# SANKYU INC.: 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117期(2025/04/01－2026/03/31) (S100YJRS)
> Page: https://vizora.meequs.com/en/company/sankyu
> Retrieved: 2026-09-30T20:24:23.933Z

## Company

Sankyu, founded in 1918, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 29,324 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKYU INC. |
| Ticker | 9065 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9065.T) |
| Listing | TSE Prime |
| Head office | 北九州市門司区港町6番7号(同所は登記上の本店所在地で実際の本社業務は下記で行っております。) |
| Representative (per filing) | 代表取締役社長 CEO 中村公大 |
| Founded | Oct 1918 |
| Share capital | ¥28.6B |
| Employees (consolidated) | 29,324 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.sankyu.co.jp (https://www.sankyu.co.jp/) |
| Corporate number | 7290801005328 |
| EDINET | E04324 |
| Industries (Vizora) | Plant Engineering & Building Services, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YJRS, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.9 | 72 |
| Profitability | 30.9 | 76 |
| Cash conversion | 80.4 | 74 |
| Efficiency | 67.8 | 76 |
| Financial strength | 61.1 | 9 |

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 49% of Sankyu's sales come from Plant engineering and maintenance, with Logistics and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit -1.6%.

## Company structure

- Segment revenue mix: Plant engineering and maintenance 48.7%、Logistics 46.7%、Other 4.6%
- Revenue → net income: ¥631573000000 → ¥31634000000
- Net income → operating cash flow: ¥31634000000 → ¥51993000000（difference ¥20359000000）
- Main uses of operating cash flow: CapEx ¥19038000000 / dividends ¥12875000000 / buybacks ¥20017000000
- Change in cash: ¥1144000000
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 | ¥631.6B |  |
| Operating income | ¥43.2B | Margin 6.8% |
| Net income | ¥31.5B | Margin 5.0% |
| Free cash flow | ¥33B |  |
| Largest business | Plant engineering and maintenance | of segment revenue 48.7% |
| Employees (consolidated) | 29,324 |  |
| EPS | ¥573.07 |  |
| Book value per share | ¥3557.31 |  |
| Equity ratio | 54.2% |  |
| Shares outstanding | 52,901,000 |  |
| Treasury shares | 2,774,200 |  |
| Shareholders | 7,792 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 7.6% | Net cash -¥19.5B · Cash ÷ revenue 6.7% |
| Vs. industry median margin | -2.2 pp | Plant Engineering & Building Services |
| ROE | 12.2% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, one segment accounts for 72% of positive segment profit
- FY2026, segment profit share differs by -24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥533870000000 | ¥631573000000 | +18.3% |
| Operating income | ¥33928000000 | ¥43240000000 | +27.4% |
| Operating margin | 6.4% | 6.8% | +0.5 pp |
| Employees | 31,121 people | 29,324 people | -5.8% |
| Cash and equivalents | ¥36250000000 | ¥42529000000 | +17.3% |

### 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 |
| --- | ---: |
| 物流事業 → 物流事業 | 46.7% |
| 物流事業 → 事業再編・廃止 | 3.7% |
| 機工事業 → 機工事業 | 44.9% |
| その他 → その他 | 4.6% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 機工事業 | 3.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Plant engineering and maintenance | 5 years | +5.1% | ¥307458000000 | 10.1% | 2 |
| Logistics | 5 years | +1.9% | ¥295256000000 | 3.3% | 2 |
| Other | 5 years | +2.8% | ¥28858000000 | 8.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 631,573 | 100.0% | S100YJRS |
| Cost of revenue | 555,204 | 87.9% | S100YJRS |
| Gross profit | 76,368 | 12.1% | S100YJRS |
| SG&A | 33,128 | 5.2% | S100YJRS |
| Operating income | 43,240 | 6.8% | S100YJRS |
| Ordinary income | 43,385 | 6.9% | S100YJRS |
| Pretax income | 45,907 | 7.3% | S100YJRS |
| Income tax | 14,272 | 2.3% | S100YJRS |
| Net income | 31,634 | 5.0% | S100YJRS |
| Net income attributable to owners | 31,505 | 5.0% | S100YJRS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 5 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 12.1% → Operating margin 6.8% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.1%; Core profit growth: -1.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.39×
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 | 606,791 | 631,573 | 24,782 | +4.1% |
| Gross profit | 73,654 | 76,368 | 2,714 | +3.7% |
| Operating income | 43,945 | 43,240 | -705 | -1.6% |
| Net income attributable to owners | 30,747 | 31,505 | 758 | +2.5% |
| Operating cash flow | 43,532 | 51,993 | 8,461 | +19.4% |
| Free cash flow | 19,100 | 32,955 | 13,855 | +72.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 569,461 | 40,374 | 7.1% | 25,619 | 22,317 | 10,032 | S100LLTP |
| FY ending Mar 2021 | 533,870 | 33,928 | 6.4% | 23,540 | 25,043 | 6,221 | S100OBS1 |
| FY ending Mar 2022 | 553,831 | 34,465 | 6.2% | 22,636 | 43,692 | 28,254 | S100SP2U |
| FY ending Mar 2023 | 579,226 | 38,169 | 6.6% | 24,959 | 33,277 | 17,199 | S100TQ4Z |
| FY ending Mar 2024 | 563,547 | 35,216 | 6.2% | 24,379 | 21,731 | 6,913 | S100W1SE |
| FY ending Mar 2025 | 606,791 | 43,945 | 7.2% | 30,747 | 43,532 | 19,100 | S100YJRS |
| FY ending Mar 2026 | 631,573 | 43,240 | 6.8% | 31,505 | 51,993 | 32,955 | S100YJRS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 31,054 | 31,141 | 30,672 | 29,614 | 29,324 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.2M | ¥6.4M | ¥7.3M |
| Average age (parent company) | 40.4 years | 40.9 years | 41.0 years | 41.3 years | 41.3 years |
| Average tenure (parent company) | 14.4 years | 15.0 years | 14.8 years | 15.1 years | 15.2 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 295,256 | 46.7% | 9,826 | 3.3% |
| Plant engineering and maintenance | 307,458 | 48.7% | 30,960 | 10.1% |
| Other | 28,858 | 4.6% | 2,472 | 8.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 46.7% | 22.7% | -24.0 | 3.3% |
| Plant engineering and maintenance | 48.7% | 71.6% | 22.9 | 10.1% |
| Other | 4.6% | 5.7% | 1.1 | 8.6% |

Segment → industry: Plant engineering and maintenance → Plant Engineering & Building Services / Logistics → Trucking & Parcel Delivery / Logistics → Warehouses & Logistics Facilities

## 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 | 51,993 | 8.2% | S100YJRS |
| Capital expenditure | 19,038 | 3.0% | S100YJRS |
| Free cash flow | 32,955 | 5.2% | 算出 |
| Investing cash flow | -19,188 | -3.0% | S100YJRS |
| Financing cash flow | -32,383 | -5.1% | S100YJRS |
| Dividends paid | 12,875 | 2.0% | S100YJRS |
| Share buyback | 20,017 | 3.2% | S100YJRS |
| Change in cash | 1,144 | 0.2% | S100YJRS |
| Cash and equivalents | 42,529 | 6.7% | S100YJRS |

## 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 | 42,479 | 50,801 | 46,847 | 41,384 | 42,529 | S100TQ4Z, S100W1SE, S100YJRS |
| Total assets | 462,467 | 481,661 | 505,045 | 545,189 | 559,746 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Net assets | 248,725 | 272,532 | 285,433 | 297,063 | 306,988 | S100TQ4Z, S100W1SE, S100YJRS |
| Share capital | 28,619 | 28,619 | 28,619 | 28,619 | 28,619 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Property, plant and equipment | 162,433 | 166,901 | 168,234 | 184,350 | 190,400 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Intangible assets excluding goodwill | 8,187 | 7,280 | 6,863 | 9,541 | 15,395 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Goodwill | 755 | 204 | 46 | 1,592 | 7,635 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Investment securities | 25,019 | 27,014 | 36,579 | 32,541 | 43,676 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Current assets | 238,542 | 250,629 | 261,766 | 280,256 | 269,255 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Current liabilities | 140,797 | 116,861 | 107,337 | 139,070 | 150,764 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Trade payables | 74,558 | 48,864 | 46,498 | 52,105 | 49,752 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Short-term borrowings | 13,193 | 8,551 | 13,600 | 18,827 | 23,591 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Long-term borrowings | 7,493 | 25,675 | 33,996 | 37,402 | 23,424 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Bonds | 15,000 | 15,000 | 25,000 | 15,000 | 15,000 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Interest-bearing debt | 35,686 | 49,226 | 72,596 | 71,229 | 62,015 | 算出 |
| Total liabilities | 213,742 | 209,128 | 219,612 | 248,126 | 252,758 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Non-controlling interests | 2,770 | 3,247 | 3,385 | 3,851 | 3,818 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Equity attributable to owners of parent | 235,519 | 253,238 | 253,000 | 258,327 | 257,196 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Retained earnings | 203,301 | 221,027 | 235,797 | 230,048 | 232,979 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |
| Treasury stock | -9,117 | -9,124 | -24,132 | -13,056 | -17,118 | S100SP2U, S100TQ4Z, S100W1SE, S100YJRS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJRS |
| Property, plant and equipment | 34% | S100YJRS |
| Intangibles and goodwill | 4% | S100YJRS |
| Investment securities | 8% | S100YJRS |
| Other assets | 46% | S100YJRS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YJRS |
| Interest-bearing debt | 11% | 算出 |
| Other liabilities | 25% | S100YJRS |
| Equity | 55% | S100YJRS |

### 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 | 462,467 | 481,661 | 505,045 | 545,189 | 559,746 |
| Equity | 248,725 | 272,532 | 285,433 | 297,063 | 306,988 |
| Interest-bearing debt | 35,686 | 49,226 | 72,596 | 71,229 | 62,015 |
| Cash | 42,479 | 50,801 | 46,847 | 41,384 | 42,529 |

## 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) | 30.1% | S100YJRS |
| Fixed assets ÷ total assets | 34.0% | S100YJRS |
| Goodwill ÷ parent equity | 3.0% | S100YJRS |

Goodwill over 4 years: 755 → 7,635 JPY; total investing cash flow: -95,565 JPY. This does not imply causation.

### 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) | 7.6% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | -¥19.5B |
| Net debt ÷ operating cash flow | 0.37× |
| Cash conversion (operating CF ÷ operating income) | 120.2% |
| Cash vs. profit gap | 20,488 JPY mn (of net income 65.0%) |
| Shareholder returns / net income | 104.4% |
| Shareholder returns / FCF | 99.8% |
| Shareholder payments — dividends / net income | 40.9% |
| Shareholder payments — dividends / FCF | 39.1% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 36.9% |

## 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 | 4.1% | 1.20× | 4.9% | 1.96× | 9.6% | S100SP2U |
| 2023 | 4.3% | 1.23× | 5.3% | 1.93× | 10.2% | S100TQ4Z |
| 2024 | 4.3% | 1.14× | 4.9% | 1.95× | 9.6% | S100W1SE |
| 2025 | 5.1% | 1.16× | 5.9% | 2.05× | 12.0% | S100YJRS |
| 2026 | 5.0% | 1.14× | 5.7% | 2.14× | 12.2% | S100YJRS |

## 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 | 15.2% | 2026-03-31 |
| 株式会社日本カストディ銀行信託口 | Major shareholder | 9.7% | 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 | 5.3% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 公益財団法人ニビキ育英会 | Major shareholder | 3.9% | 2026-03-31 |
| 山九従業員持株会 | Major shareholder | 3.1% | 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 | 2.4% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.4% | 2026-03-31 |
| 山九取引先持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥631.6B, up +4.1% from ¥606.8B.
- Operating income, however, edged down -1.6% from ¥43.9B to ¥43.2B, so the extra sales did not turn into more operating profit.
- Net income attributable to owners still rose +2.5% to ¥31.5B, and cash flow improved sharply: operating cash flow reached ¥52B (+19.4%) and free cash flow ¥33B (+72.5%).

### Drivers

- Plant engineering sales grew as Japanese customers spent on equipment upgrades and decarbonization, lifting construction, demolition and environmental work for steel and chemical plants
- Plant engineering profit was held back by less routine maintenance work in Japan, fewer scheduled overhauls abroad, and a bad-debt allowance on some overseas project payments
- Net income got a boost from selling down cross-held shares, and operating cash flow rose because trade receivables fell

### Risks

- Weak domestic demand in China keeps local transport and storage of auto parts and consumer goods sluggish
- Hiring is difficult, and if recruitment and training fall behind, staffing sites could become hard
- On overseas projects, costs running above estimates could hurt results

Cited: Annual Securities Report, 117th fiscal period (Apr 2025–Mar 2026) (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, 117th fiscal period (Apr 2025–Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YJRS | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJRS,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W1SE | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1SE,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TQ4Z | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ4Z,, |
| 訂正有価証券報告書－第114期(2022/04/01－2023/03/31) | S100SP2U | 2024-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SP2U,, |
| 有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OBS1 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBS1,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LLTP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLTP,, |

## 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).