# SANYO INDUSTRIES, 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92期(2025/04/01－2026/03/31) (S100YFD2)
> Page: https://vizora.meequs.com/en/company/sanyo-industries
> Retrieved: 2026-09-30T18:27:59.957Z

## Company

Sanyo Industries, founded in 1954, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 383 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANYO INDUSTRIES, LTD. |
| Ticker | 5958 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5958.T) |
| Listing | TSE Standard |
| Head office | 東京都墨田区太平二丁目9番4号 |
| Representative (per filing) | 取締役社長 山岸茂 |
| Founded | Apr 1954 |
| Share capital | ¥1.76B |
| Employees (consolidated) | 383 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.sanyo-industries.co.jp (https://www.sanyo-industries.co.jp/) |
| Corporate number | 6010601002347 |
| EDINET | E01409 |
| Industries (Vizora) | Housing Equipment & Building Materials, General Contractors |

> Profile source: annual securities report (S100YFD2, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 56 |
| Profitability | 64.7 | 58 |
| Cash conversion | 17 | 50 |
| Efficiency | 71.6 | 58 |

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 78% of Sanyo Industries's sales come from SANYO INDUSTRY, with System subsidiaries and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit -11.2%.

## Company structure

- Segment revenue mix: SANYO INDUSTRY 78.0%、System subsidiaries 20.2%、Other 1.8%
- Revenue → net income: ¥28956000000 → ¥1399000000
- Net income → operating cash flow: ¥1399000000 → ¥963000000（difference ¥-436000000）
- Main uses of operating cash flow: CapEx ¥1377000000 / dividends ¥471000000 / buybacks ¥1376000000
- Change in cash: ¥-2292000000
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 | ¥29B |  |
| Operating income | ¥1.83B | Margin 6.3% |
| Net income | ¥1.4B | Margin 4.8% |
| Free cash flow | -¥414M |  |
| Largest business | SANYO INDUSTRY | of segment revenue 78.0% |
| Employees (consolidated) | 383 |  |
| EPS | ¥500.54 |  |
| Book value per share | ¥6418.7 |  |
| Equity ratio | 73.0% |  |
| Shares outstanding | 2,960,000 |  |
| Treasury shares | 156,000 |  |
| Shareholders | 1,828 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 25.2% |
| Vs. industry median margin | +1.9 pp | Housing Equipment & Building Materials |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.9× dividends
- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25691000000 | ¥28956000000 | +12.7% |
| Operating income | ¥1316000000 | ¥1830000000 | +39.1% |
| Operating margin | 5.1% | 6.3% | +1.2 pp |
| Employees | 378 people | 383 people | +1.3% |
| Cash and equivalents | ¥5746000000 | ¥7303000000 | +27.1% |

### 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 |
| --- | ---: |
| 三洋工業 → 三洋工業 | 75.4% |
| システム子会社 → システム子会社 | 20.2% |
| システム子会社 → 事業再編・廃止 | 2.3% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 三洋工業 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| SANYO INDUSTRY | 5 years | +3.1% | ¥22592000000 | 5.6% | 2 |
| System subsidiaries | 5 years | +0.3% | ¥5839000000 | 6.9% | 2 |
| Other | 5 years | -1.6% | ¥524000000 | 5.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,956 | 100.0% | S100YFD2 |
| Cost of revenue | 20,523 | 70.9% | S100YFD2 |
| Gross profit | 8,433 | 29.1% | S100YFD2 |
| SG&A | 6,602 | 22.8% | S100YFD2 |
| Operating income | 1,830 | 6.3% | S100YFD2 |
| Ordinary income | 2,041 | 7.0% | S100YFD2 |
| Pretax income | 2,025 | 7.0% | S100YFD2 |
| Income tax | 626 | 2.2% | S100YFD2 |
| Net income | 1,399 | 4.8% | S100YFD2 |
| Net income attributable to owners | 1,399 | 4.8% | S100YFD2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.1% → Operating margin 6.3% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.9%; Core profit growth: -11.2%
Operating leverage (core profit growth ÷ revenue growth): 5.91×
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 | 29,516 | 28,956 | -560 | -1.9% |
| Gross profit | 8,601 | 8,433 | -168 | -2.0% |
| Operating income | 2,061 | 1,830 | -231 | -11.2% |
| Net income attributable to owners | 1,588 | 1,399 | -189 | -11.9% |
| Operating cash flow | 1,820 | 963 | -857 | -47.1% |
| Free cash flow | 842 | -414 | -1,256 | -149.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,766 | 1,590 | 5.5% | 1,182 | 2,391 | 2,165 | S100LRQ8 |
| FY ending Mar 2021 | 25,691 | 1,316 | 5.1% | 1,027 | 1,467 | 1,242 | S100OL5B |
| FY ending Mar 2022 | 24,533 | 866 | 3.5% | 735 | 1,292 | 979 | S100R8A1 |
| FY ending Mar 2023 | 28,283 | 1,756 | 6.2% | 1,621 | 1,169 | 1,000 | S100TVQX |
| FY ending Mar 2024 | 30,484 | 2,455 | 8.1% | 1,856 | 2,659 | 2,372 | S100W089 |
| FY ending Mar 2025 | 29,516 | 2,061 | 7.0% | 1,588 | 1,820 | 842 | S100YFD2 |
| FY ending Mar 2026 | 28,956 | 1,830 | 6.3% | 1,399 | 963 | -414 | S100YFD2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.6M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 370 | 362 | 367 | 381 | 383 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.6M | ¥6M | ¥6.1M |
| Average age (parent company) | 43.5 years | 43.2 years | 43.2 years | 42.9 years | 43.2 years |
| Average tenure (parent company) | 17.6 years | 17.1 years | 17.0 years | 16.6 years | 16.7 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| SANYO INDUSTRY | 22,592 | 78.0% | 1,258 | 5.6% |
| System subsidiaries | 5,839 | 20.2% | 400 | 6.9% |
| Other | 524 | 1.8% | 30 | 5.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| SANYO INDUSTRY | 78.0% | 74.5% | -3.5 | 5.6% |
| System subsidiaries | 20.2% | 23.7% | 3.5 | 6.9% |
| Other | 1.8% | 1.8% | -0.0 | 5.7% |

Segment → industry: Other → Housing Equipment & Building Materials / System subsidiaries → Housing Equipment & Building Materials / SANYO INDUSTRY → Housing Equipment & Building Materials / System subsidiaries → General Contractors

## 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 | 963 | 3.3% | S100YFD2 |
| Capital expenditure | 1,377 | 4.8% | S100YFD2 |
| Free cash flow | -414 | -1.4% | 算出 |
| Investing cash flow | -1,373 | -4.7% | S100YFD2 |
| Financing cash flow | -1,882 | -6.5% | S100YFD2 |
| Dividends paid | 471 | 1.6% | S100YFD2 |
| Share buyback | 1,376 | 4.8% | S100YFD2 |
| Change in cash | -2,292 | -7.9% | S100YFD2 |
| Cash and equivalents | 7,303 | 25.2% | S100YFD2 |

## 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 | 6,445 | 7,430 | 9,528 | 9,596 | 7,303 | S100TVQX, S100W089, S100YFD2 |
| Total assets | 26,239 | 28,679 | 30,922 | 29,895 | 28,651 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Net assets | 17,143 | 18,440 | 20,188 | 20,970 | 20,904 | S100TVQX, S100W089, S100YFD2 |
| Share capital | 1,760 | 1,760 | 1,760 | 1,760 | 1,760 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Property, plant and equipment | 6,168 | 6,062 | 5,922 | 6,642 | 7,720 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Intangible assets excluding goodwill | 157 | 171 | 153 | 125 | 90 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Investment securities | 629 | 685 | 974 | 1,027 | 1,260 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Current assets | 17,659 | 20,228 | 22,033 | 20,362 | 17,501 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Current liabilities | 8,481 | 9,473 | 9,919 | 8,057 | 6,734 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Trade payables | 2,911 | 3,217 | 2,491 | 2,007 | 1,561 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Short-term borrowings | 865 | 665 | 665 | 665 | 665 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Total liabilities | 9,096 | 10,238 | 10,734 | 8,925 | 7,747 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Equity attributable to owners of parent | 16,791 | 18,122 | 19,494 | 20,312 | 19,863 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Retained earnings | 14,154 | 15,537 | 17,091 | 18,309 | 17,435 | S100R8A1, S100TVQX, S100W089, S100YFD2 |
| Treasury stock | -291 | -343 | -526 | -925 | -501 | S100R8A1, S100TVQX, S100W089, S100YFD2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YFD2 |
| Property, plant and equipment | 27% | S100YFD2 |
| Intangibles and goodwill | 0% | S100YFD2 |
| Investment securities | 4% | S100YFD2 |
| Other assets | 43% | S100YFD2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YFD2 |
| Other liabilities | 22% | S100YFD2 |
| Equity | 73% | S100YFD2 |

### 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 | 26,239 | 28,679 | 30,922 | 29,895 | 28,651 |
| Equity | 17,143 | 18,440 | 20,188 | 20,970 | 20,904 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,445 | 7,430 | 9,528 | 9,596 | 7,303 |

## 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) | 26.7% | S100YFD2 |
| Fixed assets ÷ total assets | 26.9% | S100YFD2 |
| Goodwill ÷ parent equity | — | —, S100YFD2 |

### 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) | 25.5% |
| Cash ÷ revenue | 25.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.6% |
| Cash vs. profit gap | -436 JPY mn (of net income -31.2%) |
| Shareholder returns / net income | 132.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 142.6% |

## 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 | 3.0% | 0.93× | 2.8% | 1.56× | 4.4% | S100R8A1 |
| 2023 | 5.7% | 1.03× | 5.9% | 1.57× | 9.3% | S100TVQX |
| 2024 | 6.1% | 1.02× | 6.2% | 1.58× | 9.9% | S100W089 |
| 2025 | 5.4% | 0.97× | 5.2% | 1.53× | 8.0% | S100YFD2 |
| 2026 | 4.8% | 0.99× | 4.8% | 1.46× | 7.0% | S100YFD2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三洋工業協力会社持株会 | Major shareholder | 18.4% | 2026-03-31 |
| INTERACTIVE BROKERS LLC (常任代理人インタラクティブ・ ブローカーズ証券㈱) | Major shareholder | 5.8% | 2026-03-31 |
| 三洋工業社員持株会 | Major shareholder | 3.5% | 2026-03-31 |
| 新海 秀治 | Major shareholder | 3.2% | 2026-03-31 |
| 中谷 登世子 | Major shareholder | 3.0% | 2026-03-31 |
| 山岸 文男 | Major shareholder | 2.6% | 2026-03-31 |
| トーケン工業㈱ | Major shareholder | 2.6% | 2026-03-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS (常任代理人㈱三菱UFJ銀行) | Major shareholder | 2.4% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 2.3% | 2026-03-31 |
| 内木 真哉 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YFD2 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFD2,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W089 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W089,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TVQX | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVQX,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R8A1 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8A1,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OL5B | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL5B,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LRQ8 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRQ8,, |

## 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).