# YAMATO HOLDINGS CO.,LTD.: 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161期(2025/04/01－2026/03/31) (S100YAYL)
> Page: https://vizora.meequs.com/en/company/yamato-holdings
> Retrieved: 2026-09-30T20:32:57.334Z

## Company

Yamato, founded in 1919, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 174,696 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YAMATO HOLDINGS CO., LTD. |
| Ticker | 9064 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9064.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区銀座二丁目16番10号 |
| Representative (per filing) | 取締役会長 長尾 裕 |
| Founded | Nov 1919 |
| Share capital | ¥127.2B |
| Employees (consolidated) | 174,696 |
| Average salary (parent only) | ¥12.5M |
| Fiscal year end | March |
| Website | www.yamato-hd.co.jp (https://www.yamato-hd.co.jp/) |
| Corporate number | 7010001034964 |
| EDINET | E04187 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YAYL, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.7 | 21 |
| Profitability | 6.8 | 22 |
| Cash conversion | 75 | 22 |
| Efficiency | 79.5 | 22 |
| Financial strength | 91.7 | 6 |

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 84% of Yamato's sales come from EXP business, with Contract Logistics business and Global business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +99.2%.

## Company structure

- Segment revenue mix: EXP business 83.5%、Contract Logistics business 8.8%、Global business 5.2%、Other 1.3%、Mobility business 1.2%
- Revenue → net income: ¥1865675000000 → ¥13713000000
- Net income → operating cash flow: ¥13713000000 → ¥72218000000（difference ¥58505000000）
- Main uses of operating cash flow: CapEx ¥37598000000 / dividends ¥14804000000 / buybacks ¥18925000000
- Change in cash: ¥29765000000
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 | ¥1.87T |  |
| Operating income | ¥28.3B | Margin 1.5% |
| Net income | ¥13.7B | Margin 0.7% |
| Free cash flow | ¥34.6B |  |
| Largest business | EXP business | of segment revenue 83.5% |
| Employees (consolidated) | 174,696 |  |
| EPS | ¥21.59 |  |
| Book value per share | ¥891.91 |  |
| Equity ratio | 44.6% |  |
| Shares outstanding | 360,496,000 |  |
| Treasury shares | 43,350,700 |  |
| Shareholders | 58,686 |  |
| Average salary (parent only) | ¥12.5M | Filing company only |
| Cash ratio | 18.6% | Net cash ¥112.6B · Cash ÷ revenue 12.7% |
| Vs. industry median margin | -3.3 pp | Trucking & Parcel Delivery |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.3× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, segment profit share differs by -75 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1695867000000 | ¥1865675000000 | +10.0% |
| Operating income | ¥92121000000 | ¥28304000000 | -69.3% |
| Operating margin | 5.4% | 1.5% | -3.9 pp |
| Employees | 223,191 people | 174,696 people | -21.7% |
| Cash and equivalents | ¥241284000000 | ¥237822000000 | -1.4% |

### 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 |
| --- | ---: |
| リテール部門 → 事業再編・廃止 | 26.1% |
| デリバリー事業 → 事業再編・廃止 | 42.0% |
| 法人部門 → 事業再編・廃止 | 21.7% |
| ＢＩＺ－ロジ事業 → 事業再編・廃止 | 4.3% |
| ホームコンビニエンス事業 → 事業再編・廃止 | 0.8% |
| ｅ－ビジネス事業 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 1.3% |
| その他 → 事業再編・廃止 | 1.1% |
| フィナンシャル事業 → 事業再編・廃止 | 1.2% |
| オートワークス事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → エクスプレス事業 | 83.5% |
| 新設・再編 → コントラクト・ロジスティクス事業 | 8.8% |
| 新設・再編 → グローバル事業 | 5.2% |
| 新設・再編 → モビリティ事業 | 1.2% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| EXP business | 2 years | +0.3% | ¥1557978000000 | 0.1% | 2 |
| Contract Logistics business | 2 years | +35.9% | ¥164602000000 | 3.8% | 2 |
| Global business | 2 years | +14.8% | ¥97552000000 | 8.4% | 2 |
| Other | 5 years | -21.8% | ¥23507000000 | 28.2% | 2 |
| Mobility business | 2 years | +4.5% | ¥22033000000 | 23.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,865,675 | 100.0% | S100YAYL |
| SG&A | 60,435 | 3.2% | S100YAYL |
| Operating income | 28,304 | 1.5% | S100YAYL |
| Ordinary income | 26,258 | 1.4% | S100YAYL |
| Pretax income | 29,854 | 1.6% | S100YAYL |
| Income tax | 16,140 | 0.9% | S100YAYL |
| Net income | 13,713 | 0.7% | S100YAYL |
| Net income attributable to owners | 13,662 | 0.7% | S100YAYL |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 98 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Operating margin 1.5% → Net margin 0.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +99.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 16.99×
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 | 1,762,696 | 1,865,675 | 102,979 | +5.8% |
| Operating income | 14,206 | 28,304 | 14,098 | +99.2% |
| Net income attributable to owners | 37,937 | 13,662 | -24,275 | -64.0% |
| Operating cash flow | 47,732 | 72,218 | 24,486 | +51.3% |
| Free cash flow | -7,260 | 34,620 | 41,880 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,630,146 | 44,701 | 2.7% | 22,324 | 74,433 | 19,581 | S100LK4W |
| FY ending Mar 2021 | 1,695,867 | 92,121 | 5.4% | 56,700 | 123,921 | 91,847 | S100O90Q |
| FY ending Mar 2022 | 1,793,618 | 77,199 | 4.3% | 55,956 | 52,016 | 11,238 | S100QYKD |
| FY ending Mar 2023 | 1,800,668 | 60,085 | 3.3% | 45,898 | 89,953 | 54,518 | S100TM6Q |
| FY ending Mar 2024 | 1,758,626 | 40,059 | 2.3% | 37,626 | 64,333 | 32,377 | S100VXJ4 |
| FY ending Mar 2025 | 1,762,696 | 14,206 | 0.8% | 37,937 | 47,732 | -7,260 | S100YAYL |
| FY ending Mar 2026 | 1,865,675 | 28,304 | 1.5% | 13,662 | 72,218 | 34,620 | S100YAYL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.7M |
| Operating income per employee (consolidated) | ¥162K |
| Net income per employee (consolidated) | ¥78.2K |

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) | 216,873 | 210,197 | 177,430 | 172,822 | 174,696 |
| Average salary (parent company) | ¥10.2M | ¥11.4M | ¥11.9M | ¥12.3M | ¥12.5M |
| Average age (parent company) | 53.4 years | 53.6 years | 51.3 years | 50.8 years | 36.4 years |
| Average tenure (parent company) | 30.2 years | 25.6 years | 24.1 years | 24.7 years | 10.3 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| EXP business | 1,557,978 | 83.5% | 2,299 | 0.1% |
| Contract Logistics business | 164,602 | 8.8% | 6,217 | 3.8% |
| Global business | 97,552 | 5.2% | 8,150 | 8.4% |
| Mobility business | 22,033 | 1.2% | 5,221 | 23.7% |
| Other | 23,507 | 1.3% | 6,629 | 28.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| EXP business | 83.5% | 8.1% | -75.4 | 0.1% |
| Contract Logistics business | 8.8% | 21.8% | 13.0 | 3.8% |
| Global business | 5.2% | 28.6% | 23.4 | 8.4% |
| Mobility business | 1.2% | 18.3% | 17.1 | 23.7% |
| Other | 1.3% | 23.2% | 22.0 | 28.2% |

Segment → industry: Global business → Trucking & Parcel Delivery / Contract Logistics business → Trucking & Parcel Delivery / EXP business → Trucking & Parcel Delivery / Contract Logistics 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 | 72,218 | 3.9% | S100YAYL |
| Capital expenditure | 37,598 | 2.0% | S100YAYL |
| Free cash flow | 34,620 | 1.9% | 算出 |
| Investing cash flow | -7,270 | -0.4% | S100YAYL |
| Financing cash flow | -37,073 | -2.0% | S100YAYL |
| Dividends paid | 14,804 | 0.8% | S100YAYL |
| Share buyback | 18,925 | 1.0% | S100YAYL |
| Change in cash | 29,765 | 1.6% | S100YAYL |
| Cash and equivalents | 237,822 | 12.7% | S100YAYL |

## 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 | 180,603 | 183,225 | 194,702 | 208,057 | 237,822 | S100TM6Q, S100VXJ4, S100YAYL |
| Total assets | 1,086,854 | 1,107,587 | 1,181,782 | 1,267,428 | 1,280,170 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Net assets | 598,233 | 616,430 | 591,980 | 600,350 | 582,057 | S100TM6Q, S100VXJ4, S100YAYL |
| Share capital | 127,234 | 127,234 | 127,234 | 127,234 | 127,234 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Property, plant and equipment | 429,878 | 443,017 | 454,753 | 474,354 | 469,156 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Intangible assets excluding goodwill | 45,646 | 43,759 | 41,215 | 82,574 | 65,640 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Goodwill | — | — | — | 15,827 | 920 | S100YAYL |
| Investment securities | 47,972 | 42,758 | 50,867 | 48,689 | 51,469 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Current assets | 480,844 | 484,647 | 496,353 | 521,160 | 556,193 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Current liabilities | 352,807 | 344,758 | 345,905 | 354,639 | 358,938 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Trade payables | 165,346 | 160,766 | 164,073 | 173,474 | 175,893 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Short-term borrowings | 15,000 | 10,000 | 10,181 | 14,325 | 21,422 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Long-term borrowings | — | — | 20,818 | 86,258 | 83,839 | S100VXJ4, S100YAYL |
| Bonds | — | — | 20,000 | 20,000 | 20,000 | S100VXJ4, S100YAYL |
| Interest-bearing debt | — | — | 50,999 | 120,583 | 125,261 | 算出 |
| Total liabilities | 488,621 | 491,156 | 589,801 | 667,077 | 698,113 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Non-controlling interests | 7,690 | 6,049 | 6,225 | 11,091 | 11,024 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Equity attributable to owners of parent | 578,991 | 598,130 | 569,333 | 560,354 | 541,518 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Retained earnings | 464,494 | 473,891 | 448,109 | 470,183 | 470,256 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |
| Treasury stock | -49,551 | -39,835 | -42,850 | -73,913 | -92,821 | S100QYKD, S100TM6Q, S100VXJ4, S100YAYL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YAYL |
| Property, plant and equipment | 37% | S100YAYL |
| Intangibles and goodwill | 5% | S100YAYL |
| Investment securities | 4% | S100YAYL |
| Other assets | 35% | S100YAYL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 14% | S100YAYL |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 31% | S100YAYL |
| Equity | 45% | S100YAYL |

### 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 | 1,086,854 | 1,107,587 | 1,181,782 | 1,267,428 | 1,280,170 |
| Equity | 598,233 | 616,430 | 591,980 | 600,350 | 582,057 |
| Interest-bearing debt | — | — | 50,999 | 120,583 | 125,261 |
| Cash | 180,603 | 183,225 | 194,702 | 208,057 | 237,822 |

## 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) | 25.1% | S100YAYL |
| Fixed assets ÷ total assets | 36.6% | S100YAYL |
| Goodwill ÷ parent equity | 0.2% | S100YAYL |

### 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) | 18.6% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | ¥112.6B |
| Net debt ÷ operating cash flow | -1.56× |
| Cash conversion (operating CF ÷ operating income) | 255.2% |
| Cash vs. profit gap | 58,556 JPY mn (of net income 428.6%) |
| Shareholder returns / net income | 246.9% |
| Shareholder returns / FCF | 97.4% |
| Shareholder payments — dividends / net income | 108.4% |
| Shareholder payments — dividends / FCF | 42.8% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 10.1% |

## 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 | 3.1% | 1.65× | 5.1% | 1.88× | 9.7% | S100QYKD |
| 2023 | 2.5% | 1.64× | 4.2% | 1.86× | 7.8% | S100TM6Q |
| 2024 | 2.1% | 1.54× | 3.3% | 1.96× | 6.4% | S100VXJ4 |
| 2025 | 2.2% | 1.44× | 3.1% | 2.17× | 6.7% | S100YAYL |
| 2026 | 0.7% | 1.46× | 1.1% | 2.31× | 2.5% | S100YAYL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.2% | 2026-03-31 |
| ヤマトグループ社員持株会 | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.8% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 みずほ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社みずほ銀行 | 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） | Major shareholder | 2.5% | 2026-03-31 |
| ヤマトグループ取引先持株会 | Major shareholder | 2.4% | 2026-03-31 |
| トヨタ自動車株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.87T, up +5.8% from ¥1.76T.
- Operating income rose +99.2% from ¥14.2B to ¥28.3B.
- Net income fell -64.0% to ¥13.7B from ¥37.9B, because the prior year included a one-off gain from selling and leasing back its head office building.
- Operating cash flow grew +51.3% to ¥72.2B, and free cash flow turned positive at ¥34.6B after a negative prior year.

### Drivers

- More TA-Q-BIN parcels from small businesses and individuals
- Higher rates for large corporate shippers, set to match the value of the service
- Costs rose with better pay for staff and partners, relocated delivery depots and higher purchase prices, but changes to trunk-line operations kept them in check

### Risks

- Competition is shifting as e-commerce companies build their own delivery and startups enter the market
- A shrinking workforce could make it harder and costlier to secure drivers and transport capacity
- Energy and material prices have climbed, partly due to tensions in the Middle East

Cited: Annual Securities Report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第161期(2025/04/01－2026/03/31) | S100YAYL | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAYL,, |
| 有価証券報告書－第160期(2024/04/01－2025/03/31) | S100VXJ4 | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXJ4,, |
| 有価証券報告書－第159期(2023/04/01－2024/03/31) | S100TM6Q | 2024-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TM6Q,, |
| 有価証券報告書－第158期(2022/04/01－2023/03/31) | S100QYKD | 2023-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYKD,, |
| 有価証券報告書－第157期(令和3年4月1日－令和4年3月31日) | S100O90Q | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O90Q,, |
| 有価証券報告書－第156期(令和2年4月1日－令和3年3月31日) | S100LK4W | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK4W,, |

## 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).