# SANEI 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66期(2025/04/01－2026/03/31) (S100YEJ7)
> Page: https://vizora.meequs.com/en/company/sanei
> Retrieved: 2026-09-30T19:50:18.980Z

## Company

Sanei, founded in 1954, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 827 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANEI LTD. |
| Ticker | 6230 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6230.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市東成区玉津1丁目12番29号 |
| Representative (per filing) | 代表取締役社長 西岡 利明 |
| Founded | Sep 1954 |
| Share capital | ¥432.8M |
| Employees (consolidated) | 827 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.sanei.ltd (https://www.sanei.ltd/) |
| Corporate number | 1120001012428 |
| EDINET | E35587 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YEJ7, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.1 | 56 |
| Profitability | 62.9 | 58 |
| Cash conversion | 7 | 50 |
| Efficiency | 88.8 | 58 |

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)

- Sanei brought in ¥29B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit -2.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29042404000 → ¥1254780000
- Net income → operating cash flow: ¥1254780000 → ¥48872000（difference ¥-1205908000）
- Main uses of operating cash flow: CapEx ¥1122853000 / dividends ¥283826000 / buybacks —
- Change in cash: ¥-312196000
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 | ¥29B |  |
| Operating income | ¥1.83B | Margin 6.3% |
| Net income | ¥1.22B | Margin 4.2% |
| Free cash flow | -¥1.07B |  |
| Employees (consolidated) | 827 |  |
| EPS | ¥246.25 |  |
| Book value per share | ¥3103.84 |  |
| Equity ratio | 63.0% |  |
| Shares outstanding | 4,578,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 964 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 4.7% | Cash ÷ revenue 3.9% |
| Vs. industry median margin | +1.9 pp | Housing Equipment & Building Materials |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22182155000 | ¥29042404000 | +30.9% |
| Operating income | ¥1612021000 | ¥1830913000 | +13.6% |
| Operating margin | 7.3% | 6.3% | -1 pp |
| Employees | 741 people | 827 people | +11.6% |
| Cash and equivalents | ¥1717411000 | ¥1140877000 | -33.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,042 | 100.0% | S100YEJ7 |
| Cost of revenue | 20,101 | 69.2% | S100YEJ7 |
| Gross profit | 8,942 | 30.8% | S100YEJ7 |
| SG&A | 7,111 | 24.5% | S100YEJ7 |
| Operating income | 1,831 | 6.3% | S100YEJ7 |
| Ordinary income | 1,804 | 6.2% | S100YEJ7 |
| Pretax income | 1,801 | 6.2% | S100YEJ7 |
| Income tax | 546 | 1.9% | S100YEJ7 |
| Net income | 1,255 | 4.3% | S100YEJ7 |
| Net income attributable to owners | 1,221 | 4.2% | S100YEJ7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 25 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 30.8% → Operating margin 6.3% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -2.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.39×
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 | 28,465 | 29,042 | 577 | +2.0% |
| Gross profit | 8,943 | 8,942 | -1 | -0.0% |
| Operating income | 1,884 | 1,831 | -53 | -2.8% |
| Net income attributable to owners | 1,254 | 1,221 | -33 | -2.7% |
| Operating cash flow | 1,680 | 49 | -1,631 | -97.1% |
| Free cash flow | 413 | -1,074 | -1,487 | -359.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,346 | 1,088 | 5.1% | 727 | 1,165 | 593 | S100LNGK |
| FY ending Mar 2021 | 22,182 | 1,612 | 7.3% | 1,000 | 992 | 494 | S100OAL9 |
| FY ending Mar 2022 | 23,000 | 1,477 | 6.4% | 999 | 897 | 609 | S100R0XP |
| FY ending Mar 2023 | 26,565 | 907 | 3.4% | 630 | 990 | 165 | S100TNJN |
| FY ending Mar 2024 | 27,533 | 1,975 | 7.2% | 1,348 | 331 | -772 | S100W0DT |
| FY ending Mar 2025 | 28,465 | 1,884 | 6.6% | 1,254 | 1,680 | 413 | S100YEJ7 |
| FY ending Mar 2026 | 29,042 | 1,831 | 6.3% | 1,221 | 49 | -1,074 | S100YEJ7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.1M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 875 | 862 | 866 | 845 | 827 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 38.9 years | 40.1 years | 40.3 years | 40.5 years | 40.7 years |
| Average tenure (parent company) | 13.2 years | 14.0 years | 14.0 years | 14.5 years | 14.5 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +2.0%

## 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 | 49 | 0.2% | S100YEJ7 |
| Capital expenditure | 1,123 | 3.9% | S100YEJ7 |
| Free cash flow | -1,074 | -3.7% | 算出 |
| Investing cash flow | -1,100 | -3.8% | S100YEJ7 |
| Financing cash flow | 710 | 2.4% | S100YEJ7 |
| Dividends paid | 284 | 1.0% | S100YEJ7 |
| Change in cash | -312 | -1.1% | S100YEJ7 |
| Cash and equivalents | 1,141 | 3.9% | S100YEJ7 |

## 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 | 2,186 | 2,247 | 1,498 | 1,453 | 1,141 | S100TNJN, S100W0DT, S100YEJ7 |
| Total assets | 22,468 | 23,455 | 24,218 | 24,367 | 24,111 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Net assets | 11,952 | 12,496 | 13,728 | 14,689 | 15,724 | S100TNJN, S100W0DT, S100YEJ7 |
| Share capital | 433 | 433 | 433 | 433 | 433 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Property, plant and equipment | 5,267 | 5,430 | 6,038 | 6,403 | 6,871 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Intangible assets excluding goodwill | 148 | 194 | 175 | 160 | 347 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Investment securities | 339 | 285 | 392 | 485 | 582 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Current assets | 14,926 | 15,758 | 15,858 | 15,618 | 14,662 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Current liabilities | 7,703 | 8,264 | 7,515 | 6,976 | 5,432 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Trade payables | 1,397 | 1,619 | 1,508 | 1,480 | 1,076 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Short-term borrowings | 1,476 | 1,386 | 1,438 | 1,610 | 2,350 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Long-term borrowings | 781 | 793 | 1,099 | 874 | 1,065 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Total liabilities | 10,515 | 10,959 | 10,490 | 9,678 | 8,387 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Non-controlling interests | 645 | 622 | 602 | 488 | 530 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Equity attributable to owners of parent | 11,178 | 11,591 | 12,718 | 13,700 | 14,637 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Retained earnings | 10,289 | 10,702 | 11,829 | 12,811 | 13,748 | S100R0XP, S100TNJN, S100W0DT, S100YEJ7 |
| Treasury stock | — | -0 | -0 | -0 | -0 | S100TNJN, S100W0DT, S100YEJ7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YEJ7 |
| Property, plant and equipment | 29% | S100YEJ7 |
| Intangibles and goodwill | 1% | S100YEJ7 |
| Investment securities | 2% | S100YEJ7 |
| Other assets | 63% | S100YEJ7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YEJ7 |
| Other liabilities | 30% | S100YEJ7 |
| Equity | 65% | S100YEJ7 |
| Other liabilities | 0% | S100YEJ7 |

### 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 | 22,468 | 23,455 | 24,218 | 24,367 | 24,111 |
| Equity | 11,952 | 12,496 | 13,728 | 14,689 | 15,724 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,186 | 2,247 | 1,498 | 1,453 | 1,141 |

## 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) | 23.7% | S100YEJ7 |
| Fixed assets ÷ total assets | 28.5% | S100YEJ7 |
| Goodwill ÷ parent equity | — | —, S100YEJ7 |

### 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) | 4.7% |
| Cash ÷ revenue | 3.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 2.7% |
| Cash vs. profit gap | -1,172 JPY mn (of net income -96.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 2251.3% |

## 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 | 4.3% | 1.02× | 4.4% | 2.01× | 8.9% | S100R0XP |
| 2023 | 2.4% | 1.16× | 2.7% | 2.02× | 5.5% | S100TNJN |
| 2024 | 4.9% | 1.16× | 5.7% | 1.96× | 11.1% | S100W0DT |
| 2025 | 4.4% | 1.17× | 5.2% | 1.84× | 9.5% | S100YEJ7 |
| 2026 | 4.2% | 1.20× | 5.0% | 1.71× | 8.6% | S100YEJ7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西岡 利明 | Major shareholder | 28.3% | 2026-03-31 |
| 吉川 正弘 | Major shareholder | 23.2% | 2026-03-31 |
| ＳＡＮＥＩ従業員持株会 | Major shareholder | 7.1% | 2026-03-31 |
| ＳＡＮＥＩ会 | Major shareholder | 5.1% | 2026-03-31 |
| ＳＡＮＥＩ共栄会 | Major shareholder | 3.3% | 2026-03-31 |
| 夏目 和典 | Major shareholder | 2.8% | 2026-03-31 |
| 吉川 弘二 | Major shareholder | 2.6% | 2026-03-31 |
| 梅田 藤三 | Major shareholder | 1.8% | 2026-03-31 |
| ＳＡＮＥＩ役員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 川端 知美 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YEJ7 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEJ7,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W0DT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0DT,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TNJN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNJN,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R0XP | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0XP,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OAL9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAL9,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LNGK | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNGK,, |

## 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).