# uematsu shokai co.,ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/03/21－2026/03/20) (S100YDBK)
> Page: https://vizora.meequs.com/en/company/uematsu-shokai
> Retrieved: 2026-09-30T20:33:01.781Z

## Company

uematsu shokai, founded in 1955, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 75 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Uematsu Shokai Co.,Ltd. |
| Ticker | 9914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9914.T) |
| Listing | TSE Standard |
| Head office | 仙台市若林区卸町三丁目7番地の5 |
| Representative (per filing) | 代表取締役社長 植松 誠一郎 |
| Founded | Jun 1955 |
| Share capital | ¥1.02B |
| Employees (consolidated) | 75 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Corporate number | 1370001002651 |
| EDINET | E02753 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YDBK, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-20)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.9 | 179 |
| Profitability | 18.1 | 185 |
| Cash conversion | 11.5 | 179 |
| Efficiency | 38.6 | 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)

- uematsu shokai brought in ¥6.63B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +5.2% from the prior year, operating profit +93.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.63B |  |
| Operating income | ¥85.6M | Margin 1.3% |
| Net income | ¥124.1M | Margin 1.9% |
| Free cash flow | -¥24.5M |  |
| Employees (consolidated) | 75 |  |
| EPS | ¥55.35 |  |
| Book value per share | ¥1458.84 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 2,340,000 |  |
| Treasury shares | 97,800 |  |
| Shareholders | 1,297 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 7.1% |
| Vs. industry median margin | -1.6 pp | Specialty Trading & Wholesale |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 94%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5093584000 | ¥6631689000 | +30.2% |
| Operating income | ¥-54603000 | ¥85558000 | — |
| Operating margin | -1.1% | 1.3% | +2.4 pp |
| Employees | 79 people | 75 people | -5.1% |
| Cash and equivalents | ¥596442000 | ¥470246000 | -21.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,632 | 100.0% | S100YDBK |
| Cost of revenue | 5,683 | 85.7% | 算出 |
| Gross profit | 948 | 14.3% | S100YDBK |
| SG&A | 863 | 13.0% | S100YDBK |
| Operating income | 86 | 1.3% | S100YDBK |
| Ordinary income | 183 | 2.8% | S100YDBK |
| Pretax income | 192 | 2.9% | S100YDBK |
| Income tax | 68 | 1.0% | S100YDBK |
| Net income | 124 | 1.9% | S100YDBK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.3% → Operating margin 1.3% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.2%; Core profit growth: +93.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.13×
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 | 6,306 | 6,632 | 325 | +5.2% |
| Gross profit | 911 | 948 | 37 | +4.1% |
| Operating income | 44 | 86 | 41 | +93.5% |
| Operating cash flow | -318 | -6 | 312 | — |
| Free cash flow | -324 | -24 | 299 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,477 | 18 | 0.3% | 81 | 242 | 238 | S100LJP9 |
| FY ending Mar 2021 | 5,094 | -55 | -1.1% | -21 | 82 | — | S100ORYY |
| FY ending Mar 2022 | 6,118 | 17 | 0.3% | 53 | 29 | 26 | S100QZFL |
| FY ending Mar 2023 | 6,456 | 35 | 0.5% | 40 | -61 | -61 | S100TNZR |
| FY ending Mar 2024 | 7,254 | 93 | 1.3% | 112 | 716 | 710 | S100VZR8 |
| FY ending Mar 2025 | 6,306 | 44 | 0.7% | 86 | -318 | -324 | S100YDBK |
| FY ending Mar 2026 | 6,632 | 86 | 1.3% | 124 | -6 | -24 | S100YDBK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.4M |
| Operating income per employee (consolidated) | ¥1.1M |
| 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) | 76 | 77 | 75 | 76 | 75 |
| Average salary (parent company) | ¥4.6M | ¥5M | ¥5.4M | ¥5.2M | ¥4.9M |
| Average age (parent company) | 39.9 years | 40.3 years | 40.3 years | 40.4 years | 40.8 years |
| Average tenure (parent company) | 14.0 years | 14.5 years | 14.8 years | 14.9 years | 15.0 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +5.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -6 | -0.1% | S100YDBK |
| Capital expenditure | 19 | 0.3% | S100YDBK |
| Free cash flow | -24 | -0.4% | 算出 |
| Investing cash flow | -37 | -0.6% | S100YDBK |
| Financing cash flow | -86 | -1.3% | S100YDBK |
| Dividends paid | 73 | 1.1% | S100YDBK |
| Change in cash | -128 | -1.9% | S100YDBK |
| Cash and equivalents | 470 | 7.1% | S100YDBK |

## 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 | 494 | 356 | 1,008 | 599 | 470 | S100TNZR, S100VZR8, S100YDBK |
| Total assets | 4,705 | 4,505 | 5,431 | 4,997 | 4,830 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Net assets | 2,863 | 2,831 | 3,027 | 3,087 | 3,271 | S100TNZR, S100VZR8, S100YDBK |
| Share capital | 1,018 | 1,018 | 1,018 | 1,018 | 1,018 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Property, plant and equipment | 199 | 197 | 228 | 216 | 206 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Intangible assets excluding goodwill | 8 | 6 | 19 | 19 | 33 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Investment securities | 1,268 | 1,232 | 1,481 | 1,556 | 1,732 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Current assets | 3,094 | 2,936 | 3,569 | 3,077 | 2,730 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Current liabilities | 1,724 | 1,543 | 2,151 | 1,640 | 1,251 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Total liabilities | 1,842 | 1,674 | 2,405 | 1,911 | 1,559 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Equity attributable to owners of parent | 2,771 | 2,765 | 2,770 | 2,789 | 2,840 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Retained earnings | 612 | 606 | 661 | 680 | 731 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |
| Treasury stock | -33 | -33 | -83 | -83 | -83 | S100QZFL, S100TNZR, S100VZR8, S100YDBK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YDBK |
| Property, plant and equipment | 4% | S100YDBK |
| Intangibles and goodwill | 1% | S100YDBK |
| Investment securities | 36% | S100YDBK |
| Other assets | 49% | S100YDBK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YDBK |
| Equity | 68% | S100YDBK |
| Other liabilities | 0% | S100YDBK |

### 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 | 4,705 | 4,505 | 5,431 | 4,997 | 4,830 |
| Equity | 2,863 | 2,831 | 3,027 | 3,087 | 3,271 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 494 | 356 | 1,008 | 599 | 470 |

## 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) | 3.1% | S100YDBK |
| Fixed assets ÷ total assets | 4.3% | S100YDBK |
| Goodwill ÷ parent equity | — | —, S100YDBK |

### 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) | 9.7% |
| Cash ÷ revenue | 7.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -6.5% |
| Cash vs. profit gap | -130 JPY mn (of net income -104.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | — |

## 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 | 0.9% | 1.30× | 1.1% | 1.70× | 1.9% | S100QZFL |
| 2023 | 0.6% | 1.40× | 0.9% | 1.66× | 1.4% | S100TNZR |
| 2024 | 1.5% | 1.46× | 2.3% | 1.80× | 4.0% | S100VZR8 |
| 2025 | 1.4% | 1.21× | 1.7% | 1.88× | 3.1% | S100YDBK |
| 2026 | 1.9% | 1.35× | 2.5% | 1.75× | 4.4% | S100YDBK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 植松 誠一郎 | Major shareholder | 32.9% | 2026-03-20 |
| ㈲ヤスコーポレーション | Major shareholder | 26.3% | 2026-03-20 |
| 松井証券㈱ | Major shareholder | 4.7% | 2026-03-20 |
| ㈱山善 | Major shareholder | 2.8% | 2026-03-20 |
| 有岡 容子 | Major shareholder | 2.6% | 2026-03-20 |
| 小田嶋 正男 | Major shareholder | 2.5% | 2026-03-20 |
| 永谷 明日香 | Major shareholder | 1.2% | 2026-03-20 |
| 永谷 駿一 | Major shareholder | 1.2% | 2026-03-20 |
| 植松商会従業員持株会 | Major shareholder | 1.1% | 2026-03-20 |
| 始平堂 弘昌 | Major shareholder | 0.9% | 2026-03-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/03/21－2026/03/20) | S100YDBK | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDBK,, |
| 有価証券報告書－第71期(2024/03/21－2025/03/20) | S100VZR8 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZR8,, |
| 有価証券報告書－第70期(2023/03/21－2024/03/20) | S100TNZR | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNZR,, |
| 有価証券報告書－第69期(2022/03/21－2023/03/20) | S100QZFL | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZFL,, |
| 訂正有価証券報告書－第68期(令和3年3月21日－令和4年3月20日) | S100ORYY | 2022-07-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORYY,, |
| 有価証券報告書－第67期(令和2年3月21日－令和3年3月20日) | S100LJP9 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJP9,, |

## 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).