Breaking Down Kamigumi Co., Ltd. Financial Health: Key Insights for Investors

Kamigumi Co., Ltd. posts a solid top-line momentum with operating revenues of ¥279,182 million for the fiscal year ending March 31, 2025, up 4.6% year-on-year (and a 6.4% rise in H1 driven by container and grain volumes plus ~¥1.5 billion from price negotiations), while operating profit climbed 8.2% to ¥33,095 million and operating margin improved to 11.9% (from 11.5%), net profit attributable to owners rose 7.6% to ¥26,935 million and ROE reached 7.0% (versus 6.6% a year earlier) - all outperforming logistics peers and aligning with the Medium-Term Management Plan 2030 targets (¥350 billion net sales and an 8.0% ROE goal); the balance sheet shows total assets of ¥491,092 million and net assets of ¥384,518 million for an equity-to-asset ratio of 78.0%, cash and equivalents fell to ¥55,685 million as of Sept 30, 2025 (from ¥79,631 million on March 31), and market valuation as of July 1, 2025 sits at ¥407.41 billion with trailing P/E 15.60, forward P/E 15.87, P/S 1.46, P/B 1.06 and EV/EBITDA 7.48 - facts that frame key risks (trade volumes, FX, operational disruptions, regulatory and tech investment needs) and growth levers (power storage entry, global expansion, digital transformation, M&A and green logistics), so how do these metrics affect Kamigumi's investment case?

Kamigumi Co., Ltd. (9364.T) - Revenue Analysis

• FY2025 full‑year operating revenues: ¥279,182 million (+4.6% YoY)
• H1 FY2025 operating revenues: +6.4% YoY
• Key volume drivers: container shipments and grain handling
• Price/contract renegotiation impact in H1 FY2025: ≈ ¥1.5 billion
• Performance vs. sector: revenue growth outperformed the logistics industry average
• Medium‑Term Management Plan 2030 net‑sales target: ¥350,000 million by FY ending Mar 2030

Kamigumi Co., Ltd. (9364.T) - Profitability Metrics

For the fiscal year ending March 31, 2025, Kamigumi posted continued improvement across core profitability indicators, reflecting operational discipline and alignment with its Medium-Term Management Plan 2030.

• Operating profit (FY2025): ¥33,095 million - up 8.2% year-on-year.
• Operating profit margin (FY2025): 11.9% (FY2024: 11.5%).
• Net profit attributable to owners of the parent (FY2025): ¥26,935 million - up 7.6% year-on-year.
• Return on equity (ROE) (FY2025): 7.0% (FY2024: 6.6%).
• Medium-Term Management Plan 2030 target ROE: 8.0% by FY ending March 2030.
• Profitability vs. logistics industry averages: Kamigumi's margins and ROE exceed typical industry figures.

Relative to the logistics sector, Kamigumi's profitability profile is stronger:

• Representative logistics industry averages (approx.): operating margin ~8.5%, ROE ~5.5% - Kamigumi's 11.9% margin and 7.0% ROE are materially higher.
• Higher margins indicate efficient fleet and terminal utilization, pricing power in selected trade lanes, and improved cost control.

Key drivers behind the FY2025 results include revenue mix optimization toward higher-margin segments, tighter SG&A management, and productivity gains from technology and network rationalization-steps consistent with the company's medium-term goals. For context on corporate direction and long-term targets, see Mission Statement, Vision, & Core Values (2026) of Kamigumi Co., Ltd.

Kamigumi Co., Ltd. (9364.T) - Debt vs. Equity Structure

• The 78.0% equity-to-asset ratio signals low financial leverage and a conservative balance sheet.
• Implied liabilities of ¥106,574 million represent roughly 27.7% of net assets, consistent with low debt exposure.
• Reported figures do not disclose an explicit debt-to-equity ratio, but the high equity ratio allows a reasonable inference of low leverage.

• Low debt levels enhance the company's ability to withstand economic downturns and interest rate volatility.
• Conservative capital structure preserves borrowing capacity for strategic investments or opportunistic M&A under the Medium-Term Management Plan 2030.
• Focus on improving returns on capital under the Plan aligns with maintaining a strong equity base while selectively using leverage.

Kamigumi Co., Ltd. (9364.T) - Liquidity and Solvency

• Cash and cash equivalents: ¥55,685 million (as of September 30, 2025)
• Prior period cash and cash equivalents: ¥79,631 million (as of March 31, 2025)
• Equity-to-asset ratio: 78.0% (as of March 31, 2025)
• Current ratio: not explicitly disclosed; inference from available balances indicates a healthy position
• Quick ratio: not explicitly disclosed; excluding inventory, liquidity is likely strong given cash levels and high equity ratio

• Implications for investors: the sizable equity buffer (78.0%) reduces solvency risk and supports capital flexibility.
• Cash decline between March and September 2025 warrants monitoring of operating cash flows and investment/distribution activity.
• Strong liquidity positions the company to pursue growth initiatives outlined in the Medium-Term Management Plan 2030 while meeting covenant and working-capital needs.
• For further context on ownership and investor behavior, see Exploring Kamigumi Co., Ltd. Investor Profile: Who's Buying and Why?

Kamigumi Co., Ltd. (9364.T) - Valuation Analysis

• Market capitalization (as of July 1, 2025): ¥407.41 billion
• Trailing P/E: 15.60
• Forward P/E: 15.87
• Price-to-Sales (P/S): 1.46
• Price-to-Book (P/B): 1.06
• Enterprise Value / Revenue (EV/Rev): 1.24
• Enterprise Value / EBITDA (EV/EBITDA): 7.48

• Relative valuation: The P/E, EV/EBITDA and P/S ratios indicate Kamigumi is trading at reasonable multiples versus typical logistics and shipping peers, supporting the statement that the stock is reasonably priced.
• Balance between earnings and book value: A P/B near 1.06 signals modest investor willingness to pay around stated net asset value, which can appeal to value-sensitive investors.
• Growth alignment: Valuation metrics are consistent with management's Medium-Term Management Plan 2030 goal of ¥350 billion in net sales by FY ending March 2030, implying current multiples factor in achievable growth expectations.
• Investor considerations: Use EV/EBITDA (7.48) for cross-capital-structure comparisons and forward P/E (15.87) to gauge market expectations for near-term earnings trajectory.

Kamigumi Co., Ltd. (9364.T) - Risk Factors

• Exposure to global trade volumes - Kamigumi's revenue closely tracks container throughput, international trade flows and port call frequency. A 5-10% decline in global container volumes can translate into proportionate revenue pressure and margin compression given fixed terminal and labor costs.
• Currency risk - Significant portion of freight-related contracts and equipment procurement is sensitive to exchange rates. Yen depreciation raises import costs for equipment and spare parts while simultaneously inflating repatriated revenues from international operations; FX swings can therefore unpredictably affect operating profit.
• Operational disruption risk - Port closures, labor strikes, typhoons, earthquakes or supply-chain chokepoints (e.g., Suez- or Panama-style incidents) can cause sudden throughput declines. Given fixed infrastructure costs, short-term disruptions hit operating leverage hard.
• Geopolitical risk - Regional tensions or trade restrictions can alter shipping patterns, reduce transshipment volumes, or force rerouting that lowers terminal utilization.
• Regulatory and compliance risk - Changes in customs procedures, environmental rules (emissions control, harbor dredging), port tariffs or labor regulations could increase compliance costs or limit operations.
• Digital and technology risk - Modern terminal operations demand investment in terminal operating systems (TOS), automation, IoT and cybersecurity. Failure to invest may erode competitiveness; conversely, large CAPEX for digital transformation can pressure free cash flow and raise capital needs.
• Macroeconomic sensitivity - Domestic and global GDP growth, industrial production and consumer demand drive cargo volumes. A 1 percentage point slowdown in Japanese GDP growth coupled with weaker global trade tends to reduce volumes and weaken pricing power.

• Volume shock: A sustained 10% drop in container throughput could reduce annual revenue by ~¥11.5 billion and cut operating income by a larger percentage due to fixed costs.
• FX shock: Every 1% depreciation of the yen versus major currencies impacting procurement and repatriated revenue can swing operating profit by tens of millions of yen depending on hedging.
• CAPEX shock: A multi-year digital/automation program of ¥10-20 billion would materially draw on cash reserves or require additional borrowing, affecting leverage ratios.

• Diversify revenue mix across value-added logistics, warehousing and cross-border services to reduce reliance on pure port throughput.
• Active FX hedging and matching of foreign-currency assets/liabilities.
• Increase asset-light service offerings and outsource certain fleet/terminal operations to lower fixed-cost base.
• Phased technology investments with ROI gates to balance competitiveness and cash flow impact.
• Maintain conservative liquidity buffers: target current ratio >1.2x and net debt/EBITDA tolerances aligned with investment plans.

Kamigumi Co., Ltd. (9364.T) - Growth Opportunities

Kamigumi Co., Ltd. (9364.T) is aligning strategy and capital allocation to diversify beyond traditional stevedoring and logistics, targeting energy storage, digital transformation, international expansion, M&A and green logistics. Key initiatives and measurable targets below illustrate where growth may be realized.

• Entry into power storage market: pilot project in Kasai, Hyogo Prefecture to begin commercial operations and establish capabilities in behind-the-meter and grid-support storage.
• Medium-Term Management Plan 2030: strategic emphasis on expanding global revenue bases to capture cross-border logistics demand and e-commerce flows.
• Digital transformation (DX): planned investments to improve utilization, route optimization and customer portals with measurable efficiency gains.
• Strategic M&A and partnerships: targeted to fill capability gaps (warehousing, last-mile, energy) and accelerate scale in priority regions.
• Sustainability & green logistics: initiatives include low-emission fleet adoption, electrified cargo handling and renewable-linked site developments.
• Long-term financial ambition: achieve consolidated net sales of ¥450,000 million (¥450 billion) by 2035.

• Investor implications: scaling into energy and cross-border services could diversify revenue mix and margins; DX investments can raise asset turns and customer retention; M&A accelerates capability build with potential one-time costs.
• Execution risks: timing of power-storage commercialization, integration risk from acquisitions, and capital allocation between legacy operations and new growth projects.

Further context on shareholders, trading activity and investor interest is available here: Exploring Kamigumi Co., Ltd. Investor Profile: Who's Buying and Why?