# sugimura 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163期(2025/04/01－2026/03/31) (S100YEZX)
> Page: https://vizora.meequs.com/en/company/sugimura-warehouse
> Retrieved: 2026-09-30T17:58:16.223Z

## Company

sugimura warehouse, founded in 1919, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 377 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sugimura Warehouse Co., Ltd. |
| Ticker | 9307 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9307.T) |
| Listing | TSE Standard |
| Head office | 大阪市港区福崎一丁目1番57号 |
| Representative (per filing) | 取締役社長 福山漢成 |
| Founded | Oct 1919 |
| Share capital | ¥2.63B |
| Employees (consolidated) | 377 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.sugimura-wh.co.jp (https://www.sugimura-wh.co.jp/) |
| Corporate number | 4120001029155 |
| EDINET | E04294 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YEZX, 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 | 36.5 | 37 |
| Profitability | 98.7 | 39 |
| Cash conversion | 35.5 | 38 |
| Efficiency | 21.8 | 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 88% of sugimura warehouse's sales come from Logistics business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit +3.3%.

## Company structure

- Segment revenue mix: Logistics business 87.7%、Real estate business 12.3%
- Revenue → net income: ¥11242475000 → ¥967383000
- Net income → operating cash flow: ¥967383000 → ¥1880806000（difference ¥913423000）
- Main uses of operating cash flow: CapEx ¥609822000 / dividends ¥245966000 / buybacks ¥59961000
- Change in cash: ¥449046000
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 | ¥11.2B |  |
| Operating income | ¥1.41B | Margin 12.6% |
| Net income | ¥967.4M | Margin 8.6% |
| Free cash flow | ¥1.27B |  |
| Largest business | Logistics business | of segment revenue 87.7% |
| Employees (consolidated) | 377 |  |
| EPS | ¥57.2 |  |
| Book value per share | ¥965.25 |  |
| Equity ratio | 78.1% |  |
| Shares outstanding | 16,419,000 |  |
| Treasury shares | 67,300 |  |
| Shareholders | 3,437 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 24.9% | Cash ÷ revenue 50.4% |
| Vs. industry median margin | +6.7 pp | Warehouses & Logistics Facilities |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 32 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10204536000 | ¥11242475000 | +10.2% |
| Operating income | ¥1263461000 | ¥1410931000 | +11.7% |
| Operating margin | 12.4% | 12.6% | +0.2 pp |
| Employees | 375 people | 377 people | +0.5% |
| Cash and equivalents | ¥3334467000 | ¥5663091000 | +69.8% |

### 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 | 87.1% |
| 不動産事業 → 不動産事業 | 12.3% |
| 不動産事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 物流事業 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,242 | 100.0% | S100YEZX |
| SG&A | 1,243 | 11.1% | S100YEZX |
| Operating income | 1,411 | 12.6% | S100YEZX |
| Ordinary income | 1,437 | 12.8% | S100YEZX |
| Pretax income | 1,426 | 12.7% | S100YEZX |
| Income tax | 458 | 4.1% | S100YEZX |
| Net income | 967 | 8.6% | S100YEZX |
| Net income attributable to owners | 967 | 8.6% | S100YEZX |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 12.6% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.1%; Core profit growth: +3.3%
Growth quality: margin-expansion
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 | 11,235 | 11,242 | 7 | +0.1% |
| Operating income | 1,366 | 1,411 | 45 | +3.3% |
| Net income attributable to owners | 917 | 967 | 50 | +5.5% |
| Operating cash flow | 1,946 | 1,881 | -66 | -3.4% |
| Free cash flow | 1,696 | 1,271 | -426 | -25.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,266 | 1,205 | 11.7% | 924 | 1,606 | 612 | S100LMZX |
| FY ending Mar 2021 | 10,205 | 1,263 | 12.4% | 996 | 976 | -85 | S100OGUY |
| FY ending Mar 2022 | 10,192 | 1,176 | 11.5% | 800 | 1,564 | 1,099 | S100R46W |
| FY ending Mar 2023 | 10,554 | 1,052 | 10.0% | 717 | 1,849 | 1,493 | S100TQET |
| FY ending Mar 2024 | 10,851 | 1,293 | 11.9% | 864 | 2,102 | 1,683 | S100W0YZ |
| FY ending Mar 2025 | 11,235 | 1,366 | 12.2% | 917 | 1,946 | 1,696 | S100YEZX |
| FY ending Mar 2026 | 11,242 | 1,411 | 12.6% | 967 | 1,881 | 1,271 | S100YEZX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.8M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 371 | 362 | 371 | 373 | 377 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 42.0 years | 41.0 years | 41.0 years | 41.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics business | 9,582 | 87.7% | 1,084 | 11.3% |
| Real estate business | 1,343 | 12.3% | 877 | 65.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics business | 87.7% | 55.3% | -32.4 | 11.3% |
| Real estate business | 12.3% | 44.7% | 32.4 | 65.3% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Logistics business → 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 | 1,881 | 16.7% | S100YEZX |
| Capital expenditure | 610 | 5.4% | S100YEZX |
| Free cash flow | 1,271 | 11.3% | 算出 |
| Investing cash flow | -602 | -5.4% | S100YEZX |
| Financing cash flow | -830 | -7.4% | S100YEZX |
| Dividends paid | 246 | 2.2% | S100YEZX |
| Share buyback | 60 | 0.5% | S100YEZX |
| Change in cash | 449 | 4.0% | S100YEZX |
| Cash and equivalents | 5,663 | 50.4% | S100YEZX |

## 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 | 2,906 | 3,553 | 4,257 | 5,214 | 5,663 | S100TQET, S100W0YZ, S100YEZX |
| Total assets | 21,908 | 22,035 | 22,085 | 22,353 | 22,719 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Net assets | 14,542 | 15,145 | 15,998 | 16,775 | 17,749 | S100TQET, S100W0YZ, S100YEZX |
| Share capital | 2,628 | 2,630 | 2,630 | 2,630 | 2,630 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Trade receivables | 1,176 | 1,173 | 1,210 | 1,210 | 1,185 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Property, plant and equipment | 12,618 | 12,442 | 11,908 | 11,475 | 11,278 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Intangible assets excluding goodwill | 1,083 | 901 | 724 | 548 | 375 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Investment securities | 730 | 718 | 824 | 866 | 1,191 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Current assets | 6,966 | 7,460 | 8,096 | 8,931 | 9,246 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Current liabilities | 1,974 | 2,290 | 1,952 | 1,948 | 1,801 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Trade payables | 363 | 385 | 337 | 349 | 335 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Long-term borrowings | 4,172 | 3,358 | 2,849 | 2,341 | 1,832 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Total liabilities | 7,365 | 6,890 | 6,087 | 5,578 | 4,971 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Equity attributable to owners of parent | 14,340 | 14,933 | 15,668 | 16,393 | 17,110 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Retained earnings | 9,324 | 9,918 | 10,651 | 11,372 | 12,094 | S100R46W, S100TQET, S100W0YZ, S100YEZX |
| Treasury stock | -36 | -42 | -42 | -37 | -47 | S100R46W, S100TQET, S100W0YZ, S100YEZX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YEZX |
| Receivables | 5% | S100YEZX |
| Property, plant and equipment | 50% | S100YEZX |
| Intangibles and goodwill | 2% | S100YEZX |
| Investment securities | 5% | S100YEZX |
| Other assets | 13% | S100YEZX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YEZX |
| Other liabilities | 20% | S100YEZX |
| Equity | 78% | S100YEZX |

### 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 | 21,908 | 22,035 | 22,085 | 22,353 | 22,719 |
| Equity | 14,542 | 15,145 | 15,998 | 16,775 | 17,749 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,906 | 3,553 | 4,257 | 5,214 | 5,663 |

## 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) | 100.3% | S100YEZX |
| Fixed assets ÷ total assets | 49.6% | S100YEZX |
| Goodwill ÷ parent equity | — | —, S100YEZX |

### 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) | 24.9% |
| Cash ÷ revenue | 50.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 133.3% |
| Cash vs. profit gap | 913 JPY mn (of net income 94.4%) |
| Shareholder returns / net income | 31.6% |
| Shareholder returns / FCF | 24.1% |
| Shareholder payments — dividends / net income | 25.4% |
| Shareholder payments — dividends / FCF | 19.4% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 32.0% |

## 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 | 7.9% | 0.47× | 3.7% | 1.53× | 5.6% | S100R46W |
| 2023 | 6.8% | 0.48× | 3.3% | 1.50× | 4.9% | S100TQET |
| 2024 | 8.0% | 0.49× | 3.9% | 1.44× | 5.6% | S100W0YZ |
| 2025 | 8.2% | 0.51× | 4.1% | 1.39× | 5.7% | S100YEZX |
| 2026 | 8.6% | 0.50× | 4.3% | 1.35× | 5.8% | S100YEZX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村プロパティーズ株式会社 | Major shareholder | 46.2% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 8.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 野村ホールディングス株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| LIM JAPAN EVENT MASTER FUND (常任代理人 立花証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 2.8% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB) (常任代理人 野村證券株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| 三和建設株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社住友倉庫 | Major shareholder | 1.0% | 2026-03-31 |
| 杉村倉庫従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第163期(2025/04/01－2026/03/31) | S100YEZX | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEZX,, |
| 有価証券報告書－第162期(2024/04/01－2025/03/31) | S100W0YZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0YZ,, |
| 有価証券報告書－第161期(2023/04/01－2024/03/31) | S100TQET | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQET,, |
| 有価証券報告書－第160期(2022/04/01－2023/03/31) | S100R46W | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R46W,, |
| 有価証券報告書－第159期(令和3年4月1日－令和4年3月31日) | S100OGUY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGUY,, |
| 有価証券報告書－第158期(令和2年4月1日－令和3年3月31日) | S100LMZX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMZX,, |

## 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).