# sanko gosei ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/06/01－2026/05/31) (S100YZ2B)
> Page: https://vizora.meequs.com/en/company/sanko-gosei
> Retrieved: 2026-09-30T17:56:59.327Z

## Company

sanko gosei, founded in 1944, is a company in Auto Parts listed on TSE Prime. It has 2,867 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKO GOSEI LTD. |
| Ticker | 7888 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7888.T) |
| Listing | TSE Prime |
| Head office | 富山県南砺市土生新1200番地 |
| Representative (per filing) | 代表取締役社長 久住 アーメン |
| Founded | Sep 1944 |
| Share capital | ¥4.01B |
| Employees (consolidated) | 2,867 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | May |
| Corporate number | 5230001008725 |
| EDINET | E00866 |
| Industries (Vizora) | Auto Parts, Electronic Components |

> Profile source: annual securities report (S100YZ2B, filed 2026-08-28). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.4 | 110 |
| Profitability | 77.9 | 111 |
| Cash conversion | 22.7 | 108 |
| Efficiency | 83.3 | 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)

- About 32% of sanko gosei's sales come from Japan, with Asia and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit +25.4%.

## Company structure

- Segment revenue mix: Japan 32.5%、Asia 32.1%、North America 22.7%、Europe 12.7%
- Revenue → net income: ¥97979000000 → ¥814000000
- Net income → operating cash flow: ¥814000000 → ¥8414000000（difference ¥7600000000）
- Main uses of operating cash flow: CapEx ¥6248000000 / dividends ¥853000000 / buybacks —
- Change in cash: ¥2925000000
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 | ¥98B |  |
| Operating income | ¥7.09B | Margin 7.2% |
| Net income | ¥758M | Margin 0.8% |
| Free cash flow | ¥2.17B |  |
| Largest business | Japan | of segment revenue 32.5% |
| Employees (consolidated) | 2,867 |  |
| EPS | ¥-3.63 |  |
| Book value per share | ¥708.21 |  |
| Equity ratio | 39.3% |  |
| Shares outstanding | 30,688,000 |  |
| Treasury shares | 204,800 |  |
| Shareholders | 7,159 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 16.9% | Cash ÷ revenue 15.3% |
| Vs. industry median margin | +2.5 pp | Auto Parts |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 11.1× net income
- FY2026, employees -1% while operating income rose 25%
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55145000000 | ¥97979000000 | +77.7% |
| Operating income | ¥2411000000 | ¥7091000000 | +194.1% |
| Operating margin | 4.4% | 7.2% | +2.9 pp |
| Employees | 2,393 people | 2,867 people | +19.8% |
| Cash and equivalents | ¥8079000000 | ¥14955000000 | +85.1% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 32.5% |
| 日本 → 事業再編・廃止 | 9.9% |
| 欧州 → 欧州 | 11.6% |
| アジア → アジア | 32.1% |
| アジア → 事業再編・廃止 | 1.4% |
| 北米 → 北米 | 12.5% |
| 新設・再編 → 欧州 | 1.1% |
| 新設・再編 → 北米 | 10.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.4% | ¥31817000000 | 14.2% | 2 |
| Asia | 5 years | +11.2% | ¥31484000000 | 3.6% | 2 |
| North America | 5 years | +26.4% | ¥22252000000 | 7.8% | 2 |
| Europe | 5 years | +14.2% | ¥12425000000 | 3.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 97,979 | 100.0% | S100YZ2B |
| Cost of revenue | 80,993 | 82.7% | S100YZ2B |
| Gross profit | 16,986 | 17.3% | S100YZ2B |
| SG&A | 9,894 | 10.1% | S100YZ2B |
| Operating income | 7,091 | 7.2% | S100YZ2B |
| Ordinary income | 6,351 | 6.5% | S100YZ2B |
| Pretax income | 2,607 | 2.7% | S100YZ2B |
| Income tax | 1,793 | 1.8% | S100YZ2B |
| Net income | 814 | 0.8% | S100YZ2B |
| Net income attributable to owners | 758 | 0.8% | S100YZ2B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 10 |
| Operating income | 7 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 17.3% → Operating margin 7.2% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.5%; Core profit growth: +25.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 91,101 | 97,979 | 6,878 | +7.5% |
| Gross profit | 15,020 | 16,986 | 1,966 | +13.1% |
| Operating income | 5,656 | 7,091 | 1,435 | +25.4% |
| Net income attributable to owners | 3,857 | 758 | -3,099 | -80.3% |
| Operating cash flow | 8,566 | 8,414 | -152 | -1.8% |
| Free cash flow | 3,321 | 2,166 | -1,155 | -34.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 50,716 | 694 | 1.4% | -406 | 1,608 | -1,035 | S100MCJM |
| FY ending May 2021 | 55,145 | 2,411 | 4.4% | 1,302 | 3,530 | 859 | S100P36I |
| FY ending May 2022 | 65,661 | 2,543 | 3.9% | 1,811 | 3,011 | 16 | S100RRAK |
| FY ending May 2023 | 81,113 | 3,484 | 4.3% | 2,096 | 6,790 | 4,039 | S100UAVR |
| FY ending May 2024 | 93,784 | 4,131 | 4.4% | 2,612 | 5,697 | 782 | S100WLZJ |
| FY ending May 2025 | 91,101 | 5,656 | 6.2% | 3,857 | 8,566 | 3,321 | S100YZ2B |
| FY ending May 2026 | 97,979 | 7,091 | 7.2% | 758 | 8,414 | 2,166 | S100YZ2B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.2M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥264.4K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,509 | 2,739 | 2,905 | 2,909 | 2,867 |
| Average salary (parent company) | ¥4.6M | ¥4.5M | ¥4.8M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 39.9 years | 40.2 years | 40.6 years | 40.5 years | 40.3 years |
| Average tenure (parent company) | 12.6 years | 12.6 years | 12.5 years | 12.1 years | 12.0 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) +7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 31,817 | 32.5% | 4,520 | 14.2% |
| Europe | 12,425 | 12.7% | 474 | 3.8% |
| Asia | 31,484 | 32.1% | 1,125 | 3.6% |
| North America | 22,252 | 22.7% | 1,731 | 7.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 32.5% | 57.6% | 25.1 | 14.2% |
| Europe | 12.7% | 6.0% | -6.6 | 3.8% |
| Asia | 32.1% | 14.3% | -17.8 | 3.6% |
| North America | 22.7% | 22.1% | -0.7 | 7.8% |

Segment → industry: North America → Auto Parts / Asia → Auto Parts / Europe → Auto Parts / Japan → Auto Parts / Asia → Electronic Components / Japan → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,414 | 8.6% | S100YZ2B |
| Capital expenditure | 6,248 | 6.4% | S100YZ2B |
| Free cash flow | 2,166 | 2.2% | 算出 |
| Investing cash flow | -6,481 | -6.6% | S100YZ2B |
| Financing cash flow | 240 | 0.2% | S100YZ2B |
| Dividends paid | 853 | 0.9% | S100YZ2B |
| Change in cash | 2,925 | 3.0% | S100YZ2B |
| Cash and equivalents | 14,955 | 15.3% | S100YZ2B |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,822 | 8,775 | 9,958 | 12,029 | 14,955 | S100UAVR, S100WLZJ, S100YZ2B |
| Total assets | 58,409 | 65,580 | 74,930 | 76,052 | 88,363 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Net assets | 23,251 | 25,950 | 30,479 | 32,779 | 35,391 | S100UAVR, S100WLZJ, S100YZ2B |
| Share capital | 4,008 | 4,008 | 4,008 | 4,008 | 4,008 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Property, plant and equipment | 26,595 | 27,824 | 32,108 | 34,090 | 38,987 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Intangible assets excluding goodwill | 526 | 534 | 507 | 414 | 596 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Goodwill | 109 | 80 | 47 | — | — | S100RRAK, S100UAVR, S100WLZJ |
| Investment securities | 18 | 17 | 24 | 22 | 3 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Current assets | 30,721 | 36,644 | 40,987 | 40,097 | 46,481 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Current liabilities | 23,141 | 27,710 | 33,032 | 26,180 | 31,114 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Trade payables | 6,963 | 7,940 | 8,851 | 7,842 | 10,112 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Short-term borrowings | 6,341 | 5,811 | 6,325 | 3,045 | 1,727 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Long-term borrowings | 7,343 | 7,403 | 6,719 | 12,325 | 16,477 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Total liabilities | 35,158 | 39,630 | 44,450 | 43,272 | 52,971 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Non-controlling interests | 435 | 470 | 567 | 586 | 660 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Equity attributable to owners of parent | 22,766 | 24,436 | 26,470 | 29,718 | 29,623 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Retained earnings | 14,729 | 16,399 | 18,433 | 21,680 | 21,585 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |
| Treasury stock | -43 | -43 | -43 | -43 | -43 | S100RRAK, S100UAVR, S100WLZJ, S100YZ2B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YZ2B |
| Property, plant and equipment | 44% | S100YZ2B |
| Intangibles and goodwill | 1% | S100YZ2B |
| Investment securities | 0% | S100YZ2B |
| Other assets | 38% | S100YZ2B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YZ2B |
| Other liabilities | 49% | S100YZ2B |
| Equity | 40% | S100YZ2B |
| Other liabilities | 0% | S100YZ2B |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 58,409 | 65,580 | 74,930 | 76,052 | 88,363 |
| Equity | 23,251 | 25,950 | 30,479 | 32,779 | 35,391 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,822 | 8,775 | 9,958 | 12,029 | 14,955 |

## 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) | 39.8% | S100YZ2B |
| Fixed assets ÷ total assets | 44.1% | S100YZ2B |
| Goodwill ÷ parent equity | — | —, S100YZ2B |

### 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) | 16.9% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.7% |
| Cash vs. profit gap | 7,656 JPY mn (of net income 1010.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 112.5% |
| Shareholder payments — dividends / FCF | 39.4% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 77.0% |

## 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 | 2.8% | 1.12× | 3.1% | 2.57× | 8.0% | S100RRAK |
| 2023 | 2.6% | 1.31× | 3.4% | 2.63× | 8.9% | S100UAVR |
| 2024 | 2.8% | 1.33× | 3.7% | 2.76× | 10.3% | S100WLZJ |
| 2025 | 4.2% | 1.21× | 5.1% | 2.69× | 13.7% | S100YZ2B |
| 2026 | 0.8% | 1.19× | 0.9% | 2.77× | 2.6% | S100YZ2B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 双葉電子工業株式会社 | Major shareholder | 14.8% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.6% | 2026-05-31 |
| 有限会社ビー・ケー・ファイナンス | Major shareholder | 6.9% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-05-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.4% | 2026-05-31 |
| 株式会社ＡＬＰＩＮＥＣＡＰ | Major shareholder | 2.2% | 2026-05-31 |
| 松村 昌彦 | Major shareholder | 2.1% | 2026-05-31 |
| 梅崎 生八郎 | Major shareholder | 1.5% | 2026-05-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2026-05-31 |
| 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 | 1.2% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/06/01－2026/05/31) | S100YZ2B | 2026-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZ2B,, |
| 有価証券報告書－第92期(2024/06/01－2025/05/31) | S100WLZJ | 2025-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLZJ,, |
| 有価証券報告書－第91期(2023/06/01－2024/05/31) | S100UAVR | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAVR,, |
| 有価証券報告書－第90期(2022/06/01－2023/05/31) | S100RRAK | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRAK,, |
| 有価証券報告書－第89期(令和3年6月1日－令和4年5月31日) | S100P36I | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P36I,, |
| 有価証券報告書－第88期(令和2年6月1日－令和3年5月31日) | S100MCJM | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCJM,, |

## 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).