# SANKI ENGINEERING 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102期(2025/04/01－2026/03/31) (S100YH3A)
> Page: https://vizora.meequs.com/en/company/sanki-engineering
> Retrieved: 2026-09-30T19:49:35.363Z

## Company

Sanki Engineering, founded in 1949, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 2,705 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanki Engineering Co., Ltd. |
| Ticker | 1961 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1961.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区明石町8番1号 |
| Representative (per filing) | 代表取締役社長 名古屋 和宏 |
| Founded | Aug 1949 |
| Share capital | ¥8.11B |
| Employees (consolidated) | 2,705 |
| Average salary (parent only) | ¥12.3M |
| Fiscal year end | March |
| Website | www.sanki.co.jp (https://www.sanki.co.jp/) |
| Corporate number | 2010001008683 |
| EDINET | E00107 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Development & Leasing, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100YH3A, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.7 | 72 |
| Profitability | 63.8 | 76 |
| Cash conversion | 30.4 | 74 |
| Efficiency | 79.6 | 76 |

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 83% of Sanki Engineering's sales come from Building equipment, with Environmental system and Machinery system making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +27.9%.

## Company structure

- Segment revenue mix: Building equipment 83.3%、Environmental system 11.8%、Machinery system 3.8%、Real estate 1.0%、Other 0.1%
- Revenue → net income: ¥254674000000 → ¥23688000000
- Net income → operating cash flow: ¥23688000000 → ¥13167000000（difference ¥-10521000000）
- Main uses of operating cash flow: CapEx ¥2115000000 / dividends ¥9963000000 / buybacks ¥4999000000
- Change in cash: ¥-4064000000
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 | ¥254.7B |  |
| Operating income | ¥28B | Margin 11.0% |
| Net income | ¥23.7B | Margin 9.3% |
| Free cash flow | ¥11.1B |  |
| Largest business | Building equipment | of segment revenue 83.3% |
| Employees (consolidated) | 2,705 |  |
| EPS | ¥148.99 |  |
| Diluted EPS | ¥148.61 |  |
| Book value per share | ¥684.26 |  |
| Equity ratio | 55.3% |  |
| Shares outstanding | 53,661,156 |  |
| Treasury shares | 2,743,700 |  |
| Shareholders | 12,168 |  |
| Average salary (parent only) | ¥12.3M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | +1.9 pp | Plant Engineering & Building Services |
| ROE | 25.0% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +43% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥190067000000 | ¥254674000000 | +34.0% |
| Operating income | ¥7498000000 | ¥27991000000 | +273.3% |
| Operating margin | 3.9% | 11.0% | +7 pp |
| Employees | 2,548 people | 2,705 people | +6.2% |
| Cash and equivalents | ¥37087000000 | ¥39784000000 | +7.3% |

### 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 |
| --- | ---: |
| 建築設備事業 → 建築設備事業 | 81.6% |
| 機械システム事業 → 機械システム事業 | 3.8% |
| 機械システム事業 → 事業再編・廃止 | 0.9% |
| 環境システム事業 → 環境システム事業 | 11.8% |
| 環境システム事業 → 事業再編・廃止 | 0.6% |
| 不動産事業 → 不動産事業 | 1.0% |
| 不動産事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建築設備事業 | 1.7% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building equipment | 5 years | +6.5% | ¥212088000000 | 13.2% | 2 |
| Environmental system | 5 years | +5.1% | ¥30080000000 | 3.8% | 2 |
| Machinery system | 5 years | +1.7% | ¥9765000000 | -9.4% | 2 |
| Real estate | 5 years | +1.8% | ¥2588000000 | 32.3% | 2 |
| Other | 5 years | +2.9% | ¥152000000 | 34.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 254,674 | 100.0% | S100YH3A |
| Cost of revenue | 198,604 | 78.0% | S100YH3A |
| Gross profit | 56,070 | 22.0% | S100YH3A |
| SG&A | 28,079 | 11.0% | S100YH3A |
| Operating income | 27,991 | 11.0% | S100YH3A |
| Ordinary income | 29,287 | 11.5% | S100YH3A |
| Pretax income | 32,662 | 12.8% | S100YH3A |
| Income tax | 8,974 | 3.5% | S100YH3A |
| Net income | 23,688 | 9.3% | S100YH3A |
| Net income attributable to owners | 23,688 | 9.3% | S100YH3A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 11 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 22.0% → Operating margin 11.0% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +27.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 45.84×
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 | 253,136 | 254,674 | 1,538 | +0.6% |
| Gross profit | 47,495 | 56,070 | 8,575 | +18.1% |
| Operating income | 21,893 | 27,991 | 6,098 | +27.9% |
| Net income attributable to owners | 17,203 | 23,688 | 6,485 | +37.7% |
| Operating cash flow | 29,725 | 13,167 | -16,558 | -55.7% |
| Free cash flow | 28,674 | 11,052 | -17,622 | -61.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 207,684 | 10,674 | 5.1% | 7,576 | 11,940 | 10,101 | S100LKCW |
| FY ending Mar 2021 | 190,067 | 7,498 | 3.9% | 5,901 | -483 | -1,977 | S100OCLF |
| FY ending Mar 2022 | 193,189 | 9,112 | 4.7% | 6,489 | 18,529 | 16,990 | S100R2EJ |
| FY ending Mar 2023 | 190,865 | 5,409 | 2.8% | 4,750 | -10,584 | -12,776 | S100TP39 |
| FY ending Mar 2024 | 221,920 | 11,586 | 5.2% | 8,951 | 1,285 | -274 | S100W3GT |
| FY ending Mar 2025 | 253,136 | 21,893 | 8.6% | 17,203 | 29,725 | 28,674 | S100YH3A |
| FY ending Mar 2026 | 254,674 | 27,991 | 11.0% | 23,688 | 13,167 | 11,052 | S100YH3A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥94.1M |
| Operating income per employee (consolidated) | ¥10.3M |
| Net income per employee (consolidated) | ¥8.8M |

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) | 2,607 | 2,627 | 2,659 | 2,653 | 2,705 |
| Average salary (parent company) | ¥8.6M | ¥8.8M | ¥8.8M | ¥10.8M | ¥12.3M |
| Average age (parent company) | 43.2 years | 42.3 years | 42.3 years | 43.0 years | 42.5 years |
| Average tenure (parent company) | 18.6 years | 17.9 years | 17.9 years | 18.2 years | 18.1 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building equipment | 212,088 | 83.3% | 28,054 | 13.2% |
| Machinery system | 9,765 | 3.8% | -918 | -9.4% |
| Environmental system | 30,080 | 11.8% | 1,146 | 3.8% |
| Real estate | 2,588 | 1.0% | 837 | 32.3% |
| Other | 152 | 0.1% | 53 | 34.9% |

### 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 |
| --- | ---: |
| Building equipment | 83.3% |
| Machinery system | 3.8% |
| Environmental system | 11.8% |
| Real estate | 1.0% |
| Other | 0.1% |

Segment → industry: Building equipment → Plant Engineering & Building Services / Real estate → Real Estate Development & Leasing / Environmental system → Waste Management & Recycling / Machinery system → Industrial Machinery

## 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 | 13,167 | 5.2% | S100YH3A |
| Capital expenditure | 2,115 | 0.8% | S100YH3A |
| Free cash flow | 11,052 | 4.3% | 算出 |
| Investing cash flow | -1,338 | -0.5% | S100YH3A |
| Financing cash flow | -16,068 | -6.3% | S100YH3A |
| Dividends paid | 9,963 | 3.9% | S100YH3A |
| Share buyback | 4,999 | 2.0% | S100YH3A |
| Change in cash | -4,064 | -1.6% | S100YH3A |
| Cash and equivalents | 39,784 | 15.6% | S100YH3A |

## 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 | 44,779 | 24,949 | 23,500 | 43,848 | 39,784 | S100TP39, S100W3GT, S100YH3A |
| Total assets | 183,609 | 172,305 | 202,161 | 200,839 | 219,483 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Net assets | 94,278 | 90,913 | 104,621 | 106,380 | 121,437 | S100TP39, S100W3GT, S100YH3A |
| Share capital | 8,105 | 8,105 | 8,105 | 8,105 | 8,105 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Property, plant and equipment | 13,504 | 13,037 | 12,966 | 12,515 | 12,887 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Intangible assets excluding goodwill | 1,255 | 2,302 | 2,045 | 1,830 | 1,717 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Investment securities | 30,447 | 28,010 | 40,539 | 31,383 | 35,258 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Current assets | 125,742 | 115,512 | 131,564 | 138,834 | 149,986 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Current liabilities | 79,210 | 69,649 | 81,597 | 82,283 | 85,030 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Short-term borrowings | 8,885 | 6,674 | 6,386 | 5,759 | 5,781 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Long-term borrowings | 320 | 1,400 | 2,374 | 1,348 | 350 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Total liabilities | 89,331 | 81,392 | 97,539 | 94,458 | 98,046 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Equity attributable to owners of parent | 82,140 | 80,011 | 82,436 | 90,195 | 99,234 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Retained earnings | 75,097 | 73,051 | 75,769 | 84,245 | 95,888 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |
| Treasury stock | -5,243 | -5,335 | -5,630 | -6,376 | -8,940 | S100R2EJ, S100TP39, S100W3GT, S100YH3A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YH3A |
| Property, plant and equipment | 6% | S100YH3A |
| Intangibles and goodwill | 1% | S100YH3A |
| Investment securities | 16% | S100YH3A |
| Other assets | 59% | S100YH3A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100YH3A |
| Equity | 55% | S100YH3A |

### 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 | 183,609 | 172,305 | 202,161 | 200,839 | 219,483 |
| Equity | 94,278 | 90,913 | 104,621 | 106,380 | 121,437 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,779 | 24,949 | 23,500 | 43,848 | 39,784 |

## 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) | 5.1% | S100YH3A |
| Fixed assets ÷ total assets | 5.9% | S100YH3A |
| Goodwill ÷ parent equity | — | —, S100YH3A |

### 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) | 18.1% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 47.0% |
| Cash vs. profit gap | -10,521 JPY mn (of net income -44.4%) |
| Shareholder returns / net income | 63.2% |
| Shareholder returns / FCF | 135.4% |
| Shareholder payments — dividends / net income | 42.1% |
| Shareholder payments — dividends / FCF | 90.1% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 10.2% |

## 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 | 3.4% | 1.05× | 3.5% | 2.24× | 7.9% | S100R2EJ |
| 2023 | 2.5% | 1.07× | 2.7% | 2.19× | 5.9% | S100TP39 |
| 2024 | 4.0% | 1.19× | 4.8% | 2.31× | 11.0% | S100W3GT |
| 2025 | 6.8% | 1.26× | 8.5% | 2.33× | 19.9% | S100YH3A |
| 2026 | 9.3% | 1.21× | 11.3% | 2.22× | 25.0% | S100YH3A |

## 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 | 10.8% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 9.9% | 2026-03-31 |
| 三機共栄会 | Major shareholder | 6.0% | 2026-03-31 |
| 大樹生命保険株式会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.7% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.5% | 2026-03-31 |
| 三機工業従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| ＨＳＢＣ－ＦＵＮＤ ＳＥＲＶＩＣＥＳＨＳＢＣ － ００６ ＭＦ ＥＦＭ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.7% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー５０５０２５（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YH3A | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH3A,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W3GT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3GT,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TP39 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP39,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R2EJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2EJ,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OCLF | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCLF,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LKCW | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKCW,, |

## 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).