# Yokohama Reito Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2024/10/01－2025/09/30) (S100XBSF)
> Page: https://vizora.meequs.com/en/company/yokohama-reito
> Retrieved: 2026-09-30T20:34:18.123Z

## Company

Yokohama Reito, founded in 1948, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,804 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YOKOREI CO.,LTD. |
| Ticker | 2874 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2874.T) |
| Listing | TSE Prime |
| Head office | 横浜市鶴見区大黒町5番35号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 古瀬 健児 |
| Founded | May 1948 |
| Share capital | ¥14.3B |
| Employees (consolidated) | 1,804 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | September |
| Website | www.yokorei.co.jp (https://www.yokorei.co.jp/) |
| Corporate number | 1020001030638 |
| EDINET | E02576 |
| Industries (Vizora) | Specialty Trading & Wholesale, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100XBSF, filed 2025-12-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.4 | 179 |
| Profitability | 60.8 | 185 |
| Cash conversion | 92.5 | 179 |
| Efficiency | 3 | 185 |
| Financial strength | 2.5 | 20 |

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 70% of Yokohama Reito's sales come from Food Sales Business, with Refrigerated Warehousing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -8.8%.

## Company structure

- Segment revenue mix: Food Sales Business 69.9%、Refrigerated Warehousing Business 30.1%
- Revenue → net income: ¥125563000000 → ¥2057000000
- Net income → operating cash flow: ¥2057000000 → ¥11087000000（difference ¥9030000000）
- Main uses of operating cash flow: CapEx ¥19424000000 / dividends ¥1418000000 / buybacks ¥0
- Change in cash: ¥-99000000
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 | ¥125.6B |  |
| Operating income | ¥4.24B | Margin 3.4% |
| Net income | ¥1.98B | Margin 1.6% |
| Free cash flow | -¥8.34B |  |
| Largest business | Food Sales Business | of segment revenue 69.9% |
| Employees (consolidated) | 1,804 |  |
| EPS | ¥51.28 |  |
| Book value per share | ¥1337.69 |  |
| Equity ratio | 38.6% |  |
| Shares outstanding | 59,266,684 |  |
| Treasury shares | 110,300 |  |
| Shareholders | 15,900 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 1.6% | Net cash -¥89.2B · Cash ÷ revenue 2.6% |
| Vs. industry median margin | +0.5 pp | Specialty Trading & Wholesale |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.6× net income
- FY2025, one segment accounts for 86% of positive segment profit
- FY2025, segment profit share differs by 56 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥115025000000 | ¥125563000000 | +9.2% |
| Operating income | ¥3412000000 | ¥4238000000 | +24.2% |
| Operating margin | 3.0% | 3.4% | +0.4 pp |
| Employees | 1,722 people | 1,804 people | +4.8% |
| Cash and equivalents | ¥4121000000 | ¥3268000000 | -20.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 冷蔵倉庫事業 → 冷蔵倉庫事業 | 24.8% |
| 食品販売事業 → 食品販売事業 | 69.9% |
| 食品販売事業 → 事業再編・廃止 | 5.3% |
| 新設・再編 → 冷蔵倉庫事業 | 5.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 125,563 | 100.0% | S100XBSF |
| Cost of revenue | 111,427 | 88.7% | S100XBSF |
| Gross profit | 14,136 | 11.3% | S100XBSF |
| SG&A | 9,898 | 7.9% | S100XBSF |
| Operating income | 4,238 | 3.4% | S100XBSF |
| Ordinary income | 3,658 | 2.9% | S100XBSF |
| Pretax income | 4,447 | 3.5% | S100XBSF |
| Income tax | 2,390 | 1.9% | S100XBSF |
| Net income | 2,057 | 1.6% | S100XBSF |
| Net income attributable to owners | 1,978 | 1.6% | S100XBSF |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.3% → Operating margin 3.4% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -8.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.28×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 122,282 | 125,563 | 3,281 | +2.7% |
| Gross profit | 13,664 | 14,136 | 472 | +3.5% |
| Operating income | 4,647 | 4,238 | -409 | -8.8% |
| Net income attributable to owners | 3,933 | 1,978 | -1,955 | -49.7% |
| Operating cash flow | 13,471 | 11,087 | -2,384 | -17.7% |
| Free cash flow | -7,197 | -8,337 | -1,140 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 139,970 | 4,774 | 3.4% | 3,385 | 27,424 | 14,336 | S100KFBE |
| FY ending Sep 2020 | 115,025 | 3,412 | 3.0% | 2,340 | 16,850 | 2,536 | S100NI3E |
| FY ending Sep 2021 | 110,782 | 2,562 | 2.3% | 3,605 | 12,786 | -85 | S100PUY0 |
| FY ending Sep 2022 | 115,257 | 4,252 | 3.7% | 3,317 | 5,982 | -2,900 | S100SJ9M |
| FY ending Sep 2023 | 125,598 | 3,588 | 2.9% | -10,731 | 3,979 | -11,861 | S100VAKS |
| FY ending Sep 2024 | 122,282 | 4,647 | 3.8% | 3,933 | 13,471 | -7,197 | S100XBSF |
| FY ending Sep 2025 | 125,563 | 4,238 | 3.4% | 1,978 | 11,087 | -8,337 | S100XBSF |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥69.6M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,652 | 1,639 | 1,658 | 1,736 | 1,804 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.7M | ¥6M | ¥6M |
| Average age (parent company) | 35.9 years | 36.4 years | 36.9 years | 36.6 years | 36.6 years |
| Average tenure (parent company) | 11.8 years | 12.0 years | 12.3 years | 12.1 years | 12.2 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +2.7%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Refrigerated Warehousing Business | 37,724 | 30.1% | 7,436 | 19.7% |
| Food Sales Business | 87,807 | 69.9% | 1,217 | 1.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Refrigerated Warehousing Business | 30.1% | 85.9% | 55.9 | 19.7% |
| Food Sales Business | 69.9% | 14.1% | -55.9 | 1.4% |

Segment → industry: Food Sales Business → Specialty Trading & Wholesale / Refrigerated Warehousing Business → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 11,087 | 8.8% | S100XBSF |
| Capital expenditure | 19,424 | 15.5% | S100XBSF |
| Free cash flow | -8,337 | -6.6% | 算出 |
| Investing cash flow | -16,734 | -13.3% | S100XBSF |
| Financing cash flow | 5,633 | 4.5% | S100XBSF |
| Dividends paid | 1,418 | 1.1% | S100XBSF |
| Share buyback | 0 | 0.0% | S100XBSF |
| Change in cash | -99 | -0.1% | S100XBSF |
| Cash and equivalents | 3,268 | 2.6% | S100XBSF |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,160 | 2,413 | 3,927 | 3,161 | 3,268 | S100SJ9M, S100VAKS, S100XBSF |
| Total assets | 178,203 | 179,021 | 188,263 | 203,026 | 209,034 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Net assets | 82,568 | 84,768 | 73,340 | 79,871 | 82,417 | S100SJ9M, S100VAKS, S100XBSF |
| Share capital | 14,303 | 14,303 | 14,303 | 14,303 | 14,303 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Trade receivables | 11,827 | 13,933 | 16,523 | 13,370 | 13,318 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Property, plant and equipment | 93,464 | 94,837 | 101,168 | 115,399 | 123,559 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Intangible assets excluding goodwill | 2,287 | 2,287 | 3,431 | 3,340 | 3,174 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Goodwill | 102 | 72 | 32 | — | — | S100PUY0, S100SJ9M, S100VAKS |
| Investment securities | 37,014 | 39,357 | 39,401 | 43,239 | 43,256 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Current assets | 41,376 | 37,934 | 39,270 | 36,270 | 34,253 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Current liabilities | 34,293 | 31,430 | 39,067 | 43,643 | 39,814 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Trade payables | 4,709 | 5,225 | 4,568 | 4,573 | 4,882 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Short-term borrowings | 14,013 | 13,093 | 21,087 | 12,273 | 13,591 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Long-term borrowings | 29,309 | 29,727 | 38,586 | 52,854 | 68,897 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Bonds | 30,000 | 30,000 | 30,000 | 20,000 | 10,000 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Interest-bearing debt | 73,322 | 72,820 | 89,673 | 85,127 | 92,488 | 算出 |
| Total liabilities | 95,634 | 93,850 | 114,922 | 123,155 | 126,616 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Non-controlling interests | 1,167 | 1,365 | 1,459 | 1,623 | 1,699 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Equity attributable to owners of parent | 77,550 | 79,157 | 66,987 | 69,586 | 70,420 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Retained earnings | 49,188 | 50,740 | 38,650 | 41,137 | 41,917 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |
| Treasury stock | -336 | -286 | -386 | -282 | -227 | S100PUY0, S100SJ9M, S100VAKS, S100XBSF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100XBSF |
| Receivables | 6% | S100XBSF |
| Property, plant and equipment | 59% | S100XBSF |
| Intangibles and goodwill | 1% | S100XBSF |
| Investment securities | 21% | S100XBSF |
| Other assets | 11% | S100XBSF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XBSF |
| Interest-bearing debt | 44% | 算出 |
| Other liabilities | 14% | S100XBSF |
| Equity | 40% | S100XBSF |
| Other liabilities | 0% | S100XBSF |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 178,203 | 179,021 | 188,263 | 203,026 | 209,034 |
| Equity | 82,568 | 84,768 | 73,340 | 79,871 | 82,417 |
| Interest-bearing debt | 73,322 | 72,820 | 89,673 | 85,127 | 92,488 |
| Cash | 3,160 | 2,413 | 3,927 | 3,161 | 3,268 |

## 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) | 98.4% | S100XBSF |
| Fixed assets ÷ total assets | 59.1% | S100XBSF |
| Goodwill ÷ parent equity | — | —, S100XBSF |

### 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) | 1.6% |
| Cash ÷ revenue | 2.6% |
| Net cash (cash − interest-bearing debt) | -¥89.2B |
| Net debt ÷ operating cash flow | 8.05× |
| Cash conversion (operating CF ÷ operating income) | 261.6% |
| Cash vs. profit gap | 9,109 JPY mn (of net income 460.5%) |
| Shareholder returns / net income | 71.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.5% |
| Investing CF relative to operating CF | 150.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.3% | 0.62× | 2.0% | 2.30× | 4.6% | S100PUY0 |
| 2022 | 2.9% | 0.65× | 1.9% | 2.28× | 4.2% | S100SJ9M |
| 2023 | — | —× | -5.8% | —× | — | S100VAKS |
| 2024 | 3.2% | 0.63× | 2.0% | 2.87× | 5.8% | S100XBSF |
| 2025 | 1.6% | 0.61× | 1.0% | 2.94× | 2.8% | S100XBSF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社松岡 | Major shareholder | 10.0% | 2025-09-30 |
| 日本マスタートラスト信託銀行株式会社 （信託口） | Major shareholder | 9.6% | 2025-09-30 |
| GOLDMAN，SACHS ＆ CO．REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.5% | 2025-09-30 |
| 第一生命保険株式会社 | Major shareholder | 3.7% | 2025-09-30 |
| 株式会社横浜銀行 | Major shareholder | 3.7% | 2025-09-30 |
| 農林中央金庫 | Major shareholder | 2.5% | 2025-09-30 |
| 横浜冷凍従業員持株会 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社八丁幸 | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社サカタのタネ | Major shareholder | 1.7% | 2025-09-30 |
| 横浜振興株式会社 | Major shareholder | 1.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2024/10/01－2025/09/30) | S100XBSF | 2025-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBSF,, |
| 訂正有価証券報告書－第77期(2023/10/01－2024/09/30) | S100VAKS | 2025-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAKS,, |
| 有価証券報告書－第76期(2022/10/01－2023/09/30) | S100SJ9M | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ9M,, |
| 有価証券報告書－第75期(令和3年10月1日－令和4年9月30日) | S100PUY0 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUY0,, |
| 訂正有価証券報告書－第74期(令和2年10月1日－令和3年9月30日) | S100NI3E | 2022-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NI3E,, |
| 有価証券報告書－第73期(令和1年10月1日－令和2年9月30日) | S100KFBE | 2020-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KFBE,, |

## 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).