# TOHBU NETWORK 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113期(2025/04/01－2026/03/31) (S100YK2G)
> Page: https://vizora.meequs.com/en/company/tohbu-network
> Retrieved: 2026-09-30T17:58:16.398Z

## Company

Tohbu Network, founded in 1943, is a company in Real Estate Development & Leasing listed on Tokyo. It has 378 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHBU NETWORK CO.,LTD. |
| Ticker | 9036 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9036.T) |
| Listing | Tokyo |
| Head office | 横浜市神奈川区栄町2番地の9 |
| Representative (per filing) | 代表取締役社長兼社長執行役員 若山 良孝 |
| Founded | Dec 1943 |
| Share capital | ¥553M |
| Employees (consolidated) | 378 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.tohbu.co.jp (https://www.tohbu.co.jp/) |
| Corporate number | 9020001023915 |
| EDINET | E04221 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YK2G, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 25 | 22 |
| Cash conversion | 84.1 | 22 |
| Efficiency | 2.3 | 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)

- About 93% of Tohbu Network's sales come from Transportation business, with Real estate rent business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.8% from the prior year, operating profit +44.8%.

## Company structure

- Segment revenue mix: Transportation business 93.3%、Real estate rent business 6.7%
- Revenue → net income: ¥10077252000 → ¥303842000
- Net income → operating cash flow: ¥303842000 → ¥803124000（difference ¥499282000）
- Main uses of operating cash flow: CapEx ¥724675000 / dividends ¥85750000 / buybacks ¥125949000
- Change in cash: ¥-164358000
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 | ¥10.1B |  |
| Operating income | ¥270.5M | Margin 2.7% |
| Net income | ¥300.5M | Margin 3.0% |
| Free cash flow | ¥78.4M |  |
| Largest business | Transportation business | of segment revenue 93.3% |
| Employees (consolidated) | 378 |  |
| EPS | ¥55.14 |  |
| Book value per share | ¥3796.69 |  |
| Equity ratio | 82.7% |  |
| Shares outstanding | 5,749,000 |  |
| Treasury shares | 114,300 |  |
| Shareholders | 960 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 42.7% |
| Vs. industry median margin | -2.1 pp | Trucking & Parcel Delivery |
| ROE | 1.5% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, employees -10% while operating income rose 45%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8552617000 | ¥10077252000 | — |
| Operating income | ¥629793000 | ¥270500000 | — |
| Operating margin | 7.4% | 2.7% | -4.7 pp |
| Employees | 304 people | 378 people | — |
| Cash and equivalents | ¥3355908000 | ¥4304236000 | — |

### 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 |
| --- | ---: |
| 貨物自動車運送事業 → 貨物自動車運送事業 | 73.3% |
| 不動産賃貸事業 → 不動産賃貸事業 | 6.4% |
| 商品販売事業 → 事業再編・廃止 | 20.3% |
| 新設・再編 → 貨物自動車運送事業 | 20.0% |
| 新設・再編 → 不動産賃貸事業 | 0.3% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,077 | 100.0% | S100YK2G |
| Cost of revenue | 8,823 | 87.6% | S100YK2G |
| Gross profit | 1,254 | 12.4% | S100YK2G |
| SG&A | 984 | 9.8% | S100YK2G |
| Operating income | 271 | 2.7% | S100YK2G |
| Ordinary income | 371 | 3.7% | S100YK2G |
| Pretax income | 538 | 5.3% | S100YK2G |
| Income tax | 234 | 2.3% | S100YK2G |
| Net income | 304 | 3.0% | S100YK2G |
| Net income attributable to owners | 301 | 3.0% | S100YK2G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.4% → Operating margin 2.7% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.8%; Core profit growth: +44.8%
Operating leverage (core profit growth ÷ revenue growth): -15.83×
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 | 10,371 | 10,077 | -294 | -2.8% |
| Gross profit | 1,047 | 1,254 | 207 | +19.8% |
| Operating income | 187 | 271 | 84 | +44.8% |
| Net income attributable to owners | 106 | 301 | 195 | +184.4% |
| Operating cash flow | 738 | 803 | 65 | +8.9% |
| Free cash flow | 467 | 78 | -388 | -83.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,604 | 653 | 5.2% | 441 | 1,002 | -1,199 | S100LR44 |
| FY ending Mar 2021 | 8,553 | 630 | 7.4% | 413 | 792 | -629 | S100PPFQ |
| FY ending Mar 2022 | 8,840 | 404 | 4.6% | 273 | 1,071 | 566 | S100PPFQ |
| FY ending Mar 2023 | 9,875 | 431 | 4.4% | 414 | 741 | 380 | S100UB5F |
| FY ending Mar 2024 | 10,304 | 315 | 3.1% | 79 | 957 | 379 | S100W3XG |
| FY ending Mar 2025 | 10,371 | 187 | 1.8% | 106 | 738 | 467 | S100YK2G |
| FY ending Mar 2026 | 10,077 | 271 | 2.7% | 301 | 803 | 78 | S100YK2G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥715.6K |
| Net income per employee (consolidated) | ¥795K |

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) | 289 | 397 | 377 | 419 | 378 |
| Average salary (parent company) | ¥4.6M | ¥5M | ¥5M | ¥5.1M | ¥5.1M |
| Average age (parent company) | 49.8 years | 49.9 years | 51.3 years | 52.5 years | 53.9 years |
| Average tenure (parent company) | 10.7 years | 6.9 years | 7.8 years | 10.3 years | 12.9 years |

Year over year: Employees (consolidated) -9.8% · Revenue (consolidated) -2.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation business | 9,168 | 93.3% | 347 | 3.8% |
| Real estate rent business | 656 | 6.7% | 413 | 63.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation business | 93.3% | 45.7% | -47.7 | 3.8% |
| Real estate rent business | 6.7% | 54.3% | 47.7 | 63.0% |

Segment → industry: Real estate rent business → Real Estate Development & Leasing / Transportation business → Trucking & Parcel Delivery

## 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 | 803 | 8.0% | S100YK2G |
| Capital expenditure | 725 | 7.2% | S100YK2G |
| Free cash flow | 78 | 0.8% | 算出 |
| Investing cash flow | -652 | -6.5% | S100YK2G |
| Financing cash flow | -316 | -3.1% | S100YK2G |
| Dividends paid | 86 | 0.9% | S100YK2G |
| Share buyback | 126 | 1.2% | S100YK2G |
| Change in cash | -164 | -1.6% | S100YK2G |
| Cash and equivalents | 4,304 | 42.7% | S100YK2G |

## 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 | 3,867 | 3,793 | 4,588 | 4,469 | 4,304 | S100PPFQ, S100W3XG, S100YK2G |
| Total assets | 22,339 | 23,459 | 24,501 | 24,677 | 25,296 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Net assets | 18,806 | 19,366 | 20,266 | 20,304 | 20,914 | S100PPFQ, S100W3XG, S100YK2G |
| Share capital | 553 | 553 | 553 | 553 | 553 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Property, plant and equipment | 14,377 | 14,672 | 14,288 | 13,951 | 14,111 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Intangible assets excluding goodwill | 41 | 277 | 325 | 614 | 572 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Goodwill | — | 235 | 282 | 560 | 452 | S100UB5F, S100W3XG, S100YK2G |
| Investment securities | 1,325 | 1,454 | 2,120 | 2,236 | 2,988 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Current assets | 5,103 | 5,421 | 6,149 | 5,960 | 5,605 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Current liabilities | 1,354 | 1,773 | 1,678 | 1,557 | 1,438 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Short-term borrowings | — | — | 10 | — | 30 | S100W3XG, S100YK2G |
| Long-term borrowings | — | 152 | 268 | 273 | 250 | S100UB5F, S100W3XG, S100YK2G |
| Total liabilities | 3,533 | 4,093 | 4,235 | 4,372 | 4,382 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Non-controlling interests | — | 79 | 83 | 97 | — | S100UB5F, S100W3XG, S100YK2G |
| Equity attributable to owners of parent | 18,762 | 19,158 | 19,487 | 19,408 | 19,583 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Retained earnings | 17,973 | 18,445 | 18,361 | 18,352 | 18,567 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |
| Treasury stock | -300 | -377 | -36 | -106 | -211 | S100PPFQ, S100UB5F, S100W3XG, S100YK2G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YK2G |
| Property, plant and equipment | 56% | S100YK2G |
| Intangibles and goodwill | 4% | S100YK2G |
| Investment securities | 12% | S100YK2G |
| Other assets | 11% | S100YK2G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YK2G |
| Equity | 83% | S100YK2G |

### 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 | 22,339 | 23,459 | 24,501 | 24,677 | 25,296 |
| Equity | 18,806 | 19,366 | 20,266 | 20,304 | 20,914 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,867 | 3,793 | 4,588 | 4,469 | 4,304 |

## 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) | 140.0% | S100YK2G |
| Fixed assets ÷ total assets | 55.8% | S100YK2G |
| Goodwill ÷ parent equity | 2.3% | S100YK2G |

### 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) | 17.0% |
| Cash ÷ revenue | 42.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 296.9% |
| Cash vs. profit gap | 503 JPY mn (of net income 167.2%) |
| Shareholder returns / net income | 70.4% |
| Shareholder returns / FCF | 269.9% |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | 109.3% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 81.2% |

## 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% | 0.40× | 1.2% | 1.19× | 1.5% | S100PPFQ |
| 2023 | 4.2% | 0.42× | 1.8% | 1.22× | 2.2% | S100UB5F |
| 2024 | 0.8% | 0.43× | 0.3% | 1.24× | 0.4% | S100W3XG |
| 2025 | 1.0% | 0.42× | 0.4% | 1.26× | 0.5% | S100YK2G |
| 2026 | 3.0% | 0.40× | 1.2% | 1.28× | 1.5% | S100YK2G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村 亘宏 | Major shareholder | 25.1% | 2026-03-31 |
| 丸全昭和運輸株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| アサガミ株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 中村 千鶴子 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| 三井住友信託銀行株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| 中村 匡宏 | Major shareholder | 1.8% | 2026-03-31 |
| 北陸コカ・コーラボトリング株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YK2G | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK2G,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W3XG | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3XG,, |
| 訂正有価証券報告書－第111期(2023/04/01－2024/03/31) | S100UB5F | 2024-09-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UB5F,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100R5FV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5FV,, |
| 訂正有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100PPFQ | 2022-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPFQ,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LR44 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR44,, |

## 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).