# Sankyo Tateyama,Inc.: 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81期(2025/06/01－2026/05/31) (S100YYN7)
> Page: https://vizora.meequs.com/en/company/sankyo-tateyama
> Retrieved: 2026-09-30T19:59:56.971Z

## Company

Sankyo Tateyama, founded in 1948, is a company in Non-ferrous Metals & Wires listed on TSE Prime. It has 9,542 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sankyo Tateyama,Inc. |
| Ticker | 5932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5932.T) |
| Listing | TSE Prime |
| Head office | 富山県高岡市早川70番地 |
| Representative (per filing) | 代表取締役社長 社長執行役員 平能正三 |
| Founded | Oct 1948 |
| Share capital | ¥15B |
| Employees (consolidated) | 9,542 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | May |
| Website | www.st-grp.co.jp (https://www.st-grp.co.jp/) |
| Corporate number | 2230001010080 |
| EDINET | E26831 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YYN7, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.3 | 56 |
| Profitability | 18.1 | 58 |
| Cash conversion | 95 | 50 |
| Efficiency | 85.3 | 58 |

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 Tateyama's sales come from Building materials, with International and Material making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.5% from the prior year, operating profit +0.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥357.5B |  |
| Operating income | ¥1.55B | Margin 0.4% |
| Net income | -¥13.5B | Margin -3.8% |
| Free cash flow | -¥10.8B |  |
| Largest business | Building materials | of segment revenue 46.9% |
| Employees (consolidated) | 9,542 |  |
| EPS | ¥-626.95 |  |
| Book value per share | ¥1583.55 |  |
| Equity ratio | 29.6% |  |
| Shares outstanding | 31,554,629 |  |
| Treasury shares | 450,900 |  |
| Shareholders | 14,031 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 9.1% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -4 pp | Housing Equipment & Building Materials |
| ROA | -4.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 38 points
- FY2026, employees -5% while operating income rose 0%

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥301184000000 | ¥357533000000 | +18.7% |
| Operating income | ¥4568000000 | ¥1546000000 | -66.2% |
| Operating margin | 1.5% | 0.4% | -1.1 pp |
| Employees | 10,577 people | 9,542 people | -9.8% |
| Cash and equivalents | ¥22369000000 | ¥27937000000 | +24.9% |

### 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 |
| --- | ---: |
| 建材事業 → 建材事業 | 46.9% |
| 建材事業 → 事業再編・廃止 | 13.1% |
| マテリアル事業 → マテリアル事業 | 13.2% |
| 商業施設事業 → 商業施設事業 | 11.9% |
| 商業施設事業 → 事業再編・廃止 | 1.0% |
| 国際事業 → 国際事業 | 13.9% |
| その他 → その他 | 0.1% |
| 新設・再編 → マテリアル事業 | 5.8% |
| 新設・再編 → 国際事業 | 8.3% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building materials | 5 years | -1.5% | ¥167537000000 | 0.6% | 2 |
| International | 5 years | +13.6% | ¥79221000000 | -3.1% | 2 |
| Material | 5 years | +11.3% | ¥67729000000 | 3.5% | 2 |
| Commercial facility | 5 years | +1.8% | ¥42599000000 | 1.7% | 2 |
| Other | 5 years | +23.7% | ¥446000000 | -17.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 357,533 | 100.0% | S100YYN7 |
| Cost of revenue | 287,020 | 80.3% | S100YYN7 |
| Gross profit | 70,512 | 19.7% | S100YYN7 |
| SG&A | 68,966 | 19.3% | S100YYN7 |
| Operating income | 1,546 | 0.4% | S100YYN7 |
| Ordinary income | 882 | 0.2% | S100YYN7 |
| Pretax income | -11,113 | -3.1% | S100YYN7 |
| Income tax | 2,246 | 0.6% | S100YYN7 |
| Net income | -13,360 | -3.7% | S100YYN7 |
| Net income attributable to owners | -13,498 | -3.8% | S100YYN7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 19 |
| Operating income | 1 |
| (Ref.) Net income | -4 |

### Margin funnel

Gross margin 19.7% → Operating margin 0.4% → Net margin -3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.5%; Core profit growth: +0.1%
Operating leverage (core profit growth ÷ revenue growth): -0.12×
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 | 359,424 | 357,533 | -1,891 | -0.5% |
| Gross profit | 69,764 | 70,512 | 748 | +1.1% |
| Operating income | 1,545 | 1,546 | 1 | +0.1% |
| Net income attributable to owners | -2,336 | -13,498 | -11,162 | — |
| Operating cash flow | 3,216 | 5,404 | 2,188 | +68.0% |
| Free cash flow | -10,061 | -10,848 | -787 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 313,691 | 2,015 | 0.6% | -1,533 | 9,358 | 3,686 | S100MCIO |
| FY ending May 2021 | 301,184 | 4,568 | 1.5% | 1,683 | 7,847 | 806 | S100P411 |
| FY ending May 2022 | 340,553 | 3,782 | 1.1% | 395 | 2,405 | -5,162 | S100RRPF |
| FY ending May 2023 | 370,385 | 2,669 | 0.7% | 1,630 | -171 | -7,783 | S100UADF |
| FY ending May 2024 | 353,027 | 3,807 | 1.1% | -1,019 | 17,196 | 8,445 | S100WJUP |
| FY ending May 2025 | 359,424 | 1,545 | 0.4% | -2,336 | 3,216 | -10,061 | S100YYN7 |
| FY ending May 2026 | 357,533 | 1,546 | 0.4% | -13,498 | 5,404 | -10,848 | S100YYN7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥162K |
| Net income per employee (consolidated) | -¥1.4M |

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) | 10,375 | 10,373 | 10,289 | 10,012 | 9,542 |
| Average salary (parent company) | ¥5.5M | ¥5.3M | ¥5.4M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 46.0 years | 46.0 years | 46.1 years | 46.2 years | 46.4 years |
| Average tenure (parent company) | 22.5 years | 22.5 years | 22.5 years | 22.5 years | 22.6 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building materials | 167,537 | 46.9% | 1,069 | 0.6% |
| Material | 67,729 | 18.9% | 2,353 | 3.5% |
| Commercial facility | 42,599 | 11.9% | 718 | 1.7% |
| International | 79,221 | 22.2% | -2,433 | -3.1% |
| Other | 446 | 0.1% | -76 | -17.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building materials | 46.9% | 25.8% | -21.0 | 0.6% |
| Material | 18.9% | 56.8% | 37.9 | 3.5% |
| Commercial facility | 11.9% | 17.3% | 5.4 | 1.7% |
| International | 22.2% | — | — | -3.1% |
| Other | 0.1% | — | — | -17.0% |

Loss-making segment (excluded from profit shares): International -2,433 JPY mn

Loss-making segment (excluded from profit shares): Other -76 JPY mn

Segment → industry: International → Non-ferrous Metals & Wires / Material → Non-ferrous Metals & Wires / Building materials → Housing Equipment & Building Materials

## 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 | 5,404 | 1.5% | S100YYN7 |
| Capital expenditure | 16,252 | 4.5% | S100YYN7 |
| Free cash flow | -10,848 | -3.0% | 算出 |
| Investing cash flow | -6,042 | -1.7% | S100YYN7 |
| Financing cash flow | 7,462 | 2.1% | S100YYN7 |
| Dividends paid | 779 | 0.2% | S100YYN7 |
| Share buyback | 3 | 0.0% | S100YYN7 |
| Change in cash | 7,715 | 2.2% | S100YYN7 |
| Cash and equivalents | 27,937 | 7.8% | S100YYN7 |

## 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 | 16,926 | 20,455 | 23,312 | 20,221 | 27,937 | S100UADF, S100WJUP, S100YYN7 |
| Total assets | 268,470 | 282,932 | 289,975 | 300,454 | 305,992 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Net assets | 85,605 | 92,667 | 99,483 | 94,804 | 94,241 | S100UADF, S100WJUP, S100YYN7 |
| Share capital | 15,000 | 15,000 | 15,000 | 15,000 | 15,000 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Property, plant and equipment | 102,115 | 103,577 | 105,240 | 113,760 | 102,754 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Intangible assets excluding goodwill | 4,207 | 3,745 | 3,313 | 2,796 | 2,556 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Goodwill | 1,674 | 1,152 | 636 | — | — | S100RRPF, S100UADF, S100WJUP |
| Investment securities | 11,133 | 11,848 | 14,257 | 15,447 | 17,030 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Current assets | 141,698 | 151,268 | 145,684 | 147,710 | 151,254 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Current liabilities | 121,826 | 128,008 | 118,804 | 122,009 | 113,568 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Trade payables | 49,361 | 45,284 | 41,023 | 40,274 | 46,892 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Short-term borrowings | 12,103 | 23,761 | 13,739 | 7,365 | 5,791 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Long-term borrowings | 40,698 | 42,261 | 46,268 | 59,697 | 68,179 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Total liabilities | 182,865 | 190,265 | 190,492 | 205,649 | 211,750 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Non-controlling interests | 3,040 | 3,172 | 3,345 | 3,564 | 3,743 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Equity attributable to owners of parent | 72,864 | 74,002 | 72,439 | 69,375 | 56,899 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Retained earnings | 26,188 | 27,324 | 25,766 | 22,706 | 10,227 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |
| Treasury stock | -252 | -255 | -259 | -263 | -266 | S100RRPF, S100UADF, S100WJUP, S100YYN7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YYN7 |
| Property, plant and equipment | 34% | S100YYN7 |
| Intangibles and goodwill | 1% | S100YYN7 |
| Investment securities | 5% | S100YYN7 |
| Other assets | 51% | S100YYN7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100YYN7 |
| Other liabilities | 54% | S100YYN7 |
| Equity | 31% | S100YYN7 |
| Other liabilities | 0% | S100YYN7 |

### 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 | 268,470 | 282,932 | 289,975 | 300,454 | 305,992 |
| Equity | 85,605 | 92,667 | 99,483 | 94,804 | 94,241 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,926 | 20,455 | 23,312 | 20,221 | 27,937 |

## 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) | 28.7% | S100YYN7 |
| Fixed assets ÷ total assets | 33.6% | S100YYN7 |
| Goodwill ÷ parent equity | — | —, S100YYN7 |

### 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) | 9.1% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 349.5% |
| Cash vs. profit gap | 18,902 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 111.8% |

## 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 | 0.1% | 1.27× | 0.1% | 3.68× | 0.5% | S100RRPF |
| 2023 | 0.4% | 1.34× | 0.6% | 3.75× | 2.2% | S100UADF |
| 2024 | — | —× | -0.4% | —× | — | S100WJUP |
| 2025 | — | —× | -0.8% | —× | — | S100YYN7 |
| 2026 | — | —× | -4.5% | —× | — | S100YYN7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2026-05-31 |
| 三協立山持株会 | Major shareholder | 5.0% | 2026-05-31 |
| 住友化学株式会社 | Major shareholder | 5.0% | 2026-05-31 |
| 三協立山社員持株会 | Major shareholder | 4.9% | 2026-05-31 |
| ST持株会 | Major shareholder | 4.5% | 2026-05-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.1% | 2026-05-31 |
| 株式会社北陸銀行 | Major shareholder | 2.8% | 2026-05-31 |
| 住友不動産株式会社 | Major shareholder | 2.6% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-05-31 |
| 住友林業株式会社 | Major shareholder | 1.4% | 2026-05-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- In the FY ending May 2026, revenue was ¥357.5B (-0.5%) and operating income was ¥1.55B (+0.1%), so the core business held roughly flat.
- The bottom line was a different story: the net loss widened to -¥13.5B from -¥2.34B.
- Operating cash flow rose to ¥5.4B (+68.0%), but capital spending of ¥16.3B left free cash flow at -¥10.8B.

### Drivers

- The bigger loss came from a large impairment on fixed assets in the building materials business, which the company ties to the spike in aluminum ingot prices after tensions in the Middle East. Gains from selling fixed assets did not offset it.
- Building materials sales fell as demand pulled forward before a building code change faded and construction starts were delayed, but cost cuts and price revisions lifted its profit.
- The Material segment sold more to car makers and other transport customers, but sharp rises in aluminum and other input costs cut its profit.
- The International segment's loss stayed about the same as last year as volumes at its European subsidiaries dropped. The company says the European restructuring is on schedule.

### Risks

- Swings in the prices of aluminum ingot, energy and shipping can move profits.
- Fewer new housing starts or construction orders would hurt building product sales.
- More impairment losses could follow if fixed assets fail to produce the expected cash flow.

Cited: Annual securities report (81st term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (81st term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/06/01－2026/05/31) | S100YYN7 | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYN7,, |
| 有価証券報告書－第80期(2024/06/01－2025/05/31) | S100WJUP | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJUP,, |
| 有価証券報告書－第79期(2023/06/01－2024/05/31) | S100UADF | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UADF,, |
| 有価証券報告書－第78期(2022/06/01－2023/05/31) | S100RRPF | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRPF,, |
| 有価証券報告書－第77期(令和3年6月1日－令和4年5月31日) | S100P411 | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P411,, |
| 有価証券報告書－第76期(令和2年6月1日－令和3年5月31日) | S100MCIO | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCIO,, |

## 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).