MITSUI-SOKO HOLDINGS Co., Ltd. (9302) AI Stock Analysis

• Market Cap: ¥310.92B
• Dividend Yield: 1.28%
• Average Volume (3M): 166.81K
• Price to Earnings (P/E): 20.2
• Beta (1Y): 0.26
• Revenue Growth: 8.11%
• EPS Growth: -9.27%
• Country: JP
• Employees: 7,882
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): N/A
• Shares Outstanding: 77,991,104
• 10 Day Avg. Volume: 128,720
• 30 Day Avg. Volume: 166,810
• PEG Ratio: -1.15
• Price to Book (P/B): 1.69
• Price to Sales (P/S): 0.71
• P/FCF Ratio: 18.85
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ¥4,187.00 ▲(4.67% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

The score is held back primarily by weakening cash flow quality and a clear bearish technical setup (below key moving averages with negative MACD). Improved balance sheet leverage and solid revenue momentum provide support, but valuation looks relatively rich versus the modest dividend yield.

Positive Factors

Diversified logistics business model

A multi-service logistics platform (warehousing, domestic/international transport, contract logistics and value-added services) creates recurring contract revenue, cross-sell opportunities and customer stickiness. That structural diversity supports steady demand and resilience across cycles.

Meaningful leverage reduction

Falling debt-to-equity materially lowers financial risk and increases strategic optionality. Stronger balance sheet improves resilience to downturns, lowers refinancing pressure and creates capacity to invest in network expansion or pursue selective M&A over the medium term.

Revenue acceleration with positive operating margins

Accelerating top-line growth combined with a positive, stable operating margin indicates core operations can scale. Durable revenue momentum plus operating profitability supports reinvestment, network upgrades and ongoing service delivery without relying solely on external financing.

Negative Factors

Weak free cash flow & low cash conversion

A sharp drop in FCF and conversion to cash (around 22% of net income) reduces the company's ability to fund capex, pay dividends or pay down debt from operations. If persistent, weak cash conversion constrains strategic flexibility and increases reliance on external funding.

Margin erosion

Declining gross and net margins signal structural cost pressure or pricing weakness. Lower profitability per unit of revenue limits retained earnings and hinders the ability to improve ROE, reinvest in higher‑return projects, or withstand prolonged competitive pressure.

Reduced capital efficiency (lower ROE)

A sustained drop in ROE indicates the business is generating less return on shareholders' capital, which can reflect heavier low-return investments or margin pressure. Persistently lower ROE weakens long-term shareholder returns and may require strategic reallocation to restore efficiency.

MITSUI-SOKO HOLDINGS Co., Ltd. Business Overview & Revenue Model

Company Description

MITSUI-SOKO HOLDINGS Co., Ltd., together with its subsidiaries, provides various logistics services in Japan and internationally. It operates two segments, Logistics Business and Real Estate Business. The Logistics Business segment offers various logistics services, such as warehousing and cargo handling, port-related work and transportation, overseas logistics, multimodal forwarding, airfreight forwarding, third-party logistics, supply chain management support, and land transportation. The Real Estate Business segment provides building leasing services. The company also operates container terminals that connect sea and land distribution in the ports of Tokyo, Yokohama, Nagoya, Yokkaichi, Osaka, Kobe, and Moji. In addition, it provides ship arrival and departure procedures; ship agency operations, such as issuing cargo certificates; and conventional shipping tasks comprising the proposal of optimal handling services for a range of cargoes. The company was formerly known as Mitsui-Soko Co., Ltd. and changed its name to MITSUI-SOKO HOLDINGS Co., Ltd. in October 2014. MITSUI-SOKO HOLDINGS Co., Ltd. was incorporated in 1909 and is headquartered in Tokyo, Japan.

How the Company Makes Money

The company makes money primarily by selling logistics services to corporate customers. Key revenue streams typically include: (1) Warehousing and distribution fees—charging for storage space (often based on area/volume and duration), inbound/outbound handling (receiving, picking, packing, sorting), inventory management, and value-added services performed in or around warehouses. (2) Transportation and freight-related charges—earning revenue from domestic trucking and delivery services, as well as international logistics arrangements such as freight forwarding and coordination of ocean/air shipments; revenue is generally tied to shipment volume, distance, service level, and handling requirements. (3) Integrated logistics and contract logistics—providing end-to-end logistics design and operation for customers (e.g., operating dedicated distribution centers), generating recurring service fees under multi-period contracts. Additional earnings drivers can include logistics-related ancillary services (e.g., customs-related support, packaging, and other operational services) when provided as part of broader logistics solutions. Specific breakdowns by segment, major customer/partner disclosures, and exact pricing mechanisms are null.

MITSUI-SOKO HOLDINGS Co., Ltd. Financial Statement Overview

Summary

Strong TTM revenue acceleration and improved leverage support stability, but profitability has softened versus prior years (lower gross and net margins, ROE down to ~8–9%) and free cash flow weakened sharply with low cash conversion (~22% of net income).

Income Statement

TTM (Trailing-Twelve-Months) revenue accelerated to ~2x growth versus low growth in FY2025, but profitability has softened versus prior years: gross margin fell to ~11.4% (from ~13.4% in FY2025 and ~14–15% in FY2022–FY2024) and net margin eased to ~3.4% (from ~3.6% in FY2025 and ~4.6–5.2% in FY2023–FY2024). Operating profitability remains positive and fairly steady (TTM operating margin ~7.0%), but the multi-year trend shows peak earnings in FY2023 followed by normalization.

Balance Sheet

Leverage has improved meaningfully over the period, with debt-to-equity declining from ~1.75 (FY2021) to ~0.76 (FY2025) and ~0.65 in TTM (Trailing-Twelve-Months), supported by a steadily rising equity base. Returns on equity have moderated from high-teens levels in FY2021–FY2023 to ~8–9% in FY2025/TTM, indicating weaker capital efficiency even as balance sheet risk has come down.

Cash Flow

Cash generation has weakened in the most recent period: free cash flow fell sharply in TTM (Trailing-Twelve-Months) (~-46% growth) to ~3.9B versus ~10.5B in FY2025 and ~11.7B in FY2024. Free cash flow is also low relative to earnings in TTM (about ~22% of net income), down from ~48–82% in FY2023–FY2025, suggesting heavier investment/working-capital drag or reduced cash conversion. Operating cash flow remains positive but is modest relative to revenue and has also stepped down versus prior years.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	294.58B	280.74B	260.59B	300.84B	301.02B	253.56B
Gross Profit	41.46B	37.59B	38.50B	42.90B	42.29B	33.18B
EBITDA	32.30B	28.66B	30.61B	35.76B	35.38B	27.50B
Net Income	10.12B	10.04B	12.11B	15.62B	14.50B	11.55B
Balance Sheet
Total Assets	301.22B	280.37B	263.54B	258.68B	258.30B	238.37B
Cash, Cash Equivalents and Short-Term Investments	44.30B	35.50B	31.87B	34.48B	23.11B	23.23B
Total Debt	83.62B	87.61B	83.26B	92.62B	99.39B	109.69B
Total Liabilities	157.49B	150.62B	142.71B	154.60B	169.66B	169.84B
Stockholders Equity	129.37B	117.18B	109.91B	93.29B	79.46B	62.70B
Cash Flow
Free Cash Flow	3.87B	10.53B	15.23B	29.83B	17.71B	14.47B
Operating Cash Flow	17.64B	21.90B	23.18B	32.34B	23.12B	21.26B
Investing Cash Flow	-14.60B	-15.60B	-10.48B	-6.33B	-7.05B	803.00M
Financing Cash Flow	-1.45B	-2.63B	-17.07B	-16.05B	-17.22B	-21.68B

MITSUI-SOKO HOLDINGS Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4000.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9302, the sentiment is Positive. The current price of 4000 is above the 20-day moving average (MA) of 3741.70, above the 50-day MA of 3727.18, and above the 200-day MA of 3915.40, indicating a bullish trend. The MACD of 78.67 indicates Negative momentum. The RSI at 63.80 is Neutral, neither overbought nor oversold. The STOCH value of 87.39 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9302.

MITSUI-SOKO HOLDINGS Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9143	68 Neutral	¥951.29B	10.15	9.97%	3.54%	12.46%	-3.12%
9301	68 Neutral	¥496.38B	11.01	13.93%	2.81%	8.22%	48.07%
9303	67 Neutral	¥299.18B	19.07	―	2.94%	4.50%	82.34%
9069	66 Neutral	¥295.83B	12.68	8.30%	2.50%	7.94%	-13.01%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9302	57 Neutral	¥310.92B	20.24	―	1.28%	8.11%	-9.27%
9147	53 Neutral	¥845.52B	310.63	―	2.99%	4.96%	1.67%

MITSUI-SOKO HOLDINGS Co., Ltd. Corporate Events

Mitsui-Soko to Use Treasury Shares for New Employee Restricted Stock Plan

MITSUI-SOKO HOLDINGS will dispose of up to 250,000 treasury shares as restricted stock to its Group Employee Shareholding Association under a new incentive plan scheduled for July 31, 2026. The disposal price is set at ¥4,045 per share, implying a maximum transaction value of about ¥1.01 billion and potential dilution of roughly 0.32% of issued shares, depending on final employee participation.

Under the plan, up to 2,500 eligible employees of the company and its subsidiaries will receive monetary compensation, which will be contributed to the shareholding association and used as payment in kind for the restricted shares. The scheme aims to support employee asset building, align staff interests more closely with shareholders, and foster a stronger sense of management participation linked to share price growth and medium- to long-term corporate value.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen4227.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

Mitsui-Soko Advances Share Buyback Under ¥34 Billion Program

MITSUI-SOKO HOLDINGS Co., Ltd. has repurchased 2,661,100 of its own common shares for a total of ¥9,574,929,000 between February 9 and February 28, 2026, via market purchases on the Tokyo Stock Exchange, including ToSTNeT-3 transactions. This buyback forms part of a broader repurchase program approved on February 6, 2026, which authorizes up to 5,500,000 shares and ¥34 billion through July 31, 2026, signaling continued capital management efforts that may support shareholder returns and share price stability.

As of February 28, 2026, the company has utilized a portion of the authorized capacity, leaving room for further repurchases under the existing resolution. The ongoing program underscores management’s active stance on balance sheet optimization and could influence ownership structure and liquidity in the company’s stock over the coming months.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3690.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

Mitsui-Soko lifts nine-month profits, keeps full-year and dividend forecasts intact

Mitsui-Soko Holdings reported consolidated operating revenue of ¥225.8 billion for the nine months ended December 31, 2025, up 6.5% year on year, with operating profit jumping 20.4% to ¥18.0 billion and ordinary profit rising 16.9%. Profit attributable to owners of parent edged up 0.8% to ¥9.0 billion, while total assets climbed to ¥301.2 billion and the equity ratio improved to 42.9%, reflecting a stronger balance sheet.

The company maintained its dividend forecast for the year ending March 31, 2026 at ¥49.00 per share after a 3-for-1 stock split, and left its full-year earnings outlook unchanged. For the full fiscal year, it continues to project operating revenue of ¥294.0 billion, operating profit of ¥21.5 billion and profit attributable to owners of parent of ¥10.5 billion, signaling confidence in sustained earnings growth despite only modest profit expansion for shareholders so far this year.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3690.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

MITSUI-SOKO completes ¥18.7bn third-party share allotment to Mitsui Fudosan

MITSUI-SOKO HOLDINGS has completed payment for a third-party allotment of new and treasury shares to Mitsui Fudosan, marking the execution of a previously announced capital and business alliance. The transaction includes the issuance of 3 million new shares and the disposal of 2.25 million treasury shares at ¥3,571 each, raising a combined ¥18.75 billion.

As a result of the capital increase portion, the company’s paid-in capital will rise by ¥5.36 billion to approximately ¥16.7 billion, with total issued shares expanding from about 74.99 million to 77.99 million. The deal deepens ties with Mitsui Fudosan as a strategic shareholder and leaves MITSUI-SOKO with a much smaller treasury stock balance, potentially enhancing capital efficiency and supporting future logistics growth initiatives.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3706.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

Mitsui-Soko Executes ToSTNeT-3 Buyback and Details ASR Share Option Structure

MITSUI-SOKO HOLDINGS has executed a significant share repurchase via the Tokyo Stock Exchange’s ToSTNeT-3 off-auction system, buying 2,250,000 of its own shares from SMBC Nikko Securities for about 8.03 billion yen. This transaction forms part of a previously announced capital policy that combines direct share buybacks with the issuance of structured share options under an accelerated share repurchase facility.

The company detailed the framework for ASR share options with a fixed investment amount, setting a maximum of 2,249,900 underlying shares and linking the ultimate delivery volume to a formula based on VWAP over a future calculation period. By tying the final share count to market prices and excluding certain sensitive periods, Mitsui-Soko appears to be managing both market impact and execution risk, while signaling an ongoing commitment to shareholder returns and balance sheet optimization.

The ASR mechanism uses the difference between the 2,250,000 shares initially sold by SMBC Nikko and a calculated “Number of Purchasable Shares” derived from the received amount and an adjusted VWAP. This structure effectively allows the company to lock in a large repurchase today while settling the exact economic exposure later, potentially smoothing price volatility and aligning the buyback with longer-term trading patterns.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3696.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

MITSUI-SOKO launches major share buyback to boost capital efficiency and shareholder returns

MITSUI-SOKO HOLDINGS has repurchased 2,250,000 of its own common shares for about 8.03 billion yen via the Tokyo Stock Exchange’s ToSTNeT-3 off-auction system on February 9, 2026, as part of a broader buyback framework authorized earlier in the month. The move is tied to an accelerated share repurchase structure with SMBC Nikko Securities and forms part of a larger program allowing buybacks of up to 5.5 million shares or 34 billion yen through July 31, 2026.

The repurchase aligns with the company’s Medium-term Management Plan 2022, which emphasizes improving capital efficiency and enhancing shareholder returns alongside maintaining an approximate 30% dividend payout ratio. By reallocating capital towards share buybacks in the final phase of the plan and signaling a commitment to shareholder returns through ASR mechanisms, MITSUI-SOKO aims to bolster shareholder value and reinforce its corporate value enhancement strategy.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3696.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

MITSUI-SOKO Forms Capital and Business Alliance with Mitsui Fudosan to Enhance Logistics and Real Estate Strategy

MITSUI-SOKO HOLDINGS has entered into a capital and business alliance with real estate developer Mitsui Fudosan, under which Mitsui Fudosan will acquire 5,250,000 newly issued and treasury shares via third-party allotment, giving it a stake of around 6.9% in MITSUI-SOKO’s outstanding shares, subject to adjustment depending on a planned share repurchase. The partners will jointly develop and upgrade logistics and other real estate assets—including new high-functionality logistics facilities and the repurposing of aging sites—while Mitsui Fudosan will provide development management services and collaborate on new and adjacent business areas; MITSUI-SOKO expects this tie-up to enhance asset value, deepen its asset strategy, and accelerate expansion in growth fields such as healthcare, semiconductors, and e-commerce, strengthening its long-term competitive position and creating broader value for its customers and stakeholders.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3861.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

MITSUI-SOKO Launches ¥19.6 Billion Share Buyback Using ToSTNeT-3 and ASR Structure

MITSUI-SOKO HOLDINGS has resolved to repurchase up to 5.5 million of its own shares, worth approximately 19.6 billion yen, via market purchases on the Tokyo Stock Exchange, including through the ToSTNeT-3 off-auction system, as part of its capital policy under the Medium-term Management Plan 2022 to maintain high capital efficiency and enhance shareholder returns. A portion of this buyback will be executed through an accelerated share repurchase (ASR) structure with SMBC Nikko Securities, involving specially structured share options and subsequent price adjustments tied to the volume-weighted average share price, enabling the company to implement a large-scale, rapid repurchase while signaling a strong commitment to improving shareholder value and capital allocation toward the final year of its current medium-term plan.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3861.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

Mitsui-Soko to Repurchase Up to 7.35% of Shares in Capital Efficiency Push

MITSUI-SOKO HOLDINGS Co., Ltd., a Japan-based logistics and warehousing group listed on the TSE Prime Market, provides comprehensive logistics services that underpin supply chains in Japan and abroad. The company focuses on capital-efficient growth, balancing investment for sustainable expansion with performance-linked shareholder returns.

The company’s board has approved a share repurchase of up to 5.5 million common shares, or 7.35% of its outstanding shares (excluding treasury stock), for a total amount of up to ¥34 billion to be executed between February 9 and July 31, 2026 via market purchases on the Tokyo Stock Exchange, including ToSTNeT-3 transactions and the use of an accelerated share repurchase structure. Framed as part of its Medium-term Management Plan 2022, the move is intended to improve capital efficiency, recalibrate capital allocation toward the plan’s final year, and enhance shareholder returns, signaling a stronger commitment to shareholder value creation and potentially supporting the company’s share price and equity story in the logistics sector.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3861.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

MITSUI-SOKO Raises Profit on Higher Revenue, Affirms FY2026 Outlook

MITSUI-SOKO HOLDINGS reported solid results for the nine months ended 31 December 2025, with operating revenue up 6.5% year on year to ¥225.8 billion and operating profit rising 20.4% to ¥18.0 billion, while profit attributable to owners of parent edged up 0.8% to ¥9.0 billion. The group’s financial position strengthened as total assets increased to ¥301.2 billion and equity ratio improved to 42.9%, and management kept its full-year forecast unchanged, targeting a 4.7% rise in revenue and a 20.6% increase in operating profit for the year to March 2026, alongside an annual dividend of ¥49.00 per share after the 3-for-1 stock split, signaling confidence in earnings momentum and capital policy stability for shareholders and creditors.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3861.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.

MITSUI-SOKO HOLDINGS Sets 2026 Director Slate and New Group Management Structure

MITSUI-SOKO HOLDINGS has announced its slate of director candidates for election at the 178th Ordinary General Meeting of Shareholders scheduled for June 2026, while also outlining a new group management structure that will take effect from April 1, 2026. The proposed board maintains continuity in top management, with Representative Director and President/Group CEO Hirobumi Koga and key executive directors responsible for finance, legal, risk management, strategic planning, ESG, and operations all standing for reelection, and the company plans to designate multiple outside directors as independent officers under Tokyo Stock Exchange rules, signaling an emphasis on governance and oversight for stakeholders.

The most recent analyst rating on (JP:9302) stock is a Hold with a Yen3861.00 price target. To see the full list of analyst forecasts on MITSUI-SOKO HOLDINGS Co., Ltd. stock, see the JP:9302 Stock Forecast page.