# Toyo Logistics 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147期(2025/04/01－2026/03/31) (S100Y9SP)
> Page: https://vizora.meequs.com/en/company/toyo-logistics
> Retrieved: 2026-09-30T20:26:31.611Z

## Company

Toyo Logistics, founded in 1926, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 721 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toyo Logistics Co., Ltd. |
| Ticker | 9306 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9306.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中村区名駅南二丁目6番17号 |
| Representative (per filing) | 代表取締役社長 黒田 城児 |
| Founded | Mar 1926 |
| Share capital | ¥3.41B |
| Employees (consolidated) | 721 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.toyo-logistics.co.jp (https://www.toyo-logistics.co.jp/) |
| Corporate number | 5180001031666 |
| EDINET | E04287 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y9SP, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.1 | 37 |
| Profitability | 34.6 | 39 |
| Cash conversion | 59.2 | 38 |
| Efficiency | 34.6 | 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 98% of Toyo Logistics's sales come from Logistics business, with Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +10.9%.

## Company structure

- Segment revenue mix: Logistics business 98.0%、Real estate business 2.0%
- Revenue → net income: ¥30161149000 → ¥1662194000
- Net income → operating cash flow: ¥1662194000 → ¥2249422000（difference ¥587228000）
- Main uses of operating cash flow: CapEx ¥2055034000 / dividends ¥454452000 / buybacks ¥120675000
- Change in cash: ¥-275870000
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 | ¥30.2B |  |
| Operating income | ¥1.38B | Margin 4.6% |
| Net income | ¥1.66B | Margin 5.5% |
| Free cash flow | ¥194.4M |  |
| Largest business | Logistics business | of segment revenue 98.0% |
| Employees (consolidated) | 721 |  |
| EPS | ¥196.65 |  |
| Book value per share | ¥3198.38 |  |
| Equity ratio | 57.8% |  |
| Shares outstanding | 7,864,000 |  |
| Treasury shares | 386,500 |  |
| Shareholders | 4,068 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | -1.3 pp | Warehouses & Logistics Facilities |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees 0% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27660674000 | ¥30161149000 | +9.0% |
| Operating income | ¥1057908000 | ¥1376662000 | +30.1% |
| Operating margin | 3.8% | 4.6% | +0.7 pp |
| Employees | 770 people | 721 people | -6.4% |
| Cash and equivalents | ¥6436572000 | ¥6070796000 | -5.7% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 97.9% |
| 不動産事業 → 不動産事業 | 2.0% |
| 不動産事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 物流事業 | 0.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,161 | 100.0% | S100Y9SP |
| SG&A | 986 | 3.3% | S100Y9SP |
| Operating income | 1,377 | 4.6% | S100Y9SP |
| Ordinary income | 1,910 | 6.3% | S100Y9SP |
| Pretax income | 2,230 | 7.4% | S100Y9SP |
| Income tax | 568 | 1.9% | S100Y9SP |
| Net income | 1,662 | 5.5% | S100Y9SP |
| Net income attributable to owners | 1,662 | 5.5% | S100Y9SP |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 4.6% → Net margin 5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +10.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.27×
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 | 29,187 | 30,161 | 975 | +3.3% |
| Operating income | 1,241 | 1,377 | 135 | +10.9% |
| Net income attributable to owners | 1,495 | 1,662 | 167 | +11.2% |
| Operating cash flow | 3,243 | 2,249 | -994 | -30.6% |
| Free cash flow | 983 | 194 | -789 | -80.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,662 | 1,272 | 4.3% | 1,041 | 2,841 | 1,133 | S100LNGO |
| FY ending Mar 2021 | 27,661 | 1,058 | 3.8% | 1,187 | 3,079 | 1,873 | S100O8P9 |
| FY ending Mar 2022 | 28,367 | 1,364 | 4.8% | 1,443 | 2,829 | 1,907 | S100QZ0I |
| FY ending Mar 2023 | 28,168 | 1,258 | 4.5% | 1,351 | 2,651 | -729 | S100TKLM |
| FY ending Mar 2024 | 27,876 | 1,130 | 4.1% | 1,370 | 1,812 | -1,370 | S100VWPS |
| FY ending Mar 2025 | 29,187 | 1,241 | 4.3% | 1,495 | 3,243 | 983 | S100Y9SP |
| FY ending Mar 2026 | 30,161 | 1,377 | 4.6% | 1,662 | 2,249 | 194 | S100Y9SP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.8M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 748 | 733 | 729 | 724 | 721 |
| Average salary (parent company) | ¥5.7M | ¥5.6M | ¥5.6M | ¥5.8M | ¥6.5M |
| Average age (parent company) | 38.4 years | 39.4 years | 40.3 years | 40.3 years | 40.6 years |
| Average tenure (parent company) | 14.7 years | 15.2 years | 15.9 years | 16.0 years | 16.2 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics business | 29,546 | 98.0% | 1,817 | 6.1% |
| Real estate business | 615 | 2.0% | 259 | 42.1% |

### 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 |
| --- | ---: |
| Logistics business | 98.0% |
| Real estate business | 2.0% |

Segment → industry: Real estate business → Real Estate Development & Leasing / Logistics business → 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 | 2,249 | 7.5% | S100Y9SP |
| Capital expenditure | 2,055 | 6.8% | S100Y9SP |
| Free cash flow | 194 | 0.6% | 算出 |
| Investing cash flow | -1,589 | -5.3% | S100Y9SP |
| Financing cash flow | -936 | -3.1% | S100Y9SP |
| Dividends paid | 454 | 1.5% | S100Y9SP |
| Share buyback | 121 | 0.4% | S100Y9SP |
| Change in cash | -276 | -0.9% | S100Y9SP |
| Cash and equivalents | 6,071 | 20.1% | S100Y9SP |

## 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 | 7,669 | 8,329 | 6,557 | 6,347 | 6,071 | S100TKLM, S100VWPS, S100Y9SP |
| Total assets | 43,248 | 45,833 | 47,535 | 48,587 | 50,340 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Net assets | 22,173 | 23,239 | 25,197 | 26,646 | 29,116 | S100TKLM, S100VWPS, S100Y9SP |
| Share capital | 3,413 | 3,413 | 3,413 | 3,413 | 3,413 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Property, plant and equipment | 20,143 | 22,198 | 23,898 | 24,732 | 25,113 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Intangible assets excluding goodwill | 246 | 269 | 282 | 253 | 260 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Investment securities | 6,339 | 6,696 | 8,058 | 8,708 | 10,307 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Current assets | 14,088 | 14,358 | 13,072 | 12,709 | 12,741 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Current liabilities | 6,954 | 7,136 | 7,782 | 8,472 | 8,198 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Short-term borrowings | 3,284 | 3,693 | 4,394 | 4,467 | 4,608 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Long-term borrowings | 10,317 | 11,925 | 11,231 | 10,264 | 9,856 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Total liabilities | 21,075 | 22,594 | 22,338 | 21,941 | 21,224 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Equity attributable to owners of parent | 21,342 | 22,158 | 23,149 | 24,231 | 25,348 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Retained earnings | 15,986 | 16,955 | 17,927 | 18,986 | 20,193 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |
| Treasury stock | -268 | -421 | -405 | -385 | -483 | S100QZ0I, S100TKLM, S100VWPS, S100Y9SP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100Y9SP |
| Property, plant and equipment | 50% | S100Y9SP |
| Intangibles and goodwill | 1% | S100Y9SP |
| Investment securities | 20% | S100Y9SP |
| Other assets | 17% | S100Y9SP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100Y9SP |
| Equity | 58% | S100Y9SP |
| Other liabilities | 0% | S100Y9SP |

### 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 | 43,248 | 45,833 | 47,535 | 48,587 | 50,340 |
| Equity | 22,173 | 23,239 | 25,197 | 26,646 | 29,116 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,669 | 8,329 | 6,557 | 6,347 | 6,071 |

## 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) | 83.3% | S100Y9SP |
| Fixed assets ÷ total assets | 49.9% | S100Y9SP |
| Goodwill ÷ parent equity | — | —, S100Y9SP |

### 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) | 12.1% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.4% |
| Cash vs. profit gap | 587 JPY mn (of net income 35.3%) |
| Shareholder returns / net income | 34.6% |
| Shareholder returns / FCF | 295.9% |
| Shareholder payments — dividends / net income | 27.3% |
| Shareholder payments — dividends / FCF | 233.8% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 70.7% |

## 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 | 5.1% | 0.66× | 3.3% | 2.03× | 6.8% | S100QZ0I |
| 2023 | 4.8% | 0.63× | 3.0% | 2.05× | 6.2% | S100TKLM |
| 2024 | 4.9% | 0.60× | 2.9% | 2.06× | 6.0% | S100VWPS |
| 2025 | 5.1% | 0.61× | 3.1% | 2.03× | 6.3% | S100Y9SP |
| 2026 | 5.5% | 0.61× | 3.4% | 2.00× | 6.7% | S100Y9SP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社あいち銀行 | Major shareholder | 5.0% | 2026-03-31 |
| ダイセー倉庫運輸株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 伏見興産株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 東陽倉庫従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 中京テレビ放送株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第147期(2025/04/01－2026/03/31) | S100Y9SP | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9SP,, |
| 有価証券報告書－第146期(2024/04/01－2025/03/31) | S100VWPS | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWPS,, |
| 有価証券報告書－第145期(2023/04/01－2024/03/31) | S100TKLM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKLM,, |
| 有価証券報告書－第144期(2022/04/01－2023/03/31) | S100QZ0I | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ0I,, |
| 有価証券報告書－第143期(令和3年4月1日－令和4年3月31日) | S100O8P9 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8P9,, |
| 有価証券報告書－第142期(令和2年4月1日－令和3年3月31日) | S100LNGO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNGO,, |

## 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).