# CK SAN-ETSU METALS Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書 (S100YIA1)
> Page: https://vizora.meequs.com/en/company/ck-san-etsu-metals
> Retrieved: 2026-09-30T17:56:53.282Z

## Company

CK San-Etsu Metals, founded in 1963, is a company in Auto Parts listed on TSE Prime. It has 1,015 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CK SAN-ETSU Co.,Ltd. |
| Ticker | 5757 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5757.T) |
| Listing | TSE Prime |
| Head office | 富山県高岡市守護町二丁目12番1号 |
| Representative (per filing) | 代表取締役社長 釣谷 宏行 |
| Founded | Jul 1963 |
| Share capital | ¥2.76B |
| Employees (consolidated) | 1,015 |
| Fiscal year end | March |
| Website | www.cksanetu.co.jp (https://www.cksanetu.co.jp/) |
| Corporate number | 7230001010051 |
| EDINET | E01321 |
| Industries (Vizora) | Auto Parts, Non-ferrous Metals & Wires, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YIA1, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74 | 25 |
| Profitability | 71.2 | 26 |
| Cash conversion | 18 | 25 |
| Efficiency | 83.3 | 27 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 88% of CK San-Etsu Metals's sales come from BRASS, with FITTING,GALVANIZING and PRECISION making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +19.4% from the prior year, operating profit +38.0%.

## Company structure

- Segment revenue mix: BRASS 88.0%、FITTING,GALVANIZING 8.0%、PRECISION 4.0%
- Revenue → net income: ¥149438000000 → ¥4310000000
- Net income → operating cash flow: ¥4310000000 → ¥2965000000（difference ¥-1345000000）
- Main uses of operating cash flow: CapEx ¥3874000000 / dividends ¥785000000 / buybacks ¥1266000000
- Change in cash: ¥-2403000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥149.4B |  |
| Operating income | ¥14.2B | Margin 9.5% |
| Net income | ¥3.59B | Margin 2.4% |
| Free cash flow | -¥909M |  |
| Largest business | BRASS | of segment revenue 88.0% |
| Employees (consolidated) | 1,015 |  |
| EPS | ¥60.85 |  |
| Book value per share | ¥1737.16 |  |
| Equity ratio | 56.3% |  |
| Shares outstanding | 8,867,000 |  |
| Treasury shares | 5,600 |  |
| Shareholders | 7,929 |  |
| Cash ratio | 1.3% | Cash ÷ revenue 0.9% |
| Vs. industry median margin | +3.9 pp | Non-ferrous Metals & Wires |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69130000000 | ¥149438000000 | +116.2% |
| Operating income | ¥5392000000 | ¥14161000000 | +162.6% |
| Operating margin | 7.8% | 9.5% | +1.7 pp |
| Employees | 916 people | 1,015 people | +10.8% |
| Cash and equivalents | ¥1735000000 | ¥1292000000 | -25.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 伸銅 → 伸銅 | 82.2% |
| 精密部品 → 精密部品 | 4.0% |
| 精密部品 → 事業再編・廃止 | 0.6% |
| 配管・鍍金 → 配管・鍍金 | 8.0% |
| 配管・鍍金 → 事業再編・廃止 | 5.2% |
| 新設・再編 → 伸銅 | 5.7% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| BRASS | 5 years | +18.3% | ¥131442000000 | 8.5% | 2 |
| FITTING,GALVANIZING | 5 years | +5.6% | ¥11985000000 | 15.6% | 2 |
| PRECISION | 5 years | +13.6% | ¥6009000000 | 15.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 149,438 | 100.0% | S100YIA1 |
| Cost of revenue | 129,067 | 86.4% | S100YIA1 |
| Gross profit | 20,371 | 13.6% | S100YIA1 |
| SG&A | 6,209 | 4.2% | S100YIA1 |
| Operating income | 14,161 | 9.5% | S100YIA1 |
| Ordinary income | 5,636 | 3.8% | S100YIA1 |
| Pretax income | 5,954 | 4.0% | S100YIA1 |
| Income tax | 1,643 | 1.1% | S100YIA1 |
| Net income | 4,310 | 2.9% | S100YIA1 |
| Net income attributable to owners | 3,587 | 2.4% | S100YIA1 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 4 |
| Operating income | 10 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.6% → Operating margin 9.5% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.4%; Core profit growth: +38.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.95×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 125,108 | 149,438 | 24,330 | +19.4% |
| Gross profit | 15,421 | 20,371 | 4,950 | +32.1% |
| Operating income | 10,263 | 14,161 | 3,898 | +38.0% |
| Net income attributable to owners | 5,207 | 3,587 | -1,620 | -31.1% |
| Operating cash flow | 5,312 | 2,965 | -2,347 | -44.2% |
| Free cash flow | 2,992 | -909 | -3,901 | -130.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 75,447 | 4,329 | 5.7% | 3,476 | 12,070 | 9,287 | S100LL0B |
| FY ending Mar 2021 | 69,130 | 5,392 | 7.8% | 174 | -5,398 | -9,619 | S100OA0V |
| FY ending Mar 2022 | 115,343 | 10,771 | 9.3% | 4,313 | 6,280 | 4,102 | S100RFVG |
| FY ending Mar 2023 | 123,838 | 8,279 | 6.7% | 5,318 | 3,243 | 836 | S100TV6M |
| FY ending Mar 2024 | 111,433 | 7,929 | 7.1% | 3,815 | 3,698 | 970 | S100W4RZ |
| FY ending Mar 2025 | 125,108 | 10,263 | 8.2% | 5,207 | 5,312 | 2,992 | S100YIA1 |
| FY ending Mar 2026 | 149,438 | 14,161 | 9.5% | 3,587 | 2,965 | -909 | S100YIA1 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥147.2M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥3.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 928 | 928 | 924 | 912 | 1,015 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +11.3% · Revenue (consolidated) +19.4%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| BRASS | 131,442 | 88.0% | 11,177 | 8.5% |
| PRECISION | 6,009 | 4.0% | 906 | 15.1% |
| FITTING,GALVANIZING | 11,985 | 8.0% | 1,872 | 15.6% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| BRASS | 88.0% | 80.1% | -7.9 | 8.5% |
| PRECISION | 4.0% | 6.5% | 2.5 | 15.1% |
| FITTING,GALVANIZING | 8.0% | 13.4% | 5.4 | 15.6% |

Segment → industry: PRECISION → Auto Parts / BRASS → Non-ferrous Metals & Wires / FITTING,GALVANIZING → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,965 | 2.0% | S100YIA1 |
| Capital expenditure | 3,874 | 2.6% | S100YIA1 |
| Free cash flow | -909 | -0.6% | 算出 |
| Investing cash flow | -4,831 | -3.2% | S100YIA1 |
| Financing cash flow | -539 | -0.4% | S100YIA1 |
| Dividends paid | 785 | 0.5% | S100YIA1 |
| Share buyback | 1,266 | 0.8% | S100YIA1 |
| Change in cash | -2,403 | -1.6% | S100YIA1 |
| Cash and equivalents | 1,292 | 0.9% | S100YIA1 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 679 | 1,030 | 981 | 3,696 | 1,292 | S100TV6M, S100W4RZ, S100YIA1 |
| Total assets | 71,099 | 75,455 | 77,140 | 86,975 | 97,520 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Net assets | 43,893 | 49,147 | 53,608 | 59,038 | 62,648 | S100TV6M, S100W4RZ, S100YIA1 |
| Share capital | 2,756 | 2,756 | 2,756 | 2,756 | 2,756 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Property, plant and equipment | 18,467 | 17,978 | 18,542 | 21,038 | 21,239 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Intangible assets excluding goodwill | 606 | 422 | 277 | 178 | 157 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Goodwill | 164 | 74 | — | — | — | S100RFVG, S100TV6M |
| Investment securities | 1,351 | 1,343 | 1,836 | 1,759 | 2,512 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Current assets | 49,310 | 54,523 | 55,636 | 62,961 | 72,758 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Current liabilities | 24,695 | 22,801 | 20,340 | 25,021 | 30,845 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Trade payables | 9,424 | 9,337 | 8,327 | 9,250 | 11,596 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Short-term borrowings | 8,440 | 7,890 | 7,500 | 8,400 | 11,970 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Long-term borrowings | — | 776 | 441 | 102 | 1,177 | S100TV6M, S100W4RZ, S100YIA1 |
| Total liabilities | 27,205 | 26,307 | 23,532 | 27,936 | 34,871 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Non-controlling interests | 5,369 | 5,760 | 6,171 | 6,773 | 7,733 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Equity attributable to owners of parent | 38,046 | 42,833 | 46,380 | 51,339 | 53,548 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Retained earnings | 32,148 | 36,863 | 40,017 | 44,517 | 47,320 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |
| Treasury stock | -1,367 | -1,498 | -1,122 | -663 | -2,065 | S100RFVG, S100TV6M, S100W4RZ, S100YIA1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YIA1 |
| Property, plant and equipment | 22% | S100YIA1 |
| Intangibles and goodwill | 0% | S100YIA1 |
| Investment securities | 3% | S100YIA1 |
| Other assets | 74% | S100YIA1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YIA1 |
| Other liabilities | 24% | S100YIA1 |
| Equity | 64% | S100YIA1 |
| Other liabilities | 0% | S100YIA1 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 71,099 | 75,455 | 77,140 | 86,975 | 97,520 |
| Equity | 43,893 | 49,147 | 53,608 | 59,038 | 62,648 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 679 | 1,030 | 981 | 3,696 | 1,292 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 14.2% | S100YIA1 |
| Fixed assets ÷ total assets | 21.8% | S100YIA1 |
| Goodwill ÷ parent equity | — | —, S100YIA1 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 1.3% |
| Cash ÷ revenue | 0.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 20.9% |
| Cash vs. profit gap | -622 JPY mn (of net income -17.3%) |
| Shareholder returns / net income | 57.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 162.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.7% | 1.62× | 6.1% | 1.87× | 11.3% | S100RFVG |
| 2023 | 4.3% | 1.69× | 7.3% | 1.81× | 13.2% | S100TV6M |
| 2024 | 3.4% | 1.46× | 5.0% | 1.71× | 8.6% | S100W4RZ |
| 2025 | 4.2% | 1.52× | 6.3% | 1.68× | 10.7% | S100YIA1 |
| 2026 | 2.4% | 1.62× | 3.9% | 1.76× | 6.8% | S100YIA1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＣＫサンエツ取引先持株会 | Major shareholder | 11.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| ＣＫサンエツ従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社ツリヤ経営 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 富源商事株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社リケン | Major shareholder | 2.2% | 2026-03-31 |
| 東泉産業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社釣谷興産 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書 | S100YIA1 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIA1,, |
| 有価証券報告書 | S100W4RZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4RZ,, |
| 有価証券報告書 | S100TV6M | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV6M,, |
| 訂正有価証券報告書 | S100RFVG | 2023-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RFVG,, |
| 有価証券報告書 | S100OA0V | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA0V,, |
| 有価証券報告書 | S100LL0B | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL0B,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).