# SAKURA RUBBER 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166期(2025/04/01－2026/03/31) (S100YIQ8)
> Page: https://vizora.meequs.com/en/company/sakura-rubber
> Retrieved: 2026-09-30T20:25:27.140Z

## Company

Sakura Rubber, founded in 1918, is a company in Aerospace listed on TSE Standard. It has 351 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKURA RUBBER CO., LTD. |
| Ticker | 5189 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5189.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区笹塚一丁目21番17号 (上記は登記上の本店所在地であり、本社業務は下記「最寄りの連絡場所」において行っております。) |
| Representative (per filing) | 取締役社長 中村浩士 |
| Founded | May 1918 |
| Share capital | ¥506M |
| Employees (consolidated) | 351 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.sakura-rubber.co.jp (https://www.sakura-rubber.co.jp/) |
| Corporate number | 3011001008986 |
| EDINET | E01107 |
| Industries (Vizora) | Aerospace, Real Estate Development & Leasing, Disaster Prevention & Infrastructure Maintenance, Tires & Rubber |

> Profile source: annual securities report (S100YIQ8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.7 | 35 |
| Profitability | 46.3 | 40 |
| Cash conversion | 3.9 | 38 |
| Efficiency | 41.3 | 40 |
| Financial strength | 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 57% of Sakura Rubber's sales come from Fire fighting and disaster prevention products, with Aircraft, aerospace, and industrial products and Real estate leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +91.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.5B |  |
| Operating income | ¥1.23B | Margin 8.5% |
| Net income | ¥666.2M | Margin 4.6% |
| Free cash flow | -¥1.16B |  |
| Largest business | Fire fighting and disaster prevention products | of segment revenue 57.1% |
| Employees (consolidated) | 351 |  |
| EPS | ¥317.9 |  |
| Book value per share | ¥4558.1 |  |
| Equity ratio | 51.0% |  |
| Shares outstanding | 2,024,000 |  |
| Treasury shares | 89,300 |  |
| Shareholders | 1,008 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 13.5% | Net cash -¥376.9M · Cash ÷ revenue 18.3% |
| Vs. industry median margin | -0.3 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by -27 points
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10022238000 | ¥14540763000 | +45.1% |
| Operating income | ¥278077000 | ¥1231568000 | +342.9% |
| Operating margin | 2.8% | 8.5% | +5.7 pp |
| Employees | 351 people | 351 people | 0.0% |
| Cash and equivalents | ¥3175219000 | ¥2656215000 | -16.3% |

### 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 |
| --- | ---: |
| 消防・防災事業 → 消防・防災事業 | 57.1% |
| 消防・防災事業 → 事業再編・廃止 | 2.3% |
| 航空・宇宙、工業用品事業 → 航空・宇宙、工業用品事業 | 35.7% |
| 不動産賃貸事業 → 不動産賃貸事業 | 3.5% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 航空・宇宙、工業用品事業 | 3.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fire fighting and disaster prevention products | 5 years | +6.9% | ¥8297901000 | 6.3% | 2 |
| Aircraft, aerospace, and industrial products | 5 years | +9.9% | ¥5731432000 | 19.2% | 2 |
| Real estate leasing | 5 years | +0.8% | ¥511429000 | 18.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,541 | 100.0% | S100YIQ8 |
| Cost of revenue | 11,168 | 76.8% | S100YIQ8 |
| Gross profit | 3,373 | 23.2% | S100YIQ8 |
| SG&A | 2,142 | 14.7% | S100YIQ8 |
| Operating income | 1,232 | 8.5% | S100YIQ8 |
| Ordinary income | 1,189 | 8.2% | S100YIQ8 |
| Pretax income | 1,046 | 7.2% | S100YIQ8 |
| Income tax | 380 | 2.6% | S100YIQ8 |
| Net income | 666 | 4.6% | S100YIQ8 |
| Net income attributable to owners | 666 | 4.6% | S100YIQ8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 15 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.2% → Operating margin 8.5% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +91.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.73×
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 | 12,188 | 14,541 | 2,352 | +19.3% |
| Gross profit | 2,648 | 3,373 | 725 | +27.4% |
| Operating income | 644 | 1,232 | 588 | +91.3% |
| Net income attributable to owners | 426 | 666 | 240 | +56.4% |
| Operating cash flow | 423 | -601 | -1,024 | -242.1% |
| Free cash flow | 257 | -1,159 | -1,417 | -550.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,347 | 1,138 | 7.9% | 676 | 1,044 | 461 | S100LUDQ |
| FY ending Mar 2021 | 10,022 | 278 | 2.8% | 236 | 1,215 | 735 | S100OLQ8 |
| FY ending Mar 2022 | 8,871 | -128 | -1.4% | -95 | 72 | -111 | S100RAGF |
| FY ending Mar 2023 | 10,691 | 426 | 4.0% | 314 | -255 | -381 | S100TX8S |
| FY ending Mar 2024 | 13,354 | 1,137 | 8.5% | 734 | 367 | 245 | S100W7V1 |
| FY ending Mar 2025 | 12,188 | 644 | 5.3% | 426 | 423 | 257 | S100YIQ8 |
| FY ending Mar 2026 | 14,541 | 1,232 | 8.5% | 666 | -601 | -1,159 | S100YIQ8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.4M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 339 | 314 | 334 | 342 | 351 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.9M | ¥6M | ¥6.2M |
| Average age (parent company) | 41.1 years | 41.6 years | 41.3 years | 40.8 years | 41.0 years |
| Average tenure (parent company) | 18.3 years | 18.9 years | 18.0 years | 16.4 years | 16.5 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +19.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fire fighting and disaster prevention products | 8,298 | 57.1% | 522 | 6.3% |
| Aircraft, aerospace, and industrial products | 5,731 | 39.4% | 1,103 | 19.2% |
| Real estate leasing | 511 | 3.5% | 93 | 18.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fire fighting and disaster prevention products | 57.1% | 30.4% | -26.7 | 6.3% |
| Aircraft, aerospace, and industrial products | 39.4% | 64.2% | 24.8 | 19.2% |
| Real estate leasing | 3.5% | 5.4% | 1.9 | 18.1% |

Segment → industry: Aircraft, aerospace, and industrial products → Aerospace / Real estate leasing → Real Estate Development & Leasing / Fire fighting and disaster prevention products → Disaster Prevention & Infrastructure Maintenance / Aircraft, aerospace, and industrial products → Tires & Rubber

## 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 | -601 | -4.1% | S100YIQ8 |
| Capital expenditure | 558 | 3.8% | S100YIQ8 |
| Free cash flow | -1,159 | -8.0% | 算出 |
| Investing cash flow | -565 | -3.9% | S100YIQ8 |
| Financing cash flow | 848 | 5.8% | S100YIQ8 |
| Dividends paid | 125 | 0.9% | S100YIQ8 |
| Change in cash | -318 | -2.2% | S100YIQ8 |
| Cash and equivalents | 2,656 | 18.3% | S100YIQ8 |

## 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 | 3,187 | 2,853 | 2,850 | 2,974 | 2,656 | S100TX8S, S100W7V1, S100YIQ8 |
| Total assets | 14,375 | 16,324 | 17,568 | 16,590 | 19,619 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Net assets | 7,445 | 7,763 | 8,722 | 9,060 | 10,011 | S100TX8S, S100W7V1, S100YIQ8 |
| Share capital | 506 | 506 | 506 | 506 | 506 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Property, plant and equipment | 3,960 | 3,499 | 3,377 | 3,507 | 3,547 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Intangible assets excluding goodwill | 26 | 23 | 20 | 16 | 13 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Investment securities | 274 | 297 | 439 | 559 | 947 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Current assets | 9,527 | 11,925 | 13,215 | 11,991 | 14,717 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Current liabilities | 4,150 | 5,991 | 6,486 | 5,352 | 7,139 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Trade payables | 1,525 | 2,835 | 2,754 | 1,558 | 2,024 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Short-term borrowings | 940 | 820 | 810 | 1,060 | 2,030 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Long-term borrowings | 1,456 | 1,447 | 1,239 | 1,010 | 903 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Bonds | 240 | 20 | 100 | 100 | 100 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Interest-bearing debt | 2,636 | 2,287 | 2,149 | 2,170 | 3,033 | 算出 |
| Total liabilities | 6,931 | 8,560 | 8,846 | 7,530 | 9,609 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Equity attributable to owners of parent | 7,476 | 7,766 | 8,450 | 8,702 | 9,242 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Retained earnings | 6,858 | 7,148 | 7,833 | 8,085 | 8,625 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |
| Treasury stock | -174 | -174 | -174 | -174 | -174 | S100RAGF, S100TX8S, S100W7V1, S100YIQ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YIQ8 |
| Property, plant and equipment | 18% | S100YIQ8 |
| Intangibles and goodwill | 0% | S100YIQ8 |
| Investment securities | 5% | S100YIQ8 |
| Other assets | 63% | S100YIQ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YIQ8 |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 23% | S100YIQ8 |
| Equity | 51% | S100YIQ8 |

### 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 | 14,375 | 16,324 | 17,568 | 16,590 | 19,619 |
| Equity | 7,445 | 7,763 | 8,722 | 9,060 | 10,011 |
| Interest-bearing debt | 2,636 | 2,287 | 2,149 | 2,170 | 3,033 |
| Cash | 3,187 | 2,853 | 2,850 | 2,974 | 2,656 |

## 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) | 24.4% | S100YIQ8 |
| Fixed assets ÷ total assets | 18.1% | S100YIQ8 |
| Goodwill ÷ parent equity | — | —, S100YIQ8 |

### 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) | 13.5% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | -¥376.9M |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -48.8% |
| Cash vs. profit gap | -1,268 JPY mn (of net income -190.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -0.7% | —× | — | S100RAGF |
| 2023 | 2.9% | 0.70× | 2.0% | 2.01× | 4.1% | S100TX8S |
| 2024 | 5.5% | 0.79× | 4.3% | 2.09× | 9.0% | S100W7V1 |
| 2025 | 3.5% | 0.71× | 2.5% | 1.99× | 5.0% | S100YIQ8 |
| 2026 | 4.6% | 0.80× | 3.7% | 2.02× | 7.4% | S100YIQ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中 村 浩 士 | Major shareholder | 12.5% | 2026-03-31 |
| 岩 﨑 哲 也 | Major shareholder | 11.6% | 2026-03-31 |
| 梶 原 祐理子 | Major shareholder | 8.7% | 2026-03-31 |
| 中 村 一 雄 | Major shareholder | 5.6% | 2026-03-31 |
| 吉 野 友 裕 | Major shareholder | 5.2% | 2026-03-31 |
| 中 村 惠美子 | Major shareholder | 4.5% | 2026-03-31 |
| 櫻護謨取引先持株会 | Major shareholder | 3.5% | 2026-03-31 |
| ㈱りそな銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 3.1% | 2026-03-31 |
| ㈱金陽社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第166期(2025/04/01－2026/03/31) | S100YIQ8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIQ8,, |
| 有価証券報告書－第165期(2024/04/01－2025/03/31) | S100W7V1 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7V1,, |
| 有価証券報告書－第164期(2023/04/01－2024/03/31) | S100TX8S | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX8S,, |
| 有価証券報告書－第163期(2022/04/01－2023/03/31) | S100RAGF | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAGF,, |
| 有価証券報告書－第162期(令和3年4月1日－令和4年3月31日) | S100OLQ8 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLQ8,, |
| 有価証券報告書－第161期(令和2年4月1日－令和3年3月31日) | S100LUDQ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUDQ,, |

## 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).