# Sansha Electric Manufacturing 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92期(2025/04/01－2026/03/31) (S100YFP9)
> Page: https://vizora.meequs.com/en/company/sansha-electric-manufacturing
> Retrieved: 2026-09-30T20:34:12.034Z

## Company

Sansha Electric Manufacturing, founded in 1974, is a company in Electrical Equipment listed on TSE Standard. It has 1,399 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sansha Electric Manufacturing Co.,Ltd. |
| Ticker | 6882 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6882.T) |
| Listing | TSE Standard |
| Head office | 大阪市東淀川区西淡路三丁目1番56号 |
| Representative (per filing) | 代表取締役社長 山内 得志 |
| Founded | Dec 1974 |
| Share capital | ¥2.77B |
| Employees (consolidated) | 1,399 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.sansha.co.jp (https://www.sansha.co.jp/) |
| Corporate number | 7120001051882 |
| EDINET | E01821 |
| Industries (Vizora) | Electrical Equipment, Semiconductors |

> Profile source: annual securities report (S100YFP9, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 24 |
| Profitability | 18.8 | 24 |
| Cash conversion | 93.5 | 23 |
| Efficiency | 54 | 25 |

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 76% of Sansha Electric Manufacturing's sales come from Power Supply, with Semicondoctor making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +29.2%.

## Company structure

- Segment revenue mix: Power Supply 76.1%、Semicondoctor 23.9%
- Revenue → net income: ¥26651000000 → ¥381000000
- Net income → operating cash flow: ¥381000000 → ¥3370000000（difference ¥2989000000）
- Main uses of operating cash flow: CapEx ¥1257000000 / dividends ¥536000000 / buybacks —
- Change in cash: ¥1004000000
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 | ¥26.7B |  |
| Operating income | ¥1.39B | Margin 5.2% |
| Net income | ¥381M | Margin 1.4% |
| Free cash flow | ¥2.11B |  |
| Largest business | Power Supply | of segment revenue 76.1% |
| Employees (consolidated) | 1,399 |  |
| EPS | ¥14.85 |  |
| Book value per share | ¥1286.63 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 14,950,000 |  |
| Treasury shares | 1,527,000 |  |
| Shareholders | 11,099 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 25.4% |
| Vs. industry median margin | -3.2 pp | Electrical Equipment |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 8.8× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, employees 0% while operating income rose 29%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19436000000 | ¥26651000000 | +37.1% |
| Operating income | ¥416000000 | ¥1386000000 | +233.2% |
| Operating margin | 2.1% | 5.2% | +3.1 pp |
| Employees | 1,381 people | 1,399 people | +1.3% |
| Cash and equivalents | ¥5870000000 | ¥6761000000 | +15.2% |

### 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 |
| --- | ---: |
| 半導体事業 → 半導体事業 | 23.9% |
| 半導体事業 → 事業再編・廃止 | 5.5% |
| 電源機器事業 → 電源機器事業 | 70.6% |
| 新設・再編 → 電源機器事業 | 5.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,651 | 100.0% | S100YFP9 |
| Cost of revenue | 20,136 | 75.6% | S100YFP9 |
| Gross profit | 6,515 | 24.4% | S100YFP9 |
| SG&A | 5,128 | 19.2% | S100YFP9 |
| Operating income | 1,386 | 5.2% | S100YFP9 |
| Ordinary income | 1,137 | 4.3% | S100YFP9 |
| Pretax income | 892 | 3.3% | S100YFP9 |
| Income tax | 510 | 1.9% | S100YFP9 |
| Net income | 381 | 1.4% | S100YFP9 |
| Net income attributable to owners | 381 | 1.4% | S100YFP9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 19 |
| Operating income | 5 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 24.4% → Operating margin 5.2% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +29.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.13×
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 | 25,440 | 26,651 | 1,211 | +4.8% |
| Gross profit | 6,287 | 6,515 | 228 | +3.6% |
| Operating income | 1,073 | 1,386 | 313 | +29.2% |
| Net income attributable to owners | 502 | 381 | -121 | -24.1% |
| Operating cash flow | 950 | 3,370 | 2,420 | +254.7% |
| Free cash flow | -1,519 | 2,113 | 3,632 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,875 | 256 | 1.2% | -680 | 36 | -676 | S100LOH1 |
| FY ending Mar 2021 | 19,436 | 416 | 2.1% | 497 | 1,729 | 1,202 | S100OIYG |
| FY ending Mar 2022 | 22,675 | 1,316 | 5.8% | 1,147 | 940 | 602 | S100R5H0 |
| FY ending Mar 2023 | 28,088 | 1,629 | 5.8% | 1,241 | -198 | -999 | S100TQJL |
| FY ending Mar 2024 | 31,005 | 3,407 | 11.0% | 2,955 | 2,303 | 1,366 | S100W3CS |
| FY ending Mar 2025 | 25,440 | 1,073 | 4.2% | 502 | 950 | -1,519 | S100YFP9 |
| FY ending Mar 2026 | 26,651 | 1,386 | 5.2% | 381 | 3,370 | 2,113 | S100YFP9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.1M |
| Operating income per employee (consolidated) | ¥990.7K |
| Net income per employee (consolidated) | ¥272.3K |

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) | 1,405 | 1,465 | 1,418 | 1,400 | 1,399 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥5.8M | ¥6.2M | ¥5.9M |
| Average age (parent company) | 46.2 years | 46.2 years | 46.4 years | 46.6 years | 46.5 years |
| Average tenure (parent company) | 19.8 years | 19.8 years | 19.4 years | 19.3 years | 18.9 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semicondoctor | 6,368 | 23.9% | -639 | -10.0% |
| Power Supply | 20,283 | 76.1% | 2,026 | 10.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Semicondoctor | 23.9% | — | — | -10.0% |
| Power Supply | 76.1% | 100.0% | 23.9 | 10.0% |

Loss-making segment (excluded from profit shares): Semicondoctor -639 JPY mn

Segment → industry: Power Supply → Electrical Equipment / Semicondoctor → Semiconductors

## 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 | 3,370 | 12.6% | S100YFP9 |
| Capital expenditure | 1,257 | 4.7% | S100YFP9 |
| Free cash flow | 2,113 | 7.9% | 算出 |
| Investing cash flow | -1,315 | -4.9% | S100YFP9 |
| Financing cash flow | -1,331 | -5.0% | S100YFP9 |
| Dividends paid | 536 | 2.0% | S100YFP9 |
| Change in cash | 1,004 | 3.8% | S100YFP9 |
| Cash and equivalents | 6,761 | 25.4% | S100YFP9 |

## 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 | 5,026 | 3,959 | 5,825 | 5,756 | 6,761 | S100TQJL, S100W3CS, S100YFP9 |
| Total assets | 27,146 | 29,083 | 35,334 | 33,571 | 32,724 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Net assets | 19,810 | 21,065 | 24,432 | 24,341 | 24,925 | S100TQJL, S100W3CS, S100YFP9 |
| Share capital | 2,774 | 2,774 | 2,774 | 2,774 | 2,774 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Property, plant and equipment | 5,259 | 5,499 | 5,770 | 6,505 | 6,686 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Intangible assets excluding goodwill | 143 | 123 | 211 | 522 | 457 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Goodwill | 28 | 22 | 16 | 9 | 3 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Investment securities | 24 | 32 | 213 | 88 | 1 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Current assets | 20,819 | 22,510 | 27,393 | 24,900 | 23,974 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Current liabilities | 6,905 | 7,519 | 10,522 | 8,691 | 7,169 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Trade payables | 3,470 | 3,875 | 3,850 | 1,898 | 1,193 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Short-term borrowings | — | — | 1,000 | 3,000 | 2,200 | S100W3CS, S100YFP9 |
| Total liabilities | 7,336 | 8,017 | 10,901 | 9,230 | 7,798 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Equity attributable to owners of parent | 18,795 | 19,965 | 22,493 | 22,325 | 22,184 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Retained earnings | 15,226 | 16,033 | 18,561 | 18,393 | 18,237 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |
| Treasury stock | -1,903 | -1,540 | -1,597 | -1,597 | -1,583 | S100R5H0, S100TQJL, S100W3CS, S100YFP9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YFP9 |
| Property, plant and equipment | 20% | S100YFP9 |
| Intangibles and goodwill | 1% | S100YFP9 |
| Investment securities | 0% | S100YFP9 |
| Other assets | 58% | S100YFP9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YFP9 |
| Other liabilities | 20% | S100YFP9 |
| Equity | 76% | S100YFP9 |
| Other liabilities | 0% | S100YFP9 |

### 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 | 27,146 | 29,083 | 35,334 | 33,571 | 32,724 |
| Equity | 19,810 | 21,065 | 24,432 | 24,341 | 24,925 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,026 | 3,959 | 5,825 | 5,756 | 6,761 |

## 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) | 25.1% | S100YFP9 |
| Fixed assets ÷ total assets | 20.4% | S100YFP9 |
| Goodwill ÷ parent equity | 0.0% | S100YFP9 |

Goodwill over 4 years: 28 → 3 JPY; total investing cash flow: -5,920 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) | 20.7% |
| Cash ÷ revenue | 25.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 243.1% |
| Cash vs. profit gap | 2,989 JPY mn (of net income 784.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 140.7% |
| Shareholder payments — dividends / FCF | 25.4% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 39.0% |

## 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 | 5.1% | 0.84× | 4.2% | 1.44× | 6.1% | S100R5H0 |
| 2023 | 4.4% | 1.00× | 4.4% | 1.45× | 6.4% | S100TQJL |
| 2024 | 9.5% | 0.96× | 9.2% | 1.52× | 13.9% | S100W3CS |
| 2025 | 2.0% | 0.74× | 1.5% | 1.54× | 2.2% | S100YFP9 |
| 2026 | 1.4% | 0.80× | 1.1% | 1.49× | 1.7% | S100YFP9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱重工業株式会社 | Major shareholder | 10.0% | 2026-03-31 |
| 合同会社みやしろ | Major shareholder | 5.7% | 2026-03-31 |
| 日東工業株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 三社電機従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 四方 邦夫 | Major shareholder | 2.5% | 2026-03-31 |
| 四方 英生 | Major shareholder | 1.7% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140040(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| 森田 幸也 | Major shareholder | 1.5% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YFP9 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFP9,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W3CS | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3CS,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TQJL | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJL,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R5H0 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5H0,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OIYG | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIYG,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LOH1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOH1,, |

## 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).