# Yokohama Maruuo 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90期(2025/04/01－2026/03/31) (S100YCTS)
> Page: https://vizora.meequs.com/en/company/yokohama-maruuo
> Retrieved: 2026-09-30T22:22:16.319Z

## Company

Yokohama Maruuo, founded in 1931, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 178 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yokohama Maruuo Co., Ltd. |
| Ticker | 8045 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8045.T) |
| Listing | TSE Standard |
| Head office | 横浜市神奈川区山内町1番地中央市場内 |
| Representative (per filing) | 代表取締役社長 小島 雅裕 |
| Founded | Oct 1931 |
| Share capital | ¥1.54B |
| Employees (consolidated) | 178 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.yokohama-maruuo.co.jp (https://www.yokohama-maruuo.co.jp/) |
| Corporate number | 8020001024889 |
| EDINET | E02615 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YCTS, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12 | 179 |
| Profitability | 13.2 | 185 |
| Cash conversion | 77.9 | 179 |
| Efficiency | 43 | 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 80% of Yokohama Maruuo's sales come from wholesale business of fisheries products, with sale business of fisheries products and transportation business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +30.4%.

## Company structure

- Segment revenue mix: wholesale business of fisheries products 80.2%、sale business of fisheries products 18.4%、transportation business 1.0%、property lease business 0.5%
- Revenue → net income: ¥40643629000 → ¥655255000
- Net income → operating cash flow: ¥655255000 → ¥733757000（difference ¥78502000）
- Main uses of operating cash flow: CapEx ¥39491000 / dividends ¥286291000 / buybacks ¥375360000
- Change in cash: ¥-118437000
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 | ¥40.6B |  |
| Operating income | ¥462.4M | Margin 1.1% |
| Net income | ¥612.3M | Margin 1.5% |
| Free cash flow | ¥694.3M |  |
| Largest business | wholesale business of fisheries products | of segment revenue 80.2% |
| Employees (consolidated) | 178 |  |
| EPS | ¥106.2 |  |
| Book value per share | ¥3425.05 |  |
| Equity ratio | 67.9% |  |
| Shares outstanding | 7,261,706 |  |
| Treasury shares | 1,234,800 |  |
| Shareholders | 1,978 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 6.8% |
| Vs. industry median margin | -1.7 pp | Specialty Trading & Wholesale |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, segment profit share differs by 27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41286972000 | ¥40643629000 | -1.6% |
| Operating income | ¥-84762000 | ¥462401000 | — |
| Operating margin | -0.2% | 1.1% | +1.3 pp |
| Employees | 188 people | 178 people | -5.3% |
| Cash and equivalents | ¥3245494000 | ¥2783444000 | -14.2% |

### 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 |
| --- | ---: |
| 水産物卸売事業 → 水産物卸売事業 | 80.2% |
| 水産物卸売事業 → 事業再編・廃止 | 2.4% |
| 水産物販売事業 → 水産物販売事業 | 16.5% |
| 不動産等賃貸事業 → 不動産等賃貸事業 | 0.3% |
| 運送事業 → 運送事業 | 0.6% |
| 新設・再編 → 水産物販売事業 | 1.8% |
| 新設・再編 → 不動産等賃貸事業 | 0.2% |
| 新設・再編 → 運送事業 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| wholesale business of fisheries products | 5 years | -0.9% | ¥32599831000 | 0.9% | 2 |
| sale business of fisheries products | 5 years | +1.8% | ¥7469617000 | 0.2% | 2 |
| transportation business | 5 years | +10.0% | ¥387422000 | 10.1% | 2 |
| property lease business | 5 years | +9.2% | ¥186757000 | 67.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,644 | 100.0% | S100YCTS |
| Cost of revenue | 37,107 | 91.3% | S100YCTS |
| Gross profit | 3,537 | 8.7% | S100YCTS |
| SG&A | 3,074 | 7.6% | S100YCTS |
| Operating income | 462 | 1.1% | S100YCTS |
| Ordinary income | 908 | 2.2% | S100YCTS |
| Pretax income | 897 | 2.2% | S100YCTS |
| Income tax | 242 | 0.6% | S100YCTS |
| Net income | 655 | 1.6% | S100YCTS |
| Net income attributable to owners | 612 | 1.5% | S100YCTS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 8 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 8.7% → Operating margin 1.1% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +30.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.08×
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 | 39,842 | 40,644 | 802 | +2.0% |
| Gross profit | 3,365 | 3,537 | 171 | +5.1% |
| Operating income | 355 | 462 | 108 | +30.4% |
| Net income attributable to owners | 508 | 612 | 104 | +20.5% |
| Operating cash flow | 333 | 734 | 401 | +120.5% |
| Free cash flow | 272 | 694 | 422 | +155.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,813 | -48 | -0.1% | 83 | 833 | 657 | S100LKWW |
| FY ending Mar 2021 | 41,287 | -85 | -0.2% | 290 | 687 | 597 | S100O8PY |
| FY ending Mar 2022 | 37,592 | -152 | -0.4% | 160 | -448 | -1,392 | S100QZ8O |
| FY ending Mar 2023 | 40,671 | 123 | 0.3% | 378 | 186 | -274 | S100TMCW |
| FY ending Mar 2024 | 38,614 | 277 | 0.7% | 409 | 1,698 | 1,464 | S100VYR9 |
| FY ending Mar 2025 | 39,842 | 355 | 0.9% | 508 | 333 | 272 | S100YCTS |
| FY ending Mar 2026 | 40,644 | 462 | 1.1% | 612 | 734 | 694 | S100YCTS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥228.3M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 184 | 184 | 179 | 178 | 178 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6M | ¥6.2M | ¥6.6M |
| Average age (parent company) | 43.9 years | 41.3 years | 41.3 years | 42.6 years | 43.2 years |
| Average tenure (parent company) | 18.9 years | 17.8 years | 17.3 years | 17.8 years | 17.7 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| wholesale business of fisheries products | 32,600 | 80.2% | 282 | 0.9% |
| sale business of fisheries products | 7,470 | 18.4% | 15 | 0.2% |
| property lease business | 187 | 0.5% | 126 | 67.7% |
| transportation business | 387 | 1.0% | 39 | 10.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| wholesale business of fisheries products | 80.2% | 61.0% | -19.2 | 0.9% |
| sale business of fisheries products | 18.4% | 3.3% | -15.1 | 0.2% |
| property lease business | 0.5% | 27.3% | 26.8 | 67.7% |
| transportation business | 1.0% | 8.4% | 7.5 | 10.1% |

Segment → industry: property lease business → Real Estate Development & Leasing / sale business of fisheries products → Specialty Trading & Wholesale / wholesale business of fisheries products → Specialty Trading & Wholesale / transportation business → Trucking & Parcel Delivery

## 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 | 734 | 1.8% | S100YCTS |
| Capital expenditure | 39 | 0.1% | S100YCTS |
| Free cash flow | 694 | 1.7% | 算出 |
| Investing cash flow | -49 | -0.1% | S100YCTS |
| Financing cash flow | -804 | -2.0% | S100YCTS |
| Dividends paid | 286 | 0.7% | S100YCTS |
| Share buyback | 375 | 0.9% | S100YCTS |
| Change in cash | -118 | -0.3% | S100YCTS |
| Cash and equivalents | 2,783 | 6.8% | S100YCTS |

## 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 | 2,315 | 1,834 | 2,690 | 2,902 | 2,783 | S100TMCW, S100VYR9, S100YCTS |
| Total assets | 18,147 | 19,113 | 22,979 | 25,280 | 30,872 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Net assets | 12,251 | 12,849 | 15,676 | 17,429 | 21,052 | S100TMCW, S100VYR9, S100YCTS |
| Share capital | 1,542 | 1,542 | 1,542 | 1,542 | 1,542 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Property, plant and equipment | 3,559 | 4,163 | 4,123 | 4,080 | 3,968 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Intangible assets excluding goodwill | 137 | 140 | 88 | 74 | 58 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Investment securities | 7,483 | 7,910 | 11,449 | 13,675 | 19,002 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Current assets | 6,900 | 6,825 | 7,206 | 7,326 | 7,725 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Current liabilities | 3,443 | 3,711 | 3,851 | 3,641 | 4,008 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Trade payables | 2,533 | 2,478 | 2,948 | — | — | S100QZ8O, S100TMCW |
| Short-term borrowings | 200 | 300 | 250 | 600 | 550 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Long-term borrowings | 200 | 116 | 2 | — | — | S100QZ8O, S100TMCW, S100VYR9 |
| Total liabilities | 5,896 | 6,264 | 7,303 | 7,850 | 9,820 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Non-controlling interests | 15 | 24 | 49 | 54 | 75 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Equity attributable to owners of parent | 9,015 | 9,278 | 9,547 | 9,890 | 9,840 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Retained earnings | 7,870 | 8,133 | 8,402 | 8,745 | 9,071 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |
| Treasury stock | -800 | -800 | -800 | -800 | -1,176 | S100QZ8O, S100TMCW, S100VYR9, S100YCTS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YCTS |
| Property, plant and equipment | 13% | S100YCTS |
| Intangibles and goodwill | 0% | S100YCTS |
| Investment securities | 62% | S100YCTS |
| Other assets | 16% | S100YCTS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YCTS |
| Equity | 68% | S100YCTS |
| Other liabilities | 0% | S100YCTS |

### 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 | 18,147 | 19,113 | 22,979 | 25,280 | 30,872 |
| Equity | 12,251 | 12,849 | 15,676 | 17,429 | 21,052 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,315 | 1,834 | 2,690 | 2,902 | 2,783 |

## 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) | 9.8% | S100YCTS |
| Fixed assets ÷ total assets | 12.9% | S100YCTS |
| Goodwill ÷ parent equity | — | —, S100YCTS |

### 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) | 9.0% |
| Cash ÷ revenue | 6.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.7% |
| Cash vs. profit gap | 121 JPY mn (of net income 19.8%) |
| Shareholder returns / net income | 108.1% |
| Shareholder returns / FCF | 95.3% |
| Shareholder payments — dividends / net income | 46.8% |
| Shareholder payments — dividends / FCF | 41.2% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 6.6% |

## 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 | 0.4% | 2.07× | 0.9% | 2.01× | 1.8% | S100QZ8O |
| 2023 | 0.9% | 2.18× | 2.0% | 2.04× | 4.1% | S100TMCW |
| 2024 | 1.1% | 1.83× | 1.9% | 2.24× | 4.4% | S100VYR9 |
| 2025 | 1.3% | 1.65× | 2.1% | 2.48× | 5.2% | S100YCTS |
| 2026 | 1.5% | 1.45× | 2.2% | 2.85× | 6.2% | S100YCTS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Ｕｍｉｏｓ㈱ | Major shareholder | 12.1% | 2026-03-31 |
| ㈱極洋 | Major shareholder | 8.3% | 2026-03-31 |
| 浜銀ファイナンス㈱ | Major shareholder | 5.4% | 2026-03-31 |
| ㈱横浜銀行 | Major shareholder | 4.4% | 2026-03-31 |
| ㈱岡三証券グループ | Major shareholder | 4.2% | 2026-03-31 |
| 築地魚市場㈱ | Major shareholder | 3.6% | 2026-03-31 |
| 横浜冷凍㈱ | Major shareholder | 3.4% | 2026-03-31 |
| ㈱ニチレイフレッシュ | Major shareholder | 3.2% | 2026-03-31 |
| ㈱八丁幸 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱ジャストオートリーシング | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YCTS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCTS,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100VYR9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYR9,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TMCW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMCW,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100QZ8O | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ8O,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100O8PY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8PY,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LKWW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKWW,, |

## 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).