# SANYO SHOKAI LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第83期(2025/03/01－2026/02/28) (S100Y77K)
> Page: https://vizora.meequs.com/en/company/sanyo-shokai
> Retrieved: 2026-09-30T20:00:01.713Z

## Company

Sanyo Shokai, founded in 1943, is a company in Apparel listed on TSE Prime. It has 1,125 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANYO SHOKAI LTD. |
| Ticker | 8011 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8011.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区四谷本塩町6番14号 |
| Representative (per filing) | 代表取締役社長兼社長執行役員 平林 義規 |
| Founded | May 1943 |
| Share capital | ¥15B |
| Employees (consolidated) | 1,125 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | February |
| Website | www.sanyo-shokai.co.jp (https://www.sanyo-shokai.co.jp/) |
| Corporate number | 1010401075845 |
| EDINET | E00593 |
| Industries (Vizora) | Apparel |

> Profile source: annual securities report (S100Y77K, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.3 | 55 |
| Profitability | 40.2 | 61 |
| Cash conversion | 39.4 | 47 |
| Efficiency | 40.2 | 61 |

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)

- Sanyo Shokai brought in ¥58.4B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.4% from the prior year, operating profit -52.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥58448000000 → ¥4116000000
- Net income → operating cash flow: ¥4116000000 → ¥995000000（difference ¥-3121000000）
- Main uses of operating cash flow: CapEx ¥1384000000 / dividends ¥2102000000 / buybacks ¥1722000000
- Change in cash: ¥-1041000000
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 | ¥58.4B |  |
| Operating income | ¥1.3B | Margin 2.2% |
| Net income | ¥4.11B | Margin 7.0% |
| Free cash flow | -¥389M |  |
| Employees (consolidated) | 1,125 |  |
| EPS | ¥391.79 |  |
| Book value per share | ¥4010.63 |  |
| Equity ratio | 68.3% |  |
| Shares outstanding | 10,197,034 |  |
| Treasury shares | 700 |  |
| Shareholders | 13,705 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 30.9% | Cash ÷ revenue 31.6% |
| Vs. industry median margin | -0.8 pp | Apparel |
| ROE | 11.9% | Derived from disclosed figures |
| ROA | 7.0% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37939000000 | ¥58448000000 | +54.1% |
| Operating income | ¥-8913000000 | ¥1298000000 | — |
| Operating margin | -23.5% | 2.2% | +25.7 pp |
| Employees | 1,572 people | 1,125 people | -28.4% |
| Cash and equivalents | ¥18781000000 | ¥18492000000 | -1.5% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,448 | 100.0% | S100Y77K |
| Cost of revenue | 22,852 | 39.1% | S100Y77K |
| Gross profit | 35,595 | 60.9% | S100Y77K |
| SG&A | 34,297 | 58.7% | S100Y77K |
| Operating income | 1,298 | 2.2% | S100Y77K |
| Ordinary income | 1,436 | 2.5% | S100Y77K |
| Pretax income | 5,028 | 8.6% | S100Y77K |
| Income tax | 912 | 1.6% | S100Y77K |
| Net income | 4,116 | 7.0% | S100Y77K |
| Net income attributable to owners | 4,113 | 7.0% | S100Y77K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 59 |
| Operating income | 2 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 60.9% → Operating margin 2.2% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.4%; Core profit growth: -52.2%
Operating leverage (core profit growth ÷ revenue growth): 15.20×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 60,526 | 58,448 | -2,078 | -3.4% |
| Gross profit | 37,807 | 35,595 | -2,212 | -5.9% |
| Operating income | 2,715 | 1,298 | -1,417 | -52.2% |
| Net income attributable to owners | 4,007 | 4,113 | 106 | +2.6% |
| Operating cash flow | 2,681 | 995 | -1,686 | -62.9% |
| Free cash flow | 2,314 | -389 | -2,703 | -116.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2021 | 37,939 | -8,913 | -23.5% | -4,988 | -5,656 | -6,593 | S100O4YE |
| FY ending Feb 2022 | 38,642 | -1,058 | -2.7% | 661 | -1,638 | -3,493 | S100QUTS |
| FY ending Feb 2023 | 58,273 | 2,235 | 3.8% | 2,155 | 4,215 | 2,694 | S100TJHX |
| FY ending Feb 2024 | 61,353 | 3,047 | 5.0% | 2,787 | 4,419 | 3,596 | S100VUIE |
| FY ending Feb 2025 | 60,526 | 2,715 | 4.5% | 4,007 | 2,681 | 2,314 | S100Y77K |
| FY ending Feb 2026 | 58,448 | 1,298 | 2.2% | 4,113 | 995 | -389 | S100Y77K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52M |
| Operating income per employee (consolidated) | ¥1.2M |
| 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,235 | 1,179 | 1,150 | 1,149 | 1,125 |
| Average salary (parent company) | ¥4.5M | ¥4.9M | ¥5.4M | ¥5.5M | ¥5.5M |
| Average age (parent company) | 40.6 years | 41.9 years | 43.0 years | 43.0 years | 43.4 years |
| Average tenure (parent company) | 13.6 years | 14.4 years | 15.2 years | 15.2 years | 15.6 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) -3.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 995 | 1.7% | S100Y77K |
| Capital expenditure | 1,384 | 2.4% | S100Y77K |
| Free cash flow | -389 | -0.7% | 算出 |
| Investing cash flow | 1,637 | 2.8% | S100Y77K |
| Financing cash flow | -3,680 | -6.3% | S100Y77K |
| Dividends paid | 2,102 | 3.6% | S100Y77K |
| Share buyback | 1,722 | 2.9% | S100Y77K |
| Change in cash | -1,041 | -1.8% | S100Y77K |
| Cash and equivalents | 18,492 | 31.6% | S100Y77K |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 16,287 | 18,416 | 19,103 | 19,534 | 18,492 | S100TJHX, S100VUIE, S100Y77K |
| Total assets | 51,629 | 54,413 | 58,758 | 57,017 | 59,880 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Net assets | 33,920 | 36,435 | 41,258 | 39,301 | 40,923 | S100TJHX, S100VUIE, S100Y77K |
| Share capital | 15,002 | 15,002 | 15,002 | 15,002 | 15,002 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Trade receivables | 2,659 | — | — | — | — | S100QUTS |
| Property, plant and equipment | 8,662 | 8,559 | 8,598 | 8,679 | 9,251 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Intangible assets excluding goodwill | 3,949 | 3,226 | 3,108 | 2,752 | 2,718 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Investment securities | 4,802 | 5,748 | 9,580 | 6,298 | 7,838 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Current assets | 30,626 | 34,725 | 36,209 | 38,218 | 38,710 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Current liabilities | 14,242 | 12,738 | 10,883 | 12,036 | 10,842 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Trade payables | 4,176 | 5,265 | 4,435 | 5,382 | — | S100QUTS, S100TJHX, S100VUIE |
| Short-term borrowings | 3,000 | 3,000 | — | — | — | S100QUTS, S100TJHX |
| Long-term borrowings | 1,000 | 3,800 | 3,930 | 3,790 | 5,150 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Total liabilities | 17,708 | 17,978 | 17,499 | 17,715 | 18,956 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Non-controlling interests | 156 | 13 | 16 | 18 | 20 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Equity attributable to owners of parent | 30,435 | 31,955 | 34,097 | 34,306 | 34,720 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Retained earnings | 6,769 | 8,930 | 11,051 | 14,032 | 16,033 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |
| Treasury stock | -994 | -1,608 | -1,587 | -4,369 | -2 | S100QUTS, S100TJHX, S100VUIE, S100Y77K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100Y77K |
| Property, plant and equipment | 15% | S100Y77K |
| Intangibles and goodwill | 5% | S100Y77K |
| Investment securities | 13% | S100Y77K |
| Other assets | 36% | S100Y77K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100Y77K |
| Equity | 68% | S100Y77K |
| Other liabilities | 0% | S100Y77K |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 51,629 | 54,413 | 58,758 | 57,017 | 59,880 |
| Equity | 33,920 | 36,435 | 41,258 | 39,301 | 40,923 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,287 | 18,416 | 19,103 | 19,534 | 18,492 |

## 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) | 15.8% | S100Y77K |
| Fixed assets ÷ total assets | 15.4% | S100Y77K |
| Goodwill ÷ parent equity | — | —, S100Y77K |

### 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) | 30.9% |
| Cash ÷ revenue | 31.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.7% |
| Cash vs. profit gap | -3,118 JPY mn (of net income -75.8%) |
| Shareholder returns / net income | 93.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 51.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 164.5% |

## 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 | 1.7% | 0.75× | 1.3% | 1.70× | 2.2% | S100QUTS |
| 2023 | 3.7% | 1.10× | 4.1% | 1.70× | 6.9% | S100TJHX |
| 2024 | 4.5% | 1.08× | 4.9% | 1.71× | 8.4% | S100VUIE |
| 2025 | 6.6% | 1.05× | 6.9% | 1.69× | 11.7% | S100Y77K |
| 2026 | 7.0% | 1.00× | 7.0% | 1.69× | 11.9% | S100Y77K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 八木通商株式会社 | Major shareholder | 11.1% | 2026-02-28 |
| AVI JAPAN OPPORTUNITY TRUST PLC （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 10.0% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 8.6% | 2026-02-28 |
| BNP PARIBAS SINGAPORE／２S／JASDEC／TD SECURITIES（USA）LLC／BOOK－ENTRY JGBS＋CORPORATE BONDS／TAXABLE （常任代理人 香港上海銀行東京支店） | Major shareholder | 7.6% | 2026-02-28 |
| 株式会社日本カストディ銀行(三井住友信託銀行再信託分・三井物産株式会社退職給付信託口) | Major shareholder | 7.4% | 2026-02-28 |
| 三井物産株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.4% | 2026-02-28 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.2% | 2026-02-28 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.9% | 2026-02-28 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2026-02-28 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 1.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/03/01－2026/02/28) | S100Y77K | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y77K,, |
| 有価証券報告書－第82期(2024/03/01－2025/02/28) | S100VUIE | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUIE,, |
| 有価証券報告書－第81期(2023/03/01－2024/02/29) | S100TJHX | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJHX,, |
| 有価証券報告書－第80期(2022/03/01－2023/02/28) | S100QUTS | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUTS,, |
| 有価証券報告書－第79期(令和3年3月1日－令和4年2月28日) | S100O4YE | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4YE,, |
| 有価証券報告書－第78期(令和2年3月1日－令和3年2月28日) | S100LFDH | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFDH,, |

## 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).