# The Sumitomo 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149期(2025/04/01－2026/03/31) (S100YHFI)
> Page: https://vizora.meequs.com/en/company/sumitomo-warehouse
> Retrieved: 2026-09-30T21:34:49.628Z

## Company

The Sumitomo Warehouse, founded in 1923, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 4,473 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The Sumitomo Warehouse Co., Ltd. |
| Ticker | 9303 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9303.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島三丁目2番18号 |
| Representative (per filing) | 社長 永田 昭仁 |
| Founded | Aug 1923 |
| Share capital | ¥14.9B |
| Employees (consolidated) | 4,473 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.sumitomo-soko.co.jp (https://www.sumitomo-soko.co.jp/) |
| Corporate number | 7120001049002 |
| EDINET | E04285 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YHFI, 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 | 20.3 | 37 |
| Profitability | 50 | 39 |
| Cash conversion | 85.5 | 38 |
| Efficiency | 11.5 | 39 |
| Financial strength | 53.6 | 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 95% of The Sumitomo Warehouse's sales come from Logistics, with Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit -14.0%.

## Company structure

- Segment revenue mix: Logistics 94.7%、Real estate 5.3%
- Revenue → net income: ¥196244000000 → ¥18683000000
- Net income → operating cash flow: ¥18683000000 → ¥28162000000（difference ¥9479000000）
- Main uses of operating cash flow: CapEx ¥26826000000 / dividends ¥8057000000 / buybacks ¥3504000000
- Change in cash: ¥-5880000000
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 | ¥196.2B |  |
| Operating income | ¥11.4B | Margin 5.8% |
| Net income | ¥17.7B | Margin 9.0% |
| Free cash flow | ¥1.34B |  |
| Largest business | Logistics | of segment revenue 94.7% |
| Employees (consolidated) | 4,473 |  |
| EPS | ¥219.78 |  |
| Diluted EPS | ¥219.66 |  |
| Book value per share | ¥3561.3 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 76,614,215 |  |
| Treasury shares | 405,600 |  |
| Shareholders | 25,195 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 7.6% | Net cash -¥39.4B · Cash ÷ revenue 19.9% |
| Vs. industry median margin | 0 pp | Warehouses & Logistics Facilities |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥192024000000 | ¥196244000000 | +2.2% |
| Operating income | ¥10963000000 | ¥11413000000 | +4.1% |
| Operating margin | 5.7% | 5.8% | +0.1 pp |
| Employees | 4,438 people | 4,473 people | +0.8% |
| Cash and equivalents | ¥25272000000 | ¥39070000000 | +54.6% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 83.2% |
| 不動産事業 → 不動産事業 | 5.3% |
| 不動産事業 → 事業再編・廃止 | 0.1% |
| 海運事業 → 事業再編・廃止 | 11.4% |
| 新設・再編 → 物流事業 | 11.5% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 196,244 | 100.0% | S100YHFI |
| SG&A | 10,570 | 5.4% | S100YHFI |
| Operating income | 11,413 | 5.8% | S100YHFI |
| Ordinary income | 15,808 | 8.1% | S100YHFI |
| Pretax income | 26,165 | 13.3% | S100YHFI |
| Income tax | 7,481 | 3.8% | S100YHFI |
| Net income | 18,683 | 9.5% | S100YHFI |
| Net income attributable to owners | 17,668 | 9.0% | S100YHFI |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 94 |
| Operating income | 6 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 5.8% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.5%; Core profit growth: -14.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.53×
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 | 193,398 | 196,244 | 2,846 | +1.5% |
| Operating income | 13,275 | 11,413 | -1,862 | -14.0% |
| Net income attributable to owners | 20,065 | 17,668 | -2,397 | -11.9% |
| Operating cash flow | 31,733 | 28,162 | -3,571 | -11.3% |
| Free cash flow | 17,747 | 1,336 | -16,411 | -92.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 191,721 | 11,101 | 5.8% | 8,951 | 14,975 | -4,719 | S100LLJO |
| FY ending Mar 2021 | 192,024 | 10,963 | 5.7% | 8,454 | 20,605 | 4,289 | S100OFRB |
| FY ending Mar 2022 | 231,461 | 27,748 | 12.0% | 19,703 | 31,418 | 24,655 | S100QW8G |
| FY ending Mar 2023 | 223,948 | 26,090 | 11.7% | 22,455 | 29,816 | 16,976 | S100TKGM |
| FY ending Mar 2024 | 184,661 | 13,187 | 7.1% | 12,490 | 22,034 | -1,121 | S100W076 |
| FY ending Mar 2025 | 193,398 | 13,275 | 6.9% | 20,065 | 31,733 | 17,747 | S100YHFI |
| FY ending Mar 2026 | 196,244 | 11,413 | 5.8% | 17,668 | 28,162 | 1,336 | S100YHFI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.9M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 4,511 | 4,462 | 4,463 | 4,450 | 4,473 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.9M | ¥8.1M | ¥8.4M |
| Average age (parent company) | 36.9 years | 37.3 years | 37.7 years | 37.7 years | 37.9 years |
| Average tenure (parent company) | 13.1 years | 13.5 years | 13.5 years | 13.1 years | 12.9 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 185,909 | 94.7% | 13,538 | 7.3% |
| Real estate | 10,335 | 5.3% | 4,383 | 42.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 94.7% | 75.5% | -19.2 | 7.3% |
| Real estate | 5.3% | 24.5% | 19.2 | 42.4% |

Segment → industry: Real estate → Real Estate Development & Leasing / Logistics → 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 | 28,162 | 14.4% | S100YHFI |
| Capital expenditure | 26,826 | 13.7% | S100YHFI |
| Free cash flow | 1,336 | 0.7% | 算出 |
| Investing cash flow | -20,001 | -10.2% | S100YHFI |
| Financing cash flow | -14,303 | -7.3% | S100YHFI |
| Dividends paid | 8,057 | 4.1% | S100YHFI |
| Share buyback | 3,504 | 1.8% | S100YHFI |
| Change in cash | -5,880 | -3.0% | S100YHFI |
| Cash and equivalents | 39,070 | 19.9% | S100YHFI |

## 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 | 40,840 | 46,521 | 47,947 | 44,950 | 39,070 | S100TKGM, S100W076, S100YHFI |
| Total assets | 373,720 | 385,791 | 436,920 | 439,847 | 513,098 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Net assets | 213,945 | 228,945 | 264,804 | 274,145 | 325,072 | S100TKGM, S100W076, S100YHFI |
| Share capital | 14,922 | 14,922 | 14,922 | 14,922 | 14,922 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Property, plant and equipment | 168,660 | 166,069 | 179,029 | 183,214 | 199,833 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Intangible assets excluding goodwill | 6,580 | 6,966 | 7,244 | 7,130 | 7,986 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Goodwill | 8 | — | — | — | — | S100QW8G |
| Investment securities | 110,631 | 112,674 | 157,195 | 155,645 | 216,299 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Current assets | 79,648 | 92,016 | 83,068 | 83,787 | 76,262 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Current liabilities | 48,297 | 50,794 | 40,004 | 51,036 | 36,452 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Short-term borrowings | 5,496 | 13,416 | 5,174 | 11,918 | 9,172 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Long-term borrowings | 24,103 | 16,995 | 39,006 | 30,492 | 44,322 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Bonds | 47,000 | 47,000 | 37,000 | 25,000 | 25,000 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Interest-bearing debt | 76,599 | 77,411 | 81,180 | 67,410 | 78,494 | 算出 |
| Total liabilities | 159,774 | 156,845 | 172,115 | 165,701 | 188,025 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Non-controlling interests | 10,222 | 11,391 | 9,560 | 10,311 | 11,176 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Equity attributable to owners of parent | 146,863 | 157,653 | 160,505 | 168,743 | 174,999 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Retained earnings | 120,659 | 131,554 | 134,329 | 142,590 | 148,899 | S100QW8G, S100TKGM, S100W076, S100YHFI |
| Treasury stock | -1,062 | -1,171 | -1,094 | -1,117 | -1,167 | S100QW8G, S100TKGM, S100W076, S100YHFI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHFI |
| Property, plant and equipment | 39% | S100YHFI |
| Intangibles and goodwill | 1% | S100YHFI |
| Investment securities | 42% | S100YHFI |
| Other assets | 10% | S100YHFI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 21% | S100YHFI |
| Equity | 64% | S100YHFI |
| Other liabilities | 0% | S100YHFI |

### 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 | 373,720 | 385,791 | 436,920 | 439,847 | 513,098 |
| Equity | 213,945 | 228,945 | 264,804 | 274,145 | 325,072 |
| Interest-bearing debt | 76,599 | 77,411 | 81,180 | 67,410 | 78,494 |
| Cash | 40,840 | 46,521 | 47,947 | 44,950 | 39,070 |

## 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) | 101.8% | S100YHFI |
| Fixed assets ÷ total assets | 38.9% | S100YHFI |
| Goodwill ÷ parent equity | — | —, S100YHFI |

### 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) | 7.6% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | -¥39.4B |
| Net debt ÷ operating cash flow | 1.40× |
| Cash conversion (operating CF ÷ operating income) | 246.8% |
| Cash vs. profit gap | 10,494 JPY mn (of net income 59.4%) |
| Shareholder returns / net income | 65.4% |
| Shareholder returns / FCF | 865.3% |
| Shareholder payments — dividends / net income | 45.6% |
| Shareholder payments — dividends / FCF | 603.1% |
| CapEx intensity (capex ÷ revenue) | 13.7% |
| Investing CF relative to operating CF | 71.0% |

## 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 | 8.5% | 0.62× | 5.3% | 2.54× | 13.4% | S100QW8G |
| 2023 | 10.0% | 0.59× | 5.9% | 2.49× | 14.7% | S100TKGM |
| 2024 | 6.8% | 0.45× | 3.0% | 2.59× | 7.9% | S100W076 |
| 2025 | 10.4% | 0.44× | 4.6% | 2.66× | 12.2% | S100YHFI |
| 2026 | 9.0% | 0.41× | 3.7% | 2.77× | 10.3% | S100YHFI |

## 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 | 11.3% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 10.3% | 2026-03-31 |
| 大和ハウス工業株式会社 | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2026-03-31 |
| GOLDMAN, SACHS & CO. REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第149期(2025/04/01－2026/03/31) | S100YHFI | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHFI,, |
| 有価証券報告書－第148期(2024/04/01－2025/03/31) | S100W076 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W076,, |
| 有価証券報告書－第147期(2023/04/01－2024/03/31) | S100TKGM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKGM,, |
| 有価証券報告書－第146期(2022/04/01－2023/03/31) | S100QW8G | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QW8G,, |
| 有価証券報告書－第145期(令和3年4月1日－令和4年3月31日) | S100OFRB | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFRB,, |
| 有価証券報告書－第144期(令和2年4月1日－令和3年3月31日) | S100LLJO | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLJO,, |

## 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).