# SANSEI 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71期(2025/04/01－2026/03/31) (S100YJ78)
> Page: https://vizora.meequs.com/en/company/sansei
> Retrieved: 2026-09-30T21:33:18.188Z

## Company

Sansei, founded in 1956, is a company in Shipbuilding listed on TSE Standard. It has 228 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANSEI CO.,LTD. |
| Ticker | 6307 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6307.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区西宮原一丁目6番2号 |
| Representative (per filing) | 代表取締役社長 小嶋 敦 |
| Founded | Dec 1956 |
| Share capital | ¥890.4M |
| Employees (consolidated) | 228 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | sansei-group.co.jp (https://sansei-group.co.jp/) |
| Corporate number | 3120001055482 |
| EDINET | E01704 |
| Industries (Vizora) | Shipbuilding, Industrial Machinery |

> Profile source: annual securities report (S100YJ78, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.3 | 110 |
| Profitability | 86.5 | 122 |
| Cash conversion | 18.5 | 116 |
| Efficiency | 88.9 | 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 61% of Sansei's sales come from Gondola and stage machinery, with Ocean business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +21.9% from the prior year, operating profit +129.9%.

## Company structure

- Segment revenue mix: Gondola and stage machinery 60.8%、Ocean business 39.0%、Other 0.2%
- Revenue → net income: ¥7049936000 → ¥769068000
- Net income → operating cash flow: ¥769068000 → ¥531406000（difference ¥-237662000）
- Main uses of operating cash flow: CapEx ¥584573000 / dividends ¥116785000 / buybacks —
- Change in cash: ¥-94335000
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 | ¥7.05B |  |
| Operating income | ¥1.05B | Margin 14.8% |
| Net income | ¥769.1M | Margin 10.9% |
| Free cash flow | -¥53.2M |  |
| Largest business | Gondola and stage machinery | of segment revenue 60.8% |
| Employees (consolidated) | 228 |  |
| EPS | ¥97.59 |  |
| Book value per share | ¥656.67 |  |
| Equity ratio | 71.7% |  |
| Shares outstanding | 8,987,700 |  |
| Treasury shares | 1,215,800 |  |
| Shareholders | 2,161 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 14.0% |
| Vs. industry median margin | +7.3 pp | Industrial Machinery |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 130%
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5340140000 | ¥7049936000 | +32.0% |
| Operating income | ¥604068000 | ¥1045884000 | +73.1% |
| Operating margin | 11.3% | 14.8% | +3.5 pp |
| Employees | 234 people | 228 people | -2.6% |
| Cash and equivalents | ¥1385835000 | ¥989075000 | -28.6% |

### 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 |
| --- | ---: |
| ゴンドラ・舞台 → ゴンドラ・舞台 | 60.8% |
| ゴンドラ・舞台 → 事業再編・廃止 | 2.4% |
| 海洋関連 → 海洋関連 | 36.5% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 海洋関連 | 2.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gondola and stage machinery | 5 years | +4.9% | ¥4286021000 | 16.4% | 2 |
| Ocean business | 5 years | +7.1% | ¥2750586000 | 27.4% | 2 |
| Other | 5 years | -3.1% | ¥13329000 | 27.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,050 | 100.0% | S100YJ78 |
| Cost of revenue | 5,001 | 70.9% | S100YJ78 |
| Gross profit | 2,049 | 29.1% | S100YJ78 |
| SG&A | 1,003 | 14.2% | S100YJ78 |
| Operating income | 1,046 | 14.8% | S100YJ78 |
| Ordinary income | 1,043 | 14.8% | S100YJ78 |
| Pretax income | 1,034 | 14.7% | S100YJ78 |
| Income tax | 265 | 3.8% | S100YJ78 |
| Net income | 769 | 10.9% | S100YJ78 |
| Net income attributable to owners | 769 | 10.9% | S100YJ78 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 14 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 29.1% → Operating margin 14.8% → Net margin 10.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.9%; Core profit growth: +129.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.92×
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 | 5,782 | 7,050 | 1,268 | +21.9% |
| Gross profit | 1,354 | 2,049 | 695 | +51.4% |
| Operating income | 455 | 1,046 | 591 | +129.9% |
| Net income attributable to owners | 346 | 769 | 423 | +122.3% |
| Operating cash flow | -466 | 531 | 997 | — |
| Free cash flow | -618 | -53 | 565 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,715 | 677 | 11.8% | 461 | 961 | 926 | S100LUJP |
| FY ending Mar 2021 | 5,340 | 604 | 11.3% | 349 | 728 | 663 | S100OIZS |
| FY ending Mar 2022 | 4,495 | 302 | 6.7% | 215 | -177 | -212 | S100R9R4 |
| FY ending Mar 2023 | 5,350 | 453 | 8.5% | 350 | 772 | 725 | S100TX7Y |
| FY ending Mar 2024 | 5,637 | 421 | 7.5% | 326 | 121 | 38 | S100W9BZ |
| FY ending Mar 2025 | 5,782 | 455 | 7.9% | 346 | -466 | -618 | S100YJ78 |
| FY ending Mar 2026 | 7,050 | 1,046 | 14.8% | 769 | 531 | -53 | S100YJ78 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.9M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 234 | 229 | 234 | 231 | 228 |
| Average salary (parent company) | ¥5.6M | ¥5.8M | ¥5.9M | ¥6M | ¥6.7M |
| Average age (parent company) | 40.7 years | 40.8 years | 41.5 years | 41.4 years | 41.5 years |
| Average tenure (parent company) | 13.4 years | 13.8 years | 14.0 years | 13.7 years | 13.9 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +21.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Gondola and stage machinery | 4,286 | 60.8% | 702 | 16.4% |
| Ocean business | 2,751 | 39.0% | 754 | 27.4% |
| Other | 13 | 0.2% | 4 | 27.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Gondola and stage machinery | 60.8% | 48.1% | -12.7 | 16.4% |
| Ocean business | 39.0% | 51.6% | 12.6 | 27.4% |
| Other | 0.2% | 0.3% | 0.1 | 27.8% |

Segment → industry: Ocean business → Shipbuilding / Other → Industrial Machinery / Gondola and stage machinery → 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 | 531 | 7.5% | S100YJ78 |
| Capital expenditure | 585 | 8.3% | S100YJ78 |
| Free cash flow | -53 | -0.8% | 算出 |
| Investing cash flow | -594 | -8.4% | S100YJ78 |
| Financing cash flow | -31 | -0.4% | S100YJ78 |
| Dividends paid | 117 | 1.7% | S100YJ78 |
| Change in cash | -94 | -1.3% | S100YJ78 |
| Cash and equivalents | 989 | 14.0% | S100YJ78 |

## 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 | 1,126 | 1,763 | 1,669 | 1,083 | 989 | S100TX7Y, S100W9BZ, S100YJ78 |
| Total assets | 5,941 | 6,504 | 6,841 | 6,402 | 7,429 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Net assets | 3,993 | 4,238 | 4,474 | 4,677 | 5,330 | S100TX7Y, S100W9BZ, S100YJ78 |
| Share capital | 890 | 890 | 890 | 890 | 890 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Property, plant and equipment | 2,357 | 2,352 | 2,361 | 2,428 | 2,918 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Intangible assets excluding goodwill | 31 | 31 | 30 | 30 | 37 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Investment securities | 228 | 131 | 157 | — | — | S100R9R4, S100TX7Y, S100W9BZ |
| Current assets | 2,745 | 3,405 | 3,691 | 3,470 | 3,993 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Current liabilities | 1,459 | 1,571 | 1,783 | 1,247 | 1,356 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Trade payables | 556 | 642 | 950 | 249 | — | S100R9R4, S100TX7Y, S100W9BZ |
| Short-term borrowings | 130 | 30 | 30 | 30 | 80 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Long-term borrowings | 127 | 333 | 225 | 115 | 363 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Total liabilities | 1,948 | 2,266 | 2,367 | 1,725 | 2,099 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Equity attributable to owners of parent | 3,989 | 4,230 | 4,448 | 4,677 | 5,330 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Retained earnings | 3,413 | 3,654 | 3,872 | 4,101 | 4,754 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |
| Treasury stock | -419 | -419 | -419 | -419 | -419 | S100R9R4, S100TX7Y, S100W9BZ, S100YJ78 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YJ78 |
| Property, plant and equipment | 39% | S100YJ78 |
| Intangibles and goodwill | 1% | S100YJ78 |
| Other assets | 47% | S100YJ78 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YJ78 |
| Equity | 72% | S100YJ78 |
| Other liabilities | 0% | S100YJ78 |

### 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 | 5,941 | 6,504 | 6,841 | 6,402 | 7,429 |
| Equity | 3,993 | 4,238 | 4,474 | 4,677 | 5,330 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,126 | 1,763 | 1,669 | 1,083 | 989 |

## 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) | 41.4% | S100YJ78 |
| Fixed assets ÷ total assets | 39.3% | S100YJ78 |
| Goodwill ÷ parent equity | — | —, S100YJ78 |

### 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) | 13.3% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 50.8% |
| Cash vs. profit gap | -238 JPY mn (of net income -30.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 111.9% |

## 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 | 4.8% | 0.76× | 3.6% | 1.49× | 5.4% | S100R9R4 |
| 2023 | 6.6% | 0.86× | 5.6% | 1.51× | 8.5% | S100TX7Y |
| 2024 | 5.8% | 0.84× | 4.9% | 1.54× | 7.5% | S100W9BZ |
| 2025 | 6.0% | 0.87× | 5.2% | 1.45× | 7.6% | S100YJ78 |
| 2026 | 10.9% | 1.02× | 11.1% | 1.38× | 15.4% | S100YJ78 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社光通信 | Major shareholder | 19.5% | 2026-03-31 |
| 小嶋 敦 | Major shareholder | 11.3% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 和田 秀樹 | Major shareholder | 4.3% | 2026-03-31 |
| サンセイ従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 石井 秀明 | Major shareholder | 2.2% | 2026-03-31 |
| 小嶋 悦子 | Major shareholder | 2.2% | 2026-03-31 |
| 西村 宗一郎 | Major shareholder | 1.9% | 2026-03-31 |
| 櫻井 敏夫 | Major shareholder | 1.5% | 2026-03-31 |
| 佐藤 光昭 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/04/01－2026/03/31) | S100YJ78 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ78,, |
| 有価証券報告書－第70期(2024/04/01－2025/03/31) | S100W9BZ | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9BZ,, |
| 有価証券報告書－第69期(2023/04/01－2024/03/31) | S100TX7Y | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX7Y,, |
| 有価証券報告書－第68期(2022/04/01－2023/03/31) | S100R9R4 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9R4,, |
| 有価証券報告書－第67期(令和3年4月1日－令和4年3月31日) | S100OIZS | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIZS,, |
| 有価証券報告書－第66期(令和2年4月1日－令和3年3月31日) | S100LUJP | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUJP,, |

## 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).