# TAMAI STEAMSHIP 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117期(2025/04/01－2026/03/31) (S100Y90D)
> Page: https://vizora.meequs.com/en/company/tamai-steamship
> Retrieved: 2026-09-30T17:57:00.988Z

## Company

Tamai Steamship, founded in 1932, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAMAI STEAMSHIP CO., LTD. |
| Ticker | 9127 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9127.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝浦三丁目2番16号 |
| Representative (per filing) | 代表取締役社長 清崎 哲也 |
| Founded | Mar 1932 |
| Share capital | ¥702M |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.tamaiship.co.jp (https://www.tamaiship.co.jp/) |
| Corporate number | 1010401051169 |
| EDINET | E04246 |
| Industries (Vizora) | Real Estate Development & Leasing, Shipping |

> Profile source: annual securities report (S100Y90D, filed 2026-06-08). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.2 | 12 |
| Profitability | 96.2 | 13 |
| Cash conversion | 26.9 | 13 |
| Efficiency | 42.3 | 13 |

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 79% of Tamai Steamship's sales come from International shipping, with Coastal shipping and Real estate rent business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -5.0% from the prior year, operating profit -25.9%.

## Company structure

- Segment revenue mix: International shipping 79.0%、Coastal shipping 18.6%、Real estate rent business 2.4%
- Revenue → net income: ¥5122027000 → ¥776442000
- Net income → operating cash flow: ¥776442000 → ¥1125728000（difference ¥349286000）
- Main uses of operating cash flow: CapEx ¥2759653000 / dividends ¥153599000 / buybacks ¥1715366000
- Change in cash: ¥-2650712000
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 | ¥5.12B |  |
| Operating income | ¥657.8M | Margin 12.8% |
| Net income | ¥774.6M | Margin 15.1% |
| Free cash flow | -¥1.63B |  |
| Largest business | International shipping | of segment revenue 79.0% |
| Employees (consolidated) | 61 |  |
| EPS | ¥337.31 |  |
| Book value per share | ¥3572.45 |  |
| Equity ratio | 66.0% |  |
| Shares outstanding | 1,932,000 |  |
| Treasury shares | 402,000 |  |
| Shareholders | 1,728 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 12.5% | Cash ÷ revenue 30.0% |
| Vs. industry median margin | +5.9 pp | Shipping |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 11.2× dividends
- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4723455000 | ¥5122027000 | +8.4% |
| Operating income | ¥-12648000 | ¥657778000 | — |
| Operating margin | -0.3% | 12.8% | +13.1 pp |
| Employees | 57 people | 61 people | +7.0% |
| Cash and equivalents | ¥491311000 | ¥1535063000 | +212.4% |

### 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 |
| --- | ---: |
| 外航海運業 → 外航海運業 | 79.0% |
| 外航海運業 → 事業再編・廃止 | 2.0% |
| 内航海運業 → 内航海運業 | 16.9% |
| 不動産賃貸業 → 不動産賃貸業 | 2.1% |
| 新設・再編 → 内航海運業 | 1.7% |
| 新設・再編 → 不動産賃貸業 | 0.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| International shipping | 5 years | +1.1% | ¥4047288000 | 24.6% | 2 |
| Coastal shipping | 5 years | +3.6% | ¥950535000 | 9.9% | 2 |
| Real estate rent business | 5 years | +4.4% | ¥124204000 | 41.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,122 | 100.0% | S100Y90D |
| Operating income | 658 | 12.8% | S100Y90D |
| Ordinary income | 643 | 12.5% | S100Y90D |
| Pretax income | 1,113 | 21.7% | S100Y90D |
| Income tax | 336 | 6.6% | S100Y90D |
| Net income | 776 | 15.2% | S100Y90D |
| Net income attributable to owners | 775 | 15.1% | S100Y90D |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 87 |
| Operating income | 13 |
| (Ref.) Net income | 15 |

### Margin funnel

Operating margin 12.8% → Net margin 15.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.0%; Core profit growth: -25.9%
Operating leverage (core profit growth ÷ revenue growth): 5.23×
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 | 5,389 | 5,122 | -267 | -5.0% |
| Operating income | 888 | 658 | -230 | -25.9% |
| Net income attributable to owners | 2,096 | 775 | -1,321 | -63.0% |
| Operating cash flow | 1,282 | 1,126 | -157 | -12.2% |
| Free cash flow | 746 | -1,634 | -2,380 | -319.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,157 | -243 | -4.7% | -707 | 731 | -957 | S100LMQ0 |
| FY ending Mar 2021 | 4,723 | -13 | -0.3% | -84 | 201 | -970 | S100OL2E |
| FY ending Mar 2022 | 6,735 | 1,542 | 22.9% | 1,190 | 2,878 | 2,811 | S100R13L |
| FY ending Mar 2023 | 7,307 | 1,316 | 18.0% | 821 | 1,170 | 627 | S100TQ49 |
| FY ending Mar 2024 | 6,220 | 870 | 14.0% | 732 | 1,461 | 929 | S100W0LU |
| FY ending Mar 2025 | 5,389 | 888 | 16.5% | 2,096 | 1,282 | 746 | S100Y90D |
| FY ending Mar 2026 | 5,122 | 658 | 12.8% | 775 | 1,126 | -1,634 | S100Y90D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84M |
| Operating income per employee (consolidated) | ¥10.8M |
| Net income per employee (consolidated) | ¥12.7M |

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) | 55 | 59 | 60 | 63 | 61 |
| Average salary (parent company) | ¥7.9M | ¥7.9M | ¥7.9M | ¥8.2M | ¥8.6M |
| Average age (parent company) | 41.9 years | 40.4 years | 39.2 years | 40.6 years | 41.3 years |
| Average tenure (parent company) | 16.9 years | 16.3 years | 14.4 years | 14.1 years | 14.8 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) -5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| International shipping | 4,047 | 79.0% | 996 | 24.6% |
| Coastal shipping | 951 | 18.6% | 94 | 9.9% |
| Real estate rent business | 124 | 2.4% | 52 | 41.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| International shipping | 79.0% | 87.3% | 8.3 | 24.6% |
| Coastal shipping | 18.6% | 8.2% | -10.4 | 9.9% |
| Real estate rent business | 2.4% | 4.5% | 2.1 | 41.5% |

Segment → industry: Real estate rent business → Real Estate Development & Leasing / Coastal shipping → Shipping / International shipping → Shipping

## 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 | 1,126 | 22.0% | S100Y90D |
| Capital expenditure | 2,760 | 53.9% | S100Y90D |
| Free cash flow | -1,634 | -31.9% | 算出 |
| Investing cash flow | -2,582 | -50.4% | S100Y90D |
| Financing cash flow | -1,218 | -23.8% | S100Y90D |
| Dividends paid | 154 | 3.0% | S100Y90D |
| Share buyback | 1,715 | 33.5% | S100Y90D |
| Change in cash | -2,651 | -51.8% | S100Y90D |
| Cash and equivalents | 1,535 | 30.0% | S100Y90D |

## 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 | 2,547 | 1,532 | 2,528 | 4,186 | 1,535 | S100TQ49, S100W0LU, S100Y90D |
| Total assets | 12,183 | 11,050 | 11,818 | 12,648 | 12,266 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Net assets | 5,890 | 6,632 | 7,374 | 9,307 | 8,143 | S100TQ49, S100W0LU, S100Y90D |
| Share capital | 702 | 702 | 702 | 702 | 702 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Property, plant and equipment | 7,413 | 7,113 | 6,809 | 6,440 | 8,424 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Intangible assets excluding goodwill | 1 | 1 | 10 | 8 | 6 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Investment securities | 760 | 779 | 1,132 | 1,127 | 968 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Current assets | 3,269 | 2,506 | 3,261 | 4,886 | 2,687 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Current liabilities | 2,252 | 1,252 | 1,015 | 834 | 1,101 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Long-term borrowings | 2,941 | 2,124 | 2,298 | 1,307 | 1,755 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Total liabilities | 6,292 | 4,418 | 4,444 | 3,341 | 4,123 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Non-controlling interests | 156 | 158 | 45 | 43 | 47 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Equity attributable to owners of parent | 5,464 | 6,189 | 6,817 | 8,759 | 7,668 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Retained earnings | 4,442 | 5,167 | 5,744 | 7,685 | 8,306 | S100R13L, S100TQ49, S100W0LU, S100Y90D |
| Treasury stock | -2 | -2 | -2 | -2 | -1,713 | S100R13L, S100TQ49, S100W0LU, S100Y90D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y90D |
| Property, plant and equipment | 69% | S100Y90D |
| Intangibles and goodwill | 0% | S100Y90D |
| Investment securities | 8% | S100Y90D |
| Other assets | 11% | S100Y90D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100Y90D |
| Equity | 66% | S100Y90D |
| Other liabilities | 0% | S100Y90D |

### 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 | 12,183 | 11,050 | 11,818 | 12,648 | 12,266 |
| Equity | 5,890 | 6,632 | 7,374 | 9,307 | 8,143 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,547 | 1,532 | 2,528 | 4,186 | 1,535 |

## 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) | 164.5% | S100Y90D |
| Fixed assets ÷ total assets | 68.7% | S100Y90D |
| Goodwill ÷ parent equity | — | —, S100Y90D |

### 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) | 12.5% |
| Cash ÷ revenue | 30.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 171.1% |
| Cash vs. profit gap | 351 JPY mn (of net income 45.3%) |
| Shareholder returns / net income | 241.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 53.9% |
| Investing CF relative to operating CF | 229.3% |

## 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 | 17.7% | 0.55× | 9.8% | 2.23× | 21.8% | S100R13L |
| 2023 | 11.2% | 0.63× | 7.1% | 1.99× | 14.1% | S100TQ49 |
| 2024 | 11.8% | 0.54× | 6.4% | 1.76× | 11.2% | S100W0LU |
| 2025 | 38.9% | 0.44× | 17.1% | 1.57× | 26.9% | S100Y90D |
| 2026 | 15.1% | 0.41× | 6.2% | 1.52× | 9.4% | S100Y90D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本軽金属株式会社 | Major shareholder | 12.9% | 2026-03-31 |
| 日本ガスライン株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 7.6% | 2026-03-31 |
| 大佐古幸典 | Major shareholder | 3.8% | 2026-03-31 |
| 西 將弘 | Major shareholder | 3.4% | 2026-03-31 |
| PBG CLIENTS SG | Major shareholder | 3.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 乾汽船株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| SUN YOU NING | Major shareholder | 2.3% | 2026-03-31 |
| 太洋産業貿易株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100Y90D | 2026-06-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y90D,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W0LU | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0LU,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TQ49 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ49,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100R13L | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R13L,, |
| 訂正有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OL2E | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL2E,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LMQ0 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMQ0,, |

## 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).