Maruzen Showa Unyu Co.,Ltd.
9068・Prime Market・Land Transportation
Business
Marzen Showa Unyu Co., Ltd. is a comprehensive logistics company founded in 1931, comprising the Company together with 37 subsidiaries and 5 affiliated companies. In addition to its core Logistics Business (approximately 87% of sales), which centers on Motor Truck Transportation, Harbor Transportation, Warehousing Business, and customs brokerage, it operates the In-plant Operations and Mechanical Cargo Handling Business (approximately 11% of sales), which handles the transfer of raw materials and heavy goods within factories, as well as Other Businesses (approximately 2% of sales), including Construction and Real Estate Business, Automobile Maintenance Business, Security Business, and Insurance Agency, Leasing, and Pallet Rental Business. Domestically, the company has locations in the Kanto, Chubu, Kansai, Hokkaido, Kyushu, and other regions, while overseas it has subsidiaries and affiliated companies in 11 countries, including the United States, China, Southeast Asia, South Korea, and South America. With a broad customer base spanning manufacturing, chemicals, food, electrical equipment, and other industries, the company aims to be "the best logistics partner for its clients."
Business Model
Centered on the 3PL (third-party logistics) model, under which the company undertakes customers' logistics operations on an integrated basis, it generates recurring revenue by providing transportation, storage, customs clearance, and in-plant operations as a bundled service. The structure aims to optimize rates collected through continued rate revisions, while expanding volume handled through network expansion via M&A and new consolidated subsidiaries. Through capital expenditures (¥8,173 million in FY2026 (ending March 2026) actual results), the company continues to invest in logistics facilities, vehicles, and IT systems, aiming to maintain and expand its customer base by enhancing service quality and efficiency.
Company Strengths
With a 94-year history since its founding, the company has built a wide-area network comprising 19 domestic and 11 overseas consolidated subsidiaries. Its integrated multimodal transport system, which provides Motor Truck Transportation, Harbor Transportation, Warehousing Business, customs brokerage, and in-plant operations in a unified manner, constitutes a proprietary asset that is difficult for competitors to replicate in the short term. Net sales for FY2026 (ending March 2026) reached ¥148,603 million, maintaining an increasing revenue trend for five consecutive fiscal years.
As of the end of FY2026 (ending March 2026), the equity ratio stood at 69.4% (up 1.7 percentage points year on year), and cash and cash equivalents were secured at an ample ¥40,402 million. Liabilities were ¥60,207 million, a low level relative to total assets of ¥204,585 million, giving the company the financial capacity to fund capital expenditures (¥40.0 billion over the three years of the mid-term management plan) and M&A (¥10.0 billion over the same period) through internal funds and borrowings.
Through M&A, the company has continuously expanded its range of handled products—including electrical equipment, food, and flour milling—and its customer base, as seen in the 2015 acquisition of Marusen Densan Logitech (a Nidec group company) and the newly consolidated M&F Logistics (a Nitto Fuji Flour Milling group company) in October 2025. Under the 9th mid-term management plan as well, the company has explicitly stated its policy of allocating ¥10.0 billion to M&A and continuing to actively pursue opportunities targeting logistics subsidiaries and companies related to the 3PL Business.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), the company achieved net sales of ¥148,603 million (up 2.8% year on year), operating income of ¥15,462 million (up 5.6%), and net income attributable to owners of the parent of ¥12,685 million (up 29.4%). Net sales increased for the fifth consecutive fiscal year, and the operating margin of 10.4% marked the highest level in the past five fiscal years. The substantial increase in net income was mainly due to the disappearance of the impairment loss of ¥2,670 million recorded in the previous fiscal year, which led to a reduction in extraordinary losses (to ¥270 million). Among external factors, air cargo benefited from a tailwind of expanding semiconductor-related demand, while total domestic freight volume fell below the previous year's level due to sluggish production and construction-related activity, and driver shortages together with persistently high fuel costs continued to exert cost pressure. Operating cash flow increased by ¥899 million year on year to ¥17,166 million, and the cash balance grew to ¥40,402 million.
Growth Strategy
Under the 9th Medium-Term Management Plan (FY2025–FY2027), the Company is advancing growth through the 3PL Business, the Global Logistics Business, DX, and M&A
The 3PL Business, which comprehensively handles customers' logistics operations, is positioned as a core growth area, with investment in warehouse and transportation infrastructure being accelerated. In FY2026 (ending March 2026), construction in progress increased by ¥2,583 million, reflecting ongoing capital expenditure ahead of the start of operations in the next fiscal year. In FY2027 (ending March 2026), the Company plans an expansion of capital expenditure on property, plant and equipment under a policy of "proactive capital investment."
The Company is expanding air cargo operations (amid growing demand related to semiconductors), ocean transportation, and overseas warehousing operations (including for U.S. fruits and vegetables). In FY2026 (ending March 2026), air cargo handling volume increased and revenue grew at the U.S. warehousing business. External factors such as U.S. trade policy and China's economic slowdown could act as downside risks, but the Company continues to expand its global network.
M&F Logistics Co., Ltd. was newly consolidated as a subsidiary in FY2026 (ending March 2026), contributing to earnings through increased handling of flour and grain products, among other factors. The Company recorded ¥908 million in expenditures for acquisition of subsidiary shares and ¥188 million in acquisition expenditures associated with changes in the scope of consolidation. Under the 9th Medium-Term Management Plan, M&A continues to be positioned as a pillar of the Company's business foundation transformation.
The Company aims to improve operational efficiency, accelerate decision-making, and enhance profitability by leveraging its next-generation core system, which is scheduled to go live during the medium-term plan period. Expenditures for acquisition of intangible assets amounted to ¥1,539 million in FY2026 (ending March 2026), reflecting ongoing system investment. The benefits expected to materialize after the system goes live are anticipated to be an important driver of earnings improvement.
Last updated: July 19, 2026