# SANSHIN ELECTRONICS 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75期(2025/04/01－2026/03/31) (S100YCKF)
> Page: https://vizora.meequs.com/en/company/sanshin-electronics
> Retrieved: 2026-09-30T18:40:59.214Z

## Company

Sanshin Electronics, founded in 1951, is a company in IT Services & System Integration listed on TSE Prime. It has 642 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANSHIN ELECTRONICS CO., LTD. |
| Ticker | 8150 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8150.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝四丁目4番12号 |
| Representative (per filing) | 代表取締役 社長執行役員(CEO) 鈴木 俊郎 |
| Founded | Nov 1951 |
| Share capital | ¥14.8B |
| Employees (consolidated) | 642 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.sanshin.co.jp (https://www.sanshin.co.jp/) |
| Corporate number | 1010401012096 |
| EDINET | E02671 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCKF, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.9 | 179 |
| Profitability | 67.8 | 185 |
| Cash conversion | 38.8 | 179 |
| Efficiency | 71.6 | 185 |

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 Sanshin Electronics's sales come from Device business, with Solution business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +19.4%.

## Company structure

- Segment revenue mix: Device business 87.2%、Solution business 12.8%
- Revenue → net income: ¥172366000000 → ¥4952000000
- Net income → operating cash flow: ¥4952000000 → ¥5705000000（difference ¥753000000）
- Main uses of operating cash flow: CapEx ¥374000000 / dividends ¥1782000000 / buybacks —
- Change in cash: ¥219000000
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 | ¥172.4B |  |
| Operating income | ¥6.91B | Margin 4.0% |
| Net income | ¥4.96B | Margin 2.9% |
| Free cash flow | ¥5.33B |  |
| Largest business | Device business | of segment revenue 87.2% |
| Employees (consolidated) | 642 |  |
| EPS | ¥366.78 |  |
| Book value per share | ¥2037.78 |  |
| Equity ratio | 50.5% |  |
| Shares outstanding | 16,281,373 |  |
| Treasury shares | 3,926,900 |  |
| Shareholders | 10,249 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | +1.1 pp | Specialty Trading & Wholesale |
| ROE | 13.7% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥112791000000 | ¥172366000000 | +52.8% |
| Operating income | ¥2167000000 | ¥6914000000 | +219.1% |
| Operating margin | 1.9% | 4.0% | +2.1 pp |
| Employees | 569 people | 642 people | +12.8% |
| Cash and equivalents | ¥25544000000 | ¥9580000000 | -62.5% |

### 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 |
| --- | ---: |
| デバイス事業 → デバイス事業 | 87.2% |
| デバイス事業 → 事業再編・廃止 | 0.6% |
| ソリューション事業 → ソリューション事業 | 12.2% |
| 新設・再編 → ソリューション事業 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 172,366 | 100.0% | S100YCKF |
| Cost of revenue | 153,930 | 89.3% | S100YCKF |
| Gross profit | 18,435 | 10.7% | S100YCKF |
| SG&A | 11,520 | 6.7% | S100YCKF |
| Operating income | 6,914 | 4.0% | S100YCKF |
| Ordinary income | 6,078 | 3.5% | S100YCKF |
| Pretax income | 6,892 | 4.0% | S100YCKF |
| Income tax | 1,939 | 1.1% | S100YCKF |
| Net income | 4,952 | 2.9% | S100YCKF |
| Net income attributable to owners | 4,955 | 2.9% | S100YCKF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 10.7% → Operating margin 4.0% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +19.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.03×
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 | 157,342 | 172,366 | 15,024 | +9.5% |
| Gross profit | 16,546 | 18,435 | 1,889 | +11.4% |
| Operating income | 5,791 | 6,914 | 1,123 | +19.4% |
| Net income attributable to owners | 3,522 | 4,955 | 1,433 | +40.7% |
| Operating cash flow | 3,980 | 5,705 | 1,725 | +43.3% |
| Free cash flow | 613 | 5,331 | 4,718 | +769.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 123,085 | 1,958 | 1.6% | 1,451 | 12,069 | 11,808 | S100MLSX |
| FY ending Mar 2021 | 112,791 | 2,167 | 1.9% | 1,646 | -1,686 | -1,934 | S100OE11 |
| FY ending Mar 2022 | 123,583 | 4,209 | 3.4% | 2,524 | 2,189 | 2,037 | S100QZWE |
| FY ending Mar 2023 | 161,107 | 6,847 | 4.2% | 3,832 | -780 | -892 | S100TNW8 |
| FY ending Mar 2024 | 140,197 | 5,748 | 4.1% | 2,740 | 5,740 | 5,271 | S100VYO4 |
| FY ending Mar 2025 | 157,342 | 5,791 | 3.7% | 3,522 | 3,980 | 613 | S100YCKF |
| FY ending Mar 2026 | 172,366 | 6,914 | 4.0% | 4,955 | 5,705 | 5,331 | S100YCKF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥268.5M |
| Operating income per employee (consolidated) | ¥10.8M |
| Net income per employee (consolidated) | ¥7.7M |

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) | 579 | 567 | 584 | 616 | 642 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥7.1M | ¥7M | ¥7.3M |
| Average age (parent company) | 42.6 years | 43.1 years | 42.1 years | 41.4 years | 41.3 years |
| Average tenure (parent company) | 17.5 years | 17.8 years | 16.6 years | 15.8 years | 15.3 years |

Year over year: Employees (consolidated) +4.2% · Revenue (consolidated) +9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Device business | 150,217 | 87.2% | 2,694 | 1.8% |
| Solution business | 22,148 | 12.8% | 3,384 | 15.3% |

### 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 |
| --- | ---: |
| Device business | 87.2% |
| Solution business | 12.8% |

Segment → industry: Solution business → IT Services & System Integration / Device business → Specialty Trading & Wholesale

## 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 | 5,705 | 3.3% | S100YCKF |
| Capital expenditure | 374 | 0.2% | S100YCKF |
| Free cash flow | 5,331 | 3.1% | 算出 |
| Investing cash flow | 677 | 0.4% | S100YCKF |
| Financing cash flow | -6,593 | -3.8% | S100YCKF |
| Dividends paid | 1,782 | 1.0% | S100YCKF |
| Change in cash | 219 | 0.1% | S100YCKF |
| Cash and equivalents | 9,580 | 5.6% | S100YCKF |

## 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 | 9,307 | 8,893 | 8,793 | 9,361 | 9,580 | S100TNW8, S100VYO4, S100YCKF |
| Total assets | 72,809 | 78,601 | 78,884 | 84,049 | 91,037 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Net assets | 30,683 | 34,252 | 38,373 | 40,551 | 45,995 | S100TNW8, S100VYO4, S100YCKF |
| Share capital | 14,811 | 14,811 | 14,811 | 14,811 | 14,811 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Property, plant and equipment | 2,652 | 2,617 | 2,921 | 6,067 | 6,194 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Intangible assets excluding goodwill | 461 | 358 | 301 | 247 | 386 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Goodwill | 97 | 70 | 43 | 16 | — | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Investment securities | 2,988 | 2,767 | 3,288 | 2,242 | 2,971 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Current assets | 66,459 | 72,572 | 72,095 | 74,878 | 80,619 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Current liabilities | 41,630 | 43,712 | 39,949 | 42,768 | 43,864 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Trade payables | 14,455 | 13,858 | 13,350 | 15,558 | — | S100QZWE, S100TNW8, S100VYO4 |
| Short-term borrowings | 24,426 | 26,828 | 23,959 | 24,121 | 19,752 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Total liabilities | 42,125 | 44,348 | 40,510 | 43,497 | 45,042 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Non-controlling interests | 53 | 69 | 77 | 65 | 63 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Equity attributable to owners of parent | 28,692 | 31,305 | 32,335 | 34,668 | 37,852 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Retained earnings | 22,654 | 25,255 | 26,266 | 28,553 | 31,716 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |
| Treasury stock | -8,773 | -8,777 | -8,758 | -8,712 | -8,691 | S100QZWE, S100TNW8, S100VYO4, S100YCKF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YCKF |
| Property, plant and equipment | 7% | S100YCKF |
| Intangibles and goodwill | 0% | S100YCKF |
| Investment securities | 3% | S100YCKF |
| Other assets | 79% | S100YCKF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YCKF |
| Equity | 51% | S100YCKF |

### 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 | 72,809 | 78,601 | 78,884 | 84,049 | 91,037 |
| Equity | 30,683 | 34,252 | 38,373 | 40,551 | 45,995 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,307 | 8,893 | 8,793 | 9,361 | 9,580 |

## 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) | 3.6% | S100YCKF |
| Fixed assets ÷ total assets | 6.8% | S100YCKF |
| Goodwill ÷ parent equity | — | —, S100YCKF |

### 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) | 10.5% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.5% |
| Cash vs. profit gap | 750 JPY mn (of net income 15.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.0% |
| Shareholder payments — dividends / FCF | 33.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 11.9% |

## 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 | 2.0% | 1.70× | 3.5% | 2.54× | 8.8% | S100QZWE |
| 2023 | 2.4% | 2.13× | 5.1% | 2.52× | 12.8% | S100TNW8 |
| 2024 | 2.0% | 1.78× | 3.5% | 2.47× | 8.6% | S100VYO4 |
| 2025 | 2.2% | 1.93× | 4.3% | 2.43× | 10.5% | S100YCKF |
| 2026 | 2.9% | 1.97× | 5.7% | 2.41× | 13.7% | S100YCKF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.3% | 2026-03-31 |
| 新光商事株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社キングジム | Major shareholder | 1.9% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 松永 光正 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YCKF | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCKF,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100VYO4 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYO4,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TNW8 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNW8,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100QZWE | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZWE,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OE11 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE11,, |
| 訂正有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100MLSX | 2021-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MLSX,, |

## 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).