# Sansei Technologies,Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YMU3)
> Page: https://vizora.meequs.com/en/company/sansei-technologies
> Retrieved: 2026-09-30T21:34:30.561Z

## Company

Sansei Technologies, founded in 1951, is a company in Theme Parks & Leisure Facilities listed on TSE Standard. It has 1,405 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sansei Technologies, Inc. |
| Ticker | 6357 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6357.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市淀川区宮原四丁目3番29号 |
| Representative (per filing) | 代表取締役社長執行役員 板垣治 |
| Founded | Feb 1951 |
| Share capital | ¥3.25B |
| Employees (consolidated) | 1,405 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.sansei-technologies.com (https://www.sansei-technologies.com/) |
| Corporate number | 3120901006634 |
| EDINET | E01632 |
| Industries (Vizora) | Theme Parks & Leisure Facilities, Industrial Machinery |

> Profile source: annual securities report (S100YMU3, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.2 | 110 |
| Profitability | 57.8 | 122 |
| Cash conversion | 61.6 | 116 |
| Efficiency | 65.2 | 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 64% of Sansei Technologies's sales come from Amusement Rides, with Stage Equipment and Elevators making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +18.1% from the prior year, operating profit +37.0%.

## Company structure

- Segment revenue mix: Amusement Rides 63.7%、Stage Equipment 25.4%、Elevators 10.7%、Other 0.1%
- Revenue → net income: ¥73070133000 → ¥4988663000
- Net income → operating cash flow: ¥4988663000 → ¥9449618000（difference ¥4460955000）
- Main uses of operating cash flow: CapEx ¥3713770000 / dividends ¥1105220000 / buybacks ¥800483000
- Change in cash: ¥6396439000
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 | ¥73.1B |  |
| Operating income | ¥6.57B | Margin 9.0% |
| Net income | ¥5.1B | Margin 7.0% |
| Free cash flow | ¥5.74B |  |
| Largest business | Amusement Rides | of segment revenue 63.7% |
| Employees (consolidated) | 1,405 |  |
| EPS | ¥200.38 |  |
| Diluted EPS | ¥198.25 |  |
| Book value per share | ¥1926.71 |  |
| Equity ratio | 52.7% |  |
| Shares outstanding | 19,332,057 |  |
| Treasury shares | 1,152,800 |  |
| Shareholders | 4,660 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 29.0% | Cash ÷ revenue 38.6% |
| Vs. industry median margin | -4.9 pp | Theme Parks & Leisure Facilities |
| ROE | 13.9% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, segment profit share differs by -36 points
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36537672000 | ¥73070133000 | +100.0% |
| Operating income | ¥1423486000 | ¥6570323000 | +361.6% |
| Operating margin | 3.9% | 9.0% | +5.1 pp |
| Employees | 1,172 people | 1,405 people | +19.9% |
| Cash and equivalents | ¥12114494000 | ¥28209804000 | +132.9% |

### 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 |
| --- | ---: |
| 遊戯機械 → 遊戯機械 | 49.7% |
| 舞台設備 → 舞台設備 | 25.4% |
| 舞台設備 → 事業再編・廃止 | 9.6% |
| 昇降機 → 昇降機 | 10.7% |
| 昇降機 → 事業再編・廃止 | 4.4% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 遊戯機械 | 14.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Amusement Rides | 5 years | +20.7% | ¥46572951000 | 5.0% | 2 |
| Stage Equipment | 5 years | +7.8% | ¥18582842000 | 21.3% | 2 |
| Elevators | 5 years | +7.2% | ¥7845144000 | 26.6% | 2 |
| Other | 5 years | +6.5% | ¥69194000 | 24.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 73,070 | 100.0% | S100YMU3 |
| Cost of revenue | 50,949 | 69.7% | S100YMU3 |
| Gross profit | 22,122 | 30.3% | S100YMU3 |
| SG&A | 15,551 | 21.3% | S100YMU3 |
| Operating income | 6,570 | 9.0% | S100YMU3 |
| Ordinary income | 6,792 | 9.3% | S100YMU3 |
| Pretax income | 7,892 | 10.8% | S100YMU3 |
| Income tax | 2,903 | 4.0% | S100YMU3 |
| Net income | 4,989 | 6.8% | S100YMU3 |
| Net income attributable to owners | 5,102 | 7.0% | S100YMU3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 30.3% → Operating margin 9.0% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.1%; Core profit growth: +37.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.04×
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 | 61,862 | 73,070 | 11,209 | +18.1% |
| Gross profit | 18,239 | 22,122 | 3,882 | +21.3% |
| Operating income | 4,797 | 6,570 | 1,773 | +37.0% |
| Net income attributable to owners | 2,995 | 5,102 | 2,107 | +70.3% |
| Operating cash flow | 3,272 | 9,450 | 6,177 | +188.8% |
| Free cash flow | 36 | 5,736 | 5,700 | +15817.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,078 | 2,872 | 6.4% | 1,421 | 4,232 | 3,146 | S100LSDW |
| FY ending Mar 2021 | 36,538 | 1,423 | 3.9% | 751 | -553 | -1,109 | S100OHOO |
| FY ending Mar 2022 | 34,404 | 1,040 | 3.0% | 1,449 | 6,324 | 5,771 | S100R5WI |
| FY ending Mar 2023 | 40,684 | 2,007 | 4.9% | 1,704 | 2,545 | 1,729 | S100TX4B |
| FY ending Mar 2024 | 52,307 | 3,156 | 6.0% | 2,072 | 9,538 | 8,543 | S100W47W |
| FY ending Mar 2025 | 61,862 | 4,797 | 7.8% | 2,995 | 3,272 | 36 | S100YMU3 |
| FY ending Mar 2026 | 73,070 | 6,570 | 9.0% | 5,102 | 9,450 | 5,736 | S100YMU3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 1,157 | 1,182 | 1,364 | 1,382 | 1,405 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.6M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 43.4 years | 43.5 years | 43.7 years | 43.5 years | 43.7 years |
| Average tenure (parent company) | 16.3 years | 15.6 years | 15.8 years | 16.0 years | 16.1 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +18.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Amusement Rides | 46,573 | 63.7% | 2,310 | 5.0% |
| Stage Equipment | 18,583 | 25.4% | 3,950 | 21.3% |
| Elevators | 7,845 | 10.7% | 2,086 | 26.6% |
| Other | 69 | 0.1% | 17 | 24.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Amusement Rides | 63.7% | 27.6% | -36.1 | 5.0% |
| Stage Equipment | 25.4% | 47.2% | 21.8 | 21.3% |
| Elevators | 10.7% | 24.9% | 14.2 | 26.6% |
| Other | 0.1% | 0.2% | 0.1 | 24.7% |

Segment → industry: Other → Theme Parks & Leisure Facilities / Amusement Rides → Theme Parks & Leisure Facilities / Elevators → Industrial Machinery / Stage Equipment → Industrial Machinery / Amusement Rides → 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 | 9,450 | 12.9% | S100YMU3 |
| Capital expenditure | 3,714 | 5.1% | S100YMU3 |
| Free cash flow | 5,736 | 7.8% | 算出 |
| Investing cash flow | -1,358 | -1.9% | S100YMU3 |
| Financing cash flow | -3,177 | -4.3% | S100YMU3 |
| Dividends paid | 1,105 | 1.5% | S100YMU3 |
| Share buyback | 800 | 1.1% | S100YMU3 |
| Change in cash | 6,396 | 8.8% | S100YMU3 |
| Cash and equivalents | 28,210 | 38.6% | S100YMU3 |

## 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 | 14,192 | 16,396 | 22,231 | 21,813 | 28,210 | S100TX4B, S100W47W, S100YMU3 |
| Total assets | 65,402 | 73,074 | 81,200 | 87,808 | 97,238 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Net assets | 33,073 | 36,038 | 41,991 | 45,324 | 51,563 | S100TX4B, S100W47W, S100YMU3 |
| Share capital | 3,251 | 3,251 | 3,251 | 3,251 | 3,251 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Property, plant and equipment | 10,388 | 10,842 | 11,344 | 13,872 | 16,728 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Intangible assets excluding goodwill | 9,717 | 9,378 | 10,399 | 9,822 | 8,189 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Goodwill | 8,156 | 7,936 | 8,472 | 8,070 | 6,983 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Investment securities | 5,824 | 5,803 | 8,456 | 8,058 | 8,791 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Current assets | 37,435 | 44,982 | 49,053 | 54,170 | 61,132 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Current liabilities | 17,366 | 23,381 | 30,218 | 27,596 | 30,692 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Trade payables | 2,174 | 3,479 | 3,583 | 4,839 | 5,616 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Short-term borrowings | 3,965 | 6,060 | 5,922 | 3,955 | 3,970 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Long-term borrowings | 11,791 | 10,846 | 4,721 | 10,594 | 10,393 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Total liabilities | 32,329 | 37,037 | 39,209 | 42,484 | 45,675 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Non-controlling interests | — | — | 416 | 242 | 138 | S100W47W, S100YMU3 |
| Equity attributable to owners of parent | 30,317 | 31,410 | 32,759 | 34,974 | 38,237 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Retained earnings | 25,040 | 26,095 | 27,424 | 29,580 | 33,562 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |
| Treasury stock | -417 | -389 | -373 | -314 | -1,060 | S100R5WI, S100TX4B, S100W47W, S100YMU3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YMU3 |
| Property, plant and equipment | 17% | S100YMU3 |
| Intangibles and goodwill | 16% | S100YMU3 |
| Investment securities | 9% | S100YMU3 |
| Other assets | 29% | S100YMU3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YMU3 |
| Other liabilities | 41% | S100YMU3 |
| Equity | 53% | S100YMU3 |
| Other liabilities | 0% | S100YMU3 |

### 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 | 65,402 | 73,074 | 81,200 | 87,808 | 97,238 |
| Equity | 33,073 | 36,038 | 41,991 | 45,324 | 51,563 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,192 | 16,396 | 22,231 | 21,813 | 28,210 |

## 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) | 22.9% | S100YMU3 |
| Fixed assets ÷ total assets | 17.2% | S100YMU3 |
| Goodwill ÷ parent equity | 18.3% | S100YMU3 |

Goodwill over 4 years: 8,156 → 6,983 JPY; total investing cash flow: -7,945 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) | 29.0% |
| Cash ÷ revenue | 38.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 143.8% |
| Cash vs. profit gap | 4,347 JPY mn (of net income 85.2%) |
| Shareholder returns / net income | 37.4% |
| Shareholder returns / FCF | 33.2% |
| Shareholder payments — dividends / net income | 21.7% |
| Shareholder payments — dividends / FCF | 19.3% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 14.4% |

## 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 | 4.2% | 0.53× | 2.2% | 2.16× | 4.8% | S100R5WI |
| 2023 | 4.2% | 0.59× | 2.5% | 2.24× | 5.5% | S100TX4B |
| 2024 | 4.0% | 0.68× | 2.7% | 2.40× | 6.5% | S100W47W |
| 2025 | 4.8% | 0.73× | 3.5% | 2.50× | 8.8% | S100YMU3 |
| 2026 | 7.0% | 0.79× | 5.5% | 2.53× | 13.9% | S100YMU3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 丸一鋼管株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 京阪神ビルディング株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社酉島製作所 | Major shareholder | 4.4% | 2026-03-31 |
| 三井住友ファイナンス＆リース株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 三井住友カード株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 鳥海紳悟 | Major shareholder | 3.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 鳥海裕二 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YMU3 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YMU3,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W47W | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W47W,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TX4B | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX4B,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R5WI | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5WI,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OHOO | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHOO,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LSDW | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSDW,, |

## 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).