# Sansan, Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/06/01－2026/05/31) (S100YXFQ)
> Page: https://vizora.meequs.com/en/company/sansan
> Retrieved: 2026-09-30T20:18:04.724Z

## Company

Sansan, founded in 2007, is a company in Software & SaaS listed on TSE Prime. It has 2,336 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sansan, Inc. |
| Ticker | 4443 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4443.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町1番1号 |
| Representative (per filing) | 代表取締役社長/CEO 寺田 親弘 |
| Founded | Jun 2007 |
| Share capital | ¥7.36B |
| Employees (consolidated) | 2,336 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | May |
| Website | jp.corp-sansan.com (https://jp.corp-sansan.com/) |
| Corporate number | 4010001120965 |
| EDINET | E34960 |
| Industries (Vizora) | Software & SaaS, Internet Services & Apps |

> Profile source: annual securities report (S100YXFQ, filed 2026-08-19). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 87.1 | 105 |
| Profitability | 61.7 | 145 |
| Cash conversion | 61.3 | 128 |
| Efficiency | 62.4 | 145 |

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 87% of Sansan's sales come from Sansan/Bill One business, with Eight business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +24.4% from the prior year, operating profit +192.3%.

## Company structure

- Segment revenue mix: Sansan/Bill One business 87.1%、Eight business 12.5%、Other 0.5%
- Revenue → net income: ¥53761000000 → ¥6775000000
- Net income → operating cash flow: ¥6775000000 → ¥9641000000（difference ¥2866000000）
- Main uses of operating cash flow: CapEx ¥877000000 / dividends — / buybacks ¥741000000
- Change in cash: ¥5676000000
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 | ¥53.8B |  |
| Operating income | ¥8.19B | Margin 15.2% |
| Net income | ¥6.78B | Margin 12.6% |
| Free cash flow | ¥8.76B |  |
| Largest business | Sansan/Bill One business | of segment revenue 87.1% |
| Employees (consolidated) | 2,336 |  |
| EPS | ¥51.17 |  |
| Diluted EPS | ¥50.63 |  |
| Book value per share | ¥171.99 |  |
| Equity ratio | 36.4% |  |
| Shares outstanding | 126,800,600 |  |
| Treasury shares | 662,600 |  |
| Shareholders | 11,456 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 67.0% | Cash ÷ revenue 68.5% |
| Vs. industry median margin | +2.8 pp | Software & SaaS |
| ROE | 39.3% | Derived from disclosed figures |
| ROA | 13.2% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.6× its level five years ago
- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, cash is 67% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16184000000 | ¥53761000000 | +232.2% |
| Operating income | ¥736000000 | ¥8185000000 | +1012.1% |
| Operating margin | 4.5% | 15.2% | +10.7 pp |
| Employees | 954 people | 2,336 people | +144.9% |
| Cash and equivalents | ¥12223000000 | ¥36849000000 | +201.5% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| Sansan事業 → 事業再編・廃止 | 47.4% |
| Sansan／Bill One事業 → 事業再編・廃止 | 47.5% |
| Eight事業 → 事業再編・廃止 | 5.1% |
| 新設・再編 → Sansan／Bill One事業 | 87.1% |
| 新設・再編 → Eight事業 | 12.5% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sansan/Bill One business | — | — | ¥46812000000 | 17.8% | 2 |
| Eight business | — | — | ¥6700000000 | 3.5% | 2 |
| Other | — | — | ¥248000000 | -60.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,761 | 100.0% | S100YXFQ |
| Cost of revenue | 6,497 | 12.1% | S100YXFQ |
| Gross profit | 47,263 | 87.9% | S100YXFQ |
| SG&A | 39,078 | 72.7% | S100YXFQ |
| Operating income | 8,185 | 15.2% | S100YXFQ |
| Ordinary income | 8,170 | 15.2% | S100YXFQ |
| Pretax income | 9,375 | 17.4% | S100YXFQ |
| Income tax | 2,600 | 4.8% | S100YXFQ |
| Net income | 6,775 | 12.6% | S100YXFQ |
| Net income attributable to owners | 6,778 | 12.6% | S100YXFQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 12 |
| SG&A | 73 |
| Operating income | 15 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 87.9% → Operating margin 15.2% → Net margin 12.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.4%; Core profit growth: +192.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.87×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 43,202 | 53,761 | 10,559 | +24.4% |
| Gross profit | 37,410 | 47,263 | 9,853 | +26.3% |
| Operating income | 2,800 | 8,185 | 5,385 | +192.3% |
| Net income attributable to owners | 424 | 6,778 | 6,354 | +1498.6% |
| Operating cash flow | 9,651 | 9,641 | -10 | -0.1% |
| Free cash flow | 6,950 | 8,764 | 1,814 | +26.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 13,362 | 757 | 5.7% | 340 | 2,822 | 2,026 | S100MD8G |
| FY ending May 2021 | 16,184 | 736 | 4.5% | 182 | 3,011 | 2,102 | S100P3V8 |
| FY ending May 2022 | 20,420 | 631 | 3.1% | 857 | 3,123 | 2,202 | S100RRXW |
| FY ending May 2023 | 25,510 | 199 | 0.8% | -141 | 3,848 | 3,168 | S100UAF3 |
| FY ending May 2024 | 33,878 | 1,337 | 3.9% | 953 | 5,483 | 4,918 | S100WKZJ |
| FY ending May 2025 | 43,202 | 2,800 | 6.5% | 424 | 9,651 | 6,950 | S100YXFQ |
| FY ending May 2026 | 53,761 | 8,185 | 15.2% | 6,778 | 9,641 | 8,764 | S100YXFQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,205 | 1,399 | 1,899 | 2,235 | 2,336 |
| Average salary (parent company) | ¥6.4M | ¥7M | ¥7.5M | ¥7.8M | ¥8.1M |
| Average age (parent company) | 32.2 years | 32.3 years | 32.1 years | 31.7 years | 32.1 years |
| Average tenure (parent company) | 2.8 years | 2.6 years | 2.9 years | 3.1 years | 3.4 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +24.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sansan/Bill One business | 46,812 | 87.1% | 8,340 | 17.8% |
| Eight business | 6,700 | 12.5% | 237 | 3.5% |
| Other | 248 | 0.5% | -149 | -60.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sansan/Bill One business | 87.1% | 97.2% | 10.2 | 17.8% |
| Eight business | 12.5% | 2.8% | -9.7 | 3.5% |
| Other | 0.5% | — | — | -60.1% |

Loss-making segment (excluded from profit shares): Other -149 JPY mn

Segment → industry: Eight business → Software & SaaS / Sansan/Bill One business → Software & SaaS / Eight business → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,641 | 17.9% | S100YXFQ |
| Capital expenditure | 877 | 1.6% | S100YXFQ |
| Free cash flow | 8,764 | 16.3% | 算出 |
| Investing cash flow | -608 | -1.1% | S100YXFQ |
| Financing cash flow | -3,367 | -6.3% | S100YXFQ |
| Share buyback | 741 | 1.4% | S100YXFQ |
| Change in cash | 5,676 | 10.6% | S100YXFQ |
| Cash and equivalents | 36,849 | 68.5% | S100YXFQ |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,245 | 20,985 | 24,729 | 31,172 | 36,849 | S100UAF3, S100WKZJ, S100YXFQ |
| Total assets | 26,292 | 31,200 | 37,592 | 47,984 | 54,958 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Net assets | 12,093 | 13,190 | 14,772 | 16,040 | 21,094 | S100UAF3, S100WKZJ, S100YXFQ |
| Share capital | 6,426 | 6,582 | 6,774 | 7,203 | 7,358 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Property, plant and equipment | 806 | 770 | 520 | 2,637 | 2,419 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Intangible assets excluding goodwill | 1,147 | 1,533 | 1,610 | 1,675 | 1,841 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Goodwill | 229 | 706 | 919 | 951 | 866 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Investment securities | 6,262 | 3,705 | 3,799 | 3,727 | 2,241 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Current assets | 16,856 | 23,207 | 27,671 | 35,392 | 44,088 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Current liabilities | 11,507 | 14,982 | 19,004 | 27,792 | 31,831 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Long-term borrowings | 2,547 | 2,838 | 3,549 | 2,634 | 874 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Bonds | — | — | — | — | 70 | S100YXFQ |
| Total liabilities | 14,199 | 18,009 | 22,819 | 31,943 | 33,864 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Non-controlling interests | 5 | 72 | 128 | 118 | 82 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Equity attributable to owners of parent | 11,832 | 12,454 | 13,792 | 14,775 | 19,688 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Retained earnings | 1,384 | 1,695 | 2,648 | 3,072 | 9,851 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |
| Treasury stock | -1 | -2 | -2 | -302 | -1,043 | S100RRXW, S100UAF3, S100WKZJ, S100YXFQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 67% | S100YXFQ |
| Property, plant and equipment | 4% | S100YXFQ |
| Intangibles and goodwill | 5% | S100YXFQ |
| Investment securities | 4% | S100YXFQ |
| Other assets | 20% | S100YXFQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YXFQ |
| Equity | 38% | S100YXFQ |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,292 | 31,200 | 37,592 | 47,984 | 54,958 |
| Equity | 12,093 | 13,190 | 14,772 | 16,040 | 21,094 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,245 | 20,985 | 24,729 | 31,172 | 36,849 |

## 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) | 4.5% | S100YXFQ |
| Fixed assets ÷ total assets | 4.4% | S100YXFQ |
| Goodwill ÷ parent equity | 4.4% | S100YXFQ |

Goodwill over 4 years: 229 → 866 JPY; total investing cash flow: -5,988 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) | 67.0% |
| Cash ÷ revenue | 68.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.8% |
| Cash vs. profit gap | 2,863 JPY mn (of net income 42.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 6.3% |

## 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 | 4.2% | 0.78× | 3.3% | 2.22× | 7.2% | S100RRXW |
| 2023 | — | —× | -0.5% | —× | — | S100UAF3 |
| 2024 | 2.8% | 0.98× | 2.8% | 2.62× | 7.3% | S100WKZJ |
| 2025 | 1.0% | 1.01× | 1.0% | 3.00× | 3.0% | S100YXFQ |
| 2026 | 12.6% | 1.04× | 13.2% | 2.99× | 39.3% | S100YXFQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社CNK | Major shareholder | 26.0% | 2026-05-31 |
| いちごトラスト・ピーティーイー・リミテッド（常任代理人 香港上海銀行東京支店） | Major shareholder | 10.9% | 2026-05-31 |
| 寺田 親弘 | Major shareholder | 6.5% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2026-05-31 |
| 富岡 圭 | Major shareholder | 3.3% | 2026-05-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 2.4% | 2026-05-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-05-31 |
| PERSHING-DIV. OF DLJ SECS. CORP.（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.0% | 2026-05-31 |
| 塩見 賢治 | Major shareholder | 1.8% | 2026-05-31 |
| STATE STREET BANK AND TRUSTCLIENT OMNIBUS ACCOUNT OM02 505002（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/06/01－2026/05/31) | S100YXFQ | 2026-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXFQ,, |
| 有価証券報告書－第18期(2024/06/01－2025/05/31) | S100WKZJ | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKZJ,, |
| 有価証券報告書－第17期(2023/06/01－2024/05/31) | S100UAF3 | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAF3,, |
| 有価証券報告書－第16期(2022/06/01－2023/05/31) | S100RRXW | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRXW,, |
| 有価証券報告書－第15期(令和3年6月1日－令和4年5月31日) | S100P3V8 | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3V8,, |
| 有価証券報告書－第14期(令和2年6月1日－令和3年5月31日) | S100MD8G | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MD8G,, |

## 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).