# TSUKIJI UOICHIBA COMPANY,LIMITED: 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78期(2025/04/01－2026/03/31) (S100YISR)
> Page: https://vizora.meequs.com/en/company/tsukiji-uoichiba
> Retrieved: 2026-09-30T17:56:52.952Z

## Company

Tsukiji Uoichiba, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 292 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUKIJI UOICHIBA COMPANY, LIMITED |
| Ticker | 8039 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8039.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区豊洲六丁目6番2号 |
| Representative (per filing) | 代表取締役社長 山﨑 康司 |
| Founded | Mar 1948 |
| Share capital | ¥2.04B |
| Employees (consolidated) | 292 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.tsukiji-uoichiba.co.jp (https://www.tsukiji-uoichiba.co.jp/) |
| Corporate number | 4010001034876 |
| EDINET | E02571 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YISR, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.4 | 179 |
| Profitability | 5.1 | 185 |
| Cash conversion | 98 | 179 |
| Efficiency | 98.6 | 185 |

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 Tsukiji Uoichiba's sales come from Marine product wholesale business, with Stock freezer business and Lease of immovable property business making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +8.1% from the prior year, operating profit -45.0%.

## Company structure

- Segment revenue mix: Marine product wholesale business 97.6%、Stock freezer business 2.2%、Lease of immovable property business 0.2%
- Revenue → net income: ¥67450000000 → ¥386000000
- Net income → operating cash flow: ¥386000000 → ¥977000000（difference ¥591000000）
- Main uses of operating cash flow: CapEx ¥248000000 / dividends ¥77000000 / buybacks ¥0
- Change in cash: ¥957000000
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 | ¥67.5B |  |
| Operating income | ¥166M | Margin 0.2% |
| Net income | ¥386M | Margin 0.6% |
| Free cash flow | ¥729M |  |
| Largest business | Marine product wholesale business | of segment revenue 97.6% |
| Employees (consolidated) | 292 |  |
| EPS | ¥103.72 |  |
| Book value per share | ¥2884.35 |  |
| Equity ratio | 39.2% |  |
| Shares outstanding | 2,253,000 |  |
| Treasury shares | 30,000 |  |
| Shareholders | 4,410 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 2.7% |
| Vs. industry median margin | -2.6 pp | Specialty Trading & Wholesale |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, segment profit share differs by 84 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥66621000000 | ¥67450000000 | +1.2% |
| Operating income | ¥132000000 | ¥166000000 | +25.8% |
| Operating margin | 0.2% | 0.2% | 0 pp |
| Employees | 283 people | 292 people | +3.2% |
| Cash and equivalents | ¥1330000000 | ¥1813000000 | +36.3% |

### 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 |
| --- | ---: |
| 水産物卸売業 → 水産物卸売業 | 97.6% |
| 水産物卸売業 → 事業再編・廃止 | 0.5% |
| 冷蔵倉庫業 → 冷蔵倉庫業 | 1.7% |
| 不動産賃貸業 → 不動産賃貸業 | 0.2% |
| 不動産賃貸業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 冷蔵倉庫業 | 0.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Marine product wholesale business | 5 years | +0.2% | ¥65833000000 | -0.6% | 2 |
| Stock freezer business | 5 years | +5.3% | ¥1466000000 | 31.8% | 2 |
| Lease of immovable property business | 5 years | -0.5% | ¥151000000 | 47.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 67,450 | 100.0% | S100YISR |
| Cost of revenue | 62,716 | 93.0% | S100YISR |
| Gross profit | 4,734 | 7.0% | S100YISR |
| SG&A | 4,567 | 6.8% | S100YISR |
| Operating income | 166 | 0.2% | S100YISR |
| Ordinary income | 190 | 0.3% | S100YISR |
| Pretax income | 668 | 1.0% | S100YISR |
| Income tax | 281 | 0.4% | S100YISR |
| Net income | 386 | 0.6% | S100YISR |
| Net income attributable to owners | 386 | 0.6% | S100YISR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 7 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 7.0% → Operating margin 0.2% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.1%; Core profit growth: -45.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.58×
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 | 62,414 | 67,450 | 5,036 | +8.1% |
| Gross profit | 4,200 | 4,734 | 534 | +12.7% |
| Operating income | 302 | 166 | -136 | -45.0% |
| Net income attributable to owners | 287 | 386 | 99 | +34.5% |
| Operating cash flow | -449 | 977 | 1,426 | — |
| Free cash flow | -683 | 729 | 1,412 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 71,658 | -690 | -1.0% | -690 | 622 | 508 | S100LTQ2 |
| FY ending Mar 2021 | 66,621 | 132 | 0.2% | 518 | 379 | 190 | S100OI3H |
| FY ending Mar 2022 | 55,018 | 141 | 0.3% | 264 | 272 | -49 | S100R6L6 |
| FY ending Mar 2023 | 57,981 | 183 | 0.3% | 223 | 143 | -425 | S100TRLN |
| FY ending Mar 2024 | 58,701 | 35 | 0.1% | 204 | 1,199 | 994 | S100W7U0 |
| FY ending Mar 2025 | 62,414 | 302 | 0.5% | 287 | -449 | -683 | S100YISR |
| FY ending Mar 2026 | 67,450 | 166 | 0.2% | 386 | 977 | 729 | S100YISR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥231M |
| Operating income per employee (consolidated) | ¥568.5K |
| Net income per employee (consolidated) | ¥1.3M |

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) | 334 | 310 | 285 | 284 | 292 |
| Average salary (parent company) | ¥6M | ¥6.3M | ¥6.6M | ¥6.7M | ¥6.1M |
| Average age (parent company) | 44.4 years | 45.9 years | 48.7 years | 47.3 years | 46.2 years |
| Average tenure (parent company) | 16.7 years | 18.1 years | 18.9 years | 17.9 years | 17.2 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine product wholesale business | 65,833 | 97.6% | -372 | -0.6% |
| Stock freezer business | 1,466 | 2.2% | 466 | 31.8% |
| Lease of immovable property business | 151 | 0.2% | 72 | 47.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine product wholesale business | 97.6% | — | — | -0.6% |
| Stock freezer business | 2.2% | 86.6% | 84.4 | 31.8% |
| Lease of immovable property business | 0.2% | 13.4% | 13.2 | 47.7% |

Loss-making segment (excluded from profit shares): Marine product wholesale business -372 JPY mn

Segment → industry: Lease of immovable property business → Real Estate Development & Leasing / Marine product wholesale business → Specialty Trading & Wholesale / Stock freezer 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 | 977 | 1.4% | S100YISR |
| Capital expenditure | 248 | 0.4% | S100YISR |
| Free cash flow | 729 | 1.1% | 算出 |
| Investing cash flow | 412 | 0.6% | S100YISR |
| Financing cash flow | -432 | -0.6% | S100YISR |
| Dividends paid | 77 | 0.1% | S100YISR |
| Share buyback | 0 | 0.0% | S100YISR |
| Change in cash | 957 | 1.4% | S100YISR |
| Cash and equivalents | 1,813 | 2.7% | S100YISR |

## 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 | 1,251 | 1,022 | 1,387 | 856 | 1,813 | S100TRLN, S100W7U0, S100YISR |
| Total assets | 15,815 | 16,872 | 17,182 | 16,602 | 18,110 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Net assets | 5,813 | 6,181 | 6,416 | 6,537 | 7,092 | S100TRLN, S100W7U0, S100YISR |
| Share capital | 2,045 | 2,045 | 2,045 | 2,045 | 2,045 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Property, plant and equipment | 6,475 | 6,717 | 6,539 | 6,474 | 6,448 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Intangible assets excluding goodwill | 306 | 282 | 274 | 250 | 231 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Investment securities | 1,969 | 2,198 | 2,188 | 2,291 | 2,497 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Current assets | 6,718 | 7,248 | 7,736 | 7,175 | 8,535 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Current liabilities | 4,650 | 5,716 | 6,227 | 5,931 | 7,131 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Trade payables | 2,678 | 3,085 | 3,879 | 2,793 | 3,571 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Short-term borrowings | 1,216 | 1,739 | 1,439 | 2,339 | 2,439 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Long-term borrowings | 3,899 | 3,459 | 3,020 | 2,580 | 2,141 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Total liabilities | 10,001 | 10,691 | 10,765 | 10,065 | 11,017 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Equity attributable to owners of parent | 5,493 | 5,654 | 5,804 | 5,934 | 6,260 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Retained earnings | 2,503 | 2,650 | 2,775 | 2,985 | 3,293 | S100R6L6, S100TRLN, S100W7U0, S100YISR |
| Treasury stock | -48 | -36 | -20 | -105 | -91 | S100R6L6, S100TRLN, S100W7U0, S100YISR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YISR |
| Property, plant and equipment | 36% | S100YISR |
| Intangibles and goodwill | 1% | S100YISR |
| Investment securities | 14% | S100YISR |
| Other assets | 39% | S100YISR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100YISR |
| Other liabilities | 41% | S100YISR |
| Equity | 39% | S100YISR |
| Other liabilities | 0% | S100YISR |

### 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 | 15,815 | 16,872 | 17,182 | 16,602 | 18,110 |
| Equity | 5,813 | 6,181 | 6,416 | 6,537 | 7,092 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,251 | 1,022 | 1,387 | 856 | 1,813 |

## 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) | 9.6% | S100YISR |
| Fixed assets ÷ total assets | 35.6% | S100YISR |
| Goodwill ÷ parent equity | — | —, S100YISR |

### 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) | 10.0% |
| Cash ÷ revenue | 2.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 588.6% |
| Cash vs. profit gap | 591 JPY mn (of net income 153.1%) |
| Shareholder returns / net income | 19.9% |
| Shareholder returns / FCF | 10.6% |
| Shareholder payments — dividends / net income | 19.9% |
| Shareholder payments — dividends / FCF | 10.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 42.2% |

## 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 | 0.5% | 3.48× | 1.7% | 2.88× | 4.8% | S100R6L6 |
| 2023 | 0.4% | 3.55× | 1.4% | 2.93× | 4.0% | S100TRLN |
| 2024 | 0.3% | 3.45× | 1.2% | 2.97× | 3.6% | S100W7U0 |
| 2025 | 0.5% | 3.69× | 1.7% | 2.88× | 4.9% | S100YISR |
| 2026 | 0.6% | 3.89× | 2.2% | 2.85× | 6.3% | S100YISR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸紅シーフーズ株式会社 | Major shareholder | 11.8% | 2026-03-31 |
| 株式会社ヨンキュウ | Major shareholder | 9.8% | 2026-03-31 |
| 東洋水産株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社海昇 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社みずほ銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.2% | 2026-03-31 |
| 横浜丸魚株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 横浜冷凍株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ウェクフーズ | Major shareholder | 1.9% | 2026-03-31 |
| 信和技研株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 朝日生命保険相互会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YISR | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YISR,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W7U0 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7U0,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TRLN | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRLN,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R6L6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6L6,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OI3H | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI3H,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LTQ2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTQ2,, |

## 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).