YAMATO HOLDINGS CO., LTD.
9064・Prime Market・Land Transportation
Business
Yamato Holdings is a comprehensive logistics group consisting of 45 subsidiaries and 12 affiliated companies. Building on its core "Express Business" (approximately 83% of revenue), centered on TA-Q-BIN for individual and corporate customers, the company operates four segments: the "Contract Logistics Business," which handles corporate 3PL (Third-Party Logistics) Services and real estate; the "Global Business," which covers International Forwarding and cross-border e-commerce; and the "Mobility Business," centered on EVs and renewable energy. With a broad customer base ranging from individual consumers to major manufacturers and e-commerce operators, the company leverages its nationwide network as social infrastructure while providing optimization solutions for entire supply chains.
Business Model
The business is centered on transport revenue (TA-Q-BIN, International Forwarding, etc.) and logistics support revenue (3PL, warehouse operations, etc.). By utilizing the Express Business's nationwide transportation network as shared infrastructure, the Contract Logistics Business, Global Business, and Mobility Business each layer on value-added services, creating a structure that expands high-unit-price corporate solution revenue. Profitability improvement is pursued through the dual approach of pricing optimization and volume growth.
Company Strengths
TA-Q-BIN, launched in 1976, has completed its nationwide network, with TA-Q-BIN / TA-Q-BIN Compact / EAZY handling volume reaching 1,941 million parcels in FY2026 (ending March 2026). This customer base serves as the starting point for cross-selling into the Global Business and Contract Logistics Business, forming an entry barrier that is difficult for competitors to replicate in a short period.
The company has built a framework capable of undertaking entire supply chains by combining the Express Business's transportation and delivery network with Contract Logistics (external revenue of ¥164,602 million, up 69.6% year on year), Global (¥97,552 million, up 13.5% year on year), and Mobility (¥22,033 million, up 7.5% year on year). The Koriyama Integrated Business Solutions Center, opened in October 2025, symbolizes this capability.
Know-how accumulated through in-group trials of EV adoption, solar power generation, and energy management systems (EMS) began being sold externally as the "EV Lifecycle Service" starting in October 2024. External supply of Renewable Energy-Derived Power Supply has also begun through Yamato Energy Management Co., Ltd. (established in January 2025), and the Mobility Business's operating profit has expanded rapidly to ¥5,221 million (up ¥14,400 million year on year).
ENVALITH's Perspective
Performance Trend
Operating revenue was ¥1,865,675 million (up 5.8% year on year), marking a clear revenue increase for the first time in five fiscal periods. The Contract Logistics Business (+69.6%) and Global Business (+13.5%) led the growth, while the Express Business also posted a modest increase of +1.5%. Operating profit came to ¥28,304 million (up 99.2% year on year), achieving the first profit increase in five fiscal periods, though it remains at only around 36% of the FY2022 (ending March 2022) level of ¥77,199 million. Profit attributable to owners of parent fell sharply to ¥13,662 million (down 64.0% year on year). This was mainly due to the reversal effect from the large sale-and-leaseback extraordinary gain recorded in the previous period, combined with an extraordinary loss of ¥13,434 million recognized for goodwill amortization. Amid continued cost-increase pressures from price inflation, labor shortages, and rising energy prices as external factors, the October 2025 filed tariff revision and the review of transport operations contributed to the improvement in operating profit. Operating cash flow improved significantly to ¥72,218 million (up 51.4% year on year), and cash and cash equivalents at period-end increased to ¥237,822 million.
Growth Strategy
Targeting operating profit of ¥42,000 million in FY2027 (ending March 2027) through three pillars: strengthening the TA-Q-BIN network, expanding corporate business, and commercializing new businesses
Implemented a filed tariff revision in October 2025, and in November of the same year, established a new same-prefecture rate for the TA-Q-BIN Same-Day Delivery Service. Continued optimizing operating costs through relay-based transport and modal shift promotion, as well as ongoing pickup/delivery hub relocation and expansion of Neko Support. The Express Business segment achieved a profit turnaround with segment profit of ¥2,299 million.
Leveraging the consolidation of Nakano Shokai as a subsidiary, external revenue in the Contract Logistics Business expanded sharply to ¥164,602 million (up 69.6% year on year). Opened an Integrated Business Solutions Center (Koriyama City) to promote horizontal expansion into demand areas. The Global Business also continued its high growth, reaching ¥97,552 million (up 13.5% year on year) driven by increased sales in International Forwarding. Continuing to consider M&A and strategic business alliances.
Promoting the strengthening of the sales structure and sales expansion for the EV Lifecycle Service, Renewable Energy-Derived Power Supply centered on Yamato Energy Management, the development of an open platform for joint transport and delivery, and health management support for motor carriers (MY MEDICA). The Mobility Business segment profit steadily expanded to ¥5,221 million (up ¥1,440 million year on year).
Continuing to liquidate fixed assets and sell cross-shareholdings. Conducted share buybacks of ¥18,915 million to improve capital efficiency. Set a financial soundness benchmark of an equity ratio of around 45% and a D/E ratio of 0.3 to 0.5 times. Targeting a dividend payout ratio of 40% or more, but in FY2026 (ending March 2026), the dividend payout ratio reached 106.8%, exceeding net income, making profit recovery an urgent priority.
Last updated: July 19, 2026