# TOYO WHARF & WAREHOUSE 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115期(2025/04/01－2026/03/31) (S100YELE)
> Page: https://vizora.meequs.com/en/company/toyo-wharf-and-warehouse
> Retrieved: 2026-09-30T20:39:05.930Z

## Company

Toyo Wharf & Warehouse, founded in 1929, is a company in Warehouses & Logistics Facilities listed on TSE Standard. It has 848 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOYO WHARF & WAREHOUSE CO.,LTD. |
| Ticker | 9351 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9351.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区晴海一丁目8番8号 |
| Representative (per filing) | 代表取締役社長 原 匡史 |
| Founded | May 1929 |
| Share capital | ¥8.26B |
| Employees (consolidated) | 848 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.toyofuto.co.jp (https://www.toyofuto.co.jp/) |
| Corporate number | 7010001034865 |
| EDINET | E04321 |
| Industries (Vizora) | Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YELE, 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 | 39.2 | 37 |
| Profitability | 24.4 | 39 |
| Cash conversion | 80.3 | 38 |
| Efficiency | 42.3 | 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 86% of Toyo Wharf & Warehouse's sales come from Domestic logistics services, with Global logistics services making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +30.0%.

## Company structure

- Segment revenue mix: Domestic logistics services 85.8%、Global logistics services 14.2%
- Revenue → net income: ¥38079000000 → ¥1501000000
- Net income → operating cash flow: ¥1501000000 → ¥3261000000（difference ¥1760000000）
- Main uses of operating cash flow: CapEx ¥3727000000 / dividends ¥477000000 / buybacks ¥327000000
- Change in cash: ¥-479000000
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 | ¥38.1B |  |
| Operating income | ¥1.5B | Margin 3.9% |
| Net income | ¥1.47B | Margin 3.8% |
| Free cash flow | -¥466M |  |
| Largest business | Domestic logistics services | of segment revenue 85.8% |
| Employees (consolidated) | 848 |  |
| EPS | ¥115.01 |  |
| Book value per share | ¥3742.88 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 7,740,000 |  |
| Treasury shares | 587,700 |  |
| Shareholders | 5,383 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 10.5% |
| Vs. industry median margin | -1.9 pp | Warehouses & Logistics Facilities |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34159000000 | ¥38079000000 | +11.5% |
| Operating income | ¥1134000000 | ¥1501000000 | +32.4% |
| Operating margin | 3.3% | 3.9% | +0.6 pp |
| Employees | 842 people | 848 people | +0.7% |
| Cash and equivalents | ¥2886000000 | ¥4007000000 | +38.8% |

### 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 |
| --- | ---: |
| 国内総合物流事業 → 国内総合物流事業 | 85.8% |
| 国内総合物流事業 → 事業再編・廃止 | 3.7% |
| 国際物流事業 → 国際物流事業 | 10.5% |
| 新設・再編 → 国際物流事業 | 3.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,079 | 100.0% | S100YELE |
| SG&A | 2,472 | 6.5% | S100YELE |
| Operating income | 1,501 | 3.9% | S100YELE |
| Ordinary income | 1,943 | 5.1% | S100YELE |
| Pretax income | 2,163 | 5.7% | S100YELE |
| Income tax | 662 | 1.7% | S100YELE |
| Net income | 1,501 | 3.9% | S100YELE |
| Net income attributable to owners | 1,466 | 3.8% | S100YELE |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 96 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 3.9% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +30.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.53×
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 | 35,100 | 38,079 | 2,979 | +8.5% |
| Operating income | 1,155 | 1,501 | 346 | +30.0% |
| Net income attributable to owners | 1,124 | 1,466 | 342 | +30.4% |
| Operating cash flow | 2,153 | 3,261 | 1,108 | +51.5% |
| Free cash flow | -646 | -466 | 180 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,731 | 1,457 | 4.2% | 1,252 | 3,542 | 1,828 | S100LOL3 |
| FY ending Mar 2021 | 34,159 | 1,134 | 3.3% | 802 | 2,479 | 757 | S100OH7P |
| FY ending Mar 2022 | 36,123 | 1,479 | 4.1% | 1,132 | 2,788 | -3,048 | S100R4NG |
| FY ending Mar 2023 | 38,086 | 1,537 | 4.0% | 1,266 | 4,184 | 17 | S100TS9B |
| FY ending Mar 2024 | 34,697 | 978 | 2.8% | 980 | 2,604 | 1,088 | S100W18K |
| FY ending Mar 2025 | 35,100 | 1,155 | 3.3% | 1,124 | 2,153 | -646 | S100YELE |
| FY ending Mar 2026 | 38,079 | 1,501 | 3.9% | 1,466 | 3,261 | -466 | S100YELE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.9M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 864 | 852 | 835 | 847 | 848 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥7.5M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 43.9 years | 44.3 years | 44.7 years | 44.5 years | 44.6 years |
| Average tenure (parent company) | 20.0 years | 20.3 years | 19.9 years | 19.6 years | 19.7 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic logistics services | 32,676 | 85.8% | 1,330 | 4.1% |
| Global logistics services | 5,402 | 14.2% | 157 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic logistics services | 85.8% | 89.4% | 3.6 | 4.1% |
| Global logistics services | 14.2% | 10.6% | -3.6 | 2.9% |

Segment → industry: Global logistics services → Warehouses & Logistics Facilities / Domestic logistics services → 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 | 3,261 | 8.6% | S100YELE |
| Capital expenditure | 3,727 | 9.8% | S100YELE |
| Free cash flow | -466 | -1.2% | 算出 |
| Investing cash flow | -3,512 | -9.2% | S100YELE |
| Financing cash flow | -244 | -0.6% | S100YELE |
| Dividends paid | 477 | 1.3% | S100YELE |
| Share buyback | 327 | 0.9% | S100YELE |
| Change in cash | -479 | -1.3% | S100YELE |
| Cash and equivalents | 4,007 | 10.5% | S100YELE |

## 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 | 3,429 | 2,523 | 2,260 | 4,486 | 4,007 | S100TS9B, S100W18K, S100YELE |
| Total assets | 47,578 | 46,313 | 48,435 | 50,990 | 56,011 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Net assets | 22,870 | 23,885 | 26,551 | 27,530 | 30,850 | S100TS9B, S100W18K, S100YELE |
| Share capital | 8,260 | 8,260 | 8,260 | 8,260 | 8,260 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Property, plant and equipment | 29,261 | 28,863 | 28,734 | 28,578 | 29,486 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Intangible assets excluding goodwill | 269 | 424 | 576 | 799 | 1,036 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Investment securities | 6,304 | 6,649 | 9,009 | 8,741 | 12,250 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Current assets | 10,012 | 8,658 | 8,359 | 10,777 | 10,545 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Current liabilities | 13,930 | 11,370 | 11,444 | 11,593 | 11,243 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Short-term borrowings | 5,849 | 5,259 | 5,106 | 6,140 | 6,106 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Long-term borrowings | 8,823 | 9,112 | 8,117 | 9,832 | 10,566 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Total liabilities | 24,708 | 22,428 | 21,884 | 23,460 | 25,161 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Non-controlling interests | 138 | 147 | 154 | 179 | 209 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Equity attributable to owners of parent | 20,913 | 21,593 | 21,975 | 22,649 | 23,310 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Retained earnings | 7,534 | 8,414 | 8,982 | 9,698 | 10,686 | S100R4NG, S100TS9B, S100W18K, S100YELE |
| Treasury stock | -63 | -263 | -449 | -492 | -819 | S100R4NG, S100TS9B, S100W18K, S100YELE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YELE |
| Property, plant and equipment | 53% | S100YELE |
| Intangibles and goodwill | 2% | S100YELE |
| Investment securities | 22% | S100YELE |
| Other assets | 16% | S100YELE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YELE |
| Equity | 55% | S100YELE |

### 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 | 47,578 | 46,313 | 48,435 | 50,990 | 56,011 |
| Equity | 22,870 | 23,885 | 26,551 | 27,530 | 30,850 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,429 | 2,523 | 2,260 | 4,486 | 4,007 |

## 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) | 77.4% | S100YELE |
| Fixed assets ÷ total assets | 52.6% | S100YELE |
| Goodwill ÷ parent equity | — | —, S100YELE |

### 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) | 7.2% |
| Cash ÷ revenue | 10.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 217.3% |
| Cash vs. profit gap | 1,795 JPY mn (of net income 122.4%) |
| Shareholder returns / net income | 54.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.8% |
| Investing CF relative to operating CF | 107.7% |

## 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 | 3.1% | 0.76× | 2.4% | 2.28× | 5.4% | S100R4NG |
| 2023 | 3.3% | 0.81× | 2.7% | 2.21× | 6.0% | S100TS9B |
| 2024 | 2.8% | 0.73× | 2.1% | 2.17× | 4.5% | S100W18K |
| 2025 | 3.2% | 0.71× | 2.3% | 2.23× | 5.0% | S100YELE |
| 2026 | 3.8% | 0.71× | 2.7% | 2.33× | 6.4% | S100YELE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 第一生命保険株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 三井埠頭株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社デイ・シイ | Major shareholder | 4.3% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 東洋埠頭従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 篠川 宏明 | Major shareholder | 2.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 芝海株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YELE | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YELE,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100W18K | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W18K,, |
| 有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TS9B | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9B,, |
| 有価証券報告書－第112期(2022/04/01－2023/03/31) | S100R4NG | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4NG,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100OH7P | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH7P,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LOL3 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOL3,, |

## 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).