# yokohama gyorui 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92期(2025/04/01－2026/03/31) (S100YI62)
> Page: https://vizora.meequs.com/en/company/yokohama-gyorui
> Retrieved: 2026-09-30T21:50:46.422Z

## Company

yokohama gyorui, founded in 1947, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 76 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YOKOHAMA GYORUI CO., LTD. |
| Ticker | 7443 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7443.T) |
| Listing | TSE Standard |
| Head office | 横浜市神奈川区山内町1番地 |
| Representative (per filing) | 代表取締役社長 松尾 英俊 |
| Founded | Dec 1947 |
| Share capital | ¥829.1M |
| Employees (consolidated) | 76 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Corporate number | 5020001030634 |
| EDINET | E02806 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YI62, 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 | 2 | 179 |
| Profitability | 11.6 | 185 |
| Cash conversion | 38.3 | 179 |
| Efficiency | 98.1 | 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 99% of yokohama gyorui's sales come from Seafood wholesale business, with Real estate rental business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +34.7%.

## Company structure

- Segment revenue mix: Seafood wholesale business 99.1%、Real estate rental business 0.9%
- Revenue → net income: ¥20978848000 → ¥185657000
- Net income → operating cash flow: ¥185657000 → ¥174219000（difference ¥-11438000）
- Main uses of operating cash flow: CapEx ¥16682000 / dividends ¥37410000 / buybacks —
- Change in cash: ¥-130916000
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 | ¥21B |  |
| Operating income | ¥211.6M | Margin 1.0% |
| Net income | ¥185.7M | Margin 0.9% |
| Free cash flow | ¥157.5M |  |
| Largest business | Seafood wholesale business | of segment revenue 99.1% |
| Employees (consolidated) | 76 |  |
| EPS | ¥29.67 |  |
| Book value per share | ¥430.63 |  |
| Equity ratio | 47.7% |  |
| Shares outstanding | 6,290,000 |  |
| Treasury shares | 32,600 |  |
| Shareholders | 3,551 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 8.2% | Cash ÷ revenue 2.2% |
| Vs. industry median margin | -1.9 pp | Specialty Trading & Wholesale |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, employees -4% while operating income rose 35%
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31843723000 | ¥20978848000 | -34.1% |
| Operating income | ¥11315000 | ¥211572000 | +1769.8% |
| Operating margin | 0.0% | 1.0% | +1 pp |
| Employees | 93 people | 76 people | -18.3% |
| Cash and equivalents | ¥621128000 | ¥462978000 | -25.5% |

### 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 |
| --- | ---: |
| 新設・再編 → 水産物卸売業 | 99.1% |
| 新設・再編 → 不動産等賃貸業 | 0.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,979 | 100.0% | S100YI62 |
| Cost of revenue | 19,140 | 91.2% | S100YI62 |
| Gross profit | 1,839 | 8.8% | S100YI62 |
| SG&A | 1,627 | 7.8% | S100YI62 |
| Operating income | 212 | 1.0% | S100YI62 |
| Ordinary income | 237 | 1.1% | S100YI62 |
| Pretax income | 243 | 1.2% | S100YI62 |
| Income tax | 58 | 0.3% | S100YI62 |
| Net income | 186 | 0.9% | S100YI62 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 8 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 8.8% → Operating margin 1.0% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +34.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.06×
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 | 20,205 | 20,979 | 774 | +3.8% |
| Gross profit | 1,820 | 1,839 | 19 | +1.0% |
| Operating income | 157 | 212 | 55 | +34.7% |
| Operating cash flow | 134 | 174 | 40 | +30.2% |
| Free cash flow | 48 | 158 | 110 | +230.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,929 | 19 | 0.1% | 39 | 427 | 412 | S100LPSK |
| FY ending Mar 2021 | 31,844 | 11 | 0.0% | 62 | 397 | 373 | S100OE41 |
| FY ending Mar 2022 | 19,928 | -48 | -0.2% | 11 | -203 | -223 | S100R459 |
| FY ending Mar 2023 | 21,002 | 26 | 0.1% | 54 | 111 | -653 | S100TSFO |
| FY ending Mar 2024 | 20,104 | 162 | 0.8% | 163 | 889 | 820 | S100W4AC |
| FY ending Mar 2025 | 20,205 | 157 | 0.8% | 181 | 134 | 48 | S100YI62 |
| FY ending Mar 2026 | 20,979 | 212 | 1.0% | 186 | 174 | 158 | S100YI62 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥276M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 96 | 89 | 87 | 79 | 76 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.3M | ¥5.6M | ¥6.1M |
| Average age (parent company) | 45.0 years | 44.3 years | 44.0 years | 43.1 years | 41.8 years |
| Average tenure (parent company) | 21.4 years | 20.3 years | 19.5 years | 18.7 years | 17.8 years |

Year over year: Employees (consolidated) -3.8% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Seafood wholesale business | 20,801 | 99.1% | 219 | 1.1% |
| Real estate rental business | 178 | 0.9% | 36 | 20.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Seafood wholesale business | 99.1% | 86.0% | -13.2 | 1.1% |
| Real estate rental business | 0.9% | 14.0% | 13.2 | 20.1% |

Segment → industry: Real estate rental business → Real Estate Development & Leasing / Seafood wholesale business → Specialty Trading & Wholesale

## 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 | 174 | 0.8% | S100YI62 |
| Capital expenditure | 17 | 0.1% | S100YI62 |
| Free cash flow | 158 | 0.8% | 算出 |
| Investing cash flow | -108 | -0.5% | S100YI62 |
| Financing cash flow | -197 | -0.9% | S100YI62 |
| Dividends paid | 37 | 0.2% | S100YI62 |
| Change in cash | -131 | -0.6% | S100YI62 |
| Cash and equivalents | 463 | 2.2% | S100YI62 |

## 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 | 254 | 409 | 943 | 594 | 463 | S100TSFO, S100W4AC, S100YI62 |
| Total assets | 4,625 | 5,473 | 5,587 | 5,408 | 5,647 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Net assets | 2,130 | 2,172 | 2,356 | 2,516 | 2,695 | S100TSFO, S100W4AC, S100YI62 |
| Share capital | 829 | 829 | 829 | 829 | 829 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Property, plant and equipment | 762 | 1,527 | 1,470 | 1,389 | 1,300 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Intangible assets excluding goodwill | 5 | 4 | 3 | 3 | 2 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Investment securities | 466 | 471 | 547 | 748 | 793 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Current assets | 3,245 | 3,324 | 3,430 | 3,116 | 3,400 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Current liabilities | 1,898 | 2,110 | 2,236 | 2,100 | 2,251 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Short-term borrowings | 100 | 200 | 100 | 100 | 100 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Long-term borrowings | — | 567 | 401 | 241 | 82 | S100TSFO, S100W4AC, S100YI62 |
| Total liabilities | 2,496 | 3,301 | 3,231 | 2,893 | 2,952 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Equity attributable to owners of parent | 1,945 | 1,981 | 2,125 | 2,287 | 2,435 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Retained earnings | 480 | 515 | 659 | 822 | 970 | S100R459, S100TSFO, S100W4AC, S100YI62 |
| Treasury stock | -13 | -13 | -13 | -13 | -13 | S100R459, S100TSFO, S100W4AC, S100YI62 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YI62 |
| Property, plant and equipment | 23% | S100YI62 |
| Intangibles and goodwill | 0% | S100YI62 |
| Investment securities | 14% | S100YI62 |
| Other assets | 55% | S100YI62 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 52% | S100YI62 |
| Equity | 48% | S100YI62 |
| Other liabilities | 0% | S100YI62 |

### 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 | 4,625 | 5,473 | 5,587 | 5,408 | 5,647 |
| Equity | 2,130 | 2,172 | 2,356 | 2,516 | 2,695 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 254 | 409 | 943 | 594 | 463 |

## 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) | 6.2% | S100YI62 |
| Fixed assets ÷ total assets | 23.0% | S100YI62 |
| Goodwill ÷ parent equity | — | —, S100YI62 |

### 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) | 8.2% |
| Cash ÷ revenue | 2.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.3% |
| Cash vs. profit gap | -11 JPY mn (of net income -6.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.2% |
| Shareholder payments — dividends / FCF | 23.7% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 62.1% |

## 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 | 0.1% | 4.31× | 0.2% | 2.38× | 0.6% | S100R459 |
| 2023 | 0.3% | 4.16× | 1.1% | 2.57× | 2.8% | S100TSFO |
| 2024 | 0.8% | 3.64× | 2.9% | 2.69× | 7.9% | S100W4AC |
| 2025 | 0.9% | 3.68× | 3.3% | 2.49× | 8.2% | S100YI62 |
| 2026 | 0.9% | 3.80× | 3.4% | 2.34× | 7.9% | S100YI62 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱ニッスイ | Major shareholder | 19.8% | 2026-03-31 |
| ㈱横浜銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 横浜冷凍㈱ | Major shareholder | 3.1% | 2026-03-31 |
| 東洋水産㈱ | Major shareholder | 2.0% | 2026-03-31 |
| ㈱ＫＴグループ | Major shareholder | 1.0% | 2026-03-31 |
| 石井良輔 | Major shareholder | 0.9% | 2026-03-31 |
| 横浜魚類従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| ヤマザキ・シー・エー㈱ | Major shareholder | 0.8% | 2026-03-31 |
| 柏原直樹 | Major shareholder | 0.6% | 2026-03-31 |
| ㈱カネトモ | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YI62 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI62,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W4AC | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4AC,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TSFO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFO,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R459 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R459,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OE41 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE41,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LPSK | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSK,, |

## 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).