# The Shibusawa Warehouse 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179期(2025/04/01－2026/03/31) (S100YI5J)
> Page: https://vizora.meequs.com/en/company/shibusawa-warehouse
> Retrieved: 2026-09-30T20:31:39.107Z

## Company

The Shibusawa Warehouse, founded in 1909, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 1,320 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shibusawa Logistics Corporation |
| Ticker | 9304 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9304.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区永代二丁目37番28号 |
| Representative (per filing) | 取締役社長 大隅 毅 |
| Founded | Jul 1909 |
| Share capital | ¥7.85B |
| Employees (consolidated) | 1,320 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.shibusawa.co.jp (https://www.shibusawa.co.jp/) |
| Corporate number | 6010601038102 |
| EDINET | E04286 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YI5J, 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 | 50 | 37 |
| Profitability | 39.7 | 39 |
| Cash conversion | 40.8 | 38 |
| Efficiency | 39.7 | 39 |
| Financial strength | 46.4 | 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 93% of The Shibusawa Warehouse's sales come from Physical distribution enterprise, with Real estate enterprise making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit -12.2%.

## Company structure

- Segment revenue mix: Physical distribution enterprise 92.8%、Real estate enterprise 7.2%
- Revenue → net income: ¥79740000000 → ¥6404000000
- Net income → operating cash flow: ¥6404000000 → ¥5742000000（difference ¥-662000000）
- Main uses of operating cash flow: CapEx ¥2130000000 / dividends ¥2510000000 / buybacks ¥1560000000
- Change in cash: ¥-620000000
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 | ¥79.7B |  |
| Operating income | ¥4.1B | Margin 5.1% |
| Net income | ¥6.33B | Margin 7.9% |
| Free cash flow | ¥3.61B |  |
| Largest business | Physical distribution enterprise | of segment revenue 92.8% |
| Employees (consolidated) | 1,320 |  |
| EPS | ¥100.65 |  |
| Book value per share | ¥1041.27 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 60,870,000 |  |
| Treasury shares | 3,015,800 |  |
| Shareholders | 11,816 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 6.6% | Net cash -¥10.5B · Cash ÷ revenue 9.9% |
| Vs. industry median margin | -0.7 pp | Warehouses & Logistics Facilities |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -39 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥65328000000 | ¥79740000000 | +22.1% |
| Operating income | ¥3627000000 | ¥4097000000 | +13.0% |
| Operating margin | 5.6% | 5.1% | -0.4 pp |
| Employees | 1,146 people | 1,320 people | +15.2% |
| Cash and equivalents | ¥18450000000 | ¥7900000000 | -57.2% |

### 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 | 91.1% |
| 不動産事業 → 不動産事業 | 7.2% |
| 不動産事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 物流事業 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 79,740 | 100.0% | S100YI5J |
| SG&A | 4,580 | 5.7% | S100YI5J |
| Operating income | 4,097 | 5.1% | S100YI5J |
| Ordinary income | 4,858 | 6.1% | S100YI5J |
| Pretax income | 9,036 | 11.3% | S100YI5J |
| Income tax | 2,632 | 3.3% | S100YI5J |
| Net income | 6,404 | 8.0% | S100YI5J |
| Net income attributable to owners | 6,333 | 7.9% | S100YI5J |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 5.1% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.4%; Core profit growth: -12.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.59×
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 | 78,620 | 79,740 | 1,120 | +1.4% |
| Operating income | 4,668 | 4,097 | -571 | -12.2% |
| Net income attributable to owners | 4,908 | 6,333 | 1,425 | +29.0% |
| Operating cash flow | 6,350 | 5,742 | -608 | -9.6% |
| Free cash flow | -162 | 3,612 | 3,774 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 66,831 | 3,906 | 5.8% | 2,816 | 6,403 | 1,199 | S100LN2C |
| FY ending Mar 2021 | 65,328 | 3,627 | 5.6% | 2,750 | 6,952 | 3,520 | S100OI40 |
| FY ending Mar 2022 | 71,746 | 4,516 | 6.3% | 5,257 | 6,033 | 5,168 | S100R9GM |
| FY ending Mar 2023 | 78,504 | 4,894 | 6.2% | 3,759 | 6,729 | 5,422 | S100TUNK |
| FY ending Mar 2024 | 73,417 | 4,271 | 5.8% | 3,728 | 5,829 | -814 | S100W4DX |
| FY ending Mar 2025 | 78,620 | 4,668 | 5.9% | 4,908 | 6,350 | -162 | S100YI5J |
| FY ending Mar 2026 | 79,740 | 4,097 | 5.1% | 6,333 | 5,742 | 3,612 | S100YI5J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.4M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 1,196 | 1,320 | 1,289 | 1,287 | 1,320 |
| Average salary (parent company) | ¥6.9M | ¥7.2M | ¥7.4M | ¥7.5M | ¥8.2M |
| Average age (parent company) | 43.0 years | 43.0 years | 43.0 years | 43.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 18.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Physical distribution enterprise | 73,960 | 92.8% | 3,663 | 5.0% |
| Real estate enterprise | 5,780 | 7.2% | 3,134 | 54.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Physical distribution enterprise | 92.8% | 53.9% | -38.9 | 5.0% |
| Real estate enterprise | 7.2% | 46.1% | 38.9 | 54.2% |

Segment → industry: Real estate enterprise → Real Estate Development & Leasing / Physical distribution enterprise → 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 | 5,742 | 7.2% | S100YI5J |
| Capital expenditure | 2,130 | 2.7% | S100YI5J |
| Free cash flow | 3,612 | 4.5% | 算出 |
| Investing cash flow | 317 | 0.4% | S100YI5J |
| Financing cash flow | -6,674 | -8.4% | S100YI5J |
| Dividends paid | 2,510 | 3.1% | S100YI5J |
| Share buyback | 1,560 | 2.0% | S100YI5J |
| Change in cash | -620 | -0.8% | S100YI5J |
| Cash and equivalents | 7,900 | 9.9% | S100YI5J |

## 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 | 20,146 | 22,324 | 9,547 | 8,521 | 7,900 | S100TUNK, S100W4DX, S100YI5J |
| Total assets | 108,991 | 115,831 | 112,772 | 117,446 | 119,301 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Net assets | 53,655 | 57,872 | 62,627 | 65,328 | 68,441 | S100TUNK, S100W4DX, S100YI5J |
| Share capital | 7,847 | 7,847 | 7,847 | 7,847 | 7,847 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Property, plant and equipment | 49,635 | 50,289 | 56,061 | 57,484 | 55,792 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Intangible assets excluding goodwill | 1,083 | 971 | 956 | 1,199 | 1,247 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Investment securities | 19,179 | 21,276 | 25,384 | 27,822 | 31,666 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Current assets | 37,094 | 41,366 | 28,453 | 28,884 | 27,894 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Current liabilities | 15,740 | 23,264 | 16,828 | 16,235 | 22,551 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Short-term borrowings | 2,057 | 2,416 | 2,232 | 1,741 | 1,569 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Long-term borrowings | 20,140 | 21,302 | 19,298 | 17,395 | 8,813 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Bonds | 10,000 | 3,102 | 3,074 | 8,046 | 8,018 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Interest-bearing debt | 32,197 | 26,820 | 24,604 | 27,182 | 18,400 | 算出 |
| Total liabilities | 55,336 | 57,958 | 50,145 | 52,117 | 50,859 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Non-controlling interests | 320 | 799 | 890 | 953 | 70 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Equity attributable to owners of parent | 48,518 | 51,004 | 53,369 | 54,211 | 57,428 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Retained earnings | 34,304 | 36,847 | 39,207 | 42,407 | 46,227 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |
| Treasury stock | -24 | -134 | -131 | -2,493 | -3,681 | S100R9GM, S100TUNK, S100W4DX, S100YI5J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YI5J |
| Property, plant and equipment | 47% | S100YI5J |
| Intangibles and goodwill | 1% | S100YI5J |
| Investment securities | 26% | S100YI5J |
| Other assets | 19% | S100YI5J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 27% | S100YI5J |
| Equity | 57% | S100YI5J |
| Other liabilities | 0% | S100YI5J |

### 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 | 108,991 | 115,831 | 112,772 | 117,446 | 119,301 |
| Equity | 53,655 | 57,872 | 62,627 | 65,328 | 68,441 |
| Interest-bearing debt | 32,197 | 26,820 | 24,604 | 27,182 | 18,400 |
| Cash | 20,146 | 22,324 | 9,547 | 8,521 | 7,900 |

## 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) | 70.0% | S100YI5J |
| Fixed assets ÷ total assets | 46.8% | S100YI5J |
| Goodwill ÷ parent equity | — | —, S100YI5J |

### 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) | 6.6% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | -¥10.5B |
| Net debt ÷ operating cash flow | 1.83× |
| Cash conversion (operating CF ÷ operating income) | 140.2% |
| Cash vs. profit gap | -591 JPY mn (of net income -9.3%) |
| Shareholder returns / net income | 64.3% |
| Shareholder returns / FCF | 112.7% |
| Shareholder payments — dividends / net income | 39.6% |
| Shareholder payments — dividends / FCF | 69.5% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 5.5% |

## 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 | 7.3% | 0.66× | 4.8% | 2.25× | 10.8% | S100R9GM |
| 2023 | 4.8% | 0.70× | 3.3% | 2.26× | 7.6% | S100TUNK |
| 2024 | 5.1% | 0.64× | 3.3% | 2.19× | 7.1% | S100W4DX |
| 2025 | 6.2% | 0.68× | 4.3% | 2.14× | 9.1% | S100YI5J |
| 2026 | 7.9% | 0.67× | 5.4% | 2.12× | 11.3% | S100YI5J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社パン・パシフィック・インターナショナルホールディングス | Major shareholder | 10.0% | 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 | 6.9% | 2026-03-31 |
| 清水建設株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| トーア再保険株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 学校法人帝京大学 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 日本ゼオン株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 清和綜合建物株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第179期(2025/04/01－2026/03/31) | S100YI5J | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI5J,, |
| 有価証券報告書－第178期(2024/04/01－2025/03/31) | S100W4DX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4DX,, |
| 有価証券報告書－第177期(2023/04/01－2024/03/31) | S100TUNK | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUNK,, |
| 有価証券報告書－第176期(2022/04/01－2023/03/31) | S100R9GM | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9GM,, |
| 有価証券報告書－第175期(令和3年4月1日－令和4年3月31日) | S100OI40 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI40,, |
| 有価証券報告書－第174期(令和2年4月1日－令和3年3月31日) | S100LN2C | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN2C,, |

## 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).