# Sanrio Company, 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66期(2025/04/01－2026/03/31) (S100YNR0)
> Page: https://vizora.meequs.com/en/company/sanrio
> Retrieved: 2026-09-30T21:00:53.947Z

## Company

Sanrio Company, founded in 1960, is a company in Toys & Hobbies listed on TSE Prime. It has 2,157 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanrio Company, Ltd. |
| Ticker | 8136 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8136.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎1丁目6番1号(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 辻 朋邦 |
| Founded | Aug 1960 |
| Share capital | ¥10.3B |
| Employees (consolidated) | 2,157 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | corporate.sanrio.co.jp (https://corporate.sanrio.co.jp/) |
| Corporate number | 5010701003956 |
| EDINET | E02655 |
| Industries (Vizora) | Toys & Hobbies, Theme Parks & Leisure Facilities |

> Profile source: annual securities report (S100YNR0, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Toys & Hobbies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 95.5 | 11 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 22.7 | 11 |

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 59% of Sanrio Company's sales come from Japan, with Asia and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥40 is left as operating profit.
- Revenue changed +33.9% from the prior year, operating profit +50.3%.

## Company structure

- Segment revenue mix: Japan 58.5%、Asia 19.6%、North America 14.2%、Europe 6.0%、South America 1.7%
- Revenue → net income: ¥194088000000 → ¥54914000000
- Net income → operating cash flow: ¥54914000000 → ¥52554000000（difference ¥-2360000000）
- Main uses of operating cash flow: CapEx ¥5678000000 / dividends ¥15413000000 / buybacks ¥15000000000
- Change in cash: ¥-5618000000
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 | ¥194.1B |  |
| Operating income | ¥77.9B | Margin 40.1% |
| Net income | ¥54.6B | Margin 28.1% |
| Free cash flow | ¥46.9B |  |
| Largest business | Japan | of segment revenue 58.5% |
| Employees (consolidated) | 2,157 |  |
| EPS | ¥28.91 |  |
| Diluted EPS | ¥28.51 |  |
| Book value per share | ¥77.12 |  |
| Equity ratio | 66.4% |  |
| Shares outstanding | 255,408,303 |  |
| Treasury shares | 12,919,300 |  |
| Shareholders | 250,544 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 41.2% | Cash ÷ revenue 49.8% |
| Vs. industry median margin | +32.7 pp | Toys & Hobbies |
| ROE | 48.4% | Derived from disclosed figures |
| ROA | 25.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.7× its level five years ago
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, operating income keeps 40 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41053000000 | ¥194088000000 | +372.8% |
| Operating income | ¥-3280000000 | ¥77859000000 | — |
| Operating margin | -8.0% | 40.1% | +48.1 pp |
| Employees | 1,208 people | 2,157 people | +78.6% |
| Cash and equivalents | ¥24788000000 | ¥96675000000 | +290.0% |

### 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 | 58.5% |
| 日本 → 事業再編・廃止 | 18.4% |
| 欧州 → 欧州 | 2.9% |
| 北米 → 北米 | 5.2% |
| 南米 → 南米 | 0.7% |
| アジア → アジア | 14.2% |
| 新設・再編 → 欧州 | 3.0% |
| 新設・再編 → 北米 | 9.0% |
| 新設・再編 → 南米 | 1.0% |
| 新設・再編 → アジア | 5.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +29.2% | ¥113567000000 | 47.4% | 2 |
| Asia | 5 years | +45.6% | ¥38071000000 | 42.7% | 2 |
| North America | 5 years | +66.8% | ¥27596000000 | 35.4% | 2 |
| Europe | 5 years | +57.2% | ¥11551000000 | 7.3% | 2 |
| South America | 5 years | +61.0% | ¥3300000000 | 26.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 194,088 | 100.0% | S100YNR0 |
| Cost of revenue | 44,025 | 22.7% | S100YNR0 |
| Gross profit | 150,062 | 77.3% | S100YNR0 |
| SG&A | 72,203 | 37.2% | S100YNR0 |
| Operating income | 77,859 | 40.1% | S100YNR0 |
| Ordinary income | 79,335 | 40.9% | S100YNR0 |
| Pretax income | 79,239 | 40.8% | S100YNR0 |
| Income tax | 24,324 | 12.5% | S100YNR0 |
| Net income | 54,914 | 28.3% | S100YNR0 |
| Net income attributable to owners | 54,608 | 28.1% | S100YNR0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 23 |
| SG&A | 37 |
| Operating income | 40 |
| (Ref.) Net income | 28 |

### Margin funnel

Gross margin 77.3% → Operating margin 40.1% → Net margin 28.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +33.9%; Core profit growth: +50.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.48×
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 | 144,904 | 194,088 | 49,184 | +33.9% |
| Gross profit | 109,899 | 150,062 | 40,163 | +36.5% |
| Operating income | 51,806 | 77,859 | 26,053 | +50.3% |
| Net income attributable to owners | 41,731 | 54,608 | 12,877 | +30.9% |
| Operating cash flow | 40,816 | 52,554 | 11,738 | +28.8% |
| Free cash flow | 37,012 | 46,876 | 9,864 | +26.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 55,261 | 2,106 | 3.8% | 191 | 834 | -600 | S100LOB9 |
| FY ending Mar 2021 | 41,053 | -3,280 | -8.0% | -3,960 | -2,287 | -3,340 | S100OFCY |
| FY ending Mar 2022 | 52,763 | 2,537 | 4.8% | 3,423 | 5,064 | 4,349 | S100R15I |
| FY ending Mar 2023 | 72,624 | 13,247 | 18.2% | 8,158 | 11,525 | 10,520 | S100URHQ |
| FY ending Mar 2024 | 99,981 | 26,952 | 27.0% | 17,584 | 22,173 | 19,834 | S100W57J |
| FY ending Mar 2025 | 144,904 | 51,806 | 35.8% | 41,731 | 40,816 | 37,012 | S100YNR0 |
| FY ending Mar 2026 | 194,088 | 77,859 | 40.1% | 54,608 | 52,554 | 46,876 | S100YNR0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90M |
| Operating income per employee (consolidated) | ¥36.1M |
| Net income per employee (consolidated) | ¥25.3M |

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) | 1,181 | 1,217 | 1,300 | 1,445 | 2,157 |
| Average salary (parent company) | ¥7.5M | ¥7.7M | ¥8.8M | ¥9.4M | ¥7M |
| Average age (parent company) | 44.7 years | 44.3 years | 43.0 years | 41.0 years | 37.0 years |
| Average tenure (parent company) | 20.3 years | 18.8 years | 17.0 years | 14.0 years | 12.0 years |

Year over year: Employees (consolidated) +49.3% · Revenue (consolidated) +33.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 113,567 | 58.5% | 53,843 | 47.4% |
| Europe | 11,551 | 6.0% | 846 | 7.3% |
| North America | 27,596 | 14.2% | 9,765 | 35.4% |
| South America | 3,300 | 1.7% | 878 | 26.6% |
| Asia | 38,071 | 19.6% | 16,254 | 42.7% |

### 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 | 58.5% | 66.0% | 7.5 | 47.4% |
| Europe | 6.0% | 1.0% | -4.9 | 7.3% |
| North America | 14.2% | 12.0% | -2.2 | 35.4% |
| South America | 1.7% | 1.1% | -0.6 | 26.6% |
| Asia | 19.6% | 19.9% | 0.3 | 42.7% |

Segment → industry: Asia → Toys & Hobbies / South America → Toys & Hobbies / North America → Toys & Hobbies / Europe → Toys & Hobbies / Japan → Toys & Hobbies / Japan → Theme Parks & Leisure 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 | 52,554 | 27.1% | S100YNR0 |
| Capital expenditure | 5,678 | 2.9% | S100YNR0 |
| Free cash flow | 46,876 | 24.2% | 算出 |
| Investing cash flow | -20,859 | -10.7% | S100YNR0 |
| Financing cash flow | -38,441 | -19.8% | S100YNR0 |
| Dividends paid | 15,413 | 7.9% | S100YNR0 |
| Share buyback | 15,000 | 7.7% | S100YNR0 |
| Change in cash | -5,618 | -2.9% | S100YNR0 |
| Cash and equivalents | 96,675 | 49.8% | S100YNR0 |

## 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 | 23,882 | 32,139 | 67,935 | 102,293 | 96,675 | S100URHQ, S100W57J, S100YNR0 |
| Total assets | 83,809 | 100,704 | 156,062 | 202,406 | 234,684 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Net assets | 43,800 | 56,295 | 64,897 | 107,608 | 155,971 | S100URHQ, S100W57J, S100YNR0 |
| Share capital | 10,000 | 10,000 | 10,261 | 10,261 | 10,261 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Property, plant and equipment | 12,845 | 13,350 | 14,847 | 16,818 | 19,985 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Intangible assets excluding goodwill | 2,236 | 2,244 | 2,726 | 3,595 | 6,629 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Investment securities | 11,808 | 9,720 | 10,405 | 7,558 | 8,490 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Current assets | 49,987 | 66,752 | 113,173 | 151,698 | 168,567 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Current liabilities | 24,230 | 27,746 | 37,990 | 49,277 | 51,393 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Trade payables | 3,797 | 4,074 | 4,882 | 5,420 | 4,517 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Short-term borrowings | 9,835 | 9,086 | 9,154 | 6,916 | 3,942 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Long-term borrowings | 9,243 | 10,378 | 10,305 | 5,023 | 2,744 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Bonds | 473 | 141 | 39 | — | — | S100R15I, S100URHQ, S100W57J |
| Interest-bearing debt | 19,551 | 19,605 | 19,498 | — | — | 算出 |
| Total liabilities | 40,008 | 44,408 | 91,165 | 94,798 | 78,713 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Non-controlling interests | 158 | 290 | 288 | 576 | 185 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Equity attributable to owners of parent | 43,656 | 50,152 | 53,953 | 90,508 | 135,202 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Retained earnings | 49,968 | 56,211 | 59,655 | 93,238 | 132,411 | S100R15I, S100URHQ, S100W57J, S100YNR0 |
| Treasury stock | -19,716 | -19,528 | -18,728 | -17,630 | -24,716 | S100R15I, S100URHQ, S100W57J, S100YNR0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YNR0 |
| Property, plant and equipment | 8% | S100YNR0 |
| Intangibles and goodwill | 3% | S100YNR0 |
| Investment securities | 4% | S100YNR0 |
| Other assets | 44% | S100YNR0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YNR0 |
| Other liabilities | 32% | S100YNR0 |
| Equity | 66% | S100YNR0 |

### 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 | 83,809 | 100,704 | 156,062 | 202,406 | 234,684 |
| Equity | 43,800 | 56,295 | 64,897 | 107,608 | 155,971 |
| Interest-bearing debt | 19,551 | 19,605 | 19,498 | — | — |
| Cash | 23,882 | 32,139 | 67,935 | 102,293 | 96,675 |

## 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) | 10.3% | S100YNR0 |
| Fixed assets ÷ total assets | 8.5% | S100YNR0 |
| Goodwill ÷ parent equity | — | —, S100YNR0 |

### 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) | 41.2% |
| Cash ÷ revenue | 49.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.5% |
| Cash vs. profit gap | -2,054 JPY mn (of net income -3.8%) |
| Shareholder returns / net income | 55.7% |
| Shareholder returns / FCF | 64.9% |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 32.9% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 39.7% |

## 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 | 6.5% | 0.63× | 4.1% | 1.92× | 7.8% | S100R15I |
| 2023 | 11.2% | 0.79× | 8.8% | 1.97× | 17.4% | S100URHQ |
| 2024 | 17.6% | 0.78× | 13.7% | 2.47× | 33.8% | S100W57J |
| 2025 | 28.8% | 0.81× | 23.3% | 2.48× | 57.8% | S100YNR0 |
| 2026 | 28.1% | 0.89× | 25.0% | 1.94× | 48.4% | S100YNR0 |

## 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 | 9.6% | 2026-03-31 |
| 清川商事株式会社 | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社バンダイナムコホールディングス | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-03-31 |
| 光南商事株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 辻 友子 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YNR0 | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNR0,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W57J | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W57J,, |
| 訂正有価証券報告書－第64期(2023/04/01－2024/03/31) | S100URHQ | 2024-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100URHQ,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R15I | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R15I,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OFCY | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFCY,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LOB9 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOB9,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| セガサミーホールディングス | Alliance | 相互の発展と成長を目的とした業務提携 | S100YYNN |

## 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).