# SALA CORPORATION: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2024/12/01－2025/11/30) (S100XL6L)
> Page: https://vizora.meequs.com/en/company/sala
> Retrieved: 2026-09-30T22:00:59.025Z

## Company

Sala, founded in 2002, is a company in Electric Power & Gas listed on TSE Prime. It has 4,172 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SALA CORPORATION |
| Ticker | 2734 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2734.T) |
| Listing | TSE Prime |
| Head office | 愛知県豊橋市駅前大通一丁目55番地サーラタワー |
| Representative (per filing) | 代表取締役社長 兼 グループ代表・CEO 神野 吾郎 |
| Founded | May 2002 |
| Share capital | ¥8.03B |
| Employees (consolidated) | 4,172 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | November |
| Website | www.sala.jp (https://www.sala.jp/) |
| Corporate number | 3180301008069 |
| EDINET | E03408 |
| Industries (Vizora) | Electric Power & Gas, General Contractors, Plant Engineering & Building Services, Homebuilders, Car Dealers & Used Cars, Specialty Trading & Wholesale, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XL6L, filed 2026-02-16). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.2 | 42 |
| Profitability | 10.2 | 44 |
| Cash conversion | 70.2 | 42 |
| Efficiency | 78.4 | 44 |

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 48% of Sala's sales come from Energy and solutions segments, with Housing segments and Engineering and maintenance segments making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +17.0%.

## Company structure

- Segment revenue mix: Energy and solutions segments 48.1%、Housing segments 17.8%、Engineering and maintenance segments 14.0%、Animal health care segments 9.3%、Car life supports segments 7.1%
- Revenue → net income: ¥251533000000 → ¥6024000000
- Net income → operating cash flow: ¥6024000000 → ¥16160000000（difference ¥10136000000）
- Main uses of operating cash flow: CapEx ¥11350000000 / dividends ¥2173000000 / buybacks ¥0
- Change in cash: ¥5486000000
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 | ¥251.5B |  |
| Operating income | ¥7.38B | Margin 2.9% |
| Net income | ¥5.87B | Margin 2.3% |
| Free cash flow | ¥4.81B |  |
| Largest business | Energy and solutions segments | of segment revenue 48.1% |
| Employees (consolidated) | 4,172 |  |
| EPS | ¥33.83 |  |
| Book value per share | ¥729.28 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 66,041,000 |  |
| Treasury shares | 14,200 |  |
| Shareholders | 12,314 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 12.5% |
| Vs. industry median margin | -4 pp | Electric Power & Gas |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥211702000000 | ¥251533000000 | +18.8% |
| Operating income | ¥5940000000 | ¥7381000000 | +24.3% |
| Operating margin | 2.8% | 2.9% | +0.1 pp |
| Employees | 4,059 people | 4,172 people | +2.8% |
| Cash and equivalents | ¥21598000000 | ¥31511000000 | +45.9% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| エネルギー＆ソリューションズ事業 → エネルギー＆ソリューションズ事業 | 45.2% |
| エンジニアリング＆メンテナンス事業 → エンジニアリング＆メンテナンス事業 | 14.0% |
| エンジニアリング＆メンテナンス事業 → 事業再編・廃止 | 0.3% |
| ハウジング事業 → ハウジング事業 | 16.9% |
| カーライフサポート事業 → カーライフサポート事業 | 6.2% |
| アニマルヘルスケア事業 → アニマルヘルスケア事業 | 9.3% |
| アニマルヘルスケア事業 → 事業再編・廃止 | 4.8% |
| プロパティ事業 → プロパティ事業 | 1.8% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → エネルギー＆ソリューションズ事業 | 2.9% |
| 新設・再編 → ハウジング事業 | 1.0% |
| 新設・再編 → カーライフサポート事業 | 1.0% |
| 新設・再編 → プロパティ事業 | 1.2% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy and solutions segments | 5 years | +4.8% | ¥120870000000 | 3.5% | 2 |
| Housing segments | 5 years | +4.7% | ¥44853000000 | 2.0% | 2 |
| Engineering and maintenance segments | 5 years | +3.1% | ¥35264000000 | 9.8% | 2 |
| Animal health care segments | 5 years | -4.7% | ¥23416000000 | -2.4% | 2 |
| Car life supports segments | 5 years | +6.6% | ¥17955000000 | -3.5% | 2 |
| Property segments | 5 years | +14.4% | ¥7347000000 | 5.5% | 2 |
| Other | 5 years | -14.0% | ¥1621000000 | 2.7% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 251,533 | 100.0% | S100XL6L |
| Cost of revenue | 190,277 | 75.6% | S100XL6L |
| Gross profit | 61,255 | 24.4% | S100XL6L |
| SG&A | 53,874 | 21.4% | S100XL6L |
| Operating income | 7,381 | 2.9% | S100XL6L |
| Ordinary income | 9,927 | 3.9% | S100XL6L |
| Pretax income | 9,145 | 3.6% | S100XL6L |
| Income tax | 3,121 | 1.2% | S100XL6L |
| Net income | 6,024 | 2.4% | S100XL6L |
| Net income attributable to owners | 5,870 | 2.3% | S100XL6L |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.4% → Operating margin 2.9% → Net margin 2.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +17.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.71×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 240,498 | 251,533 | 11,035 | +4.6% |
| Gross profit | 57,225 | 61,255 | 4,030 | +7.0% |
| Operating income | 6,308 | 7,381 | 1,073 | +17.0% |
| Net income attributable to owners | 5,249 | 5,870 | 621 | +11.8% |
| Operating cash flow | 14,243 | 16,160 | 1,917 | +13.5% |
| Free cash flow | 2,791 | 4,810 | 2,019 | +72.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 213,810 | 5,557 | 2.6% | 4,883 | 7,252 | -3,220 | S100KZHW |
| FY ending Nov 2020 | 211,702 | 5,940 | 2.8% | 3,493 | 10,791 | 4,041 | S100NJMK |
| FY ending Nov 2021 | 227,935 | 6,592 | 2.9% | 5,262 | 15,816 | 10,147 | S100Q9F4 |
| FY ending Nov 2022 | 234,848 | 6,891 | 2.9% | 5,682 | 9,930 | 4,325 | S100SX1Q |
| FY ending Nov 2023 | 242,059 | 6,083 | 2.5% | 6,099 | 5,762 | -1,202 | S100V94H |
| FY ending Nov 2024 | 240,498 | 6,308 | 2.6% | 5,249 | 14,243 | 2,791 | S100XL6L |
| FY ending Nov 2025 | 251,533 | 7,381 | 2.9% | 5,870 | 16,160 | 4,810 | S100XL6L |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.3M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.4M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,030 | 3,930 | 3,932 | 3,963 | 4,172 |
| Average salary (parent company) | ¥6.6M | ¥6.5M | ¥6.5M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 42.0 years | 41.0 years | 41.0 years | 41.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 16.0 years | 15.0 years | 15.0 years | 16.0 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +4.6%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy and solutions segments | 120,870 | 48.1% | 4,287 | 3.5% |
| Engineering and maintenance segments | 35,264 | 14.0% | 3,454 | 9.8% |
| Housing segments | 44,853 | 17.8% | 912 | 2.0% |
| Car life supports segments | 17,955 | 7.1% | -629 | -3.5% |
| Animal health care segments | 23,416 | 9.3% | -566 | -2.4% |
| Property segments | 7,347 | 2.9% | 405 | 5.5% |
| Other | 1,621 | 0.6% | 44 | 2.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy and solutions segments | 48.1% | 47.1% | -1.0 | 3.5% |
| Engineering and maintenance segments | 14.0% | 37.9% | 23.9 | 9.8% |
| Housing segments | 17.8% | 10.0% | -7.8 | 2.0% |
| Car life supports segments | 7.1% | — | — | -3.5% |
| Animal health care segments | 9.3% | — | — | -2.4% |
| Property segments | 2.9% | 4.4% | 1.5 | 5.5% |
| Other | 0.6% | 0.5% | -0.2 | 2.7% |

Loss-making segment (excluded from profit shares): Car life supports segments -629 JPY mn

Loss-making segment (excluded from profit shares): Animal health care segments -566 JPY mn

Segment → industry: Energy and solutions segments → Electric Power & Gas / Engineering and maintenance segments → General Contractors / Engineering and maintenance segments → Plant Engineering & Building Services / Housing segments → Homebuilders / Car life supports segments → Car Dealers & Used Cars / Animal health care segments → Specialty Trading & Wholesale / Property segments → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16,160 | 6.4% | S100XL6L |
| Capital expenditure | 11,350 | 4.5% | S100XL6L |
| Free cash flow | 4,810 | 1.9% | 算出 |
| Investing cash flow | -12,426 | -4.9% | S100XL6L |
| Financing cash flow | 1,752 | 0.7% | S100XL6L |
| Dividends paid | 2,173 | 0.9% | S100XL6L |
| Share buyback | 0 | 0.0% | S100XL6L |
| Change in cash | 5,486 | 2.2% | S100XL6L |
| Cash and equivalents | 31,511 | 12.5% | S100XL6L |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 24,227 | 23,772 | 22,547 | 26,024 | 31,511 | S100SX1Q, S100V94H, S100XL6L |
| Total assets | 187,481 | 188,417 | 189,267 | 202,281 | 218,345 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Net assets | 66,699 | 73,355 | 78,645 | 85,618 | 93,567 | S100SX1Q, S100V94H, S100XL6L |
| Share capital | 8,025 | 8,025 | 8,025 | 8,025 | 8,025 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Trade receivables | 26,528 | — | — | — | — | S100Q9F4 |
| Property, plant and equipment | 82,923 | 80,498 | 77,906 | 80,210 | 82,694 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Intangible assets excluding goodwill | 1,488 | 2,006 | 2,816 | 4,570 | 6,930 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Goodwill | 338 | 274 | 263 | 401 | 1,114 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Investment securities | 7,552 | 7,913 | 8,897 | 10,374 | 12,463 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Current assets | 81,487 | 84,404 | 84,750 | 89,235 | 95,110 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Current liabilities | 64,407 | 62,085 | 60,399 | 62,943 | 65,449 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Trade payables | 24,656 | 27,827 | 26,225 | 27,190 | 22,799 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Short-term borrowings | 6,791 | 5,944 | 8,579 | 5,990 | 4,356 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Long-term borrowings | 40,369 | 38,862 | 36,989 | 40,386 | 46,949 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Total liabilities | 120,782 | 115,062 | 110,621 | 116,662 | 124,777 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Non-controlling interests | 1,273 | 1,342 | 1,466 | 1,633 | 1,852 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Equity attributable to owners of parent | 65,074 | 69,902 | 74,267 | 77,959 | 81,630 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Retained earnings | 33,365 | 38,076 | 42,326 | 45,859 | 49,488 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |
| Treasury stock | -1,585 | -1,480 | -1,383 | -1,231 | -1,206 | S100Q9F4, S100SX1Q, S100V94H, S100XL6L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XL6L |
| Property, plant and equipment | 38% | S100XL6L |
| Intangibles and goodwill | 4% | S100XL6L |
| Investment securities | 6% | S100XL6L |
| Other assets | 38% | S100XL6L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100XL6L |
| Other liabilities | 47% | S100XL6L |
| Equity | 43% | S100XL6L |
| Other liabilities | 0% | S100XL6L |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 187,481 | 188,417 | 189,267 | 202,281 | 218,345 |
| Equity | 66,699 | 73,355 | 78,645 | 85,618 | 93,567 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,227 | 23,772 | 22,547 | 26,024 | 31,511 |

## 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) | 32.9% | S100XL6L |
| Fixed assets ÷ total assets | 37.9% | S100XL6L |
| Goodwill ÷ parent equity | 1.4% | S100XL6L |

Goodwill over 4 years: 338 → 1,114 JPY; total investing cash flow: -36,640 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) | 14.4% |
| Cash ÷ revenue | 12.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 218.9% |
| Cash vs. profit gap | 10,290 JPY mn (of net income 175.3%) |
| Shareholder returns / net income | 37.0% |
| Shareholder returns / FCF | 45.2% |
| Shareholder payments — dividends / net income | 37.0% |
| Shareholder payments — dividends / FCF | 45.2% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 76.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.3% | 1.22× | 2.8% | 2.88× | 8.1% | S100Q9F4 |
| 2022 | 2.4% | 1.25× | 3.0% | 2.78× | 8.4% | S100SX1Q |
| 2023 | 2.5% | 1.28× | 3.2% | 2.62× | 8.5% | S100V94H |
| 2024 | 2.2% | 1.23× | 2.7% | 2.57× | 6.9% | S100XL6L |
| 2025 | 2.3% | 1.20× | 2.8% | 2.64× | 7.4% | S100XL6L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サーラコーポレーション従業員持株会 | Major shareholder | 7.3% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.2% | 2025-11-30 |
| 三井住友信託銀行株式会社 （（常任代理人)株式会社日本カストディ銀行） | Major shareholder | 4.4% | 2025-11-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.9% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-11-30 |
| サーラエナジー共栄会 | Major shareholder | 3.4% | 2025-11-30 |
| 株式会社静岡銀行 （（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 | 3.3% | 2025-11-30 |
| 株式会社三井住友銀行 | Major shareholder | 2.1% | 2025-11-30 |
| 神野 吾郎 | Major shareholder | 2.1% | 2025-11-30 |
| 明治安田生命保険相互会社 （（常任代理人)株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2024/12/01－2025/11/30) | S100XL6L | 2026-02-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XL6L,, |
| 有価証券報告書－第23期(2023/12/01－2024/11/30) | S100V94H | 2025-02-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V94H,, |
| 有価証券報告書－第22期(2022/12/01－2023/11/30) | S100SX1Q | 2024-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SX1Q,, |
| 有価証券報告書－第21期(2021/12/01－2022/11/30) | S100Q9F4 | 2023-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9F4,, |
| 有価証券報告書－第20期(令和2年12月1日－令和3年11月30日) | S100NJMK | 2022-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJMK,, |
| 訂正有価証券報告書－第19期(令和1年12月1日－令和2年11月30日) | S100KZHW | 2021-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZHW,, |

## 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).