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Employees: 1,320
Size Shibusawa Logistics (9304.T) is a Japan Industrials company (Trucking) with a market value of $723M, the 885th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,873 on 6 Nov 2026.
Performance Over six months the shares gained 47.6%, against -9.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +3.4%); the operating margin is 5.3% (peer median 4.2%).
Valuation It trades at 1.7× enterprise value to sales against a peer median of 1.0× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.4 points below its cost of capital (6.6% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥80.6B | ¥79.7B | ¥78.6B | ¥73.4B | ¥78.5B |
| Revenue growth | — | +1% | +7% | -6% | — |
| Gross profit | ¥8.87B | ¥8.52B | ¥8.70B | ¥8.11B | ¥8.53B |
| EBITDA | ¥7.32B | ¥7.12B | ¥7.52B | ¥7.06B | ¥7.81B |
| Net income | ¥7.51B | ¥6.33B | ¥4.91B | ¥3.73B | ¥3.76B |
| Free cash flow | ¥4.24B | ¥4.00B | ¥212M | -¥680M | ¥5.51B |
| Capital expenditure | ¥2.19B | ¥2.13B | ¥6.51B | ¥6.64B | ¥1.31B |
| Total debt | ¥32.5B | ¥27.8B | ¥30.3B | ¥27.4B | ¥37.9B |
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.
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 | 9304.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.8% | -3.3% | 6th lowest of 21 |
| 6-month return | +47.6% | -9.9% | 4th highest of 21 |
| Distance from 52-week high | -17.4% | -31.9% | 5th highest of 21 |
| Revenue growth (TTM) | +1.9% | +3.4% | 10th lowest of 21 |
| Operating margin | 5.3% | 4.2% | 9th highest of 21 |
| EV / Sales | 1.7× | 1.0× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.9% | 3.7% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +4.1% | +5.8% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +12.8 pp | -6.2 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | -3.4 pp | -0.3 pp | 7th lowest of 21 |
| EV / EBITDA | 18.3× | 8.9× | most expensive of 14 |
| Net debt / EBITDA | 2.7× | 1.4× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shibusawa Logistics 9304.T | Japan | $723M | +48% | +2% | 5% | 1.7× | 16.9% | +4.1% |
| Universal Logistics ULH | United States | $715M | +108% | -7% | 4% | 0.9× | n/a | n/a |
| Shanghai Jin Jiang Online Network Service 600650.SS | China | $705M | -14% | -19% | -2% | 2.0× | 5.6% | -10.8% |
| Fulongma 603686.SS | China | $743M | -37% | +6% | 6% | 1.1× | 2.4% | -2.0% |
| Transport Corporation of India TCI.NS | India | $700M | -12% | +12% | 8% | 1.3× | 14.9% | +11.9% |
| Heartland Express HTLD | United States | $780M | -24% | -17% | -6% | 1.2× | n/a | n/a |
| Sakai Moving Service 9039.T | Japan | $785M | +2% | +4% | 10% | 0.8× | -11.2% | +4.5% |
| Covenant Logistics CVLG | United States | $801M | -5% | +12% | 1% | 0.8× | n/a | n/a |
| Shanghai Juss Sports and Entertainment 600676.SS | China | $802M | -36% | -14% | -15% | 0.8× | 5.1% | -11.0% |
| Shengyuan Environmental Protection 300867.SZ | China | $638M | -24% | +3% | 28% | 4.9× | -4.1% | +8.5% |
| VRL Logistics VRLLOG.NS | India | $624M | +27% | +11% | 14% | 2.0× | 6.2% | +12.8% |
| San Yang Ma (Chongqing) Logistics 001317.SZ | China | $606M | -11% | -51% | 4% | 5.5× | 35.8% | +7.1% |
| Maruzen Showa Unyu 9068.T | Japan | $922M | -15% | +3% | 10% | 0.9× | -7.4% | +4.2% |
| Forward Air FWRD | United States | $562M | +69% | 0% | 3% | 1.0× | 17.1% | +14.5% |
| Logwin TGHN.DE | Germany | $942M | +5% | -6% | 5% | 0.4× | -16.0% | +3.9% |
| Marten Transport MRTN | United States | $959M | -25% | -5% | 1% | 1.0× | n/a | n/a |
| Yongtaiyun Chemical Logistics 001228.SZ | China | $481M | +7% | +31% | 5% | 0.9× | n/a | n/a |
| NTG Nordic Transport Group A/S NTG.CO | Denmark | $1.09B | +71% | +16% | 5% | 0.8× | -0.4% | +16.4% |
| K.R.S.Corporation 9369.T | Japan | $441M | -9% | +4% | 3% | 0.6× | n/a | n/a |
| Hangzhou Dadi Haiyang Environmental Protection 301068.SZ | China | $409M | -45% | +25% | 3% | 2.0× | 16.2% | +23.5% |
| Kerry TJ Logistics 2608.TW | Taiwan | $391M | -8% | -1% | 12% | 1.6× | -5.0% | +0.8% |