# Sanyo Homes 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30期(2025/04/01－2026/03/31) (S100YGLY)
> Page: https://vizora.meequs.com/en/company/sanyo-homes
> Retrieved: 2026-09-30T22:16:03.091Z

## Company

Sanyo Homes, founded in 1987, is a company in Homebuilders listed on TSE Standard. It has 789 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanyo Homes Corporation |
| Ticker | 1420 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1420.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区西本町一丁目4番1号 |
| Representative (per filing) | 代表取締役社長 松岡 久志 |
| Founded | Nov 1987 |
| Share capital | ¥6.22B |
| Employees (consolidated) | 789 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.sanyohomes.co.jp (https://www.sanyohomes.co.jp/) |
| Corporate number | 3120001039510 |
| EDINET | E27273 |
| Industries (Vizora) | Homebuilders, Real Estate Brokerage & Management, Condominium Developers |

> Profile source: annual securities report (S100YGLY, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Condominium Developers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.9 | 21 |
| Profitability | 22 | 25 |
| Cash conversion | 30 | 25 |
| Efficiency | 82 | 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)

- About 49% of Sanyo Homes's sales come from Condominiums, with Housing business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +128.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥50.5B |  |
| Operating income | ¥2.18B | Margin 4.3% |
| Net income | ¥1.4B | Margin 2.8% |
| Free cash flow | -¥1.62B |  |
| Largest business | Condominiums | of segment revenue 48.8% |
| Employees (consolidated) | 789 |  |
| EPS | ¥107.49 |  |
| Diluted EPS | ¥106.38 |  |
| Book value per share | ¥1270.04 |  |
| Equity ratio | 35.6% |  |
| Shares outstanding | 13,490,000 |  |
| Treasury shares | 719,700 |  |
| Shareholders | 23,806 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 17.9% |
| Vs. industry median margin | -3.8 pp | Condominium Developers |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, segment profit share differs by 48 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥53487929000 | ¥50502579000 | -5.6% |
| Operating income | ¥782016000 | ¥2179294000 | +178.7% |
| Operating margin | 1.5% | 4.3% | +2.9 pp |
| Employees | 884 people | 789 people | -10.7% |
| Cash and equivalents | ¥7184688000 | ¥9055257000 | +26.0% |

### 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 |
| --- | ---: |
| 住宅事業 → 住宅事業 | 40.2% |
| マンション事業 → マンション事業 | 48.8% |
| マンション事業 → 事業再編・廃止 | 4.4% |
| その他 → その他 | 6.6% |
| 新設・再編 → 住宅事業 | 0.4% |
| 新設・再編 → その他 | 3.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Condominiums | 5 years | -2.8% | ¥24647894000 | 13.4% | 2 |
| Housing business | 5 years | -0.9% | ¥20549464000 | -1.1% | 2 |
| Other | 5 years | +8.6% | ¥5305221000 | 1.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,503 | 100.0% | S100YGLY |
| Cost of revenue | 39,744 | 78.7% | S100YGLY |
| Gross profit | 10,759 | 21.3% | S100YGLY |
| SG&A | 8,580 | 17.0% | S100YGLY |
| Operating income | 2,179 | 4.3% | S100YGLY |
| Ordinary income | 1,983 | 3.9% | S100YGLY |
| Pretax income | 1,977 | 3.9% | S100YGLY |
| Income tax | 574 | 1.1% | S100YGLY |
| Net income | 1,403 | 2.8% | S100YGLY |
| Net income attributable to owners | 1,403 | 2.8% | S100YGLY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.3% → Operating margin 4.3% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +128.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.69×
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 | 45,518 | 50,503 | 4,984 | +10.9% |
| Gross profit | 9,236 | 10,759 | 1,523 | +16.5% |
| Operating income | 956 | 2,179 | 1,223 | +128.0% |
| Net income attributable to owners | 673 | 1,403 | 730 | +108.4% |
| Operating cash flow | -2,372 | -1,538 | 834 | — |
| Free cash flow | -2,456 | -1,619 | 837 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 56,351 | 413 | 0.7% | 359 | -5,634 | -5,930 | S100LPP2 |
| FY ending Mar 2021 | 53,488 | 782 | 1.5% | 509 | 6,108 | 5,899 | S100OF8W |
| FY ending Mar 2022 | 51,123 | 549 | 1.1% | 326 | 4,180 | 4,139 | S100R42T |
| FY ending Mar 2023 | 40,971 | -150 | -0.4% | -246 | 2,556 | 2,449 | S100TRX4 |
| FY ending Mar 2024 | 45,860 | 953 | 2.1% | 648 | 3,538 | 3,520 | S100W59G |
| FY ending Mar 2025 | 45,518 | 956 | 2.1% | 673 | -2,372 | -2,456 | S100YGLY |
| FY ending Mar 2026 | 50,503 | 2,179 | 4.3% | 1,403 | -1,538 | -1,619 | S100YGLY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 865 | 824 | 794 | 763 | 789 |
| Average salary (parent company) | ¥6.2M | ¥5.8M | ¥6M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 42.8 years | 44.0 years | 44.8 years | 44.4 years | 42.5 years |
| Average tenure (parent company) | 14.5 years | 15.9 years | 16.6 years | 15.8 years | 13.7 years |

Year over year: Employees (consolidated) +3.4% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Housing business | 20,549 | 40.7% | -227 | -1.1% |
| Condominiums | 24,648 | 48.8% | 3,306 | 13.4% |
| Other | 5,305 | 10.5% | 94 | 1.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Housing business | 40.7% | — | — | -1.1% |
| Condominiums | 48.8% | 97.2% | 48.4 | 13.4% |
| Other | 10.5% | 2.8% | -7.7 | 1.8% |

Loss-making segment (excluded from profit shares): Housing business -227 JPY mn

Segment → industry: Housing business → Homebuilders / Other → Real Estate Brokerage & Management / Condominiums → Condominium Developers

## 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 | -1,538 | -3.0% | S100YGLY |
| Capital expenditure | 81 | 0.2% | S100YGLY |
| Free cash flow | -1,619 | -3.2% | 算出 |
| Investing cash flow | 44 | 0.1% | S100YGLY |
| Financing cash flow | 1,316 | 2.6% | S100YGLY |
| Dividends paid | 297 | 0.6% | S100YGLY |
| Share buyback | 0 | 0.0% | S100YGLY |
| Change in cash | -177 | -0.4% | S100YGLY |
| Cash and equivalents | 9,055 | 17.9% | S100YGLY |

## 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 | 7,838 | 12,053 | 10,440 | 9,232 | 9,055 | S100TRX4, S100W59G, S100YGLY |
| Total assets | 46,887 | 49,914 | 46,407 | 50,553 | 47,799 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Net assets | 15,048 | 14,518 | 14,905 | 15,321 | 17,013 | S100TRX4, S100W59G, S100YGLY |
| Share capital | 5,945 | 5,945 | 5,945 | 5,945 | 6,224 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Inventories | 195 | 172 | 204 | 197 | 189 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Property, plant and equipment | 2,702 | 3,365 | 3,240 | 3,086 | 2,910 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Intangible assets excluding goodwill | 86 | 61 | 80 | 61 | 57 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Investment securities | 31 | 31 | 31 | 30 | 21 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Current assets | 41,791 | 44,059 | 40,708 | 45,291 | 42,723 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Current liabilities | 19,428 | 22,038 | 23,544 | 23,316 | 17,458 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Short-term borrowings | 6,470 | 4,408 | 4,678 | 3,690 | 3,790 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Long-term borrowings | 10,071 | 11,051 | 5,821 | 9,913 | 11,425 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Bonds | 400 | 300 | 200 | 100 | — | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Interest-bearing debt | 16,941 | 15,759 | 10,699 | 13,703 | — | 算出 |
| Total liabilities | 31,839 | 35,396 | 31,502 | 35,232 | 30,786 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Equity attributable to owners of parent | 15,062 | 14,539 | 14,921 | 15,350 | 17,070 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Retained earnings | 6,576 | 6,038 | 6,395 | 6,771 | 7,876 | S100R42T, S100TRX4, S100W59G, S100YGLY |
| Treasury stock | -1,059 | -1,045 | -1,032 | -978 | -921 | S100R42T, S100TRX4, S100W59G, S100YGLY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YGLY |
| Inventories | 0% | S100YGLY |
| Property, plant and equipment | 6% | S100YGLY |
| Intangibles and goodwill | 0% | S100YGLY |
| Investment securities | 0% | S100YGLY |
| Other assets | 75% | S100YGLY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100YGLY |
| Equity | 36% | S100YGLY |

### 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 | 46,887 | 49,914 | 46,407 | 50,553 | 47,799 |
| Equity | 15,048 | 14,518 | 14,905 | 15,321 | 17,013 |
| Interest-bearing debt | 16,941 | 15,759 | 10,699 | 13,703 | — |
| Cash | 7,838 | 12,053 | 10,440 | 9,232 | 9,055 |

## 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) | 5.8% | S100YGLY |
| Fixed assets ÷ total assets | 6.1% | S100YGLY |
| Goodwill ÷ parent equity | — | —, S100YGLY |

### 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) | 18.9% |
| Cash ÷ revenue | 17.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -70.6% |
| Cash vs. profit gap | -2,941 JPY mn (of net income -209.6%) |
| Shareholder returns / net income | 21.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## 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 | 0.6% | 1.09× | 0.7% | 3.11× | 2.2% | S100R42T |
| 2023 | — | —× | -0.5% | —× | — | S100TRX4 |
| 2024 | 1.4% | 0.95× | 1.3% | 3.27× | 4.4% | S100W59G |
| 2025 | 1.5% | 0.94× | 1.4% | 3.20× | 4.4% | S100YGLY |
| 2026 | 2.8% | 1.03× | 2.9% | 3.03× | 8.7% | S100YGLY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＬＩＸＩＬ | Major shareholder | 24.3% | 2026-03-31 |
| 関西電力株式会社 | Major shareholder | 12.0% | 2026-03-31 |
| セコム株式会社 | Major shareholder | 10.2% | 2026-03-31 |
| オリックス株式会社 | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| サンヨーホームズ従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 合同会社センス | Major shareholder | 1.0% | 2026-03-31 |
| 中島 和信 | Major shareholder | 0.9% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 0.4% | 2026-03-31 |
| MACQUARIE BANK LIMITED DBU AC (常任代理人シティバンク、エヌ・エイ東京支店) | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YGLY | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGLY,, |
| 有価証券報告書－第29期(2024/04/01－2025/03/31) | S100W59G | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59G,, |
| 有価証券報告書－第28期(2023/04/01－2024/03/31) | S100TRX4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRX4,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100R42T | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R42T,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OF8W | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF8W,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LPP2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPP2,, |

## 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).