# Yamatane 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127期(2025/04/01－2026/03/31) (S100YEYD)
> Page: https://vizora.meequs.com/en/company/yamatane
> Retrieved: 2026-09-30T20:25:50.135Z

## Company

Yamatane, founded in 1937, is a company in IT Services & System Integration listed on TSE Prime. It has 1,087 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yamatane Corporation |
| Ticker | 9305 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9305.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区越中島一丁目2番21号 |
| Representative (per filing) | 代表取締役社長執行役員 河原田岩夫 |
| Founded | Aug 1937 |
| Share capital | ¥10.6B |
| Employees (consolidated) | 1,087 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.yamatane.co.jp (https://www.yamatane.co.jp/) |
| Corporate number | 2010601007242 |
| EDINET | E04291 |
| Industries (Vizora) | IT Services & System Integration, Real Estate Development & Leasing, Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YEYD, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.8 | 179 |
| Profitability | 86.8 | 185 |
| Cash conversion | 71.8 | 179 |
| Efficiency | 1.4 | 185 |
| Financial strength | 7.5 | 20 |

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 63% of Yamatane's sales come from Grocery related, with Logistics related and Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +55.1%.

## Company structure

- Segment revenue mix: Grocery related 63.5%、Logistics related 29.4%、Real estate related 5.2%、Information related 1.9%
- Revenue → net income: ¥88674000000 → ¥5498000000
- Net income → operating cash flow: ¥5498000000 → ¥8154000000（difference ¥2656000000）
- Main uses of operating cash flow: CapEx ¥2643000000 / dividends ¥1474000000 / buybacks ¥2640000000
- Change in cash: ¥2994000000
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 | ¥88.7B |  |
| Operating income | ¥5.86B | Margin 6.6% |
| Net income | ¥5.5B | Margin 6.2% |
| Free cash flow | ¥5.51B |  |
| Largest business | Grocery related | of segment revenue 63.5% |
| Employees (consolidated) | 1,087 |  |
| EPS | ¥224.74 |  |
| Book value per share | ¥2659.93 |  |
| Equity ratio | 35.8% |  |
| Shares outstanding | 22,688,362 |  |
| Treasury shares | 1,562,600 |  |
| Shareholders | 8,885 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 4.5% | Net cash -¥59.9B · Cash ÷ revenue 9.0% |
| Vs. industry median margin | +3.7 pp | Specialty Trading & Wholesale |
| ROE | 13.0% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.8× dividends
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48690000000 | ¥88674000000 | +82.1% |
| Operating income | ¥3302000000 | ¥5864000000 | +77.6% |
| Operating margin | 6.8% | 6.6% | -0.2 pp |
| Employees | 843 people | 1,087 people | +28.9% |
| Cash and equivalents | ¥16529000000 | ¥7976000000 | -51.7% |

### 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 |
| --- | ---: |
| 物流関連 → 物流関連 | 29.4% |
| 物流関連 → 事業再編・廃止 | 16.4% |
| 食品関連 → 食品関連 | 44.1% |
| 情報関連 → 情報関連 | 1.9% |
| 情報関連 → 事業再編・廃止 | 1.4% |
| 不動産関連 → 不動産関連 | 5.2% |
| 不動産関連 → 事業再編・廃止 | 1.5% |
| 新設・再編 → 食品関連 | 19.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Grocery related | 5 years | +21.2% | ¥56282000000 | 7.2% | 2 |
| Logistics related | 5 years | +3.2% | ¥26079000000 | 9.1% | 2 |
| Real estate related | 5 years | +7.1% | ¥4604000000 | 44.4% | 2 |
| Information related | 5 years | +0.9% | ¥1706000000 | 4.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,674 | 100.0% | S100YEYD |
| SG&A | 7,410 | 8.4% | S100YEYD |
| Operating income | 5,864 | 6.6% | S100YEYD |
| Ordinary income | 5,481 | 6.2% | S100YEYD |
| Pretax income | 7,956 | 9.0% | S100YEYD |
| Income tax | 2,458 | 2.8% | S100YEYD |
| Net income | 5,498 | 6.2% | S100YEYD |
| Net income attributable to owners | 5,498 | 6.2% | S100YEYD |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 93 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 6.6% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +55.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.76×
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 | 80,922 | 88,674 | 7,752 | +9.6% |
| Operating income | 3,780 | 5,864 | 2,084 | +55.1% |
| Net income attributable to owners | 3,091 | 5,498 | 2,407 | +77.9% |
| Operating cash flow | 5,797 | 8,154 | 2,357 | +40.7% |
| Free cash flow | -4,900 | 5,511 | 10,411 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,759 | 3,285 | 6.0% | 1,825 | 2,277 | -1,417 | S100LMJ8 |
| FY ending Mar 2021 | 48,690 | 3,302 | 6.8% | 2,042 | 4,044 | -2,719 | S100OAXX |
| FY ending Mar 2022 | 46,765 | 3,002 | 6.4% | 1,832 | 4,242 | -5,749 | S100RR7G |
| FY ending Mar 2023 | 51,090 | 3,588 | 7.0% | 2,150 | 6,982 | 5,073 | S100TOXG |
| FY ending Mar 2024 | 64,512 | 3,483 | 5.4% | 2,487 | 3,683 | -8,678 | S100W18E |
| FY ending Mar 2025 | 80,922 | 3,780 | 4.7% | 3,091 | 5,797 | -4,900 | S100YEYD |
| FY ending Mar 2026 | 88,674 | 5,864 | 6.6% | 5,498 | 8,154 | 5,511 | S100YEYD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.6M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 826 | 923 | 993 | 1,013 | 1,087 |
| Average salary (parent company) | ¥6.1M | ¥6.2M | ¥6.6M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 14.0 years | 15.0 years | 14.0 years | 13.0 years | 12.0 years |

Year over year: Employees (consolidated) +7.3% · Revenue (consolidated) +9.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics related | 26,079 | 29.4% | 2,369 | 9.1% |
| Grocery related | 56,282 | 63.5% | 4,027 | 7.2% |
| Information related | 1,706 | 1.9% | 68 | 4.0% |
| Real estate related | 4,604 | 5.2% | 2,043 | 44.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics related | 29.4% | 27.8% | -1.6 | 9.1% |
| Grocery related | 63.5% | 47.3% | -16.1 | 7.2% |
| Information related | 1.9% | 0.8% | -1.1 | 4.0% |
| Real estate related | 5.2% | 24.0% | 18.8 | 44.4% |

Segment → industry: Information related → IT Services & System Integration / Real estate related → Real Estate Development & Leasing / Grocery related → Specialty Trading & Wholesale / Logistics related → 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 | 8,154 | 9.2% | S100YEYD |
| Capital expenditure | 2,643 | 3.0% | S100YEYD |
| Free cash flow | 5,511 | 6.2% | 算出 |
| Investing cash flow | -3,329 | -3.8% | S100YEYD |
| Financing cash flow | -1,831 | -2.1% | S100YEYD |
| Dividends paid | 1,474 | 1.7% | S100YEYD |
| Share buyback | 2,640 | 3.0% | S100YEYD |
| Change in cash | 2,994 | 3.4% | S100YEYD |
| Cash and equivalents | 7,976 | 9.0% | S100YEYD |

## 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 | 7,459 | 8,415 | 6,347 | 4,982 | 7,976 | S100TOXG, S100W18E, S100YEYD |
| Total assets | 123,425 | 126,188 | 155,906 | 167,044 | 177,610 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Net assets | 45,558 | 47,878 | 56,051 | 58,384 | 63,533 | S100TOXG, S100W18E, S100YEYD |
| Share capital | 10,555 | 10,555 | 10,555 | 10,555 | 10,555 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Inventories | 1,568 | 612 | 2,331 | 5,032 | 8,050 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Property, plant and equipment | 86,660 | 87,131 | 94,337 | 100,409 | 98,709 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Intangible assets excluding goodwill | 982 | 2,346 | 13,566 | 12,932 | 12,552 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Goodwill | — | 295 | 5,056 | 4,649 | 4,735 | S100TOXG, S100W18E, S100YEYD |
| Investment securities | 14,229 | 15,066 | 23,408 | 26,316 | 31,109 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Current assets | 20,025 | 19,681 | 22,472 | 24,878 | 32,397 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Current liabilities | 17,339 | 25,678 | 21,355 | 37,295 | 34,204 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Short-term borrowings | 5,141 | 4,100 | 5,800 | 7,700 | 10,180 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Long-term borrowings | 21,522 | 23,279 | 39,024 | 41,950 | 57,395 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Bonds | 23,331 | 13,347 | 18,409 | 7,429 | 322 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Interest-bearing debt | 49,994 | 40,726 | 63,233 | 57,079 | 67,897 | 算出 |
| Total liabilities | 77,867 | 78,309 | 99,855 | 108,660 | 114,077 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Non-controlling interests | 2,950 | 3,266 | 4,241 | — | — | S100RR7G, S100TOXG, S100W18E |
| Equity attributable to owners of parent | 34,448 | 36,030 | 37,712 | 41,328 | 42,966 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Retained earnings | 22,379 | 23,961 | 25,871 | 28,141 | 32,173 | S100RR7G, S100TOXG, S100W18E, S100YEYD |
| Treasury stock | -2,234 | -2,235 | -2,462 | -536 | -3,019 | S100RR7G, S100TOXG, S100W18E, S100YEYD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YEYD |
| Inventories | 5% | S100YEYD |
| Property, plant and equipment | 56% | S100YEYD |
| Intangibles and goodwill | 10% | S100YEYD |
| Investment securities | 17% | S100YEYD |
| Other assets | 8% | S100YEYD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 26% | S100YEYD |
| Equity | 36% | S100YEYD |

### 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 | 123,425 | 126,188 | 155,906 | 167,044 | 177,610 |
| Equity | 45,558 | 47,878 | 56,051 | 58,384 | 63,533 |
| Interest-bearing debt | 49,994 | 40,726 | 63,233 | 57,079 | 67,897 |
| Cash | 7,459 | 8,415 | 6,347 | 4,982 | 7,976 |

## 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) | 111.3% | S100YEYD |
| Fixed assets ÷ total assets | 55.6% | S100YEYD |
| Goodwill ÷ parent equity | 11.0% | S100YEYD |

### 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) | 4.5% |
| Cash ÷ revenue | 9.0% |
| Net cash (cash − interest-bearing debt) | -¥59.9B |
| Net debt ÷ operating cash flow | 7.35× |
| Cash conversion (operating CF ÷ operating income) | 139.1% |
| Cash vs. profit gap | 2,656 JPY mn (of net income 48.3%) |
| Shareholder returns / net income | 74.8% |
| Shareholder returns / FCF | 74.7% |
| Shareholder payments — dividends / net income | 26.8% |
| Shareholder payments — dividends / FCF | 26.7% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 40.8% |

## 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 | 3.9% | 0.38× | 1.5% | 3.58× | 5.3% | S100RR7G |
| 2023 | 4.2% | 0.41× | 1.7% | 3.54× | 6.1% | S100TOXG |
| 2024 | 3.9% | 0.46× | 1.8% | 3.83× | 6.7% | S100W18E |
| 2025 | 3.8% | 0.50× | 1.9% | 4.09× | 7.8% | S100YEYD |
| 2026 | 6.2% | 0.51× | 3.2% | 4.09× | 13.0% | S100YEYD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人山種美術財団 | Major shareholder | 8.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口） | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社スノーボールキャピタル | Major shareholder | 5.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 山 﨑 元 裕 | Major shareholder | 4.5% | 2026-03-31 |
| PERSHING-DIV.OF DLJ SECS.CORP.（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.2% | 2026-03-31 |
| ＬＩＭ ＪＡＰＡＮ ＥＶＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ（常任代理人 立花証券株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| SMBC日興証券株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 清水建設株式会社（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 | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YEYD | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEYD,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W18E | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W18E,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TOXG | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOXG,, |
| 訂正有価証券報告書－第124期(2022/04/01－2023/03/31) | S100RR7G | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR7G,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OAXX | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAXX,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LMJ8 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMJ8,, |

## 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).