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Definitive Analysis

Financial Statements

Periods / Units / Analysis

Ticker

Industry

Sector

Page: Company Financials

Higashi Twenty One Co., Ltd.

Ticker: 9029.T | Industry: Integrated Freight & Logistics | Sector: Industrials
$2,038.00 -57.00 (-2.72%)
As of: 2026-01-28

Master Data Export


Enterprise Value

Metric 2025 2024 2023 2022
Stock Price 1,496.33 1,173.25 984.25 690.00
Market Capitalization 19,580.23M 15,482.20M 12,938.44M 9,049.81M
(-) Cash & Equivalents 4,737.13M 4,048.86M 3,398.28M 3,117.24M
(+) Total Debt 9,175.85M 6,940.96M 4,475.68M 2,924.77M
Enterprise Value 24,018.94M 18,374.30M 14,015.84M 8,857.35M

Income Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Revenue 52,949M 43,080M 48,126M 40,635M 34,808M 27,953M 24,437M 25,111M
Cost of Revenue 42,872M 35,086M 39,100M 32,858M 27,796M 22,145M 19,374M 20,293M
Gross Profit 10,077M 7,995M 9,026M 7,777M 7,012M 5,808M 5,062M 4,818M
Gross Profit Margin 19.0% 18.6% 18.8% 19.1% 20.1% 20.8% 20.7% 19.2%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 6,583M 5,831M 6,286M 5,587M 5,103M 4,332M 4,039M 3,822M
Operating Expenses 6,583M 5,832M 6,286M 5,587M 5,104M 4,333M 4,039M 3,732M
Operating Income (EBIT) 3,494M 2,162M 2,740M 2,190M 1,908M 1,475M 1,023M 1,086M
Operating Income Margin 6.6% 5.0% 5.7% 5.4% 5.5% 5.3% 4.2% 4.3%
Interest Income 1M 0M 0M 0M 0M 0M 0M 0M
Interest Expense 51M 19M 33M 13M 11M 9M 9M 11M
Net Interest Income -50M -19M -32M -13M -11M -9M -9M -10M
Unusual Items 173M 108M 130M 133M 115M 254M 38M 9M
EBT Excluding Unusual Items 3,444M 2,143M 2,708M 2,177M 1,897M 1,466M 1,014M 1,076M
Pre-Tax Income 3,617M 2,252M 2,838M 2,310M 2,012M 1,720M 1,051M 1,085M
Pre-Tax Margin 6.8% 5.2% 5.9% 5.7% 5.8% 6.2% 4.3% 4.3%
Income Tax Expense 1,277M 798M 1,032M 803M 744M 599M 385M 394M
Net Income 2,340M 1,453M 1,806M 1,507M 1,269M 1,121M 667M 691M
Net Income Margin 4.4% 3.4% 3.8% 3.7% 3.6% 4.0% 2.7% 2.8%
Depreciation & Amortization 1,348M 952M 1,172M 885M 660M 549M 483M 463M
EBITDA 4,842M 3,115M 3,912M 3,075M 2,568M 2,024M 1,505M 1,549M
EBITDA Margin 9.1% 7.2% 8.1% 7.6% 7.4% 7.2% 6.2% 6.2%
NOPAT 2,261M 1,396M 1,744M 1,429M 1,203M 961M 648M 692M
NOPAT Margin 4.3% 3.2% 3.6% 3.5% 3.5% 3.4% 2.7% 2.8%
Owner's Earnings 3,688M 2,406M -587M -483M 1,507M 990M 834M 825M
Owner's Earnings Margin 7.0% 5.6% -1.2% -1.2% 4.3% 3.5% 3.4% 3.3%
EPS (Basic) 178.23 110.19 136.77 114.44 96.82 85.92 51.33 53.57
EPS (Diluted) 178.28 110.22 136.77 114.49 96.82 85.92 51.33 53.57
Shares (Basic) 13M 13M 13M 13M 13M 13M 13M 13M
Shares (Diluted) 13M 13M 13M 13M 13M 13M 13M 13M

Balance Sheet

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Cash & Cash Equivalents 4,936.32M 4,595.63M 4,679.46M 4,062.46M 3,487.74M 3,507.22M 3,112.30M 3,194.65M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 44.27M
Cash & Short-Term Investments 4,936.32M 4,595.63M 4,679.46M 4,062.46M 3,487.74M 3,507.22M 3,112.30M 3,238.92M
Net Receivables 7,532.37M 6,888.64M 8,091.58M 6,730.73M 6,065.42M 5,040.25M 4,619.56M 4,221.54M
Inventory 411.47M 389.66M 371.34M 400.46M 447.78M 241.30M 13.75M 16.22M
Other Current Assets 1,192.60M 1,044.26M 173.14M 7.29M 447.25M 35.93M 6.04M 3.89M
Total Current Assets 14,072.76M 12,918.18M 13,315.51M 11,200.95M 10,448.19M 8,824.69M 7,751.64M 7,480.57M
Property, Plant & Equipment 11,401.86M 11,511.56M 11,598.00M 9,132.19M 6,113.67M 6,159.24M 5,297.01M 5,477.77M
Goodwill 1,042.14M 1,095.07M 991.20M 421.34M 540.91M 191.48M 225.78M 260.07M
Intangible Assets 137.86M 133.43M 141.29M 182.13M 223.09M 248.77M 176.00M 149.00M
Long-Term Investments 1,565.48M 1,481.75M 1,362.23M 1,268.50M 774.01M 613.58M 429.95M 344.10M
Tax Assets 0.00M 0.00M 645.24M 361.50M 329.91M 234.18M 262.25M 335.87M
Other Non-Current Assets 3,562.20M 3,586.02M 2,841.47M 2,432.06M 2,317.01M 1,545.80M 1,367.47M 1,087.85M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.01M 0.00M 0.00M
Total Non-Current Assets 17,709.54M 17,807.83M 17,579.42M 13,797.73M 10,298.60M 8,993.07M 7,758.46M 7,654.66M
Total Assets 31,782.31M 30,726.00M 30,894.93M 24,998.67M 20,746.80M 17,817.76M 15,510.10M 15,135.23M
Accounts Payable 2,635.29M 2,575.45M 3,630.05M 3,251.75M 2,893.33M 2,736.23M 2,362.35M 2,412.10M
Short-Term Debt 5,935.82M 5,318.76M 5,216.29M 2,529.05M 2,000.46M 1,494.04M 1,342.51M 1,106.69M
Tax Payables 752.62M 0.00M 0.00M 796.37M 811.11M 580.09M 432.95M 372.88M
Deferred Revenue 0.00M 0.00M 0.00M 2,376.68M 2,412.38M 1,581.83M 1,483.90M 372.88M
Other Current Liabilities 2,470.40M 2,778.23M 2,134.12M -1,696.31M -760.34M -581.85M -98.41M 676.19M
Total Current Liabilities 11,794.12M 10,672.44M 10,980.46M 7,257.54M 7,356.93M 5,810.35M 5,523.31M 4,940.74M
Long-Term Debt 3,307.19M 3,499.33M 3,672.52M 2,663.82M 1,745.36M 1,115.82M 733.83M 813.44M
Capital Lease Obligations 0.00M 0.00M 577.64M 735.09M 232.37M 139.82M 37.36M 56.05M
Deferred Tax Liabilities 0.00M 0.00M 148.22M 72.78M 41.42M 25.43M 0.00M 87.15M
Other Non-Current Liabilities 2,254.53M 2,302.14M 1,314.60M 1,151.84M 840.74M 998.99M 811.00M 897.99M
Total Non-Current Liabilities 5,561.72M 5,801.47M 5,712.98M 4,623.52M 2,859.88M 2,280.05M 1,582.19M 1,854.63M
Total Liabilities 17,355.84M 16,473.91M 16,693.44M 11,881.06M 10,216.81M 8,090.40M 7,105.50M 6,795.37M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 1,002.00M 1,002.00M 1,002.00M 1,002.00M 1,002.00M 1,002.00M 1,002.00M 1,002.00M
Retained Earnings 12,858.93M 12,142.31M 12,182.49M 10,850.92M 9,737.84M 8,808.79M 7,923.71M 7,489.80M
Accumulated OCI 576.95M 525.12M 412.98M 362.48M 87.00M 48.00M 17.00M -43.69M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 14,437.87M 13,669.42M 13,597.47M 12,215.40M 10,826.84M 9,858.78M 8,942.70M 8,448.11M
Total Equity 14,437.87M 13,669.42M 13,597.47M 12,215.40M 10,826.84M 9,858.78M 8,942.70M 8,448.11M
Total Liabilities & Equity 31,793.71M 30,143.33M 30,290.92M 24,096.46M 21,043.64M 17,949.18M 16,048.20M 15,243.48M
Tangible Assets 30,602.30M 29,497.50M 29,762.44M 24,395.20M 19,982.80M 17,377.51M 15,108.32M 14,726.15M
Tangible Equity 13,257.87M 12,440.91M 12,464.99M 11,611.93M 10,062.84M 9,418.53M 8,540.93M 8,039.03M
Tangible Book Value 13,257.87M 12,440.91M 12,464.99M 11,611.93M 10,062.84M 9,418.53M 8,540.93M 8,039.03M
Total Investments 1,613.76M 1,481.75M 1,362.23M 1,268.50M 774.01M 613.58M 429.95M 388.37M
Net Debt 4,306.69M 4,222.47M 4,209.35M 1,130.41M 258.07M -897.36M -1,035.96M -1,274.52M

Capital Metrics

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Working Capital 2,278.6M 1,575.5M 1,697.3M 3,220.5M 3,453.0M 3,166.8M 2,713.9M 2,577.0M
Total Capital 23,669.5M 22,399.9M 22,976.3M 18,239.8M 14,849.2M 12,613.1M 11,027.0M 10,382.4M
Capital Employed 19,988.2M 19,383.3M 19,276.7M 17,018.3M 13,751.6M 12,159.8M 10,472.3M 10,231.6M
Invested Capital 18,733.2M 17,804.3M 18,296.9M 14,177.4M 11,361.4M 9,105.9M 7,914.7M 7,187.8M

Cash Flow Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Net Income 2,009.00M 1,438.00M 1,805.86M 2,309.66M 1,268.00M 1,120.00M 666.00M 691.00M
Depreciation & Amortization 0.00M 0.00M 1,172.00M 884.87M 660.18M 548.95M 482.51M 463.00M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 0.00M 0.00M -665.13M 413.00M -1,279.70M -187.72M -606.00M -385.00M
Accounts Receivable 0.00M 0.00M -1,167.80M -709.00M -860.00M -152.90M -393.00M -198.00M
Inventory 0.00M 0.00M 29.12M 47.32M -206.48M -227.20M 2.47M 0.38M
Accounts Payable 0.00M 0.00M 367.36M 0.00M 149.42M 216.64M 0.00M 192.16M
Other Working Capital 0.00M 0.00M 106.19M 1,075.00M -362.12M -24.26M -215.00M -187.00M
Other Non-Cash Items -2,009.00M -1,438.00M 55.12M -580.68M 16.56M 3.15M -33.55M 528.00M
Net Cash from Operating Activities 0.00M 0.00M 2,367.85M 3,026.86M 665.05M 1,484.38M 508.97M 1,297.00M
Capital Expenditures (PPE) 0.00M 0.00M -3,586.89M -2,862.00M -421.46M -679.45M -315.41M -329.00M
Acquisitions (Net) 0.00M 0.00M -623.88M 12.85M -321.21M -287.22M 40.73M 64.13M
Purchases of Investments 0.00M 0.00M -11.32M -99.56M -111.82M -2.47M -2.38M -2.73M
Sales / Maturities of Investments 0.00M 0.00M 1.70M 4.62M 0.00M 0.00M 0.00M 272.30M
Other Investing Activities 0.00M 0.00M -312.79M -326.62M -480.65M -32.32M -257.36M -264.70M
Net Cash from Investing Activities 0.00M 0.00M -4,533.17M -3,270.71M -1,335.14M -1,001.47M -534.42M -260.00M
Net Debt Issuance 0.00M 0.00M 3,470.41M 1,447.05M 1,135.96M 125.59M 131.28M -180.81M
Long-Term Debt Issuance 0.00M 0.00M 1,185.41M 1,047.00M 535.96M -24.41M -48.72M -30.00M
Short-Term Debt Issuance 0.00M 0.00M 2,285.00M 400.00M 600.00M 150.00M 180.00M -150.00M
Net Stock Issuance 0.00M 0.00M -246.20M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock Repurchased 0.00M 0.00M -246.20M 0.00M 0.00M 0.00M 0.00M 0.00M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M 0.00M -473.75M -393.13M -338.96M -233.25M -232.46M -179.24M
Common Dividends Paid 0.00M 0.00M -473.75M -393.13M -338.96M -233.25M -232.46M -179.24M
Preferred Dividends Paid 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 0.00M 0.00M 0.00M -235.36M -82.38M -0.06M 0.00M -59.94M
Net Cash from Financing Activities 0.00M 0.00M 2,750.46M 818.57M 714.62M -107.72M -101.17M -420.00M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash 0.00M 0.00M 585.14M 574.72M 44.53M 375.19M -126.62M -1,960.27M
Cash at Beginning of Period 0.00M 0.00M 4,062.46M 3,487.74M 3,443.22M 3,068.03M 3,194.65M 2,577.27M
Cash at End of Period 0.00M 0.00M 4,647.60M 4,062.46M 3,487.74M 3,443.22M 3,068.03M 617.00M
Operating Cash Flow 0.00M 0.00M 2,367.85M 3,026.86M 665.05M 1,484.38M 508.97M 1,297.00M
Capital Expenditure 0.00M 0.00M -3,565.02M -2,874.54M -421.46M -679.45M -315.41M -329.00M
Free Cash Flow 0.00M 0.00M -1,197.17M 152.32M 243.59M 804.93M 193.56M 968.00M

Free Cash Flow

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
EBITDA 4,295.98M 3,034.59M 3,911.87M 3,074.93M 2,569.17M 2,025.07M 1,505.71M 1,459.00M
(-) Tax Adjustment 1,503.59M 1,062.11M 1,369.15M 1,069.00M 899.21M 705.72M 527.00M 510.65M
(-) Change In Working Capital 0.00M 0.00M -665.13M 413.00M -1,279.70M -187.72M -606.00M -385.00M
(-) Capital Expenditure 0.00M 0.00M -3,565.02M -2,874.54M -421.46M -679.45M -315.41M -329.00M
Unlevered Free Cash Flow 2,792.38M 1,972.48M -357.18M -1,281.61M 2,528.20M 827.61M 1,269.31M 1,004.35M
(-) Net Interest Income After Taxes -27.84M -9.77M -21.01M -8.55M -7.14M -5.83M -5.98M -6.82M
Net Debt Issuance 0.00M 0.00M 3,470.41M 1,447.05M 1,135.96M 125.59M 131.28M -180.81M
Levered Free Cash Flow 2,820.23M 1,982.26M 3,134.24M 173.99M 3,671.29M 959.03M 1,406.57M 830.36M