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

Toyo Wharf & Warehouse Co., Ltd.

(TSE/TYO:9351)

Select Model

Rating:66Neutral

Price Target:JPY 1,987.00▲(3.54% Upside)

Action:downgraded

Date:08/17/26

The score is driven primarily by a solid but not outstanding financial profile: improving profitability and a stable balance sheet are offset by consistently weak/volatile free cash flow. Technicals add a modestly positive tailwind with neutral momentum and price holding above key short- and medium-term averages. Valuation is the bright spot, supported by a low P/E and strong dividend yield.

Positive Factors

Revenue and earnings growthThe return to solid revenue growth alongside higher operating profit and net income indicates improving business momentum. Sustained expansion would strengthen scale benefits and provide a broader base for earnings over the next several quarters.

Negative Factors

Volatile and often negative free cash flowUneven free cash flow limits financial flexibility and indicates that capital spending or working-capital requirements can absorb operating cash. Earnings therefore may not consistently translate into funds available for reinvestment or shareholders.

Toyo Wharf & Warehouse Co., Ltd. (9351) vs. iShares MSCI Japan ETF (EWJ)

Market Cap: JPY 13.77B
Dividend Yield: 4.69%
Average Volume (3M): 3,286
Price to Earnings (P/E): 9.7
Beta (1Y): 0.24
Revenue Growth: 7.78%
EPS Growth: 20.28%
Country: Japan
Employees: 848
Sector: General
Sector Strength: 55
Industry: Integrated Freight & Logistics

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

Company Description

Toyo Wharf & Warehouse Co., Ltd., based in Tokyo, Japan, delivers a wide array of logistics solutions throughout the country. Its domestic services include warehousing, efficient cargo handling (loading and unloading), and transportation via vehicles...

How the Company Makes Money

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

Summary

Earnings improved with revenue returning to solid growth in 2026 and higher operating profit/net income, and the balance sheet shows a steadily rising equity base with moderate leverage. The main drag is cash-flow quality: free cash flow has been volatile and often negative (including 2025–2026), limiting financial flexibility despite positive operating cash flow.

Income Statement

68Positive

Balance Sheet

72Positive

Cash Flow

45Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	38.28B	38.08B	35.10B	34.70B	38.09B	36.12B
Gross Profit	4.03B	3.97B	3.54B	3.41B	3.82B	3.53B
EBITDA	4.37B	4.57B	4.00B	3.73B	4.02B	3.59B
Net Income	1.43B	1.47B	1.13B	980.00M	1.27B	1.13B
Balance Sheet
Total Assets	57.91B	56.01B	50.99B	48.44B	46.31B	47.58B
Cash, Cash Equivalents and Short-Term Investments	4.36B	4.41B	4.89B	2.66B	2.92B	3.83B
Total Debt	17.11B	16.96B	16.25B	14.06B	14.89B	16.55B
Total Liabilities	26.08B	25.16B	23.46B	21.88B	22.42B	24.70B
Stockholders Equity	31.62B	30.64B	27.35B	26.40B	23.74B	22.73B
Cash Flow
Free Cash Flow	0	-513.00M	-821.00M	951.00M	-100.00M	-3.22B
Operating Cash Flow	0	3.26B	2.15B	2.60B	4.18B	2.79B
Investing Cash Flow	0	-3.51B	-2.22B	-1.10B	-4.18B	-5.94B
Financing Cash Flow	0	-244.00M	2.29B	-1.76B	-945.00M	3.68B

Toyo Wharf & Warehouse Co., Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price1919.00

Price Trends

50DMA1895.12Positive

100DMA1840.55Positive

200DMA1844.60Positive

Market Momentum

MACD4.35Positive

RSI56.08Neutral

STOCH64.50Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:9351, the sentiment is Positive. The current price of 1919.00 is above the 20-day moving average (MA) of 1909.80, above the 50-day MA of 1895.12, and above the 200-day MA of 1844.60, indicating a bullish trend. The MACD of 4.35 indicates Positive momentum. The RSI at 56.08 is Neutral, neither overbought nor oversold. The STOCH value of 64.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9351.

Toyo Wharf & Warehouse Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

JP:9351 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JP:9304	80Outperform	JPY 122.39B	15.12	―	4.23%	1.86%	50.49%
JP:9310	73Outperform	JPY 89.19B	12.85	―	3.28%	0.89%	13.66%
JP:9303	71Outperform	JPY 315.32B	15.68	―	2.45%	2.02%	4.43%
JP:9302	70Neutral	JPY 252.54B	21.11	―	1.53%	6.16%	11.10%
JP:9351	66Neutral	JPY 14.78B	9.69	―	4.69%	7.78%	20.28%
JP:9306	65Neutral	JPY 13.32B	10.23	―	3.78%	4.34%	-13.81%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%

* General Sector Average

Performance Comparison

JP:9351 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
JP:9351	Toyo Wharf & Warehouse Co., Ltd.	1919.00	372.29	24.07%
JP:9302	MITSUI-SOKO HOLDINGS Co., Ltd.	3240.00	-751.74	-18.83%
JP:9303	Sumitomo Warehouse Co., Ltd.	4210.00	1039.69	32.79%
JP:9304	Shibusawa Warehouse Co., Ltd.	2011.00	951.97	89.89%
JP:9306	Toyo Logistics Co., Ltd.	1982.00	95.64	5.07%
JP:9310	Japan Transcity Corporation	1403.00	292.60	26.35%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 17, 2026

Toyo Wharf & Warehouse Co., Ltd. AI Stock Analysis