# santo co.,ltd: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2024/07/01－2025/06/30) (S100WROP)
> Page: https://vizora.meequs.com/en/company/santo
> Retrieved: 2026-09-30T21:31:02.069Z

## Company

santo is a company in Real Estate Development & Leasing listed on TSE Standard. It has 121 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANTO CORPORATION |
| Ticker | 1788 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1788.T) |
| Listing | TSE Standard |
| Head office | 滋賀県甲賀市信楽町江田610番地 (同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 杉本 修啓 |
| Share capital | ¥849.5M |
| Employees (consolidated) | 121 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | June |
| Website | www.santo.co.jp.html (https://www.santo.co.jp.html/) |
| Corporate number | 7160001005521 |
| EDINET | E00259 |
| Industries (Vizora) | Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100WROP, filed 2025-09-29). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 15.8 | 92 |
| Cash conversion | 29.1 | 91 |
| Efficiency | 94 | 92 |

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 57% of santo's sales come from PUBLIC WORKS, with CONSTRUCTION WORKS and REAL ESTATE making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +10.8% from the prior year, operating profit +64.1%.

## Company structure

- Segment revenue mix: PUBLIC WORKS 57.3%、CONSTRUCTION WORKS 42.1%、REAL ESTATE 0.6%
- Revenue → net income: ¥8199727000 → ¥238259000
- Net income → operating cash flow: ¥238259000 → ¥79862000（difference ¥-158397000）
- Main uses of operating cash flow: CapEx ¥128378000 / dividends ¥61802000 / buybacks —
- Change in cash: ¥-153822000
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 | ¥8.2B |  |
| Operating income | ¥327M | Margin 4.0% |
| Net income | ¥231.2M | Margin 2.8% |
| Free cash flow | -¥48.5M |  |
| Largest business | PUBLIC WORKS | of segment revenue 57.3% |
| Employees (consolidated) | 121 |  |
| EPS | ¥319.37 |  |
| Book value per share | ¥5273.39 |  |
| Equity ratio | 66.5% |  |
| Shares outstanding | 686,000 |  |
| Treasury shares | 63,600 |  |
| Shareholders | 728 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 22.4% | Cash ÷ revenue 13.9% |
| Vs. industry median margin | -2.9 pp | General Contractors |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 83% of positive segment profit
- FY2025, segment profit share differs by -34 points

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5703442000 | ¥8199727000 | — |
| Operating income | ¥91097000 | ¥327031000 | — |
| Operating margin | 1.6% | 4.0% | +2.4 pp |
| Employees | 84 people | 121 people | — |
| Cash and equivalents | ¥951059000 | ¥1141009000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 土木事業 → 土木事業 | 57.3% |
| 土木事業 → 事業再編・廃止 | 13.0% |
| 建築事業 → 建築事業 | 29.2% |
| 環境開発事業 → 環境開発事業 | 0.6% |
| 新設・再編 → 建築事業 | 12.9% |
| 新設・再編 → 環境開発事業 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| PUBLIC WORKS | — | — | ¥4696764000 | 5.8% | 2 |
| CONSTRUCTION WORKS | — | — | ¥3449783000 | 0.8% | 2 |
| REAL ESTATE | — | — | ¥53179000 | 49.3% | 2 |

## Income statement（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,200 | 100.0% | S100WROP |
| Cost of revenue | 7,190 | 87.7% | S100WROP |
| Gross profit | 1,009 | 12.3% | S100WROP |
| SG&A | 682 | 8.3% | S100WROP |
| Operating income | 327 | 4.0% | S100WROP |
| Ordinary income | 338 | 4.1% | S100WROP |
| Pretax income | 350 | 4.3% | S100WROP |
| Income tax | 112 | 1.4% | S100WROP |
| Net income | 238 | 2.9% | S100WROP |
| Net income attributable to owners | 231 | 2.8% | S100WROP |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 8 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.3% → Operating margin 4.0% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.8%; Core profit growth: +64.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.93×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,400 | 8,200 | 800 | +10.8% |
| Gross profit | 817 | 1,009 | 192 | +23.5% |
| Operating income | 199 | 327 | 128 | +64.1% |
| Net income attributable to owners | 132 | 231 | 99 | +74.7% |
| Operating cash flow | -499 | 80 | 579 | — |
| Free cash flow | -577 | -49 | 528 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 5,500 | 97 | 1.8% | 55 | 141 | 74 | S100JREJ |
| FY ending Jun 2020 | 5,703 | 91 | 1.6% | 97 | 132 | 71 | S100MHHY |
| FY ending Jun 2021 | 7,452 | 212 | 2.8% | 143 | 370 | 356 | S100P8EQ |
| FY ending Jun 2022 | 6,752 | 253 | 3.7% | 186 | 1,034 | 956 | S100P8EQ |
| FY ending Jun 2023 | 6,920 | 342 | 4.9% | 225 | -296 | -330 | S100UG22 |
| FY ending Jun 2024 | 7,400 | 199 | 2.7% | 132 | -499 | -577 | S100WROP |
| FY ending Jun 2025 | 8,200 | 327 | 4.0% | 231 | 80 | -49 | S100WROP |

## People and productivity（FY ending Jun 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.8M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 95 | 97 | 116 | 117 | 121 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥7.3M | ¥7.4M | ¥7.9M |
| Average age (parent company) | 45.7 years | 46.7 years | 46.1 years | 46.3 years | 46.0 years |
| Average tenure (parent company) | 16.2 years | 16.9 years | 16.6 years | 16.8 years | 16.3 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +10.8%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| PUBLIC WORKS | 4,697 | 57.3% | 273 | 5.8% |
| CONSTRUCTION WORKS | 3,450 | 42.1% | 28 | 0.8% |
| REAL ESTATE | 53 | 0.6% | 26 | 49.3% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| PUBLIC WORKS | 57.3% | 83.4% | 26.2 | 5.8% |
| CONSTRUCTION WORKS | 42.1% | 8.5% | -33.5 | 0.8% |
| REAL ESTATE | 0.6% | 8.0% | 7.4 | 49.3% |

Segment → industry: REAL ESTATE → Real Estate Development & Leasing / CONSTRUCTION WORKS → General Contractors / PUBLIC WORKS → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 80 | 1.0% | S100WROP |
| Capital expenditure | 128 | 1.6% | S100WROP |
| Free cash flow | -49 | -0.6% | 算出 |
| Investing cash flow | -158 | -1.9% | S100WROP |
| Financing cash flow | -76 | -0.9% | S100WROP |
| Dividends paid | 62 | 0.8% | S100WROP |
| Change in cash | -154 | -1.9% | S100WROP |
| Cash and equivalents | 1,141 | 13.9% | S100WROP |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,281 | 2,215 | 1,930 | 1,295 | 1,141 | S100P8EQ, S100WROP |
| Total assets | 4,866 | 4,769 | 4,868 | 4,517 | 5,087 | S100P8EQ, S100UG22, S100WROP |
| Net assets | 2,665 | 2,834 | 3,097 | 3,210 | 3,430 | S100P8EQ, S100WROP |
| Share capital | 850 | 850 | 850 | 850 | 850 | S100P8EQ, S100UG22, S100WROP |
| Property, plant and equipment | 708 | 729 | 739 | 769 | 848 | S100P8EQ, S100UG22, S100WROP |
| Intangible assets excluding goodwill | 23 | 20 | 18 | 31 | 30 | S100P8EQ, S100UG22, S100WROP |
| Investment securities | 165 | 179 | 234 | 251 | 299 | S100P8EQ, S100UG22, S100WROP |
| Current assets | 3,812 | 3,684 | 3,733 | 3,312 | 3,743 | S100P8EQ, S100UG22, S100WROP |
| Current liabilities | 2,143 | 1,884 | 1,688 | 1,196 | 1,549 | S100P8EQ, S100UG22, S100WROP |
| Short-term borrowings | — | — | — | — | 5 | S100WROP |
| Total liabilities | 2,201 | 1,935 | 1,771 | 1,307 | 1,657 | S100P8EQ, S100UG22, S100WROP |
| Non-controlling interests | — | — | 31 | 38 | 45 | S100UG22, S100WROP |
| Equity attributable to owners of parent | 2,628 | 2,787 | 2,980 | 3,072 | 3,258 | S100P8EQ, S100UG22, S100WROP |
| Retained earnings | 1,329 | 1,479 | 1,666 | 1,743 | 1,912 | S100P8EQ, S100UG22, S100WROP |
| Treasury stock | -180 | -171 | -167 | -156 | -146 | S100P8EQ, S100UG22, S100WROP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100WROP |
| Property, plant and equipment | 17% | S100WROP |
| Intangibles and goodwill | 1% | S100WROP |
| Investment securities | 6% | S100WROP |
| Other assets | 54% | S100WROP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100WROP |
| Equity | 67% | S100WROP |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,866 | 4,769 | 4,868 | 4,517 | 5,087 |
| Equity | 2,665 | 2,834 | 3,097 | 3,210 | 3,430 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,281 | 2,215 | 1,930 | 1,295 | 1,141 |

## 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) | 10.3% | S100WROP |
| Fixed assets ÷ total assets | 16.7% | S100WROP |
| Goodwill ÷ parent equity | — | —, S100WROP |

### 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) | 22.4% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 24.4% |
| Cash vs. profit gap | -151 JPY mn (of net income -65.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 197.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.9% | 1.53× | 2.9% | 1.85× | 5.4% | S100P8EQ |
| 2022 | 2.8% | 1.40× | 3.9% | 1.78× | 6.9% | S100P8EQ |
| 2023 | 3.3% | 1.42× | 4.6% | 1.63× | 7.6% | S100UG22 |
| 2024 | 1.8% | 1.58× | 2.8% | 1.55× | 4.4% | S100WROP |
| 2025 | 2.8% | 1.71× | 4.8% | 1.52× | 7.3% | S100WROP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社東物産 | Major shareholder | 14.1% | 2025-06-30 |
| 三東工業社従業員持株会 | Major shareholder | 5.8% | 2025-06-30 |
| 中川 徹 | Major shareholder | 5.3% | 2025-06-30 |
| 株式会社滋賀銀行 | Major shareholder | 4.5% | 2025-06-30 |
| 三東工業社三東会持株会 | Major shareholder | 3.5% | 2025-06-30 |
| 奥田 克実 | Major shareholder | 3.1% | 2025-06-30 |
| 東 一孝 | Major shareholder | 2.9% | 2025-06-30 |
| 中川 千秋 | Major shareholder | 2.8% | 2025-06-30 |
| 大西 藤司 | Major shareholder | 2.6% | 2025-06-30 |
| 太洋基礎工業株式会社 | Major shareholder | 2.6% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2024/07/01－2025/06/30) | S100WROP | 2025-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WROP,, |
| 有価証券報告書－第70期(2023/07/01－2024/06/30) | S100UG22 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UG22,, |
| 有価証券報告書－第69期(2022/07/01－2023/06/30) | S100RWFB | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWFB,, |
| 有価証券報告書－第68期(令和3年7月1日－令和4年6月30日) | S100P8EQ | 2022-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8EQ,, |
| 有価証券報告書－第67期(令和2年7月1日－令和3年6月30日) | S100MHHY | 2021-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MHHY,, |
| 有価証券報告書－第66期(令和1年7月1日－令和2年6月30日) | S100JREJ | 2020-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JREJ,, |

## 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).