# MATSUDA SANGYO 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－第77期(2025/04/01－2026/03/31) (S100YGWM)
> Page: https://vizora.meequs.com/en/company/matsuda-sangyo
> Retrieved: 2026-09-30T21:03:13.563Z

## Company

Matsuda Sangyo, founded in 1951, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 1,761 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUDA SANGYO Co.,Ltd. |
| Ticker | 7456 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7456.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿一丁目26番2号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 松田芳明 |
| Founded | Jun 1951 |
| Share capital | ¥3.56B |
| Employees (consolidated) | 1,761 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.matsuda-sangyo.co.jp (https://www.matsuda-sangyo.co.jp/) |
| Corporate number | 2011101020140 |
| EDINET | E02821 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Specialty Trading & Wholesale, Waste Management & Recycling |

> Profile source: annual securities report (S100YGWM, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 24 |
| Profitability | 22 | 25 |
| Cash conversion | 6 | 25 |
| Efficiency | 98 | 25 |
| Financial strength | 59.1 | 11 |

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 83% of Matsuda Sangyo's sales come from Precious metals business segment, with Food business segment making up much of the rest.
- 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%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥687.8B |  |
| Operating income | ¥22.4B | Margin 3.3% |
| Net income | ¥16.8B | Margin 2.4% |
| Free cash flow | -¥15.2B |  |
| Largest business | Precious metals business segment | of segment revenue 82.9% |
| Employees (consolidated) | 1,761 |  |
| EPS | ¥508.72 |  |
| Book value per share | ¥3718.62 |  |
| Equity ratio | 52.0% |  |
| Shares outstanding | 26,908,000 |  |
| Treasury shares | 991,400 |  |
| Shareholders | 18,975 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 6.4% | Net cash -¥32.2B · Cash ÷ revenue 2.1% |
| Vs. industry median margin | -2.3 pp | Non-ferrous Metals & Wires |
| ROE | 16.3% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, one segment accounts for 86% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥231559000000 | ¥687843000000 | +197.0% |
| Operating income | ¥8038000000 | ¥22437000000 | +179.1% |
| Operating margin | 3.5% | 3.3% | -0.2 pp |
| Employees | 1,468 people | 1,761 people | +20.0% |
| Cash and equivalents | ¥8803000000 | ¥14501000000 | +64.7% |

### 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 |
| --- | ---: |
| 貴金属関連事業 → 貴金属関連事業 | 66.1% |
| 食品関連事業 → 食品関連事業 | 17.1% |
| 食品関連事業 → 事業再編・廃止 | 16.8% |
| 新設・再編 → 貴金属関連事業 | 16.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 687,843 | 100.0% | S100YGWM |
| Cost of revenue | 639,779 | 93.0% | S100YGWM |
| Gross profit | 48,064 | 7.0% | S100YGWM |
| SG&A | 25,626 | 3.7% | S100YGWM |
| Operating income | 22,437 | 3.3% | S100YGWM |
| Ordinary income | 23,549 | 3.4% | S100YGWM |
| Pretax income | 23,452 | 3.4% | S100YGWM |
| Income tax | 6,546 | 1.0% | S100YGWM |
| Net income | 16,906 | 2.5% | S100YGWM |
| Net income attributable to owners | 16,753 | 2.4% | S100YGWM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 4 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 7.0% → Operating margin 3.3% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +46.7%; Core profit growth: +77.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.65×
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 | 468,841 | 687,843 | 219,002 | +46.7% |
| Gross profit | 35,202 | 48,064 | 12,862 | +36.5% |
| Operating income | 12,676 | 22,437 | 9,761 | +77.0% |
| Net income attributable to owners | 9,456 | 16,753 | 7,297 | +77.2% |
| Operating cash flow | 2,542 | -8,961 | -11,503 | -452.5% |
| Free cash flow | -1,536 | -15,178 | -13,642 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 210,976 | 6,241 | 3.0% | 4,046 | -422 | -3,059 | S100LNCT |
| FY ending Mar 2021 | 231,559 | 8,038 | 3.5% | 6,098 | 185 | -3,414 | S100OI1W |
| FY ending Mar 2022 | 272,292 | 12,681 | 4.7% | 9,558 | 7,032 | 4,538 | S100R6BD |
| FY ending Mar 2023 | 351,028 | 13,818 | 3.9% | 9,696 | 10,646 | -1,126 | S100TS4E |
| FY ending Mar 2024 | 360,527 | 9,356 | 2.6% | 7,286 | 1,833 | -5,940 | S100W2EX |
| FY ending Mar 2025 | 468,841 | 12,676 | 2.7% | 9,456 | 2,542 | -1,536 | S100YGWM |
| FY ending Mar 2026 | 687,843 | 22,437 | 3.3% | 16,753 | -8,961 | -15,178 | S100YGWM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥390.6M |
| Operating income per employee (consolidated) | ¥12.7M |
| Net income per employee (consolidated) | ¥9.5M |

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) | 1,500 | 1,605 | 1,624 | 1,698 | 1,761 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.3M | ¥6.4M | ¥6.8M |
| Average age (parent company) | 38.7 years | 38.8 years | 39.6 years | 39.7 years | 39.7 years |
| Average tenure (parent company) | 11.3 years | 11.3 years | 11.9 years | 12.1 years | 12.1 years |

Year over year: Employees (consolidated) +3.7% · Revenue (consolidated) +46.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precious metals business segment | 570,422 | 82.9% | 19,342 | 3.4% |
| Food business segment | 117,421 | 17.1% | 3,095 | 2.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precious metals business segment | 82.9% | 86.2% | 3.3 | 3.4% |
| Food business segment | 17.1% | 13.8% | -3.3 | 2.6% |

Segment → industry: Precious metals business segment → Non-ferrous Metals & Wires / Food business segment → Specialty Trading & Wholesale / Precious metals business segment → Waste Management & Recycling

## 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 | -8,961 | -1.3% | S100YGWM |
| Capital expenditure | 6,217 | 0.9% | S100YGWM |
| Free cash flow | -15,178 | -2.2% | 算出 |
| Investing cash flow | -4,448 | -0.6% | S100YGWM |
| Financing cash flow | 16,274 | 2.4% | S100YGWM |
| Dividends paid | 2,332 | 0.3% | S100YGWM |
| Share buyback | 292 | 0.0% | S100YGWM |
| Change in cash | 3,072 | 0.4% | S100YGWM |
| Cash and equivalents | 14,501 | 2.1% | S100YGWM |

## 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 | 11,379 | 11,761 | 14,449 | 11,428 | 14,501 | S100TS4E, S100W2EX, S100YGWM |
| Total assets | 115,797 | 129,208 | 148,937 | 169,259 | 227,771 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Net assets | 74,420 | 84,648 | 91,374 | 100,134 | 119,049 | S100TS4E, S100W2EX, S100YGWM |
| Share capital | 3,559 | 3,559 | 3,559 | 3,559 | 3,559 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Trade receivables | 26,104 | 25,615 | 31,990 | 34,088 | 48,762 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Property, plant and equipment | 20,777 | 29,205 | 34,335 | 37,998 | 40,765 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Intangible assets excluding goodwill | 772 | 1,341 | 2,135 | 3,246 | 3,005 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Investment securities | 5,484 | 5,825 | 6,984 | 7,894 | 9,792 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Current assets | 86,073 | 89,327 | 102,300 | 116,124 | 170,704 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Current liabilities | 33,592 | 27,893 | 44,516 | 48,613 | 83,998 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Short-term borrowings | 9,724 | 2,346 | 15,559 | 11,542 | 25,797 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Long-term borrowings | 4,239 | 13,023 | 10,021 | 17,047 | 20,803 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Bonds | — | — | — | 100 | 100 | S100YGWM |
| Interest-bearing debt | — | — | — | 28,689 | 46,700 | 算出 |
| Total liabilities | 41,377 | 44,560 | 57,562 | 69,124 | 108,721 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Non-controlling interests | 122 | 166 | 259 | 391 | 587 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Equity attributable to owners of parent | 74,095 | 82,512 | 87,965 | 95,737 | 109,866 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Retained earnings | 69,940 | 75,939 | 81,793 | 89,565 | 103,986 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |
| Treasury stock | -3,413 | -995 | -1,395 | -1,396 | -1,688 | S100R6BD, S100TS4E, S100W2EX, S100YGWM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YGWM |
| Receivables | 22% | S100YGWM |
| Property, plant and equipment | 18% | S100YGWM |
| Intangibles and goodwill | 1% | S100YGWM |
| Investment securities | 4% | S100YGWM |
| Other assets | 49% | S100YGWM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 27% | S100YGWM |
| Equity | 52% | S100YGWM |
| Other liabilities | 0% | S100YGWM |

### 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 | 115,797 | 129,208 | 148,937 | 169,259 | 227,771 |
| Equity | 74,420 | 84,648 | 91,374 | 100,134 | 119,049 |
| Interest-bearing debt | — | — | — | 28,689 | 46,700 |
| Cash | 11,379 | 11,761 | 14,449 | 11,428 | 14,501 |

## 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) | 5.9% | S100YGWM |
| Fixed assets ÷ total assets | 17.9% | S100YGWM |
| Goodwill ÷ parent equity | — | —, S100YGWM |

### 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) | 6.4% |
| Cash ÷ revenue | 2.1% |
| Net cash (cash − interest-bearing debt) | -¥32.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -39.9% |
| Cash vs. profit gap | -25,714 JPY mn (of net income -153.5%) |
| Shareholder returns / net income | 15.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 | 3.5% | 2.35× | 8.3% | 1.56× | 12.9% | S100R6BD |
| 2023 | 2.8% | 2.87× | 7.9% | 1.56× | 12.4% | S100TS4E |
| 2024 | 2.0% | 2.59× | 5.2% | 1.63× | 8.5% | S100W2EX |
| 2025 | 2.0% | 2.95× | 5.9% | 1.73× | 10.3% | S100YGWM |
| 2026 | 2.4% | 3.46× | 8.4% | 1.93× | 16.3% | S100YGWM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松田物産株式会社 | Major shareholder | 13.4% | 2026-03-31 |
| 松 田 芳 明 | Major shareholder | 11.3% | 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 | 8.1% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 松 田 和 子 | Major shareholder | 3.0% | 2026-03-31 |
| 對 馬 純 子 | Major shareholder | 3.0% | 2026-03-31 |
| 住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| 松 田 邦 子 | Major shareholder | 1.9% | 2026-03-31 |
| 松 田 洋 明 | Major shareholder | 1.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 grew +46.7%, from ¥468.8B to ¥687.8B.
- Profit grew faster than sales: operating income rose +77.0% to ¥22.4B and net income +77.2% to ¥16.8B.
- Cash went the other way. Operating cash flow swung from ¥2.54B to -¥8.96B, and free cash flow came to -¥15.2B.

### Drivers

- More scrap came in for recycling, including from jewelry, and precious metal prices rose across the board
- The food business sold more seafood, meat and produce, and passed higher ingredient costs on to customers
- Bigger receivables and inventories were the main drag on operating cash flow

### Risks

- Metal buying and selling prices follow market prices and exchange rates, and forward contracts cannot hedge all of it
- A food safety problem leading to an import ban would hit the food business
- Tighter environmental rules could require extra plant spending in the precious metals business

Cited: Annual Securities Report, 77th term (Apr 2025 - Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 77th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YGWM | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGWM,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W2EX | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2EX,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TS4E | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS4E,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R6BD | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BD,, |
| 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) | S100OI1W | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI1W,, |
| 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) | S100LNCT | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNCT,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日鉄マイクロメタル株式会社 | Supply/OEM | 日鉄マイクロメタルのボンディングワイヤ等の販売代理店契約（仕入の提携） | S100YGWM |

## 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).