# SANWAYUKA INDUSTRY 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57期(2025/04/01－2026/03/31) (S100YEHE)
> Page: https://vizora.meequs.com/en/company/sanwayuka-industry
> Retrieved: 2026-09-30T21:10:39.254Z

## Company

Sanwayuka Industry, founded in 1989, is a company in Waste Management & Recycling listed on TSE Standard. It has 458 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANWAYUKA INDUSTRY CORPORATION |
| Ticker | 4125 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4125.T) |
| Listing | TSE Standard |
| Head office | 愛知県刈谷市一里山町深田15番地 |
| Representative (per filing) | 代表取締役社長執行役員 柳均 |
| Founded | Dec 1989 |
| Share capital | ¥1.59B |
| Employees (consolidated) | 458 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.sanwayuka.co.jp (https://www.sanwayuka.co.jp/) |
| Corporate number | 4180301014009 |
| EDINET | E37157 |
| Industries (Vizora) | Waste Management & Recycling |

> Profile source: annual securities report (S100YEHE, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.4 | 24 |
| Profitability | 58 | 25 |
| Cash conversion | 70 | 25 |
| 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)

- Sanwayuka Industry brought in ¥20.3B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +26.3% from the prior year, operating profit +84.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20263153000 → ¥1032582000
- Net income → operating cash flow: ¥1032582000 → ¥1944870000（difference ¥912288000）
- Main uses of operating cash flow: CapEx ¥3991822000 / dividends ¥185669000 / buybacks —
- Change in cash: ¥-352353000
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 | ¥20.3B |  |
| Operating income | ¥1.54B | Margin 7.6% |
| Net income | ¥1.07B | Margin 5.3% |
| Free cash flow | -¥2.05B |  |
| Employees (consolidated) | 458 |  |
| EPS | ¥149.45 |  |
| Book value per share | ¥2479.49 |  |
| Equity ratio | 51.2% |  |
| Shares outstanding | 4,320,420 |  |
| Treasury shares | 100 |  |
| Shareholders | 2,420 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 8.3% | Cash ÷ revenue 10.7% |
| Vs. industry median margin | +0.4 pp | Waste Management & Recycling |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12460844000 | ¥20263153000 | +62.6% |
| Operating income | ¥1060399000 | ¥1543532000 | +45.6% |
| Operating margin | 8.5% | 7.6% | -0.9 pp |
| Employees | 383 people | 458 people | +19.6% |
| Cash and equivalents | ¥1499310000 | ¥2159667000 | +44.0% |

### 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 | 20,263 | 100.0% | S100YEHE |
| Cost of revenue | 14,510 | 71.6% | S100YEHE |
| Gross profit | 5,753 | 28.4% | S100YEHE |
| SG&A | 4,209 | 20.8% | S100YEHE |
| Operating income | 1,544 | 7.6% | S100YEHE |
| Ordinary income | 1,702 | 8.4% | S100YEHE |
| Pretax income | 1,614 | 8.0% | S100YEHE |
| Income tax | 581 | 2.9% | S100YEHE |
| Net income | 1,033 | 5.1% | S100YEHE |
| Net income attributable to owners | 1,072 | 5.3% | S100YEHE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 28.4% → Operating margin 7.6% → Net margin 5.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.3%; Core profit growth: +84.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.21×
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 | 16,040 | 20,263 | 4,223 | +26.3% |
| Gross profit | 4,504 | 5,753 | 1,249 | +27.7% |
| Operating income | 836 | 1,544 | 707 | +84.6% |
| Net income attributable to owners | 591 | 1,072 | 480 | +81.2% |
| Operating cash flow | 1,671 | 1,945 | 273 | +16.4% |
| Free cash flow | -760 | -2,047 | -1,287 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 12,461 | 1,060 | 8.5% | 727 | 1,772 | 195 | S100OEW3 |
| FY ending Mar 2022 | 15,538 | 1,629 | 10.5% | 1,259 | 1,273 | -637 | S100R3A1 |
| FY ending Mar 2023 | 17,367 | 1,886 | 10.9% | 1,325 | 2,623 | 668 | S100TOVP |
| FY ending Mar 2024 | 15,633 | 1,280 | 8.2% | 1,042 | 2,037 | 818 | S100W0OO |
| FY ending Mar 2025 | 16,040 | 836 | 5.2% | 591 | 1,671 | -760 | S100YEHE |
| FY ending Mar 2026 | 20,263 | 1,544 | 7.6% | 1,072 | 1,945 | -2,047 | S100YEHE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.2M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 400 | 418 | 432 | 431 | 458 |
| Average salary (parent company) | ¥5.3M | ¥5.6M | ¥5.5M | ¥5.5M | ¥5.8M |
| Average age (parent company) | 35.7 years | 35.6 years | 36.0 years | 36.4 years | 36.7 years |
| Average tenure (parent company) | 8.4 years | 8.2 years | 8.6 years | 9.3 years | 9.6 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +26.3%

## 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 | 1,945 | 9.6% | S100YEHE |
| Capital expenditure | 3,992 | 19.7% | S100YEHE |
| Free cash flow | -2,047 | -10.1% | 算出 |
| Investing cash flow | -3,759 | -18.6% | S100YEHE |
| Financing cash flow | 1,462 | 7.2% | S100YEHE |
| Dividends paid | 186 | 0.9% | S100YEHE |
| Change in cash | -352 | -1.7% | S100YEHE |
| Cash and equivalents | 2,160 | 10.7% | S100YEHE |

## 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 | 3,220 | 2,978 | 2,744 | 1,627 | 2,160 | S100TOVP, S100W0OO, S100YEHE |
| Total assets | 21,382 | 20,842 | 21,123 | 20,637 | 26,021 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Net assets | 9,769 | 11,034 | 12,079 | 12,513 | 13,478 | S100TOVP, S100W0OO, S100YEHE |
| Share capital | 1,588 | 1,588 | 1,588 | 1,588 | 1,590 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Trade receivables | 3,172 | 2,833 | 2,676 | 2,839 | 3,468 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Property, plant and equipment | 11,904 | 11,994 | 12,418 | 13,175 | 16,079 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Intangible assets excluding goodwill | 27 | 50 | 103 | 96 | 538 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Goodwill | — | — | — | — | 192 | S100YEHE |
| Investment securities | 641 | 647 | 842 | 661 | 989 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Current assets | 8,177 | 7,507 | 7,076 | 6,078 | 7,794 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Current liabilities | 6,483 | 4,972 | 4,928 | 4,174 | 5,572 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Short-term borrowings | 500 | — | — | — | — | S100R3A1 |
| Long-term borrowings | 4,916 | 4,607 | 3,817 | 3,737 | 6,459 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Bonds | — | — | — | — | 70 | S100YEHE |
| Total liabilities | 11,613 | 9,809 | 9,043 | 8,123 | 12,543 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Non-controlling interests | — | 37 | 38 | 187 | 148 | S100TOVP, S100W0OO, S100YEHE |
| Equity attributable to owners of parent | 9,509 | 10,735 | 11,621 | 12,040 | 12,930 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Retained earnings | 6,408 | 7,604 | 8,490 | 8,909 | 9,795 | S100R3A1, S100TOVP, S100W0OO, S100YEHE |
| Treasury stock | — | — | -0 | -0 | -0 | S100W0OO, S100YEHE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YEHE |
| Receivables | 13% | S100YEHE |
| Property, plant and equipment | 62% | S100YEHE |
| Intangibles and goodwill | 3% | S100YEHE |
| Investment securities | 4% | S100YEHE |
| Other assets | 10% | S100YEHE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YEHE |
| Equity | 52% | S100YEHE |
| Other liabilities | 0% | S100YEHE |

### 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 | 21,382 | 20,842 | 21,123 | 20,637 | 26,021 |
| Equity | 9,769 | 11,034 | 12,079 | 12,513 | 13,478 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,220 | 2,978 | 2,744 | 1,627 | 2,160 |

## 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) | 79.4% | S100YEHE |
| Fixed assets ÷ total assets | 61.8% | S100YEHE |
| Goodwill ÷ parent equity | 1.5% | S100YEHE |

### 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) | 8.3% |
| Cash ÷ revenue | 10.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.0% |
| Cash vs. profit gap | 873 JPY mn (of net income 81.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 17.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 19.7% |
| Investing CF relative to operating CF | 193.3% |

## 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 | 8.1% | 0.73× | 5.9% | 2.25× | 13.2% | S100R3A1 |
| 2023 | 7.6% | 0.82× | 6.3% | 2.09× | 13.1% | S100TOVP |
| 2024 | 6.7% | 0.75× | 5.0% | 1.88× | 9.3% | S100W0OO |
| 2025 | 3.7% | 0.77× | 2.8% | 1.76× | 5.0% | S100YEHE |
| 2026 | 5.3% | 0.87× | 4.6% | 1.87× | 8.6% | S100YEHE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社エムエムエス | Major shareholder | 34.8% | 2026-03-31 |
| 三和油化社員持株会 | Major shareholder | 8.6% | 2026-03-31 |
| 柳 均 | Major shareholder | 5.3% | 2026-03-31 |
| 碧海信用金庫 | Major shareholder | 3.9% | 2026-03-31 |
| 柳 至 | Major shareholder | 3.0% | 2026-03-31 |
| 柳 忍 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 1.8% | 2026-03-31 |
| ベル投資事業有限責任組合 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 南海化学株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YEHE | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEHE,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W0OO | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0OO,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TOVP | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOVP,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R3A1 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3A1,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100OEW3 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEW3,, |

## 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).