# Sanko Metal Industrial Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2025/04/01－2026/03/31) (S100YCWL)
> Page: https://vizora.meequs.com/en/company/sanko-metal-industrial
> Retrieved: 2026-09-30T21:13:29.561Z

## Company

Sanko Metal Industrial, founded in 1949, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 520 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKO METAL INDUSTRIAL CO., LTD. |
| Ticker | 1972 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1972.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝五丁目34番2号 (2026年1月19日から本店は上記に移転しております。 旧本店の所在の場所 東京都港区芝浦四丁目13番23号) |
| Representative (per filing) | 代表取締役社長 青木栄一 |
| Founded | Jun 1949 |
| Share capital | ¥1.98B |
| Employees (consolidated) | 520 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.sankometal.co.jp (https://www.sankometal.co.jp/) |
| Corporate number | 9010401038472 |
| EDINET | E00109 |
| Industries (Vizora) | Housing Equipment & Building Materials, General Contractors |

> Profile source: annual securities report (S100YCWL, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.2 | 84 |
| Profitability | 72.3 | 92 |
| Cash conversion | 50 | 91 |
| Efficiency | 61.4 | 92 |

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 93% of Sanko Metal Industrial's sales come from Roof operation, with Building material operation and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit -8.1%.

## Company structure

- Segment revenue mix: Roof operation 92.9%、Building material operation 6.9%、Other 0.2%
- Revenue → net income: ¥47058000000 → ¥2645000000
- Net income → operating cash flow: ¥2645000000 → ¥2614000000（difference ¥-31000000）
- Main uses of operating cash flow: CapEx ¥945000000 / dividends ¥2104000000 / buybacks ¥0
- Change in cash: ¥-9945000000
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 | ¥47.1B |  |
| Operating income | ¥3.78B | Margin 8.0% |
| Net income | ¥2.65B | Margin 5.6% |
| Free cash flow | ¥1.67B |  |
| Largest business | Roof operation | of segment revenue 92.9% |
| Employees (consolidated) | 520 |  |
| EPS | ¥137.21 |  |
| Book value per share | ¥1433.18 |  |
| Equity ratio | 68.1% |  |
| Shares outstanding | 19,800,000 |  |
| Treasury shares | 522,200 |  |
| Shareholders | 10,758 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 9.9% |
| Vs. industry median margin | +1.2 pp | General Contractors |
| ROE | 10.5% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% 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 | ¥32239000000 | ¥47058000000 | +46.0% |
| Operating income | ¥2500000000 | ¥3778000000 | +51.1% |
| Operating margin | 7.8% | 8.0% | +0.3 pp |
| Employees | 481 people | 520 people | +8.1% |
| Cash and equivalents | ¥9298000000 | ¥4658000000 | -49.9% |

### 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 |
| --- | ---: |
| 屋根事業 → 屋根事業 | 89.1% |
| 建材事業 → 建材事業 | 6.9% |
| 建材事業 → 事業再編・廃止 | 3.8% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 屋根事業 | 3.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Roof operation | 5 years | +8.8% | ¥43728000000 | 8.4% | 2 |
| Building material operation | 5 years | -1.2% | ¥3252000000 | 1.9% | 2 |
| Other | 5 years | 0.0% | ¥76000000 | 68.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,058 | 100.0% | S100YCWL |
| Cost of revenue | 37,301 | 79.3% | S100YCWL |
| Gross profit | 9,756 | 20.7% | S100YCWL |
| SG&A | 5,978 | 12.7% | S100YCWL |
| Operating income | 3,778 | 8.0% | S100YCWL |
| Ordinary income | 3,843 | 8.2% | S100YCWL |
| Pretax income | 3,840 | 8.2% | S100YCWL |
| Income tax | 1,195 | 2.5% | S100YCWL |
| Net income | 2,645 | 5.6% | S100YCWL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 13 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 20.7% → Operating margin 8.0% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.7%; Core profit growth: -8.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.17×
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 | 45,362 | 47,058 | 1,696 | +3.7% |
| Gross profit | 9,912 | 9,756 | -156 | -1.6% |
| Operating income | 4,112 | 3,778 | -334 | -8.1% |
| Operating cash flow | 3,563 | 2,614 | -949 | -26.6% |
| Free cash flow | 2,911 | 1,669 | -1,242 | -42.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,995 | 2,366 | 7.0% | 1,236 | 3,358 | 2,597 | S100LUE2 |
| FY ending Mar 2021 | 32,239 | 2,500 | 7.8% | 1,685 | 1,557 | 1,243 | S100OKX2 |
| FY ending Mar 2022 | 34,772 | 2,425 | 7.0% | 1,648 | 1,903 | 1,604 | S100R69Z |
| FY ending Mar 2023 | 39,797 | 3,375 | 8.5% | 2,372 | 817 | 354 | S100TSXY |
| FY ending Mar 2024 | 42,914 | 3,711 | 8.6% | 2,593 | 4,106 | 3,132 | S100W7TM |
| FY ending Mar 2025 | 45,362 | 4,112 | 9.1% | 2,941 | 3,563 | 2,911 | S100YCWL |
| FY ending Mar 2026 | 47,058 | 3,778 | 8.0% | 2,645 | 2,614 | 1,669 | S100YCWL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90.5M |
| Operating income per employee (consolidated) | ¥7.3M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 492 | 499 | 502 | 502 | 520 |
| Average salary (parent company) | ¥7M | ¥7.4M | ¥7.9M | ¥8.5M | ¥8.6M |
| Average age (parent company) | 42.5 years | 42.7 years | 43.0 years | 43.4 years | 43.7 years |
| Average tenure (parent company) | 17.1 years | 17.3 years | 17.5 years | 17.9 years | 18.0 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Roof operation | 43,728 | 92.9% | 3,662 | 8.4% |
| Building material operation | 3,252 | 6.9% | 63 | 1.9% |
| Other | 76 | 0.2% | 52 | 68.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Roof operation | 92.9% | 97.0% | 4.0 | 8.4% |
| Building material operation | 6.9% | 1.7% | -5.2 | 1.9% |
| Other | 0.2% | 1.4% | 1.2 | 68.4% |

Segment → industry: Building material operation → Housing Equipment & Building Materials / Roof operation → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,614 | 5.6% | S100YCWL |
| Capital expenditure | 945 | 2.0% | S100YCWL |
| Free cash flow | 1,669 | 3.5% | 算出 |
| Investing cash flow | -10,438 | -22.2% | S100YCWL |
| Financing cash flow | -2,121 | -4.5% | S100YCWL |
| Dividends paid | 2,104 | 4.5% | S100YCWL |
| Share buyback | 0 | 0.0% | S100YCWL |
| Change in cash | -9,945 | -21.1% | S100YCWL |
| Cash and equivalents | 4,658 | 9.9% | S100YCWL |

## 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 | 10,358 | 10,176 | 12,615 | 14,603 | 4,658 | S100TSXY, S100W7TM, S100YCWL |
| Total assets | 33,484 | 36,707 | 40,162 | 41,429 | 40,543 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Net assets | 21,119 | 22,990 | 24,963 | 27,103 | 27,628 | S100TSXY, S100W7TM, S100YCWL |
| Share capital | 1,980 | 1,980 | 1,980 | 1,980 | 1,980 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Property, plant and equipment | 6,893 | 6,777 | 6,723 | 6,713 | 6,916 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Intangible assets excluding goodwill | 329 | 357 | 591 | 611 | 568 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Investment securities | 10 | 10 | 10 | 10 | 11 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Current assets | 24,994 | 28,191 | 31,422 | 32,486 | 31,471 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Current liabilities | 9,306 | 10,617 | 11,998 | 11,046 | 9,653 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Total liabilities | 12,364 | 13,716 | 15,198 | 14,326 | 12,915 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Equity attributable to owners of parent | 19,109 | 20,980 | 22,649 | 24,829 | 25,353 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Retained earnings | 17,075 | 18,947 | 20,616 | 22,796 | 23,321 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |
| Treasury stock | -290 | -290 | -290 | -291 | -291 | S100R69Z, S100TSXY, S100W7TM, S100YCWL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YCWL |
| Property, plant and equipment | 17% | S100YCWL |
| Intangibles and goodwill | 1% | S100YCWL |
| Investment securities | 0% | S100YCWL |
| Other assets | 70% | S100YCWL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YCWL |
| Equity | 68% | S100YCWL |

### 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 | 33,484 | 36,707 | 40,162 | 41,429 | 40,543 |
| Equity | 21,119 | 22,990 | 24,963 | 27,103 | 27,628 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,358 | 10,176 | 12,615 | 14,603 | 4,658 |

## 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) | 14.7% | S100YCWL |
| Fixed assets ÷ total assets | 17.1% | S100YCWL |
| Goodwill ÷ parent equity | — | —, S100YCWL |

### 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) | 11.5% |
| Cash ÷ revenue | 9.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.2% |
| Cash vs. profit gap | -31 JPY mn (of net income -1.2%) |
| Shareholder returns / net income | 79.5% |
| Shareholder returns / FCF | 126.1% |
| Shareholder payments — dividends / net income | 79.5% |
| Shareholder payments — dividends / FCF | 126.1% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 399.3% |

## 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 | 4.7% | 1.04× | 4.9% | 1.75× | 8.6% | S100R69Z |
| 2023 | 6.0% | 1.13× | 6.8% | 1.75× | 11.8% | S100TSXY |
| 2024 | 6.0% | 1.12× | 6.7% | 1.76× | 11.9% | S100W7TM |
| 2025 | 6.5% | 1.11× | 7.2% | 1.72× | 12.4% | S100YCWL |
| 2026 | 5.6% | 1.15× | 6.5% | 1.63× | 10.5% | S100YCWL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 32.3% | 2026-03-31 |
| 日鉄物産株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 1.9% | 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 | 1.1% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| ＢＮＰ Ｐａｒｉｂａｓ Ｆｉｎａｎｃｉａｌ Ｍａｒｋｅｔｓ （常任代理人 ＢＮＰパリバ証券株式会社） | Major shareholder | 0.7% | 2026-03-31 |
| 小泉 和子 | Major shareholder | 0.6% | 2026-03-31 |
| 宗教法人カトリック聖パウロ修道会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YCWL | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCWL,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W7TM | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7TM,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TSXY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSXY,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R69Z | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R69Z,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OKX2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKX2,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LUE2 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUE2,, |

## 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).