# NARASAKI 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83期(2025/04/01－2026/03/31) (S100YHOM)
> Page: https://vizora.meequs.com/en/company/narasaki
> Retrieved: 2026-09-30T21:33:50.411Z

## Company

Narasaki Sangyo, founded in 1943, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 740 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NARASAKI SANGYO CO., LTD. |
| Ticker | 8085 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8085.T) |
| Listing | TSE Standard |
| Head office | 札幌市中央区大通西7丁目3番地1 (上記は登記上の本店所在地であります。なお、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長兼社長執行役員 中村 克久 |
| Founded | Oct 1943 |
| Share capital | ¥2.35B |
| Employees (consolidated) | 740 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.narasaki.co.jp (https://www.narasaki.co.jp/) |
| Corporate number | 2430001035966 |
| EDINET | E02579 |
| Industries (Vizora) | Specialty Trading & Wholesale, Shipping |

> Profile source: annual securities report (S100YHOM, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.8 | 179 |
| Profitability | 45.1 | 185 |
| Cash conversion | 49.4 | 179 |
| Efficiency | 75.9 | 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 52% of Narasaki Sangyo's sales come from Building materials and fuel-related businesses, with Electric-related business and Shipping-related businesses making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.9% from the prior year, operating profit +0.2%.

## Company structure

- Segment revenue mix: Building materials and fuel-related businesses 52.4%、Electric-related business 26.5%、Shipping-related businesses 13.3%、Machine-related business 7.9%
- Revenue → net income: ¥120282000000 → ¥2280000000
- Net income → operating cash flow: ¥2280000000 → ¥3014000000（difference ¥734000000）
- Main uses of operating cash flow: CapEx ¥1249000000 / dividends ¥607000000 / buybacks ¥481000000
- Change in cash: ¥243000000
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 | ¥120.3B |  |
| Operating income | ¥3.07B | Margin 2.6% |
| Net income | ¥2.24B | Margin 1.9% |
| Free cash flow | ¥1.76B |  |
| Largest business | Building materials and fuel-related businesses | of segment revenue 52.4% |
| Employees (consolidated) | 740 |  |
| EPS | ¥367.15 |  |
| Book value per share | ¥4164.03 |  |
| Equity ratio | 46.4% |  |
| Shares outstanding | 5,325,600 |  |
| Treasury shares | 321,400 |  |
| Shareholders | 1,746 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 20.5% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | -0.3 pp | Specialty Trading & Wholesale |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -24 points
- FY2026, employees -1% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥87168000000 | ¥120282000000 | +38.0% |
| Operating income | ¥1883000000 | ¥3068000000 | +62.9% |
| Operating margin | 2.2% | 2.6% | +0.4 pp |
| Employees | 738 people | 740 people | +0.3% |
| Cash and equivalents | ¥11239000000 | ¥12852000000 | +14.4% |

### 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 |
| --- | ---: |
| 電機関連事業 → 電機関連事業 | 25.9% |
| 機械関連事業 → 機械関連事業 | 7.9% |
| 機械関連事業 → 事業再編・廃止 | 0.4% |
| 建設・エネルギー関連事業 → 建設・エネルギー関連事業 | 45.3% |
| 海運関連事業 → 海運関連事業 | 13.3% |
| 海運関連事業 → 事業再編・廃止 | 2.9% |
| 建設機械関連事業 → 事業再編・廃止 | 4.3% |
| 新設・再編 → 電機関連事業 | 0.5% |
| 新設・再編 → 建設・エネルギー関連事業 | 7.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building materials and fuel-related businesses | 5 years | +8.8% | ¥62983000000 | 1.4% | 2 |
| Electric-related business | 5 years | +6.1% | ¥31824000000 | 4.3% | 2 |
| Shipping-related businesses | 5 years | +1.7% | ¥16005000000 | 2.5% | 2 |
| Machine-related business | 5 years | +4.8% | ¥9469000000 | 4.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 120,282 | 100.0% | S100YHOM |
| Cost of revenue | 107,428 | 89.3% | S100YHOM |
| Gross profit | 12,854 | 10.7% | S100YHOM |
| SG&A | 9,786 | 8.1% | S100YHOM |
| Operating income | 3,068 | 2.6% | S100YHOM |
| Ordinary income | 3,170 | 2.6% | S100YHOM |
| Pretax income | 3,341 | 2.8% | S100YHOM |
| Income tax | 1,061 | 0.9% | S100YHOM |
| Net income | 2,280 | 1.9% | S100YHOM |
| Net income attributable to owners | 2,242 | 1.9% | S100YHOM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.7% → Operating margin 2.6% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.9%; Core profit growth: +0.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.03×
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 | 112,512 | 120,282 | 7,770 | +6.9% |
| Gross profit | 11,985 | 12,854 | 869 | +7.3% |
| Operating income | 3,062 | 3,068 | 6 | +0.2% |
| Net income attributable to owners | 2,241 | 2,242 | 1 | +0.0% |
| Operating cash flow | 61 | 3,014 | 2,953 | +4841.0% |
| Free cash flow | -1,569 | 1,765 | 3,334 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 98,697 | 2,359 | 2.4% | 1,594 | 2,241 | 1,728 | S100LUL0 |
| FY ending Mar 2021 | 87,168 | 1,883 | 2.2% | 1,472 | 2,079 | 1,665 | S100OL57 |
| FY ending Mar 2022 | 94,797 | 2,303 | 2.4% | 1,566 | 815 | 569 | S100R9JE |
| FY ending Mar 2023 | 99,927 | 2,798 | 2.8% | 2,139 | 2,434 | 2,023 | S100TWEG |
| FY ending Mar 2024 | 107,455 | 2,982 | 2.8% | 2,301 | 3,159 | 2,785 | S100WDQG |
| FY ending Mar 2025 | 112,512 | 3,062 | 2.7% | 2,241 | 61 | -1,569 | S100YHOM |
| FY ending Mar 2026 | 120,282 | 3,068 | 2.6% | 2,242 | 3,014 | 1,765 | S100YHOM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥162.5M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3M |

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) | 725 | 703 | 723 | 749 | 740 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.8M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 42.3 years | 42.9 years | 42.7 years | 42.7 years | 42.6 years |
| Average tenure (parent company) | 16.2 years | 16.6 years | 16.2 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric-related business | 31,824 | 26.5% | 1,370 | 4.3% |
| Machine-related business | 9,469 | 7.9% | 417 | 4.4% |
| Building materials and fuel-related businesses | 62,983 | 52.4% | 876 | 1.4% |
| Shipping-related businesses | 16,005 | 13.3% | 398 | 2.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric-related business | 26.5% | 44.8% | 18.3 | 4.3% |
| Machine-related business | 7.9% | 13.6% | 5.8 | 4.4% |
| Building materials and fuel-related businesses | 52.4% | 28.6% | -23.7 | 1.4% |
| Shipping-related businesses | 13.3% | 13.0% | -0.3 | 2.5% |

Segment → industry: Building materials and fuel-related businesses → Specialty Trading & Wholesale / Machine-related business → Specialty Trading & Wholesale / Electric-related business → Specialty Trading & Wholesale / Shipping-related businesses → Shipping

## 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 | 3,014 | 2.5% | S100YHOM |
| Capital expenditure | 1,249 | 1.0% | S100YHOM |
| Free cash flow | 1,765 | 1.5% | 算出 |
| Investing cash flow | -1,736 | -1.4% | S100YHOM |
| Financing cash flow | -1,034 | -0.9% | S100YHOM |
| Dividends paid | 607 | 0.5% | S100YHOM |
| Share buyback | 481 | 0.4% | S100YHOM |
| Change in cash | 243 | 0.2% | S100YHOM |
| Cash and equivalents | 12,852 | 10.7% | S100YHOM |

## 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 | 11,052 | 12,782 | 15,048 | 12,609 | 12,852 | S100TWEG, S100WDQG, S100YHOM |
| Total assets | 48,233 | 52,276 | 60,649 | 56,479 | 62,579 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Net assets | 19,214 | 21,266 | 24,560 | 26,700 | 29,517 | S100TWEG, S100WDQG, S100YHOM |
| Share capital | 2,354 | 2,354 | 2,354 | 2,354 | 2,354 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Property, plant and equipment | 8,586 | 8,432 | 7,673 | 8,821 | 9,764 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Intangible assets excluding goodwill | 174 | 143 | 128 | 132 | 96 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Investment securities | 3,273 | 3,478 | 4,422 | 3,952 | 4,609 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Current assets | 33,885 | 37,794 | 44,744 | 39,001 | 41,900 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Current liabilities | 24,203 | 26,435 | 31,436 | 25,314 | 27,808 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Trade payables | 12,262 | 13,971 | 16,931 | 13,631 | 16,803 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Short-term borrowings | 1,350 | 1,350 | 1,250 | 1,200 | 1,200 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Long-term borrowings | 498 | 678 | 410 | 230 | 525 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Total liabilities | 29,019 | 31,010 | 36,088 | 29,778 | 33,062 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Non-controlling interests | 459 | 497 | 528 | 562 | 462 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Equity attributable to owners of parent | 17,697 | 19,587 | 21,590 | 23,708 | 25,013 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Retained earnings | 14,735 | 16,548 | 18,470 | 20,496 | 22,127 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |
| Treasury stock | -686 | -606 | -535 | -471 | -853 | S100R9JE, S100TWEG, S100WDQG, S100YHOM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YHOM |
| Property, plant and equipment | 16% | S100YHOM |
| Intangibles and goodwill | 0% | S100YHOM |
| Investment securities | 7% | S100YHOM |
| Other assets | 56% | S100YHOM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 27% | S100YHOM |
| Other liabilities | 26% | S100YHOM |
| Equity | 47% | S100YHOM |

### 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 | 48,233 | 52,276 | 60,649 | 56,479 | 62,579 |
| Equity | 19,214 | 21,266 | 24,560 | 26,700 | 29,517 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,052 | 12,782 | 15,048 | 12,609 | 12,852 |

## 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) | 8.1% | S100YHOM |
| Fixed assets ÷ total assets | 15.6% | S100YHOM |
| Goodwill ÷ parent equity | — | —, S100YHOM |

### 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) | 20.5% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.2% |
| Cash vs. profit gap | 772 JPY mn (of net income 34.4%) |
| Shareholder returns / net income | 48.5% |
| Shareholder returns / FCF | 61.6% |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | 34.4% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 57.6% |

## 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 | 1.7% | 1.97× | 3.2% | 2.73× | 8.8% | S100R9JE |
| 2023 | 2.1% | 1.99× | 4.3% | 2.70× | 11.5% | S100TWEG |
| 2024 | 2.1% | 1.90× | 4.1% | 2.74× | 11.2% | S100WDQG |
| 2025 | 2.0% | 1.92× | 3.8% | 2.59× | 9.9% | S100YHOM |
| 2026 | 1.9% | 2.02× | 3.8% | 2.44× | 9.2% | S100YHOM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱電機㈱ | Major shareholder | 8.4% | 2026-03-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 7.6% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| ㈱UH Partners ３ | Major shareholder | 4.3% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行㈱ | Major shareholder | 3.9% | 2026-03-31 |
| ナラサキ産業社員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 極東開発工業㈱ | Major shareholder | 2.8% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券㈱） | Major shareholder | 2.6% | 2026-03-31 |
| ㈱北洋銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 住友大阪セメント㈱ | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YHOM | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOM,, |
| 訂正有価証券報告書－第82期(2024/04/01－2025/03/31) | S100WDQG | 2025-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDQG,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TWEG | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWEG,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R9JE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9JE,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OL57 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL57,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LUL0 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUL0,, |

## 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).