# Sangetsu Corporation: 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74期(2025/04/01－2026/03/31) (S100YA8B)
> Page: https://vizora.meequs.com/en/company/sangetsu
> Retrieved: 2026-09-30T21:03:36.669Z

## Company

Sangetsu, founded in 1953, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 3,299 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sangetsu Corporation |
| Ticker | 8130 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8130.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市西区幅下一丁目4番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 近藤康正 |
| Founded | Apr 1953 |
| Share capital | ¥13.6B |
| Employees (consolidated) | 3,299 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.sangetsu.co.jp (https://www.sangetsu.co.jp/) |
| Corporate number | 3180001025521 |
| EDINET | E03071 |
| Industries (Vizora) | Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YA8B, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92 | 56 |
| Profitability | 87.1 | 58 |
| Cash conversion | 23 | 50 |
| Efficiency | 75 | 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)

- About 79% of Sangetsu's sales come from Domestic Interior, with Overseas and Domestic Exterior making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +7.0%.

## Company structure

- Segment revenue mix: Domestic Interior 79.5%、Overseas 17.0%、Domestic Exterior 3.5%
- Revenue → net income: ¥206441000000 → ¥14539000000
- Net income → operating cash flow: ¥14539000000 → ¥14320000000（difference ¥-219000000）
- Main uses of operating cash flow: CapEx ¥4149000000 / dividends ¥8955000000 / buybacks ¥0
- Change in cash: ¥1565000000
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 | ¥206.4B |  |
| Operating income | ¥19.4B | Margin 9.4% |
| Net income | ¥14.6B | Margin 7.1% |
| Free cash flow | ¥10.2B |  |
| Largest business | Domestic Interior | of segment revenue 79.5% |
| Employees (consolidated) | 3,299 |  |
| EPS | ¥205.49 |  |
| Diluted EPS | ¥205.48 |  |
| Book value per share | ¥1914.28 |  |
| Equity ratio | 64.3% |  |
| Shares outstanding | 59,200,000 |  |
| Treasury shares | 408,200 |  |
| Shareholders | 30,895 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 18.5% | Cash ÷ revenue 17.0% |
| Vs. industry median margin | +5 pp | Housing Equipment & Building Materials |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥145316000000 | ¥206441000000 | +42.1% |
| Operating income | ¥6701000000 | ¥19408000000 | +189.6% |
| Operating margin | 4.6% | 9.4% | +4.8 pp |
| Employees | 2,359 people | 3,299 people | +39.8% |
| Cash and equivalents | ¥25124000000 | ¥35010000000 | +39.3% |

### 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 |
| --- | ---: |
| 国内インテリア → 国内インテリア | 76.0% |
| 国内エクステリア → 国内エクステリア | 3.5% |
| 国内エクステリア → 事業再編・廃止 | 6.5% |
| 海外 → 海外 | 10.3% |
| スペースクリエーション → 事業再編・廃止 | 3.6% |
| 新設・再編 → 国内インテリア | 3.5% |
| 新設・再編 → 海外 | 6.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Interior | 5 years | +8.2% | ¥164102000000 | 11.8% | 2 |
| Overseas | 5 years | +18.4% | ¥35029000000 | -0.1% | 2 |
| Domestic Exterior | 5 years | -13.0% | ¥7309000000 | 1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 206,441 | 100.0% | S100YA8B |
| Cost of revenue | 141,711 | 68.6% | S100YA8B |
| Gross profit | 64,729 | 31.4% | S100YA8B |
| SG&A | 45,321 | 22.0% | S100YA8B |
| Operating income | 19,408 | 9.4% | S100YA8B |
| Ordinary income | 20,152 | 9.8% | S100YA8B |
| Pretax income | 20,800 | 10.1% | S100YA8B |
| Income tax | 6,261 | 3.0% | S100YA8B |
| Net income | 14,539 | 7.0% | S100YA8B |
| Net income attributable to owners | 14,642 | 7.1% | S100YA8B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 22 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 31.4% → Operating margin 9.4% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +7.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.31×
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 | 200,378 | 206,441 | 6,063 | +3.0% |
| Gross profit | 62,373 | 64,729 | 2,356 | +3.8% |
| Operating income | 18,140 | 19,408 | 1,268 | +7.0% |
| Net income attributable to owners | 12,550 | 14,642 | 2,092 | +16.7% |
| Operating cash flow | 19,260 | 14,320 | -4,940 | -25.6% |
| Free cash flow | 13,799 | 10,171 | -3,628 | -26.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 161,265 | 9,268 | 5.7% | 1,432 | 13,804 | 11,648 | S100LLBI |
| FY ending Mar 2021 | 145,316 | 6,701 | 4.6% | 4,780 | 9,694 | 5,037 | S100O6N1 |
| FY ending Mar 2022 | 149,481 | 7,959 | 5.3% | 276 | 5,718 | 3,502 | S100QZ22 |
| FY ending Mar 2023 | 176,022 | 20,280 | 11.5% | 14,005 | 17,373 | 14,182 | S100TME8 |
| FY ending Mar 2024 | 189,859 | 19,103 | 10.1% | 14,291 | 12,818 | 7,803 | S100VY7B |
| FY ending Mar 2025 | 200,378 | 18,140 | 9.1% | 12,550 | 19,260 | 13,799 | S100YA8B |
| FY ending Mar 2026 | 206,441 | 19,408 | 9.4% | 14,642 | 14,320 | 10,171 | S100YA8B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.6M |
| Operating income per employee (consolidated) | ¥5.9M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 2,453 | 2,547 | 2,645 | 3,001 | 3,299 |
| Average salary (parent company) | ¥6.4M | ¥6.8M | ¥7.7M | ¥7.9M | ¥7.9M |
| Average age (parent company) | 37.2 years | 37.5 years | 37.7 years | 37.9 years | 38.0 years |
| Average tenure (parent company) | 15.8 years | 16.1 years | 15.7 years | 15.4 years | 15.3 years |

Year over year: Employees (consolidated) +9.9% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Interior | 164,102 | 79.5% | 19,333 | 11.8% |
| Domestic Exterior | 7,309 | 3.5% | 118 | 1.6% |
| Overseas | 35,029 | 17.0% | -46 | -0.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Interior | 79.5% | 99.4% | 19.9 | 11.8% |
| Domestic Exterior | 3.5% | 0.6% | -2.9 | 1.6% |
| Overseas | 17.0% | — | — | -0.1% |

Loss-making segment (excluded from profit shares): Overseas -46 JPY mn

Segment → industry: Overseas → Housing Equipment & Building Materials / Domestic Exterior → Housing Equipment & Building Materials / Domestic Interior → Housing Equipment & Building Materials / Domestic Interior → 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 | 14,320 | 6.9% | S100YA8B |
| Capital expenditure | 4,149 | 2.0% | S100YA8B |
| Free cash flow | 10,171 | 4.9% | 算出 |
| Investing cash flow | -4,625 | -2.2% | S100YA8B |
| Financing cash flow | -8,261 | -4.0% | S100YA8B |
| Dividends paid | 8,955 | 4.3% | S100YA8B |
| Share buyback | 0 | 0.0% | S100YA8B |
| Change in cash | 1,565 | 0.8% | S100YA8B |
| Cash and equivalents | 35,010 | 17.0% | S100YA8B |

## 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 | 16,886 | 24,765 | 24,717 | 33,445 | 35,010 | S100TME8, S100VY7B, S100YA8B |
| Total assets | 147,943 | 164,454 | 170,750 | 183,923 | 188,907 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Net assets | 88,326 | 95,825 | 106,709 | 113,810 | 122,259 | S100TME8, S100VY7B, S100YA8B |
| Share capital | 13,616 | 13,616 | 13,616 | 13,616 | 13,616 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Property, plant and equipment | 35,285 | 36,825 | 39,909 | 41,665 | 42,300 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Intangible assets excluding goodwill | 4,058 | 3,512 | 3,228 | 4,354 | 4,961 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Goodwill | 1,474 | 1,340 | 1,173 | 1,691 | 2,366 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Investment securities | 8,656 | 6,182 | 8,128 | 8,203 | 10,744 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Current assets | 87,525 | 104,843 | 107,463 | 117,011 | 118,020 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Current liabilities | 40,758 | 56,565 | 53,273 | 58,276 | 45,011 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Trade payables | 13,810 | 15,410 | 16,131 | 18,157 | 17,884 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Short-term borrowings | 862 | 801 | 5,711 | 9,098 | 365 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Long-term borrowings | 7,734 | — | — | 2,000 | 12,000 | S100QZ22, S100YA8B |
| Total liabilities | 59,616 | 68,629 | 64,040 | 70,113 | 66,647 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Non-controlling interests | 446 | 13 | 14 | 791 | 706 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Equity attributable to owners of parent | 87,019 | 94,056 | 100,799 | 104,674 | 110,416 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Retained earnings | 54,537 | 64,138 | 70,799 | 74,538 | 80,216 | S100QZ22, S100TME8, S100VY7B, S100YA8B |
| Treasury stock | -907 | -849 | -791 | -698 | -663 | S100QZ22, S100TME8, S100VY7B, S100YA8B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YA8B |
| Property, plant and equipment | 22% | S100YA8B |
| Intangibles and goodwill | 4% | S100YA8B |
| Investment securities | 6% | S100YA8B |
| Other assets | 49% | S100YA8B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YA8B |
| Other liabilities | 26% | S100YA8B |
| Equity | 65% | S100YA8B |
| Other liabilities | 0% | S100YA8B |

### 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 | 147,943 | 164,454 | 170,750 | 183,923 | 188,907 |
| Equity | 88,326 | 95,825 | 106,709 | 113,810 | 122,259 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,886 | 24,765 | 24,717 | 33,445 | 35,010 |

## 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) | 20.5% | S100YA8B |
| Fixed assets ÷ total assets | 22.4% | S100YA8B |
| Goodwill ÷ parent equity | 2.1% | S100YA8B |

Goodwill over 4 years: 1,474 → 2,366 JPY; total investing cash flow: -14,579 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) | 18.5% |
| Cash ÷ revenue | 17.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.8% |
| Cash vs. profit gap | -322 JPY mn (of net income -2.2%) |
| Shareholder returns / net income | 61.2% |
| Shareholder returns / FCF | 88.0% |
| Shareholder payments — dividends / net income | 61.2% |
| Shareholder payments — dividends / FCF | 88.0% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 32.3% |

## 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 | 0.2% | 1.01× | 0.2% | 1.70× | 0.3% | S100QZ22 |
| 2023 | 8.0% | 1.13× | 9.0% | 1.73× | 15.5% | S100TME8 |
| 2024 | 7.5% | 1.13× | 8.5% | 1.72× | 14.7% | S100VY7B |
| 2025 | 6.3% | 1.13× | 7.1% | 1.73× | 12.2% | S100YA8B |
| 2026 | 7.1% | 1.11× | 7.9% | 1.73× | 13.6% | S100YA8B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.3% | 2026-03-31 |
| 日 比 喜 雄 | Major shareholder | 2.9% | 2026-03-31 |
| 三 輪 雅 恵 | Major shareholder | 2.9% | 2026-03-31 |
| サンゲツ共栄会 | Major shareholder | 2.9% | 2026-03-31 |
| 日 比 東 三 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社大垣共立銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 2.0% | 2026-03-31 |
| 日 比 麻 友 美 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YA8B | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YA8B,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100VY7B | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY7B,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TME8 | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TME8,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100QZ22 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ22,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100O6N1 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O6N1,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LLBI | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLBI,, |

## 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).