# Yashima & 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82期(2025/04/01－2026/03/31) (S100YJ1S)
> Page: https://vizora.meequs.com/en/company/yashima-and
> Retrieved: 2026-09-30T18:31:49.217Z

## Company

Yashima &, founded in 1948, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yashima & Co.,Ltd. |
| Ticker | 7677 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7677.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋兜町6番5号 |
| Representative (per filing) | 代表取締役社長執行役員 関 正一郎 |
| Founded | Oct 1948 |
| Share capital | ¥99.9M |
| Employees (consolidated) | 268 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.yashima-co.co.jp (https://www.yashima-co.co.jp/) |
| Corporate number | 9010001059407 |
| EDINET | E34499 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ1S, 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 | 17 | 179 |
| Profitability | 37 | 185 |
| Cash conversion | 53.9 | 179 |
| Efficiency | 32.2 | 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 93% of Yashima &'s sales come from Railway operation, with General operation making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +16.6% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Railway operation 92.6%、General operation 7.4%
- Revenue → net income: ¥33864554000 → ¥502384000
- Net income → operating cash flow: ¥502384000 → ¥763464000（difference ¥261080000）
- Main uses of operating cash flow: CapEx ¥51772000 / dividends ¥71735000 / buybacks —
- Change in cash: ¥-879134000
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 | ¥33.9B |  |
| Operating income | ¥727.6M | Margin 2.1% |
| Net income | ¥502.4M | Margin 1.5% |
| Free cash flow | ¥711.7M |  |
| Largest business | Railway operation | of segment revenue 92.6% |
| Employees (consolidated) | 268 |  |
| EPS | ¥174.82 |  |
| Book value per share | ¥3047.37 |  |
| Equity ratio | 37.1% |  |
| Shares outstanding | 2,880,000 |  |
| Treasury shares | 6,800 |  |
| Shareholders | 621 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 34.1% | Cash ÷ revenue 28.0% |
| Vs. industry median margin | -0.7 pp | Specialty Trading & Wholesale |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31828416000 | ¥33864554000 | +6.4% |
| Operating income | ¥526039000 | ¥727644000 | +38.3% |
| Operating margin | 1.7% | 2.1% | +0.5 pp |
| Employees | 267 people | 268 people | +0.4% |
| Cash and equivalents | ¥9326962000 | ¥9470051000 | +1.5% |

### 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 |
| --- | ---: |
| 鉄道事業 → 鉄道事業 | 91.4% |
| 一般事業 → 一般事業 | 7.4% |
| 一般事業 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 鉄道事業 | 1.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,865 | 100.0% | S100YJ1S |
| Cost of revenue | 29,208 | 86.3% | S100YJ1S |
| Gross profit | 4,656 | 13.7% | S100YJ1S |
| SG&A | 3,929 | 11.6% | S100YJ1S |
| Operating income | 728 | 2.1% | S100YJ1S |
| Ordinary income | 759 | 2.2% | S100YJ1S |
| Pretax income | 823 | 2.4% | S100YJ1S |
| Income tax | 321 | 0.9% | S100YJ1S |
| Net income | 502 | 1.5% | S100YJ1S |
| Net income attributable to owners | 502 | 1.5% | S100YJ1S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.7% → Operating margin 2.1% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 29,047 | 33,865 | 4,818 | +16.6% |
| Gross profit | 3,632 | 4,656 | 1,024 | +28.2% |
| Operating income | -44 | 728 | 772 | — |
| Net income attributable to owners | -510 | 502 | 1,012 | — |
| Operating cash flow | 430 | 763 | 333 | +77.4% |
| Free cash flow | 409 | 712 | 302 | +73.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,083 | 351 | 1.0% | 249 | 144 | 126 | S100LVSL |
| FY ending Mar 2021 | 31,828 | 526 | 1.7% | 279 | 709 | 673 | S100OJVW |
| FY ending Mar 2022 | 28,294 | 372 | 1.3% | 301 | -1,502 | -1,529 | S100RRD9 |
| FY ending Mar 2023 | 25,524 | 65 | 0.3% | -259 | -1,207 | -1,228 | S100TY35 |
| FY ending Mar 2024 | 27,730 | 365 | 1.3% | 392 | 3,395 | 3,345 | S100W6QZ |
| FY ending Mar 2025 | 29,047 | -44 | -0.2% | -510 | 430 | 409 | S100YJ1S |
| FY ending Mar 2026 | 33,865 | 728 | 2.1% | 502 | 763 | 712 | S100YJ1S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥126.4M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 265 | 257 | 250 | 266 | 268 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥5.8M | ¥6.1M | ¥6.4M |
| Average age (parent company) | 42.4 years | 42.8 years | 43.3 years | 43.6 years | 43.7 years |
| Average tenure (parent company) | 14.9 years | 15.1 years | 15.4 years | 14.9 years | 15.2 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +16.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Railway operation | 31,362 | 92.6% | 804 | 2.6% |
| General operation | 2,502 | 7.4% | -76 | -3.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Railway operation | 92.6% | 100.0% | 7.4 | 2.6% |
| General operation | 7.4% | — | — | -3.1% |

Loss-making segment (excluded from profit shares): General operation -76 JPY mn

Segment → industry: General operation → Specialty Trading & Wholesale / Railway operation → Specialty Trading & Wholesale

## 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 | 763 | 2.3% | S100YJ1S |
| Capital expenditure | 52 | 0.2% | S100YJ1S |
| Free cash flow | 712 | 2.1% | 算出 |
| Investing cash flow | -1,624 | -4.8% | S100YJ1S |
| Financing cash flow | -81 | -0.2% | S100YJ1S |
| Dividends paid | 72 | 0.2% | S100YJ1S |
| Change in cash | -879 | -2.6% | S100YJ1S |
| Cash and equivalents | 9,470 | 28.0% | S100YJ1S |

## 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 | 7,422 | 6,758 | 10,057 | 10,349 | 9,470 | S100TY35, S100W6QZ, S100YJ1S |
| Total assets | 24,256 | 21,822 | 25,066 | 25,394 | 27,784 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Net assets | 9,341 | 9,165 | 9,779 | 9,364 | 10,296 | S100TY35, S100W6QZ, S100YJ1S |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Trade receivables | 6,340 | 5,030 | — | — | — | S100RRD9 |
| Inventories | — | 1,991 | 2,007 | 1,702 | 1,828 | S100TY35, S100W6QZ, S100YJ1S |
| Property, plant and equipment | 55 | 48 | 43 | 33 | 64 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Intangible assets excluding goodwill | 159 | 97 | 73 | 54 | 35 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Investment securities | 1,638 | 1,706 | 2,053 | 2,128 | 4,004 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Current assets | 21,175 | 18,714 | 21,683 | 21,797 | 22,161 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Current liabilities | 13,816 | 11,610 | 14,189 | 14,439 | 15,885 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Trade payables | 10,365 | 8,586 | 10,815 | 10,978 | — | S100RRD9, S100TY35, S100W6QZ |
| Total liabilities | 14,915 | 12,656 | 15,287 | 16,030 | 17,488 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Equity attributable to owners of parent | 8,839 | 8,533 | 8,865 | 8,294 | 8,734 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Retained earnings | 8,032 | 7,701 | 8,022 | 7,441 | 7,872 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |
| Treasury stock | -7 | -4 | -3 | -2 | -1 | S100RRD9, S100TY35, S100W6QZ, S100YJ1S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YJ1S |
| Inventories | 7% | S100YJ1S |
| Property, plant and equipment | 0% | S100YJ1S |
| Intangibles and goodwill | 0% | S100YJ1S |
| Investment securities | 14% | S100YJ1S |
| Other assets | 45% | S100YJ1S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YJ1S |
| Equity | 37% | S100YJ1S |
| Other liabilities | 0% | S100YJ1S |

### 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 | 24,256 | 21,822 | 25,066 | 25,394 | 27,784 |
| Equity | 9,341 | 9,165 | 9,779 | 9,364 | 10,296 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,422 | 6,758 | 10,057 | 10,349 | 9,470 |

## 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) | 0.2% | S100YJ1S |
| Fixed assets ÷ total assets | 0.2% | S100YJ1S |
| Goodwill ÷ parent equity | — | —, S100YJ1S |

### 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) | 34.1% |
| Cash ÷ revenue | 28.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.9% |
| Cash vs. profit gap | 261 JPY mn (of net income 52.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 14.3% |
| Shareholder payments — dividends / FCF | 10.1% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 212.7% |

## 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 | 1.1% | 1.17× | 1.2% | 2.74× | 3.4% | S100RRD9 |
| 2023 | — | —× | -1.1% | —× | — | S100TY35 |
| 2024 | 1.4% | 1.18× | 1.7% | 2.69× | 4.5% | S100W6QZ |
| 2025 | — | —× | -2.0% | —× | — | S100YJ1S |
| 2026 | 1.5% | 1.27× | 1.9% | 3.12× | 5.9% | S100YJ1S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 管理信託(A031)受託者 株式会社ＳＭＢＣ信託銀行 | Major shareholder | 31.3% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221-623793(常任代理人 香港上海銀行東京支店) | Major shareholder | 27.3% | 2026-03-31 |
| 東京中小企業投資育成株式会社 | Major shareholder | 6.9% | 2026-03-31 |
| ヤシマキザイ従業員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 日本生命保険相互会社(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 | 3.3% | 2026-03-31 |
| コクサイエアロマリン株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 藤本興業株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社バンザイ | Major shareholder | 1.9% | 2026-03-31 |
| レシップホールディングス株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YJ1S | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ1S,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W6QZ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6QZ,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TY35 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY35,, |
| 訂正有価証券報告書－第79期(2022/04/01－2023/03/31) | S100RRD9 | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRD9,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OJVW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJVW,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LVSL | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVSL,, |

## 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).