# Sanoh Industrial 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118期(2025/04/01－2026/03/31) (S100YL53)
> Page: https://vizora.meequs.com/en/company/sanoh-industrial
> Retrieved: 2026-09-30T22:20:57.276Z

## Company

Sanoh Industrial, founded in 1939, is a company in Auto Parts listed on TSE Prime. It has 7,697 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanoh Industrial Co.,Ltd. |
| Ticker | 6584 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6584.T) |
| Listing | TSE Prime |
| Head office | 茨城県古河市鴻巣758番地 |
| Representative (per filing) | 代表取締役社長 竹田 玄哉 |
| Founded | Mar 1939 |
| Share capital | ¥3.48B |
| Employees (consolidated) | 7,697 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | sanoh.com (https://sanoh.com/) |
| Corporate number | 6011001045853 |
| EDINET | E01753 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YL53, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.1 | 110 |
| Profitability | 19.4 | 111 |
| Cash conversion | 1.4 | 108 |
| Efficiency | 88.7 | 111 |

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 43% of Sanoh Industrial's sales come from Americas, with Japan and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -16.2%.

## Company structure

- Segment revenue mix: Americas 42.5%、Japan 20.5%、Asia 18.1%、Europe 12.0%、China 6.9%
- Revenue → net income: ¥159387000000 → ¥2160000000
- Net income → operating cash flow: ¥2160000000 → ¥1478000000（difference ¥-682000000）
- Main uses of operating cash flow: CapEx ¥10088000000 / dividends ¥1018000000 / buybacks ¥0
- Change in cash: ¥1827000000
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 | ¥159.4B |  |
| Operating income | ¥4.07B | Margin 2.6% |
| Net income | ¥1.52B | Margin 1.0% |
| Free cash flow | -¥8.61B |  |
| Largest business | Americas | of segment revenue 42.5% |
| Employees (consolidated) | 7,697 |  |
| EPS | ¥-11.84 |  |
| Book value per share | ¥690.01 |  |
| Equity ratio | 33.8% |  |
| Shares outstanding | 37,112,000 |  |
| Treasury shares | 717,700 |  |
| Shareholders | 20,184 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 15.4% |
| Vs. industry median margin | -2.2 pp | Auto Parts |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥113657000000 | ¥159387000000 | +40.2% |
| Operating income | ¥3486000000 | ¥4073000000 | +16.8% |
| Operating margin | 3.1% | 2.6% | -0.5 pp |
| Employees | 8,132 people | 7,697 people | -5.3% |
| Cash and equivalents | ¥14418000000 | ¥24519000000 | +70.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 20.5% |
| 日本 → 事業再編・廃止 | 3.6% |
| 北南米 → 北南米 | 27.7% |
| 欧州 → 欧州 | 12.0% |
| 欧州 → 事業再編・廃止 | 6.0% |
| 中国 → 中国 | 6.9% |
| 中国 → 事業再編・廃止 | 10.3% |
| アジア → アジア | 13.1% |
| 新設・再編 → 北南米 | 14.8% |
| 新設・再編 → アジア | 4.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Americas | 5 years | +16.6% | ¥67799000000 | -0.5% | 2 |
| Japan | 5 years | +3.6% | ¥32657000000 | 6.3% | 2 |
| Asia | 5 years | +14.1% | ¥28795000000 | 9.0% | 2 |
| Europe | 5 years | -1.3% | ¥19148000000 | 1.5% | 2 |
| China | 5 years | -10.8% | ¥10988000000 | -3.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 159,387 | 100.0% | S100YL53 |
| Cost of revenue | 136,505 | 85.6% | S100YL53 |
| Gross profit | 22,882 | 14.4% | S100YL53 |
| SG&A | 18,809 | 11.8% | S100YL53 |
| Operating income | 4,073 | 2.6% | S100YL53 |
| Ordinary income | 3,038 | 1.9% | S100YL53 |
| Pretax income | 2,047 | 1.3% | S100YL53 |
| Income tax | -113 | -0.1% | S100YL53 |
| Net income | 2,160 | 1.4% | S100YL53 |
| Net income attributable to owners | 1,524 | 1.0% | S100YL53 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.4% → Operating margin 2.6% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -16.2%
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 | 159,538 | 159,387 | -151 | -0.1% |
| Gross profit | 22,770 | 22,882 | 112 | +0.5% |
| Operating income | 4,860 | 4,073 | -787 | -16.2% |
| Net income attributable to owners | 737 | 1,524 | 787 | +106.8% |
| Operating cash flow | 8,484 | 1,478 | -7,006 | -82.6% |
| Free cash flow | -951 | -8,610 | -7,659 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 142,707 | 5,452 | 3.8% | 2,177 | 8,867 | 1,405 | S100LNI4 |
| FY ending Mar 2021 | 113,657 | 3,486 | 3.1% | 3,630 | 7,887 | 4,435 | S100OCOD |
| FY ending Mar 2022 | 115,940 | 2,183 | 1.9% | 1,009 | 3,340 | -2,228 | S100SETJ |
| FY ending Mar 2023 | 137,692 | 1,321 | 1.0% | -907 | 5,680 | -575 | S100TQH8 |
| FY ending Mar 2024 | 156,814 | 8,053 | 5.1% | 4,216 | 10,139 | 2,551 | S100W2OY |
| FY ending Mar 2025 | 159,538 | 4,860 | 3.0% | 737 | 8,484 | -951 | S100YL53 |
| FY ending Mar 2026 | 159,387 | 4,073 | 2.6% | 1,524 | 1,478 | -8,610 | S100YL53 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥529.2K |
| Net income per employee (consolidated) | ¥198K |

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) | 7,701 | 7,726 | 7,915 | 7,748 | 7,697 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.2M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 42.0 years | 43.0 years | 43.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 16.0 years | 17.0 years | 17.0 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 32,657 | 20.5% | 2,053 | 6.3% |
| Americas | 67,799 | 42.5% | -327 | -0.5% |
| Europe | 19,148 | 12.0% | 280 | 1.5% |
| China | 10,988 | 6.9% | -348 | -3.2% |
| Asia | 28,795 | 18.1% | 2,599 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 20.5% | 41.6% | 21.1 | 6.3% |
| Americas | 42.5% | — | — | -0.5% |
| Europe | 12.0% | 5.7% | -6.3 | 1.5% |
| China | 6.9% | — | — | -3.2% |
| Asia | 18.1% | 52.7% | 34.6 | 9.0% |

Loss-making segment (excluded from profit shares): Americas -327 JPY mn

Loss-making segment (excluded from profit shares): China -348 JPY mn

Segment → industry: Asia → Auto Parts / China → Auto Parts / Europe → Auto Parts / Americas → Auto Parts / Japan → Auto Parts

## 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 | 1,478 | 0.9% | S100YL53 |
| Capital expenditure | 10,088 | 6.3% | S100YL53 |
| Free cash flow | -8,610 | -5.4% | 算出 |
| Investing cash flow | -13,471 | -8.5% | S100YL53 |
| Financing cash flow | 12,914 | 8.1% | S100YL53 |
| Dividends paid | 1,018 | 0.6% | S100YL53 |
| Share buyback | 0 | 0.0% | S100YL53 |
| Change in cash | 1,827 | 1.1% | S100YL53 |
| Cash and equivalents | 24,519 | 15.4% | S100YL53 |

## 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 | 13,404 | 12,837 | 17,653 | 22,692 | 24,519 | S100TQH8, S100W2OY, S100YL53 |
| Total assets | 96,437 | 97,280 | 111,245 | 117,138 | 141,929 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Net assets | 41,682 | 39,911 | 48,288 | 48,087 | 51,968 | S100TQH8, S100W2OY, S100YL53 |
| Share capital | 3,481 | 3,481 | 3,481 | 3,481 | 3,481 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Property, plant and equipment | 30,047 | 31,895 | 35,145 | 36,674 | 45,310 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Intangible assets excluding goodwill | 408 | 594 | 528 | 687 | 717 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Investment securities | 10,671 | 6,140 | 8,741 | 6,707 | 7,877 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Current assets | 53,485 | 56,555 | 64,329 | 70,348 | 83,377 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Current liabilities | 36,863 | 39,693 | 41,219 | 41,878 | 52,982 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Trade payables | 8,685 | 8,464 | 9,074 | 9,209 | 10,466 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Short-term borrowings | 16,760 | 16,086 | 17,648 | 17,847 | 25,724 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Long-term borrowings | 10,945 | 11,698 | 14,392 | 21,293 | 29,056 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Total liabilities | 54,754 | 57,369 | 62,957 | 69,051 | 89,961 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Non-controlling interests | 3,039 | 3,384 | 3,604 | 3,816 | 3,965 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Equity attributable to owners of parent | 35,582 | 33,714 | 36,735 | 36,465 | 36,970 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Retained earnings | 30,382 | 28,565 | 31,872 | 31,589 | 32,095 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |
| Treasury stock | -646 | -697 | -980 | -968 | -968 | S100SETJ, S100TQH8, S100W2OY, S100YL53 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YL53 |
| Property, plant and equipment | 32% | S100YL53 |
| Intangibles and goodwill | 0% | S100YL53 |
| Investment securities | 6% | S100YL53 |
| Other assets | 45% | S100YL53 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YL53 |
| Other liabilities | 56% | S100YL53 |
| Equity | 37% | S100YL53 |

### 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 | 96,437 | 97,280 | 111,245 | 117,138 | 141,929 |
| Equity | 41,682 | 39,911 | 48,288 | 48,087 | 51,968 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,404 | 12,837 | 17,653 | 22,692 | 24,519 |

## 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) | 28.4% | S100YL53 |
| Fixed assets ÷ total assets | 31.9% | S100YL53 |
| Goodwill ÷ parent equity | — | —, S100YL53 |

### 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) | 17.3% |
| Cash ÷ revenue | 15.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 36.3% |
| Cash vs. profit gap | -46 JPY mn (of net income -3.0%) |
| Shareholder returns / net income | 66.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.3% |
| Investing CF relative to operating CF | 911.4% |

## 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 | 0.9% | 1.20× | 1.0% | 2.71× | 2.8% | S100SETJ |
| 2023 | — | —× | -0.9% | —× | — | S100TQH8 |
| 2024 | 2.7% | 1.50× | 4.0% | 2.96× | 12.0% | S100W2OY |
| 2025 | 0.5% | 1.40× | 0.6% | 3.12× | 2.0% | S100YL53 |
| 2026 | 1.0% | 1.23× | 1.2% | 3.53× | 4.2% | S100YL53 |

## 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 | 6.7% | 2026-03-31 |
| 神鋼商事株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| スズキ株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 有限会社竹田コーポレーション | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 本田技研工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| アルコニックス株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第118期(2025/04/01－2026/03/31) | S100YL53 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL53,, |
| 有価証券報告書－第117期(2024/04/01－2025/03/31) | S100W2OY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OY,, |
| 有価証券報告書－第116期(2023/04/01－2024/03/31) | S100TQH8 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQH8,, |
| 訂正有価証券報告書－第115期(2022/04/01－2023/03/31) | S100SETJ | 2023-12-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SETJ,, |
| 有価証券報告書－第114期(令和3年4月1日－令和4年3月31日) | S100OCOD | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCOD,, |
| 有価証券報告書－第113期(令和2年4月1日－令和3年3月31日) | S100LNI4 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNI4,, |

## 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).