# TRUCK-ONE CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2025/01/01－2025/12/31) (S100XRE0)
> Page: https://vizora.meequs.com/en/company/truck-one
> Retrieved: 2026-09-30T22:12:55.187Z

## Company

Truck-One, founded in 1990, is a company in Car Dealers & Used Cars listed on Fukuoka. It has 97 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRUCK-ONE CO., LTD. |
| Ticker | 3047 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3047.T) |
| Listing | Fukuoka |
| Head office | 山口県下松市生野屋南三丁目3番40号 |
| Representative (per filing) | 代表取締役社長 小川 雄也 |
| Founded | Jan 1990 |
| Share capital | ¥97.7M |
| Employees (consolidated) | 97 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | www.truck-one.com (https://www.truck-one.com/) |
| Corporate number | 5250001009424 |
| EDINET | E03482 |
| Industries (Vizora) | Car Dealers & Used Cars, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100XRE0, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.4 | 18 |
| Profitability | 88.6 | 22 |
| Cash conversion | 22.5 | 20 |
| Efficiency | 20.5 | 22 |
| Financial strength | 16.7 | 3 |

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 89% of Truck-One's sales come from Business car - related, with Transportation - related making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +21.8% from the prior year, operating profit +85.5%.

## Company structure

- Segment revenue mix: Business car - related 89.4%、Transportation - related 10.6%
- Revenue → net income: ¥7974063000 → ¥366976000
- Net income → operating cash flow: ¥366976000 → ¥216751000（difference ¥-150225000）
- Main uses of operating cash flow: CapEx ¥284047000 / dividends ¥23964000 / buybacks —
- Change in cash: ¥118230000
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 | ¥7.97B |  |
| Operating income | ¥559.8M | Margin 7.0% |
| Net income | ¥367M | Margin 4.6% |
| Free cash flow | -¥67.3M |  |
| Largest business | Business car - related | of segment revenue 89.4% |
| Employees (consolidated) | 97 |  |
| EPS | ¥141.71 |  |
| Book value per share | ¥629.72 |  |
| Equity ratio | 23.8% |  |
| Shares outstanding | 2,552,000 |  |
| Treasury shares | 153,100 |  |
| Shareholders | 683 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 10.8% | Net cash -¥2.7B · Cash ÷ revenue 8.8% |
| Vs. industry median margin | +3.8 pp | Car Dealers & Used Cars |
| ROE | 27.2% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -8% while operating income rose 86%
- FY2025, one segment accounts for 85% of positive segment profit
- FY2025, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4740115000 | ¥7974063000 | +68.2% |
| Operating income | ¥35252000 | ¥559799000 | +1488.0% |
| Operating margin | 0.7% | 7.0% | +6.3 pp |
| Employees | 108 people | 97 people | -10.2% |
| Cash and equivalents | ¥408101000 | ¥703567000 | +72.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 商用車関連事業 → 商用車関連事業 | 84.1% |
| 運送関連事業 → 運送関連事業 | 10.6% |
| 運送関連事業 → 事業再編・廃止 | 5.2% |
| 新設・再編 → 商用車関連事業 | 5.2% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,974 | 100.0% | S100XRE0 |
| Cost of revenue | 6,719 | 84.3% | S100XRE0 |
| Gross profit | 1,255 | 15.7% | S100XRE0 |
| SG&A | 695 | 8.7% | S100XRE0 |
| Operating income | 560 | 7.0% | S100XRE0 |
| Ordinary income | 564 | 7.1% | S100XRE0 |
| Pretax income | 554 | 6.9% | S100XRE0 |
| Income tax | 187 | 2.3% | S100XRE0 |
| Net income | 367 | 4.6% | S100XRE0 |
| Net income attributable to owners | 367 | 4.6% | S100XRE0 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 9 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 15.7% → Operating margin 7.0% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.8%; Core profit growth: +85.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.92×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,546 | 7,974 | 1,428 | +21.8% |
| Gross profit | 940 | 1,255 | 315 | +33.5% |
| Operating income | 302 | 560 | 258 | +85.5% |
| Net income attributable to owners | 241 | 367 | 126 | +52.5% |
| Operating cash flow | 484 | 217 | -267 | -55.2% |
| Free cash flow | 336 | -67 | -403 | -120.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 4,598 | 32 | 0.7% | 44 | 149 | 64 | S100L0BK |
| FY ending Dec 2020 | 4,740 | 35 | 0.7% | 23 | 433 | -168 | S100NP8V |
| FY ending Dec 2021 | 5,998 | 86 | 1.4% | 69 | 346 | 84 | S100QETR |
| FY ending Dec 2022 | 7,096 | 162 | 2.3% | 109 | -243 | -605 | S100T341 |
| FY ending Dec 2023 | 6,438 | 183 | 2.8% | 120 | 40 | -208 | S100VFQ2 |
| FY ending Dec 2024 | 6,546 | 302 | 4.6% | 241 | 484 | 336 | S100XRE0 |
| FY ending Dec 2025 | 7,974 | 560 | 7.0% | 367 | 217 | -67 | S100XRE0 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.2M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥3.8M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 120 | 115 | 106 | 105 | 97 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.7M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 37.5 years | 37.3 years | 39.9 years | 40.3 years | 43.0 years |
| Average tenure (parent company) | 7.4 years | 7.9 years | 9.5 years | 10.1 years | 12.1 years |

Year over year: Employees (consolidated) -7.6% · Revenue (consolidated) +21.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business car - related | 7,125 | 89.4% | 467 | 6.6% |
| Transportation - related | 849 | 10.6% | 84 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Business car - related | 89.4% | 84.7% | -4.6 | 6.6% |
| Transportation - related | 10.6% | 15.3% | 4.6 | 9.9% |

Segment → industry: Business car - related → Car Dealers & Used Cars / Transportation - related → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 217 | 2.7% | S100XRE0 |
| Capital expenditure | 284 | 3.6% | S100XRE0 |
| Free cash flow | -67 | -0.8% | 算出 |
| Investing cash flow | -276 | -3.5% | S100XRE0 |
| Financing cash flow | 178 | 2.2% | S100XRE0 |
| Dividends paid | 24 | 0.3% | S100XRE0 |
| Change in cash | 118 | 1.5% | S100XRE0 |
| Cash and equivalents | 704 | 8.8% | S100XRE0 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 551 | 514 | 492 | 585 | 704 | S100T341, S100VFQ2, S100XRE0 |
| Total assets | 4,713 | 5,601 | 6,192 | 6,325 | 6,502 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Net assets | 754 | 855 | 968 | 1,196 | 1,550 | S100T341, S100VFQ2, S100XRE0 |
| Share capital | 98 | 98 | 98 | 98 | 98 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Trade receivables | 280 | — | — | — | — | S100QETR |
| Property, plant and equipment | 1,670 | 1,976 | 1,918 | 1,901 | 1,941 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Intangible assets excluding goodwill | 52 | 47 | 11 | 10 | 8 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Goodwill | 48 | 42 | — | — | — | S100QETR, S100T341 |
| Investment securities | 29 | 34 | 47 | 59 | 76 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Current assets | 2,883 | 3,465 | 4,149 | 4,297 | 4,422 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Current liabilities | 2,941 | 3,669 | 4,364 | 4,617 | 4,402 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Trade payables | 956 | 1,135 | 1,497 | 1,417 | 1,063 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Short-term borrowings | 1,600 | 2,150 | 2,600 | 2,680 | 2,950 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Long-term borrowings | 604 | 647 | 457 | 130 | 199 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Bonds | 250 | 250 | 250 | 250 | 250 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Interest-bearing debt | 2,454 | 3,047 | 3,307 | 3,060 | 3,399 | 算出 |
| Total liabilities | 3,959 | 4,746 | 5,224 | 5,129 | 4,952 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Equity attributable to owners of parent | 756 | 853 | 957 | 1,178 | 1,521 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Retained earnings | 628 | 724 | 829 | 1,050 | 1,393 | S100QETR, S100T341, S100VFQ2, S100XRE0 |
| Treasury stock | -14 | -14 | -14 | -14 | -14 | S100QETR, S100T341, S100VFQ2, S100XRE0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XRE0 |
| Property, plant and equipment | 30% | S100XRE0 |
| Intangibles and goodwill | 0% | S100XRE0 |
| Investment securities | 1% | S100XRE0 |
| Other assets | 58% | S100XRE0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100XRE0 |
| Interest-bearing debt | 52% | 算出 |
| Other liabilities | 8% | S100XRE0 |
| Equity | 24% | S100XRE0 |
| Other liabilities | 0% | S100XRE0 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,713 | 5,601 | 6,192 | 6,325 | 6,502 |
| Equity | 754 | 855 | 968 | 1,196 | 1,550 |
| Interest-bearing debt | 2,454 | 3,047 | 3,307 | 3,060 | 3,399 |
| Cash | 551 | 514 | 492 | 585 | 704 |

## 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) | 24.3% | S100XRE0 |
| Fixed assets ÷ total assets | 29.9% | S100XRE0 |
| Goodwill ÷ parent equity | — | —, S100XRE0 |

### 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) | 10.8% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | -¥2.7B |
| Net debt ÷ operating cash flow | 12.44× |
| Cash conversion (operating CF ÷ operating income) | 38.7% |
| Cash vs. profit gap | -150 JPY mn (of net income -40.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 6.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 127.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.2% | 1.27× | 1.5% | 6.23× | 9.2% | S100QETR |
| 2022 | 1.5% | 1.38× | 2.1% | 6.41× | 13.5% | S100T341 |
| 2023 | 1.9% | 1.09× | 2.0% | 6.51× | 13.3% | S100VFQ2 |
| 2024 | 3.7% | 1.05× | 3.8% | 5.86× | 22.5% | S100XRE0 |
| 2025 | 4.6% | 1.24× | 5.7% | 4.75× | 27.2% | S100XRE0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小川雄也 | Major shareholder | 19.4% | 2025-12-31 |
| 小川真也 | Major shareholder | 15.5% | 2025-12-31 |
| ルコンテ小川珠里 | Major shareholder | 14.9% | 2025-12-31 |
| 小川サトノ | Major shareholder | 8.3% | 2025-12-31 |
| 髙谷正一 | Major shareholder | 5.9% | 2025-12-31 |
| 桜井誠 | Major shareholder | 4.0% | 2025-12-31 |
| 内藤征吾 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社TRUCK-ONE役員持株会 | Major shareholder | 2.8% | 2025-12-31 |
| 株式会社西京銀行 | Major shareholder | 2.4% | 2025-12-31 |
| 今福洋介 | Major shareholder | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/01/01－2025/12/31) | S100XRE0 | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRE0,, |
| 有価証券報告書－第35期(2024/01/01－2024/12/31) | S100VFQ2 | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFQ2,, |
| 有価証券報告書－第34期(2023/01/01－2023/12/31) | S100T341 | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T341,, |
| 有価証券報告書－第33期(2022/01/01－2022/12/31) | S100QETR | 2023-03-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QETR,, |
| 有価証券報告書－第32期(令和3年1月1日－令和3年12月31日) | S100NP8V | 2022-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP8V,, |
| 訂正有価証券報告書－第31期(令和2年1月1日－令和2年12月31日) | S100L0BK | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0BK,, |

## 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).