# SENKO Group 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109期(2025/04/01－2026/03/31) (S100YH4R)
> Page: https://vizora.meequs.com/en/company/senko-group-holdings
> Retrieved: 2026-09-30T19:55:04.881Z

## Company

SENKO Group Holdings, founded in 1946, is a company in Food Packaging listed on TSE Prime. It has 27,835 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SENKO Group Holdings Co., Ltd. |
| Ticker | 9069 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9069.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区潮見二丁目8番10号 |
| Representative (per filing) | 代表取締役社長 福田 泰久 |
| Founded | Jul 1946 |
| Share capital | ¥39.5B |
| Employees (consolidated) | 27,835 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.senkogrouphd.co.jp (https://www.senkogrouphd.co.jp/) |
| Corporate number | 7120001059653 |
| EDINET | E04179 |
| Industries (Vizora) | Food Packaging, Business Process Outsourcing, Specialty Trading & Wholesale, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YH4R, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.8 | 37 |
| Profitability | 26.9 | 39 |
| Cash conversion | 64.5 | 38 |
| Efficiency | 73.1 | 39 |
| Financial strength | 10.7 | 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 64% of SENKO Group Holdings's sales come from Distribution, with Trading and commerce and Life Support making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +5.9%.

## Company structure

- Segment revenue mix: Distribution 63.9%、Trading and commerce 21.5%、Life Support 7.6%、Product 5.1%、Business Support 2.0%
- Revenue → net income: ¥899620000000 → ¥20951000000
- Net income → operating cash flow: ¥20951000000 → ¥61118000000（difference ¥40167000000）
- Main uses of operating cash flow: CapEx ¥46166000000 / dividends ¥8409000000 / buybacks ¥8500000000
- Change in cash: ¥22052000000
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 | ¥899.6B |  |
| Operating income | ¥37B | Margin 4.1% |
| Net income | ¥19.3B | Margin 2.1% |
| Free cash flow | ¥15B |  |
| Largest business | Distribution | of segment revenue 63.9% |
| Employees (consolidated) | 27,835 |  |
| EPS | ¥9.24 |  |
| Diluted EPS | ¥9.2 |  |
| Book value per share | ¥485.94 |  |
| Equity ratio | 27.6% |  |
| Shares outstanding | 175,692,000 |  |
| Treasury shares | 4,806,000 |  |
| Shareholders | 22,056 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 10.9% | Net cash -¥243.5B · Cash ÷ revenue 9.9% |
| Vs. industry median margin | -0.7 pp | Trucking & Parcel Delivery |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, buybacks were 1.0× dividends
- FY2026, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥572405000000 | ¥899620000000 | +57.2% |
| Operating income | ¥21516000000 | ¥36996000000 | +71.9% |
| Operating margin | 3.8% | 4.1% | +0.4 pp |
| Employees | 19,194 people | 27,835 people | +45.0% |
| Cash and equivalents | ¥50371000000 | ¥89359000000 | +77.4% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 63.9% |
| 物流事業 → 事業再編・廃止 | 6.7% |
| 商事・貿易事業 → 商事・貿易事業 | 21.5% |
| 商事・貿易事業 → 事業再編・廃止 | 8.0% |
| 新設・再編 → ライフサポート事業 | 7.6% |
| 新設・再編 → ビジネスサポート事業 | 2.0% |
| 新設・再編 → プロダクト事業 | 5.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Distribution | 5 years | +8.2% | ¥574421000000 | 5.9% | 2 |
| Trading and commerce | 5 years | +3.6% | ¥192951000000 | 1.9% | 2 |
| Life Support | 4 years | +24.2% | ¥68502000000 | 2.7% | 2 |
| Product | 3 years | +62.8% | ¥45760000000 | 1.4% | 2 |
| Business Support | 4 years | +23.2% | ¥17564000000 | 15.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 899,620 | 100.0% | S100YH4R |
| SG&A | 109,328 | 12.2% | S100YH4R |
| Operating income | 36,996 | 4.1% | S100YH4R |
| Ordinary income | 35,242 | 3.9% | S100YH4R |
| Pretax income | 31,755 | 3.5% | S100YH4R |
| Income tax | 10,803 | 1.2% | S100YH4R |
| Net income | 20,951 | 2.3% | S100YH4R |
| Net income attributable to owners | 19,320 | 2.1% | S100YH4R |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 4.1% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +5.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.11×
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 | 854,550 | 899,620 | 45,070 | +5.3% |
| Operating income | 34,946 | 36,996 | 2,050 | +5.9% |
| Net income attributable to owners | 18,610 | 19,320 | 710 | +3.8% |
| Operating cash flow | 44,722 | 61,118 | 16,396 | +36.7% |
| Free cash flow | -9,717 | 14,952 | 24,669 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 570,030 | 20,656 | 3.6% | 12,081 | 31,098 | 13,649 | S100ME1G |
| FY ending Mar 2021 | 572,405 | 21,516 | 3.8% | 14,249 | 31,858 | -1,760 | S100Q1J9 |
| FY ending Mar 2022 | 623,139 | 24,771 | 4.0% | 15,233 | 31,885 | 844 | S100SNNX |
| FY ending Mar 2023 | 696,288 | 25,535 | 3.7% | 15,341 | 47,694 | 11,985 | S100TSLS |
| FY ending Mar 2024 | 778,370 | 29,906 | 3.8% | 15,944 | 51,214 | 1,007 | S100W47X |
| FY ending Mar 2025 | 854,550 | 34,946 | 4.1% | 18,610 | 44,722 | -9,717 | S100YH4R |
| FY ending Mar 2026 | 899,620 | 36,996 | 4.1% | 19,320 | 61,118 | 14,952 | S100YH4R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥694.1K |

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) | 20,135 | 23,095 | 25,459 | 26,671 | 27,835 |
| Average salary (parent company) | ¥7.1M | ¥7M | ¥6.7M | ¥6.9M | ¥8.2M |
| Average age (parent company) | 45.3 years | 44.4 years | 45.4 years | 45.3 years | 43.9 years |
| Average tenure (parent company) | 14.6 years | 14.1 years | 13.2 years | 10.2 years | 11.0 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +5.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Distribution | 574,421 | 63.9% | 34,057 | 5.9% |
| Trading and commerce | 192,951 | 21.5% | 3,671 | 1.9% |
| Life Support | 68,502 | 7.6% | 1,876 | 2.7% |
| Business Support | 17,564 | 2.0% | 2,730 | 15.5% |
| Product | 45,760 | 5.1% | 662 | 1.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Distribution | 63.9% | 79.2% | 15.3 | 5.9% |
| Trading and commerce | 21.5% | 8.5% | -12.9 | 1.9% |
| Life Support | 7.6% | 4.4% | -3.3 | 2.7% |
| Business Support | 2.0% | 6.3% | 4.4 | 15.5% |
| Product | 5.1% | 1.5% | -3.5 | 1.4% |

Segment → industry: Product → Food Packaging / Business Support → Business Process Outsourcing / Trading and commerce → Specialty Trading & Wholesale / Distribution → Trucking & Parcel Delivery / Distribution → 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 | 61,118 | 6.8% | S100YH4R |
| Capital expenditure | 46,166 | 5.1% | S100YH4R |
| Free cash flow | 14,952 | 1.7% | 算出 |
| Investing cash flow | -61,857 | -6.9% | S100YH4R |
| Financing cash flow | 21,219 | 2.4% | S100YH4R |
| Dividends paid | 8,409 | 0.9% | S100YH4R |
| Share buyback | 8,500 | 0.9% | S100YH4R |
| Change in cash | 22,052 | 2.5% | S100YH4R |
| Cash and equivalents | 89,359 | 9.9% | S100YH4R |

## 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 | 42,193 | 56,147 | 79,284 | 67,306 | 89,359 | S100TSLS, S100W47X, S100YH4R |
| Total assets | 480,818 | 581,850 | 686,136 | 718,739 | 822,020 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Net assets | 160,854 | 179,103 | 204,561 | 243,216 | 264,179 | S100TSLS, S100W47X, S100YH4R |
| Share capital | 28,479 | 28,479 | 28,479 | 39,483 | 39,483 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Property, plant and equipment | 231,639 | 290,612 | 330,795 | 362,471 | 405,759 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Intangible assets excluding goodwill | 24,054 | 25,280 | 39,425 | 38,319 | 40,791 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Goodwill | 12,104 | 11,727 | 22,956 | 22,055 | 22,374 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Investment securities | 17,957 | 20,248 | 22,276 | 27,045 | 33,821 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Current assets | 171,033 | 201,773 | 239,866 | 229,227 | 269,429 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Current liabilities | 137,646 | 165,357 | 216,183 | 184,680 | 189,442 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Short-term borrowings | 36,335 | 40,543 | 53,448 | 42,277 | 41,380 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Long-term borrowings | 86,746 | 124,292 | 161,716 | 174,479 | 206,459 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Bonds | 40,000 | 40,000 | 40,000 | 50,000 | 85,000 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Interest-bearing debt | 163,081 | 204,835 | 255,164 | 266,756 | 332,839 | 算出 |
| Total liabilities | 319,963 | 402,747 | 481,575 | 475,523 | 557,841 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Non-controlling interests | 13,648 | 18,226 | 25,001 | 25,834 | 36,644 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Equity attributable to owners of parent | 143,602 | 154,070 | 164,659 | 198,641 | 201,616 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Retained earnings | 91,737 | 101,984 | 112,317 | 123,051 | 133,928 | S100SNNX, S100TSLS, S100W47X, S100YH4R |
| Treasury stock | -8,159 | -7,712 | -7,421 | -4,994 | -12,339 | S100SNNX, S100TSLS, S100W47X, S100YH4R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YH4R |
| Property, plant and equipment | 49% | S100YH4R |
| Intangibles and goodwill | 8% | S100YH4R |
| Investment securities | 4% | S100YH4R |
| Other assets | 28% | S100YH4R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 41% | 算出 |
| Other liabilities | 27% | S100YH4R |
| Equity | 32% | S100YH4R |

### 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 | 480,818 | 581,850 | 686,136 | 718,739 | 822,020 |
| Equity | 160,854 | 179,103 | 204,561 | 243,216 | 264,179 |
| Interest-bearing debt | 163,081 | 204,835 | 255,164 | 266,756 | 332,839 |
| Cash | 42,193 | 56,147 | 79,284 | 67,306 | 89,359 |

## 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) | 45.1% | S100YH4R |
| Fixed assets ÷ total assets | 49.4% | S100YH4R |
| Goodwill ÷ parent equity | 11.1% | S100YH4R |

Goodwill over 4 years: 12,104 → 22,374 JPY; total investing cash flow: -280,833 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) | 10.9% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | -¥243.5B |
| Net debt ÷ operating cash flow | 3.98× |
| Cash conversion (operating CF ÷ operating income) | 165.2% |
| Cash vs. profit gap | 41,798 JPY mn (of net income 216.3%) |
| Shareholder returns / net income | 87.5% |
| Shareholder returns / FCF | 113.1% |
| Shareholder payments — dividends / net income | 43.5% |
| Shareholder payments — dividends / FCF | 56.2% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 101.2% |

## 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 | 2.4% | 1.30× | 3.2% | 3.35× | 10.6% | S100SNNX |
| 2023 | 2.2% | 1.31× | 2.9% | 3.57× | 10.3% | S100TSLS |
| 2024 | 2.0% | 1.23× | 2.5% | 3.98× | 10.0% | S100W47X |
| 2025 | 2.2% | 1.22× | 2.6% | 3.87× | 10.2% | S100YH4R |
| 2026 | 2.1% | 1.17× | 2.5% | 3.85× | 9.7% | S100YH4R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| センコーグループ従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 旭化成株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| 積水化学工業株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| MACQUARIE FINANCIAL LIMITED （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （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 |

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

- Revenue reached ¥899.6B, up +5.3%.
- Operating income rose +5.9% to ¥37B; net income attributable to owners rose +3.8% to ¥19.3B.
- Cash from operations climbed to ¥61.1B, and free cash flow came back to ¥15B after going negative the year before.

### Drivers

- Senko raised freight rates and product prices across the group while fuel, wages and other costs kept climbing.
- New acquisitions chipped in, including a heavy-cargo carrier, a jewelry chain and a Tokyo security firm.
- It opened new distribution centers near Tokyo, Kyoto and Shizuoka, plus relay stations that split long truck runs between drivers.

### Risks

- Diesel is a big cost for a trucking business, so a jump in oil prices would hit margins.
- A bought company can underdeliver if its market shifts or hidden liabilities turn up.
- More bonds and bank loans mean a rate spike or rating cut would push up funding costs.

Cited: Annual Securities Report (Apr 2025 - Mar 2026) (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 (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YH4R | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH4R,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100W47X | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W47X,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TSLS | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSLS,, |
| 訂正有価証券報告書－第106期(2022/04/01－2023/03/31) | S100SNNX | 2024-01-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNNX,, |
| 訂正有価証券報告書－第105期(2021/04/01－2022/03/31) | S100Q1J9 | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1J9,, |
| 訂正有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100ME1G | 2021-09-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ME1G,, |

## 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).