# Sanyo Trading Co., Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/10/01－2025/09/30) (S100XABQ)
> Page: https://vizora.meequs.com/en/company/sanyo-trading
> Retrieved: 2026-09-30T19:52:00.634Z

## Company

Sanyo Trading, founded in 1947, is a company in IT Services & System Integration listed on TSE Prime. It has 747 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sanyo Trading Co., Ltd. |
| Ticker | 3176 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3176.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田錦町二丁目11番地 |
| Representative (per filing) | 代表取締役社長 新谷正伸 |
| Founded | May 1947 |
| Share capital | ¥1.01B |
| Employees (consolidated) | 747 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | September |
| Website | www.sanyo-trading.co.jp (https://www.sanyo-trading.co.jp/) |
| Corporate number | 2010001017016 |
| EDINET | E02548 |
| Industries (Vizora) | IT Services & System Integration, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XABQ, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88.5 | 179 |
| Profitability | 76.5 | 185 |
| Cash conversion | 58.4 | 179 |
| Efficiency | 59.2 | 185 |

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 32% of Sanyo Trading's sales come from Fine Chemicals, with Life Science and Industrial Products making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit -9.1%.

## Company structure

- Segment revenue mix: Fine Chemicals 31.9%、Life Science 29.1%、Industrial Products 27.7%、Sustainability 10.2%、Other 1.0%
- Revenue → net income: ¥132703798000 → ¥4614518000
- Net income → operating cash flow: ¥4614518000 → ¥7163699000（difference ¥2549181000）
- Main uses of operating cash flow: CapEx ¥728978000 / dividends ¥1756909000 / buybacks —
- Change in cash: ¥4358082000
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 | ¥132.7B |  |
| Operating income | ¥6.43B | Margin 4.8% |
| Net income | ¥4.62B | Margin 3.5% |
| Free cash flow | ¥6.43B |  |
| Largest business | Fine Chemicals | of segment revenue 31.9% |
| Employees (consolidated) | 747 |  |
| EPS | ¥152.46 |  |
| Diluted EPS | ¥151.65 |  |
| Book value per share | ¥1385.41 |  |
| Equity ratio | 62.9% |  |
| Shares outstanding | 29,007,708 |  |
| Treasury shares | 197,500 |  |
| Shareholders | 6,827 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | +2 pp | Specialty Trading & Wholesale |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76087314000 | ¥132703798000 | +74.4% |
| Operating income | ¥4791623000 | ¥6430352000 | +34.2% |
| Operating margin | 6.3% | 4.8% | -1.5 pp |
| Employees | 413 people | 747 people | +80.9% |
| Cash and equivalents | ¥10418674000 | ¥11726080000 | +12.5% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 化成品 → 事業再編・廃止 | 36.2% |
| 機械資材 → 事業再編・廃止 | 39.7% |
| 海外現地法人 → 事業再編・廃止 | 24.0% |
| その他 → その他 | 0.2% |
| 新設・再編 → ファインケミカル | 31.9% |
| 新設・再編 → インダストリアル・プロダクツ | 27.7% |
| 新設・再編 → サステナビリティ | 10.2% |
| 新設・再編 → ライフサイエンス | 29.1% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fine Chemicals | — | — | ¥42384910000 | 5.7% | 2 |
| Life Science | — | — | ¥38670142000 | 3.5% | 2 |
| Industrial Products | — | — | ¥36812070000 | 7.3% | 2 |
| Sustainability | — | — | ¥13518005000 | 14.0% | 2 |
| Other | 5 years | +63.0% | ¥1318669000 | -23.4% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 132,704 | 100.0% | S100XABQ |
| Cost of revenue | 110,140 | 83.0% | S100XABQ |
| Gross profit | 22,564 | 17.0% | S100XABQ |
| SG&A | 16,134 | 12.2% | S100XABQ |
| Operating income | 6,430 | 4.8% | S100XABQ |
| Ordinary income | 6,879 | 5.2% | S100XABQ |
| Pretax income | 7,411 | 5.6% | S100XABQ |
| Income tax | 2,796 | 2.1% | S100XABQ |
| Net income | 4,615 | 3.5% | S100XABQ |
| Net income attributable to owners | 4,615 | 3.5% | S100XABQ |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.0% → Operating margin 4.8% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.7%; Core profit growth: -9.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.41×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 129,263 | 132,704 | 3,441 | +2.7% |
| Gross profit | 22,229 | 22,564 | 335 | +1.5% |
| Operating income | 7,073 | 6,430 | -643 | -9.1% |
| Net income attributable to owners | 5,207 | 4,615 | -592 | -11.4% |
| Operating cash flow | 5,448 | 7,164 | 1,716 | +31.5% |
| Free cash flow | 4,743 | 6,435 | 1,692 | +35.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 83,230 | 5,872 | 7.1% | 4,019 | 5,088 | 4,733 | S100KEWC |
| FY ending Sep 2020 | 76,087 | 4,792 | 6.3% | 3,013 | 6,186 | 5,368 | S100N36C |
| FY ending Sep 2021 | 89,789 | 5,506 | 6.1% | 4,257 | 2,254 | 1,372 | S100PUMS |
| FY ending Sep 2022 | 111,251 | 5,319 | 4.8% | 4,297 | -3,395 | -3,639 | S100SHYQ |
| FY ending Sep 2023 | 120,526 | 6,528 | 5.4% | 4,785 | 5,734 | 5,386 | S100V41H |
| FY ending Sep 2024 | 129,263 | 7,073 | 5.5% | 5,207 | 5,448 | 4,743 | S100XABQ |
| FY ending Sep 2025 | 132,704 | 6,430 | 4.8% | 4,615 | 7,164 | 6,435 | S100XABQ |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥177.6M |
| Operating income per employee (consolidated) | ¥8.6M |
| Net income per employee (consolidated) | ¥6.2M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 442 | 536 | 687 | 713 | 747 |
| Average salary (parent company) | ¥9.7M | ¥9.7M | ¥10.2M | ¥10.6M | ¥10.2M |
| Average age (parent company) | 39.9 years | 40.5 years | 40.7 years | 40.1 years | 39.1 years |
| Average tenure (parent company) | 9.5 years | 9.8 years | 9.4 years | 9.0 years | 8.7 years |

Year over year: Employees (consolidated) +4.8% · Revenue (consolidated) +2.7%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fine Chemicals | 42,385 | 31.9% | 2,413 | 5.7% |
| Industrial Products | 36,812 | 27.7% | 2,682 | 7.3% |
| Sustainability | 13,518 | 10.2% | 1,886 | 14.0% |
| Life Science | 38,670 | 29.1% | 1,363 | 3.5% |
| Other | 1,319 | 1.0% | -309 | -23.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fine Chemicals | 31.9% | 28.9% | -3.0 | 5.7% |
| Industrial Products | 27.7% | 32.1% | 4.4 | 7.3% |
| Sustainability | 10.2% | 22.6% | 12.4 | 14.0% |
| Life Science | 29.1% | 16.3% | -12.8 | 3.5% |
| Other | 1.0% | — | — | -23.4% |

Loss-making segment (excluded from profit shares): Other -309 JPY mn

Segment → industry: Other → IT Services & System Integration / Life Science → Specialty Trading & Wholesale / Sustainability → Specialty Trading & Wholesale / Industrial Products → Specialty Trading & Wholesale / Fine Chemicals → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,164 | 5.4% | S100XABQ |
| Capital expenditure | 729 | 0.5% | S100XABQ |
| Free cash flow | 6,435 | 4.8% | 算出 |
| Investing cash flow | 267 | 0.2% | S100XABQ |
| Financing cash flow | -3,206 | -2.4% | S100XABQ |
| Dividends paid | 1,757 | 1.3% | S100XABQ |
| Change in cash | 4,358 | 3.3% | S100XABQ |
| Cash and equivalents | 11,726 | 8.8% | S100XABQ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,664 | 5,719 | 6,901 | 7,368 | 11,726 | S100SHYQ, S100V41H, S100XABQ |
| Total assets | 50,835 | 62,860 | 68,537 | 75,391 | 81,496 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Net assets | 34,725 | 39,213 | 43,891 | 47,809 | 51,321 | S100SHYQ, S100V41H, S100XABQ |
| Share capital | 1,007 | 1,007 | 1,007 | 1,007 | 1,007 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Trade receivables | 15,185 | — | — | — | — | S100PUMS |
| Property, plant and equipment | 3,154 | 3,340 | 3,238 | 3,160 | 3,464 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Intangible assets excluding goodwill | 864 | 544 | 1,854 | 2,104 | 1,308 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Goodwill | 529 | 343 | 1,601 | 1,402 | 685 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Investment securities | 3,283 | 2,701 | 4,274 | 4,877 | 5,352 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Current assets | 42,535 | 55,133 | 57,289 | 63,107 | 69,915 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Current liabilities | 14,668 | 22,013 | 22,661 | 25,600 | 28,106 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Trade payables | 9,400 | 12,767 | 11,838 | 12,574 | 12,545 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Short-term borrowings | 2,172 | 5,823 | 5,350 | 4,358 | 2,910 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Long-term borrowings | 170 | 177 | 334 | 50 | 100 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Total liabilities | 16,109 | 23,647 | 24,647 | 27,581 | 30,175 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Non-controlling interests | 321 | 336 | 352 | 1 | 0 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Equity attributable to owners of parent | 33,352 | 36,770 | 40,347 | 44,333 | 47,213 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Retained earnings | 32,098 | 35,502 | 39,041 | 42,982 | 45,840 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |
| Treasury stock | -152 | -137 | -114 | -103 | -95 | S100PUMS, S100SHYQ, S100V41H, S100XABQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XABQ |
| Property, plant and equipment | 4% | S100XABQ |
| Intangibles and goodwill | 3% | S100XABQ |
| Investment securities | 7% | S100XABQ |
| Other assets | 72% | S100XABQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 15% | S100XABQ |
| Other liabilities | 22% | S100XABQ |
| Equity | 63% | S100XABQ |
| Other liabilities | 0% | S100XABQ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,835 | 62,860 | 68,537 | 75,391 | 81,496 |
| Equity | 34,725 | 39,213 | 43,891 | 47,809 | 51,321 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,664 | 5,719 | 6,901 | 7,368 | 11,726 |

## 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) | 2.6% | S100XABQ |
| Fixed assets ÷ total assets | 4.3% | S100XABQ |
| Goodwill ÷ parent equity | 1.5% | S100XABQ |

Goodwill over 4 years: 529 → 685 JPY; total investing cash flow: -7,503 JPY. This does not imply causation.

### 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) | 14.4% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.4% |
| Cash vs. profit gap | 2,548 JPY mn (of net income 55.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | 27.3% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 3.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.7% | 1.77× | 8.4% | 1.52× | 12.8% | S100PUMS |
| 2022 | 3.9% | 1.96× | 7.6% | 1.62× | 12.3% | S100SHYQ |
| 2023 | 4.0% | 1.83× | 7.3% | 1.70× | 12.4% | S100V41H |
| 2024 | 4.0% | 1.80× | 7.2% | 1.70× | 12.3% | S100XABQ |
| 2025 | 3.5% | 1.69× | 5.9% | 1.71× | 10.1% | S100XABQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 11.3% | 2025-09-30 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 6.8% | 2025-09-30 |
| 東亞合成㈱ | Major shareholder | 5.2% | 2025-09-30 |
| 玉木 廸 | Major shareholder | 3.4% | 2025-09-30 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 3.3% | 2025-09-30 |
| 明治安田生命保険(相) | Major shareholder | 2.3% | 2025-09-30 |
| ㈱三井住友銀行 | Major shareholder | 2.0% | 2025-09-30 |
| 三井住友信託銀行㈱ | Major shareholder | 2.0% | 2025-09-30 |
| 野村信託銀行㈱（信託口） | Major shareholder | 1.9% | 2025-09-30 |
| RE FUND 107-CLIENT AC (常任代理人 シティバンク、エ ヌ・エイ東京支店) | Major shareholder | 1.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/10/01－2025/09/30) | S100XABQ | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XABQ,, |
| 訂正有価証券報告書－第78期(2023/10/01－2024/09/30) | S100V41H | 2025-01-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V41H,, |
| 有価証券報告書－第77期(2022/10/01－2023/09/30) | S100SHYQ | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHYQ,, |
| 有価証券報告書－第76期(令和3年10月1日－令和4年9月30日) | S100PUMS | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUMS,, |
| 有価証券報告書－第75期(令和2年10月1日－令和3年9月30日) | S100N36C | 2021-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N36C,, |
| 有価証券報告書－第74期(令和1年10月1日－令和2年9月30日) | S100KEWC | 2020-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KEWC,, |

## 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).