# SANNO Co.,Ltd: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2024/08/01－2025/07/31) (S100WWVN)
> Page: https://vizora.meequs.com/en/company/sanno
> Retrieved: 2026-09-30T21:33:50.103Z

## Company

Sanno, founded in 1958, is a company in Electronic Components listed on TSE Standard. It has 403 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANNO Co., Ltd. |
| Ticker | 3441 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3441.T) |
| Listing | TSE Standard |
| Head office | 横浜市港北区綱島東五丁目8番8号 |
| Representative (per filing) | 代表取締役社長 荒巻 拓也 |
| Founded | Aug 1958 |
| Share capital | ¥962.2M |
| Employees (consolidated) | 403 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | July |
| Corporate number | 3020001020348 |
| EDINET | E02121 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100WWVN, filed 2025-10-27). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 57.5 | 53 |
| Profitability | 59.8 | 56 |
| Cash conversion | 11.5 | 48 |
| Efficiency | 65.2 | 56 |

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 71% of Sanno's sales come from Japan, with Philippines making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +23.0% from the prior year, operating profit +241.7%.

## Company structure

- Segment revenue mix: Japan 70.7%、Philippines 29.3%
- Revenue → net income: ¥10830372000 → ¥765693000
- Net income → operating cash flow: ¥765693000 → ¥461747000（difference ¥-303946000）
- Main uses of operating cash flow: CapEx ¥580041000 / dividends ¥44853000 / buybacks ¥139434000
- Change in cash: ¥386896000
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 | ¥10.8B |  |
| Operating income | ¥796.2M | Margin 7.4% |
| Net income | ¥765.7M | Margin 7.1% |
| Free cash flow | -¥118.3M |  |
| Largest business | Japan | of segment revenue 70.7% |
| Employees (consolidated) | 403 |  |
| EPS | ¥243.93 |  |
| Book value per share | ¥1376.79 |  |
| Equity ratio | 52.6% |  |
| Shares outstanding | 5,000,000 |  |
| Treasury shares | 674,400 |  |
| Shareholders | 2,837 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 22.9% | Cash ÷ revenue 27.1% |
| Vs. industry median margin | +1.4 pp | Electronic Components |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.1× dividends
- FY2025, one segment accounts for 68% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7947099000 | ¥10830372000 | +36.3% |
| Operating income | ¥179144000 | ¥796224000 | +344.5% |
| Operating margin | 2.3% | 7.4% | +5.1 pp |
| Employees | 507 people | 403 people | -20.5% |
| Cash and equivalents | ¥2480288000 | ¥2938628000 | +18.5% |

### Change in segment revenue mix

Span: FY ending Jul 2020 → FY ending Jul 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 68.9% |
| フィリピン → フィリピン | 13.7% |
| 中国 → 事業再編・廃止 | 17.5% |
| 新設・再編 → 日本 | 1.8% |
| 新設・再編 → フィリピン | 15.7% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,830 | 100.0% | S100WWVN |
| Cost of revenue | 8,636 | 79.7% | S100WWVN |
| Gross profit | 2,195 | 20.3% | S100WWVN |
| SG&A | 1,399 | 12.9% | S100WWVN |
| Operating income | 796 | 7.4% | S100WWVN |
| Ordinary income | 807 | 7.5% | S100WWVN |
| Pretax income | 813 | 7.5% | S100WWVN |
| Income tax | 48 | 0.4% | S100WWVN |
| Net income | 766 | 7.1% | S100WWVN |
| Net income attributable to owners | 766 | 7.1% | S100WWVN |

## Per ¥100 of revenue（FY ending Jul 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 13 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.3% → Operating margin 7.4% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.0%; Core profit growth: +241.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.49×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jul 2024 → FY ending Jul 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,802 | 10,830 | 2,028 | +23.0% |
| Gross profit | 1,442 | 2,195 | 752 | +52.2% |
| Operating income | 233 | 796 | 563 | +241.7% |
| Net income attributable to owners | 313 | 766 | 453 | +144.8% |
| Operating cash flow | 1,055 | 462 | -593 | -56.2% |
| Free cash flow | 798 | -118 | -917 | -114.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 7,102 | -345 | -4.9% | -626 | 209 | -346 | S100JZQ0 |
| FY ending Jul 2020 | 7,947 | 179 | 2.3% | 171 | -339 | -1,261 | S100MO6X |
| FY ending Jul 2021 | 8,052 | 263 | 3.3% | 966 | 573 | -6 | S100PFA0 |
| FY ending Jul 2022 | 9,454 | 502 | 5.3% | 356 | 145 | -318 | S100S31C |
| FY ending Jul 2023 | 9,563 | 206 | 2.2% | 154 | 1,186 | 227 | S100UL67 |
| FY ending Jul 2024 | 8,802 | 233 | 2.6% | 313 | 1,055 | 798 | S100WWVN |
| FY ending Jul 2025 | 10,830 | 796 | 7.4% | 766 | 462 | -118 | S100WWVN |

## People and productivity（FY ending Jul 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.9M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 392 | 409 | 389 | 371 | 403 |
| Average salary (parent company) | ¥5.4M | ¥5.2M | ¥5M | ¥4.5M | ¥4.8M |
| Average age (parent company) | 41.2 years | 40.3 years | 39.6 years | 40.1 years | 41.2 years |
| Average tenure (parent company) | 13.7 years | 13.0 years | 12.1 years | 12.5 years | 12.5 years |

Year over year: Employees (consolidated) +8.6% · Revenue (consolidated) +23.0%

## Segments（FY ending Jul 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 7,653 | 70.7% | 509 | 6.6% |
| Philippines | 3,177 | 29.3% | 243 | 7.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 70.7% | 67.7% | -3.0 | 6.6% |
| Philippines | 29.3% | 32.3% | 3.0 | 7.7% |

Segment → industry: Philippines → Electronic Components / Japan → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jul 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 462 | 4.3% | S100WWVN |
| Capital expenditure | 580 | 5.4% | S100WWVN |
| Free cash flow | -118 | -1.1% | 算出 |
| Investing cash flow | 29 | 0.3% | S100WWVN |
| Financing cash flow | -36 | -0.3% | S100WWVN |
| Dividends paid | 45 | 0.4% | S100WWVN |
| Share buyback | 139 | 1.3% | S100WWVN |
| Change in cash | 387 | 3.6% | S100WWVN |
| Cash and equivalents | 2,939 | 27.1% | S100WWVN |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,971 | 2,784 | 2,203 | 2,552 | 2,939 | S100S31C, S100UL67, S100WWVN |
| Total assets | 10,711 | 11,618 | 11,608 | 12,055 | 12,852 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Net assets | 5,027 | 5,622 | 5,947 | 6,420 | 6,755 | S100S31C, S100UL67, S100WWVN |
| Share capital | 962 | 962 | 962 | 962 | 962 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Trade receivables | 2,445 | — | — | — | — | S100PFA0 |
| Property, plant and equipment | 2,831 | 2,944 | 3,377 | 3,149 | 3,484 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Intangible assets excluding goodwill | 112 | 149 | 160 | 147 | 116 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Investment securities | 425 | 313 | 341 | 358 | 369 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Current assets | 7,246 | 8,057 | 7,581 | 8,239 | 8,597 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Current liabilities | 3,750 | 4,036 | 3,623 | 4,020 | 4,921 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Trade payables | 331 | 258 | 292 | 364 | 423 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Short-term borrowings | 2,520 | 2,520 | 2,400 | 2,520 | 3,100 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Long-term borrowings | 1,489 | 1,319 | 1,465 | 1,119 | 786 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Total liabilities | 5,683 | 5,996 | 5,661 | 5,635 | 6,096 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Equity attributable to owners of parent | 4,775 | 5,094 | 5,202 | 5,333 | 5,922 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Retained earnings | 3,068 | 3,387 | 3,495 | 3,761 | 4,482 | S100PFA0, S100S31C, S100UL67, S100WWVN |
| Treasury stock | -125 | -126 | -126 | -261 | -395 | S100PFA0, S100S31C, S100UL67, S100WWVN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 23% | S100WWVN |
| Property, plant and equipment | 27% | S100WWVN |
| Intangibles and goodwill | 1% | S100WWVN |
| Investment securities | 3% | S100WWVN |
| Other assets | 46% | S100WWVN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100WWVN |
| Other liabilities | 44% | S100WWVN |
| Equity | 53% | S100WWVN |
| Other liabilities | 0% | S100WWVN |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,711 | 11,618 | 11,608 | 12,055 | 12,852 |
| Equity | 5,027 | 5,622 | 5,947 | 6,420 | 6,755 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,971 | 2,784 | 2,203 | 2,552 | 2,939 |

## 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) | 32.2% | S100WWVN |
| Fixed assets ÷ total assets | 27.1% | S100WWVN |
| Goodwill ÷ parent equity | — | —, S100WWVN |

### 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) | 22.9% |
| Cash ÷ revenue | 27.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 58.0% |
| Cash vs. profit gap | -304 JPY mn (of net income -39.7%) |
| Shareholder returns / net income | 24.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 5.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 6.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.0% | 0.75× | 9.0% | 2.24× | 20.2% | S100PFA0 |
| 2022 | 3.8% | 0.85× | 3.2% | 2.26× | 7.2% | S100S31C |
| 2023 | 1.6% | 0.82× | 1.3% | 2.26× | 3.0% | S100UL67 |
| 2024 | 3.6% | 0.74× | 2.6% | 2.25× | 5.9% | S100WWVN |
| 2025 | 7.1% | 0.87× | 6.1% | 2.21× | 13.6% | S100WWVN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 荒巻 芳幸 | Major shareholder | 17.1% | 2025-07-31 |
| 有限会社山旺商事 | Major shareholder | 12.2% | 2025-07-31 |
| 山王貴金属株式会社 | Major shareholder | 4.9% | 2025-07-31 |
| 荒巻 拓也 | Major shareholder | 3.6% | 2025-07-31 |
| 荒巻 喜代子 | Major shareholder | 2.9% | 2025-07-31 |
| 上田八木短資株式会社 | Major shareholder | 2.7% | 2025-07-31 |
| 住友生命保険相互会社 | Major shareholder | 2.3% | 2025-07-31 |
| 荒巻 典之 | Major shareholder | 1.7% | 2025-07-31 |
| 株式会社りそな銀行 | Major shareholder | 1.7% | 2025-07-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.7% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2024/08/01－2025/07/31) | S100WWVN | 2025-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWVN,, |
| 有価証券報告書－第66期(2023/08/01－2024/07/31) | S100UL67 | 2024-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UL67,, |
| 有価証券報告書－第65期(2022/08/01－2023/07/31) | S100S31C | 2023-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S31C,, |
| 有価証券報告書－第64期(令和3年8月1日－令和4年7月31日) | S100PFA0 | 2022-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFA0,, |
| 有価証券報告書－第63期(令和2年8月1日－令和3年7月31日) | S100MO6X | 2021-10-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MO6X,, |
| 有価証券報告書－第62期(令和1年8月1日－令和2年7月31日) | S100JZQ0 | 2020-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JZQ0,, |

## 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).