# TAKASE CORPORATION: 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110期(2025/04/01－2026/03/31) (S100YD4T)
> Page: https://vizora.meequs.com/en/company/takase
> Retrieved: 2026-09-30T21:00:41.218Z

## Company

Takase, founded in 1922, is a company in Trucking & Parcel Delivery listed on TSE Standard. It has 199 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKASE CORPORATION |
| Ticker | 9087 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9087.T) |
| Listing | TSE Standard |
| Head office | 東京都港区新橋一丁目10番9号 |
| Representative (per filing) | 代表取締役社長 大宮司 典夫 |
| Founded | Feb 1922 |
| Share capital | ¥2.13B |
| Employees (consolidated) | 199 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.takase.co.jp (https://www.takase.co.jp/) |
| Corporate number | 3010401058435 |
| EDINET | E04354 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YD4T, filed 2026-06-17). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.9 | 37 |
| Profitability | 14.1 | 39 |
| Cash conversion | 88.2 | 38 |
| Efficiency | 55.1 | 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 Takase's sales come from Total logistics, with Distribution processing and Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +167.0%.

## Company structure

- Segment revenue mix: Total logistics 88.1%、Distribution processing 11.1%、Transportation 0.5%、Other 0.3%
- Revenue → net income: ¥8491508000 → ¥159162000
- Net income → operating cash flow: ¥159162000 → ¥572160000（difference ¥412998000）
- Main uses of operating cash flow: CapEx ¥92683000 / dividends ¥70129000 / buybacks ¥102802000
- Change in cash: ¥3332000
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 | ¥8.49B |  |
| Operating income | ¥212M | Margin 2.5% |
| Net income | ¥159.2M | Margin 1.9% |
| Free cash flow | ¥479.5M |  |
| Largest business | Total logistics | of segment revenue 88.1% |
| Employees (consolidated) | 199 |  |
| EPS | ¥85.82 |  |
| Book value per share | ¥3445.39 |  |
| Equity ratio | 78.2% |  |
| Shares outstanding | 2,109,000 |  |
| Treasury shares | 162,600 |  |
| Shareholders | 475 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 21.2% |
| Vs. industry median margin | -2.3 pp | Trucking & Parcel Delivery |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, employees -4% while operating income rose 167%
- FY2026, buybacks were 1.5× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7520194000 | ¥8491508000 | +12.9% |
| Operating income | ¥183815000 | ¥212028000 | +15.3% |
| Operating margin | 2.4% | 2.5% | +0.1 pp |
| Employees | 232 people | 199 people | -14.2% |
| Cash and equivalents | ¥2206780000 | ¥1801349000 | -18.4% |

### 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 |
| --- | ---: |
| 総合物流事業 → 総合物流事業 | 88.1% |
| 総合物流事業 → 事業再編・廃止 | 11.1% |
| 運送事業 → 運送事業 | 0.3% |
| 流通加工事業 → 流通加工事業 | 0.1% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 運送事業 | 0.3% |
| 新設・再編 → 流通加工事業 | 10.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total logistics | 5 years | +2.4% | ¥8410779000 | 2.2% | 2 |
| Distribution processing | 5 years | +151.3% | ¥1055842000 | 0.6% | 2 |
| Transportation | 5 years | +18.6% | ¥52102000 | 4.1% | 2 |
| Other | 5 years | -1.6% | ¥28626000 | 16.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,492 | 100.0% | S100YD4T |
| SG&A | 924 | 10.9% | S100YD4T |
| Operating income | 212 | 2.5% | S100YD4T |
| Ordinary income | 245 | 2.9% | S100YD4T |
| Pretax income | 245 | 2.9% | S100YD4T |
| Income tax | 86 | 1.0% | S100YD4T |
| Net income | 159 | 1.9% | S100YD4T |
| Net income attributable to owners | 159 | 1.9% | S100YD4T |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 2.5% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +167.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 95.33×
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 | 8,345 | 8,492 | 146 | +1.8% |
| Operating income | 79 | 212 | 133 | +167.0% |
| Net income attributable to owners | 155 | 159 | 4 | +2.7% |
| Operating cash flow | 258 | 572 | 314 | +121.8% |
| Free cash flow | 11 | 479 | 469 | +4457.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,622 | 169 | 2.2% | 98 | 219 | 20 | S100LRL8 |
| FY ending Mar 2021 | 7,520 | 184 | 2.4% | 79 | 435 | 351 | S100OHRI |
| FY ending Mar 2022 | 8,654 | 277 | 3.2% | 268 | 402 | 262 | S100R5UV |
| FY ending Mar 2023 | 8,904 | 296 | 3.3% | 279 | 717 | 455 | S100TUON |
| FY ending Mar 2024 | 8,190 | 172 | 2.1% | 306 | 667 | 480 | S100W3OZ |
| FY ending Mar 2025 | 8,345 | 79 | 1.0% | 155 | 258 | 11 | S100YD4T |
| FY ending Mar 2026 | 8,492 | 212 | 2.5% | 159 | 572 | 479 | S100YD4T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥799.8K |

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) | 230 | 232 | 220 | 207 | 199 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.2M | ¥5.4M | ¥5.8M |
| Average age (parent company) | 44.6 years | 44.1 years | 43.5 years | 43.7 years | 45.2 years |
| Average tenure (parent company) | 19.6 years | 20.0 years | 19.0 years | 17.1 years | 18.1 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Total logistics | 8,411 | 88.1% | 184 | 2.2% |
| Transportation | 52 | 0.5% | 2 | 4.1% |
| Distribution processing | 1,056 | 11.1% | 6 | 0.6% |
| Other | 29 | 0.3% | 5 | 16.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Total logistics | 88.1% | 93.5% | 5.4 | 2.2% |
| Transportation | 0.5% | 1.1% | 0.5 | 4.1% |
| Distribution processing | 11.1% | 3.0% | -8.0 | 0.6% |
| Other | 0.3% | 2.4% | 2.1 | 16.3% |

Segment → industry: Transportation → Trucking & Parcel Delivery / Total logistics → Trucking & Parcel Delivery / Distribution processing → Warehouses & Logistics Facilities / Total 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 | 572 | 6.7% | S100YD4T |
| Capital expenditure | 93 | 1.1% | S100YD4T |
| Free cash flow | 479 | 5.6% | 算出 |
| Investing cash flow | -149 | -1.8% | S100YD4T |
| Financing cash flow | -425 | -5.0% | S100YD4T |
| Dividends paid | 70 | 0.8% | S100YD4T |
| Share buyback | 103 | 1.2% | S100YD4T |
| Change in cash | 3 | 0.0% | S100YD4T |
| Cash and equivalents | 1,801 | 21.2% | S100YD4T |

## 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 | 1,993 | 2,076 | 2,079 | 1,798 | 1,801 | S100TUON, S100W3OZ, S100YD4T |
| Total assets | 10,012 | 9,997 | 9,908 | 9,516 | 9,802 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Net assets | 6,625 | 6,891 | 7,226 | 7,349 | 7,664 | S100TUON, S100W3OZ, S100YD4T |
| Share capital | 2,133 | 2,133 | 2,133 | 2,133 | 2,133 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Property, plant and equipment | 5,188 | 5,125 | 5,023 | 4,919 | 4,758 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Intangible assets excluding goodwill | 526 | 514 | 497 | 482 | 497 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Investment securities | 569 | 564 | 633 | 497 | 938 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Current assets | 3,309 | 3,347 | 3,211 | 3,051 | 3,073 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Current liabilities | 1,617 | 1,547 | 1,413 | 1,276 | 1,349 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Short-term borrowings | 620 | 320 | 275 | 270 | 270 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Long-term borrowings | 1,171 | 943 | 695 | 347 | 199 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Total liabilities | 3,386 | 3,106 | 2,683 | 2,167 | 2,137 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Equity attributable to owners of parent | 6,358 | 6,576 | 6,822 | 6,877 | 6,872 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Retained earnings | 2,215 | 2,421 | 2,657 | 2,693 | 2,779 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |
| Treasury stock | -160 | -149 | -140 | -120 | -211 | S100R5UV, S100TUON, S100W3OZ, S100YD4T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YD4T |
| Property, plant and equipment | 49% | S100YD4T |
| Intangibles and goodwill | 5% | S100YD4T |
| Investment securities | 10% | S100YD4T |
| Other assets | 18% | S100YD4T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YD4T |
| Equity | 78% | S100YD4T |
| Other liabilities | 0% | S100YD4T |

### 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 | 10,012 | 9,997 | 9,908 | 9,516 | 9,802 |
| Equity | 6,625 | 6,891 | 7,226 | 7,349 | 7,664 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,993 | 2,076 | 2,079 | 1,798 | 1,801 |

## 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) | 56.0% | S100YD4T |
| Fixed assets ÷ total assets | 48.5% | S100YD4T |
| Goodwill ÷ parent equity | — | —, S100YD4T |

### 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) | 18.4% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 269.9% |
| Cash vs. profit gap | 413 JPY mn (of net income 259.5%) |
| Shareholder returns / net income | 108.7% |
| Shareholder returns / FCF | 36.1% |
| Shareholder payments — dividends / net income | 44.1% |
| Shareholder payments — dividends / FCF | 14.6% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 26.0% |

## 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 | 3.1% | 0.86× | 2.7% | 1.57× | 4.2% | S100R5UV |
| 2023 | 3.1% | 0.89× | 2.8% | 1.55× | 4.3% | S100TUON |
| 2024 | 3.7% | 0.82× | 3.1% | 1.49× | 4.6% | S100W3OZ |
| 2025 | 1.9% | 0.86× | 1.6% | 1.42× | 2.3% | S100YD4T |
| 2026 | 1.9% | 0.88× | 1.6% | 1.41× | 2.3% | S100YD4T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大東港運株式会社 | Major shareholder | 8.2% | 2026-03-31 |
| 公益財団法人タカセ国際奨学財団 | Major shareholder | 7.1% | 2026-03-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社三協 | Major shareholder | 6.0% | 2026-03-31 |
| クロダ株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 天塩倉庫株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 城南信用金庫 | Major shareholder | 4.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.4% | 2026-03-31 |
| 高瀬 正人 | Major shareholder | 3.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第110期(2025/04/01－2026/03/31) | S100YD4T | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD4T,, |
| 有価証券報告書－第109期(2024/04/01－2025/03/31) | S100W3OZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3OZ,, |
| 有価証券報告書－第108期(2023/04/01－2024/03/31) | S100TUON | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUON,, |
| 有価証券報告書－第107期(2022/04/01－2023/03/31) | S100R5UV | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UV,, |
| 有価証券報告書－第106期(令和3年4月1日－令和4年3月31日) | S100OHRI | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHRI,, |
| 有価証券報告書－第105期(令和2年4月1日－令和3年3月31日) | S100LRL8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRL8,, |

## 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).