# SANKYO SEIKO 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89期(2025/04/01－2026/03/31) (S100YBCW)
> Page: https://vizora.meequs.com/en/company/sankyo-seiko
> Retrieved: 2026-09-30T18:33:09.021Z

## Company

Sankyo Seiko, founded in 1938, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 247 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKYO SEIKO CO., LTD. |
| Ticker | 8018 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8018.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区安土町二丁目5番6号 |
| Representative (per filing) | 代表取締役社長 宮澤 哲次 |
| Founded | Dec 1938 |
| Share capital | ¥3B |
| Employees (consolidated) | 247 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.sankyoseiko.co.jp (https://www.sankyoseiko.co.jp/) |
| Corporate number | 6140001007875 |
| EDINET | E02534 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Apparel |

> Profile source: annual securities report (S100YBCW, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 55 |
| Profitability | 51.6 | 61 |
| Cash conversion | 98.9 | 47 |
| Efficiency | 7.4 | 61 |

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 47% of Sankyo Seiko's sales come from Fashion related, with Textile related and Real estate related making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit -57.5%.

## Company structure

- Segment revenue mix: Fashion related 46.8%、Textile related 42.8%、Real estate related 10.4%
- Revenue → net income: ¥23984000000 → ¥2088000000
- Net income → operating cash flow: ¥2088000000 → ¥2854000000（difference ¥766000000）
- Main uses of operating cash flow: CapEx ¥1234000000 / dividends ¥1546000000 / buybacks ¥497000000
- Change in cash: ¥1937000000
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 | ¥24B |  |
| Operating income | ¥750M | Margin 3.1% |
| Net income | ¥2.07B | Margin 8.6% |
| Free cash flow | ¥1.62B |  |
| Largest business | Fashion related | of segment revenue 46.8% |
| Employees (consolidated) | 247 |  |
| EPS | ¥143.08 |  |
| Book value per share | ¥1485.22 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 46,000,000 |  |
| Treasury shares | 8,366,500 |  |
| Shareholders | 6,445 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 45.0% |
| Vs. industry median margin | +0.1 pp | Apparel |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 39 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17167000000 | ¥23984000000 | +39.7% |
| Operating income | ¥1956000000 | ¥750000000 | -61.7% |
| Operating margin | 11.4% | 3.1% | -8.3 pp |
| Employees | 211 people | 247 people | +17.1% |
| Cash and equivalents | ¥17108000000 | ¥10786000000 | -37.0% |

### 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 |
| --- | ---: |
| ファッション関連事業 → ファッション関連事業 | 44.2% |
| 繊維関連事業 → 繊維関連事業 | 42.8% |
| 繊維関連事業 → 事業再編・廃止 | 2.9% |
| 不動産関連事業 → 不動産関連事業 | 10.1% |
| 新設・再編 → ファッション関連事業 | 2.6% |
| 新設・再編 → 不動産関連事業 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fashion related | 5 years | +8.1% | ¥11220000000 | 2.6% | 2 |
| Textile related | 5 years | +5.5% | ¥10267000000 | 4.7% | 2 |
| Real estate related | 5 years | +7.6% | ¥2497000000 | 29.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,984 | 100.0% | S100YBCW |
| Cost of revenue | 13,451 | 56.1% | S100YBCW |
| Gross profit | 10,532 | 43.9% | S100YBCW |
| SG&A | 9,782 | 40.8% | S100YBCW |
| Operating income | 750 | 3.1% | S100YBCW |
| Ordinary income | 2,085 | 8.7% | S100YBCW |
| Pretax income | 3,721 | 15.5% | S100YBCW |
| Income tax | 1,633 | 6.8% | S100YBCW |
| Net income | 2,088 | 8.7% | S100YBCW |
| Net income attributable to owners | 2,069 | 8.6% | S100YBCW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 41 |
| Operating income | 3 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 43.9% → Operating margin 3.1% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.5%; Core profit growth: -57.5%
Operating leverage (core profit growth ÷ revenue growth): 22.65×
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 | 24,609 | 23,984 | -625 | -2.5% |
| Gross profit | 11,896 | 10,532 | -1,364 | -11.5% |
| Operating income | 1,766 | 750 | -1,016 | -57.5% |
| Net income attributable to owners | 2,108 | 2,069 | -39 | -1.9% |
| Operating cash flow | 1,113 | 2,854 | 1,741 | +156.4% |
| Free cash flow | -150 | 1,620 | 1,770 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 23,356 | 96 | 0.4% | 3,000 | 2,857 | 2,290 | S100LH2M |
| FY ending Mar 2021 | 17,167 | 1,956 | 11.4% | 1,142 | 2,502 | 2,391 | S100OJM3 |
| FY ending Mar 2022 | 16,914 | 1,743 | 10.3% | 2,137 | 2,389 | 2,356 | S100QWVU |
| FY ending Mar 2023 | 19,466 | 2,237 | 11.5% | 2,206 | 2,770 | 2,636 | S100TLT3 |
| FY ending Mar 2024 | 21,271 | 2,473 | 11.6% | 2,227 | 3,197 | -2,049 | S100W01N |
| FY ending Mar 2025 | 24,609 | 1,766 | 7.2% | 2,108 | 1,113 | -150 | S100YBCW |
| FY ending Mar 2026 | 23,984 | 750 | 3.1% | 2,069 | 2,854 | 1,620 | S100YBCW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥97.1M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥8.4M |

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) | 178 | 215 | 235 | 251 | 247 |
| Average salary (parent company) | ¥6.1M | ¥6.4M | ¥5.9M | ¥6.2M | ¥6.8M |
| Average age (parent company) | 36.2 years | 36.9 years | 36.1 years | 35.8 years | 36.9 years |
| Average tenure (parent company) | 13.7 years | 12.8 years | 10.0 years | 8.6 years | 11.8 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fashion related | 11,220 | 46.8% | 293 | 2.6% |
| Textile related | 10,267 | 42.8% | 479 | 4.7% |
| Real estate related | 2,497 | 10.4% | 744 | 29.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fashion related | 46.8% | 19.3% | -27.5 | 2.6% |
| Textile related | 42.8% | 31.6% | -11.2 | 4.7% |
| Real estate related | 10.4% | 49.1% | 38.7 | 29.8% |

Segment → industry: Real estate related → Real Estate Development & Leasing / Textile related → Specialty Trading & Wholesale / Fashion related → Apparel

## 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 | 2,854 | 11.9% | S100YBCW |
| Capital expenditure | 1,234 | 5.1% | S100YBCW |
| Free cash flow | 1,620 | 6.8% | 算出 |
| Investing cash flow | 197 | 0.8% | S100YBCW |
| Financing cash flow | -1,407 | -5.9% | S100YBCW |
| Dividends paid | 1,546 | 6.4% | S100YBCW |
| Share buyback | 497 | 2.1% | S100YBCW |
| Change in cash | 1,937 | 8.1% | S100YBCW |
| Cash and equivalents | 10,786 | 45.0% | S100YBCW |

## 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 | 16,414 | 14,341 | 11,592 | 8,848 | 10,786 | S100TLT3, S100W01N, S100YBCW |
| Total assets | 50,683 | 52,998 | 66,612 | 69,823 | 78,610 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Net assets | 39,666 | 40,150 | 47,727 | 51,178 | 56,145 | S100TLT3, S100W01N, S100YBCW |
| Share capital | 3,000 | 3,000 | 3,000 | 3,000 | 3,000 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Property, plant and equipment | 9,995 | 10,362 | 15,574 | 15,912 | 16,172 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Intangible assets excluding goodwill | 4,080 | 5,658 | 5,650 | 5,675 | 4,687 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Investment securities | 14,840 | 16,477 | 26,498 | 31,166 | 38,103 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Current assets | 21,221 | 19,845 | 18,252 | 16,212 | 18,808 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Current liabilities | 6,173 | 6,694 | 8,151 | 6,905 | 8,949 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Trade payables | 1,795 | 1,848 | 2,044 | 1,622 | 1,816 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Short-term borrowings | 2,820 | 2,820 | 2,820 | 2,820 | 3,620 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Long-term borrowings | — | 171 | 1,878 | 1,361 | 1,570 | S100TLT3, S100W01N, S100YBCW |
| Total liabilities | 11,017 | 12,847 | 18,885 | 18,645 | 22,464 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Non-controlling interests | 304 | 319 | 333 | 346 | 362 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Equity attributable to owners of parent | 33,607 | 32,895 | 33,040 | 33,147 | 33,210 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Retained earnings | 29,609 | 30,747 | 31,052 | 27,567 | 28,087 | S100QWVU, S100TLT3, S100W01N, S100YBCW |
| Treasury stock | -5,108 | -6,958 | -7,123 | -3,526 | -3,995 | S100QWVU, S100TLT3, S100W01N, S100YBCW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YBCW |
| Property, plant and equipment | 21% | S100YBCW |
| Intangibles and goodwill | 6% | S100YBCW |
| Investment securities | 48% | S100YBCW |
| Other assets | 11% | S100YBCW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YBCW |
| Other liabilities | 26% | S100YBCW |
| Equity | 72% | S100YBCW |
| Other liabilities | 0% | S100YBCW |

### 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 | 50,683 | 52,998 | 66,612 | 69,823 | 78,610 |
| Equity | 39,666 | 40,150 | 47,727 | 51,178 | 56,145 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,414 | 14,341 | 11,592 | 8,848 | 10,786 |

## 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) | 67.4% | S100YBCW |
| Fixed assets ÷ total assets | 20.6% | S100YBCW |
| Goodwill ÷ parent equity | — | —, S100YBCW |

### 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) | 13.7% |
| Cash ÷ revenue | 45.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 380.5% |
| Cash vs. profit gap | 785 JPY mn (of net income 37.9%) |
| Shareholder returns / net income | 98.7% |
| Shareholder returns / FCF | 126.1% |
| Shareholder payments — dividends / net income | 74.7% |
| Shareholder payments — dividends / FCF | 95.4% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 6.9% |

## 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 | 12.6% | 0.33× | 4.2% | 1.51× | 6.4% | S100QWVU |
| 2023 | 11.3% | 0.38× | 4.3% | 1.56× | 6.6% | S100TLT3 |
| 2024 | 10.5% | 0.36× | 3.7% | 1.81× | 6.8% | S100W01N |
| 2025 | 8.6% | 0.36× | 3.1% | 2.06× | 6.4% | S100YBCW |
| 2026 | 8.6% | 0.32× | 2.8% | 2.24× | 6.2% | S100YBCW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人三木瀧蔵奨学財団 | Major shareholder | 20.4% | 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 | 7.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT (常任代理人 香港上海銀行東京支店） | Major shareholder | 6.6% | 2026-03-31 |
| HSBC PRIVATE BANK (SUISSE) SA GENEVA－SEGREG UK IND1 CLT ASSET （常任代理人 香港上海銀行東京支店） | Major shareholder | 5.2% | 2026-03-31 |
| 一般財団法人サンライズ財団 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| ROYAL BANK OF CANADA (CHANNEL ISLANDS) LIMITED－REGISTERED CUSTODY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社ルックホールディングス | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YBCW | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBCW,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W01N | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W01N,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TLT3 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLT3,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100QWVU | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QWVU,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OJM3 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJM3,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LH2M | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LH2M,, |

## 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).