# SAN-A CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2025/03/01－2026/02/28) (S100Y64A)
> Page: https://vizora.meequs.com/en/company/san-a
> Retrieved: 2026-09-30T21:33:48.715Z

## Company

San-A, founded in 1970, is a company in Supermarkets listed on TSE Prime. It has 1,825 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAN-A CO.,LTD. |
| Ticker | 2659 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2659.T) |
| Listing | TSE Prime |
| Head office | 沖縄県宜野湾市大山七丁目2番10号 |
| Representative (per filing) | 代表取締役社長 豊田 沢 |
| Founded | May 1970 |
| Share capital | ¥3.72B |
| Employees (consolidated) | 1,825 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | www.san-a.co.jp (https://www.san-a.co.jp/) |
| Corporate number | 5360001008803 |
| EDINET | E03352 |
| Industries (Vizora) | Supermarkets, Convenience Stores |

> Profile source: annual securities report (S100Y64A, filed 2026-05-25). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.4 | 45 |
| Profitability | 90.8 | 49 |
| Cash conversion | 67 | 47 |
| Efficiency | 13.3 | 49 |

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 96% of San-A's sales come from Retail business, with Convenience store business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit +0.9%.

## Company structure

- Segment revenue mix: Retail business 96.2%、Convenience store business 3.8%
- Revenue → net income: ¥225485000000 → ¥11644000000
- Net income → operating cash flow: ¥11644000000 → ¥31617000000（difference ¥19973000000）
- Main uses of operating cash flow: CapEx ¥5723000000 / dividends ¥4941000000 / buybacks —
- Change in cash: ¥19690000000
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 | ¥225.5B |  |
| Operating income | ¥17.1B | Margin 7.6% |
| Net income | ¥10.7B | Margin 4.7% |
| Free cash flow | ¥25.9B |  |
| Largest business | Retail business | of segment revenue 96.2% |
| Employees (consolidated) | 1,825 |  |
| EPS | ¥144.94 |  |
| Book value per share | ¥2447.37 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 63,963,000 |  |
| Treasury shares | 2,115,700 |  |
| Shareholders | 28,989 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 36.6% | Cash ÷ revenue 35.3% |
| Vs. industry median margin | +4.7 pp | Supermarkets |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥189116000000 | ¥225485000000 | +19.2% |
| Operating income | ¥9149000000 | ¥17070000000 | +86.6% |
| Operating margin | 4.8% | 7.6% | +2.7 pp |
| Employees | 1,773 people | 1,825 people | +2.9% |
| Cash and equivalents | ¥40124000000 | ¥79534000000 | +98.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 小売 → 事業再編・廃止 | 96.5% |
| ＣＶＳ → 事業再編・廃止 | 3.5% |
| 新設・再編 → 小売 | 96.2% |
| 新設・再編 → ＣＶＳ | 3.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 225,485 | 100.0% | S100Y64A |
| Cost of revenue | 154,511 | 68.5% | S100Y64A |
| Gross profit | 70,973 | 31.5% | S100Y64A |
| SG&A | 73,966 | 32.8% | S100Y64A |
| Operating income | 17,070 | 7.6% | S100Y64A |
| Ordinary income | 17,768 | 7.9% | S100Y64A |
| Pretax income | 16,601 | 7.4% | S100Y64A |
| Income tax | 4,957 | 2.2% | S100Y64A |
| Net income | 11,644 | 5.2% | S100Y64A |
| Net income attributable to owners | 10,678 | 4.7% | S100Y64A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 33 |
| Other operating | -9 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 31.5% → Operating margin 7.6% → Net margin 4.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.2%; Core profit growth: +0.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 218,592 | 225,485 | 6,893 | +3.2% |
| Gross profit | 69,241 | 70,973 | 1,732 | +2.5% |
| Operating income | 16,923 | 17,070 | 147 | +0.9% |
| Net income attributable to owners | 11,469 | 10,678 | -791 | -6.9% |
| Operating cash flow | 14,980 | 31,617 | 16,637 | +111.1% |
| Free cash flow | 8,737 | 25,894 | 17,157 | +196.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 184,832 | 10,622 | 5.7% | 7,683 | 21,434 | 4,581 | S100LEJ7 |
| FY ending Feb 2021 | 189,116 | 9,149 | 4.8% | 6,074 | 19,686 | 13,390 | S100O4XG |
| FY ending Feb 2022 | 190,506 | 8,329 | 4.4% | 6,660 | 4,085 | -2,139 | S100QU1U |
| FY ending Feb 2023 | 197,319 | 11,190 | 5.7% | 7,569 | 14,743 | 9,810 | S100TIJV |
| FY ending Feb 2024 | 210,190 | 16,464 | 7.8% | 10,683 | 21,178 | 18,111 | S100VTVA |
| FY ending Feb 2025 | 218,592 | 16,923 | 7.7% | 11,469 | 14,980 | 8,737 | S100Y64A |
| FY ending Feb 2026 | 225,485 | 17,070 | 7.6% | 10,678 | 31,617 | 25,894 | S100Y64A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥123.6M |
| Operating income per employee (consolidated) | ¥9.4M |
| Net income per employee (consolidated) | ¥5.9M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,798 | 1,777 | 1,782 | 1,819 | 1,825 |
| Average salary (parent company) | ¥4.8M | ¥4.6M | ¥4.9M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 34.4 years | 35.1 years | 35.9 years | 36.1 years | 36.3 years |
| Average tenure (parent company) | 12.3 years | 12.9 years | 13.8 years | 13.9 years | 14.1 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail business | 236,191 | 96.2% | 14,864 | 6.3% |
| Convenience store business | 9,356 | 3.8% | 2,205 | 23.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail business | 96.2% | 87.1% | -9.1 | 6.3% |
| Convenience store business | 3.8% | 12.9% | 9.1 | 23.6% |

Segment → industry: Retail business → Supermarkets / Convenience store business → Convenience Stores

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 31,617 | 14.0% | S100Y64A |
| Capital expenditure | 5,723 | 2.5% | S100Y64A |
| Free cash flow | 25,894 | 11.5% | 算出 |
| Investing cash flow | -6,486 | -2.9% | S100Y64A |
| Financing cash flow | -5,440 | -2.4% | S100Y64A |
| Dividends paid | 4,941 | 2.2% | S100Y64A |
| Change in cash | 19,690 | 8.7% | S100Y64A |
| Cash and equivalents | 79,534 | 35.3% | S100Y64A |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 31,595 | 39,305 | 54,848 | 59,843 | 79,534 | S100TIJV, S100VTVA, S100Y64A |
| Total assets | 165,551 | 172,304 | 186,703 | 191,224 | 217,274 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Net assets | 131,712 | 137,403 | 146,151 | 154,546 | 160,958 | S100TIJV, S100VTVA, S100Y64A |
| Share capital | 3,723 | 3,723 | 3,723 | 3,723 | 3,723 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Property, plant and equipment | 100,975 | 98,202 | 94,312 | 93,188 | 96,587 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Intangible assets excluding goodwill | 817 | 771 | 793 | 801 | 751 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Investment securities | 469 | 444 | 466 | 439 | 748 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Current assets | 52,700 | 62,075 | 79,580 | 85,818 | 106,914 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Current liabilities | 26,742 | 28,015 | 33,491 | 29,596 | 48,499 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Total liabilities | 33,839 | 34,900 | 40,551 | 36,678 | 56,316 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Non-controlling interests | 3,183 | 3,394 | 3,748 | 4,038 | 4,543 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Equity attributable to owners of parent | 128,443 | 133,910 | 142,346 | 150,446 | 156,207 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Retained earnings | 125,322 | 130,759 | 139,155 | 147,224 | 152,956 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |
| Treasury stock | -4,312 | -4,283 | -4,249 | -4,222 | -4,202 | S100QU1U, S100TIJV, S100VTVA, S100Y64A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100Y64A |
| Property, plant and equipment | 45% | S100Y64A |
| Intangibles and goodwill | 0% | S100Y64A |
| Investment securities | 0% | S100Y64A |
| Other assets | 18% | S100Y64A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100Y64A |
| Equity | 74% | S100Y64A |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 165,551 | 172,304 | 186,703 | 191,224 | 217,274 |
| Equity | 131,712 | 137,403 | 146,151 | 154,546 | 160,958 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,595 | 39,305 | 54,848 | 59,843 | 79,534 |

## 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) | 42.8% | S100Y64A |
| Fixed assets ÷ total assets | 44.5% | S100Y64A |
| Goodwill ÷ parent equity | — | —, S100Y64A |

### 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) | 36.6% |
| Cash ÷ revenue | 35.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 185.2% |
| Cash vs. profit gap | 20,939 JPY mn (of net income 196.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.3% |
| Shareholder payments — dividends / FCF | 19.1% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 20.5% |

## 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 | 3.5% | 1.15× | 4.0% | 1.29× | 5.2% | S100QU1U |
| 2023 | 3.8% | 1.17× | 4.5% | 1.29× | 5.8% | S100TIJV |
| 2024 | 5.1% | 1.17× | 6.0% | 1.30× | 7.7% | S100VTVA |
| 2025 | 5.2% | 1.16× | 6.1% | 1.29× | 7.8% | S100Y64A |
| 2026 | 4.7% | 1.10× | 5.2% | 1.33× | 7.0% | S100Y64A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 折田 富子 | Major shareholder | 11.0% | 2026-02-28 |
| 金城 和子 | Major shareholder | 10.7% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.1% | 2026-02-28 |
| 公益財団法人折田財団 | Major shareholder | 6.5% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.3% | 2026-02-28 |
| 金城 弘道 | Major shareholder | 2.0% | 2026-02-28 |
| 折田 公仁 | Major shareholder | 1.6% | 2026-02-28 |
| 折田 典久 | Major shareholder | 1.6% | 2026-02-28 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/03/01－2026/02/28) | S100Y64A | 2026-05-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y64A,, |
| 有価証券報告書－第55期(2024/03/01－2025/02/28) | S100VTVA | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTVA,, |
| 有価証券報告書－第54期(2023/03/01－2024/02/29) | S100TIJV | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TIJV,, |
| 有価証券報告書－第53期(2022/03/01－2023/02/28) | S100QU1U | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU1U,, |
| 有価証券報告書－第52期(令和3年3月1日－令和4年2月28日) | S100O4XG | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4XG,, |
| 有価証券報告書－第51期(令和2年3月1日－令和3年2月28日) | S100LEJ7 | 2021-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LEJ7,, |

## 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).