# SANSO ELECTRIC 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69期(2025/04/01－2026/03/31) (S100YE1K)
> Page: https://vizora.meequs.com/en/company/sanso-electric
> Retrieved: 2026-09-30T21:02:53.470Z

## Company

Sanso Electric, founded in 1957, is a company in Industrial Machinery listed on TSE Standard. It has 588 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANSO ELECTRIC CO.,LTD. |
| Ticker | 6518 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6518.T) |
| Listing | TSE Standard |
| Head office | 兵庫県姫路市青山北一丁目1番1号 |
| Representative (per filing) | 代表取締役社長 黒田 直樹 |
| Founded | Oct 1957 |
| Share capital | ¥921.6M |
| Employees (consolidated) | 588 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.sanso-elec.co.jp (https://www.sanso-elec.co.jp/) |
| Corporate number | 5140001059091 |
| EDINET | E02012 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YE1K, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.4 | 110 |
| Profitability | 23.4 | 122 |
| Cash conversion | 80.6 | 116 |
| Efficiency | 84.8 | 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)

- Sanso Electric brought in ¥18.3B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +14.1% from the prior year, operating profit +1040.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18292733000 → ¥568449000
- Net income → operating cash flow: ¥568449000 → ¥1711756000（difference ¥1143307000）
- Main uses of operating cash flow: CapEx ¥978951000 / dividends ¥113517000 / buybacks —
- Change in cash: ¥843625000
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 | ¥18.3B |  |
| Operating income | ¥794.7M | Margin 4.3% |
| Net income | ¥568.4M | Margin 3.1% |
| Free cash flow | ¥732.8M |  |
| Employees (consolidated) | 588 |  |
| EPS | ¥108.12 |  |
| Book value per share | ¥2391.82 |  |
| Equity ratio | 63.1% |  |
| Shares outstanding | 4,678,000 |  |
| Treasury shares | 101,100 |  |
| Shareholders | 723 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 16.8% | Cash ÷ revenue 18.3% |
| Vs. industry median margin | -3.2 pp | Industrial Machinery |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12926811000 | ¥18292733000 | +41.5% |
| Operating income | ¥385052000 | ¥794653000 | +106.4% |
| Operating margin | 3.0% | 4.3% | +1.4 pp |
| Employees | 565 people | 588 people | +4.1% |
| Cash and equivalents | ¥2922802000 | ¥3350037000 | +14.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,293 | 100.0% | S100YE1K |
| Cost of revenue | 14,934 | 81.6% | S100YE1K |
| Gross profit | 3,358 | 18.4% | S100YE1K |
| SG&A | 2,564 | 14.0% | S100YE1K |
| Operating income | 795 | 4.3% | S100YE1K |
| Ordinary income | 863 | 4.7% | S100YE1K |
| Pretax income | 846 | 4.6% | S100YE1K |
| Income tax | 278 | 1.5% | S100YE1K |
| Net income | 568 | 3.1% | S100YE1K |
| Net income attributable to owners | 568 | 3.1% | S100YE1K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.4% → Operating margin 4.3% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.1%; Core profit growth: +1040.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 73.67×
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 | 16,030 | 18,293 | 2,263 | +14.1% |
| Gross profit | 2,589 | 3,358 | 769 | +29.7% |
| Operating income | 70 | 795 | 725 | +1040.1% |
| Net income attributable to owners | 118 | 568 | 450 | +380.0% |
| Operating cash flow | 302 | 1,712 | 1,410 | +466.6% |
| Free cash flow | -1,707 | 733 | 2,440 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,719 | 245 | 1.8% | 173 | 1,518 | 548 | S100LJSO |
| FY ending Mar 2021 | 12,927 | 385 | 3.0% | 402 | 1,239 | 739 | S100OB77 |
| FY ending Mar 2022 | 17,099 | 806 | 4.7% | 884 | 570 | -23 | S100QYOY |
| FY ending Mar 2023 | 18,619 | 901 | 4.8% | 816 | 1,161 | 562 | S100TNQE |
| FY ending Mar 2024 | 17,667 | 678 | 3.8% | 493 | 2,040 | 1,367 | S100VZWU |
| FY ending Mar 2025 | 16,030 | 70 | 0.4% | 118 | 302 | -1,707 | S100YE1K |
| FY ending Mar 2026 | 18,293 | 795 | 4.3% | 568 | 1,712 | 733 | S100YE1K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.1M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥966.8K |

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) | 564 | 592 | 597 | 587 | 588 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.2M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 44.2 years | 44.3 years | 43.3 years | 43.4 years | 43.1 years |
| Average tenure (parent company) | 15.7 years | 15.6 years | 16.4 years | 16.6 years | 16.5 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +14.1%

## 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 | 1,712 | 9.4% | S100YE1K |
| Capital expenditure | 979 | 5.4% | S100YE1K |
| Free cash flow | 733 | 4.0% | 算出 |
| Investing cash flow | -691 | -3.8% | S100YE1K |
| Financing cash flow | -225 | -1.2% | S100YE1K |
| Dividends paid | 114 | 0.6% | S100YE1K |
| Change in cash | 844 | 4.6% | S100YE1K |
| Cash and equivalents | 3,350 | 18.3% | S100YE1K |

## 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 | 2,534 | 4,248 | 4,929 | 2,506 | 3,350 | S100TNQE, S100VZWU, S100YE1K |
| Total assets | 17,680 | 20,428 | 19,533 | 18,508 | 19,977 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Net assets | 10,369 | 11,122 | 11,715 | 11,898 | 12,606 | S100TNQE, S100VZWU, S100YE1K |
| Share capital | 894 | 902 | 909 | 915 | 922 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Trade receivables | 4,107 | 4,110 | 2,988 | 2,750 | 2,758 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Property, plant and equipment | 4,640 | 4,900 | 4,940 | 6,140 | 6,668 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Intangible assets excluding goodwill | 102 | 111 | 100 | 85 | 68 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Investment securities | 1,150 | 1,298 | 1,158 | 974 | 1,142 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Current assets | 11,164 | 13,482 | 12,824 | 10,829 | 11,672 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Current liabilities | 5,171 | 5,916 | 5,062 | 4,350 | 4,981 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Trade payables | 1,100 | 1,194 | 908 | 1,037 | 1,154 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Short-term borrowings | 371 | 500 | 402 | 312 | 412 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Long-term borrowings | 487 | 1,595 | 1,055 | 592 | 530 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Total liabilities | 7,311 | 9,306 | 7,818 | 6,610 | 7,371 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Equity attributable to owners of parent | 9,928 | 10,646 | 11,031 | 11,040 | 11,507 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Retained earnings | 7,265 | 7,968 | 8,338 | 8,334 | 8,788 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |
| Treasury stock | -79 | -79 | -79 | -79 | -79 | S100QYOY, S100TNQE, S100VZWU, S100YE1K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YE1K |
| Receivables | 14% | S100YE1K |
| Property, plant and equipment | 33% | S100YE1K |
| Intangibles and goodwill | 0% | S100YE1K |
| Investment securities | 6% | S100YE1K |
| Other assets | 30% | S100YE1K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YE1K |
| Other liabilities | 31% | S100YE1K |
| Equity | 63% | S100YE1K |
| Other liabilities | 0% | S100YE1K |

### 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 | 17,680 | 20,428 | 19,533 | 18,508 | 19,977 |
| Equity | 10,369 | 11,122 | 11,715 | 11,898 | 12,606 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,534 | 4,248 | 4,929 | 2,506 | 3,350 |

## 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) | 36.5% | S100YE1K |
| Fixed assets ÷ total assets | 33.4% | S100YE1K |
| Goodwill ÷ parent equity | — | —, S100YE1K |

### 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) | 16.8% |
| Cash ÷ revenue | 18.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 215.4% |
| Cash vs. profit gap | 1,143 JPY mn (of net income 201.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.0% |
| Shareholder payments — dividends / FCF | 15.5% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 40.3% |

## 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 | 5.2% | 0.97× | 5.0% | 1.78× | 8.9% | S100QYOY |
| 2023 | 4.4% | 0.98× | 4.3% | 1.85× | 7.9% | S100TNQE |
| 2024 | 2.8% | 0.88× | 2.5% | 1.84× | 4.5% | S100VZWU |
| 2025 | 0.7% | 0.84× | 0.6% | 1.72× | 1.1% | S100YE1K |
| 2026 | 3.1% | 0.95× | 3.0% | 1.71× | 5.0% | S100YE1K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ケイアールディー株式会社 | Major shareholder | 25.8% | 2026-03-31 |
| 三相電機取引先持株会 | Major shareholder | 13.5% | 2026-03-31 |
| 株式会社石野製作所 | Major shareholder | 8.8% | 2026-03-31 |
| 石野一郎 | Major shareholder | 5.5% | 2026-03-31 |
| 黒田直樹 | Major shareholder | 2.9% | 2026-03-31 |
| 倉茂電工株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 黒田栄子 | Major shareholder | 2.3% | 2026-03-31 |
| 三井住友カード株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社百十四銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YE1K | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE1K,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100VZWU | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZWU,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TNQE | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNQE,, |
| 有価証券報告書－第66期(2022/04/01－2023/03/31) | S100QYOY | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYOY,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OB77 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB77,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LJSO | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJSO,, |

## 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).