# SANIXHOLDINGS INCORPORATED: 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48期(2025/04/01－2026/03/31) (S100YKAR)
> Page: https://vizora.meequs.com/en/company/sanixholdings
> Retrieved: 2026-09-30T22:19:26.346Z

## Company

Sanixholdings, founded in 1978, is a company in Electric Power & Gas listed on TSE Standard. It has 2,033 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANIX HOLDINGS INCORPORATED |
| Ticker | 4651 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4651.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区博多駅東2丁目1番23号 |
| Representative (per filing) | 代表取締役社長 宗政寛 |
| Founded | Sep 1978 |
| Share capital | ¥4.21B |
| Employees (consolidated) | 2,033 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | sanix.jp (https://sanix.jp/) |
| Corporate number | 6290001001327 |
| EDINET | E04964 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services, Home & Lifestyle Services, Waste Management & Recycling |

> Profile source: annual securities report (S100YKAR, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.1 | 24 |
| Profitability | 14 | 25 |
| Cash conversion | 94 | 25 |
| Efficiency | 66 | 25 |
| Financial strength | 77.3 | 11 |

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 46% of Sanixholdings's sales come from Resource circulation, with Housing and construction and Energy making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -42.9%.

## Company structure

- Segment revenue mix: Resource circulation 46.4%、Housing and construction 33.3%、Energy 19.3%、Other 0.9%
- Revenue → net income: ¥45291000000 → ¥421000000
- Net income → operating cash flow: ¥421000000 → ¥2158000000（difference ¥1737000000）
- Main uses of operating cash flow: CapEx ¥3418000000 / dividends — / buybacks —
- Change in cash: ¥-114000000
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 | ¥45.3B |  |
| Operating income | ¥1.27B | Margin 2.8% |
| Net income | ¥421M | Margin 0.9% |
| Free cash flow | -¥1.26B |  |
| Largest business | Resource circulation | of segment revenue 46.4% |
| Employees (consolidated) | 2,033 |  |
| EPS | ¥11.24 |  |
| Book value per share | ¥101.81 |  |
| Equity ratio | 27.5% |  |
| Shares outstanding | 48,919,000 |  |
| Treasury shares | 1,115,500 |  |
| Shareholders | 9,509 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 11.4% | Net cash -¥4.96B · Cash ÷ revenue 10.1% |
| Vs. industry median margin | -4.2 pp | Electric Power & Gas |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49416000000 | ¥45291000000 | -8.3% |
| Operating income | ¥2325000000 | ¥1272000000 | -45.3% |
| Operating margin | 4.7% | 2.8% | -1.9 pp |
| Employees | 2,027 people | 2,033 people | +0.3% |
| Cash and equivalents | ¥4760000000 | ¥4572000000 | -3.9% |

### 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 |
| --- | ---: |
| ＨＳ事業部門 → 事業再編・廃止 | 23.4% |
| ＳＥ事業部門 → 事業再編・廃止 | 21.4% |
| ＥＳ事業部門 → 事業再編・廃止 | 4.8% |
| エネルギー事業部門 → 事業再編・廃止 | 21.2% |
| 環境資源開発事業部門 → 事業再編・廃止 | 29.3% |
| 新設・再編 → 住環境 | 33.3% |
| 新設・再編 → エネルギー | 19.3% |
| 新設・再編 → 資源循環 | 46.4% |
| 新設・再編 → その他 | 0.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Resource circulation | — | — | ¥21025000000 | 8.2% | 2 |
| Housing and construction | — | — | ¥15104000000 | 12.1% | 2 |
| Energy | — | — | ¥8752000000 | 0.5% | 2 |
| Other | 4 years | -2.8% | ¥409000000 | 3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,291 | 100.0% | S100YKAR |
| Cost of revenue | 29,851 | 65.9% | S100YKAR |
| Gross profit | 15,440 | 34.1% | S100YKAR |
| SG&A | 14,167 | 31.3% | S100YKAR |
| Operating income | 1,272 | 2.8% | S100YKAR |
| Ordinary income | 727 | 1.6% | S100YKAR |
| Pretax income | 791 | 1.7% | S100YKAR |
| Income tax | 369 | 0.8% | S100YKAR |
| Net income | 421 | 0.9% | S100YKAR |
| Net income attributable to owners | 421 | 0.9% | S100YKAR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 31 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 34.1% → Operating margin 2.8% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -42.9%
Operating leverage (core profit growth ÷ revenue growth): 318.82×
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 | 45,352 | 45,291 | -61 | -0.1% |
| Gross profit | 16,606 | 15,440 | -1,166 | -7.0% |
| Operating income | 2,227 | 1,272 | -955 | -42.9% |
| Net income attributable to owners | 1,483 | 421 | -1,062 | -71.6% |
| Operating cash flow | 2,648 | 2,158 | -490 | -18.5% |
| Free cash flow | -971 | -1,260 | -289 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,531 | 2,791 | 5.3% | 1,850 | 4,080 | 1,888 | S100LTRS |
| FY ending Mar 2021 | 49,416 | 2,325 | 4.7% | 1,965 | 2,756 | 38 | S100OJG9 |
| FY ending Mar 2022 | 50,936 | -2,618 | -5.1% | -3,449 | -3,067 | -5,701 | S100R7GR |
| FY ending Mar 2023 | 46,277 | 1,785 | 3.9% | 1,332 | 5,034 | 3,899 | S100TSFW |
| FY ending Mar 2024 | 47,167 | 3,744 | 7.9% | 2,697 | 4,821 | 2,595 | S100W4KN |
| FY ending Mar 2025 | 45,352 | 2,227 | 4.9% | 1,483 | 2,648 | -971 | S100YKAR |
| FY ending Mar 2026 | 45,291 | 1,272 | 2.8% | 421 | 2,158 | -1,260 | S100YKAR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.3M |
| Operating income per employee (consolidated) | ¥625.7K |
| Net income per employee (consolidated) | ¥207.1K |

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) | 2,054 | 2,054 | 2,049 | 2,054 | 2,033 |
| Average salary (parent company) | ¥4.7M | ¥4.6M | ¥4.5M | ¥4.5M | ¥4.8M |
| Average age (parent company) | 42.9 years | 43.2 years | 43.6 years | 43.7 years | 44.5 years |
| Average tenure (parent company) | 10.0 years | 10.3 years | 10.7 years | 11.2 years | 9.7 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing and construction | 15,104 | 33.3% | 1,825 | 12.1% |
| Energy | 8,752 | 19.3% | 40 | 0.5% |
| Resource circulation | 21,025 | 46.4% | 1,726 | 8.2% |
| Other | 409 | 0.9% | 16 | 3.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing and construction | 33.3% | 50.6% | 17.2 | 12.1% |
| Energy | 19.3% | 1.1% | -18.2 | 0.5% |
| Resource circulation | 46.4% | 47.9% | 1.4 | 8.2% |
| Other | 0.9% | 0.4% | -0.5 | 3.9% |

Segment → industry: Resource circulation → Electric Power & Gas / Energy → Plant Engineering & Building Services / Housing and construction → Home & Lifestyle Services / Resource circulation → Waste Management & Recycling

## 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 | 2,158 | 4.8% | S100YKAR |
| Capital expenditure | 3,418 | 7.5% | S100YKAR |
| Free cash flow | -1,260 | -2.8% | 算出 |
| Investing cash flow | -3,572 | -7.9% | S100YKAR |
| Financing cash flow | 1,293 | 2.9% | S100YKAR |
| Change in cash | -114 | -0.3% | S100YKAR |
| Cash and equivalents | 4,572 | 10.1% | S100YKAR |

## 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 | 3,243 | 3,916 | 6,269 | 4,686 | 4,572 | S100TSFW, S100W4KN, S100YKAR |
| Total assets | 34,953 | 33,586 | 36,965 | 36,655 | 40,024 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Net assets | 4,732 | 6,068 | 8,912 | 10,170 | 11,006 | S100TSFW, S100W4KN, S100YKAR |
| Share capital | 14,041 | 14,041 | 14,041 | 4,205 | 4,205 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Property, plant and equipment | 16,382 | 16,100 | 17,232 | 19,407 | 21,203 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Intangible assets excluding goodwill | 701 | 595 | 484 | 337 | 437 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Investment securities | 103 | 141 | 234 | 161 | 209 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Current assets | 14,551 | 13,683 | 16,211 | 13,873 | 15,102 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Current liabilities | 21,718 | 16,382 | 18,010 | 16,910 | 18,380 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Trade payables | 3,408 | 2,463 | 1,968 | 1,554 | 1,677 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Short-term borrowings | 10,151 | 3,462 | 4,015 | 4,642 | 4,770 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Long-term borrowings | 2,297 | 5,472 | 4,107 | 3,213 | 4,558 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Bonds | 700 | 500 | 700 | 400 | 200 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Interest-bearing debt | 13,148 | 9,434 | 8,822 | 8,255 | 9,528 | 算出 |
| Total liabilities | 30,221 | 27,518 | 28,053 | 26,484 | 29,018 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Non-controlling interests | 22 | 20 | 18 | — | — | S100R7GR, S100TSFW, S100W4KN |
| Equity attributable to owners of parent | 4,566 | 5,893 | 8,591 | 10,080 | 10,501 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Retained earnings | -7,995 | -6,666 | -3,968 | 7,351 | 7,772 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |
| Treasury stock | -1,481 | -1,481 | -1,481 | -1,481 | -1,481 | S100R7GR, S100TSFW, S100W4KN, S100YKAR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YKAR |
| Property, plant and equipment | 53% | S100YKAR |
| Intangibles and goodwill | 1% | S100YKAR |
| Investment securities | 1% | S100YKAR |
| Other assets | 34% | S100YKAR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YKAR |
| Interest-bearing debt | 24% | 算出 |
| Other liabilities | 45% | S100YKAR |
| Equity | 27% | S100YKAR |

### 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 | 34,953 | 33,586 | 36,965 | 36,655 | 40,024 |
| Equity | 4,732 | 6,068 | 8,912 | 10,170 | 11,006 |
| Interest-bearing debt | 13,148 | 9,434 | 8,822 | 8,255 | 9,528 |
| Cash | 3,243 | 3,916 | 6,269 | 4,686 | 4,572 |

## 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) | 46.8% | S100YKAR |
| Fixed assets ÷ total assets | 53.0% | S100YKAR |
| Goodwill ÷ parent equity | — | —, S100YKAR |

### 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) | 11.4% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | -¥4.96B |
| Net debt ÷ operating cash flow | 2.30× |
| Cash conversion (operating CF ÷ operating income) | 169.7% |
| Cash vs. profit gap | 1,737 JPY mn (of net income 412.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 165.5% |

## 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 | — | —× | -9.9% | —× | — | S100R7GR |
| 2023 | 2.9% | 1.35× | 3.9% | 6.55× | 25.5% | S100TSFW |
| 2024 | 5.7% | 1.34× | 7.6% | 4.87× | 37.2% | S100W4KN |
| 2025 | 3.3% | 1.23× | 4.0% | 3.94× | 15.9% | S100YKAR |
| 2026 | 0.9% | 1.18× | 1.1% | 3.73× | 4.1% | S100YKAR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社バイオン | Major shareholder | 18.2% | 2026-03-31 |
| 宗政 寛 | Major shareholder | 13.5% | 2026-03-31 |
| 株式会社ＵＨ５ | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社ＵＨ Ｐａｒｔｎｅｒｓ ２ | Major shareholder | 6.9% | 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 | 4.7% | 2026-03-31 |
| 一般社団法人サニックス共済会 | Major shareholder | 3.5% | 2026-03-31 |
| サニックス社員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社エフティグループ | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YKAR | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKAR,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W4KN | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4KN,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TSFW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFW,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R7GR | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7GR,, |
| 有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OJG9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJG9,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LTRS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTRS,, |

## 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).