# Tokyo Kisen 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88期(2025/04/01－2026/03/31) (S100YEHQ)
> Page: https://vizora.meequs.com/en/company/tokyo-kisen
> Retrieved: 2026-09-30T23:08:55.861Z

## Company

Tokyo Kisen, founded in 1947, is a company in Shipping listed on TSE Standard. It has 446 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tokyo Kisen Co.,Ltd. |
| Ticker | 9193 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9193.T) |
| Listing | TSE Standard |
| Head office | 横浜市中区山下町2番地 |
| Representative (per filing) | 代表取締役 社長執行役員 齊藤宏之 |
| Founded | May 1947 |
| Share capital | ¥500.5M |
| Employees (consolidated) | 446 |
| Average salary (parent only) | ¥10.7M |
| Fiscal year end | March |
| Website | www.tokyokisen.co.jp (https://www.tokyokisen.co.jp/) |
| Corporate number | 7020001027926 |
| EDINET | E04336 |
| Industries (Vizora) | Shipping, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YEHQ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 12 |
| Profitability | 3.8 | 13 |
| Cash conversion | 96.2 | 13 |
| Efficiency | 26.9 | 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 72% of Tokyo Kisen's sales come from Tug boat, with Maritime related and Passenger ship making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +9.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Tug boat 72.4%、Maritime related 14.9%、Passenger ship 12.7%
- Revenue → net income: ¥13144203000 → ¥5137724000
- Net income → operating cash flow: ¥5137724000 → ¥1817143000（difference ¥-3320581000）
- Main uses of operating cash flow: CapEx ¥1825806000 / dividends ¥502412000 / buybacks —
- Change in cash: ¥-1218284000
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 | ¥13.1B |  |
| Operating income | ¥106.1M | Margin 0.8% |
| Net income | ¥5.05B | Margin 38.4% |
| Free cash flow | -¥8.7M |  |
| Largest business | Tug boat | of segment revenue 72.4% |
| Employees (consolidated) | 446 |  |
| EPS | ¥74.61 |  |
| Book value per share | ¥2072.87 |  |
| Equity ratio | 74.5% |  |
| Shares outstanding | 10,010,000 |  |
| Treasury shares | 56,800 |  |
| Shareholders | 5,314 |  |
| Average salary (parent only) | ¥10.7M | Filing company only |
| Cash ratio | 15.0% | Cash ÷ revenue 43.2% |
| Vs. industry median margin | -6.2 pp | Shipping |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 14.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9889499000 | ¥13144203000 | +32.9% |
| Operating income | ¥-621328000 | ¥106133000 | — |
| Operating margin | -6.3% | 0.8% | +7.1 pp |
| Employees | 459 people | 446 people | -2.8% |
| Cash and equivalents | ¥4152188000 | ¥5676470000 | +36.7% |

### 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 |
| --- | ---: |
| 曳船事業 → 曳船事業 | 72.4% |
| 曳船事業 → 事業再編・廃止 | 9.7% |
| 旅客船事業 → 旅客船事業 | 12.7% |
| 旅客船事業 → 事業再編・廃止 | 1.4% |
| 売店・食堂事業 → 事業再編・廃止 | 3.8% |
| 新設・再編 → 海事関連事業 | 14.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Tug boat | 5 years | +3.2% | ¥9517240000 | 3.4% | 2 |
| Maritime related | — | — | ¥1956843000 | -9.8% | 2 |
| Passenger ship | 5 years | +3.6% | ¥1670119000 | -3.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,144 | 100.0% | S100YEHQ |
| Cost of revenue | 10,972 | 83.5% | S100YEHQ |
| Gross profit | 2,172 | 16.5% | S100YEHQ |
| SG&A | 2,066 | 15.7% | S100YEHQ |
| Operating income | 106 | 0.8% | S100YEHQ |
| Ordinary income | 347 | 2.6% | S100YEHQ |
| Pretax income | 7,711 | 58.7% | S100YEHQ |
| Income tax | 2,573 | 19.6% | S100YEHQ |
| Net income | 5,138 | 39.1% | S100YEHQ |
| Net income attributable to owners | 5,047 | 38.4% | S100YEHQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 38 |

### Margin funnel

Gross margin 16.5% → Operating margin 0.8% → Net margin 38.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 12,041 | 13,144 | 1,103 | +9.2% |
| Gross profit | 1,458 | 2,172 | 714 | +49.0% |
| Operating income | -512 | 106 | 618 | — |
| Net income attributable to owners | 2,044 | 5,047 | 3,002 | +146.9% |
| Operating cash flow | 1,207 | 1,817 | 610 | +50.6% |
| Free cash flow | -2,442 | -9 | 2,433 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,826 | 170 | 1.4% | 301 | 1,067 | -236 | S100LT0M |
| FY ending Mar 2021 | 9,889 | -621 | -6.3% | -94 | 232 | -2,609 | S100OJAE |
| FY ending Mar 2022 | 10,700 | -591 | -5.5% | -193 | 1,272 | -1,213 | S100R7RI |
| FY ending Mar 2023 | 11,865 | 93 | 0.8% | 416 | 1,502 | -1,023 | S100TTQV |
| FY ending Mar 2024 | 12,516 | 368 | 2.9% | 573 | 618 | -2,798 | S100W1LV |
| FY ending Mar 2025 | 12,041 | -512 | -4.2% | 2,044 | 1,207 | -2,442 | S100YEHQ |
| FY ending Mar 2026 | 13,144 | 106 | 0.8% | 5,047 | 1,817 | -9 | S100YEHQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.5M |
| Operating income per employee (consolidated) | ¥238K |
| Net income per employee (consolidated) | ¥11.3M |

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) | 468 | 466 | 483 | 488 | 446 |
| Average salary (parent company) | ¥9.5M | ¥9.5M | ¥9.9M | ¥10.1M | ¥10.7M |
| Average age (parent company) | 40.2 years | 40.5 years | 41.2 years | 41.3 years | 41.4 years |
| Average tenure (parent company) | 16.7 years | 17.0 years | 17.4 years | 17.3 years | 17.5 years |

Year over year: Employees (consolidated) -8.6% · Revenue (consolidated) +9.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Tug boat | 9,517 | 72.4% | 320 | 3.4% |
| Maritime related | 1,957 | 14.9% | -193 | -9.8% |
| Passenger ship | 1,670 | 12.7% | -58 | -3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Tug boat | 72.4% | 100.0% | 27.6 | 3.4% |
| Maritime related | 14.9% | — | — | -9.8% |
| Passenger ship | 12.7% | — | — | -3.5% |

Loss-making segment (excluded from profit shares): Maritime related -193 JPY mn

Loss-making segment (excluded from profit shares): Passenger ship -58 JPY mn

Segment → industry: Passenger ship → Shipping / Maritime related → Shipping / Tug boat → Shipping / Tug boat → 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 | 1,817 | 13.8% | S100YEHQ |
| Capital expenditure | 1,826 | 13.9% | S100YEHQ |
| Free cash flow | -9 | -0.1% | 算出 |
| Investing cash flow | -1,972 | -15.0% | S100YEHQ |
| Financing cash flow | -1,048 | -8.0% | S100YEHQ |
| Dividends paid | 502 | 3.8% | S100YEHQ |
| Change in cash | -1,218 | -9.3% | S100YEHQ |
| Cash and equivalents | 5,676 | 43.2% | S100YEHQ |

## 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 | 6,494 | 5,236 | 5,356 | 6,762 | 5,676 | S100TTQV, S100W1LV, S100YEHQ |
| Total assets | 28,906 | 28,674 | 29,118 | 31,262 | 37,881 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Net assets | 21,062 | 21,653 | 22,602 | 24,795 | 29,345 | S100TTQV, S100W1LV, S100YEHQ |
| Share capital | 501 | 501 | 501 | 501 | 501 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Property, plant and equipment | 10,329 | 10,606 | 11,305 | 13,218 | 12,360 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Intangible assets excluding goodwill | 105 | 114 | 84 | 54 | 62 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Investment securities | 2,005 | 2,095 | 2,410 | 2,594 | 3,047 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Current assets | 12,931 | 11,699 | 11,081 | 10,930 | 15,808 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Current liabilities | 3,670 | 3,319 | 3,268 | 3,356 | 5,957 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Trade payables | 1,041 | 915 | 943 | 950 | 944 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Short-term borrowings | 1,345 | 1,275 | 1,375 | 1,375 | 1,375 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Long-term borrowings | 423 | 408 | 721 | 615 | 246 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Total liabilities | 7,844 | 7,021 | 6,516 | 6,467 | 8,536 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Non-controlling interests | 877 | 919 | 1,002 | 1,039 | 1,119 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Equity attributable to owners of parent | 19,845 | 20,162 | 20,537 | 22,384 | 26,356 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Retained earnings | 19,315 | 19,632 | 20,005 | 21,850 | 25,897 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |
| Treasury stock | -45 | -45 | -44 | -42 | -41 | S100R7RI, S100TTQV, S100W1LV, S100YEHQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YEHQ |
| Property, plant and equipment | 33% | S100YEHQ |
| Intangibles and goodwill | 0% | S100YEHQ |
| Investment securities | 8% | S100YEHQ |
| Other assets | 44% | S100YEHQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YEHQ |
| Other liabilities | 20% | S100YEHQ |
| Equity | 77% | S100YEHQ |

### 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 | 28,906 | 28,674 | 29,118 | 31,262 | 37,881 |
| Equity | 21,062 | 21,653 | 22,602 | 24,795 | 29,345 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,494 | 5,236 | 5,356 | 6,762 | 5,676 |

## 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) | 94.0% | S100YEHQ |
| Fixed assets ÷ total assets | 32.6% | S100YEHQ |
| Goodwill ÷ parent equity | — | —, S100YEHQ |

### 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) | 15.0% |
| Cash ÷ revenue | 43.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1712.1% |
| Cash vs. profit gap | -3,229 JPY mn (of net income -64.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.9% |
| Investing CF relative to operating CF | 108.5% |

## 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 | — | —× | -0.7% | —× | — | S100R7RI |
| 2023 | 3.5% | 0.41× | 1.4% | 1.44× | 2.1% | S100TTQV |
| 2024 | 4.6% | 0.43× | 2.0% | 1.42× | 2.8% | S100W1LV |
| 2025 | 17.0% | 0.40× | 6.8% | 1.41× | 9.5% | S100YEHQ |
| 2026 | 38.4% | 0.38× | 14.6% | 1.42× | 20.7% | S100YEHQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| １ 齊 藤 宏 之 | Major shareholder | 17.4% | 2026-03-31 |
| ２ 株式会社商船三井 | Major shareholder | 11.2% | 2026-03-31 |
| ３ 共栄火災海上保険株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| ４ 京浜急行電鉄株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| ５ 株式会社みずほ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| ６ 東海汽船株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| ７ 株式会社横浜銀行 | Major shareholder | 3.1% | 2026-03-31 |
| ８ 日本生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| ９ コクサイエアロマリン株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 10 須賀工業株式会社 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YEHQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEHQ,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W1LV | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1LV,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TTQV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTQV,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R7RI | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7RI,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OJAE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJAE,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LT0M | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT0M,, |

## 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).