Toyo Wharf & Warehouse Co., Ltd. (9351) AI Stock Analysis

• Market Cap: ¥15.43B
• Dividend Yield: 3.85%
• Average Volume (3M): 6.58K
• Price to Earnings (P/E): 7.3
• Beta (1Y): 0.35
• Revenue Growth: 4.96%
• EPS Growth: 38.47%
• Country: JP
• Employees: 835
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 58.85
• Shares Outstanding: 7,740,000
• 10 Day Avg. Volume: 5,740
• 30 Day Avg. Volume: 6,576
• PEG Ratio: 0.56
• Price to Book (P/B): 0.35
• Price to Sales (P/S): 0.28
• P/FCF Ratio: -11.78
• 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: ¥2,233.00 ▲(30.66% Upside)
• Action: Reiterated Date: 10/22/25
• Date: Action: Reiterated 10/22/25

The stock of Toyo Wharf & Warehouse Co., Ltd. scores well due to its attractive valuation and strong technical momentum. However, moderate financial performance and potential overbought conditions temper the overall score. The absence of earnings call and corporate events data does not impact the score.

Positive Factors

Balanced capital structure

A debt-to-equity ratio of 0.59 and an equity ratio above 50% indicate a conservatively financed asset base. This balanced structure supports resilience through shipping cycles, gives room to fund necessary investments, and reduces insolvency risk over the medium term.

Operating cash generation

Sustained positive operating cash flow and an OCF-to-net-income ratio near 2.0 show the core business converts earnings into cash reliably. That durable cash generation underpins working capital needs, supports debt service and dividends, and funds ongoing operations without depending solely on financing.

Improving profit margins

Measured improvement in gross and net margins reflects effective cost control and some pricing or efficiency gains in port and warehousing operations. Margin expansion enhances sustainable earnings power and provides buffer against volume volatility in logistics markets over the coming months.

Negative Factors

Negative free cash flow

Persistently negative free cash flow driven by heavy capex means the company must rely on financing or operational improvements to fund growth. Over several quarters this can strain liquidity, raise financing costs, and limit flexibility for dividends or opportunistic investments if returns on capex lag.

Modest revenue growth

Very low top-line growth constrains the company’s ability to leverage fixed costs and expand margins materially. In a capital-intensive logistics business, sluggish revenue expansion over multiple periods limits earnings scalability and increases reliance on margin improvements or external growth initiatives.

Rising debt trend

A trend of increasing total debt raises leverage risk, particularly when free cash flow is negative. Higher indebtedness can elevate interest burden and reduce strategic flexibility, making the firm more sensitive to rate or volume shocks and constraining capital allocation choices over the medium term.

Toyo Wharf & Warehouse Co., Ltd. Business Overview & Revenue Model

Company Description

Toyo Wharf & Warehouse Co., Ltd. provides logistics services in Japan. It offers domestic logistics services, including warehousing, loading and unloading of cargo, and cargo vehicle and port transportation services. The company also engages in the operation of terminals; leasing logistics-related facilities; and provision of customs clearance, ship agency, and insurance agency services. In addition, it provides international logistics services through land, sea, and air, as well as freight storage facilities. The company was founded in 1929 and is headquartered in Tokyo, Japan.

How the Company Makes Money

null

Toyo Wharf & Warehouse Co., Ltd. Financial Statement Overview

Summary

Toyo Wharf & Warehouse Co., Ltd. demonstrates moderate financial health with stable profitability, responsible use of leverage, and reasonable shareholder returns. However, modest revenue growth and negative free cash flow highlight areas for improvement.

Income Statement

The company exhibits a stable revenue base with a modest increase of 1.16% from 2024 to 2025. Gross profit margin improved slightly to 10.09%, indicating efficient cost management. Net profit margin rose to 3.21%, showcasing sound profitability. While EBIT and EBITDA margins are relatively stable, they reflect a consistent operational performance. However, the revenue growth rate is modest, suggesting limited top-line expansion.

Balance Sheet

The debt-to-equity ratio stands at 0.59, indicating a balanced capital structure. Return on equity improved to 4.11%, reflecting enhanced shareholder returns. The equity ratio at 53.63% suggests substantial asset financing through equity, promoting financial stability. Despite these strengths, the increase in total debt over the years indicates potential leverage risk.

Cash Flow

Operating cash flow remains positive, albeit with a decline in recent years. The free cash flow is negative, largely due to high capital expenditures, suggesting possible reinvestment in growth. The operating cash flow to net income ratio of 1.91 indicates decent cash generation relative to profits. However, the negative free cash flow raises concerns about liquidity management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	35.52B	35.10B	34.70B	38.09B	36.12B	34.16B
Gross Profit	3.59B	3.54B	3.41B	3.82B	3.53B	3.19B
EBITDA	3.37B	3.33B	3.10B	3.65B	3.38B	2.85B
Net Income	1.22B	1.13B	980.00M	1.27B	1.13B	803.00M
Balance Sheet
Total Assets	50.52B	50.99B	48.44B	46.31B	47.58B	42.90B
Cash, Cash Equivalents and Short-Term Investments	3.91B	4.89B	2.66B	2.92B	3.83B	3.29B
Total Debt	16.08B	16.08B	13.30B	14.44B	14.72B	10.65B
Total Liabilities	22.79B	23.46B	21.88B	22.42B	24.70B	21.06B
Stockholders Equity	27.54B	27.35B	26.40B	23.74B	22.73B	21.71B
Cash Flow
Free Cash Flow	0.00	-821.00M	951.00M	-100.00M	-3.22B	686.00M
Operating Cash Flow	0.00	2.15B	2.60B	4.18B	2.79B	2.48B
Investing Cash Flow	0.00	-2.22B	-1.10B	-4.18B	-5.94B	-1.79B
Financing Cash Flow	0.00	2.29B	-1.76B	-945.00M	3.68B	383.00M

Toyo Wharf & Warehouse Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1709.00
• 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:9351, the sentiment is Neutral. The current price of 1709 is below the 20-day moving average (MA) of 2024.70, below the 50-day MA of 1897.50, and above the 200-day MA of 1614.84, indicating a neutral trend. The MACD of 38.35 indicates Positive momentum. The RSI at 52.74 is Neutral, neither overbought nor oversold. The STOCH value of 54.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:9351.

Toyo Wharf & Warehouse Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9306	80 Outperform	¥14.11B	8.60	―	3.04%	4.45%	29.58%
9034	77 Outperform	¥15.91B	11.63	―	3.37%	3.18%	-23.51%
9312	75 Outperform	¥19.14B	6.27	―	2.46%	7.13%	16.09%
9351	73 Outperform	¥15.43B	7.26	―	3.85%	4.96%	38.47%
9311	71 Outperform	¥12.61B	1.66	―	1.68%	-0.59%	75.89%
9355	68 Neutral	¥5.87B	5.71	―	1.44%	3.99%	151.49%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%