# Sanyo Engineering & Construction Inc.: 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79期(2025/04/01－2026/03/31) (S100YFBB)
> Page: https://vizora.meequs.com/en/company/sanyo-engineering-and-construction
> Retrieved: 2026-09-30T19:51:04.822Z

## Company

Sanyo Engineering & Construction, founded in 1948, is a company in Electrical Equipment listed on TSE Standard. It has 1,483 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanyo Engineering & Construction Inc. |
| Ticker | 1960 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1960.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区二番町3番地13 |
| Representative (per filing) | 代表取締役社長 八幡 信孝 |
| Founded | Oct 1948 |
| Share capital | ¥1.19B |
| Employees (consolidated) | 1,483 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.suntec-sec.co.jp (https://www.suntec-sec.co.jp/) |
| Corporate number | 4010001008681 |
| EDINET | E00173 |
| Industries (Vizora) | Electrical Equipment, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YFBB, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.1 | 72 |
| Profitability | 16.4 | 76 |
| Cash conversion | 93.9 | 74 |
| Efficiency | 54.6 | 76 |

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 99% of Sanyo Engineering & Construction's sales come from Facility installation business, with Equipment production business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -10.0% from the prior year, operating profit +42.0%.

## Company structure

- Segment revenue mix: Facility installation business 99.1%、Equipment production business 0.9%
- Revenue → net income: ¥61077000000 → ¥2863000000
- Net income → operating cash flow: ¥2863000000 → ¥5831000000（difference ¥2968000000）
- Main uses of operating cash flow: CapEx ¥605000000 / dividends ¥612000000 / buybacks ¥0
- Change in cash: ¥4285000000
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 | ¥61.1B |  |
| Operating income | ¥3.01B | Margin 4.9% |
| Net income | ¥2.77B | Margin 4.5% |
| Free cash flow | ¥5.23B |  |
| Largest business | Facility installation business | of segment revenue 99.1% |
| Employees (consolidated) | 1,483 |  |
| EPS | ¥98.46 |  |
| Book value per share | ¥1648.07 |  |
| Equity ratio | 55.3% |  |
| Shares outstanding | 16,000,000 |  |
| Treasury shares | 645,400 |  |
| Shareholders | 2,521 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 21.6% | Cash ÷ revenue 21.5% |
| Vs. industry median margin | -4.1 pp | Plant Engineering & Building Services |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +31% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41656594000 | ¥61077000000 | +46.6% |
| Operating income | ¥-151906000 | ¥3014000000 | — |
| Operating margin | -0.4% | 4.9% | +5.3 pp |
| Employees | 1,442 people | 1,483 people | +2.8% |
| Cash and equivalents | ¥6314106000 | ¥13105000000 | +107.6% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 71.5% |
| 東南アジア → 事業再編・廃止 | 24.3% |
| その他アジア → 事業再編・廃止 | 4.3% |
| 新設・再編 → 設備工事業 | 99.1% |
| 新設・再編 → 機器製作業 | 0.9% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,077 | 100.0% | S100YFBB |
| Cost of revenue | 51,951 | 85.1% | S100YFBB |
| Gross profit | 9,125 | 14.9% | S100YFBB |
| SG&A | 6,111 | 10.0% | S100YFBB |
| Operating income | 3,014 | 4.9% | S100YFBB |
| Ordinary income | 3,788 | 6.2% | S100YFBB |
| Pretax income | 4,082 | 6.7% | S100YFBB |
| Income tax | 1,218 | 2.0% | S100YFBB |
| Net income | 2,863 | 4.7% | S100YFBB |
| Net income attributable to owners | 2,766 | 4.5% | S100YFBB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 14.9% → Operating margin 4.9% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -10.0%; Core profit growth: +42.0%
Operating leverage (core profit growth ÷ revenue growth): -4.20×
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 | 67,859 | 61,077 | -6,782 | -10.0% |
| Gross profit | 7,779 | 9,125 | 1,346 | +17.3% |
| Operating income | 2,123 | 3,014 | 891 | +42.0% |
| Net income attributable to owners | 1,748 | 2,766 | 1,018 | +58.2% |
| Operating cash flow | -1,553 | 5,831 | 7,384 | — |
| Free cash flow | -2,070 | 5,226 | 7,296 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,803 | 709 | 1.5% | 1,009 | -452 | -1,474 | S100LPLM |
| FY ending Mar 2021 | 41,657 | -152 | -0.4% | 318 | -1,323 | -2,345 | S100OGAM |
| FY ending Mar 2022 | 39,870 | -227 | -0.6% | -32 | 2,872 | 2,441 | S100R31Z |
| FY ending Mar 2023 | 38,877 | -828 | -2.1% | 479 | 1,512 | 779 | S100V3G1 |
| FY ending Mar 2024 | 50,731 | -1,276 | -2.5% | -771 | -660 | -2,193 | S100W44F |
| FY ending Mar 2025 | 67,859 | 2,123 | 3.1% | 1,748 | -1,553 | -2,070 | S100YFBB |
| FY ending Mar 2026 | 61,077 | 3,014 | 4.9% | 2,766 | 5,831 | 5,226 | S100YFBB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 1,412 | 1,465 | 1,356 | 1,475 | 1,483 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥6.1M | ¥6.6M | ¥7.6M |
| Average age (parent company) | 42.3 years | 42.3 years | 43.2 years | 43.4 years | 44.0 years |
| Average tenure (parent company) | 14.8 years | 14.7 years | 15.2 years | 14.9 years | 15.3 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -10.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Facility installation business | 60,505 | 99.1% | 3,376 | 5.6% |
| Equipment production business | 572 | 0.9% | -59 | -10.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Facility installation business | 99.1% | 100.0% | 0.9 | 5.6% |
| Equipment production business | 0.9% | — | — | -10.3% |

Loss-making segment (excluded from profit shares): Equipment production business -59 JPY mn

Segment → industry: Equipment production business → Electrical Equipment / Facility installation business → Plant Engineering & Building Services

## 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 | 5,831 | 9.5% | S100YFBB |
| Capital expenditure | 605 | 1.0% | S100YFBB |
| Free cash flow | 5,226 | 8.6% | 算出 |
| Investing cash flow | -1,975 | -3.2% | S100YFBB |
| Financing cash flow | -52 | -0.1% | S100YFBB |
| Dividends paid | 612 | 1.0% | S100YFBB |
| Share buyback | 0 | 0.0% | S100YFBB |
| Change in cash | 4,285 | 7.0% | S100YFBB |
| Cash and equivalents | 13,105 | 21.5% | S100YFBB |

## 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 | 8,798 | 10,899 | 9,526 | 8,819 | 13,105 | S100V3G1, S100W44F, S100YFBB |
| Total assets | 45,457 | 45,635 | 48,800 | 59,039 | 60,543 | S100R31Z, S100V3G1, S100W44F, S100YFBB |
| Net assets | 30,430 | 29,990 | 28,842 | 30,589 | 33,692 | S100V3G1, S100W44F, S100YFBB |
| Share capital | 1,190 | 1,190 | 1,190 | 1,190 | 1,190 | S100R31Z, S100V3G1, S100W44F, S100YFBB |
| Property, plant and equipment | — | 7,310 | 8,104 | 8,365 | 8,402 | S100V3G1, S100W44F, S100YFBB |
| Intangible assets excluding goodwill | — | 833 | 632 | 433 | 278 | S100V3G1, S100W44F, S100YFBB |
| Investment securities | — | 3,115 | 2,971 | 2,866 | 3,459 | S100V3G1, S100W44F, S100YFBB |
| Current assets | — | 27,874 | 30,074 | 39,842 | 39,687 | S100V3G1, S100W44F, S100YFBB |
| Current liabilities | — | 14,816 | 18,592 | 26,990 | 25,181 | S100V3G1, S100W44F, S100YFBB |
| Short-term borrowings | — | 419 | 1,541 | 3,051 | 3,690 | S100V3G1, S100W44F, S100YFBB |
| Total liabilities | — | 15,645 | 19,958 | 28,450 | 26,850 | S100V3G1, S100W44F, S100YFBB |
| Non-controlling interests | — | 45 | 64 | 122 | 219 | S100V3G1, S100W44F, S100YFBB |
| Equity attributable to owners of parent | — | 28,559 | 26,766 | 28,052 | 30,204 | S100V3G1, S100W44F, S100YFBB |
| Retained earnings | — | 27,960 | 25,967 | 27,255 | 29,406 | S100V3G1, S100W44F, S100YFBB |
| Treasury stock | — | -592 | -475 | -475 | -476 | S100V3G1, S100W44F, S100YFBB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YFBB |
| Property, plant and equipment | 14% | S100YFBB |
| Intangibles and goodwill | 0% | S100YFBB |
| Investment securities | 6% | S100YFBB |
| Other assets | 58% | S100YFBB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YFBB |
| Equity | 56% | S100YFBB |
| Other liabilities | 0% | S100YFBB |

### 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 | 45,457 | 45,635 | 48,800 | 59,039 | 60,543 |
| Equity | 30,430 | 29,990 | 28,842 | 30,589 | 33,692 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,798 | 10,899 | 9,526 | 8,819 | 13,105 |

## 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) | 13.8% | S100YFBB |
| Fixed assets ÷ total assets | 13.9% | S100YFBB |
| Goodwill ÷ parent equity | — | —, S100YFBB |

### 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) | 21.6% |
| Cash ÷ revenue | 21.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 193.5% |
| Cash vs. profit gap | 3,065 JPY mn (of net income 110.8%) |
| Shareholder returns / net income | 22.1% |
| Shareholder returns / FCF | 11.7% |
| Shareholder payments — dividends / net income | 22.1% |
| Shareholder payments — dividends / FCF | 11.7% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 33.9% |

## 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 | — | —× | -0.1% | —× | — | S100R31Z, S100V3G1 |
| 2023 | 1.2% | 0.85× | 1.1% | 1.59× | 1.7% | S100V3G1 |
| 2024 | — | —× | -1.6% | —× | — | S100W44F |
| 2025 | 2.6% | 1.26× | 3.2% | 1.97× | 6.4% | S100YFBB |
| 2026 | 4.5% | 1.02× | 4.6% | 2.05× | 9.5% | S100YFBB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人八幡記念育英奨学会 | Major shareholder | 15.0% | 2026-03-31 |
| 双栄興業株式会社 | Major shareholder | 11.2% | 2026-03-31 |
| 神戸 道雄 | Major shareholder | 9.9% | 2026-03-31 |
| 八幡 信孝 | Major shareholder | 5.2% | 2026-03-31 |
| 八幡 欣也 | Major shareholder | 3.7% | 2026-03-31 |
| サンテック従業員投資会 | Major shareholder | 3.1% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2026-03-31 |
| 浜田 淑生 | Major shareholder | 2.0% | 2026-03-31 |
| Ｙホールディングス株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YFBB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFBB,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100W44F | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W44F,, |
| 訂正有価証券報告書－第77期(2023/04/01－2024/03/31) | S100V3G1 | 2025-01-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V3G1,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100R31Z | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R31Z,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100OGAM | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGAM,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LPLM | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPLM,, |

## 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).