# SANYO DENKI CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第124期(2025/04/01－2026/03/31) (S100YCEQ)
> Page: https://vizora.meequs.com/en/company/sanyo-denki
> Retrieved: 2026-09-30T22:16:55.332Z

## Company

Sanyo Denki, founded in 1927, is a company in Robots & Factory Automation listed on TSE Prime. It has 3,599 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANYO DENKI CO., LTD. |
| Ticker | 6516 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6516.T) |
| Listing | TSE Prime |
| Head office | 東京都豊島区南大塚三丁目33番1号 |
| Representative (per filing) | 代表取締役会長 山本茂生 |
| Founded | Aug 1927 |
| Share capital | ¥9.93B |
| Employees (consolidated) | 3,599 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.sanyodenki.co.jp (https://www.sanyodenki.co.jp/) |
| Corporate number | 1013301004808 |
| EDINET | E01806 |
| Industries (Vizora) | Robots & Factory Automation, Electrical Equipment, Electronic Components |

> Profile source: annual securities report (S100YCEQ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.4 | 53 |
| Profitability | 74.1 | 56 |
| Cash conversion | 28.1 | 48 |
| Efficiency | 40.2 | 56 |

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 40% of Sanyo Denki's sales come from San Ace Company, with Motion Company and Electronics Company making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit +37.2%.

## Company structure

- Segment revenue mix: San Ace Company 40.2%、Motion Company 36.9%、Electronics Company 22.9%
- Revenue → net income: ¥107346000000 → ¥8661000000
- Net income → operating cash flow: ¥8661000000 → ¥10829000000（difference ¥2168000000）
- Main uses of operating cash flow: CapEx ¥2857000000 / dividends ¥2248000000 / buybacks ¥977000000
- Change in cash: ¥-178000000
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 | ¥107.3B |  |
| Operating income | ¥10.9B | Margin 10.1% |
| Net income | ¥8.66B | Margin 8.1% |
| Free cash flow | ¥7.97B |  |
| Largest business | San Ace Company | of segment revenue 40.2% |
| Employees (consolidated) | 3,599 |  |
| EPS | ¥243.89 |  |
| Diluted EPS | ¥243.76 |  |
| Book value per share | ¥1917.9 |  |
| Equity ratio | 76.9% | Derived from disclosed figures |
| Shares outstanding | 38,916,561 |  |
| Treasury shares | 3,401,500 |  |
| Shareholders | 3,241 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 26.8% |
| Vs. industry median margin | +4.2 pp | Electronic Components |
| ROE | 7.2% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, employees -1% while operating income rose 37%
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥77506000000 | ¥107346000000 | +38.5% |
| Operating income | ¥4830000000 | ¥10885000000 | +125.4% |
| Operating margin | 6.2% | 10.1% | +3.9 pp |
| Employees | 3,671 people | 3,599 people | -2.0% |
| Cash and equivalents | ¥14848000000 | ¥28719000000 | +93.4% |

### 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 → 事業再編・廃止 | 68.9% |
| 北米 → 事業再編・廃止 | 13.6% |
| ヨーロッパ → 事業再編・廃止 | 5.8% |
| 東アジア → 事業再編・廃止 | 11.2% |
| 東南アジア → 事業再編・廃止 | 0.5% |
| 新設・再編 → サンエースカンパニー | 40.2% |
| 新設・再編 → エレクトロニクスカンパニー | 22.9% |
| 新設・再編 → モーションカンパニー | 36.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| San Ace Company | 2 years | -2.5% | ¥40826000000 | 20.1% | 2 |
| Motion Company | 2 years | -3.6% | ¥37543000000 | 3.3% | 2 |
| Electronics Company | 2 years | -1.2% | ¥23249000000 | 4.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 107,346 | 100.0% | S100YCEQ |
| Cost of revenue | 77,392 | 72.1% | S100YCEQ |
| Gross profit | 29,953 | 27.9% | S100YCEQ |
| SG&A | 19,279 | 18.0% | S100YCEQ |
| Operating income | 10,885 | 10.1% | S100YCEQ |
| Pretax income | 11,747 | 10.9% | S100YCEQ |
| Income tax | 3,086 | 2.9% | S100YCEQ |
| Net income | 8,661 | 8.1% | S100YCEQ |
| Net income attributable to owners | 8,661 | 8.1% | S100YCEQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 18 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 27.9% → Operating margin 10.1% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.7%; Core profit growth: +37.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.83×
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 | 97,847 | 107,346 | 9,499 | +9.7% |
| Gross profit | 25,125 | 29,953 | 4,828 | +19.2% |
| Operating income | 7,936 | 10,885 | 2,949 | +37.2% |
| Net income attributable to owners | 5,637 | 8,661 | 3,024 | +53.6% |
| Operating cash flow | 15,788 | 10,829 | -4,959 | -31.4% |
| Free cash flow | 11,987 | 7,972 | -4,015 | -33.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 74,798 | — | — | 4,031 | 6,571 | — | S100LIPB |
| FY ending Mar 2018 | 89,188 | — | — | 6,415 | 5,797 | — | S100O8DU |
| FY ending Mar 2019 | 84,678 | — | — | 4,983 | 3,058 | — | S100QY25 |
| FY ending Mar 2020 | 70,706 | 1,043 | 1.5% | 426 | 8,728 | 3,023 | S100LIPB |
| FY ending Mar 2021 | 77,506 | 4,830 | 6.2% | 3,942 | 4,959 | 799 | S100O8DU |
| FY ending Mar 2022 | 101,123 | 10,971 | 10.8% | 9,015 | 8,234 | 3,540 | S100QY25 |
| FY ending Mar 2023 | 120,803 | 13,421 | 11.1% | 11,410 | 8,258 | 4,232 | S100TN9M |
| FY ending Mar 2024 | 112,904 | 11,811 | 10.5% | 10,477 | 21,452 | 14,693 | S100VZAX |
| FY ending Mar 2025 | 97,847 | 7,936 | 8.1% | 5,637 | 15,788 | 11,987 | S100YCEQ |
| FY ending Mar 2026 | 107,346 | 10,885 | 10.1% | 8,661 | 10,829 | 7,972 | S100YCEQ |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.8M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 3,631 | 3,720 | 3,705 | 3,646 | 3,599 |
| Average salary (parent company) | ¥6.2M | ¥6.5M | ¥6.5M | ¥6.3M | ¥6.8M |
| Average age (parent company) | 42.6 years | 42.5 years | 42.8 years | 42.8 years | 42.6 years |
| Average tenure (parent company) | 17.1 years | 16.7 years | 16.8 years | 16.8 years | 16.4 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +9.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| San Ace Company | 40,826 | 40.2% | 8,195 | 20.1% |
| Electronics Company | 23,249 | 22.9% | 1,142 | 4.9% |
| Motion Company | 37,543 | 36.9% | 1,225 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| San Ace Company | 40.2% | 77.6% | 37.4 | 20.1% |
| Electronics Company | 22.9% | 10.8% | -12.1 | 4.9% |
| Motion Company | 36.9% | 11.6% | -25.3 | 3.3% |

Segment → industry: Motion Company → Robots & Factory Automation / Electronics Company → Robots & Factory Automation / Electronics Company → Electrical Equipment / San Ace Company → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,829 | 10.1% | S100YCEQ |
| Capital expenditure | 2,857 | 2.7% | S100YCEQ |
| Free cash flow | 7,972 | 7.4% | 算出 |
| Investing cash flow | -7,658 | -7.1% | S100YCEQ |
| Financing cash flow | -4,923 | -4.6% | S100YCEQ |
| Dividends paid | 2,248 | 2.1% | S100YCEQ |
| Share buyback | 977 | 0.9% | S100YCEQ |
| Change in cash | -178 | -0.2% | S100YCEQ |
| Cash and equivalents | 28,719 | 26.8% | S100YCEQ |

## 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 | 18,778 | 20,548 | 26,687 | 28,898 | 28,719 | S100TN9M, S100VZAX, S100YCEQ |
| Total assets | 128,667 | 143,871 | 150,688 | 145,628 | 166,367 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Net assets | 80,655 | 93,217 | 110,373 | 113,347 | 127,861 | S100TN9M, S100VZAX, S100YCEQ |
| Share capital | 9,926 | 9,926 | 9,926 | 9,926 | 9,926 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Property, plant and equipment | 24,985 | 24,106 | 27,271 | 24,592 | 23,263 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Current assets | 84,253 | 99,660 | 96,958 | 94,862 | 107,320 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Total liabilities | 48,012 | 50,654 | 40,314 | 32,280 | 38,506 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Equity attributable to owners of parent | 80,645 | 93,205 | 110,358 | 113,347 | 127,860 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Retained earnings | 57,198 | 67,631 | 79,373 | 84,726 | 93,698 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |
| Treasury stock | -2,426 | -2,395 | -3,518 | -3,500 | -4,442 | S100QY25, S100TN9M, S100VZAX, S100YCEQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YCEQ |
| Property, plant and equipment | 14% | S100YCEQ |
| Other assets | 69% | S100YCEQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YCEQ |
| Equity | 77% | S100YCEQ |

### 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 | 128,667 | 143,871 | 150,688 | 145,628 | 166,367 |
| Equity | 80,655 | 93,217 | 110,373 | 113,347 | 127,861 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,778 | 20,548 | 26,687 | 28,898 | 28,719 |

## 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) | 21.7% | S100YCEQ |
| Fixed assets ÷ total assets | 14.0% | S100YCEQ |
| Goodwill ÷ parent equity | — | —, S100YCEQ |

### 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) | 17.3% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.5% |
| Cash vs. profit gap | 2,168 JPY mn (of net income 25.0%) |
| Shareholder returns / net income | 37.2% |
| Shareholder returns / FCF | 40.5% |
| Shareholder payments — dividends / net income | 26.0% |
| Shareholder payments — dividends / FCF | 28.2% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 70.7% |

## 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 | 8.9% | 0.79× | 7.0% | 1.60× | 11.2% | S100QY25 |
| 2023 | 9.4% | 0.89× | 8.4% | 1.57× | 13.1% | S100TN9M |
| 2024 | 9.3% | 0.77× | 7.1% | 1.45× | 10.3% | S100VZAX |
| 2025 | 5.8% | 0.66× | 3.8% | 1.32× | 5.0% | S100YCEQ |
| 2026 | 8.1% | 0.69× | 5.6% | 1.29× | 7.2% | S100YCEQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 協同興業株式会社 | Major shareholder | 15.6% | 2026-03-31 |
| INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST(常任代理人 立花証券株式会社) | Major shareholder | 9.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.5% | 2026-03-31 |
| INTERTRUST TRUSTEES (CAYMAN) LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.8% | 2026-03-31 |
| 山洋開発株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社八十二長野銀行 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YCEQ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCEQ,, |
| 有価証券報告書－第123期(2024/04/01－2025/03/31) | S100VZAX | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZAX,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TN9M | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN9M,, |
| 有価証券報告書－第121期(2022/04/01－2023/03/31) | S100QY25 | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY25,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100O8DU | 2022-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8DU,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LIPB | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIPB,, |

## 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).