# SAGAMI RUBBER INDUSTRIES 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93期(2025/04/01－2026/03/31) (S100YL8G)
> Page: https://vizora.meequs.com/en/company/sagami-rubber-industries
> Retrieved: 2026-09-30T20:31:32.919Z

## Company

Sagami Rubber Industries, founded in 1934, is a company in Medical Devices listed on TSE Standard. It has 737 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAGAMI RUBBER INDUSTRIES CO., LTD. |
| Ticker | 5194 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5194.T) |
| Listing | TSE Standard |
| Head office | 神奈川県厚木市元町2番1号 |
| Representative (per filing) | 代表取締役社長 大跡 賢介 |
| Founded | Jan 1934 |
| Share capital | ¥547.4M |
| Employees (consolidated) | 737 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | sagami-gomu.co.jp (https://sagami-gomu.co.jp/) |
| Corporate number | 7021001019772 |
| EDINET | E01095 |
| Industries (Vizora) | Medical Devices, Food Packaging, Toiletries & Household Products |

> Profile source: annual securities report (S100YL8G, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 10 |
| Profitability | 27.8 | 9 |
| Cash conversion | 83.3 | 9 |
| Efficiency | 5 | 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)

- About 79% of Sagami Rubber Industries's sales come from Health care business, with Plastic products business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.9% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Health care business 79.1%、Plastic products business 20.1%、Other 0.8%
- Revenue → net income: ¥5911127000 → ¥259013000
- Net income → operating cash flow: ¥259013000 → ¥587340000（difference ¥328327000）
- Main uses of operating cash flow: CapEx ¥132698000 / dividends ¥108728000 / buybacks ¥346000
- Change in cash: ¥-194657000
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 | ¥5.91B |  |
| Operating income | ¥180.6M | Margin 3.1% |
| Net income | ¥283.5M | Margin 4.8% |
| Free cash flow | ¥454.6M |  |
| Largest business | Health care business | of segment revenue 79.1% |
| Employees (consolidated) | 737 |  |
| EPS | ¥57.55 |  |
| Book value per share | ¥1158.96 |  |
| Equity ratio | 60.6% |  |
| Shares outstanding | 10,937,000 |  |
| Treasury shares | 81,400 |  |
| Shareholders | 2,929 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 9.1% | Cash ÷ revenue 29.4% |
| Vs. industry median margin | -8 pp | Medical Devices |
| ROE | 2.8% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5586476000 | ¥5911127000 | +5.8% |
| Operating income | ¥1171597000 | ¥180564000 | -84.6% |
| Operating margin | 21.0% | 3.1% | -17.9 pp |
| Employees | 871 people | 737 people | -15.4% |
| Cash and equivalents | ¥1474580000 | ¥1737736000 | +17.8% |

### 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 |
| --- | ---: |
| ヘルスケア事業 → ヘルスケア事業 | 75.7% |
| プラスチック製品事業 → プラスチック製品事業 | 20.1% |
| プラスチック製品事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 2.9% |
| 新設・再編 → ヘルスケア事業 | 3.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Health care business | 5 years | +2.0% | ¥4675714000 | 16.3% | 2 |
| Plastic products business | 5 years | +0.6% | ¥1190665000 | -3.0% | 2 |
| Other | 5 years | -26.2% | ¥44747000 | -97.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,911 | 100.0% | S100YL8G |
| Cost of revenue | 4,347 | 73.5% | S100YL8G |
| Gross profit | 1,564 | 26.5% | S100YL8G |
| SG&A | 1,384 | 23.4% | S100YL8G |
| Operating income | 181 | 3.1% | S100YL8G |
| Ordinary income | 588 | 9.9% | S100YL8G |
| Pretax income | 601 | 10.2% | S100YL8G |
| Income tax | 342 | 5.8% | S100YL8G |
| Net income | 259 | 4.4% | S100YL8G |
| Net income attributable to owners | 284 | 4.8% | S100YL8G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 23 |
| Operating income | 3 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.5% → Operating margin 3.1% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 5,688 | 5,911 | 223 | +3.9% |
| Gross profit | 1,469 | 1,564 | 95 | +6.5% |
| Operating income | -34 | 181 | 215 | — |
| Net income attributable to owners | 393 | 284 | -109 | -27.8% |
| Operating cash flow | 790 | 587 | -203 | -25.7% |
| Free cash flow | 692 | 455 | -237 | -34.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,563 | 1,296 | 19.7% | 902 | 1,229 | 614 | S100LR1K |
| FY ending Mar 2021 | 5,586 | 1,172 | 21.0% | 598 | 1,407 | -753 | S100OIXY |
| FY ending Mar 2022 | 5,415 | 1,088 | 20.1% | 1,098 | 905 | 230 | S100R8EJ |
| FY ending Mar 2023 | 5,985 | 661 | 11.0% | 674 | 899 | 712 | S100TTZK |
| FY ending Mar 2024 | 6,113 | 436 | 7.1% | 41 | 374 | 242 | S100W6AQ |
| FY ending Mar 2025 | 5,688 | -34 | -0.6% | 393 | 790 | 692 | S100YL8G |
| FY ending Mar 2026 | 5,911 | 181 | 3.1% | 284 | 587 | 455 | S100YL8G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8M |
| Operating income per employee (consolidated) | ¥245K |
| Net income per employee (consolidated) | ¥384.7K |

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) | 796 | 809 | 854 | 790 | 737 |
| Average salary (parent company) | ¥4.4M | ¥4.5M | ¥5.1M | ¥5M | ¥4.7M |
| Average age (parent company) | 39.6 years | 40.1 years | 40.7 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 15.8 years | 16.4 years | 16.6 years | 15.3 years | 16.0 years |

Year over year: Employees (consolidated) -6.7% · Revenue (consolidated) +3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Health care business | 4,676 | 79.1% | 762 | 16.3% |
| Plastic products business | 1,191 | 20.1% | -36 | -3.0% |
| Other | 45 | 0.8% | -43 | -97.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Health care business | 79.1% | 100.0% | 20.9 | 16.3% |
| Plastic products business | 20.1% | — | — | -3.0% |
| Other | 0.8% | — | — | -97.1% |

Loss-making segment (excluded from profit shares): Plastic products business -36 JPY mn

Loss-making segment (excluded from profit shares): Other -43 JPY mn

Segment → industry: Health care business → Medical Devices / Plastic products business → Food Packaging / Health care business → Toiletries & Household Products

## 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 | 587 | 9.9% | S100YL8G |
| Capital expenditure | 133 | 2.2% | S100YL8G |
| Free cash flow | 455 | 7.7% | 算出 |
| Investing cash flow | 6 | 0.1% | S100YL8G |
| Financing cash flow | -808 | -13.7% | S100YL8G |
| Dividends paid | 109 | 1.8% | S100YL8G |
| Share buyback | 0 | 0.0% | S100YL8G |
| Change in cash | -195 | -3.3% | S100YL8G |
| Cash and equivalents | 1,738 | 29.4% | S100YL8G |

## 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 | 1,531 | 1,850 | 1,192 | 1,932 | 1,738 | S100TTZK, S100W6AQ, S100YL8G |
| Total assets | 17,039 | 18,148 | 17,716 | 18,636 | 19,152 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Net assets | 8,923 | 9,947 | 10,103 | 11,117 | 11,887 | S100TTZK, S100W6AQ, S100YL8G |
| Share capital | 547 | 547 | 547 | 547 | 547 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Inventories | 1,931 | 2,117 | 2,187 | 2,435 | 2,453 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Property, plant and equipment | 10,735 | 11,189 | 10,910 | 11,302 | 11,618 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Intangible assets excluding goodwill | 13 | 10 | 8 | 6 | 17 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Investment securities | 465 | 522 | 805 | 970 | 1,319 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Current assets | 5,565 | 6,194 | 5,835 | 6,251 | 6,081 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Current liabilities | 6,381 | 6,721 | 6,717 | 6,838 | 6,605 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Trade payables | 262 | 185 | 310 | 190 | 208 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Short-term borrowings | 5,282 | 5,455 | 5,324 | 5,515 | 5,249 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Long-term borrowings | 1,217 | 953 | 421 | 141 | — | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Total liabilities | 8,116 | 8,201 | 7,613 | 7,518 | 7,265 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Non-controlling interests | 266 | 290 | 259 | 279 | 281 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Equity attributable to owners of parent | 9,187 | 9,751 | 9,683 | 9,967 | 10,142 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Retained earnings | 7,998 | 8,563 | 8,496 | 8,780 | 8,955 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |
| Treasury stock | -36 | -36 | -36 | -36 | -37 | S100R8EJ, S100TTZK, S100W6AQ, S100YL8G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YL8G |
| Inventories | 13% | S100YL8G |
| Property, plant and equipment | 61% | S100YL8G |
| Intangibles and goodwill | 0% | S100YL8G |
| Investment securities | 7% | S100YL8G |
| Other assets | 10% | S100YL8G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 1% | S100YL8G |
| Other liabilities | 37% | S100YL8G |
| Equity | 62% | S100YL8G |
| Other liabilities | 0% | S100YL8G |

### 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 | 17,039 | 18,148 | 17,716 | 18,636 | 19,152 |
| Equity | 8,923 | 9,947 | 10,103 | 11,117 | 11,887 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,531 | 1,850 | 1,192 | 1,932 | 1,738 |

## 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) | 196.5% | S100YL8G |
| Fixed assets ÷ total assets | 60.7% | S100YL8G |
| Goodwill ÷ parent equity | — | —, S100YL8G |

### 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) | 9.1% |
| Cash ÷ revenue | 29.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 325.3% |
| Cash vs. profit gap | 304 JPY mn (of net income 107.2%) |
| Shareholder returns / net income | 38.5% |
| Shareholder returns / FCF | 24.0% |
| Shareholder payments — dividends / net income | 38.4% |
| Shareholder payments — dividends / FCF | 23.9% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 1.1% |

## 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 | 20.3% | 0.32× | 6.4% | 1.85× | 11.9% | S100R8EJ |
| 2023 | 11.3% | 0.34× | 3.8% | 1.86× | 7.1% | S100TTZK |
| 2024 | 0.7% | 0.34× | 0.2% | 1.85× | 0.4% | S100W6AQ |
| 2025 | 6.9% | 0.31× | 2.2% | 1.85× | 4.0% | S100YL8G |
| 2026 | 4.8% | 0.31× | 1.5% | 1.88× | 2.8% | S100YL8G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| MSCO CUSTOMER SECURITIES（常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 12.7% | 2026-03-31 |
| 大 跡 一 郎 | Major shareholder | 9.9% | 2026-03-31 |
| 大 跡 典 子 | Major shareholder | 9.1% | 2026-03-31 |
| ㈱横浜銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 中 島 章 智 | Major shareholder | 4.3% | 2026-03-31 |
| 三菱UFJ信託銀行㈱ | Major shareholder | 3.8% | 2026-03-31 |
| NOMURA SINGAPORE LIMITED CUSTOMER SEGREGATED A/C FJ-1309 （常任代理人 野村證券㈱） | Major shareholder | 3.4% | 2026-03-31 |
| 相模産業㈱ | Major shareholder | 3.0% | 2026-03-31 |
| OASIS INVESTMENTS II MASTER FUND LTD. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YL8G | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL8G,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W6AQ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6AQ,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TTZK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTZK,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R8EJ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8EJ,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OIXY | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIXY,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LR1K | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR1K,, |

## 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).