# Sanyo Electric Railway Co.,Ltd.: 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137期(2025/04/01－2026/03/31) (S100YD7X)
> Page: https://vizora.meequs.com/en/company/sanyo-electric-railway
> Retrieved: 2026-09-30T19:15:30.370Z

## Company

Sanyo Electric Railway, founded in 1907, is a company in Sporting Goods & Fitness listed on TSE Prime. It has 1,930 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanyo Electric Railway Co.,Ltd. |
| Ticker | 9052 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9052.T) |
| Listing | TSE Prime |
| Head office | 神戸市長田区御屋敷通3丁目1番1号 |
| Representative (per filing) | 代表取締役社長 伊東 正博 |
| Founded | Jul 1907 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 1,930 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.sanyo-railway.co.jp (https://www.sanyo-railway.co.jp/) |
| Corporate number | 8140001016148 |
| EDINET | E04125 |
| Industries (Vizora) | Sporting Goods & Fitness, Real Estate Development & Leasing, Private Railways, Convenience Stores, Department Stores |

> Profile source: annual securities report (S100YD7X, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Private Railways (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.8 | 18 |
| Profitability | 75 | 18 |
| Cash conversion | 91.2 | 17 |
| Efficiency | 36.1 | 18 |

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 55% of Sanyo Electric Railway's sales come from Transportation, with Retailing and Real estate business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +4.3% from the prior year, operating profit +10.2%.

## Company structure

- Segment revenue mix: Transportation 54.7%、Retailing 24.1%、Real estate business 15.0%、Leisure services 6.2%
- Revenue → net income: ¥40132000000 → ¥4045000000
- Net income → operating cash flow: ¥4045000000 → ¥8020000000（difference ¥3975000000）
- Main uses of operating cash flow: CapEx ¥5583000000 / dividends ¥1002000000 / buybacks —
- Change in cash: ¥993000000
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 | ¥40.1B |  |
| Operating income | ¥4.48B | Margin 11.2% |
| Net income | ¥4.04B | Margin 10.1% |
| Free cash flow | ¥2.44B |  |
| Largest business | Transportation | of segment revenue 54.7% |
| Employees (consolidated) | 1,930 |  |
| EPS | ¥169.07 |  |
| Book value per share | ¥2516.14 |  |
| Equity ratio | 47.8% |  |
| Shares outstanding | 22,330,000 |  |
| Treasury shares | 38,500 |  |
| Shareholders | 8,561 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | +0.9 pp | Private Railways |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 39 points
- FY2026, employees -3% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43490000000 | ¥40132000000 | -7.7% |
| Operating income | ¥781000000 | ¥4478000000 | +473.4% |
| Operating margin | 1.8% | 11.2% | +9.4 pp |
| Employees | 2,000 people | 1,930 people | -3.5% |
| Cash and equivalents | ¥5957000000 | ¥7805000000 | +31.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 運輸業 → 運輸業 | 36.3% |
| 流通業 → 流通業 | 24.1% |
| 流通業 → 事業再編・廃止 | 17.1% |
| 不動産業 → 不動産業 | 15.0% |
| 不動産業 → 事業再編・廃止 | 3.1% |
| レジャー・サービス業 → レジャー・サービス業 | 4.5% |
| 新設・再編 → 運輸業 | 18.4% |
| 新設・再編 → レジャー・サービス業 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation | 5 years | +6.8% | ¥21284000000 | 7.7% | 2 |
| Retailing | 5 years | -11.6% | ¥9360000000 | 2.4% | 2 |
| Real estate business | 5 years | -5.2% | ¥5820000000 | 39.9% | 2 |
| Leisure services | 5 years | +5.1% | ¥2416000000 | 5.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,132 | 100.0% | S100YD7X |
| SG&A | 5,456 | 13.6% | S100YD7X |
| Operating income | 4,478 | 11.2% | S100YD7X |
| Ordinary income | 4,626 | 11.5% | S100YD7X |
| Pretax income | 5,685 | 14.2% | S100YD7X |
| Income tax | 1,640 | 4.1% | S100YD7X |
| Net income | 4,045 | 10.1% | S100YD7X |
| Net income attributable to owners | 4,045 | 10.1% | S100YD7X |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 89 |
| Operating income | 11 |
| (Ref.) Net income | 10 |

### Margin funnel

Operating margin 11.2% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.3%; Core profit growth: +10.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.38×
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 | 38,489 | 40,132 | 1,643 | +4.3% |
| Operating income | 4,065 | 4,478 | 413 | +10.2% |
| Net income attributable to owners | 3,031 | 4,045 | 1,014 | +33.5% |
| Operating cash flow | 5,898 | 8,020 | 2,122 | +36.0% |
| Free cash flow | -675 | 2,437 | 3,112 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 51,633 | 4,146 | 8.0% | 2,879 | 8,114 | 1,479 | S100M40K |
| FY ending Mar 2021 | 43,490 | 781 | 1.8% | 422 | 2,020 | -3,451 | S100OAM3 |
| FY ending Mar 2022 | 34,151 | 1,499 | 4.4% | 5,967 | 6,142 | -5,569 | S100R6T8 |
| FY ending Mar 2023 | 38,913 | 3,491 | 9.0% | 2,664 | 5,158 | -2,205 | S100TPU5 |
| FY ending Mar 2024 | 39,220 | 4,326 | 11.0% | 3,110 | 8,507 | -1,102 | S100VYAX |
| FY ending Mar 2025 | 38,489 | 4,065 | 10.6% | 3,031 | 5,898 | -675 | S100YD7X |
| FY ending Mar 2026 | 40,132 | 4,478 | 11.2% | 4,045 | 8,020 | 2,437 | S100YD7X |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.8M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 2,011 | 1,961 | 1,961 | 1,998 | 1,930 |
| Average salary (parent company) | ¥5.4M | ¥5.4M | ¥5.4M | ¥5.6M | ¥5.9M |
| Average age (parent company) | 41.8 years | 41.8 years | 41.8 years | 42.0 years | 42.7 years |
| Average tenure (parent company) | 18.4 years | 18.7 years | 18.6 years | 18.3 years | 18.0 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) +4.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 21,284 | 54.7% | 1,645 | 7.7% |
| Retailing | 9,360 | 24.1% | 229 | 2.4% |
| Real estate business | 5,820 | 15.0% | 2,324 | 39.9% |
| Leisure services | 2,416 | 6.2% | 134 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation | 54.7% | 38.0% | -16.8 | 7.7% |
| Retailing | 24.1% | 5.3% | -18.8 | 2.4% |
| Real estate business | 15.0% | 53.6% | 38.7 | 39.9% |
| Leisure services | 6.2% | 3.1% | -3.1 | 5.5% |

Segment → industry: Leisure services → Sporting Goods & Fitness / Real estate business → Real Estate Development & Leasing / Transportation → Private Railways / Retailing → Convenience Stores / Retailing → Department Stores

## 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 | 8,020 | 20.0% | S100YD7X |
| Capital expenditure | 5,583 | 13.9% | S100YD7X |
| Free cash flow | 2,437 | 6.1% | 算出 |
| Investing cash flow | -5,356 | -13.3% | S100YD7X |
| Financing cash flow | -1,670 | -4.2% | S100YD7X |
| Dividends paid | 1,002 | 2.5% | S100YD7X |
| Change in cash | 993 | 2.5% | S100YD7X |
| Cash and equivalents | 7,805 | 19.4% | S100YD7X |

## 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 | 8,716 | 8,301 | 5,418 | 6,812 | 7,805 | S100TPU5, S100VYAX, S100YD7X |
| Total assets | 108,755 | 111,167 | 114,533 | 122,690 | 130,301 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Net assets | 46,971 | 49,644 | 54,377 | 57,572 | 62,228 | S100TPU5, S100VYAX, S100YD7X |
| Share capital | 10,090 | 10,090 | 10,090 | 10,090 | 10,090 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Property, plant and equipment | 78,736 | 79,361 | 84,291 | 87,091 | 88,671 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Intangible assets excluding goodwill | 613 | 646 | 694 | 743 | 616 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Investment securities | 5,834 | 6,543 | 9,583 | 11,281 | 15,017 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Current assets | 19,757 | 20,604 | 15,599 | 19,139 | 20,561 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Current liabilities | 22,613 | 22,701 | 19,409 | 20,101 | 28,593 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Trade payables | 7,219 | 4,752 | 4,486 | 5,598 | 6,386 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Short-term borrowings | 5,464 | 7,702 | 5,652 | 5,972 | 5,793 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Long-term borrowings | 26,471 | 26,069 | 27,536 | 31,203 | 30,730 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Bonds | 6,000 | 6,000 | 6,000 | 6,000 | — | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Interest-bearing debt | 37,935 | 39,771 | 39,188 | 43,175 | — | 算出 |
| Total liabilities | 61,783 | 61,522 | 60,156 | 65,118 | 68,072 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Equity attributable to owners of parent | 44,765 | 46,761 | 49,202 | 51,571 | 54,614 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Retained earnings | 27,814 | 29,812 | 32,255 | 34,619 | 37,662 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |
| Treasury stock | -177 | -198 | -201 | -196 | -213 | S100R6T8, S100TPU5, S100VYAX, S100YD7X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YD7X |
| Property, plant and equipment | 68% | S100YD7X |
| Intangibles and goodwill | 0% | S100YD7X |
| Investment securities | 12% | S100YD7X |
| Other assets | 14% | S100YD7X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YD7X |
| Other liabilities | 47% | S100YD7X |
| Equity | 48% | S100YD7X |
| Other liabilities | 0% | S100YD7X |

### 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 | 108,755 | 111,167 | 114,533 | 122,690 | 130,301 |
| Equity | 46,971 | 49,644 | 54,377 | 57,572 | 62,228 |
| Interest-bearing debt | 37,935 | 39,771 | 39,188 | 43,175 | — |
| Cash | 8,716 | 8,301 | 5,418 | 6,812 | 7,805 |

## 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) | 220.9% | S100YD7X |
| Fixed assets ÷ total assets | 68.1% | S100YD7X |
| Goodwill ÷ parent equity | — | —, S100YD7X |

### 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) | 6.0% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 179.1% |
| Cash vs. profit gap | 3,975 JPY mn (of net income 98.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 41.1% |
| CapEx intensity (capex ÷ revenue) | 13.9% |
| Investing CF relative to operating CF | 66.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 17.5% | 0.31× | 5.5% | 2.43× | 13.3% | S100R6T8 |
| 2023 | 6.8% | 0.35× | 2.4% | 2.40× | 5.8% | S100TPU5 |
| 2024 | 7.9% | 0.35× | 2.8% | 2.35× | 6.5% | S100VYAX |
| 2025 | 7.9% | 0.32× | 2.6% | 2.35× | 6.0% | S100YD7X |
| 2026 | 10.1% | 0.32× | 3.2% | 2.38× | 7.6% | S100YD7X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阪神電気鉄道株式会社 | Major shareholder | 17.4% | 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 | 5.3% | 2026-03-31 |
| 関電不動産開発株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.8% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 川崎重工業口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社 （退職給付信託神姫バス口） | Major shareholder | 1.2% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 鹿島建設株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| モロゾフ株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第137期(2025/04/01－2026/03/31) | S100YD7X | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7X,, |
| 有価証券報告書－第136期(2024/04/01－2025/03/31) | S100VYAX | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYAX,, |
| 有価証券報告書－第135期(2023/04/01－2024/03/31) | S100TPU5 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPU5,, |
| 有価証券報告書－第134期(2022/04/01－2023/03/31) | S100R6T8 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6T8,, |
| 有価証券報告書－第133期(令和3年4月1日－令和4年3月31日) | S100OAM3 | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAM3,, |
| 訂正有価証券報告書－第132期(令和2年4月1日－令和3年3月31日) | S100M40K | 2021-08-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M40K,, |

## 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).