# Fujii Sangyo Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第72期(2025/04/01－2026/03/31) (S100YJUL)
> Page: https://vizora.meequs.com/en/company/fujii-sangyo
> Retrieved: 2026-09-30T19:52:27.263Z

## Company

Fujii Sangyo, founded in 1947, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 932 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fujii Sangyo Corporation |
| Ticker | 9906 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9906.T) |
| Listing | TSE Standard |
| Head office | 栃木県宇都宮市平出工業団地41番地3 |
| Representative (per filing) | 代表取締役社長 藤井昌一 |
| Founded | Aug 1947 |
| Share capital | ¥1.88B |
| Employees (consolidated) | 932 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.fujii.co.jp (https://www.fujii.co.jp/) |
| Corporate number | 2060001003812 |
| EDINET | E02747 |
| Industries (Vizora) | Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJUL, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.6 | 179 |
| Profitability | 83.5 | 185 |
| Cash conversion | 27.7 | 179 |
| Efficiency | 53.2 | 185 |

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 56% of Fujii Sangyo's sales come from Material innovations company, with Infrastructure solutions company and Komatsu tochigi making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Material innovations company 56.1%、Infrastructure solutions company 36.3%、Komatsu tochigi 6.1%、Other 1.4%
- Revenue → net income: ¥105856000000 → ¥5039000000
- Net income → operating cash flow: ¥5039000000 → ¥4016000000（difference ¥-1023000000）
- Main uses of operating cash flow: CapEx ¥1081000000 / dividends ¥1312000000 / buybacks —
- Change in cash: ¥2957000000
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 | ¥105.9B |  |
| Operating income | ¥6.2B | Margin 5.9% |
| Net income | ¥4.85B | Margin 4.6% |
| Free cash flow | ¥2.94B |  |
| Largest business | Material innovations company | of segment revenue 56.1% |
| Employees (consolidated) | 932 |  |
| EPS | ¥502.96 |  |
| Book value per share | ¥4216.41 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 10,010,000 |  |
| Treasury shares | 1,542,500 |  |
| Shareholders | 1,479 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 31.7% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | +3 pp | Specialty Trading & Wholesale |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥77428866000 | ¥105856000000 | +36.7% |
| Operating income | ¥3399055000 | ¥6199000000 | +82.4% |
| Operating margin | 4.4% | 5.9% | +1.5 pp |
| Employees | 809 people | 932 people | +15.2% |
| Cash and equivalents | ¥14076075000 | ¥22139000000 | +57.3% |

### 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 |
| --- | ---: |
| 電設資材 → 事業再編・廃止 | 40.5% |
| 産業システム → 事業再編・廃止 | 13.3% |
| 施工 → 事業再編・廃止 | 37.4% |
| 土木建設機械 → 事業再編・廃止 | 8.1% |
| 再生可能エネルギー発電 → 事業再編・廃止 | 0.7% |
| 新設・再編 → マテリアルイノベーションズカンパニー | 56.1% |
| 新設・再編 → インフラソリューションズカンパニー | 36.3% |
| 新設・再編 → コマツ栃木 | 6.1% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Material innovations company | 3 years | +9.6% | ¥59382000000 | 6.5% | 2 |
| Infrastructure solutions company | 3 years | +9.6% | ¥38461000000 | 6.3% | 2 |
| Komatsu tochigi | 3 years | -1.7% | ¥6490000000 | 10.1% | 2 |
| Other | 4 years | +0.4% | ¥1521000000 | 22.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 105,856 | 100.0% | S100YJUL |
| Cost of revenue | 88,436 | 83.5% | S100YJUL |
| Gross profit | 17,420 | 16.5% | S100YJUL |
| SG&A | 11,220 | 10.6% | S100YJUL |
| Operating income | 6,199 | 5.9% | S100YJUL |
| Ordinary income | 6,820 | 6.4% | S100YJUL |
| Pretax income | 7,291 | 6.9% | S100YJUL |
| Income tax | 2,251 | 2.1% | S100YJUL |
| Net income | 5,039 | 4.8% | S100YJUL |
| Net income attributable to owners | 4,854 | 4.6% | S100YJUL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 16.5% → Operating margin 5.9% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.54×
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 | 96,100 | 105,856 | 9,756 | +10.2% |
| Gross profit | 15,715 | 17,420 | 1,705 | +10.8% |
| Operating income | 5,360 | 6,199 | 839 | +15.7% |
| Net income attributable to owners | 4,123 | 4,854 | 731 | +17.7% |
| Operating cash flow | 5,243 | 4,016 | -1,227 | -23.4% |
| Free cash flow | 2,975 | 2,935 | -40 | -1.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 79,019 | 3,078 | 3.9% | 1,959 | 1,549 | 786 | S100LSPF |
| FY ending Mar 2021 | 77,429 | 3,399 | 4.4% | 2,380 | 5,331 | 4,234 | S100OJ1J |
| FY ending Mar 2022 | 74,929 | 3,137 | 4.2% | 2,397 | 3,687 | 2,982 | S100RV7S |
| FY ending Mar 2023 | 82,715 | 3,675 | 4.4% | 2,743 | 1,786 | 1,224 | S100TXN2 |
| FY ending Mar 2024 | 91,060 | 4,967 | 5.5% | 3,658 | 2,011 | 1,767 | S100W86F |
| FY ending Mar 2025 | 96,100 | 5,360 | 5.6% | 4,123 | 5,243 | 2,975 | S100YJUL |
| FY ending Mar 2026 | 105,856 | 6,199 | 5.9% | 4,854 | 4,016 | 2,935 | S100YJUL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥113.6M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 836 | 839 | 881 | 907 | 932 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥6.9M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 40.6 years | 41.1 years | 40.7 years | 39.8 years | 40.2 years |
| Average tenure (parent company) | 15.0 years | 15.6 years | 14.8 years | 13.3 years | 13.9 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) +10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Material innovations company | 59,382 | 56.1% | 3,840 | 6.5% |
| Infrastructure solutions company | 38,461 | 36.3% | 2,425 | 6.3% |
| Komatsu tochigi | 6,490 | 6.1% | 655 | 10.1% |
| Other | 1,521 | 1.4% | 346 | 22.7% |

### 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 |
| --- | ---: |
| Material innovations company | 56.1% |
| Infrastructure solutions company | 36.3% |
| Komatsu tochigi | 6.1% |
| Other | 1.4% |

Segment → industry: Infrastructure solutions company → Plant Engineering & Building Services / Komatsu tochigi → Specialty Trading & Wholesale / Material innovations company → Specialty Trading & Wholesale

## 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 | 4,016 | 3.8% | S100YJUL |
| Capital expenditure | 1,081 | 1.0% | S100YJUL |
| Free cash flow | 2,935 | 2.8% | 算出 |
| Investing cash flow | 1,021 | 1.0% | S100YJUL |
| Financing cash flow | -2,080 | -2.0% | S100YJUL |
| Dividends paid | 1,312 | 1.2% | S100YJUL |
| Change in cash | 2,957 | 2.8% | S100YJUL |
| Cash and equivalents | 22,139 | 20.9% | S100YJUL |

## 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 | 16,637 | 16,955 | 18,143 | 19,182 | 22,139 | S100TXN2, S100W86F, S100YJUL |
| Total assets | 54,002 | 58,735 | 64,630 | 66,704 | 69,949 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Net assets | 30,557 | 33,066 | 36,730 | 40,078 | 44,341 | S100TXN2, S100W86F, S100YJUL |
| Share capital | 1,884 | 1,884 | 1,884 | 1,883 | 1,883 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Property, plant and equipment | 9,079 | 9,093 | 8,996 | 10,735 | 10,047 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Intangible assets excluding goodwill | 312 | 232 | 152 | 149 | 90 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Goodwill | 181 | 133 | 84 | 36 | — | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Investment securities | 2,871 | 3,074 | 3,630 | 4,061 | 4,364 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Current assets | 40,207 | 44,824 | 50,385 | 50,413 | 54,171 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Current liabilities | 21,119 | 23,297 | 25,272 | 23,856 | 22,813 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Trade payables | 16,322 | 17,995 | 17,128 | 17,211 | 15,276 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Short-term borrowings | 1,300 | 1,000 | 1,000 | 550 | — | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Bonds | 78 | 66 | 60 | — | — | S100RV7S, S100TXN2, S100W86F |
| Total liabilities | 23,445 | 25,669 | 27,900 | 26,625 | 25,608 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Non-controlling interests | 1,922 | 2,042 | 2,300 | 2,423 | 2,679 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Equity attributable to owners of parent | 28,115 | 30,393 | 33,398 | 36,675 | 40,217 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Retained earnings | 25,109 | 27,387 | 30,409 | 33,686 | 37,228 | S100RV7S, S100TXN2, S100W86F, S100YJUL |
| Treasury stock | -953 | -953 | -970 | -970 | -970 | S100RV7S, S100TXN2, S100W86F, S100YJUL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YJUL |
| Property, plant and equipment | 14% | S100YJUL |
| Intangibles and goodwill | 0% | S100YJUL |
| Investment securities | 6% | S100YJUL |
| Other assets | 48% | S100YJUL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YJUL |
| Other liabilities | 15% | S100YJUL |
| Equity | 63% | S100YJUL |

### 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 | 54,002 | 58,735 | 64,630 | 66,704 | 69,949 |
| Equity | 30,557 | 33,066 | 36,730 | 40,078 | 44,341 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,637 | 16,955 | 18,143 | 19,182 | 22,139 |

## 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) | 9.5% | S100YJUL |
| Fixed assets ÷ total assets | 14.4% | S100YJUL |
| Goodwill ÷ parent equity | — | —, S100YJUL |

### 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) | 31.7% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.8% |
| Cash vs. profit gap | -838 JPY mn (of net income -17.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.0% |
| Shareholder payments — dividends / FCF | 44.7% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 25.4% |

## 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 | 3.2% | 1.39× | 4.4% | 1.92× | 8.5% | S100RV7S |
| 2023 | 3.3% | 1.47× | 4.9% | 1.93× | 9.4% | S100TXN2 |
| 2024 | 4.0% | 1.48× | 5.9% | 1.93× | 11.5% | S100W86F |
| 2025 | 4.3% | 1.46× | 6.3% | 1.87× | 11.8% | S100YJUL |
| 2026 | 4.6% | 1.55× | 7.1% | 1.78× | 12.6% | S100YJUL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤井 昌一 | Major shareholder | 11.5% | 2026-03-31 |
| 藤和コンサル㈱ | Major shareholder | 10.8% | 2026-03-31 |
| 藤井産業取引先持株会 | Major shareholder | 9.5% | 2026-03-31 |
| 藤井 幸子 | Major shareholder | 7.2% | 2026-03-31 |
| ㈱足利銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 小林 保子 | Major shareholder | 4.3% | 2026-03-31 |
| ㈱群馬銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 藤井産業社員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 杉本電機産業㈱ | Major shareholder | 3.5% | 2026-03-31 |
| 藤井コンサル㈱ | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YJUL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJUL,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W86F | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W86F,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TXN2 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXN2,, |
| 訂正有価証券報告書－第69期(2022/04/01－2023/03/31) | S100RV7S | 2023-09-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RV7S,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OJ1J | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ1J,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LSPF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSPF,, |

## 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).