# SANKYOKASEI CORPORATION: 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100期(2025/04/01－2026/03/31) (S100YIC4)
> Page: https://vizora.meequs.com/en/company/sankyokasei
> Retrieved: 2026-09-30T21:48:04.048Z

## Company

Sankyokasei, founded in 1947, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 135 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKYO KASEI CORPORATION |
| Ticker | 8138 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8138.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区北久宝寺町一丁目9番8号 |
| Representative (per filing) | 代表取締役社長 小川和夫 |
| Founded | Feb 1947 |
| Share capital | ¥1.72B |
| Employees (consolidated) | 135 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.sankyokasei-corp.co.jp (https://www.sankyokasei-corp.co.jp/) |
| Corporate number | 8120001080385 |
| EDINET | E02658 |
| Industries (Vizora) | Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIC4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 44.4 | 179 |
| Profitability | 31.1 | 185 |
| Cash conversion | 87.4 | 179 |
| Efficiency | 60.3 | 185 |

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 86% of Sankyokasei's sales come from Science, with Building materials making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +10.6%.

## Company structure

- Segment revenue mix: Science 86.5%、Building materials 13.5%
- Revenue → net income: ¥27199901000 → ¥752420000
- Net income → operating cash flow: ¥752420000 → ¥1097589000（difference ¥345169000）
- Main uses of operating cash flow: CapEx ¥54677000 / dividends ¥86472000 / buybacks ¥76383000
- Change in cash: ¥1031068000
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 | ¥27.2B |  |
| Operating income | ¥513.1M | Margin 1.9% |
| Net income | ¥752.4M | Margin 2.8% |
| Free cash flow | ¥1.04B |  |
| Largest business | Science | of segment revenue 86.5% |
| Employees (consolidated) | 135 |  |
| EPS | ¥768.48 |  |
| Book value per share | ¥9803.29 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 1,145,500 |  |
| Treasury shares | 245,300 |  |
| Shareholders | 771 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 15.9% | Cash ÷ revenue 9.0% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, employees -2% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21613068000 | ¥27199901000 | +25.8% |
| Operating income | ¥58921000 | ¥513081000 | +770.8% |
| Operating margin | 0.3% | 1.9% | +1.6 pp |
| Employees | 172 people | 135 people | -21.5% |
| Cash and equivalents | ¥1651584000 | ¥2460149000 | +49.0% |

### 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 |
| --- | ---: |
| 科学事業 → 科学事業 | 82.4% |
| 建装材事業 → 建装材事業 | 13.5% |
| 建装材事業 → 事業再編・廃止 | 4.1% |
| 新設・再編 → 科学事業 | 4.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,200 | 100.0% | S100YIC4 |
| Cost of revenue | 24,499 | 90.1% | S100YIC4 |
| Gross profit | 2,701 | 9.9% | S100YIC4 |
| SG&A | 2,188 | 8.0% | S100YIC4 |
| Operating income | 513 | 1.9% | S100YIC4 |
| Ordinary income | 629 | 2.3% | S100YIC4 |
| Pretax income | 1,069 | 3.9% | S100YIC4 |
| Income tax | 317 | 1.2% | S100YIC4 |
| Net income | 752 | 2.8% | S100YIC4 |
| Net income attributable to owners | 752 | 2.8% | S100YIC4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 9.9% → Operating margin 1.9% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +10.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 34.81×
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 | 27,118 | 27,200 | 82 | +0.3% |
| Gross profit | 2,567 | 2,701 | 134 | +5.2% |
| Operating income | 464 | 513 | 49 | +10.6% |
| Net income attributable to owners | 629 | 752 | 123 | +19.6% |
| Operating cash flow | -666 | 1,098 | 1,764 | — |
| Free cash flow | -677 | 1,043 | 1,720 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,356 | 59 | 0.2% | 7 | 65 | 9 | S100LPYS |
| FY ending Mar 2021 | 21,613 | 59 | 0.3% | 76 | 925 | 763 | S100OKDJ |
| FY ending Mar 2022 | 24,240 | 188 | 0.8% | 63 | -502 | -615 | S100R7R7 |
| FY ending Mar 2023 | 26,739 | 340 | 1.3% | 304 | 608 | 464 | S100TUOM |
| FY ending Mar 2024 | 26,227 | 382 | 1.5% | 347 | 1,188 | 1,125 | S100W50A |
| FY ending Mar 2025 | 27,118 | 464 | 1.7% | 629 | -666 | -677 | S100YIC4 |
| FY ending Mar 2026 | 27,200 | 513 | 1.9% | 752 | 1,098 | 1,043 | S100YIC4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥201.5M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 169 | 169 | 135 | 138 | 135 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥6.2M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 41.8 years | 42.1 years | 41.7 years | 40.9 years | 41.1 years |
| Average tenure (parent company) | 17.3 years | 17.7 years | 17.2 years | 15.6 years | 15.1 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Science | 23,522 | 86.5% | 617 | 2.6% |
| Building materials | 3,678 | 13.5% | 110 | 3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Science | 86.5% | 84.9% | -1.6 | 2.6% |
| Building materials | 13.5% | 15.1% | 1.6 | 3.0% |

Segment → industry: Building materials → Housing Equipment & Building Materials / Building materials → Specialty Trading & Wholesale / Science → Specialty Trading & Wholesale

## 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 | 1,098 | 4.0% | S100YIC4 |
| Capital expenditure | 55 | 0.2% | S100YIC4 |
| Free cash flow | 1,043 | 3.8% | 算出 |
| Investing cash flow | 797 | 2.9% | S100YIC4 |
| Financing cash flow | -885 | -3.3% | S100YIC4 |
| Dividends paid | 86 | 0.3% | S100YIC4 |
| Share buyback | 76 | 0.3% | S100YIC4 |
| Change in cash | 1,031 | 3.8% | S100YIC4 |
| Cash and equivalents | 2,460 | 9.0% | S100YIC4 |

## 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 | 1,147 | 1,551 | 2,416 | 1,429 | 2,460 | S100TUOM, S100W50A, S100YIC4 |
| Total assets | 15,673 | 16,405 | 17,865 | 16,178 | 15,432 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Net assets | 9,010 | 9,316 | 10,159 | 8,712 | 9,194 | S100TUOM, S100W50A, S100YIC4 |
| Share capital | 1,717 | 1,717 | 1,717 | 1,717 | 1,717 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Property, plant and equipment | 1,852 | 1,813 | 1,634 | 1,568 | 1,552 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Intangible assets excluding goodwill | 101 | 140 | 113 | 80 | 58 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Investment securities | 3,346 | 3,381 | 4,322 | 3,425 | 2,913 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Current assets | 10,232 | 10,931 | 11,663 | 10,974 | 10,772 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Current liabilities | 5,855 | 6,226 | 6,642 | 6,479 | 5,315 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Short-term borrowings | 51 | 134 | — | 720 | — | S100R7R7, S100TUOM, S100YIC4 |
| Long-term borrowings | 35 | 10 | — | — | — | S100R7R7, S100TUOM |
| Total liabilities | 6,662 | 7,089 | 7,706 | 7,466 | 6,238 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Non-controlling interests | 11 | 5 | — | — | — | S100R7R7, S100TUOM |
| Equity attributable to owners of parent | 8,021 | 8,208 | 8,430 | 7,133 | 7,739 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Retained earnings | 5,307 | 5,494 | 5,717 | 4,784 | 5,450 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |
| Treasury stock | -459 | -460 | -461 | -801 | -861 | S100R7R7, S100TUOM, S100W50A, S100YIC4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YIC4 |
| Property, plant and equipment | 10% | S100YIC4 |
| Intangibles and goodwill | 0% | S100YIC4 |
| Investment securities | 19% | S100YIC4 |
| Other assets | 55% | S100YIC4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YIC4 |
| Equity | 60% | S100YIC4 |
| Other liabilities | 0% | S100YIC4 |

### 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 | 15,673 | 16,405 | 17,865 | 16,178 | 15,432 |
| Equity | 9,010 | 9,316 | 10,159 | 8,712 | 9,194 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,147 | 1,551 | 2,416 | 1,429 | 2,460 |

## 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) | 5.7% | S100YIC4 |
| Fixed assets ÷ total assets | 10.1% | S100YIC4 |
| Goodwill ÷ parent equity | — | —, S100YIC4 |

### 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) | 15.9% |
| Cash ÷ revenue | 9.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 213.9% |
| Cash vs. profit gap | 345 JPY mn (of net income 45.9%) |
| Shareholder returns / net income | 21.6% |
| Shareholder returns / FCF | 15.6% |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | 8.3% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 72.6% |

## 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 | 0.3% | 1.55× | 0.4% | 1.95× | 0.8% | S100R7R7 |
| 2023 | 1.1% | 1.67× | 1.9% | 1.98× | 3.7% | S100TUOM |
| 2024 | 1.3% | 1.53× | 2.0% | 2.06× | 4.2% | S100W50A |
| 2025 | 2.3% | 1.59× | 3.7% | 2.19× | 8.1% | S100YIC4 |
| 2026 | 2.8% | 1.72× | 4.8% | 2.13× | 10.1% | S100YIC4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社新光企画 | Major shareholder | 17.5% | 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 | 5.1% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.9% | 2026-03-31 |
| 花王株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 三京化成従業員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 小川和浩 | Major shareholder | 3.4% | 2026-03-31 |
| 小川和夫 | Major shareholder | 3.2% | 2026-03-31 |
| ナカバヤシ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| USBK NA JP I&W TS （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社トーヨーアサノ | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YIC4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIC4,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W50A | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W50A,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TUOM | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUOM,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R7R7 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7R7,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OKDJ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKDJ,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LPYS | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPYS,, |

## 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).