# Taiho Transportation Co., Ltd: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/03/21－2026/03/20) (S100YADW)
> Page: https://vizora.meequs.com/en/company/taiho-transportation
> Retrieved: 2026-09-30T21:55:37.696Z

## Company

Taiho Transportation, founded in 1951, is a company in Trucking & Parcel Delivery listed on Nagoya. It has 681 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Taiho Transportation Co., Ltd. |
| Ticker | 9040 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9040.T) |
| Listing | Nagoya |
| Head office | 名古屋市中区金山五丁目3番17号 |
| Representative (per filing) | 代表取締役社長 小笠原 忍 |
| Founded | Sep 1951 |
| Share capital | ¥1.14B |
| Employees (consolidated) | 681 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.taiho-gh.com (https://www.taiho-gh.com/) |
| Corporate number | 2180001037542 |
| EDINET | E04217 |
| Industries (Vizora) | Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YADW, filed 2026-06-11). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.9 | 21 |
| Profitability | 38.6 | 22 |
| Cash conversion | 47.7 | 22 |
| Efficiency | 34.1 | 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)

- Taiho Transportation brought in ¥8.08B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +31.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8084610000 → ¥204338000
- Net income → operating cash flow: ¥204338000 → ¥492657000（difference ¥288319000）
- Main uses of operating cash flow: CapEx ¥138642000 / dividends ¥74645000 / buybacks —
- Change in cash: ¥126644000
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 | ¥8.08B |  |
| Operating income | ¥321.4M | Margin 4.0% |
| Net income | ¥204.3M | Margin 2.5% |
| Free cash flow | ¥354M |  |
| Employees (consolidated) | 681 |  |
| EPS | ¥273.84 |  |
| Book value per share | ¥9156.98 |  |
| Equity ratio | 69.3% |  |
| Shares outstanding | 756,000 |  |
| Treasury shares | 9,800 |  |
| Shareholders | 1,386 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 26.0% | Cash ÷ revenue 31.7% |
| Vs. industry median margin | -0.8 pp | Trucking & Parcel Delivery |
| ROE | 3.1% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, employees -2% while operating income rose 31%
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8009036000 | ¥8084610000 | +0.9% |
| Operating income | ¥175622000 | ¥321359000 | +83.0% |
| Operating margin | 2.2% | 4.0% | +1.8 pp |
| Employees | 944 people | 681 people | -27.9% |
| Cash and equivalents | ¥1833396000 | ¥2560087000 | +39.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,085 | 100.0% | S100YADW |
| SG&A | 497 | 6.2% | S100YADW |
| Operating income | 321 | 4.0% | S100YADW |
| Ordinary income | 333 | 4.1% | S100YADW |
| Pretax income | 331 | 4.1% | S100YADW |
| Income tax | 127 | 1.6% | S100YADW |
| Net income | 204 | 2.5% | S100YADW |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Operating margin 4.0% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +31.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.36×
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 | 7,758 | 8,085 | 326 | +4.2% |
| Operating income | 245 | 321 | 76 | +31.0% |
| Operating cash flow | 401 | 493 | 91 | +22.7% |
| Free cash flow | 347 | 354 | 7 | +2.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,467 | 106 | 1.3% | 62 | 275 | -1,386 | S100LJF2 |
| FY ending Mar 2021 | 8,009 | 176 | 2.2% | 117 | 428 | 412 | S100Q1O8 |
| FY ending Mar 2022 | 7,762 | 245 | 3.2% | 204 | 383 | 307 | S100QY1X |
| FY ending Mar 2023 | 7,852 | 235 | 3.0% | 167 | 445 | 389 | S100TMO7 |
| FY ending Mar 2024 | 7,676 | 251 | 3.3% | 102 | 444 | 333 | S100VX27 |
| FY ending Mar 2025 | 7,758 | 245 | 3.2% | 305 | 401 | 347 | S100YADW |
| FY ending Mar 2026 | 8,085 | 321 | 4.0% | 204 | 493 | 354 | S100YADW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.9M |
| Operating income per employee (consolidated) | ¥471.9K |
| Net income per employee (consolidated) | ¥300.1K |

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) | 834 | 787 | 745 | 693 | 681 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.8M | ¥4.9M | ¥5M |
| Average age (parent company) | 46.2 years | 46.2 years | 45.8 years | 46.5 years | 46.7 years |
| Average tenure (parent company) | 13.8 years | 14.2 years | 13.8 years | 14.4 years | 13.9 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) +4.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 493 | 6.1% | S100YADW |
| Capital expenditure | 139 | 1.7% | S100YADW |
| Free cash flow | 354 | 4.4% | 算出 |
| Investing cash flow | -108 | -1.3% | S100YADW |
| Financing cash flow | -258 | -3.2% | S100YADW |
| Dividends paid | 75 | 0.9% | S100YADW |
| Change in cash | 127 | 1.6% | S100YADW |
| Cash and equivalents | 2,560 | 31.7% | S100YADW |

## 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 | 2,146 | 2,278 | 2,342 | 2,433 | 2,560 | S100TMO7, S100VX27, S100YADW |
| Total assets | 9,950 | 9,822 | 9,742 | 9,654 | 9,854 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Net assets | 6,178 | 6,282 | 6,370 | 6,625 | 6,833 | S100TMO7, S100VX27, S100YADW |
| Share capital | 1,140 | 1,140 | 1,140 | 1,140 | 1,140 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Property, plant and equipment | 5,963 | 5,758 | 5,467 | 5,274 | 5,188 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Intangible assets excluding goodwill | 24 | 47 | 56 | 52 | 39 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Investment securities | 225 | 242 | 330 | 366 | 484 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Current assets | 3,511 | 3,539 | 3,646 | 3,723 | 3,937 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Current liabilities | 1,229 | 1,165 | 1,164 | 1,144 | 1,273 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Long-term borrowings | 2,251 | 2,070 | 1,890 | 1,709 | 1,529 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Total liabilities | 3,772 | 3,540 | 3,372 | 3,029 | 3,021 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Equity attributable to owners of parent | 6,145 | 6,237 | 6,264 | 6,494 | 6,624 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Retained earnings | 3,917 | 4,009 | 4,037 | 4,267 | 4,397 | S100QY1X, S100TMO7, S100VX27, S100YADW |
| Treasury stock | -33 | -33 | -33 | -33 | -33 | S100QY1X, S100TMO7, S100VX27, S100YADW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YADW |
| Property, plant and equipment | 53% | S100YADW |
| Intangibles and goodwill | 0% | S100YADW |
| Investment securities | 5% | S100YADW |
| Other assets | 16% | S100YADW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YADW |
| Equity | 69% | S100YADW |

### 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 | 9,950 | 9,822 | 9,742 | 9,654 | 9,854 |
| Equity | 6,178 | 6,282 | 6,370 | 6,625 | 6,833 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,146 | 2,278 | 2,342 | 2,433 | 2,560 |

## 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) | 64.2% | S100YADW |
| Fixed assets ÷ total assets | 52.6% | S100YADW |
| Goodwill ÷ parent equity | — | —, S100YADW |

### 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) | 26.0% |
| Cash ÷ revenue | 31.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 153.3% |
| Cash vs. profit gap | 288 JPY mn (of net income 141.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.5% |
| Shareholder payments — dividends / FCF | 21.1% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 22.0% |

## 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 | 2.6% | 0.78× | 2.1% | 1.62× | 3.3% | S100QY1X |
| 2023 | 2.1% | 0.79× | 1.7% | 1.60× | 2.7% | S100TMO7 |
| 2024 | 1.3% | 0.78× | 1.0% | 1.57× | 1.6% | S100VX27 |
| 2025 | 3.9% | 0.80× | 3.1% | 1.52× | 4.8% | S100YADW |
| 2026 | 2.5% | 0.83× | 2.1% | 1.49× | 3.1% | S100YADW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＫＯ | Major shareholder | 19.8% | 2026-03-20 |
| 岩瀬合名会社 | Major shareholder | 9.4% | 2026-03-20 |
| 株式会社商工組合中央金庫 | Major shareholder | 5.1% | 2026-03-20 |
| 小笠原 道弘 | Major shareholder | 3.0% | 2026-03-20 |
| 小笠原 和俊 | Major shareholder | 2.9% | 2026-03-20 |
| 小笠原 明子 | Major shareholder | 2.4% | 2026-03-20 |
| 小笠原 俊一郎 | Major shareholder | 2.4% | 2026-03-20 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-20 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.9% | 2026-03-20 |
| 高末ホールディングス株式会社 | Major shareholder | 1.7% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/03/21－2026/03/20) | S100YADW | 2026-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YADW,, |
| 有価証券報告書－第74期(2024/03/21－2025/03/20) | S100VX27 | 2025-06-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VX27,, |
| 有価証券報告書－第73期(2023/03/21－2024/03/20) | S100TMO7 | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMO7,, |
| 有価証券報告書－第72期(2022/03/21－2023/03/20) | S100QY1X | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY1X,, |
| 訂正有価証券報告書－第71期(2021/03/21－2022/03/20) | S100Q1O8 | 2023-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1O8,, |
| 有価証券報告書－第70期(令和2年3月21日－令和3年3月20日) | S100LJF2 | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJF2,, |

## 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).