# SANRITSU 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81期(2025/04/01－2026/03/31) (S100YFGT)
> Page: https://vizora.meequs.com/en/company/sanritsu
> Retrieved: 2026-09-30T19:09:22.605Z

## Company

Sanritsu, founded in 1948, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 456 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANRITSU CORPORATION |
| Ticker | 9366 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9366.T) |
| Listing | TSE Standard |
| Head office | 東京都港区港南二丁目12番32号 |
| Representative (per filing) | 代表取締役社長 柴本 守人 |
| Founded | Mar 1948 |
| Share capital | ¥2.52B |
| Employees (consolidated) | 456 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.srt.co.jp (https://www.srt.co.jp/) |
| Corporate number | 5010401011846 |
| EDINET | E04353 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YFGT, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.7 | 37 |
| Profitability | 37.2 | 39 |
| Cash conversion | 30.3 | 38 |
| Efficiency | 50 | 39 |

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 70% of Sanritsu's sales come from Packing, with Warehousing and Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit +0.1%.

## Company structure

- Segment revenue mix: Packing 70.1%、Warehousing 15.1%、Transportation 13.6%、Building leasing 1.2%
- Revenue → net income: ¥20532915000 → ¥690368000
- Net income → operating cash flow: ¥690368000 → ¥1285616000（difference ¥595248000）
- Main uses of operating cash flow: CapEx ¥4462187000 / dividends ¥173546000 / buybacks —
- Change in cash: ¥-1420911000
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 | ¥20.5B |  |
| Operating income | ¥1.04B | Margin 5.0% |
| Net income | ¥688M | Margin 3.4% |
| Free cash flow | -¥3.18B |  |
| Largest business | Packing | of segment revenue 70.1% |
| Employees (consolidated) | 456 |  |
| EPS | ¥125.49 |  |
| Diluted EPS | ¥122.55 |  |
| Book value per share | ¥1854.9 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 6,006,373 |  |
| Treasury shares | 368,000 |  |
| Shareholders | 2,567 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 8.9% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -0.8 pp | Warehouses & Logistics Facilities |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15210556000 | ¥20532915000 | +35.0% |
| Operating income | ¥599458000 | ¥1035451000 | +72.7% |
| Operating margin | 3.9% | 5.0% | +1.1 pp |
| Employees | 426 people | 456 people | +7.0% |
| Cash and equivalents | ¥2861819000 | ¥2382728000 | -16.7% |

### 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 |
| --- | ---: |
| 梱包事業 → 梱包事業 | 68.5% |
| 運輸事業 → 運輸事業 | 13.6% |
| 運輸事業 → 事業再編・廃止 | 0.5% |
| 倉庫事業 → 倉庫事業 | 15.1% |
| 倉庫事業 → 事業再編・廃止 | 0.5% |
| 賃貸ビル事業 → 賃貸ビル事業 | 1.2% |
| 賃貸ビル事業 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 梱包事業 | 1.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Packing | 5 years | +6.7% | ¥14395422000 | 11.5% | 2 |
| Warehousing | 5 years | +5.5% | ¥3101361000 | 16.3% | 2 |
| Transportation | 5 years | +5.4% | ¥2799447000 | 12.1% | 2 |
| Building leasing | 5 years | -2.2% | ¥236683000 | 27.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,533 | 100.0% | S100YFGT |
| Cost of revenue | 16,167 | 78.7% | S100YFGT |
| Gross profit | 4,365 | 21.3% | S100YFGT |
| SG&A | 3,330 | 16.2% | S100YFGT |
| Operating income | 1,035 | 5.0% | S100YFGT |
| Ordinary income | 988 | 4.8% | S100YFGT |
| Pretax income | 986 | 4.8% | S100YFGT |
| Income tax | 296 | 1.4% | S100YFGT |
| Net income | 690 | 3.4% | S100YFGT |
| Net income attributable to owners | 688 | 3.4% | S100YFGT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.3% → Operating margin 5.0% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +0.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.03×
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 | 20,122 | 20,533 | 411 | +2.0% |
| Gross profit | 4,400 | 4,365 | -35 | -0.8% |
| Operating income | 1,035 | 1,035 | 1 | +0.1% |
| Net income attributable to owners | 469 | 688 | 219 | +46.8% |
| Operating cash flow | 1,663 | 1,286 | -378 | -22.7% |
| Free cash flow | 645 | -3,177 | -3,822 | -592.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,421 | 832 | 5.1% | 479 | 2,164 | 1,121 | S100LN6P |
| FY ending Mar 2021 | 15,211 | 599 | 3.9% | 368 | 1,140 | 914 | S100ODNT |
| FY ending Mar 2022 | 18,526 | 1,061 | 5.7% | 759 | 1,232 | 255 | S100R3WA |
| FY ending Mar 2023 | 20,335 | 1,019 | 5.0% | 981 | 1,415 | 54 | S100TRIK |
| FY ending Mar 2024 | 19,398 | 866 | 4.5% | 573 | 1,103 | 221 | S100W2MI |
| FY ending Mar 2025 | 20,122 | 1,035 | 5.1% | 469 | 1,663 | 645 | S100YFGT |
| FY ending Mar 2026 | 20,533 | 1,035 | 5.0% | 688 | 1,286 | -3,177 | S100YFGT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 407 | 428 | 449 | 449 | 456 |
| Average salary (parent company) | ¥5.8M | ¥6M | ¥6.1M | ¥5.7M | ¥6M |
| Average age (parent company) | 43.2 years | 43.3 years | 43.1 years | 42.9 years | 43.0 years |
| Average tenure (parent company) | 13.7 years | 13.3 years | 12.7 years | 12.5 years | 12.7 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Packing | 14,395 | 70.1% | 1,661 | 11.5% |
| Transportation | 2,799 | 13.6% | 337 | 12.1% |
| Warehousing | 3,101 | 15.1% | 505 | 16.3% |
| Building leasing | 237 | 1.2% | 64 | 27.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Packing | 70.1% | 64.7% | -5.4 | 11.5% |
| Transportation | 13.6% | 13.1% | -0.5 | 12.1% |
| Warehousing | 15.1% | 19.7% | 4.6 | 16.3% |
| Building leasing | 1.2% | 2.5% | 1.3 | 27.0% |

Segment → industry: Building leasing → Real Estate Development & Leasing / Transportation → Trucking & Parcel Delivery / Warehousing → Warehouses & Logistics Facilities / Packing → Warehouses & Logistics 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 | 1,286 | 6.3% | S100YFGT |
| Capital expenditure | 4,462 | 21.7% | S100YFGT |
| Free cash flow | -3,177 | -15.5% | 算出 |
| Investing cash flow | -4,483 | -21.8% | S100YFGT |
| Financing cash flow | 1,825 | 8.9% | S100YFGT |
| Dividends paid | 174 | 0.8% | S100YFGT |
| Change in cash | -1,421 | -6.9% | S100YFGT |
| Cash and equivalents | 2,383 | 11.6% | S100YFGT |

## 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 | 2,749 | 2,726 | 2,220 | 3,804 | 2,383 | S100TRIK, S100W2MI, S100YFGT |
| Total assets | 20,483 | 21,171 | 21,357 | 24,674 | 26,729 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Net assets | 9,448 | 10,255 | 10,777 | 11,797 | 12,311 | S100TRIK, S100W2MI, S100YFGT |
| Share capital | 2,524 | 2,524 | 2,524 | 2,524 | 2,524 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Property, plant and equipment | 11,724 | 12,017 | 12,506 | 13,581 | 17,112 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Intangible assets excluding goodwill | 133 | 289 | 243 | 191 | 133 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Investment securities | 481 | 424 | 519 | 517 | 751 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Current assets | 6,707 | 6,883 | 6,447 | 8,516 | 6,936 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Current liabilities | 5,958 | 6,205 | 5,745 | 6,713 | 5,771 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Trade payables | 737 | 821 | 819 | 738 | 719 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Short-term borrowings | 3,206 | 3,314 | 3,218 | 3,366 | 3,183 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Long-term borrowings | 2,839 | 2,639 | 2,750 | 4,102 | 6,538 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Total liabilities | 11,035 | 10,916 | 10,579 | 12,877 | 14,417 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Non-controlling interests | 90 | 100 | 110 | 115 | 117 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Equity attributable to owners of parent | 9,107 | 9,768 | 10,102 | 10,423 | 10,970 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Retained earnings | 4,313 | 5,068 | 5,366 | 5,653 | 6,168 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |
| Treasury stock | -181 | -284 | -252 | -231 | -209 | S100R3WA, S100TRIK, S100W2MI, S100YFGT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YFGT |
| Property, plant and equipment | 64% | S100YFGT |
| Intangibles and goodwill | 0% | S100YFGT |
| Investment securities | 3% | S100YFGT |
| Other assets | 24% | S100YFGT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YFGT |
| Other liabilities | 51% | S100YFGT |
| Equity | 46% | S100YFGT |
| Other liabilities | 0% | S100YFGT |

### 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 | 20,483 | 21,171 | 21,357 | 24,674 | 26,729 |
| Equity | 9,448 | 10,255 | 10,777 | 11,797 | 12,311 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,749 | 2,726 | 2,220 | 3,804 | 2,383 |

## 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) | 83.3% | S100YFGT |
| Fixed assets ÷ total assets | 64.0% | S100YFGT |
| Goodwill ÷ parent equity | — | —, S100YFGT |

### 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) | 8.9% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.2% |
| Cash vs. profit gap | 598 JPY mn (of net income 86.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 21.7% |
| Investing CF relative to operating CF | 348.7% |

## 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 | 4.1% | 0.90× | 3.7% | 2.25× | 8.3% | S100R3WA |
| 2023 | 4.8% | 0.98× | 4.7% | 2.21× | 10.4% | S100TRIK |
| 2024 | 3.0% | 0.91× | 2.7% | 2.14× | 5.8% | S100W2MI |
| 2025 | 2.3% | 0.87× | 2.0% | 2.24× | 4.6% | S100YFGT |
| 2026 | 3.4% | 0.80× | 2.7% | 2.40× | 6.4% | S100YFGT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱SBI証券 | Major shareholder | 9.6% | 2026-03-31 |
| 重田 光時 (常任代理人 ㈱スノーボールキャピタル) | Major shareholder | 8.4% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 木村 文彦 | Major shareholder | 2.7% | 2026-03-31 |
| 野島 玲幸 | Major shareholder | 2.5% | 2026-03-31 |
| 日本建設㈱ | Major shareholder | 2.4% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| ㈱コイケ | Major shareholder | 2.0% | 2026-03-31 |
| ㈱三共 | Major shareholder | 1.9% | 2026-03-31 |
| 横河電機㈱ | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YFGT | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFGT,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W2MI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2MI,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TRIK | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRIK,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R3WA | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3WA,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100ODNT | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODNT,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LN6P | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN6P,, |

## 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).