# SAKAI HEAVY INDUSTRIES, 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78期(2025/04/01－2026/03/31) (S100YKE1)
> Page: https://vizora.meequs.com/en/company/sakai-heavy-industries
> Retrieved: 2026-09-30T21:50:50.940Z

## Company

Sakai Heavy Industries, founded in 1918, is a company in Construction & Farm Machinery listed on TSE Prime. It has 618 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKAI HEAVY INDUSTRIES, LTD. |
| Ticker | 6358 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6358.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝大門1丁目9番9号 |
| Representative (per filing) | 代表取締役社長 酒井 一郎 |
| Founded | May 1918 |
| Share capital | ¥3.43B |
| Employees (consolidated) | 618 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Corporate number | 1010401011081 |
| EDINET | E01610 |
| Industries (Vizora) | Construction & Farm Machinery |

> Profile source: annual securities report (S100YKE1, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Construction & Farm Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.1 | 17 |
| Profitability | 34.4 | 16 |
| Cash conversion | 36.7 | 15 |
| Efficiency | 26.5 | 17 |

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 63% of Sakai Heavy Industries's sales come from Japan, with the United States of America and Republic of Indonesia making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit +0.3%.

## Company structure

- Segment revenue mix: Japan 63.2%、the United States of America 26.3%、Republic of Indonesia 9.7%、People's Republic of China 0.8%
- Revenue → net income: ¥27541409000 → ¥1768102000
- Net income → operating cash flow: ¥1768102000 → ¥878030000（difference ¥-890072000）
- Main uses of operating cash flow: CapEx ¥618425000 / dividends ¥902013000 / buybacks ¥1320000
- Change in cash: ¥-1106441000
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 | ¥27.5B |  |
| Operating income | ¥1.59B | Margin 5.8% |
| Net income | ¥1.76B | Margin 6.4% |
| Free cash flow | ¥259.6M |  |
| Largest business | Japan | of segment revenue 63.2% |
| Employees (consolidated) | 618 |  |
| EPS | ¥110.65 |  |
| Book value per share | ¥2268.62 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 8,890,000 |  |
| Treasury shares | 315,300 |  |
| Shareholders | 9,219 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 23.6% |
| Vs. industry median margin | -2.8 pp | Construction & Farm Machinery |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -51 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 | ¥21624456000 | ¥27541409000 | +27.4% |
| Operating income | ¥701249000 | ¥1588144000 | +126.5% |
| Operating margin | 3.2% | 5.8% | +2.5 pp |
| Employees | 602 people | 618 people | +2.7% |
| Cash and equivalents | ¥6847106000 | ¥6492851000 | -5.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 63.2% |
| 日本 → 事業再編・廃止 | 17.2% |
| 米国 → 米国 | 15.0% |
| インドネシア → インドネシア | 2.7% |
| 中国 → 中国 | 0.8% |
| 中国 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 米国 | 11.3% |
| 新設・再編 → インドネシア | 6.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +0.0% | ¥17411161000 | 1.1% | 2 |
| the United States of America | 5 years | +17.4% | ¥7252004000 | 9.2% | 2 |
| Republic of Indonesia | 5 years | +35.3% | ¥2660822000 | 28.0% | 2 |
| People's Republic of China | 5 years | -11.4% | ¥217421000 | -21.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,541 | 100.0% | S100YKE1 |
| Cost of revenue | 19,856 | 72.1% | S100YKE1 |
| Gross profit | 7,685 | 27.9% | S100YKE1 |
| SG&A | 6,097 | 22.1% | S100YKE1 |
| Operating income | 1,588 | 5.8% | S100YKE1 |
| Ordinary income | 1,581 | 5.7% | S100YKE1 |
| Pretax income | 2,527 | 9.2% | S100YKE1 |
| Income tax | 759 | 2.8% | S100YKE1 |
| Net income | 1,768 | 6.4% | S100YKE1 |
| Net income attributable to owners | 1,763 | 6.4% | S100YKE1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 22 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 27.9% → Operating margin 5.8% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.1%; Core profit growth: +0.3%
Operating leverage (core profit growth ÷ revenue growth): -0.25×
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 | 27,854 | 27,541 | -313 | -1.1% |
| Gross profit | 7,675 | 7,685 | 11 | +0.1% |
| Operating income | 1,584 | 1,588 | 4 | +0.3% |
| Net income attributable to owners | 1,436 | 1,763 | 327 | +22.8% |
| Operating cash flow | 399 | 878 | 479 | +119.9% |
| Free cash flow | -12 | 260 | 272 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,744 | 960 | 4.2% | 470 | 3,448 | 2,548 | S100LS4R |
| FY ending Mar 2021 | 21,624 | 701 | 3.2% | 4 | 1,526 | 946 | S100OIPY |
| FY ending Mar 2022 | 26,599 | 1,383 | 5.2% | 1,427 | 2,360 | 2,072 | S100R8VV |
| FY ending Mar 2023 | 31,460 | 2,506 | 8.0% | 1,694 | 1,893 | 1,498 | S100TVAK |
| FY ending Mar 2024 | 33,021 | 3,319 | 10.1% | 2,441 | 2,482 | 2,126 | S100W9E1 |
| FY ending Mar 2025 | 27,854 | 1,584 | 5.7% | 1,436 | 399 | -12 | S100YKE1 |
| FY ending Mar 2026 | 27,541 | 1,588 | 5.8% | 1,763 | 878 | 260 | S100YKE1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.6M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 620 | 611 | 618 | 622 | 618 |
| Average salary (parent company) | ¥5.9M | ¥6.1M | ¥6.6M | ¥6.5M | ¥6.2M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 39.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 13.0 years | 13.0 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) -1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 17,411 | 63.2% | 190 | 1.1% |
| the United States of America | 7,252 | 26.3% | 665 | 9.2% |
| Republic of Indonesia | 2,661 | 9.7% | 744 | 28.0% |
| People's Republic of China | 217 | 0.8% | -47 | -21.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 63.2% | 11.9% | -51.3 | 1.1% |
| the United States of America | 26.3% | 41.6% | 15.3 | 9.2% |
| Republic of Indonesia | 9.7% | 46.5% | 36.8 | 28.0% |
| People's Republic of China | 0.8% | — | — | -21.4% |

Loss-making segment (excluded from profit shares): People's Republic of China -47 JPY mn

Segment → industry: People's Republic of China → Construction & Farm Machinery / Republic of Indonesia → Construction & Farm Machinery / the United States of America → Construction & Farm Machinery / Japan → Construction & Farm Machinery

## 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 | 878 | 3.2% | S100YKE1 |
| Capital expenditure | 618 | 2.2% | S100YKE1 |
| Free cash flow | 260 | 0.9% | 算出 |
| Investing cash flow | -561 | -2.0% | S100YKE1 |
| Financing cash flow | -1,518 | -5.5% | S100YKE1 |
| Dividends paid | 902 | 3.3% | S100YKE1 |
| Share buyback | 1 | 0.0% | S100YKE1 |
| Change in cash | -1,106 | -4.0% | S100YKE1 |
| Cash and equivalents | 6,493 | 23.6% | S100YKE1 |

## 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 | 7,926 | 7,417 | 8,245 | 7,599 | 6,493 | S100TVAK, S100W9E1, S100YKE1 |
| Total assets | 37,859 | 40,805 | 44,237 | 42,625 | 43,936 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Net assets | 23,161 | 25,296 | 29,166 | 30,131 | 31,677 | S100TVAK, S100W9E1, S100YKE1 |
| Share capital | 3,258 | 3,296 | 3,337 | 3,382 | 3,425 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Trade receivables | 7,138 | 8,069 | 7,098 | 5,339 | 6,406 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Property, plant and equipment | 6,985 | 7,384 | 7,574 | 7,885 | 7,952 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Intangible assets excluding goodwill | 481 | 308 | 255 | 519 | 528 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Investment securities | 3,422 | 3,827 | 6,036 | 5,662 | 6,117 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Current assets | 25,076 | 27,440 | 28,637 | 26,611 | 27,545 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Current liabilities | 13,530 | 14,378 | 13,181 | 10,430 | 9,985 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Trade payables | 2,079 | 2,515 | 1,664 | 1,591 | 1,247 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Short-term borrowings | 5,689 | 4,751 | 4,629 | 4,804 | 4,613 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Long-term borrowings | 17 | 58 | 156 | 117 | 79 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Total liabilities | 14,697 | 15,509 | 15,071 | 12,494 | 12,259 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Non-controlling interests | 48 | 63 | 72 | 80 | 82 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Equity attributable to owners of parent | 21,088 | 22,075 | 23,703 | 24,034 | 24,981 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Retained earnings | 11,729 | 12,642 | 14,192 | 14,436 | 15,297 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |
| Treasury stock | -404 | -405 | -410 | -411 | -413 | S100R8VV, S100TVAK, S100W9E1, S100YKE1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YKE1 |
| Receivables | 15% | S100YKE1 |
| Property, plant and equipment | 18% | S100YKE1 |
| Intangibles and goodwill | 1% | S100YKE1 |
| Investment securities | 14% | S100YKE1 |
| Other assets | 37% | S100YKE1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YKE1 |
| Other liabilities | 25% | S100YKE1 |
| Equity | 72% | S100YKE1 |
| Other liabilities | 0% | S100YKE1 |

### 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 | 37,859 | 40,805 | 44,237 | 42,625 | 43,936 |
| Equity | 23,161 | 25,296 | 29,166 | 30,131 | 31,677 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,926 | 7,417 | 8,245 | 7,599 | 6,493 |

## 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) | 28.9% | S100YKE1 |
| Fixed assets ÷ total assets | 18.1% | S100YKE1 |
| Goodwill ÷ parent equity | — | —, S100YKE1 |

### 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) | 14.8% |
| Cash ÷ revenue | 23.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.3% |
| Cash vs. profit gap | -885 JPY mn (of net income -50.2%) |
| Shareholder returns / net income | 51.2% |
| Shareholder returns / FCF | 348.0% |
| Shareholder payments — dividends / net income | 51.2% |
| Shareholder payments — dividends / FCF | 347.5% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 63.9% |

## 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 | 5.4% | 0.70× | 3.8% | 1.80× | 6.8% | S100R8VV |
| 2023 | 5.4% | 0.80× | 4.3% | 1.82× | 7.9% | S100TVAK |
| 2024 | 7.4% | 0.78× | 5.7% | 1.86× | 10.7% | S100W9E1 |
| 2025 | 5.2% | 0.64× | 3.3% | 1.82× | 6.0% | S100YKE1 |
| 2026 | 6.4% | 0.64× | 4.1% | 1.77× | 7.2% | S100YKE1 |

## 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 | 10.8% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.5% | 2026-03-31 |
| 酒井 一郎 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| ニチレキグループ株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 油研工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YKE1 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKE1,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W9E1 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9E1,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TVAK | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVAK,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R8VV | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8VV,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OIPY | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIPY,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LS4R | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS4R,, |

## 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).