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Matsuda SangyoMATSUDA SANGYO Co.,Ltd.7456東証プライム卸売業FY ending Mar 2026, consolidated, J-GAAP

Matsuda Sangyo revenue and profit

Out of every ¥100 of sales, about ¥3 is left as operating profit. Revenue changed +46.7% from the prior year, operating profit +77.0%.

Five-year trend

Revenue¥687.8B
FY ending Mar 2022: ¥272.3B¥272.3BFY ending Mar 2023: ¥351B¥351BFY ending Mar 2024: ¥360.5B¥360.5BFY ending Mar 2025: ¥468.8B¥468.8BFY ending Mar 2026: ¥687.8B¥687.8BFY22FY23FY24FY25FY26
Operating income¥22.4B
FY ending Mar 2022: ¥12.7B¥12.7BFY ending Mar 2023: ¥13.8B¥13.8BFY ending Mar 2024: ¥9.36B¥9.36BFY ending Mar 2025: ¥12.7B¥12.7BFY ending Mar 2026: ¥22.4B¥22.4BFY22FY23FY24FY25FY26
Operating margin3.3%
FY ending Mar 2022: 4.7%4.7%FY ending Mar 2023: 3.9%3.9%FY ending Mar 2024: 2.6%2.6%FY ending Mar 2025: 2.7%2.7%FY ending Mar 2026: 3.3%3.3%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin2.4%
Asset turnover3.46×
ROA8.4%
ROA8.4%
Financial leverage1.93×
ROE16.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin2.4%
2022: 3.5%3.5%2023: 2.8%2.8%2024: 2.0%2.0%2025: 2.0%2.0%2026: 2.4%2.4%2223242526
Asset turnover3.46×
2022: 2.35×2.35×2023: 2.87×2.87×2024: 2.59×2.59×2025: 2.95×2.95×2026: 3.46×3.46×2223242526
ROA8.4%
2022: 8.3%8.3%2023: 7.9%7.9%2024: 5.2%5.2%2025: 5.9%5.9%2026: 8.4%8.4%2223242526
Financial leverage1.93×
2022: 1.56×1.56×2023: 1.56×1.56×2024: 1.63×1.63×2025: 1.73×1.73×2026: 1.93×1.93×2223242526
ROE16.3%
2022: 12.9%12.9%2023: 12.4%12.4%2024: 8.5%8.5%2025: 10.3%10.3%2026: 16.3%16.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20223.5%2.35×8.3%1.56×12.9%
20232.8%2.87×7.9%1.56×12.4%
20242.0%2.59×5.2%1.63×8.5%
20252.0%2.95×5.9%1.73×10.3%
20262.4%3.46×8.4%1.93×16.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue5.9%
2021: 8.7%8.7%2022: 7.6%7.6%2023: 8.3%8.3%2024: 9.5%9.5%2025: 8.1%8.1%2026: 5.9%5.9%212223242526
PPE ÷ total assets17.9%
2021: 19.4%19.4%2022: 17.9%17.9%2023: 22.6%22.6%2024: 23.1%23.1%2025: 22.4%22.4%2026: 17.9%17.9%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥530M
2021: ¥295M¥295M2022: ¥293M¥293M2023: ¥278M¥278M2024: ¥313M¥313M2025: ¥397M¥397M2026: ¥530M¥530M212223242526
R&D / revenue0.1%
2021: 0.1%0.1%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%2026: 0.1%0.1%212223242526
Receivable days26d
2021: 38d38d2022: 35d35d2023: 27d27d2024: 32d32d2025: 27d27d2026: 26d26d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue272,292351,028360,527468,841687,843
Cost of revenue242,339317,728330,446433,638639,779
Gross profit29,95333,29930,08035,20248,064
SG&A17,27219,48120,72422,52625,626
Operating income12,68113,8189,35612,67622,437
Pretax income13,73413,97510,55113,52323,452
Income tax4,1634,2473,2343,9776,546
Net income attributable to owners9,5589,6967,2869,45616,753
Operating margin4.7%3.9%2.6%2.7%3.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

6%
Receivables 22%
Property, plant and equipment 18%
1%
4%
Other assets 49%

Funding

Interest-bearing debt 21%
Other liabilities 27%
Equity 52%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥11.4B¥11.8B¥14.4B¥11.4B¥14.5B
Total assets¥115.8B¥129.2B¥148.9B¥169.3B¥227.8B
Net assets¥74.4B¥84.6B¥91.4B¥100.1B¥119B
Share capital¥3.56B¥3.56B¥3.56B¥3.56B¥3.56B
Trade receivables¥26.1B¥25.6B¥32B¥34.1B¥48.8B
Property, plant and equipment¥20.8B¥29.2B¥34.3B¥38B¥40.8B
Intangible assets excluding goodwill¥772M¥1.34B¥2.13B¥3.25B¥3B
Investment securities¥5.48B¥5.83B¥6.98B¥7.89B¥9.79B
Current assets¥86.1B¥89.3B¥102.3B¥116.1B¥170.7B
Current liabilities¥33.6B¥27.9B¥44.5B¥48.6B¥84B
Short-term borrowings¥9.72B¥2.35B¥15.6B¥11.5B¥25.8B
Long-term borrowings¥4.24B¥13B¥10B¥17B¥20.8B
Bonds———¥100M¥100M
Interest-bearing debt———¥28.7Bderived¥46.7Bderived
Total liabilities¥41.4B¥44.6B¥57.6B¥69.1B¥108.7B
Non-controlling interests¥122M¥166M¥259M¥391M¥587M
Equity attributable to owners of parent¥74.1B¥82.5B¥88B¥95.7B¥109.9B
Retained earnings¥69.9B¥75.9B¥81.8B¥89.6B¥104B
Treasury stock-¥3.41B-¥995M-¥1.4B-¥1.4B-¥1.69B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第77期(2025/04/01－2026/03/31)

    ID S100YGWM2026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2024/04/01－2025/03/31)

    ID S100W2EX2025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2023/04/01－2024/03/31)

    ID S100TS4E2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(2022/04/01－2023/03/31)

    ID S100R6BD2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(令和3年4月1日－令和4年3月31日)

    ID S100OI1W2022-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第72期(令和2年4月1日－令和3年3月31日)

    ID S100LNCT2021-06-24Open

Extracted from XBRL: 53 / Derived from other figures: 2

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