Shibusawa Warehouse Co., Ltd. (9304) AI Stock Analysis

• Market Cap: ¥82.46B
• Dividend Yield: 3.48%
• Average Volume (3M): 116.34K
• Price to Earnings (P/E): 6.5
• Beta (1Y): 0.60
• Revenue Growth: 4.17%
• EPS Growth: 24.54%
• Country: JP
• Employees: 1,289
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 48.91
• Shares Outstanding: 60,870,987
• 10 Day Avg. Volume: 114,710
• 30 Day Avg. Volume: 116,336
• PEG Ratio: 0.26
• Price to Book (P/B): 0.73
• Price to Sales (P/S): 0.60
• P/FCF Ratio: 222.47
• 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: 73 Outperform
• Price Target: ¥1,525.00 ▲(19.61% Upside)
• Action: Upgraded Date: 02/11/26
• Date: Action: Upgraded 02/11/26

Overall score reflects solid financial momentum (strong TTM growth and improved margins with manageable leverage) and attractive valuation (low P/E with a ~3.24% dividend). Technicals are supportive due to a clear uptrend, but overbought signals (RSI ~70, Stoch ~84) add near-term pullback risk.

Positive Factors

Strong revenue growth

Sustained TTM revenue growth and rising operating margins indicate expanding customer volumes and better cost absorption in core warehousing and handling. Over a multi-month horizon this supports scale economics, margin resilience, and reinvestment capacity for service expansion.

Improving leverage

Material reduction in debt-to-equity and steady equity growth strengthen financial flexibility. A cleaner balance sheet lowers interest and refinancing risk, enabling durable investment in facilities or selective M&A without jeopardizing capital stability over the coming quarters.

Positive cash generation

Rebounding operating and free cash flow shows the business can convert activity into liquidity again. This supports continued capex, working-capital needs and recurring shareholder distributions, and provides a buffer against cyclical slowdowns in logistics demand.

Negative Factors

Thin gross margins

Structurally low gross margins limit profit levers and make earnings sensitive to wage, fuel, and property cost increases. With little margin cushion, maintaining profitability requires continual operational efficiency gains and scale, constraining margin upside over months ahead.

Weak earnings-to-cash conversion

Moderate and volatile conversion from net income to free cash flow suggests earnings include accruals or working-capital timing benefits that may reverse. This undermines predictability of funds for dividends, capex, or debt reduction over the medium term.

Revenue & margin volatility

Historical swings in revenue and margins indicate exposure to cyclical customer demand and contract timing. Such variability makes forecasting and capacity planning harder and raises execution risk for sustaining recent margin improvements over the next several quarters.

Shibusawa Warehouse Co., Ltd. Business Overview & Revenue Model

Company Description

The Shibusawa Warehouse Co., Ltd. provides logistics and warehousing services in Japan and internationally. The company provides strategic logistics services, such as warehousing and distribution processing for various type of cargo; truck transportation services, including consolidated transportation, chartered transportation, and ocean freight container transportation for customer's logistics; and ocean and air import and export handling services comprising customs clearance, overland transport, and warehouse storage at departure and arrival ports and airports, as well as multimodal transportation services by land, sea, and air. It is also involved in customs clearance; EC fulfillment services; trade/intermediary business/management/leading of real estate; packaging/indication/storage of pharmaceuticals/quasi-drugs/cosmetics and medical equipment; planning/development/sales/operation management of information systems; employment agency; and livelihood support of non-covered long-term care insurance. The Shibusawa Warehouse Co., Ltd. was founded in 1897 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Shibusawa Warehouse generates revenue primarily through its warehousing and logistics services. The company charges clients for storage space, handling services, and transportation of goods. Key revenue streams include long-term contracts with major retailers and manufacturers, which provide stable income, as well as short-term agreements with e-commerce businesses that require flexible storage solutions. Additionally, Shibusawa Warehouse benefits from partnerships with shipping companies and logistics providers, which enhance its service offerings and broaden its market reach. The company's ability to optimize operations and adopt technological advancements also contributes to its profitability by reducing costs and improving service efficiency.

Shibusawa Warehouse Co., Ltd. Financial Statement Overview

Summary

Strong TTM revenue growth (+21.8%) with improved profitability (net margin ~8.6%, EBITDA margin ~16.3%). Balance sheet leverage is manageable (~0.42x debt/equity) and improving, but cash-flow quality is mixed: free cash flow is positive yet only ~45% of net income and has been volatile year to year.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew strongly (+21.8%) and profitability improved versus the last annual period, with net margin rising to ~8.6% (from ~6.2%) and EBITDA margin to ~16.3% (from ~12.8%). That said, gross margin remains structurally thin (~10–11%), typical for logistics, and margins have shown some year-to-year volatility (including a revenue decline in FY2024), which tempers the quality of the growth profile.

Balance Sheet

Leverage looks manageable: debt is ~0.42x equity in TTM (Trailing-Twelve-Months), an improvement from higher leverage levels earlier in the history (e.g., ~0.81x in FY2021). Equity has steadily grown, supporting a stable capital base. Returns are decent but not standout, with return on equity ~8.7% TTM, suggesting reasonable profitability but limited balance-sheet-driven upside.

Cash Flow

Cash generation is positive in TTM (Trailing-Twelve-Months), with operating cash flow of ~6.8B and free cash flow of ~3.1B, rebounding sharply from the very weak free cash flow in FY2025 annual (~0.2B) and negative free cash flow in FY2024. However, free cash flow still covers less than half of net income in TTM (~45%), indicating earnings-to-cash conversion is only moderate and can swing materially year to year.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	79.25B	78.62B	73.42B	78.50B	71.74B	65.33B
Gross Profit	8.45B	8.70B	8.26B	8.67B	7.95B	7.04B
EBITDA	12.93B	10.06B	8.32B	8.40B	10.08B	7.44B
Net Income	6.82B	4.91B	3.73B	3.76B	5.26B	2.75B
Balance Sheet
Total Assets	117.57B	117.45B	112.77B	115.83B	108.99B	104.40B
Cash, Cash Equivalents and Short-Term Investments	13.32B	11.83B	12.48B	25.27B	21.23B	20.29B
Total Debt	27.87B	30.33B	27.41B	37.87B	36.31B	38.63B
Total Liabilities	50.70B	52.11B	50.15B	57.96B	55.34B	56.15B
Stockholders Equity	65.86B	64.38B	61.73B	57.07B	53.33B	47.91B
Cash Flow
Free Cash Flow	3.09B	212.00M	-814.00M	5.42B	5.17B	3.52B
Operating Cash Flow	6.81B	6.35B	5.83B	6.73B	6.03B	6.95B
Investing Cash Flow	372.00M	-6.01B	-6.94B	-2.74B	-868.00M	-3.29B
Financing Cash Flow	-6.33B	-1.41B	-11.69B	-2.04B	-3.69B	1.36B

Shibusawa Warehouse Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1275.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9304, the sentiment is Positive. The current price of 1275 is below the 20-day moving average (MA) of 1376.70, below the 50-day MA of 1331.48, and above the 200-day MA of 1141.38, indicating a neutral trend. The MACD of 22.11 indicates Positive momentum. The RSI at 53.28 is Neutral, neither overbought nor oversold. The STOCH value of 50.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9304.

Shibusawa Warehouse Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9306	80 Outperform	¥13.93B	8.60	―	3.04%	4.45%	29.58%
9381	78 Outperform	¥51.12B	13.60	―	3.98%	10.52%	7.14%
9304	73 Outperform	¥82.46B	6.51	―	3.48%	4.17%	24.54%
9351	73 Outperform	¥15.68B	7.26	―	3.85%	4.96%	38.47%
9310	68 Neutral	¥79.67B	9.20	―	3.63%	2.67%	18.02%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9369	57 Neutral	¥77.43B	25.28	―	0.99%	4.26%	―

Shibusawa Warehouse Co., Ltd. Corporate Events

Shibusawa Logistics Lifts Net Profit on Flat Sales but Flags Softer Margins

Shibusawa Logistics reported nine-month operating revenues to December 31, 2025 of ¥60.34 billion, up 1.1% year on year, while operating and ordinary profit fell 16.6% and 13.4% respectively. Despite weaker margins, profit attributable to owners of parent jumped 46.3% to ¥6.03 billion, boosted in part by a share split and a reduced average share count.

Total assets were broadly flat at ¥117.57 billion, but net assets rose to ¥66.87 billion, lifting the equity ratio to 56.0% and net assets per share to ¥1,172.55. The company maintained its full-year forecast, guiding for modest revenue growth but lower profits, and highlighted a stock split and higher effective dividends, signaling continued shareholder returns even as core profitability softens.

The most recent analyst rating on (JP:9304) stock is a Hold with a Yen1463.00 price target. To see the full list of analyst forecasts on Shibusawa Warehouse Co., Ltd. stock, see the JP:9304 Stock Forecast page.

Shibusawa Logistics to Make Two Logistics Units Wholly Owned via Simplified Share Exchange

Shibusawa Logistics Corporation has resolved to convert its consolidated subsidiaries Omiya Transport Co., Ltd. and Heiwa Mirai Co., Ltd. into wholly owned subsidiaries via a simplified share exchange, as part of its “Shibusawa 2030 Vision” to become a value-creating logistics partner and strengthen its business domains. By unifying ownership and streamlining strategic decision-making across these regional transport and warehousing units, the group aims to respond more swiftly to changes in the business environment, enhance overall group capabilities, and improve corporate value, while using treasury stock for the share consideration and managing fractional and sub-unit shareholdings in line with Japan’s Companies Act.

The most recent analyst rating on (JP:9304) stock is a Hold with a Yen1304.00 price target. To see the full list of analyst forecasts on Shibusawa Warehouse Co., Ltd. stock, see the JP:9304 Stock Forecast page.

Shibusawa Logistics Updates Financials and Dividend Outlook for Fiscal 2026

Shibusawa Logistics Corporation has revised its full-year consolidated financial forecast for the fiscal year ending March 2026 due to extraordinary income arising from gains on investment securities related to a tender offer for Fujitec Co., Ltd. While accounting for potential losses linked to dismantling aging facilities, the revised forecast reflects optimism in the company’s net income growth. Additionally, the company announced an increase in its annual dividend payout, emphasizing a progressive dividends policy and a focus on shareholder returns. These revisions reinforce the company’s commitment to growth investment and rewarding stakeholders.

The most recent analyst rating on (JP:9304) stock is a Hold with a Yen1304.00 price target. To see the full list of analyst forecasts on Shibusawa Warehouse Co., Ltd. stock, see the JP:9304 Stock Forecast page.

Shibusawa Logistics Gains Extraordinary Income from Fujitec Share Sale

Shibusawa Logistics Corporation announced the successful completion of a tender offer for its shares in Fujitec Co., Ltd., resulting in the sale of all 564,700 shares at a price of 5,700 yen each, totaling 3,218,790,000 yen. This transaction will record an extraordinary income of 2,658 million yen in the company’s Q3 financial results for the fiscal year ending March 2026, potentially impacting future earnings forecasts.

The most recent analyst rating on (JP:9304) stock is a Hold with a Yen1304.00 price target. To see the full list of analyst forecasts on Shibusawa Warehouse Co., Ltd. stock, see the JP:9304 Stock Forecast page.

Shibusawa Logistics to Record Extraordinary Income from Fujitec Share Sale

Shibusawa Logistics Corporation has decided to tender all its shares in Fujitec Co., Ltd. in a tender offer by Bospolder 1 Corporation, expecting to record extraordinary income in Q3 of the fiscal year ending March 2026. This decision, supported by Fujitec’s Board, is anticipated to result in a gain of 2,658 million yen, although the full impact on the company’s earnings forecast is still under review.

The most recent analyst rating on (JP:9304) stock is a Buy with a Yen5009.00 price target. To see the full list of analyst forecasts on Shibusawa Warehouse Co., Ltd. stock, see the JP:9304 Stock Forecast page.