# SAN-AI OBBLI 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95期(2025/04/01－2026/03/31) (S100YH4U)
> Page: https://vizora.meequs.com/en/company/san-ai-obbli
> Retrieved: 2026-09-30T22:20:44.990Z

## Company

San-Ai Obbli, founded in 1947, is a company in Chemicals listed on TSE Prime. It has 1,914 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAN-AI OBBLI CO.,LTD. |
| Ticker | 8097 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8097.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東大井五丁目22番5号(同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っている。) |
| Representative (per filing) | 代表取締役社長 隼田 洋 |
| Founded | Jan 1947 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 1,914 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.san-ai-obbli.com (https://www.san-ai-obbli.com/) |
| Corporate number | 2010701003604 |
| EDINET | E04331 |
| Industries (Vizora) | Chemicals, Electric Power & Gas, Oil Refining & Fuels, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YH4U, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 42.3 | 13 |
| Cash conversion | 77.3 | 11 |
| Efficiency | 88.5 | 13 |

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 84% of San-Ai Obbli's sales come from Oil, with Gas and Aviation making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -6.5% from the prior year, operating profit +4.6%.

## Company structure

- Segment revenue mix: Oil 84.4%、Gas 9.6%、Aviation 2.7%、Chemical 2.1%、Others 1.2%
- Revenue → net income: ¥611570000000 → ¥9610000000
- Net income → operating cash flow: ¥9610000000 → ¥23114000000（difference ¥13504000000）
- Main uses of operating cash flow: CapEx ¥7872000000 / dividends ¥6232000000 / buybacks ¥1100000000
- Change in cash: ¥9110000000
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 | ¥611.6B |  |
| Operating income | ¥12.4B | Margin 2.0% |
| Net income | ¥9.2B | Margin 1.5% |
| Free cash flow | ¥15.2B |  |
| Largest business | Oil | of segment revenue 84.4% |
| Employees (consolidated) | 1,914 |  |
| EPS | ¥138.49 |  |
| Book value per share | ¥1382.22 |  |
| Equity ratio | 54.7% |  |
| Shares outstanding | 63,000,000 |  |
| Treasury shares | 1,121,500 |  |
| Shareholders | 7,128 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 23.3% | Cash ÷ revenue 8.1% |
| Vs. industry median margin | -0.3 pp | Oil Refining & Fuels |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥473899000000 | ¥611570000000 | +29.1% |
| Operating income | ¥8592000000 | ¥12356000000 | +43.8% |
| Operating margin | 1.8% | 2.0% | +0.2 pp |
| Employees | 2,010 people | 1,914 people | -4.8% |
| Cash and equivalents | ¥36467000000 | ¥49399000000 | +35.5% |

### 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 |
| --- | ---: |
| 石油関連事業 → 事業再編・廃止 | 87.7% |
| 化学品関連事業 → 化学品関連事業 | 1.8% |
| ガス関連事業 → 事業再編・廃止 | 8.2% |
| 航空関連事業他 → 事業再編・廃止 | 2.2% |
| 新設・再編 → 石油関連事業 | 84.4% |
| 新設・再編 → 化学品関連事業 | 0.2% |
| 新設・再編 → ガス関連事業 | 9.6% |
| 新設・再編 → 航空関連事業 | 2.7% |
| 新設・再編 → その他事業 | 1.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Oil | — | — | ¥516413000000 | 1.1% | 2 |
| Gas | — | — | ¥58468000000 | 3.9% | 2 |
| Aviation | — | — | ¥16748000000 | 34.1% | 2 |
| Chemical | 5 years | +7.9% | ¥12775000000 | 8.8% | 2 |
| Others | — | — | ¥7166000000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 611,570 | 100.0% | S100YH4U |
| Cost of revenue | 552,112 | 90.3% | S100YH4U |
| Gross profit | 59,458 | 9.7% | S100YH4U |
| SG&A | 47,101 | 7.7% | S100YH4U |
| Operating income | 12,356 | 2.0% | S100YH4U |
| Ordinary income | 13,442 | 2.2% | S100YH4U |
| Pretax income | 14,118 | 2.3% | S100YH4U |
| Income tax | 4,507 | 0.7% | S100YH4U |
| Net income | 9,610 | 1.6% | S100YH4U |
| Net income attributable to owners | 9,196 | 1.5% | S100YH4U |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.7% → Operating margin 2.0% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.5%; Core profit growth: +4.6%
Operating leverage (core profit growth ÷ revenue growth): -0.71×
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 | 654,404 | 611,570 | -42,834 | -6.5% |
| Gross profit | 58,910 | 59,458 | 548 | +0.9% |
| Operating income | 11,808 | 12,356 | 548 | +4.6% |
| Net income attributable to owners | 8,656 | 9,196 | 540 | +6.2% |
| Operating cash flow | 938 | 23,114 | 22,176 | +2364.2% |
| Free cash flow | -5,825 | 15,242 | 21,067 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 667,929 | 10,971 | 1.6% | 8,164 | -10,858 | -17,691 | S100LTAT |
| FY ending Mar 2021 | 473,899 | 8,592 | 1.8% | 7,053 | 9,014 | 3,191 | S100OHWE |
| FY ending Mar 2022 | 598,731 | 12,067 | 2.0% | 8,308 | 10,548 | 4,615 | S100R5JN |
| FY ending Mar 2023 | 647,833 | 15,211 | 2.3% | 10,901 | 18,921 | 12,599 | S100TT9Y |
| FY ending Mar 2024 | 659,588 | 16,873 | 2.6% | 11,217 | 27,222 | 18,870 | S100W2Q4 |
| FY ending Mar 2025 | 654,404 | 11,808 | 1.8% | 8,656 | 938 | -5,825 | S100YH4U |
| FY ending Mar 2026 | 611,570 | 12,356 | 2.0% | 9,196 | 23,114 | 15,242 | S100YH4U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥319.5M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 1,957 | 1,800 | 1,814 | 1,841 | 1,914 |
| Average salary (parent company) | ¥6.8M | ¥7.5M | ¥9.6M | ¥10M | ¥8.2M |
| Average age (parent company) | 42.0 years | 40.7 years | 40.7 years | 40.1 years | 39.9 years |
| Average tenure (parent company) | 15.5 years | 17.0 years | 16.6 years | 15.4 years | 15.0 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) -6.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Oil | 516,413 | 84.4% | 5,670 | 1.1% |
| Chemical | 12,775 | 2.1% | 1,126 | 8.8% |
| Gas | 58,468 | 9.6% | 2,295 | 3.9% |
| Aviation | 16,748 | 2.7% | 5,712 | 34.1% |
| Others | 7,166 | 1.2% | 1,176 | 16.4% |

### 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 |
| --- | ---: |
| Oil | 84.4% |
| Chemical | 2.1% |
| Gas | 9.6% |
| Aviation | 2.7% |
| Others | 1.2% |

Segment → industry: Chemical → Chemicals / Gas → Electric Power & Gas / Oil → Oil Refining & Fuels / Aviation → Specialty Trading & Wholesale / Oil → Specialty Trading & Wholesale

## 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 | 23,114 | 3.8% | S100YH4U |
| Capital expenditure | 7,872 | 1.3% | S100YH4U |
| Free cash flow | 15,242 | 2.5% | 算出 |
| Investing cash flow | -5,236 | -0.9% | S100YH4U |
| Financing cash flow | -8,767 | -1.4% | S100YH4U |
| Dividends paid | 6,232 | 1.0% | S100YH4U |
| Share buyback | 1,100 | 0.2% | S100YH4U |
| Change in cash | 9,110 | 1.5% | S100YH4U |
| Cash and equivalents | 49,399 | 8.1% | S100YH4U |

## 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 | 37,996 | 46,747 | 53,381 | 40,288 | 49,399 | S100TT9Y, S100W2Q4, S100YH4U |
| Total assets | 197,887 | 201,244 | 218,607 | 207,110 | 212,048 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Net assets | 112,358 | 117,424 | 123,829 | 120,023 | 122,709 | S100TT9Y, S100W2Q4, S100YH4U |
| Share capital | 10,127 | 10,127 | 10,127 | 10,127 | 10,127 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Property, plant and equipment | 51,751 | 51,522 | 52,697 | 52,806 | 57,933 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Intangible assets excluding goodwill | 4,874 | 6,197 | 6,912 | 6,967 | 7,294 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Goodwill | 1,374 | 1,683 | 1,881 | 1,745 | 2,169 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Investment securities | 17,167 | 17,140 | 20,978 | 15,516 | 14,539 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Current assets | 93,677 | 98,380 | 108,620 | 96,390 | 100,974 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Current liabilities | 66,062 | 67,453 | 78,488 | 71,692 | 73,109 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Trade payables | 47,615 | 44,908 | 55,202 | 51,392 | 46,511 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Short-term borrowings | 300 | 300 | 300 | 300 | 650 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Long-term borrowings | 4,462 | 2,115 | 1,168 | 1,411 | 1,628 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Total liabilities | 85,529 | 83,819 | 94,778 | 87,086 | 89,339 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Non-controlling interests | 5,184 | 5,686 | 6,090 | 6,485 | 6,773 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Equity attributable to owners of parent | 103,378 | 109,241 | 111,755 | 110,092 | 112,081 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Retained earnings | 91,563 | 97,862 | 101,702 | 103,985 | 101,592 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |
| Treasury stock | -2,651 | -1,280 | -2,605 | -6,555 | -2,169 | S100R5JN, S100TT9Y, S100W2Q4, S100YH4U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100YH4U |
| Property, plant and equipment | 27% | S100YH4U |
| Intangibles and goodwill | 5% | S100YH4U |
| Investment securities | 7% | S100YH4U |
| Other assets | 38% | S100YH4U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YH4U |
| Other liabilities | 20% | S100YH4U |
| Equity | 58% | S100YH4U |

### 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 | 197,887 | 201,244 | 218,607 | 207,110 | 212,048 |
| Equity | 112,358 | 117,424 | 123,829 | 120,023 | 122,709 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,996 | 46,747 | 53,381 | 40,288 | 49,399 |

## 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) | 9.5% | S100YH4U |
| Fixed assets ÷ total assets | 27.3% | S100YH4U |
| Goodwill ÷ parent equity | 1.9% | S100YH4U |

Goodwill over 4 years: 1,374 → 2,169 JPY; total investing cash flow: -23,021 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) | 23.3% |
| Cash ÷ revenue | 8.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 187.1% |
| Cash vs. profit gap | 13,918 JPY mn (of net income 151.3%) |
| Shareholder returns / net income | 79.7% |
| Shareholder returns / FCF | 48.1% |
| Shareholder payments — dividends / net income | 67.8% |
| Shareholder payments — dividends / FCF | 40.9% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 22.7% |

## 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 | 1.4% | 3.03× | 4.2% | 1.91× | 8.0% | S100R5JN |
| 2023 | 1.7% | 3.25× | 5.5% | 1.88× | 10.3% | S100TT9Y |
| 2024 | 1.7% | 3.14× | 5.3% | 1.90× | 10.2% | S100W2Q4 |
| 2025 | 1.3% | 3.07× | 4.1% | 1.92× | 7.8% | S100YH4U |
| 2026 | 1.5% | 2.92× | 4.4% | 1.89× | 8.3% | S100YH4U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人市村清新技術財団 | Major shareholder | 13.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 12.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(三井住友信託銀行再信託分・株式会社リコー退職給付信託口) | Major shareholder | 9.4% | 2026-03-31 |
| NORTHERN TRUST CO．(AVFC) REFIDELITY FUNDS(常任代理人 香港上海銀行東京支店) | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.1% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社リコー | Major shareholder | 1.8% | 2026-03-31 |
| 三愛オブリ持株会 | Major shareholder | 1.7% | 2026-03-31 |
| ENEOSホールディングス株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 佐賀銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥611.6B, down -6.5% from the year before.
- Profit still went up: operating income rose +4.6% to ¥12.4B and net income attributable to owners rose +6.2% to ¥9.2B.
- Operating cash flow jumped from ¥938M to ¥23.1B, and free cash flow turned positive at ¥15.2B.

### Drivers

- Sales fell because the company sold less oil product. Kerosene, diesel and heavy oil declined, while gasoline held up.
- Operating income grew mainly because aircraft fueling fees were raised. More inbound travelers also kept international-flight fuel volumes strong.
- In the gas business, lower LP gas prices cut sales, but a larger number of retail customers lifted profit.

### Risks

- If high oil prices and supply worries around the Strait of Hormuz drag on, results across the group could suffer.
- The company expects the domestic oil and LP gas markets to shrink over time as EVs and all-electric homes spread.
- A warm winter could cut demand for LP gas and kerosene, which sell mostly in the cold season.

Cited: Annual securities report (95th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (95th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2025/04/01－2026/03/31) | S100YH4U | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH4U,, |
| 有価証券報告書－第94期(2024/04/01－2025/03/31) | S100W2Q4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2Q4,, |
| 有価証券報告書－第93期(2023/04/01－2024/03/31) | S100TT9Y | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT9Y,, |
| 有価証券報告書－第92期(2022/04/01－2023/03/31) | S100R5JN | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5JN,, |
| 有価証券報告書－第91期(令和3年4月1日－令和4年3月31日) | S100OHWE | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHWE,, |
| 有価証券報告書－第90期(令和2年4月1日－令和3年3月31日) | S100LTAT | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTAT,, |

## 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).