# TRADIA CORPORATION: 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96期(2025/04/01－2026/03/31) (S100YJV2)
> Page: https://vizora.meequs.com/en/company/tradia
> Retrieved: 2026-09-30T19:05:52.495Z

## Company

Tradia, founded in 1941, is a company in Warehouses & Logistics Facilities listed on TSE Standard. It has 308 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRADIA CORPORATION |
| Ticker | 9365 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9365.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区海岸通一丁目2番22号 |
| Representative (per filing) | 代表取締役 社長執行役員 吉田 大介 |
| Founded | Apr 1941 |
| Share capital | ¥735M |
| Employees (consolidated) | 308 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | tradia.co.jp (https://tradia.co.jp/) |
| Corporate number | 3140001009726 |
| EDINET | E04346 |
| Industries (Vizora) | Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YJV2, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.8 | 37 |
| Profitability | 3.8 | 39 |
| Cash conversion | 77.6 | 38 |
| Efficiency | 80.8 | 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 51% of Tradia's sales come from International, with Importationi and Exportation making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit -7.0%.

## Company structure

- Segment revenue mix: International 51.4%、Importationi 30.9%、Exportation 16.6%、Other 0.9%、Warehouse 0.3%
- Revenue → net income: ¥16447192000 → ¥362125000
- Net income → operating cash flow: ¥362125000 → ¥500524000（difference ¥138399000）
- Main uses of operating cash flow: CapEx ¥1431863000 / dividends ¥73309000 / buybacks ¥103000
- Change in cash: ¥-73513000
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 | ¥16.4B |  |
| Operating income | ¥235.5M | Margin 1.4% |
| Net income | ¥362.1M | Margin 2.2% |
| Free cash flow | -¥931.3M |  |
| Largest business | International | of segment revenue 51.4% |
| Employees (consolidated) | 308 |  |
| EPS | ¥235.02 |  |
| Book value per share | ¥3630.53 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 1,470,000 |  |
| Treasury shares | 3,900 |  |
| Shareholders | 1,157 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 6.4% |
| Vs. industry median margin | -4.4 pp | Warehouses & Logistics Facilities |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14937542000 | ¥16447192000 | +10.1% |
| Operating income | ¥61400000 | ¥235522000 | +283.6% |
| Operating margin | 0.4% | 1.4% | +1 pp |
| Employees | 344 people | 308 people | -10.5% |
| Cash and equivalents | ¥747674000 | ¥1052451000 | +40.8% |

### 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 |
| --- | ---: |
| 輸出 → 輸出 | 16.6% |
| 輸出 → 事業再編・廃止 | 0.9% |
| 輸入 → 輸入 | 30.9% |
| 輸入 → 事業再編・廃止 | 5.5% |
| 国際 → 国際 | 44.8% |
| 倉庫 → 倉庫 | 0.3% |
| 倉庫 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 国際 | 6.6% |

Segment revenue source references: 10 (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 | 5 years | +4.8% | ¥8448132000 | 1.3% | 2 |
| Importationi | 5 years | -1.4% | ¥5077643000 | -0.1% | 2 |
| Exportation | 5 years | +0.8% | ¥2725079000 | 2.1% | 2 |
| Other | 5 years | +0.9% | ¥142337000 | 19.5% | 2 |
| Warehouse | 5 years | -1.9% | ¥54000000 | 96.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,447 | 100.0% | S100YJV2 |
| Operating income | 236 | 1.4% | S100YJV2 |
| Ordinary income | 489 | 3.0% | S100YJV2 |
| Pretax income | 480 | 2.9% | S100YJV2 |
| Income tax | 118 | 0.7% | S100YJV2 |
| Net income | 362 | 2.2% | S100YJV2 |
| Net income attributable to owners | 362 | 2.2% | S100YJV2 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 99 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Operating margin 1.4% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.2%; Core profit growth: -7.0%
Operating leverage (core profit growth ÷ revenue growth): 5.89×
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 | 16,646 | 16,447 | -199 | -1.2% |
| Operating income | 253 | 236 | -18 | -7.0% |
| Net income attributable to owners | 268 | 362 | 95 | +35.3% |
| Operating cash flow | 462 | 501 | 39 | +8.4% |
| Free cash flow | 109 | -931 | -1,040 | -958.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,485 | 11 | 0.1% | 51 | 184 | 84 | S100LQKZ |
| FY ending Mar 2021 | 14,938 | 61 | 0.4% | 109 | -33 | -71 | S100OFRR |
| FY ending Mar 2022 | 18,390 | 298 | 1.6% | 307 | -57 | -114 | S100R9QX |
| FY ending Mar 2023 | 19,855 | 443 | 2.2% | 518 | 985 | 901 | S100TX5R |
| FY ending Mar 2024 | 15,008 | 200 | 1.3% | 327 | 264 | 196 | S100W67G |
| FY ending Mar 2025 | 16,646 | 253 | 1.5% | 268 | 462 | 109 | S100YJV2 |
| FY ending Mar 2026 | 16,447 | 236 | 1.4% | 362 | 501 | -931 | S100YJV2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.4M |
| Operating income per employee (consolidated) | ¥764.7K |
| Net income per employee (consolidated) | ¥1.2M |

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) | 338 | 327 | 322 | 318 | 308 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.6M | ¥5.6M | ¥5.8M |
| Average age (parent company) | 41.9 years | 42.7 years | 42.6 years | 43.1 years | 43.4 years |
| Average tenure (parent company) | 17.2 years | 18.1 years | 18.4 years | 18.8 years | 19.1 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Exportation | 2,725 | 16.6% | 56 | 2.1% |
| Importationi | 5,078 | 30.9% | -7 | -0.1% |
| International | 8,448 | 51.4% | 107 | 1.3% |
| Warehouse | 54 | 0.3% | 52 | 96.1% |
| Other | 142 | 0.9% | 28 | 19.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Exportation | 16.6% | 23.1% | 6.5 | 2.1% |
| Importationi | 30.9% | — | — | -0.1% |
| International | 51.4% | 44.1% | -7.3 | 1.3% |
| Warehouse | 0.3% | 21.4% | 21.0 | 96.1% |
| Other | 0.9% | 11.4% | 10.6 | 19.5% |

Loss-making segment (excluded from profit shares): Importationi -7 JPY mn

Segment → industry: Other → Warehouses & Logistics Facilities / Warehouse → Warehouses & Logistics Facilities / International → Warehouses & Logistics Facilities / Importationi → Warehouses & Logistics Facilities / Exportation → 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 | 501 | 3.0% | S100YJV2 |
| Capital expenditure | 1,432 | 8.7% | S100YJV2 |
| Free cash flow | -931 | -5.7% | 算出 |
| Investing cash flow | -1,397 | -8.5% | S100YJV2 |
| Financing cash flow | 823 | 5.0% | S100YJV2 |
| Dividends paid | 73 | 0.4% | S100YJV2 |
| Share buyback | 0 | 0.0% | S100YJV2 |
| Change in cash | -74 | -0.4% | S100YJV2 |
| Cash and equivalents | 1,052 | 6.4% | S100YJV2 |

## 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 | 784 | 1,358 | 1,304 | 1,126 | 1,052 | S100TX5R, S100W67G, S100YJV2 |
| Total assets | 10,112 | 10,426 | 10,413 | 10,792 | 13,324 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Net assets | 3,225 | 3,680 | 4,400 | 4,651 | 5,916 | S100TX5R, S100W67G, S100YJV2 |
| Share capital | 735 | 735 | 735 | 735 | 735 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Property, plant and equipment | 3,039 | 2,954 | 2,881 | 3,206 | 4,496 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Intangible assets excluding goodwill | 74 | 96 | 89 | 78 | 80 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Investment securities | 1,378 | 1,458 | 2,004 | 2,178 | 3,268 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Current assets | 4,194 | 4,507 | 3,997 | 3,921 | 3,736 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Current liabilities | 4,637 | 4,590 | 3,881 | 4,049 | 3,947 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Short-term borrowings | 2,586 | 2,321 | 2,166 | 2,166 | 2,146 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Long-term borrowings | 1,994 | 1,828 | 1,662 | 1,496 | 2,450 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Total liabilities | 6,887 | 6,746 | 6,013 | 6,141 | 7,408 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Equity attributable to owners of parent | 2,902 | 3,347 | 3,604 | 3,798 | 4,087 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Retained earnings | 2,008 | 2,453 | 2,707 | 2,901 | 3,190 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |
| Treasury stock | -12 | -12 | -7 | -7 | -7 | S100R9QX, S100TX5R, S100W67G, S100YJV2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJV2 |
| Property, plant and equipment | 34% | S100YJV2 |
| Intangibles and goodwill | 1% | S100YJV2 |
| Investment securities | 24% | S100YJV2 |
| Other assets | 33% | S100YJV2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YJV2 |
| Equity | 44% | S100YJV2 |

### 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 | 10,112 | 10,426 | 10,413 | 10,792 | 13,324 |
| Equity | 3,225 | 3,680 | 4,400 | 4,651 | 5,916 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 784 | 1,358 | 1,304 | 1,126 | 1,052 |

## 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) | 27.3% | S100YJV2 |
| Fixed assets ÷ total assets | 33.7% | S100YJV2 |
| Goodwill ÷ parent equity | — | —, S100YJV2 |

### 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) | 7.9% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 212.5% |
| Cash vs. profit gap | 138 JPY mn (of net income 38.2%) |
| Shareholder returns / net income | 20.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 279.1% |

## 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 | 1.7% | 1.82× | 3.0% | 3.48× | 10.6% | S100R9QX |
| 2023 | 2.6% | 1.93× | 5.0% | 3.29× | 16.6% | S100TX5R |
| 2024 | 2.2% | 1.44× | 3.1% | 3.00× | 9.4% | S100W67G |
| 2025 | 1.6% | 1.57× | 2.5% | 2.86× | 7.2% | S100YJV2 |
| 2026 | 2.2% | 1.36× | 3.0% | 3.06× | 9.2% | S100YJV2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トランコム株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| トレーディア株式会社社員持株会 | Major shareholder | 7.1% | 2026-03-31 |
| 大豊運輸倉庫株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 丸正株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| 日本郵船株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 （常任代理人：日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.5% | 2026-03-31 |
| 日本製麻株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 垂水邦明 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社シンワ・アクティブ | Major shareholder | 1.7% | 2026-03-31 |
| 頴川欽和 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YJV2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJV2,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100W67G | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W67G,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TX5R | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX5R,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100R9QX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9QX,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OFRR | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFRR,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LQKZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQKZ,, |

## 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).