# sanrin 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92期(2025/04/01－2026/03/31) (S100YDT8)
> Page: https://vizora.meequs.com/en/company/sanrin
> Retrieved: 2026-09-30T18:28:24.204Z

## Company

sanrin, founded in 1934, is a company in Electric Power & Gas listed on TSE Standard. It has 552 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANRIN CO.,LTD. |
| Ticker | 7486 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7486.T) |
| Listing | TSE Standard |
| Head office | 長野県東筑摩郡山形村字下本郷4082番地3 |
| Representative (per filing) | 代表取締役社長 百瀬 久志 |
| Founded | Dec 1934 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 552 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.sanrinkk.co.jp (https://www.sanrinkk.co.jp/) |
| Corporate number | 4100001014423 |
| EDINET | E02841 |
| Industries (Vizora) | Electric Power & Gas, Oil Refining & Fuels, Processed Foods, Real Estate Development & Leasing, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YDT8, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.8 | 11 |
| Profitability | 50 | 13 |
| Cash conversion | 22.7 | 11 |
| Efficiency | 26.9 | 13 |

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 85% of sanrin's sales come from Energy business, with Fruits and vegetables business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit +10.6%.

## Company structure

- Segment revenue mix: Energy business 85.3%、Fruits and vegetables business 11.2%、Other 1.7%、Ice making business 1.2%、Real estate business 0.5%
- Revenue → net income: ¥30529000000 → ¥509000000
- Net income → operating cash flow: ¥509000000 → ¥1013000000（difference ¥504000000）
- Main uses of operating cash flow: CapEx ¥1154000000 / dividends ¥294000000 / buybacks ¥132000000
- Change in cash: ¥803000000
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 | ¥30.5B |  |
| Operating income | ¥721M | Margin 2.4% |
| Net income | ¥503M | Margin 1.6% |
| Free cash flow | -¥141M |  |
| Largest business | Energy business | of segment revenue 85.3% |
| Employees (consolidated) | 552 |  |
| EPS | ¥19.06 |  |
| Book value per share | ¥1612.72 |  |
| Equity ratio | 70.3% |  |
| Shares outstanding | 12,300,000 |  |
| Treasury shares | 319,500 |  |
| Shareholders | 1,771 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 15.7% |
| Vs. industry median margin | -4.6 pp | Electric Power & Gas |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.0× net income
- FY2026, segment profit share differs by -43 points
- FY2026, employees -1% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26618000000 | ¥30529000000 | +14.7% |
| Operating income | ¥1104000000 | ¥721000000 | -34.7% |
| Operating margin | 4.1% | 2.4% | -1.8 pp |
| Employees | 528 people | 552 people | +4.5% |
| Cash and equivalents | ¥4864000000 | ¥4794000000 | -1.4% |

### 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 |
| --- | ---: |
| エネルギー関連事業 → エネルギー関連事業 | 85.3% |
| エネルギー関連事業 → 事業再編・廃止 | 0.4% |
| 製氷事業 → 製氷事業 | 1.1% |
| 青果事業 → 青果事業 | 9.2% |
| 不動産事業 → 不動産事業 | 0.5% |
| 不動産事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 製氷事業 | 0.1% |
| 新設・再編 → 青果事業 | 2.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Energy business | 5 years | +2.7% | ¥26035000000 | 1.0% | 2 |
| Fruits and vegetables business | 5 years | +7.0% | ¥3424000000 | 7.2% | 2 |
| Other | 5 years | -7.8% | ¥533000000 | 19.1% | 2 |
| Ice making business | 5 years | +5.2% | ¥377000000 | 2.1% | 2 |
| Real estate business | 5 years | -10.2% | ¥158000000 | 7.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,529 | 100.0% | S100YDT8 |
| Cost of revenue | 23,256 | 76.2% | S100YDT8 |
| Gross profit | 7,273 | 23.8% | S100YDT8 |
| SG&A | 6,551 | 21.5% | S100YDT8 |
| Operating income | 721 | 2.4% | S100YDT8 |
| Ordinary income | 1,062 | 3.5% | S100YDT8 |
| Pretax income | 865 | 2.8% | S100YDT8 |
| Income tax | 355 | 1.2% | S100YDT8 |
| Net income | 509 | 1.7% | S100YDT8 |
| Net income attributable to owners | 503 | 1.6% | S100YDT8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 22 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.8% → Operating margin 2.4% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.0%; Core profit growth: +10.6%
Operating leverage (core profit growth ÷ revenue growth): -10.98×
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 | 30,826 | 30,529 | -297 | -1.0% |
| Gross profit | 7,135 | 7,273 | 138 | +1.9% |
| Operating income | 652 | 721 | 69 | +10.6% |
| Net income attributable to owners | 821 | 503 | -318 | -38.7% |
| Operating cash flow | 855 | 1,013 | 158 | +18.5% |
| Free cash flow | -85 | -141 | -56 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,912 | 955 | 3.4% | 763 | 1,220 | -184 | S100LLET |
| FY ending Mar 2021 | 26,618 | 1,104 | 4.1% | 903 | 1,634 | 1,136 | S100OKDW |
| FY ending Mar 2022 | 30,164 | 636 | 2.1% | 526 | -53 | -792 | S100QZB8 |
| FY ending Mar 2023 | 32,844 | 511 | 1.6% | 537 | 1,107 | 256 | S100TNQ7 |
| FY ending Mar 2024 | 32,042 | 613 | 1.9% | 700 | 2,003 | 1,228 | S100VZFF |
| FY ending Mar 2025 | 30,826 | 652 | 2.1% | 821 | 855 | -85 | S100YDT8 |
| FY ending Mar 2026 | 30,529 | 721 | 2.4% | 503 | 1,013 | -141 | S100YDT8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.3M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥911.2K |

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) | 546 | 549 | 560 | 559 | 552 |
| Average salary (parent company) | ¥5.1M | ¥5M | ¥5M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 41.5 years | 41.9 years | 42.3 years | 42.8 years | 43.3 years |
| Average tenure (parent company) | 13.8 years | 14.1 years | 14.4 years | 14.3 years | 14.5 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Energy business | 26,035 | 85.3% | 269 | 1.0% |
| Ice making business | 377 | 1.2% | 8 | 2.1% |
| Fruits and vegetables business | 3,424 | 11.2% | 245 | 7.2% |
| Real estate business | 158 | 0.5% | 12 | 7.6% |
| Other | 533 | 1.7% | 102 | 19.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Energy business | 85.3% | 42.3% | -43.0 | 1.0% |
| Ice making business | 1.2% | 1.3% | 0.0 | 2.1% |
| Fruits and vegetables business | 11.2% | 38.5% | 27.3 | 7.2% |
| Real estate business | 0.5% | 1.9% | 1.4 | 7.6% |
| Other | 1.7% | 16.0% | 14.3 | 19.1% |

Segment → industry: Energy business → Electric Power & Gas / Energy business → Oil Refining & Fuels / Ice making business → Processed Foods / Real estate business → Real Estate Development & Leasing / Fruits and vegetables business → 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 | 1,013 | 3.3% | S100YDT8 |
| Capital expenditure | 1,154 | 3.8% | S100YDT8 |
| Free cash flow | -141 | -0.5% | 算出 |
| Investing cash flow | -225 | -0.7% | S100YDT8 |
| Financing cash flow | 14 | 0.0% | S100YDT8 |
| Dividends paid | 294 | 1.0% | S100YDT8 |
| Share buyback | 132 | 0.4% | S100YDT8 |
| Change in cash | 803 | 2.6% | S100YDT8 |
| Cash and equivalents | 4,794 | 15.7% | S100YDT8 |

## 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 | 3,719 | 3,534 | 4,470 | 3,991 | 4,794 | S100TNQ7, S100VZFF, S100YDT8 |
| Total assets | 26,062 | 26,680 | 27,770 | 29,069 | 31,123 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Net assets | 18,271 | 18,834 | 19,603 | 20,898 | 21,893 | S100TNQ7, S100VZFF, S100YDT8 |
| Share capital | 1,512 | 1,512 | 1,512 | 1,512 | 1,512 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Trade receivables | — | — | — | 4,260 | 3,997 | S100YDT8 |
| Property, plant and equipment | 8,447 | 8,488 | 8,459 | 8,573 | 9,029 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Intangible assets excluding goodwill | 192 | 201 | 189 | 178 | 157 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Goodwill | 53 | 80 | 107 | 105 | 73 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Investment securities | 4,226 | 4,644 | 5,140 | 6,205 | 7,469 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Current assets | 12,804 | 12,914 | 13,578 | 13,713 | 14,014 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Current liabilities | 6,177 | 6,149 | 6,358 | 6,141 | 6,852 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Trade payables | 2,254 | 2,341 | 1,720 | 1,542 | 1,606 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Short-term borrowings | 2,760 | 2,670 | 2,625 | 2,605 | 3,105 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Long-term borrowings | 489 | 411 | 349 | 291 | 233 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Total liabilities | 7,790 | 7,845 | 8,167 | 8,170 | 9,229 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Non-controlling interests | — | — | 0 | 0 | 7 | S100VZFF, S100YDT8 |
| Equity attributable to owners of parent | 17,632 | 17,899 | 18,298 | 18,849 | 18,925 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Retained earnings | 14,883 | 15,151 | 15,581 | 16,133 | 16,341 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |
| Treasury stock | -12 | -12 | -44 | -44 | -177 | S100QZB8, S100TNQ7, S100VZFF, S100YDT8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YDT8 |
| Receivables | 13% | S100YDT8 |
| Property, plant and equipment | 29% | S100YDT8 |
| Intangibles and goodwill | 1% | S100YDT8 |
| Investment securities | 24% | S100YDT8 |
| Other assets | 18% | S100YDT8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YDT8 |
| Other liabilities | 25% | S100YDT8 |
| Equity | 70% | S100YDT8 |
| Other liabilities | 0% | S100YDT8 |

### 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 | 26,062 | 26,680 | 27,770 | 29,069 | 31,123 |
| Equity | 18,271 | 18,834 | 19,603 | 20,898 | 21,893 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,719 | 3,534 | 4,470 | 3,991 | 4,794 |

## 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) | 29.6% | S100YDT8 |
| Fixed assets ÷ total assets | 29.0% | S100YDT8 |
| Goodwill ÷ parent equity | 0.4% | S100YDT8 |

Goodwill over 4 years: 53 → 73 JPY; total investing cash flow: -3,447 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) | 15.4% |
| Cash ÷ revenue | 15.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 140.5% |
| Cash vs. profit gap | 510 JPY mn (of net income 101.4%) |
| Shareholder returns / net income | 84.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 22.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.7% | 1.16× | 2.0% | 1.48× | 3.0% | S100QZB8 |
| 2023 | 1.6% | 1.25× | 2.0% | 1.48× | 3.0% | S100TNQ7 |
| 2024 | 2.2% | 1.18× | 2.6% | 1.50× | 3.9% | S100VZFF |
| 2025 | 2.7% | 1.08× | 2.9% | 1.53× | 4.4% | S100YDT8 |
| 2026 | 1.6% | 1.01× | 1.7% | 1.59× | 2.7% | S100YDT8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ミツウロコグループホールディングス | Major shareholder | 13.9% | 2026-03-31 |
| リンナイ株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 曽根原 充夫 | Major shareholder | 3.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（管理信託口79212） | Major shareholder | 2.9% | 2026-03-31 |
| 昭和商事株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 長野県信用農業協同組合連合会 | Major shareholder | 1.9% | 2026-03-31 |
| 須澤 孝充 | Major shareholder | 1.7% | 2026-03-31 |
| 青沼 政雄 | Major shareholder | 1.7% | 2026-03-31 |
| 田中 郁子 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YDT8 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDT8,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100VZFF | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZFF,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TNQ7 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNQ7,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100QZB8 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZB8,, |
| 訂正有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OKDW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKDW,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LLET | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLET,, |

## 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).