YAMATO HOLDINGS CO.,LTD.

ヤマトホールディングス株式会社

Land Transportation

Yamato Holdings Co., Ltd. provides logistics shipping services in Japan and internationally. It operates through Express Business, Contract logistics Business, Global Business, Mobility Business, and Other segments. The Express Business segment engages in the truck transportation, and roll box pallet charter transportation businesses, as well as provides parcel delivery services for individuals and corporate customers. The Contract and logistics Business segment engages in the third party and real estate business. The Global Business segment engages in truck transportation business for corporate customers; planning and operation of logistics centers; and provision of customs clearance and air transport agency services. The Mobility Business segment engages in vehicle maintenance, fuel sales, and non-life insurance agency business. The Other engages in the development and operation management of IT system, call center, and financial services business. The company was founded in 1919 and is headquartered in Chuo, Japan.

← Companies

Price

¥1,818

Market Cap

¥593.9B

Ent. Value

¥480.3B

Net Cash

¥113.6B

Shares Out.

326.7M

P / E

42.2×

EV / EBIT

17.0×

P / Book

1.01×

P / NCAV

N/M

Div. Yield

1.27%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥1,280.2B	¥1,267.4B	¥1,135.9B	¥1,107.6B	¥1,086.9B
Current Assets	¥556.2B	¥521.2B	¥496.4B	¥484.6B	¥480.8B
Cash & Deposits	¥238.8B	¥208.7B	¥195.1B	¥185.4B	¥182.6B
Trade Receivables	—	¥219.8B	¥212.1B	¥216.3B	¥218.9B
Non-Current Assets	¥724.0B	¥746.3B	¥639.5B	¥622.9B	¥606.0B
PP&E	¥469.2B	¥474.4B	¥454.8B	¥443.0B	¥429.9B
Goodwill	—	¥15.8B	—	—	—
Intangible Assets	—	¥82.6B	¥41.2B	¥43.8B	¥45.6B
Investment Securities	¥51.5B	¥48.7B	¥50.9B	¥42.8B	¥48.0B
Deferred Tax Assets	—	¥57.2B	¥63.3B	¥64.3B	¥54.2B
Total Liabilities	¥698.1B	¥667.1B	¥543.9B	¥491.2B	¥488.6B
Current Liabilities	¥358.9B	¥354.6B	¥345.9B	¥344.8B	¥352.8B
Accounts Payable	—	¥173.5B	¥164.1B	¥160.8B	¥165.3B
ST Debt	¥21.4B	¥14.3B	¥10.2B	¥10.0B	¥15.0B
Taxes Payable	—	¥15.0B	¥8.4B	¥16.9B	¥14.4B
Non-Current Liabilities	¥339.2B	¥312.4B	¥198.0B	¥146.4B	¥135.8B
Total LT Borrowings	¥103.8B	¥106.3B	¥40.8B	—	—
Pension Obligations	—	¥128.6B	¥103.1B	¥98.3B	¥94.1B
Deferred Tax Liab.	—	¥2.2B	¥535M	¥482M	¥1.9B
Total Equity	¥582.1B	¥600.4B	¥592.0B	¥616.4B	¥598.2B
Capital Stock	—	¥127.2B	¥127.2B	¥127.2B	¥127.2B
Capital Surplus	—	¥36.8B	¥36.8B	¥36.8B	¥36.8B
Retained Earnings	¥470.3B	¥470.2B	¥448.1B	¥473.9B	¥464.5B
Treasury Stock	—	¥-73.9B	¥-42.9B	¥-39.8B	¥-49.6B
AOCI	—	¥28.9B	¥16.4B	¥12.2B	¥11.6B
Equity (owners)	¥541.5B	¥560.4B	¥569.3B	¥598.1B	¥579.0B
Minority Interests	—	¥11.1B	¥6.2B	¥6.0B	¥7.7B

Total Interest-Bearing Debt ⓘ	¥125.3B	¥120.6B	¥51.0B	¥10.0B	¥15.0B
Net Cash ⓘ	¥113.6B	¥88.1B	¥144.1B	¥175.4B	¥167.6B
NCAV ⓘ	¥-141.9B	¥-145.9B	¥-47.6B	¥-6.5B	¥-7.8B
NCAV/Share	—	¥-447	¥-138	¥-18	¥-21
BV/Share	—	¥1,715	¥1,658	¥1,649	¥1,578

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥72.2B	¥47.7B	¥64.3B	¥90.0B	¥52.0B
Interest Paid	—	¥-1.6B	¥-1.4B	¥-900M	¥-778M
Interest Received	—	¥2.0B	¥1.9B	¥1.9B	¥1.8B
D&A	¥53.3B	¥48.7B	¥44.4B	¥41.6B	¥35.6B
Goodwill Amort.	—	¥368M	—	—	—
Investing CF	¥-7.3B	¥-44.4B	¥-22.4B	¥-49.4B	¥-58.9B
CapEx	¥37.6B	¥55.0B	¥32.0B	¥35.4B	¥40.8B
Purchase Investments	—	¥-8.3B	¥-2.4B	¥-1.8B	¥-5.7B
Proceeds from Invest.	—	¥15.8B	¥3.2B	¥5.0B	¥18.9B
Financing CF	¥-37.1B	¥9.4B	¥-30.8B	¥-38.6B	¥-54.5B
Dividends Paid	—	¥-15.8B	¥-16.4B	¥-16.8B	¥-19.7B
Share Buybacks	—	¥-31.1B	¥-50.0B	¥-10.0B	¥-10.1B
LT Debt Repaid	—	¥-921M	—	—	¥-14.0B
Free Cash Flow	¥34.6B	¥-7.3B	¥32.4B	¥54.5B	¥11.2B
Net Change in Cash	—	¥12.9B	¥11.5B	¥2.6B	¥-60.7B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.3%	6.5%	6.3%	7.6%	9.6%
ROA	1.1%	3.2%	3.4%	4.2%	5.1%
EPS	¥43.07	¥111.87	¥107.23	¥126.64	¥151.03
DPS	¥23.00	¥46.00	¥46.00	¥46.00	¥46.00
BPS	¥1,803.21	¥1,806.52	¥1,708.00	¥1,684.87	¥1,611.34
FCF/Share	—	¥-22	¥94	¥150	¥31
NCAV/Share	—	¥-447	¥-138	¥-18	¥-21
Payout Ratio	53.4%	41.1%	42.9%	36.3%	30.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 8

Date	Activist	Stake	Event	Flag	Demands
2025-09-19	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.27% +0.11%	change	Passive	—
2025-09-05	Mizuho Bank, Ltd.	5.21% -0.48%	change	Passive	—
2025-03-24	Nomura Securities Co.,Ltd.	5.43% -0.95%	change	Passive	—
2024-09-24	Nomura Asset Management Co., Ltd.	6.8%	change	Passive	—
2024-09-06	Nomura Securities Co.,Ltd.	6.38%	change	Passive	—
2024-09-04	BlackRock Japan Co., Ltd.	3.48%	change	Passive	—
2023-10-05	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	5.16%	change	Passive	—
2023-09-07	Mizuho Bank, Ltd.	5.69%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 16:30	Capital Policy	¥7.3B ¥23.0/sh +0%	Yamato Holdings announced a year-end dividend of ¥23 per share (¥7.3 billion total) for fiscal year ending March 31, 202…
Summary Yamato Holdings announced a year-end dividend of ¥23 per share (¥7.3 billion total) for fiscal year ending March 31, 2026, with an ex-date of May 29, 2026. Combined with the interim dividend of ¥23 per share, the full-year dividend is ¥46 per share, unchanged from the prior year. The company targets a payout ratio of 40% or higher based on parent company net profit to enhance group enterprise value. Deadline: 2026-05-29 YoY: +0% Source (JP) 2026年３月期の期末配当金は、１株当たり23円とさせていただき、中間配当金１株当たり23円とあわせまして、年間配当金は46円とさせていただくこととしました。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）	54,118	16.57%
2	Employee Stock Ownership Plan ヤマトグループ社員持株会	30,110	9.22%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	23,981	7.34%
4	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	14,814	4.54%
5	Nippon Life Insurance 日本生命保険相互会社	14,770	4.52%
6	Mizuho Bank 株式会社みずほ銀行	10,247	3.14%
7	Business Partner Stock Ownership Plan ヤマトグループ取引先持株会	8,125	2.49%
8	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人みずほ銀行）	6,066	1.86%
9	TOYOTA MOTOR CORPORATION トヨタ自動車株式会社	5,748	1.76%
10	Sompo Japan Insurance Inc. 損害保険ジャパン株式会社	5,133	1.57%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

23.9%

-0.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.9%

+0.3% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

27.2%

+2.2% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	16.30%	16.76%	16.57% -0.19%
Employee Stock Ownership Plan ヤマトグループ社員持株会	7.65%	7.89%	9.22% +1.33%
Japan Custody Bank 日本カストディ銀行	7.69%	7.69%	7.34% -0.35%
Meiji Yasuda Life Insurance 明治安田生命保険	4.08%	4.31%	4.54% +0.23%
Nippon Life Insurance 日本生命保険	4.07%	4.30%	4.52% +0.22%
Mizuho Bank みずほ銀行	2.82%	2.98%	3.14% +0.16%
Business Partner Stock Ownership Plan ヤマトグループ取引先持株会	2.33%	2.38%	2.49% +0.11%
State Street	1.45%	1.60%	1.86% +0.26%
TOYOTA MOTOR CORPORATION トヨタ自動車	1.58%	1.67%	1.76% +0.09%
Sompo Japan Insurance Inc. 損害保険ジャパン	1.42%	1.49%	1.57% +0.08%
Concentration (HHI) ⓘ	437	461	480

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥16,634M -2% since 2023

Holdings 21 +10 new 15 exited

Trend Stable vs 2023

Held Company	FY2025 ¥16,634M total		FY2023 ¥16,953M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
ANA HOLDINGSINC. ＡＮＡホールディングス株式会社	3,602	1,305,500	3,754	1,305,500	M
Isetan Mitsukoshi Holdings Ltd. 株式会社三越伊勢丹ホールディングス	1,938	906,000	1,342	906,000
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	1,886	NEW New 465,628	—
SEINO HOLDINGS CO.,LTD. セイノーホールディングス株式会社	1,849	802,000	1,170	802,000	M
株式会社三井住友フィナンシャルグループ ※２	1,518	NEW New 400,179	—
日本郵船株式会社 ※３	1,235	NEW New 251,040	—		M
NIPPON EXPRESSホールディングス株式会社 ※２	1,123	NEW New 413,100	—		M
大日本印刷株式会社 ※２	958	NEW New 452,000	—		M
Kewpie Corporation キユーピー株式会社	715	245,000	545	245,000	M
ENEOS Holdings,Inc. ＥＮＥＯＳホールディングス株式会社	418	535,000	248	535,000
繧ｪ繧､繧ｷ繝�繧ｯ繧ｹ繝ｻ繝ｩ繝ｻ螟ｧ蝨ｰ譬ｪ蠑丈ｼ夂､ｾオイシックス・ラ・大地株式会社	294	NEW New 219,700	—
Rengo Co., Ltd. レンゴー株式会社	285	360,000	309	360,000	M
ＳＯＭＰＯホールディングス株式会社 ※２	270	NEW New 59,850	—
鹿島建設株式会社 ※３	246	NEW New 80,750	—		M
株式会社ミライロ ※２、４	135	NEW New 200,000	—
スズキ株式会社 ※２	121	NEW New 67,200	—		M
MITSUMURA PRINTING CO.,LTD. 光村印刷株式会社	41	31,728	38	31,728	M
Palantir Technologies Inc. ※５	—		—
楽天グループ株式会社 ※５	—		—
ラクスル株式会社 ※５	—		—
東京海上ホールディングス株式会社 ※４	—		—
日本郵船株式会社 ※２	—	−100% Exit —	1,910	618,600	M
Palantir Technologies Inc.	—	−100% Exit —	1,213	1,075,268
NIPPON EXPRESSホールディングス株式会社	—	−100% Exit —	1,097	137,700	M
株式会社みずほフィナンシャルグループ ※３	—	−100% Exit —	971	517,167
Dai Nippon Printing Co.,Ltd. 大日本印刷株式会社	—	−100% Exit —	837	226,000	M
JGC HOLDINGS CORPORATION 日揮ホールディングス株式会社	—	−100% Exit —	740	451,528	M
Sumitomo Mitsui Financial Group, Inc. 株式会社三井住友フィナンシャルグループ	—	−100% Exit —	706	133,393
繧ｪ繧､繧ｷ繝�繧ｯ繧ｹ繝ｻ繝ｩ繝ｻ螟ｧ蝨ｰ譬ｪ蠑丈ｼ夂､ｾオイシックス・ラ・大地株式会社	—	−100% Exit —	504	219,700
ラクスル株式会社 ※２	—	−100% Exit —	412	300,000
Ｊ.フロントリテイリング株式会社 ※３	—	−100% Exit —	384	290,500
KAJIMA CORPORATION 鹿島建設株式会社	—	−100% Exit —	258	161,500	M
株式会社三菱ＵＦＪフィナンシャル・グループ ※３	—	−100% Exit —	204	241,700
Rakuten Group,Inc. 楽天グループ株式会社	—	−100% Exit —	127	208,000
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス株式会社	—	−100% Exit —	104	19,950
suzuki motor corporation スズキ株式会社	—	−100% Exit —	80	16,800	M
Portfolio total	16,634		16,953

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding