# SAKATA SEED CORPORATION: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第85期(2025/06/01－2026/05/31) (S100YXUM)
> Page: https://vizora.meequs.com/en/company/sakata-seed
> Retrieved: 2026-09-30T22:07:10.171Z

## Company

Sakata Seed, founded in 1913, is a company in Agriculture & Seeds listed on TSE Prime. It has 3,108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKATA SEED CORPORATION |
| Ticker | 1377 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1377.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市都筑区仲町台二丁目7番1号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 加々美 勉 |
| Founded | Jul 1913 |
| Share capital | ¥13.5B |
| Employees (consolidated) | 3,108 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | May |
| Website | corporate.sakataseed.co.jp (https://corporate.sakataseed.co.jp/) |
| Corporate number | 6020001008662 |
| EDINET | E00006 |
| Industries (Vizora) | Agriculture & Seeds |

> Profile source: annual securities report (S100YXUM, filed 2026-08-21). As of filing

## Five-axis industry profile

Primary industry: Agriculture & Seeds (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.5 | 4 |
| Profitability | 87.5 | 4 |
| Cash conversion | 50 | 3 |
| Efficiency | 12.5 | 4 |

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 Sakata Seed's sales come from Overseas wholesaling, with Domestic wholesaling and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +12.2% from the prior year, operating profit +7.1%.

## Company structure

- Segment revenue mix: Overseas wholesaling 79.5%、Domestic wholesaling 12.7%、Other 4.0%、Retailing 3.9%
- Revenue → net income: ¥104280000000 → ¥12194000000
- Net income → operating cash flow: ¥12194000000 → ¥9174000000（difference ¥-3020000000）
- Main uses of operating cash flow: CapEx ¥7327000000 / dividends ¥3463000000 / buybacks ¥3285000000
- Change in cash: ¥72000000
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 | ¥104.3B |  |
| Operating income | ¥13.1B | Margin 12.6% |
| Net income | ¥12.2B | Margin 11.7% |
| Free cash flow | ¥1.85B |  |
| Largest business | Overseas wholesaling | of segment revenue 79.5% |
| Employees (consolidated) | 3,108 |  |
| EPS | ¥138.77 |  |
| Book value per share | ¥2333.28 |  |
| Equity ratio | 82.3% |  |
| Shares outstanding | 45,410,750 |  |
| Treasury shares | 3,074,400 |  |
| Shareholders | 39,259 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 21.6% |
| Vs. industry median margin | +7.7 pp | Agriculture & Seeds |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 81% of positive segment profit

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥69218000000 | ¥104280000000 | +50.7% |
| Operating income | ¥9725000000 | ¥13122000000 | +34.9% |
| Operating margin | 14.0% | 12.6% | -1.5 pp |
| Employees | 2,559 people | 3,108 people | +21.5% |
| Cash and equivalents | ¥14758000000 | ¥22518000000 | +52.6% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内卸売事業 → 事業再編・廃止 | 24.1% |
| 海外卸売事業 → 事業再編・廃止 | 63.2% |
| 小売事業 → 事業再編・廃止 | 8.4% |
| その他 → その他 | 4.0% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 国内卸売事業 | 12.7% |
| 新設・再編 → 海外卸売事業 | 79.5% |
| 新設・再編 → 小売事業 | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas wholesaling | 2 years | +10.4% | ¥82862000000 | 25.3% | 2 |
| Domestic wholesaling | 2 years | +3.5% | ¥13193000000 | 36.6% | 2 |
| Other | 5 years | +7.1% | ¥4161000000 | 4.4% | 2 |
| Retailing | 2 years | -9.1% | ¥4062000000 | -10.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 104,280 | 100.0% | S100YXUM |
| Cost of revenue | 37,946 | 36.4% | S100YXUM |
| Gross profit | 66,334 | 63.6% | S100YXUM |
| SG&A | 53,212 | 51.0% | S100YXUM |
| Operating income | 13,122 | 12.6% | S100YXUM |
| Ordinary income | 14,278 | 13.7% | S100YXUM |
| Pretax income | 16,104 | 15.4% | S100YXUM |
| Income tax | 3,909 | 3.7% | S100YXUM |
| Net income | 12,194 | 11.7% | S100YXUM |
| Net income attributable to owners | 12,163 | 11.7% | S100YXUM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 51 |
| Operating income | 13 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 63.6% → Operating margin 12.6% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.2%; Core profit growth: +7.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.58×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 92,920 | 104,280 | 11,360 | +12.2% |
| Gross profit | 58,486 | 66,334 | 7,848 | +13.4% |
| Operating income | 12,257 | 13,122 | 865 | +7.1% |
| Net income attributable to owners | 9,711 | 12,163 | 2,452 | +25.2% |
| Operating cash flow | 5,100 | 9,174 | 4,074 | +79.9% |
| Free cash flow | -2,606 | 1,847 | 4,453 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 61,667 | 7,482 | 12.1% | 6,094 | 3,435 | 114 | S100MB3B |
| FY ending May 2021 | 69,218 | 9,725 | 14.0% | 7,636 | 11,362 | 6,673 | S100P2T6 |
| FY ending May 2022 | 73,049 | 11,181 | 15.3% | 12,256 | 10,039 | 5,248 | S100RR8S |
| FY ending May 2023 | 77,263 | 10,918 | 14.1% | 9,489 | 8,351 | 2,146 | S100UBX3 |
| FY ending May 2024 | 88,677 | 10,495 | 11.8% | 16,162 | 6,966 | -328 | S100WKSN |
| FY ending May 2025 | 92,920 | 12,257 | 13.2% | 9,711 | 5,100 | -2,606 | S100YXUM |
| FY ending May 2026 | 104,280 | 13,122 | 12.6% | 12,163 | 9,174 | 1,847 | S100YXUM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.6M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,628 | 2,691 | 2,948 | 3,040 | 3,108 |
| Average salary (parent company) | ¥6.8M | ¥6.8M | ¥6.9M | ¥7M | ¥7.3M |
| Average age (parent company) | 38.6 years | 38.7 years | 39.0 years | 39.4 years | 39.3 years |
| Average tenure (parent company) | 15.1 years | 15.2 years | 15.4 years | 15.8 years | 15.6 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +12.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic wholesaling | 13,193 | 12.7% | 4,835 | 36.6% |
| Overseas wholesaling | 82,862 | 79.5% | 20,981 | 25.3% |
| Retailing | 4,062 | 3.9% | -440 | -10.8% |
| Other | 4,161 | 4.0% | 184 | 4.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic wholesaling | 12.7% | 18.6% | 5.9 | 36.6% |
| Overseas wholesaling | 79.5% | 80.7% | 1.2 | 25.3% |
| Retailing | 3.9% | — | — | -10.8% |
| Other | 4.0% | 0.7% | -3.3 | 4.4% |

Loss-making segment (excluded from profit shares): Retailing -440 JPY mn

Segment → industry: Retailing → Agriculture & Seeds / Overseas wholesaling → Agriculture & Seeds / Domestic wholesaling → Agriculture & Seeds

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,174 | 8.8% | S100YXUM |
| Capital expenditure | 7,327 | 7.0% | S100YXUM |
| Free cash flow | 1,847 | 1.8% | 算出 |
| Investing cash flow | -5,495 | -5.3% | S100YXUM |
| Financing cash flow | -5,183 | -5.0% | S100YXUM |
| Dividends paid | 3,463 | 3.3% | S100YXUM |
| Share buyback | 3,285 | 3.2% | S100YXUM |
| Change in cash | 72 | 0.1% | S100YXUM |
| Cash and equivalents | 22,518 | 21.6% | S100YXUM |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 21,747 | 20,334 | 20,264 | 22,445 | 22,518 | S100UBX3, S100WKSN, S100YXUM |
| Total assets | 147,423 | 160,715 | 192,717 | 190,986 | 216,778 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Net assets | 125,466 | 138,080 | 160,533 | 161,768 | 178,983 | S100UBX3, S100WKSN, S100YXUM |
| Share capital | 13,500 | 13,500 | 13,500 | 13,500 | 13,500 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Property, plant and equipment | 36,506 | 40,369 | 45,865 | 48,763 | 54,323 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Intangible assets excluding goodwill | 4,405 | 4,028 | 4,892 | 3,809 | 5,149 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Goodwill | 331 | 259 | 792 | 614 | 1,074 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Investment securities | 14,077 | 16,261 | 19,720 | 18,464 | 20,326 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Current assets | 89,229 | 96,137 | 116,846 | 113,848 | 129,228 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Current liabilities | 16,105 | 15,434 | 22,906 | 20,037 | 26,076 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Trade payables | 5,208 | 5,336 | 5,666 | 6,930 | 7,927 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Short-term borrowings | 937 | 929 | 2,559 | 2,281 | 4,030 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Long-term borrowings | 553 | 536 | 1,077 | 587 | 1,552 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Total liabilities | 21,956 | 22,634 | 32,184 | 29,217 | 37,795 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Non-controlling interests | 336 | 401 | 451 | 462 | 519 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Equity attributable to owners of parent | 120,125 | 127,373 | 139,045 | 143,534 | 148,984 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Retained earnings | 101,225 | 108,467 | 121,965 | 126,607 | 133,036 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |
| Treasury stock | -5,393 | -5,386 | -7,213 | -7,366 | -8,345 | S100RR8S, S100UBX3, S100WKSN, S100YXUM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YXUM |
| Property, plant and equipment | 25% | S100YXUM |
| Intangibles and goodwill | 3% | S100YXUM |
| Investment securities | 9% | S100YXUM |
| Other assets | 52% | S100YXUM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YXUM |
| Other liabilities | 14% | S100YXUM |
| Equity | 82% | S100YXUM |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 147,423 | 160,715 | 192,717 | 190,986 | 216,778 |
| Equity | 125,466 | 138,080 | 160,533 | 161,768 | 178,983 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 21,747 | 20,334 | 20,264 | 22,445 | 22,518 |

## 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) | 52.1% | S100YXUM |
| Fixed assets ÷ total assets | 25.1% | S100YXUM |
| Goodwill ÷ parent equity | 0.7% | S100YXUM |

Goodwill over 4 years: 331 → 1,074 JPY; total investing cash flow: -13,316 JPY. This does not imply causation.

### 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) | 10.4% |
| Cash ÷ revenue | 21.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.9% |
| Cash vs. profit gap | -2,989 JPY mn (of net income -24.6%) |
| Shareholder returns / net income | 55.5% |
| Shareholder returns / FCF | 365.3% |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | 187.5% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 59.9% |

## 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 | 16.8% | 0.50× | 8.3% | 1.23× | 10.2% | S100RR8S |
| 2023 | 12.3% | 0.50× | 6.2% | 1.25× | 7.7% | S100UBX3 |
| 2024 | 18.2% | 0.50× | 9.1% | 1.33× | 12.1% | S100WKSN |
| 2025 | 10.5% | 0.48× | 5.1% | 1.36× | 6.9% | S100YXUM |
| 2026 | 11.7% | 0.51× | 6.0% | 1.39× | 8.3% | S100YXUM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ティーエム興産 | Major shareholder | 15.6% | 2026-05-31 |
| 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% | 2026-05-31 |
| 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 | 3.5% | 2026-05-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-05-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS（常任代理人 香港上海銀行東京支店) | Major shareholder | 1.6% | 2026-05-31 |
| キッコーマン株式会社 | Major shareholder | 1.6% | 2026-05-31 |
| 野村 絢（常任代理人 三田証券株式会社） | Major shareholder | 1.5% | 2026-05-31 |
| 東京青果株式会社 | Major shareholder | 1.3% | 2026-05-31 |
| 横浜冷凍株式会社 | Major shareholder | 1.3% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第85期(2025/06/01－2026/05/31) | S100YXUM | 2026-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXUM,, |
| 有価証券報告書－第84期(2024/06/01－2025/05/31) | S100WKSN | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKSN,, |
| 訂正有価証券報告書－第83期(2023/06/01－2024/05/31) | S100UBX3 | 2024-09-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UBX3,, |
| 有価証券報告書－第82期(2022/06/01－2023/05/31) | S100RR8S | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR8S,, |
| 有価証券報告書－第81期(令和3年6月1日－令和4年5月31日) | S100P2T6 | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2T6,, |
| 有価証券報告書－第80期(令和2年6月1日－令和3年5月31日) | S100MB3B | 2021-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MB3B,, |

## 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).