# SANKO 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63期(2025/04/01－2026/03/31) (S100YJUI)
> Page: https://vizora.meequs.com/en/company/sanko
> Retrieved: 2026-09-30T18:10:42.422Z

## Company

Sanko, founded in 1963, is a company in Auto Parts listed on TSE Standard. It has 484 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKO CO., LTD. |
| Ticker | 6964 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6964.T) |
| Listing | TSE Standard |
| Head office | 長野県塩尻市広丘野村959番地 |
| Representative (per filing) | 代表取締役社長 竹村 潔 |
| Founded | Sep 1963 |
| Share capital | ¥3.78B |
| Employees (consolidated) | 484 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.sko.co.jp (https://www.sko.co.jp/) |
| Corporate number | 8100001015608 |
| EDINET | E01954 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YJUI, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.7 | 110 |
| Profitability | 39.2 | 111 |
| Cash conversion | 38.4 | 108 |
| Efficiency | 27.5 | 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)

- Sanko brought in ¥18.3B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +39.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18289369000 → ¥605076000
- Net income → operating cash flow: ¥605076000 → ¥1136854000（difference ¥531778000）
- Main uses of operating cash flow: CapEx ¥739065000 / dividends ¥177608000 / buybacks —
- Change in cash: ¥28324000
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 | ¥18.3B |  |
| Operating income | ¥762.1M | Margin 4.2% |
| Net income | ¥605.1M | Margin 3.3% |
| Free cash flow | ¥397.8M |  |
| Employees (consolidated) | 484 |  |
| EPS | ¥52.18 |  |
| Book value per share | ¥1625.28 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 9,000,000 |  |
| Treasury shares | 126,700 |  |
| Shareholders | 1,709 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 21.5% | Cash ÷ revenue 26.9% |
| Vs. industry median margin | -0.6 pp | Auto Parts |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 40%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13321971000 | ¥18289369000 | +37.3% |
| Operating income | ¥622331000 | ¥762080000 | +22.5% |
| Operating margin | 4.7% | 4.2% | -0.5 pp |
| Employees | 489 people | 484 people | -1.0% |
| Cash and equivalents | ¥4490422000 | ¥4920154000 | +9.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,289 | 100.0% | S100YJUI |
| Cost of revenue | 15,997 | 87.5% | S100YJUI |
| Gross profit | 2,292 | 12.5% | S100YJUI |
| SG&A | 1,530 | 8.4% | S100YJUI |
| Operating income | 762 | 4.2% | S100YJUI |
| Ordinary income | 906 | 5.0% | S100YJUI |
| Pretax income | 906 | 5.0% | S100YJUI |
| Income tax | 301 | 1.6% | S100YJUI |
| Net income | 605 | 3.3% | S100YJUI |
| Net income attributable to owners | 605 | 3.3% | S100YJUI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.5% → Operating margin 4.2% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +39.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.59×
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 | 16,838 | 18,289 | 1,451 | +8.6% |
| Gross profit | 2,053 | 2,292 | 239 | +11.6% |
| Operating income | 546 | 762 | 216 | +39.6% |
| Net income attributable to owners | 570 | 605 | 36 | +6.2% |
| Operating cash flow | 295 | 1,137 | 842 | +285.5% |
| Free cash flow | -981 | 398 | 1,379 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,726 | 545 | 3.7% | 423 | 1,015 | -182 | S100LVZ9 |
| FY ending Mar 2021 | 13,322 | 622 | 4.7% | 570 | 1,190 | 518 | S100OKEA |
| FY ending Mar 2022 | 14,093 | 598 | 4.2% | 549 | 435 | -582 | S100R9FZ |
| FY ending Mar 2023 | 15,675 | 494 | 3.2% | 421 | 1,130 | 626 | S100TUQ1 |
| FY ending Mar 2024 | 16,936 | 772 | 4.6% | 705 | 1,274 | 476 | S100W4M5 |
| FY ending Mar 2025 | 16,838 | 546 | 3.2% | 570 | 295 | -981 | S100YJUI |
| FY ending Mar 2026 | 18,289 | 762 | 4.2% | 605 | 1,137 | 398 | S100YJUI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.8M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 498 | 501 | 507 | 498 | 484 |
| Average salary (parent company) | ¥5.8M | ¥5.3M | ¥5M | ¥5.2M | ¥5.6M |
| Average age (parent company) | 44.8 years | 44.9 years | 44.8 years | 45.1 years | 44.5 years |
| Average tenure (parent company) | 21.7 years | 21.8 years | 21.7 years | 22.1 years | 21.2 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +8.6%

## 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 | 1,137 | 6.2% | S100YJUI |
| Capital expenditure | 739 | 4.0% | S100YJUI |
| Free cash flow | 398 | 2.2% | 算出 |
| Investing cash flow | -994 | -5.4% | S100YJUI |
| Financing cash flow | -209 | -1.1% | S100YJUI |
| Dividends paid | 178 | 1.0% | S100YJUI |
| Change in cash | 28 | 0.2% | S100YJUI |
| Cash and equivalents | 4,920 | 26.9% | S100YJUI |

## 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 | 4,207 | 4,651 | 5,635 | 4,892 | 4,920 | S100TUQ1, S100W4M5, S100YJUI |
| Total assets | 19,231 | 20,503 | 21,659 | 22,040 | 22,928 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Net assets | 14,028 | 14,433 | 15,263 | 15,614 | 16,329 | S100TUQ1, S100W4M5, S100YJUI |
| Share capital | 3,779 | 3,779 | 3,779 | 3,779 | 3,779 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Property, plant and equipment | 4,272 | 4,406 | 4,673 | 5,252 | 5,036 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Intangible assets excluding goodwill | 132 | 97 | 70 | 37 | 26 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Investment securities | 899 | 1,010 | 598 | 1,278 | 2,149 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Current assets | 13,560 | 14,678 | 16,030 | 15,143 | 15,355 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Current liabilities | 4,298 | 5,115 | 5,493 | 5,400 | 5,635 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Trade payables | 1,783 | 2,181 | 1,826 | 1,971 | 2,494 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Total liabilities | 5,203 | 6,070 | 6,397 | 6,426 | 6,598 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Equity attributable to owners of parent | 13,769 | 14,000 | 14,589 | 14,964 | 15,391 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Retained earnings | 6,876 | 6,771 | 7,361 | 7,735 | 8,163 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |
| Treasury stock | -384 | -48 | -48 | -48 | -48 | S100R9FZ, S100TUQ1, S100W4M5, S100YJUI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YJUI |
| Property, plant and equipment | 22% | S100YJUI |
| Intangibles and goodwill | 0% | S100YJUI |
| Investment securities | 9% | S100YJUI |
| Other assets | 47% | S100YJUI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YJUI |
| Other liabilities | 18% | S100YJUI |
| Equity | 71% | S100YJUI |
| Other liabilities | 0% | S100YJUI |

### 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 | 19,231 | 20,503 | 21,659 | 22,040 | 22,928 |
| Equity | 14,028 | 14,433 | 15,263 | 15,614 | 16,329 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,207 | 4,651 | 5,635 | 4,892 | 4,920 |

## 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) | 27.5% | S100YJUI |
| Fixed assets ÷ total assets | 22.0% | S100YJUI |
| Goodwill ÷ parent equity | — | —, S100YJUI |

### 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) | 21.5% |
| Cash ÷ revenue | 26.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.2% |
| Cash vs. profit gap | 532 JPY mn (of net income 87.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | 44.6% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 87.5% |

## 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 | 3.9% | 0.73× | 2.9% | 1.40× | 4.0% | S100R9FZ |
| 2023 | 2.7% | 0.79× | 2.1% | 1.43× | 3.0% | S100TUQ1 |
| 2024 | 4.2% | 0.80× | 3.3% | 1.47× | 4.9% | S100W4M5 |
| 2025 | 3.4% | 0.77× | 2.6% | 1.48× | 3.9% | S100YJUI |
| 2026 | 3.3% | 0.81× | 2.7% | 1.48× | 4.0% | S100YJUI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社田村商事 | Major shareholder | 51.2% | 2026-03-31 |
| 田村 正則 | Major shareholder | 5.6% | 2026-03-31 |
| 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 | 4.7% | 2026-03-31 |
| アジア電子工業株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 安谷屋 恵正 | Major shareholder | 2.0% | 2026-03-31 |
| 富沢 裕司 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 小林 茂 | Major shareholder | 1.6% | 2026-03-31 |
| サンコー従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/04/01－2026/03/31) | S100YJUI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJUI,, |
| 有価証券報告書－第62期(2024/04/01－2025/03/31) | S100W4M5 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4M5,, |
| 有価証券報告書－第61期(2023/04/01－2024/03/31) | S100TUQ1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUQ1,, |
| 有価証券報告書－第60期(2022/04/01－2023/03/31) | S100R9FZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9FZ,, |
| 有価証券報告書－第59期(令和3年4月1日－令和4年3月31日) | S100OKEA | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKEA,, |
| 有価証券報告書－第58期(令和2年4月1日－令和3年3月31日) | S100LVZ9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVZ9,, |

## 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).