# S.T.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79期(2025/04/01－2026/03/31) (S100YD9M)
> Page: https://vizora.meequs.com/en/company/s-t
> Retrieved: 2026-09-30T20:18:05.264Z

## Company

S.T., founded in 1946, is a company in Toiletries & Household Products listed on TSE Prime. It has 739 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | S.T.CORPORATION |
| Ticker | 4951 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4951.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区下落合一丁目4番10号 |
| Representative (per filing) | 代表執行役社長 上月 洋 |
| Founded | Aug 1946 |
| Share capital | ¥7.07B |
| Employees (consolidated) | 739 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.st-c.co.jp (https://www.st-c.co.jp/) |
| Corporate number | 8011101003057 |
| EDINET | E01019 |
| Industries (Vizora) | Toiletries & Household Products |

> Profile source: annual securities report (S100YD9M, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15 | 10 |
| Profitability | 38.9 | 9 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 75 | 10 |

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)

- S.T. brought in ¥48.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit +19.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥48492000000 → ¥1731000000
- Net income → operating cash flow: ¥1731000000 → ¥2073000000（difference ¥342000000）
- Main uses of operating cash flow: CapEx ¥1017000000 / dividends ¥927000000 / buybacks ¥0
- Change in cash: ¥234000000
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 | ¥48.5B |  |
| Operating income | ¥1.99B | Margin 4.1% |
| Net income | ¥1.61B | Margin 3.3% |
| Free cash flow | ¥1.06B |  |
| Employees (consolidated) | 739 |  |
| EPS | ¥90.6 |  |
| Book value per share | ¥1530.11 |  |
| Equity ratio | 73.1% |  |
| Shares outstanding | 23,000,000 |  |
| Treasury shares | 1,913,900 |  |
| Shareholders | 28,994 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 22.0% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | -0.4 pp | Toiletries & Household Products |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -9% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49673733000 | ¥48492000000 | -2.4% |
| Operating income | ¥3945100000 | ¥1986000000 | -49.7% |
| Operating margin | 7.9% | 4.1% | -3.8 pp |
| Employees | 997 people | 739 people | -25.9% |
| Cash and equivalents | ¥11831000000 | ¥10119000000 | -14.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,492 | 100.0% | S100YD9M |
| Cost of revenue | 30,247 | 62.4% | S100YD9M |
| Gross profit | 18,244 | 37.6% | S100YD9M |
| SG&A | 16,257 | 33.5% | S100YD9M |
| Operating income | 1,986 | 4.1% | S100YD9M |
| Ordinary income | 2,416 | 5.0% | S100YD9M |
| Pretax income | 2,508 | 5.2% | S100YD9M |
| Income tax | 776 | 1.6% | S100YD9M |
| Net income | 1,731 | 3.6% | S100YD9M |
| Net income attributable to owners | 1,615 | 3.3% | S100YD9M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 34 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 37.6% → Operating margin 4.1% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.8%; Core profit growth: +19.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 25.18×
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 | 48,114 | 48,492 | 378 | +0.8% |
| Gross profit | 17,928 | 18,244 | 316 | +1.8% |
| Operating income | 1,658 | 1,986 | 328 | +19.8% |
| Net income attributable to owners | 2,834 | 1,615 | -1,219 | -43.0% |
| Operating cash flow | 3,295 | 2,073 | -1,222 | -37.1% |
| Free cash flow | 2,269 | 1,056 | -1,213 | -53.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,546 | 3,374 | 7.1% | 2,261 | 3,638 | 2,237 | S100LJ64 |
| FY ending Mar 2021 | 49,674 | 3,945 | 7.9% | 2,526 | 4,423 | 2,851 | S100OAQE |
| FY ending Mar 2022 | 45,469 | 3,250 | 7.1% | 1,109 | 2,666 | 908 | S100QZFB |
| FY ending Mar 2023 | 45,576 | 2,416 | 5.3% | 1,828 | 4,362 | 3,219 | S100TN44 |
| FY ending Mar 2024 | 44,472 | 1,341 | 3.0% | 1,274 | 1,644 | 801 | S100VY3A |
| FY ending Mar 2025 | 48,114 | 1,658 | 3.4% | 2,834 | 3,295 | 2,269 | S100YD9M |
| FY ending Mar 2026 | 48,492 | 1,986 | 4.1% | 1,615 | 2,073 | 1,056 | S100YD9M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.6M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 953 | 859 | 827 | 814 | 739 |
| Average salary (parent company) | ¥6.9M | ¥6.8M | ¥7.1M | ¥7.3M | ¥8.1M |
| Average age (parent company) | 43.1 years | 42.8 years | 42.3 years | 42.1 years | 42.0 years |
| Average tenure (parent company) | 17.4 years | 17.0 years | 15.9 years | 15.2 years | 15.4 years |

Year over year: Employees (consolidated) -9.2% · Revenue (consolidated) +0.8%

## 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 | 2,073 | 4.3% | S100YD9M |
| Capital expenditure | 1,017 | 2.1% | S100YD9M |
| Free cash flow | 1,056 | 2.2% | 算出 |
| Investing cash flow | -638 | -1.3% | S100YD9M |
| Financing cash flow | -1,266 | -2.6% | S100YD9M |
| Dividends paid | 927 | 1.9% | S100YD9M |
| Share buyback | 0 | 0.0% | S100YD9M |
| Change in cash | 234 | 0.5% | S100YD9M |
| Cash and equivalents | 10,119 | 20.9% | S100YD9M |

## 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 | 11,843 | 14,004 | 13,576 | 9,885 | 10,119 | S100TN44, S100VY3A, S100YD9M |
| Total assets | 44,402 | 46,116 | 44,760 | 45,843 | 46,032 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Net assets | 31,847 | 32,961 | 33,800 | 33,236 | 34,303 | S100TN44, S100VY3A, S100YD9M |
| Share capital | 7,065 | 7,065 | 7,065 | 7,065 | 7,065 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Property, plant and equipment | 10,120 | 9,655 | 9,476 | 9,289 | 9,151 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Intangible assets excluding goodwill | 1,444 | 1,358 | 1,217 | 4,413 | 3,821 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Goodwill | — | — | — | 1,229 | 1,095 | S100YD9M |
| Investment securities | 5,653 | 5,795 | 6,201 | 5,948 | 6,340 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Current assets | 26,105 | 28,154 | 26,885 | 24,776 | 25,742 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Current liabilities | 10,700 | 11,394 | 9,463 | 10,928 | 10,144 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Trade payables | 2,195 | 2,883 | 2,135 | 2,409 | 2,259 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Short-term borrowings | 413 | 497 | 454 | 513 | 397 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Total liabilities | 12,554 | 13,155 | 10,960 | 12,606 | 11,729 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Non-controlling interests | 573 | 570 | 640 | 669 | 672 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Equity attributable to owners of parent | 30,070 | 31,038 | 31,451 | 30,906 | 31,592 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Retained earnings | 16,978 | 17,928 | 18,280 | 13,552 | 14,239 | S100QZFB, S100TN44, S100VY3A, S100YD9M |
| Treasury stock | -1,020 | -1,002 | -942 | -3,233 | -3,234 | S100QZFB, S100TN44, S100VY3A, S100YD9M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YD9M |
| Property, plant and equipment | 20% | S100YD9M |
| Intangibles and goodwill | 10% | S100YD9M |
| Investment securities | 14% | S100YD9M |
| Other assets | 34% | S100YD9M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YD9M |
| Other liabilities | 21% | S100YD9M |
| Equity | 74% | S100YD9M |

### 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 | 44,402 | 46,116 | 44,760 | 45,843 | 46,032 |
| Equity | 31,847 | 32,961 | 33,800 | 33,236 | 34,303 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,843 | 14,004 | 13,576 | 9,885 | 10,119 |

## 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) | 18.9% | S100YD9M |
| Fixed assets ÷ total assets | 19.9% | S100YD9M |
| Goodwill ÷ parent equity | 3.5% | S100YD9M |

### 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) | 22.0% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.4% |
| Cash vs. profit gap | 458 JPY mn (of net income 28.4%) |
| Shareholder returns / net income | 57.4% |
| Shareholder returns / FCF | 87.8% |
| Shareholder payments — dividends / net income | 57.4% |
| Shareholder payments — dividends / FCF | 87.8% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 30.8% |

## 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 | 2.4% | 1.02× | 2.5% | 1.48× | 3.7% | S100QZFB |
| 2023 | 4.0% | 1.01× | 4.0% | 1.48× | 6.0% | S100TN44 |
| 2024 | 2.9% | 0.98× | 2.8% | 1.45× | 4.1% | S100VY3A |
| 2025 | 5.9% | 1.06× | 6.3% | 1.45× | 9.1% | S100YD9M |
| 2026 | 3.3% | 1.06× | 3.5% | 1.47× | 5.2% | S100YD9M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| 鈴木 幹一 | Major shareholder | 7.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 6.3% | 2026-03-31 |
| 鈴木 貴子 | Major shareholder | 5.0% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 （注） | Major shareholder | 4.2% | 2026-03-31 |
| 鈴木 喬 | Major shareholder | 2.6% | 2026-03-31 |
| フマキラー株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 三上 千津子 | Major shareholder | 2.6% | 2026-03-31 |
| 有限会社鈴木誠一商店 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YD9M | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD9M,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100VY3A | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY3A,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TN44 | 2024-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN44,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100QZFB | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZFB,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OAQE | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAQE,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LJ64 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ64,, |

## 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).