# SANKYO FRONTIER 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57期(2025/04/01－2026/03/31) (S100YF0N)
> Page: https://vizora.meequs.com/en/company/sankyo-frontier
> Retrieved: 2026-09-30T21:33:45.424Z

## Company

Sankyo Frontier, founded in 1969, is a company in Leasing listed on TSE Standard. It has 1,207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKYO FRONTIER CO.,LTD. |
| Ticker | 9639 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9639.T) |
| Listing | TSE Standard |
| Head office | 千葉県柏市新十余二5番地 |
| Representative (per filing) | 代表取締役社長 長妻 貴嗣 |
| Founded | Dec 1969 |
| Share capital | ¥1.54B |
| Employees (consolidated) | 1,207 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.sankyofrontier.com (https://www.sankyofrontier.com/) |
| Corporate number | 8040001065642 |
| EDINET | E04890 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YF0N, filed 2026-06-19). As of filing

## Key points (generated from figures)

- Sankyo Frontier brought in ¥54.3B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit -0.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥54275000000 → ¥5563000000
- Net income → operating cash flow: ¥5563000000 → ¥5585000000（difference ¥22000000）
- Main uses of operating cash flow: CapEx ¥3692000000 / dividends ¥1888000000 / buybacks —
- Change in cash: ¥961000000
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 | ¥54.3B |  |
| Operating income | ¥7.99B | Margin 14.7% |
| Net income | ¥5.56B | Margin 10.2% |
| Free cash flow | ¥1.89B |  |
| Employees (consolidated) | 1,207 |  |
| EPS | ¥248.12 |  |
| Book value per share | ¥2329.91 |  |
| Equity ratio | 75.0% |  |
| Shares outstanding | 23,356,000 |  |
| Treasury shares | 1,131,700 |  |
| Shareholders | 5,475 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 7.5% | Cash ÷ revenue 9.6% |
| Vs. industry median margin | +7.7 pp | Leasing |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48183000000 | ¥54275000000 | +12.6% |
| Operating income | ¥7931000000 | ¥7994000000 | +0.8% |
| Operating margin | 16.5% | 14.7% | -1.7 pp |
| Employees | 1,112 people | 1,207 people | +8.5% |
| Cash and equivalents | ¥4286000000 | ¥5223000000 | +21.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 54,275 | 100.0% | S100YF0N |
| Cost of revenue | 32,289 | 59.5% | S100YF0N |
| Gross profit | 21,985 | 40.5% | S100YF0N |
| SG&A | 13,991 | 25.8% | S100YF0N |
| Operating income | 7,994 | 14.7% | S100YF0N |
| Ordinary income | 8,298 | 15.3% | S100YF0N |
| Pretax income | 8,190 | 15.1% | S100YF0N |
| Income tax | 2,627 | 4.8% | S100YF0N |
| Net income | 5,563 | 10.2% | S100YF0N |
| Net income attributable to owners | 5,563 | 10.2% | S100YF0N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 26 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 40.5% → Operating margin 14.7% → Net margin 10.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -0.3%
Operating leverage (core profit growth ÷ revenue growth): 0.10×
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 | 56,092 | 54,275 | -1,817 | -3.2% |
| Gross profit | 22,031 | 21,985 | -46 | -0.2% |
| Operating income | 8,021 | 7,994 | -27 | -0.3% |
| Net income attributable to owners | 5,502 | 5,563 | 61 | +1.1% |
| Operating cash flow | 5,120 | 5,585 | 465 | +9.1% |
| Free cash flow | 2,608 | 1,893 | -715 | -27.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,754 | 7,285 | 15.9% | 4,659 | 2,805 | 1,396 | S100LOGM |
| FY ending Mar 2021 | 48,183 | 7,931 | 16.5% | 5,121 | 6,146 | 4,469 | S100OM2V |
| FY ending Mar 2022 | 53,346 | 9,791 | 18.4% | 6,353 | 8,564 | 6,840 | S100R5XD |
| FY ending Mar 2023 | 50,003 | 6,584 | 13.2% | 4,337 | 3,323 | 951 | S100TU0J |
| FY ending Mar 2024 | 52,369 | 8,072 | 15.4% | 5,287 | 6,228 | 4,087 | S100W52Z |
| FY ending Mar 2025 | 56,092 | 8,021 | 14.3% | 5,502 | 5,120 | 2,608 | S100YF0N |
| FY ending Mar 2026 | 54,275 | 7,994 | 14.7% | 5,563 | 5,585 | 1,893 | S100YF0N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 1,115 | 1,119 | 1,119 | 1,192 | 1,207 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.4M | ¥5.5M | ¥5.6M |
| Average age (parent company) | 44.5 years | 44.5 years | 44.9 years | 44.8 years | 45.5 years |
| Average tenure (parent company) | 9.7 years | 9.8 years | 9.4 years | 9.5 years | 9.4 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) -3.2%

## 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 | 5,585 | 10.3% | S100YF0N |
| Capital expenditure | 3,692 | 6.8% | S100YF0N |
| Free cash flow | 1,893 | 3.5% | 算出 |
| Investing cash flow | -4,077 | -7.5% | S100YF0N |
| Financing cash flow | -573 | -1.1% | S100YF0N |
| Dividends paid | 1,888 | 3.5% | S100YF0N |
| Change in cash | 961 | 1.8% | S100YF0N |
| Cash and equivalents | 5,223 | 9.6% | S100YF0N |

## 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 | 6,759 | 3,558 | 4,886 | 4,262 | 5,223 | S100TU0J, S100W52Z, S100YF0N |
| Total assets | 64,494 | 61,118 | 68,586 | 65,331 | 70,058 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Net assets | 38,632 | 41,307 | 44,870 | 48,797 | 52,520 | S100TU0J, S100W52Z, S100YF0N |
| Share capital | 1,545 | 1,545 | 1,545 | 1,545 | 1,545 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Property, plant and equipment | 37,458 | 37,968 | 39,760 | 40,303 | 41,497 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Intangible assets excluding goodwill | 473 | 556 | 802 | 1,197 | 2,106 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Investment securities | 52 | 54 | 74 | 87 | 115 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Current assets | 21,302 | 17,177 | 22,925 | 18,646 | 20,980 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Current liabilities | 19,883 | 16,797 | 21,212 | 14,278 | 15,474 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Short-term borrowings | 1,914 | — | 2,100 | 2,000 | 3,500 | S100OM2V, S100W52Z, S100YF0N |
| Long-term borrowings | 3,739 | 1,023 | 357 | 200 | — | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Total liabilities | 25,861 | 19,810 | 23,715 | 16,533 | 17,538 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Equity attributable to owners of parent | 38,533 | 41,148 | 44,658 | 48,382 | 52,056 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Retained earnings | 34,527 | 37,142 | 40,652 | 44,376 | 48,051 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |
| Treasury stock | -315 | -316 | -316 | -316 | -316 | S100R5XD, S100TU0J, S100W52Z, S100YF0N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YF0N |
| Property, plant and equipment | 59% | S100YF0N |
| Intangibles and goodwill | 3% | S100YF0N |
| Investment securities | 0% | S100YF0N |
| Other assets | 30% | S100YF0N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YF0N |
| Equity | 75% | S100YF0N |

### 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 | 64,494 | 61,118 | 68,586 | 65,331 | 70,058 |
| Equity | 38,632 | 41,307 | 44,870 | 48,797 | 52,520 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,759 | 3,558 | 4,886 | 4,262 | 5,223 |

## 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) | 76.5% | S100YF0N |
| Fixed assets ÷ total assets | 59.2% | S100YF0N |
| Goodwill ÷ parent equity | — | —, S100YF0N |

### 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) | 7.5% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.9% |
| Cash vs. profit gap | 22 JPY mn (of net income 0.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.9% |
| Shareholder payments — dividends / FCF | 99.7% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 73.0% |

## 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 | 11.9% | 0.83× | 9.9% | 1.67× | 16.5% | S100R5XD |
| 2023 | 8.7% | 0.80× | 6.9% | 1.58× | 10.9% | S100TU0J |
| 2024 | 10.1% | 0.81× | 8.2% | 1.51× | 12.3% | S100W52Z |
| 2025 | 9.8% | 0.84× | 8.2% | 1.44× | 11.8% | S100YF0N |
| 2026 | 10.2% | 0.80× | 8.2% | 1.35× | 11.1% | S100YF0N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈲和幸興産 | Major shareholder | 50.5% | 2026-03-31 |
| 長妻 貴嗣 | Major shareholder | 14.9% | 2026-03-31 |
| 長妻 和男 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |
| 三協フロンテア従業員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行㈱ （常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 0.9% | 2026-03-31 |
| 長妻 幸枝 | Major shareholder | 0.9% | 2026-03-31 |
| SUS㈱ | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YF0N | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF0N,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W52Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W52Z,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TU0J | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU0J,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R5XD | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5XD,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OM2V | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM2V,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LOGM | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOGM,, |

## 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).