# Sanwa Holdings Corporation: 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91期(2025/04/01－2026/03/31) (S100YFHH)
> Page: https://vizora.meequs.com/en/company/sanwa-holdings
> Retrieved: 2026-09-30T19:14:49.805Z

## Company

Sanwa Holdings, founded in 1948, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 13,174 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanwa Holdings Corporation |
| Ticker | 5929 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5929.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 髙山 靖司 |
| Founded | Oct 1948 |
| Share capital | ¥38.4B |
| Employees (consolidated) | 13,174 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | March |
| Website | www.sanwa-hldgs.co.jp (https://www.sanwa-hldgs.co.jp/) |
| Corporate number | 3011101010289 |
| EDINET | E01385 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YFHH, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.3 | 56 |
| Profitability | 97.4 | 58 |
| Cash conversion | 29 | 50 |
| Efficiency | 90.5 | 58 |
| Financial strength | 93.8 | 8 |

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 44% of Sanwa Holdings's sales come from Japan, with North America and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -1.8%.

## Company structure

- Segment revenue mix: Japan 44.1%、North America 36.6%、Europe 17.4%、Asia 1.9%
- Revenue → net income: ¥660712000000 → ¥60168000000
- Net income → operating cash flow: ¥60168000000 → ¥61396000000（difference ¥1228000000）
- Main uses of operating cash flow: CapEx ¥14233000000 / dividends ¥25844000000 / buybacks —
- Change in cash: ¥-11567000000
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 | ¥660.7B |  |
| Operating income | ¥79.1B | Margin 12.0% |
| Net income | ¥59.8B | Margin 9.0% |
| Free cash flow | ¥47.2B |  |
| Largest business | Japan | of segment revenue 44.1% |
| Employees (consolidated) | 13,174 |  |
| EPS | ¥204 |  |
| Diluted EPS | ¥203.9 |  |
| Book value per share | ¥716.94 |  |
| Equity ratio | 63.6% |  |
| Shares outstanding | 221,000,000 |  |
| Treasury shares | 11,115,400 |  |
| Shareholders | 11,758 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 16.7% | Net cash ¥71B · Cash ÷ revenue 13.9% |
| Vs. industry median margin | +7.5 pp | Housing Equipment & Building Materials |
| ROE | 22.8% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥427061000000 | ¥660712000000 | +54.7% |
| Operating income | ¥33077000000 | ¥79095000000 | +139.1% |
| Operating margin | 7.7% | 12.0% | +4.2 pp |
| Employees | 11,540 people | 13,174 people | +14.2% |
| Cash and equivalents | ¥87795000000 | ¥91583000000 | +4.3% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 44.1% |
| 日本 → 事業再編・廃止 | 10.0% |
| 北米 → 北米 | 27.4% |
| 欧州 → 欧州 | 16.9% |
| アジア → アジア | 1.5% |
| 新設・再編 → 北米 | 9.2% |
| 新設・再編 → 欧州 | 0.5% |
| 新設・再編 → アジア | 0.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +4.7% | ¥291217000000 | 13.4% | 2 |
| North America | 5 years | +15.6% | ¥241737000000 | 15.6% | 2 |
| Europe | 5 years | +9.8% | ¥114947000000 | 1.9% | 2 |
| Asia | 5 years | +14.1% | ¥12745000000 | 0.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 660,712 | 100.0% | S100YFHH |
| Cost of revenue | 441,836 | 66.9% | S100YFHH |
| Gross profit | 218,875 | 33.1% | S100YFHH |
| SG&A | 139,779 | 21.2% | S100YFHH |
| Operating income | 79,095 | 12.0% | S100YFHH |
| Ordinary income | 80,647 | 12.2% | S100YFHH |
| Pretax income | 80,508 | 12.2% | S100YFHH |
| Income tax | 20,339 | 3.1% | S100YFHH |
| Net income | 60,168 | 9.1% | S100YFHH |
| Net income attributable to owners | 59,776 | 9.0% | S100YFHH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 21 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 33.1% → Operating margin 12.0% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -1.8%
Operating leverage (core profit growth ÷ revenue growth): 7.00×
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 | 662,380 | 660,712 | -1,668 | -0.3% |
| Gross profit | 218,258 | 218,875 | 617 | +0.3% |
| Operating income | 80,515 | 79,095 | -1,420 | -1.8% |
| Net income attributable to owners | 57,512 | 59,776 | 2,264 | +3.9% |
| Operating cash flow | 76,942 | 61,396 | -15,546 | -20.2% |
| Free cash flow | 61,286 | 47,163 | -14,123 | -23.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 440,161 | 34,217 | 7.8% | 21,647 | 32,301 | 23,882 | S100LMFT |
| FY ending Mar 2021 | 427,061 | 33,077 | 7.7% | 21,251 | 50,144 | 41,374 | S100OF88 |
| FY ending Mar 2022 | 468,956 | 35,487 | 7.6% | 22,842 | 20,526 | 11,245 | S100R3DF |
| FY ending Mar 2023 | 588,159 | 56,307 | 9.6% | 33,084 | 34,425 | 24,384 | S100TV7A |
| FY ending Mar 2024 | 611,107 | 65,360 | 10.7% | 43,228 | 72,427 | 59,063 | S100W1GE |
| FY ending Mar 2025 | 662,380 | 80,515 | 12.2% | 57,512 | 76,942 | 61,286 | S100YFHH |
| FY ending Mar 2026 | 660,712 | 79,095 | 12.0% | 59,776 | 61,396 | 47,163 | S100YFHH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.2M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 12,785 | 12,773 | 12,930 | 13,116 | 13,174 |
| Average salary (parent company) | ¥9.9M | ¥8.8M | ¥8.5M | ¥10M | ¥10.6M |
| Average age (parent company) | 45.0 years | 44.0 years | 43.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 16.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 291,217 | 44.1% | 39,067 | 13.4% |
| North America | 241,737 | 36.6% | 37,754 | 15.6% |
| Europe | 114,947 | 17.4% | 2,178 | 1.9% |
| Asia | 12,745 | 1.9% | 101 | 0.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 44.1% | 49.4% | 5.3 | 13.4% |
| North America | 36.6% | 47.7% | 11.1 | 15.6% |
| Europe | 17.4% | 2.8% | -14.6 | 1.9% |
| Asia | 1.9% | 0.1% | -1.8 | 0.8% |

Segment → industry: Asia → Housing Equipment & Building Materials / Europe → Housing Equipment & Building Materials / North America → Housing Equipment & Building Materials / Japan → Housing Equipment & Building Materials

## 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 | 61,396 | 9.3% | S100YFHH |
| Capital expenditure | 14,233 | 2.2% | S100YFHH |
| Free cash flow | 47,163 | 7.1% | 算出 |
| Investing cash flow | -17,917 | -2.7% | S100YFHH |
| Financing cash flow | -52,702 | -8.0% | S100YFHH |
| Dividends paid | 25,844 | 3.9% | S100YFHH |
| Change in cash | -11,567 | -1.8% | S100YFHH |
| Cash and equivalents | 91,583 | 13.9% | S100YFHH |

## 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 | 61,397 | 71,153 | 94,195 | 103,114 | 91,583 | S100TV7A, S100W1GE, S100YFHH |
| Total assets | 386,237 | 442,274 | 491,701 | 534,609 | 547,798 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Net assets | 203,311 | 242,350 | 285,501 | 324,192 | 350,984 | S100TV7A, S100W1GE, S100YFHH |
| Share capital | 38,413 | 38,413 | 38,413 | 38,413 | 38,413 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Property, plant and equipment | 74,967 | 83,364 | 91,942 | 98,454 | 101,807 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Intangible assets excluding goodwill | 29,573 | 27,084 | 22,504 | 22,199 | 21,747 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Goodwill | 10,789 | 7,601 | 4,907 | 3,551 | 3,253 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Investment securities | 28,756 | 32,054 | 33,886 | 33,426 | 51,097 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Current assets | 237,480 | 285,416 | 327,079 | 362,699 | 352,927 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Current liabilities | 128,981 | 144,508 | 139,734 | 148,676 | 150,779 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Trade payables | 62,558 | 63,843 | 60,435 | 48,540 | 33,130 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Short-term borrowings | 8,190 | 9,895 | 6,824 | 7,811 | 8,338 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Long-term borrowings | 9,966 | 10,816 | 17,319 | 14,252 | 2,217 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Bonds | 20,000 | 20,000 | 20,000 | 20,000 | 10,000 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Interest-bearing debt | 38,156 | 40,711 | 44,143 | 42,063 | 20,555 | 算出 |
| Total liabilities | 182,925 | 199,923 | 206,199 | 210,417 | 196,813 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Non-controlling interests | 1,376 | 1,437 | 1,688 | 2,049 | 2,426 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Equity attributable to owners of parent | 189,455 | 212,742 | 237,414 | 256,151 | 267,522 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Retained earnings | 121,256 | 144,460 | 174,019 | 204,938 | 223,235 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |
| Treasury stock | -9,947 | -9,869 | -14,801 | -26,631 | -33,557 | S100R3DF, S100TV7A, S100W1GE, S100YFHH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YFHH |
| Property, plant and equipment | 19% | S100YFHH |
| Intangibles and goodwill | 4% | S100YFHH |
| Investment securities | 9% | S100YFHH |
| Other assets | 51% | S100YFHH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YFHH |
| Interest-bearing debt | 4% | 算出 |
| Other liabilities | 26% | S100YFHH |
| Equity | 64% | S100YFHH |
| Other liabilities | 0% | S100YFHH |

### 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 | 386,237 | 442,274 | 491,701 | 534,609 | 547,798 |
| Equity | 203,311 | 242,350 | 285,501 | 324,192 | 350,984 |
| Interest-bearing debt | 38,156 | 40,711 | 44,143 | 42,063 | 20,555 |
| Cash | 61,397 | 71,153 | 94,195 | 103,114 | 91,583 |

## 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) | 15.4% | S100YFHH |
| Fixed assets ÷ total assets | 18.6% | S100YFHH |
| Goodwill ÷ parent equity | 1.2% | S100YFHH |

Goodwill over 4 years: 10,789 → 3,253 JPY; total investing cash flow: -110,204 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) | 16.7% |
| Cash ÷ revenue | 13.9% |
| Net cash (cash − interest-bearing debt) | ¥71B |
| Net debt ÷ operating cash flow | -1.16× |
| Cash conversion (operating CF ÷ operating income) | 77.6% |
| Cash vs. profit gap | 1,620 JPY mn (of net income 2.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 43.2% |
| Shareholder payments — dividends / FCF | 54.8% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 29.2% |

## 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 | 4.9% | 1.21× | 5.9% | 2.04× | 12.1% | S100R3DF |
| 2023 | 5.6% | 1.42× | 8.0% | 2.06× | 16.5% | S100TV7A |
| 2024 | 7.1% | 1.31× | 9.3% | 2.07× | 19.2% | S100W1GE |
| 2025 | 8.7% | 1.29× | 11.2% | 2.08× | 23.3% | S100YFHH |
| 2026 | 9.0% | 1.22× | 11.0% | 2.07× | 22.8% | S100YFHH |

## 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 | 14.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505010 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 BNYM | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥660.7B, down 0.3% from ¥662.4B the year before.
- Operating income fell 1.8% to ¥79.1B, but net income rose 3.9% to ¥59.8B.
- Cash generation weakened more: operating cash flow dropped 20.2% to ¥61.4B and free cash flow fell 23.0% to ¥47.2B.

### Drivers

- In Japan, price increases to cover higher costs took hold, and maintenance services and eco-friendly products such as Quick Saver sold well
- In North America, the company pushed sales and pricing in response to tariffs, and cut costs through productivity gains
- Europe stayed tough on a weak market and rising costs; in Asia, Taiwan held up while the East China business went through restructuring

### Risks

- Prices of steel sheet, aluminum and stainless steel may rise faster than the company can pass them on to customers
- A slowdown in any region could cut public works, business investment and housing starts, and with them demand for its products
- Overseas sales and assets are converted into yen, so currency swings can move results more than expected

Cited: Annual Securities Report, 91st term (Apr 2025 – Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 91st term (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第91期(2025/04/01－2026/03/31) | S100YFHH | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFHH,, |
| 有価証券報告書－第90期(2024/04/01－2025/03/31) | S100W1GE | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1GE,, |
| 有価証券報告書－第89期(2023/04/01－2024/03/31) | S100TV7A | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV7A,, |
| 有価証券報告書－第88期(2022/04/01－2023/03/31) | S100R3DF | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3DF,, |
| 有価証券報告書－第87期(令和3年4月1日－令和4年3月31日) | S100OF88 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF88,, |
| 有価証券報告書－第86期(令和2年4月1日－令和3年3月31日) | S100LMFT | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMFT,, |

## 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).