th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (105th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YI52 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI52,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W4TE | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4TE,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TWCC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWCC,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R7O7 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7O7,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OKLK | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKLK,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LOQ0 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOQ0,, |

## 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).