# SANYEI 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77期(2025/04/01－2026/03/31) (S100YJU6)
> Page: https://vizora.meequs.com/en/company/sanyei
> Retrieved: 2026-09-30T18:59:07.786Z

## Company

Sanyei, founded in 1950, is a company in Shoes & Bags listed on TSE Standard. It has 432 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANYEI CORPORATION |
| Ticker | 8119 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8119.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区寿4丁目1番2号 |
| Representative (per filing) | 代表取締役社長 水越 雅己 |
| Founded | Feb 1950 |
| Share capital | ¥1B |
| Employees (consolidated) | 432 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.sanyeicorp.com (https://www.sanyeicorp.com/) |
| Corporate number | 1010501004662 |
| EDINET | E02647 |
| Industries (Vizora) | Shoes & Bags, Home Appliances, Specialty Trading & Wholesale, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YJU6, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.4 | 14 |
| Profitability | 30.6 | 18 |
| Cash conversion | 38.2 | 17 |
| Efficiency | 69.4 | 18 |
| Financial strength | 87.5 | 4 |

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 53% of Sanyei's sales come from furniture and houseware, with Fashion Accessories and Home Appliance making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -8.9% from the prior year, operating profit -51.0%.

## Company structure

- Segment revenue mix: furniture and houseware 52.9%、Fashion Accessories 32.7%、Home Appliance 8.3%、Other 6.0%
- Revenue → net income: ¥36332190000 → ¥572186000
- Net income → operating cash flow: ¥572186000 → ¥886774000（difference ¥314588000）
- Main uses of operating cash flow: CapEx ¥153361000 / dividends ¥346345000 / buybacks —
- Change in cash: ¥371231000
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 | ¥36.3B |  |
| Operating income | ¥1.03B | Margin 2.8% |
| Net income | ¥568.4M | Margin 1.6% |
| Free cash flow | ¥733.4M |  |
| Largest business | furniture and houseware | of segment revenue 52.9% |
| Employees (consolidated) | 432 |  |
| EPS | ¥8.23 |  |
| Diluted EPS | ¥8.23 |  |
| Book value per share | ¥1096.15 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 10,211,784 |  |
| Treasury shares | 706,400 |  |
| Shareholders | 4,930 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 32.8% | Net cash ¥4.43B · Cash ÷ revenue 22.3% |
| Vs. industry median margin | 0 pp | Specialty Trading & Wholesale |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +22% over five years
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33050887000 | ¥36332190000 | +9.9% |
| Operating income | ¥-709617000 | ¥1026907000 | — |
| Operating margin | -2.1% | 2.8% | +5 pp |
| Employees | 748 people | 432 people | -42.2% |
| Cash and equivalents | ¥6246431000 | ¥8092398000 | +29.6% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 家具家庭用品事業 → 家具家庭用品事業 | 52.9% |
| 家具家庭用品事業 → 事業再編・廃止 | 0.7% |
| 服飾雑貨事業 → 服飾雑貨事業 | 26.4% |
| 家電事業 → 家電事業 | 8.3% |
| 家電事業 → 事業再編・廃止 | 6.0% |
| その他 → その他 | 5.7% |
| 新設・再編 → 服飾雑貨事業 | 6.3% |
| 新設・再編 → その他 | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| furniture and houseware | 5 years | +1.6% | ¥19212696000 | 6.0% | 2 |
| Fashion Accessories | 5 years | +6.4% | ¥11898046000 | 7.2% | 2 |
| Home Appliance | 5 years | -8.6% | ¥3024304000 | -8.7% | 2 |
| Other | 5 years | +3.3% | ¥2197143000 | 2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,332 | 100.0% | S100YJU6 |
| Cost of revenue | 27,659 | 76.1% | S100YJU6 |
| Gross profit | 8,673 | 23.9% | S100YJU6 |
| SG&A | 7,646 | 21.0% | S100YJU6 |
| Operating income | 1,027 | 2.8% | S100YJU6 |
| Ordinary income | 1,156 | 3.2% | S100YJU6 |
| Pretax income | 1,377 | 3.8% | S100YJU6 |
| Income tax | 804 | 2.2% | S100YJU6 |
| Net income | 572 | 1.6% | S100YJU6 |
| Net income attributable to owners | 568 | 1.6% | S100YJU6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 21 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 23.9% → Operating margin 2.8% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.9%; Core profit growth: -51.0%
Operating leverage (core profit growth ÷ revenue growth): 5.76×
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 | 39,862 | 36,332 | -3,530 | -8.9% |
| Gross profit | 10,296 | 8,673 | -1,623 | -15.8% |
| Operating income | 2,097 | 1,027 | -1,070 | -51.0% |
| Net income attributable to owners | 974 | 568 | -406 | -41.7% |
| Operating cash flow | 3,776 | 887 | -2,889 | -76.5% |
| Free cash flow | 3,611 | 733 | -2,878 | -79.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,218 | 1,316 | 3.2% | 192 | 2,923 | 2,286 | S100LSQG |
| FY ending Mar 2021 | 33,051 | -710 | -2.1% | -717 | -763 | -1,099 | S100OIMF |
| FY ending Mar 2022 | 33,976 | -912 | -2.7% | -945 | -755 | -919 | S100R81I |
| FY ending Mar 2023 | 38,654 | 238 | 0.6% | -158 | 973 | 808 | S100TU9U |
| FY ending Mar 2024 | 36,689 | 1,164 | 3.2% | 538 | 530 | 193 | S100W3YY |
| FY ending Mar 2025 | 39,862 | 2,097 | 5.3% | 974 | 3,776 | 3,611 | S100YJU6 |
| FY ending Mar 2026 | 36,332 | 1,027 | 2.8% | 568 | 887 | 733 | S100YJU6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥84.1M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 699 | 627 | 576 | 490 | 432 |
| Average salary (parent company) | ¥6.2M | ¥6.4M | ¥6.8M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 41.0 years | 42.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 10.0 years | 11.0 years | 10.0 years | 11.0 years | 10.0 years |

Year over year: Employees (consolidated) -11.8% · Revenue (consolidated) -8.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| furniture and houseware | 19,213 | 52.9% | 1,149 | 6.0% |
| Fashion Accessories | 11,898 | 32.7% | 862 | 7.2% |
| Home Appliance | 3,024 | 8.3% | -262 | -8.7% |
| Other | 2,197 | 6.0% | 64 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| furniture and houseware | 52.9% | 55.4% | 2.5 | 6.0% |
| Fashion Accessories | 32.7% | 41.6% | 8.8 | 7.2% |
| Home Appliance | 8.3% | — | — | -8.7% |
| Other | 6.0% | 3.1% | -3.0 | 2.9% |

Loss-making segment (excluded from profit shares): Home Appliance -262 JPY mn

Segment → industry: Fashion Accessories → Shoes & Bags / Home Appliance → Home Appliances / Fashion Accessories → Specialty Trading & Wholesale / furniture and houseware → Specialty Trading & Wholesale / furniture and houseware → Furniture, Interior & Lifestyle Goods

## 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 | 887 | 2.4% | S100YJU6 |
| Capital expenditure | 153 | 0.4% | S100YJU6 |
| Free cash flow | 733 | 2.0% | 算出 |
| Investing cash flow | 268 | 0.7% | S100YJU6 |
| Financing cash flow | -854 | -2.4% | S100YJU6 |
| Dividends paid | 346 | 1.0% | S100YJU6 |
| Change in cash | 371 | 1.0% | S100YJU6 |
| Cash and equivalents | 8,092 | 22.3% | S100YJU6 |

## 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 | 4,600 | 4,445 | 4,442 | 7,721 | 8,092 | S100TU9U, S100W3YY, S100YJU6 |
| Total assets | 20,783 | 19,652 | 21,228 | 23,708 | 24,648 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Net assets | 10,104 | 10,198 | 11,496 | 13,430 | 14,742 | S100TU9U, S100W3YY, S100YJU6 |
| Share capital | 1,001 | 1,001 | 1,001 | 1,001 | 1,001 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Property, plant and equipment | 2,041 | 1,776 | 1,694 | 1,551 | 1,498 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Intangible assets excluding goodwill | 547 | 362 | 254 | 222 | 767 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Goodwill | — | — | — | — | 546 | S100YJU6 |
| Investment securities | 1,726 | 1,850 | 3,000 | 4,370 | 5,668 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Current assets | 15,707 | 15,001 | 15,820 | 17,205 | 16,368 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Current liabilities | 6,686 | 5,541 | 8,512 | 8,108 | 6,721 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Trade payables | 1,762 | 1,817 | 2,006 | 2,210 | 2,109 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Short-term borrowings | 2,873 | 1,742 | 1,356 | 3,621 | 2,509 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Long-term borrowings | 1,200 | 1,200 | 50 | 500 | 450 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Bonds | 1,950 | 1,950 | — | — | 700 | S100R81I, S100TU9U, S100YJU6 |
| Interest-bearing debt | 6,023 | 4,892 | — | — | 3,659 | 算出 |
| Total liabilities | 10,678 | 9,455 | 9,732 | 10,278 | 9,906 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Non-controlling interests | 39 | 43 | 46 | 50 | 54 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Equity attributable to owners of parent | 9,097 | 8,912 | 9,197 | 9,966 | 10,212 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Retained earnings | 7,747 | 7,541 | 7,973 | 8,671 | 8,893 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |
| Treasury stock | -348 | -322 | -465 | -389 | -374 | S100R81I, S100TU9U, S100W3YY, S100YJU6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YJU6 |
| Property, plant and equipment | 6% | S100YJU6 |
| Intangibles and goodwill | 5% | S100YJU6 |
| Investment securities | 23% | S100YJU6 |
| Other assets | 33% | S100YJU6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJU6 |
| Interest-bearing debt | 15% | 算出 |
| Other liabilities | 17% | S100YJU6 |
| Equity | 60% | S100YJU6 |
| Other liabilities | 0% | S100YJU6 |

### 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 | 20,783 | 19,652 | 21,228 | 23,708 | 24,648 |
| Equity | 10,104 | 10,198 | 11,496 | 13,430 | 14,742 |
| Interest-bearing debt | 6,023 | 4,892 | — | — | 3,659 |
| Cash | 4,600 | 4,445 | 4,442 | 7,721 | 8,092 |

## 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) | 4.1% | S100YJU6 |
| Fixed assets ÷ total assets | 6.1% | S100YJU6 |
| Goodwill ÷ parent equity | 5.3% | S100YJU6 |

### 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) | 32.8% |
| Cash ÷ revenue | 22.3% |
| Net cash (cash − interest-bearing debt) | ¥4.43B |
| Net debt ÷ operating cash flow | -5.00× |
| Cash conversion (operating CF ÷ operating income) | 86.4% |
| Cash vs. profit gap | 318 JPY mn (of net income 56.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 60.9% |
| Shareholder payments — dividends / FCF | 47.2% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 30.2% |

## 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 | — | —× | -4.5% | —× | — | S100R81I |
| 2023 | — | —× | -0.8% | —× | — | S100TU9U |
| 2024 | 1.5% | 1.79× | 2.6% | 2.26× | 5.9% | S100W3YY |
| 2025 | 2.4% | 1.77× | 4.3% | 2.34× | 10.2% | S100YJU6 |
| 2026 | 1.6% | 1.50× | 2.4% | 2.40× | 5.6% | S100YJU6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三栄コーポレーション取引先持株会 | Major shareholder | 6.4% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| MUFGファイナンス＆リーシング株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| ＳＭＢＣ日興証券㈱ | Major shareholder | 3.2% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 秋元 利規 | Major shareholder | 2.6% | 2026-03-31 |
| 三栄コーポレーション・グループ従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 水谷 裕之 | Major shareholder | 2.3% | 2026-03-31 |
| 小林 敬幸 | Major shareholder | 2.1% | 2026-03-31 |
| 綜通㈱ | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YJU6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJU6,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W3YY | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3YY,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TU9U | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU9U,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R81I | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R81I,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OIMF | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIMF,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LSQG | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSQG,, |

## 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).