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Japanese dry-bulk shipping company, transporting iron ore, coal and other bulk cargo mainly for steelmakers.
Japanese dry-bulk shipping company, transporting iron ore, coal and other bulk cargo mainly for steelmakers.
Moves raw materials for steelmaking, such as iron ore and coal, on long-term contracts for the steel producers it is tied to, with the rest of its ships working at market freight rates. Nippon Steel is its main shareholder.
In one line: A dry-bulk shipping operator, like a smaller Genco Shipping.
Moat: narrow (customer qualification, installed base). Long-term contracted shipping relationships with steelmaker parents provide stable cargo volumes.
Headquarters: Tokyo, Japan · Founded: 1968 · Employees: 669
Size NS United Kaiun Kaisha,Ltd (9110.T) is a Japan Industrials company (Marine Shipping) with a market value of $1.58B, the 555th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥10,540 on 6 Nov 2026.
Performance Over six months the shares gained 38.7%, against -4.1% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 10.9% over the last twelve months (peer median +6.2%); the operating margin is 11.3% (peer median 16.5%).
Valuation It trades at 0.9× enterprise value to sales against a peer median of 2.5× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.5 points above its cost of capital (7.3% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥255B | ¥230B | ¥247B | ¥233B | ¥251B |
| Revenue growth | — | -7% | +6% | -7% | — |
| Gross profit | ¥37.9B | ¥28.9B | ¥27.8B | ¥28.8B | ¥39.2B |
| EBITDA | ¥44.9B | ¥36.7B | ¥38.3B | ¥39.7B | ¥50.3B |
| Net income | ¥27.5B | ¥24.1B | ¥18.6B | ¥18.0B | ¥27.6B |
| Free cash flow | n/a | ¥29.9B | ¥16.3B | ¥17.7B | ¥36.8B |
| Capital expenditure | n/a | ¥5.55B | ¥18.5B | ¥13.3B | ¥6.15B |
| Total debt | ¥62.0B | ¥63.6B | ¥85.3B | ¥97.1B | ¥101B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| NS United Kaiun Kaisha,Ltd 9110.T | $1.58B | +39% | +11% | 11% | 0.9× | -5.0% |
| Iino Kaiun Kaisha,Ltd 9119.T | $1.04B | -6% | +1% | 11% | 2.1× | n/a |
| Mitsui O.s.k. Lines 9104.T | $15.0B | +10% | +20% | 6% | 2.3× | n/a |
| Nippon Yusen Kabushiki Kaisha 9101.T | $16.8B | +17% | 0% | 6% | 1.5× | 7.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9110.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | -6.2% | highest of 21 |
| 6-month return | +38.7% | -4.1% | highest of 20 |
| Distance from 52-week high | -0.3% | -16.0% | highest of 21 |
| Revenue growth (TTM) | +10.9% | +6.2% | 8th highest of 20 |
| Operating margin | 11.3% | 16.5% | 7th lowest of 20 |
| EV / Sales | 0.9× | 2.5× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -5.0% | -2.5% | 4th least demanding of 14 |
| Growth delivered (Del g) | +10.7% | +12.8% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | -15.6 pp | -14.0 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +3.5 pp | +0.1 pp | 7th highest of 20 |
| EV / EBITDA | 5.3× | 7.1× | 5th cheapest of 17 |
| Net debt / EBITDA | -0.3× | 1.5× | 3rd least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NS United Kaiun Kaisha,Ltd 9110.T | Japan | $1.58B | +39% | +11% | 11% | 0.9× | -5.0% | +10.7% |
| Ningbo Ocean Shipping 601022.SS | China | $1.58B | -7% | +13% | 11% | 1.5× | n/a | n/a |
| Costamare CMRE | United States | $1.54B | -28% | -42% | 44% | 3.4× | -6.9% | +13.0% |
| MITSUI-SOKO 9302.T | Japan | $1.52B | -22% | +6% | 7% | 1.0× | -1.6% | +3.4% |
| Dampskibsselskabet NORDEN A/S DNORD.CO | Denmark | $1.46B | +15% | +7% | 3% | 0.5× | n/a | n/a |
| U-Ming Marine Transport 2606.TW | Taiwan | $1.70B | +6% | +13% | 29% | 4.3× | -3.8% | +12.8% |
| Global Ship Lease GSL | United States | $1.41B | -8% | +6% | 48% | 2.0× | -15.2% | +22.1% |
| Solstad Maritime SOMA.OL | Norway | $1.36B | -6% | +17% | 40% | 2.6× | -2.5% | +22.7% |
| Stolt-Nielsen SNI.OL | Norway | $1.82B | +4% | -5% | 11% | 1.3× | -4.5% | +9.5% |
| CSSC (Hong Kong) Shipping 3877.HK | Hong Kong | $1.85B | -4% | -10% | 60% | 9.6× | -3.2% | +14.9% |
| Sumitomo Warehouse 9303.T | Japan | $1.87B | +4% | +2% | 6% | 1.7× | 11.3% | +0.4% |
| Dfds A/s DFDS.CO | Denmark | $1.33B | +8% | +3% | 3% | 0.7× | 4.6% | +17.2% |
| Clarkson CKN.L | United Kingdom | $1.90B | -5% | +15% | 14% | 1.5× | 5.2% | +12.0% |
| PanOcean 028670.KS | South Korea | $1.91B | -12% | +24% | 9% | 0.4× | n/a | n/a |
| Rizhao Port 600017.SS | China | $1.26B | -7% | +3% | 13% | 3.8× | n/a | n/a |
| MPC Container Ships MPCC.OL | Norway | $1.26B | 0% | -15% | 37% | 2.5× | -13.3% | +27.1% |
| Capital Clean Energy Carriers CCEC | United States | $1.24B | +3% | +5% | 50% | 9.4× | n/a | n/a |
| Volare Shipping VLCC.OL | Norway | $1.17B | n/a | n/a | n/a | n/a | n/a | n/a |
| Wisdom Marine Lines 2637.TW | Taiwan | $2.13B | +28% | +10% | 33% | 5.0× | -1.8% | +7.2% |
| Great Eastern Shipping GESHIP.NS | India | $2.16B | -8% | +24% | 42% | 3.3× | 8.2% | +10.1% |
| Genco Shipping & Trading GNK | United States | $1.13B | 0% | +26% | 17% | 3.1× | n/a | n/a |