# Yasuda Logistics 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158期(2025/04/01－2026/03/31) (S100YEO5)
> Page: https://vizora.meequs.com/en/company/yasuda-logistics
> Retrieved: 2026-09-30T17:49:31.549Z

## Company

Yasuda Logistics, founded in 1919, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 2,581 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yasuda Logistics Corporation |
| Ticker | 9324 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9324.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 小川 一成 |
| Founded | Dec 1919 |
| Share capital | ¥3.6B |
| Employees (consolidated) | 2,581 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.yasuda-soko.co.jp (https://www.yasuda-soko.co.jp/) |
| Corporate number | 6010401029771 |
| EDINET | E04290 |
| Industries (Vizora) | Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YEO5, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90.5 | 37 |
| Profitability | 44.9 | 39 |
| Cash conversion | 75 | 38 |
| Efficiency | 6.4 | 39 |
| Financial strength | 17.9 | 14 |

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 Yasuda Logistics's sales come from Logistics Service, with Real Estate Service making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +22.0%.

## Company structure

- Segment revenue mix: Logistics Service 92.7%、Real Estate Service 7.3%
- Revenue → net income: ¥80028000000 → ¥6762000000
- Net income → operating cash flow: ¥6762000000 → ¥8980000000（difference ¥2218000000）
- Main uses of operating cash flow: CapEx ¥7786000000 / dividends ¥1425000000 / buybacks ¥222000000
- Change in cash: ¥7292000000
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 | ¥80B |  |
| Operating income | ¥4.29B | Margin 5.4% |
| Net income | ¥6.73B | Margin 8.4% |
| Free cash flow | ¥1.19B |  |
| Largest business | Logistics Service | of segment revenue 92.7% |
| Employees (consolidated) | 2,581 |  |
| EPS | ¥224.52 |  |
| Book value per share | ¥3582.04 |  |
| Equity ratio | 46.1% |  |
| Shares outstanding | 30,360,000 |  |
| Treasury shares | 1,348,200 |  |
| Shareholders | 17,214 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 11.8% | Net cash -¥44.7B · Cash ÷ revenue 34.6% |
| Vs. industry median margin | -0.5 pp | Warehouses & Logistics Facilities |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by 20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47709000000 | ¥80028000000 | +67.7% |
| Operating income | ¥3288000000 | ¥4289000000 | +30.4% |
| Operating margin | 6.9% | 5.4% | -1.5 pp |
| Employees | 1,516 people | 2,581 people | +70.3% |
| Cash and equivalents | ¥8680000000 | ¥27676000000 | +218.8% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 87.4% |
| 不動産事業 → 不動産事業 | 7.3% |
| 不動産事業 → 事業再編・廃止 | 5.3% |
| 新設・再編 → 物流事業 | 5.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 80,028 | 100.0% | S100YEO5 |
| SG&A | 6,223 | 7.8% | S100YEO5 |
| Operating income | 4,289 | 5.4% | S100YEO5 |
| Ordinary income | 5,822 | 7.3% | S100YEO5 |
| Pretax income | 9,819 | 12.3% | S100YEO5 |
| Income tax | 3,057 | 3.8% | S100YEO5 |
| Net income | 6,762 | 8.4% | S100YEO5 |
| Net income attributable to owners | 6,728 | 8.4% | S100YEO5 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 8 |

### Margin funnel

Operating margin 5.4% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +22.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.37×
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 | 75,115 | 80,028 | 4,913 | +6.5% |
| Operating income | 3,515 | 4,289 | 774 | +22.0% |
| Net income attributable to owners | 2,802 | 6,728 | 3,926 | +140.1% |
| Operating cash flow | 13,005 | 8,980 | -4,025 | -30.9% |
| Free cash flow | 7,044 | 1,194 | -5,850 | -83.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,649 | 3,470 | 7.4% | 2,947 | 5,039 | -3,266 | S100LP0X |
| FY ending Mar 2021 | 47,709 | 3,288 | 6.9% | 2,791 | 3,943 | -5,542 | S100OFLY |
| FY ending Mar 2022 | 53,040 | 2,910 | 5.5% | 2,873 | 4,710 | -1,512 | S100R6M2 |
| FY ending Mar 2023 | 59,756 | 2,534 | 4.2% | 2,245 | 6,547 | 9 | S100TTXC |
| FY ending Mar 2024 | 67,384 | 2,644 | 3.9% | 2,306 | 5,884 | -6,791 | S100W2MV |
| FY ending Mar 2025 | 75,115 | 3,515 | 4.7% | 2,802 | 13,005 | 7,044 | S100YEO5 |
| FY ending Mar 2026 | 80,028 | 4,289 | 5.4% | 6,728 | 8,980 | 1,194 | S100YEO5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 1,979 | 2,098 | 2,527 | 2,538 | 2,581 |
| Average salary (parent company) | ¥7.3M | ¥7.2M | ¥7.3M | ¥7.6M | ¥7.7M |
| Average age (parent company) | 39.4 years | 39.5 years | 39.5 years | 39.5 years | 39.5 years |
| Average tenure (parent company) | 12.8 years | 12.8 years | 12.7 years | 12.8 years | 12.8 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics Service | 74,167 | 92.7% | 5,342 | 7.2% |
| Real Estate Service | 5,860 | 7.3% | 2,026 | 34.6% |

### 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 Service | 92.7% | 72.5% | -20.2 | 7.2% |
| Real Estate Service | 7.3% | 27.5% | 20.2 | 34.6% |

Segment → industry: Real Estate Service → Real Estate Development & Leasing / Logistics Service → 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 | 8,980 | 11.2% | S100YEO5 |
| Capital expenditure | 7,786 | 9.7% | S100YEO5 |
| Free cash flow | 1,194 | 1.5% | 算出 |
| Investing cash flow | -3,374 | -4.2% | S100YEO5 |
| Financing cash flow | 1,691 | 2.1% | S100YEO5 |
| Dividends paid | 1,425 | 1.8% | S100YEO5 |
| Share buyback | 222 | 0.3% | S100YEO5 |
| Change in cash | 7,292 | 9.1% | S100YEO5 |
| Cash and equivalents | 27,676 | 34.6% | S100YEO5 |

## 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 | 18,199 | 15,101 | 17,344 | 20,384 | 27,676 | S100TTXC, S100W2MV, S100YEO5 |
| Total assets | 159,082 | 166,777 | 211,912 | 210,320 | 234,046 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Net assets | 74,916 | 77,372 | 93,795 | 94,185 | 108,408 | S100TTXC, S100W2MV, S100YEO5 |
| Share capital | 3,602 | 3,602 | 3,602 | 3,602 | 3,602 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Property, plant and equipment | 76,741 | 80,233 | 96,910 | 98,298 | 101,498 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Intangible assets excluding goodwill | 3,472 | 8,729 | 8,803 | 9,139 | 8,426 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Goodwill | 741 | 3,146 | 4,409 | 4,832 | 4,337 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Investment securities | 44,865 | 45,666 | 66,545 | 63,949 | 76,739 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Current assets | 30,927 | 28,771 | 35,218 | 34,559 | 41,975 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Current liabilities | 15,875 | 22,249 | 22,333 | 20,493 | 22,155 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Short-term borrowings | 4,370 | 10,320 | 4,526 | 2,416 | 2,296 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Long-term borrowings | 38,448 | 35,980 | 50,675 | 50,532 | 53,568 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Bonds | 10,362 | 10,299 | 16,537 | 16,507 | 16,500 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Interest-bearing debt | 53,180 | 56,599 | 71,738 | 69,455 | 72,364 | 算出 |
| Total liabilities | 84,165 | 89,404 | 118,116 | 116,135 | 125,638 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Non-controlling interests | 338 | 378 | 387 | 432 | 441 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Equity attributable to owners of parent | 45,328 | 46,836 | 48,356 | 50,300 | 55,385 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Retained earnings | 40,091 | 41,595 | 43,115 | 45,059 | 50,361 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |
| Treasury stock | -1,180 | -1,175 | -1,175 | -1,175 | -1,393 | S100R6M2, S100TTXC, S100W2MV, S100YEO5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YEO5 |
| Property, plant and equipment | 43% | S100YEO5 |
| Intangibles and goodwill | 5% | S100YEO5 |
| Investment securities | 33% | S100YEO5 |
| Other assets | 7% | S100YEO5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 31% | 算出 |
| Other liabilities | 23% | S100YEO5 |
| Equity | 46% | S100YEO5 |

### 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 | 159,082 | 166,777 | 211,912 | 210,320 | 234,046 |
| Equity | 74,916 | 77,372 | 93,795 | 94,185 | 108,408 |
| Interest-bearing debt | 53,180 | 56,599 | 71,738 | 69,455 | 72,364 |
| Cash | 18,199 | 15,101 | 17,344 | 20,384 | 27,676 |

## 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) | 126.8% | S100YEO5 |
| Fixed assets ÷ total assets | 43.4% | S100YEO5 |
| Goodwill ÷ parent equity | 7.8% | S100YEO5 |

Goodwill over 4 years: 741 → 4,337 JPY; total investing cash flow: -44,710 JPY. This does not imply causation.

### 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) | 11.8% |
| Cash ÷ revenue | 34.6% |
| Net cash (cash − interest-bearing debt) | -¥44.7B |
| Net debt ÷ operating cash flow | 4.98× |
| Cash conversion (operating CF ÷ operating income) | 209.4% |
| Cash vs. profit gap | 2,252 JPY mn (of net income 33.5%) |
| Shareholder returns / net income | 24.5% |
| Shareholder returns / FCF | 137.9% |
| Shareholder payments — dividends / net income | 21.2% |
| Shareholder payments — dividends / FCF | 119.3% |
| CapEx intensity (capex ÷ revenue) | 9.7% |
| Investing CF relative to operating CF | 37.6% |

## 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 | 5.4% | 0.33× | 1.8% | 3.51× | 6.3% | S100R6M2 |
| 2023 | 3.8% | 0.37× | 1.4% | 3.54× | 4.9% | S100TTXC |
| 2024 | 3.4% | 0.36× | 1.2% | 3.98× | 4.8% | S100W2MV |
| 2025 | 3.7% | 0.36× | 1.3% | 4.28× | 5.7% | S100YEO5 |
| 2026 | 8.4% | 0.36× | 3.0% | 4.20× | 12.7% | S100YEO5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明治安田生命保険相互会社 | Major shareholder | 5.5% | 2026-03-31 |
| 東京建物株式会社 | Major shareholder | 5.5% | 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 | 4.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 安田不動産株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社中央倉庫 | Major shareholder | 3.4% | 2026-03-31 |
| ヒューリック株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 安田倉庫従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YEO5 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEO5,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100W2MV | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2MV,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TTXC | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTXC,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100R6M2 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6M2,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100OFLY | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFLY,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LP0X | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP0X,, |

## 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).