# SANKYO 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61期(2025/04/01－2026/03/31) (S100YI30)
> Page: https://vizora.meequs.com/en/company/sankyo
> Retrieved: 2026-09-30T19:41:59.388Z

## Company

Sankyo, founded in 1966, is a company in Pachinko listed on TSE Prime. It has 895 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKYO CO., LTD. |
| Ticker | 6417 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6417.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区渋谷三丁目29番14号 |
| Representative (per filing) | 代表取締役社長 小倉敏男 |
| Founded | Apr 1966 |
| Share capital | ¥14.8B |
| Employees (consolidated) | 895 |
| Average salary (parent only) | ¥9.3M |
| Fiscal year end | March |
| Website | www.sankyo-fever.co.jp (https://www.sankyo-fever.co.jp/) |
| Corporate number | 3011001057538 |
| EDINET | E02419 |
| Industries (Vizora) | Pachinko |

> Profile source: annual securities report (S100YI30, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85 | 10 |
| Profitability | 95 | 10 |
| Cash conversion | 68.8 | 8 |
| Efficiency | 65 | 10 |

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 67% of Sankyo's sales come from Pachinko machines business, with Pachislot machines business and Ball bearing supply systems business making up much of the rest.
- Out of every ¥100 of sales, about ¥35 is left as operating profit.
- Revenue changed -6.6% from the prior year, operating profit -15.1%.

## Company structure

- Segment revenue mix: Pachinko machines business 66.9%、Pachislot machines business 24.2%、Ball bearing supply systems business 8.7%、Other 0.2%
- Revenue → net income: ¥179211000000 → ¥46752000000
- Net income → operating cash flow: ¥46752000000 → ¥51828000000（difference ¥5076000000）
- Main uses of operating cash flow: CapEx ¥16892000000 / dividends ¥22449000000 / buybacks ¥60000000000
- Change in cash: ¥-47610000000
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 | ¥179.2B |  |
| Operating income | ¥62.5B | Margin 34.9% |
| Net income | ¥46.8B | Margin 26.1% |
| Free cash flow | ¥34.9B |  |
| Largest business | Pachinko machines business | of segment revenue 66.9% |
| Employees (consolidated) | 895 |  |
| EPS | ¥219.09 |  |
| Diluted EPS | ¥216.25 |  |
| Book value per share | ¥1122.77 |  |
| Equity ratio | 86.5% |  |
| Shares outstanding | 230,000,000 |  |
| Treasury shares | 31,238,700 |  |
| Shareholders | 18,713 |  |
| Average salary (parent only) | ¥9.3M | Filing company only |
| Cash ratio | 66.9% | Cash ÷ revenue 107.4% |
| Vs. industry median margin | +24.2 pp | Pachinko |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 15.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.7× dividends
- FY2026, revenue is 2.1× its level five years ago
- FY2026, one segment accounts for 71% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥58129000000 | ¥179211000000 | +208.3% |
| Operating income | ¥6587000000 | ¥62484000000 | +848.6% |
| Operating margin | 11.3% | 34.9% | +23.5 pp |
| Employees | 964 people | 895 people | -7.2% |
| Cash and equivalents | ¥203318000000 | ¥192439000000 | -5.4% |

### 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 |
| --- | ---: |
| パチンコ機関連事業 → パチンコ機関連事業 | 66.9% |
| パチンコ機関連事業 → 事業再編・廃止 | 23.1% |
| パチスロ機関連事業 → パチスロ機関連事業 | 5.2% |
| 補給機器関連事業 → 補給機器関連事業 | 4.4% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → パチスロ機関連事業 | 19.0% |
| 新設・再編 → 補給機器関連事業 | 4.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Pachinko machines business | 5 years | +18.0% | ¥119809000000 | 41.2% | 2 |
| Pachislot machines business | 5 years | +70.4% | ¥43435000000 | 43.6% | 2 |
| Ball bearing supply systems business | 5 years | +43.7% | ¥15537000000 | 7.1% | 2 |
| Other | 5 years | +10.3% | ¥428000000 | 44.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 179,211 | 100.0% | S100YI30 |
| Cost of revenue | 74,541 | 41.6% | S100YI30 |
| Gross profit | 104,670 | 58.4% | S100YI30 |
| SG&A | 42,185 | 23.5% | S100YI30 |
| Operating income | 62,484 | 34.9% | S100YI30 |
| Ordinary income | 63,991 | 35.7% | S100YI30 |
| Pretax income | 63,925 | 35.7% | S100YI30 |
| Income tax | 17,172 | 9.6% | S100YI30 |
| Net income | 46,752 | 26.1% | S100YI30 |
| Net income attributable to owners | 46,752 | 26.1% | S100YI30 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 23 |
| Operating income | 35 |
| (Ref.) Net income | 26 |

### Margin funnel

Gross margin 58.4% → Operating margin 34.9% → Net margin 26.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.6%; Core profit growth: -15.1%
Operating leverage (core profit growth ÷ revenue growth): 2.30×
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 | 191,821 | 179,211 | -12,610 | -6.6% |
| Gross profit | 112,328 | 104,670 | -7,658 | -6.8% |
| Operating income | 73,605 | 62,484 | -11,121 | -15.1% |
| Net income attributable to owners | 53,992 | 46,752 | -7,240 | -13.4% |
| Operating cash flow | 58,036 | 51,828 | -6,208 | -10.7% |
| Free cash flow | 53,794 | 34,936 | -18,858 | -35.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 78,416 | 12,551 | 16.0% | 13,045 | 18,971 | 16,033 | S100LRBP |
| FY ending Mar 2021 | 58,129 | 6,587 | 11.3% | 5,749 | 10,563 | 9,016 | S100OFWR |
| FY ending Mar 2022 | 84,857 | 21,357 | 25.2% | 18,466 | 22,707 | 20,739 | S100R9UK |
| FY ending Mar 2023 | 157,296 | 58,532 | 37.2% | 46,893 | 35,103 | 32,413 | S100TV03 |
| FY ending Mar 2024 | 199,099 | 72,495 | 36.4% | 53,791 | 47,589 | 44,623 | S100W45V |
| FY ending Mar 2025 | 191,821 | 73,605 | 38.4% | 53,992 | 58,036 | 53,794 | S100YI30 |
| FY ending Mar 2026 | 179,211 | 62,484 | 34.9% | 46,752 | 51,828 | 34,936 | S100YI30 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥200.2M |
| Operating income per employee (consolidated) | ¥69.8M |
| Net income per employee (consolidated) | ¥52.2M |

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) | 906 | 864 | 878 | 886 | 895 |
| Average salary (parent company) | ¥7.1M | ¥8.1M | ¥9.5M | ¥10.1M | ¥9.3M |
| Average age (parent company) | 43.8 years | 44.3 years | 44.5 years | 44.7 years | 44.4 years |
| Average tenure (parent company) | 18.3 years | 18.8 years | 18.8 years | 19.0 years | 18.8 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -6.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pachinko machines business | 119,809 | 66.9% | 49,386 | 41.2% |
| Pachislot machines business | 43,435 | 24.2% | 18,924 | 43.6% |
| Ball bearing supply systems business | 15,537 | 8.7% | 1,106 | 7.1% |
| Other | 428 | 0.2% | 192 | 44.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pachinko machines business | 66.9% | 70.9% | 4.1 | 41.2% |
| Pachislot machines business | 24.2% | 27.2% | 2.9 | 43.6% |
| Ball bearing supply systems business | 8.7% | 1.6% | -7.1 | 7.1% |
| Other | 0.2% | 0.3% | 0.0 | 44.9% |

Segment → industry: Ball bearing supply systems business → Pachinko / Pachislot machines business → Pachinko / Pachinko machines business → Pachinko

## 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 | 51,828 | 28.9% | S100YI30 |
| Capital expenditure | 16,892 | 9.4% | S100YI30 |
| Free cash flow | 34,936 | 19.5% | 算出 |
| Investing cash flow | -17,085 | -9.5% | S100YI30 |
| Financing cash flow | -82,354 | -46.0% | S100YI30 |
| Dividends paid | 22,449 | 12.5% | S100YI30 |
| Share buyback | 60,000 | 33.5% | S100YI30 |
| Change in cash | -47,610 | -26.6% | S100YI30 |
| Cash and equivalents | 192,439 | 107.4% | S100YI30 |

## 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 | 218,012 | 252,609 | 205,440 | 240,050 | 192,439 | S100TV03, S100W45V, S100YI30 |
| Total assets | 309,213 | 365,950 | 292,119 | 336,709 | 287,458 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Net assets | 270,120 | 310,259 | 251,579 | 285,004 | 250,155 | S100TV03, S100W45V, S100YI30 |
| Share capital | 14,840 | 14,840 | 14,840 | 14,840 | 14,840 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Property, plant and equipment | 25,980 | 26,663 | 26,630 | 27,482 | 41,283 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Intangible assets excluding goodwill | 164 | 178 | 185 | 327 | 364 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Investment securities | 13,288 | 11,436 | 6,601 | 5,349 | 6,351 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Current assets | 264,859 | 321,797 | 251,465 | 294,541 | 229,956 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Current liabilities | 30,946 | 47,180 | 31,352 | 41,860 | 27,817 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Trade payables | 8,539 | 14,301 | 7,444 | 12,623 | 7,769 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Total liabilities | 39,093 | 55,691 | 40,539 | 51,704 | 37,302 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Equity attributable to owners of parent | 262,874 | 302,658 | 246,654 | 280,936 | 245,434 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Retained earnings | 264,842 | 293,670 | 256,751 | 290,721 | 262,639 | S100R9UK, S100TV03, S100W45V, S100YI30 |
| Treasury stock | -40,558 | -29,602 | -48,686 | -48,375 | -55,795 | S100R9UK, S100TV03, S100W45V, S100YI30 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100YI30 |
| Property, plant and equipment | 15% | S100YI30 |
| Intangibles and goodwill | 0% | S100YI30 |
| Investment securities | 2% | S100YI30 |
| Other assets | 16% | S100YI30 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YI30 |
| Other liabilities | 10% | S100YI30 |
| Equity | 87% | S100YI30 |
| Other liabilities | 0% | S100YI30 |

### 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 | 309,213 | 365,950 | 292,119 | 336,709 | 287,458 |
| Equity | 270,120 | 310,259 | 251,579 | 285,004 | 250,155 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 218,012 | 252,609 | 205,440 | 240,050 | 192,439 |

## 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) | 23.0% | S100YI30 |
| Fixed assets ÷ total assets | 14.4% | S100YI30 |
| Goodwill ÷ parent equity | — | —, S100YI30 |

### 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) | 66.9% |
| Cash ÷ revenue | 107.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.9% |
| Cash vs. profit gap | 5,076 JPY mn (of net income 10.9%) |
| Shareholder returns / net income | 176.4% |
| Shareholder returns / FCF | 236.0% |
| Shareholder payments — dividends / net income | 48.0% |
| Shareholder payments — dividends / FCF | 64.3% |
| CapEx intensity (capex ÷ revenue) | 9.4% |
| Investing CF relative to operating CF | 33.0% |

## 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 | 21.8% | 0.27× | 6.0% | 1.18× | 7.0% | S100R9UK |
| 2023 | 29.8% | 0.47× | 13.9% | 1.19× | 16.6% | S100TV03 |
| 2024 | 27.0% | 0.61× | 16.3% | 1.20× | 19.6% | S100W45V |
| 2025 | 28.1% | 0.61× | 17.2% | 1.19× | 20.5% | S100YI30 |
| 2026 | 26.1% | 0.57× | 15.0% | 1.19× | 17.8% | S100YI30 |

## 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 | 15.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 380055(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 毒島 秀行 | Major shareholder | 4.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.0% | 2026-03-31 |
| 毒島 壮 | Major shareholder | 2.2% | 2026-03-31 |
| 毒島 章子 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社マーフコーポレーション | Major shareholder | 2.0% | 2026-03-31 |
| 小森 雅子 | Major shareholder | 1.5% | 2026-03-31 |
| 赤石 典子 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YI30 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI30,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W45V | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W45V,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TV03 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV03,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R9UK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9UK,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100OFWR | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFWR,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LRBP | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRBP,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| フィールズ株式会社 | Supply/OEM | 子会社ビスティの遊技機をフィールズ（円谷フィールズHD傘下）が販売 | S100YI30 |

## 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).