# SANDEN CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第100期(2025/01/01－2025/12/31) (S100XUJB)
> Page: https://vizora.meequs.com/en/company/sanden
> Retrieved: 2026-09-30T20:24:47.759Z

## Company

Sanden, founded in 1943, is a company in Auto Parts listed on TSE Standard. It has 4,791 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANDEN CORPORATION |
| Ticker | 6444 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6444.T) |
| Listing | TSE Standard |
| Head office | 群馬県伊勢崎市寿町20番地 |
| Representative (per filing) | 代表取締役 社長執行役員 徐湛 |
| Founded | Jul 1943 |
| Share capital | ¥21.7B |
| Employees (consolidated) | 4,791 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | December |
| Website | www.sanden.co.jp (https://www.sanden.co.jp/) |
| Corporate number | 5070001013386 |
| EDINET | E01913 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100XUJB, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.3 | 111 |
| Efficiency | 60.8 | 111 |

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)

- Sanden brought in ¥190.9B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +3.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥190.9B |  |
| Operating income | -¥1.51B | Margin -0.8% |
| Net income | ¥274M | Margin 0.1% |
| Free cash flow | -¥6.91B |  |
| Employees (consolidated) | 4,791 |  |
| EPS | ¥-8.72 |  |
| Book value per share | ¥76.07 |  |
| Equity ratio | 14.4% |  |
| Shares outstanding | 111,693,313 |  |
| Treasury shares | 120,500 |  |
| Shareholders | 8,982 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -5.6 pp | Auto Parts |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.7× net income
- FY2025, parent-company salary changed +29% over five years

## What changed in 4 years

| Metric | FY ending Mar 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥137477000000 | ¥190875000000 | +38.8% |
| Operating income | ¥-18456000000 | ¥-1507000000 | — |
| Operating margin | -13.4% | -0.8% | +12.6 pp |
| Employees | 6,246 people | 4,791 people | -23.3% |
| Cash and equivalents | ¥18203000000 | ¥16765000000 | -7.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 190,875 | 100.0% | S100XUJB |
| Cost of revenue | 162,675 | 85.2% | S100XUJB |
| Gross profit | 28,200 | 14.8% | S100XUJB |
| SG&A | 29,708 | 15.6% | S100XUJB |
| Operating income | -1,507 | -0.8% | S100XUJB |
| Ordinary income | 1,774 | 0.9% | S100XUJB |
| Pretax income | 1,249 | 0.7% | S100XUJB |
| Income tax | 488 | 0.3% | S100XUJB |
| Net income | 760 | 0.4% | S100XUJB |
| Net income attributable to owners | 274 | 0.1% | S100XUJB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 16 |
| Operating income | -1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 14.8% → Operating margin -0.8% → Net margin 0.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 183,848 | 190,875 | 7,027 | +3.8% |
| Gross profit | 26,711 | 28,200 | 1,489 | +5.6% |
| Operating income | -6,446 | -1,507 | 4,939 | — |
| Net income attributable to owners | -777 | 274 | 1,051 | — |
| Operating cash flow | -4,465 | 2,668 | 7,133 | — |
| Free cash flow | -14,482 | -6,907 | 7,575 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 137,477 | -18,456 | -13.4% | -45,251 | 3,234 | -4,705 | S100NSQ1 |
| FY ending Dec 2021 | 119,587 | -12,470 | -10.4% | 15,888 | -7,409 | -12,944 | S100QHTO |
| FY ending Dec 2022 | 175,683 | -5,729 | -3.3% | -1,613 | -10,125 | -16,114 | S100T5IT |
| FY ending Dec 2023 | 179,279 | -11,018 | -6.1% | -3,359 | 9,371 | -2,544 | S100VI5B |
| FY ending Dec 2024 | 183,848 | -6,446 | -3.5% | -777 | -4,465 | -14,482 | S100XUJB |
| FY ending Dec 2025 | 190,875 | -1,507 | -0.8% | 274 | 2,668 | -6,907 | S100XUJB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.8M |
| Operating income per employee (consolidated) | -¥314.5K |
| Net income per employee (consolidated) | ¥57.2K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,897 | 5,608 | 5,587 | 5,344 | 4,791 |
| Average salary (parent company) | ¥5.4M | ¥6.3M | ¥6.4M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 45.6 years | 43.0 years | 43.8 years | 44.1 years | 43.4 years |
| Average tenure (parent company) | 17.8 years | 17.8 years | 17.9 years | 17.9 years | 17.1 years |

Year over year: Employees (consolidated) -10.3% · Revenue (consolidated) +3.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,668 | 1.4% | S100XUJB |
| Capital expenditure | 9,575 | 5.0% | S100XUJB |
| Free cash flow | -6,907 | -3.6% | 算出 |
| Investing cash flow | -6,474 | -3.4% | S100XUJB |
| Financing cash flow | 5,022 | 2.6% | S100XUJB |
| Share buyback | 0 | 0.0% | S100XUJB |
| Change in cash | 1,835 | 1.0% | S100XUJB |
| Cash and equivalents | 16,765 | 8.8% | S100XUJB |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 25,912 | 17,102 | 21,620 | 14,929 | 16,765 | S100T5IT, S100VI5B, S100XUJB |
| Total assets | 151,189 | 157,428 | 162,539 | 175,459 | 185,633 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Net assets | 23,835 | 23,366 | 20,836 | 23,582 | 28,126 | S100T5IT, S100VI5B, S100XUJB |
| Share capital | 21,741 | 21,741 | 21,741 | 21,741 | 21,741 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Property, plant and equipment | 33,856 | 35,267 | 42,657 | 49,101 | 54,072 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Intangible assets excluding goodwill | 688 | 1,138 | 1,435 | 1,586 | 1,666 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Investment securities | 17,004 | 18,188 | 20,276 | 22,642 | 23,808 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Current assets | 98,200 | 101,840 | 96,647 | 100,636 | 103,859 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Current liabilities | 114,375 | 123,244 | 131,434 | 139,792 | 142,312 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Trade payables | 31,319 | 35,737 | 38,099 | 37,727 | 42,032 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Short-term borrowings | 39,366 | 48,381 | 56,102 | 65,514 | 70,927 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Long-term borrowings | 584 | 355 | 822 | 3,952 | 6,265 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Total liabilities | 127,353 | 134,061 | 141,703 | 151,877 | 157,507 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Non-controlling interests | 934 | 881 | 643 | 954 | 1,414 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Equity attributable to owners of parent | 20,105 | 18,525 | 15,165 | 14,345 | 14,619 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Retained earnings | -15,151 | -16,765 | -20,125 | -20,903 | -20,629 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |
| Treasury stock | -565 | -531 | -531 | -532 | -532 | S100QHTO, S100T5IT, S100VI5B, S100XUJB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XUJB |
| Property, plant and equipment | 29% | S100XUJB |
| Intangibles and goodwill | 1% | S100XUJB |
| Investment securities | 13% | S100XUJB |
| Other assets | 48% | S100XUJB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 23% | S100XUJB |
| Other liabilities | 62% | S100XUJB |
| Equity | 15% | S100XUJB |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 151,189 | 157,428 | 162,539 | 175,459 | 185,633 |
| Equity | 23,835 | 23,366 | 20,836 | 23,582 | 28,126 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 25,912 | 17,102 | 21,620 | 14,929 | 16,765 |

## 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) | 28.3% | S100XUJB |
| Fixed assets ÷ total assets | 29.1% | S100XUJB |
| Goodwill ÷ parent equity | — | —, S100XUJB |

### 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) | 9.0% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 2,394 JPY mn (of net income 873.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 242.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 13.3% | 0.79× | 10.5% | 7.52× | 79.0% | S100QHTO |
| 2022 | — | —× | -1.0% | —× | — | S100T5IT |
| 2023 | — | —× | -2.1% | —× | — | S100VI5B |
| 2024 | — | —× | -0.5% | —× | — | S100XUJB |
| 2025 | 0.1% | 1.06× | 0.2% | 12.47× | 1.9% | S100XUJB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 海信日本オートモーティブエアコンシステムズ合同会社 | Major shareholder | 73.2% | 2025-12-31 |
| BBH(LUX) FOR FIDELITY FUNDS - PACIFIC POOL（常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.3% | 2025-12-31 |
| 方 永義 | Major shareholder | 1.8% | 2025-12-31 |
| サンデン取引先持株会 | Major shareholder | 1.6% | 2025-12-31 |
| 李 秀礼 | Major shareholder | 1.2% | 2025-12-31 |
| CACEIS BANK, LUXEMBOURG BRANCH / UCITS CLIENTS ASSETS（常任代理人香港上海銀行東京支店） | Major shareholder | 0.8% | 2025-12-31 |
| INTERACTIVE BROKERS LLC（常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.8% | 2025-12-31 |
| CLEARSTREAM BANKING S.A.（常任代理人香港上海銀行東京支店） | Major shareholder | 0.5% | 2025-12-31 |
| サンデン従業員持株会 | Major shareholder | 0.3% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/01/01－2025/12/31) | S100XUJB | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUJB,, |
| 有価証券報告書－第99期(2024/01/01－2024/12/31) | S100VI5B | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI5B,, |
| 有価証券報告書－第98期(2023/01/01－2023/12/31) | S100T5IT | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5IT,, |
| 有価証券報告書－第97期(2022/01/01－2022/12/31) | S100QHTO | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHTO,, |
| 有価証券報告書－第96期(令和3年4月1日－令和3年12月31日) | S100NSQ1 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSQ1,, |

## 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).