# Sanoyas Holdings 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15期(2025/04/01－2026/03/31) (S100YDDF)
> Page: https://vizora.meequs.com/en/company/sanoyas-holdings
> Retrieved: 2026-09-30T19:15:04.408Z

## Company

Sanoyas Holdings, founded in 2011, is a company in Electrical Equipment listed on TSE Standard. It has 1,028 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanoyas Holdings Corporation |
| Ticker | 7022 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7022.T) |
| Listing | TSE Standard |
| Head office | 大阪市北区中之島三丁目3番23号 |
| Representative (per filing) | 代表取締役社長 北逵伊佐雄 |
| Founded | Oct 2011 |
| Share capital | ¥73M |
| Employees (consolidated) | 1,028 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.sanoyas.co.jp (https://www.sanoyas.co.jp/) |
| Corporate number | 8120001166449 |
| EDINET | E25662 |
| Industries (Vizora) | Electrical Equipment, Theme Parks & Leisure Facilities, Industrial Machinery |

> Profile source: annual securities report (S100YDDF, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.5 | 110 |
| Profitability | 38.9 | 122 |
| Cash conversion | 78 | 116 |
| Efficiency | 76.6 | 122 |

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 47% of Sanoyas Holdings's sales come from Construction business, with Industrial business and Leisure making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +57.2%.

## Company structure

- Segment revenue mix: Construction business 46.7%、Industrial business 40.7%、Leisure 12.6%
- Revenue → net income: ¥26828000000 → ¥1427000000
- Net income → operating cash flow: ¥1427000000 → ¥3406000000（difference ¥1979000000）
- Main uses of operating cash flow: CapEx ¥1342000000 / dividends ¥252000000 / buybacks ¥99000000
- Change in cash: ¥330000000
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 | ¥26.8B |  |
| Operating income | ¥1.67B | Margin 6.2% |
| Net income | ¥1.43B | Margin 5.3% |
| Free cash flow | ¥2.06B |  |
| Largest business | Construction business | of segment revenue 46.7% |
| Employees (consolidated) | 1,028 |  |
| EPS | ¥6.67 |  |
| Diluted EPS | ¥6.62 |  |
| Book value per share | ¥217.77 |  |
| Equity ratio | 36.5% |  |
| Shares outstanding | 33,977,000 |  |
| Treasury shares | 440,800 |  |
| Shareholders | 8,411 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 8.5% |
| Vs. industry median margin | -2.2 pp | Electrical Equipment |
| ROE | 17.4% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44628000000 | ¥26828000000 | -39.9% |
| Operating income | ¥-5267000000 | ¥1674000000 | — |
| Operating margin | -11.8% | 6.2% | +18 pp |
| Employees | 911 people | 1,028 people | +12.8% |
| Cash and equivalents | ¥5452000000 | ¥2286000000 | -58.1% |

### 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 |
| --- | ---: |
| 製造業向け事業 → 製造業向け事業 | 14.9% |
| 造船事業 → 事業再編・廃止 | 40.9% |
| 建設業向け事業 → 建設業向け事業 | 11.3% |
| Ｍ＆Ｔ事業 → 事業再編・廃止 | 29.5% |
| レジャー事業 → レジャー事業 | 3.3% |
| 新設・再編 → 製造業向け事業 | 25.8% |
| 新設・再編 → 建設業向け事業 | 35.4% |
| 新設・再編 → レジャー事業 | 9.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction business | 5 years | +11.8% | ¥12526000000 | 14.1% | 2 |
| Industrial business | 5 years | +2.9% | ¥10917000000 | 8.9% | 2 |
| Leisure | 5 years | +10.3% | ¥3383000000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,828 | 100.0% | S100YDDF |
| Cost of revenue | 19,314 | 72.0% | S100YDDF |
| Gross profit | 7,513 | 28.0% | S100YDDF |
| SG&A | 5,838 | 21.8% | S100YDDF |
| Operating income | 1,674 | 6.2% | S100YDDF |
| Ordinary income | 1,650 | 6.2% | S100YDDF |
| Pretax income | 1,655 | 6.2% | S100YDDF |
| Income tax | 227 | 0.8% | S100YDDF |
| Net income | 1,427 | 5.3% | S100YDDF |
| Net income attributable to owners | 1,427 | 5.3% | S100YDDF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 22 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.0% → Operating margin 6.2% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +57.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.85×
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 | 25,006 | 26,828 | 1,822 | +7.3% |
| Gross profit | 6,232 | 7,513 | 1,281 | +20.6% |
| Operating income | 1,065 | 1,674 | 609 | +57.2% |
| Net income attributable to owners | 1,182 | 1,427 | 245 | +20.7% |
| Operating cash flow | 1,500 | 3,406 | 1,906 | +127.1% |
| Free cash flow | 725 | 2,064 | 1,339 | +184.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,805 | -1,775 | -3.6% | -2,211 | -3,317 | -5,651 | S100LM5P |
| FY ending Mar 2021 | 44,628 | -5,267 | -11.8% | -3,685 | -2,680 | -3,786 | S100OBMA |
| FY ending Mar 2022 | 19,148 | 222 | 1.2% | 434 | 284 | -895 | S100R1BK |
| FY ending Mar 2023 | 20,145 | 95 | 0.5% | 425 | -534 | -1,661 | S100TSMK |
| FY ending Mar 2024 | 23,352 | 509 | 2.2% | 459 | 1,610 | 711 | S100W02J |
| FY ending Mar 2025 | 25,006 | 1,065 | 4.3% | 1,182 | 1,500 | 725 | S100YDDF |
| FY ending Mar 2026 | 26,828 | 1,674 | 6.2% | 1,427 | 3,406 | 2,064 | S100YDDF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.1M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.4M |

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) | 917 | 932 | 949 | 960 | 1,028 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.8M | ¥5.7M | ¥6M |
| Average age (parent company) | 41.0 years | 42.9 years | 44.2 years | 41.3 years | 41.3 years |
| Average tenure (parent company) | 11.1 years | 10.5 years | 10.5 years | 10.0 years | 9.6 years |

Year over year: Employees (consolidated) +7.1% · Revenue (consolidated) +7.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial business | 10,917 | 40.7% | 976 | 8.9% |
| Construction business | 12,526 | 46.7% | 1,761 | 14.1% |
| Leisure | 3,383 | 12.6% | 555 | 16.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial business | 40.7% | 29.6% | -11.0 | 8.9% |
| Construction business | 46.7% | 53.5% | 6.8 | 14.1% |
| Leisure | 12.6% | 16.9% | 4.2 | 16.4% |

Segment → industry: Construction business → Electrical Equipment / Leisure → Theme Parks & Leisure Facilities / Construction business → Industrial Machinery / Industrial business → Industrial Machinery

## 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 | 3,406 | 12.7% | S100YDDF |
| Capital expenditure | 1,342 | 5.0% | S100YDDF |
| Free cash flow | 2,064 | 7.7% | 算出 |
| Investing cash flow | -3,861 | -14.4% | S100YDDF |
| Financing cash flow | 780 | 2.9% | S100YDDF |
| Dividends paid | 252 | 0.9% | S100YDDF |
| Share buyback | 99 | 0.4% | S100YDDF |
| Change in cash | 330 | 1.2% | S100YDDF |
| Cash and equivalents | 2,286 | 8.5% | S100YDDF |

## 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 | 3,376 | 1,329 | 1,566 | 1,956 | 2,286 | S100TSMK, S100W02J, S100YDDF |
| Total assets | 25,428 | 25,702 | 27,249 | 27,675 | 34,064 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Net assets | 7,871 | 8,010 | 9,137 | 10,171 | 12,479 | S100TSMK, S100W02J, S100YDDF |
| Share capital | 2,581 | 2,603 | 2,628 | 69 | 73 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Property, plant and equipment | 7,793 | 8,292 | 8,159 | 8,076 | 9,097 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Intangible assets excluding goodwill | 1,081 | 1,050 | 1,116 | 1,067 | 2,847 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Goodwill | 711 | 679 | 589 | 499 | 2,278 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Investment securities | 4,384 | 3,853 | 4,777 | 4,805 | 6,265 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Current assets | 11,508 | 11,807 | 12,446 | 12,806 | 14,821 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Current liabilities | 8,573 | 10,395 | 12,025 | 10,420 | 12,423 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Trade payables | 3,003 | 2,575 | 1,840 | 1,818 | 1,623 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Short-term borrowings | 950 | 2,250 | 3,650 | 2,450 | 2,850 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Long-term borrowings | 4,878 | 3,660 | 2,432 | 3,713 | 5,442 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Total liabilities | 17,557 | 17,691 | 18,111 | 17,504 | 21,585 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Equity attributable to owners of parent | 5,818 | 6,122 | 6,640 | 7,561 | 8,804 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Retained earnings | 3,246 | 3,506 | 3,974 | 4,992 | 6,170 | S100R1BK, S100TSMK, S100W02J, S100YDDF |
| Treasury stock | -9 | -9 | -9 | -125 | -100 | S100R1BK, S100TSMK, S100W02J, S100YDDF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YDDF |
| Property, plant and equipment | 27% | S100YDDF |
| Intangibles and goodwill | 15% | S100YDDF |
| Investment securities | 18% | S100YDDF |
| Other assets | 33% | S100YDDF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YDDF |
| Other liabilities | 58% | S100YDDF |
| Equity | 37% | S100YDDF |

### 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 | 25,428 | 25,702 | 27,249 | 27,675 | 34,064 |
| Equity | 7,871 | 8,010 | 9,137 | 10,171 | 12,479 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,376 | 1,329 | 1,566 | 1,956 | 2,286 |

## 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) | 33.9% | S100YDDF |
| Fixed assets ÷ total assets | 26.7% | S100YDDF |
| Goodwill ÷ parent equity | 25.9% | S100YDDF |

Goodwill over 4 years: 711 → 2,278 JPY; total investing cash flow: -7,604 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) | 6.7% |
| Cash ÷ revenue | 8.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 203.5% |
| Cash vs. profit gap | 1,979 JPY mn (of net income 138.7%) |
| Shareholder returns / net income | 24.6% |
| Shareholder returns / FCF | 17.0% |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | 12.2% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 113.4% |

## 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 | 2.3% | 0.75× | 1.7% | 4.37× | 7.5% | S100R1BK |
| 2023 | 2.1% | 0.79× | 1.7% | 4.28× | 7.1% | S100TSMK |
| 2024 | 2.0% | 0.88× | 1.7% | 4.15× | 7.2% | S100W02J |
| 2025 | 4.7% | 0.91× | 4.3% | 3.87× | 16.6% | S100YDDF |
| 2026 | 5.3% | 0.87× | 4.6% | 3.77× | 17.4% | S100YDDF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本駐車場開発㈱ | Major shareholder | 13.3% | 2026-03-31 |
| サノヤス共栄会 | Major shareholder | 8.1% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 4.3% | 2026-03-31 |
| ストラクス㈱ | Major shareholder | 4.2% | 2026-03-31 |
| 三井住友海上火災保険㈱ | Major shareholder | 3.4% | 2026-03-31 |
| 住友不動産㈱ | Major shareholder | 3.3% | 2026-03-31 |
| ㈱カナックス | Major shareholder | 3.0% | 2026-03-31 |
| 佐藤一孝 | Major shareholder | 2.1% | 2026-03-31 |
| 石田眞信 | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友信託銀行㈱ | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YDDF | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDDF,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W02J | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W02J,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TSMK | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSMK,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R1BK | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1BK,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OBMA | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBMA,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LM5P | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM5P,, |

## 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).