# SANYU CO.,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80期(2025/04/01－2026/03/31) (S100YGAZ)
> Page: https://vizora.meequs.com/en/company/sanyu
> Retrieved: 2026-09-30T21:00:52.622Z

## Company

Sanyu, founded in 1957, is a company in Steel listed on TSE Standard. It has 301 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANYU CO.,LTD. |
| Ticker | 5697 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5697.T) |
| Listing | TSE Standard |
| Head office | 大阪府枚方市春日北町三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 喜多 章 |
| Founded | Jan 1957 |
| Share capital | ¥1.51B |
| Employees (consolidated) | 301 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.sanyu-cfs.co.jp (https://www.sanyu-cfs.co.jp/) |
| Corporate number | 1120001149666 |
| EDINET | E01296 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YGAZ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.3 | 33 |
| Profitability | 50 | 35 |
| Cash conversion | 88.7 | 31 |
| Efficiency | 95.7 | 35 |

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)

- Sanyu brought in ¥25.6B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +32.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥25572238000 → ¥682362000
- Net income → operating cash flow: ¥682362000 → ¥3116138000（difference ¥2433776000）
- Main uses of operating cash flow: CapEx ¥627422000 / dividends ¥133270000 / buybacks —
- Change in cash: ¥1570969000
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 | ¥25.6B |  |
| Operating income | ¥886.9M | Margin 3.5% |
| Net income | ¥611.8M | Margin 2.4% |
| Free cash flow | ¥2.49B |  |
| Employees (consolidated) | 301 |  |
| EPS | ¥76.56 |  |
| Book value per share | ¥1563.74 |  |
| Equity ratio | 48.4% |  |
| Shares outstanding | 6,091,000 |  |
| Treasury shares | 46,500 |  |
| Shareholders | 2,705 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 22.0% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | 0 pp | Steel |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.1× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17142502000 | ¥25572238000 | +49.2% |
| Operating income | ¥147462000 | ¥886860000 | +501.4% |
| Operating margin | 0.9% | 3.5% | +2.6 pp |
| Employees | 303 people | 301 people | -0.7% |
| Cash and equivalents | ¥3571438000 | ¥4700030000 | +31.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 25,572 | 100.0% | S100YGAZ |
| Cost of revenue | 22,029 | 86.1% | S100YGAZ |
| Gross profit | 3,543 | 13.9% | S100YGAZ |
| SG&A | 2,656 | 10.4% | S100YGAZ |
| Operating income | 887 | 3.5% | S100YGAZ |
| Ordinary income | 966 | 3.8% | S100YGAZ |
| Pretax income | 967 | 3.8% | S100YGAZ |
| Income tax | 284 | 1.1% | S100YGAZ |
| Net income | 682 | 2.7% | S100YGAZ |
| Net income attributable to owners | 612 | 2.4% | S100YGAZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.9% → Operating margin 3.5% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +32.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.08×
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 | 24,445 | 25,572 | 1,127 | +4.6% |
| Gross profit | 3,248 | 3,543 | 295 | +9.1% |
| Operating income | 669 | 887 | 218 | +32.6% |
| Net income attributable to owners | 451 | 612 | 161 | +35.7% |
| Operating cash flow | 1,418 | 3,116 | 1,698 | +119.8% |
| Free cash flow | 898 | 2,489 | 1,591 | +177.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 20,438 | 345 | 1.7% | 158 | 476 | 122 | S100LS2H |
| FY ending Mar 2021 | 17,143 | 147 | 0.9% | 113 | 2,022 | 1,772 | S100OIP3 |
| FY ending Mar 2022 | 21,070 | 1,073 | 5.1% | 670 | 259 | 46 | S100R73L |
| FY ending Mar 2023 | 23,936 | 966 | 4.0% | 646 | 651 | 216 | S100TTIP |
| FY ending Mar 2024 | 24,012 | 596 | 2.5% | 387 | 1,034 | 729 | S100W174 |
| FY ending Mar 2025 | 24,445 | 669 | 2.7% | 451 | 1,418 | 898 | S100YGAZ |
| FY ending Mar 2026 | 25,572 | 887 | 3.5% | 612 | 3,116 | 2,489 | S100YGAZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2M |

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) | 296 | 291 | 306 | 301 | 301 |
| Average salary (parent company) | ¥5.4M | ¥6.6M | ¥5.4M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 39.6 years | 40.1 years | 40.0 years | 39.4 years | 40.2 years |
| Average tenure (parent company) | 15.1 years | 15.6 years | 15.1 years | 15.6 years | 16.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +4.6%

## 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 | 3,116 | 12.2% | S100YGAZ |
| Capital expenditure | 627 | 2.5% | S100YGAZ |
| Free cash flow | 2,489 | 9.7% | 算出 |
| Investing cash flow | -606 | -2.4% | S100YGAZ |
| Financing cash flow | -939 | -3.7% | S100YGAZ |
| Dividends paid | 133 | 0.5% | S100YGAZ |
| Change in cash | 1,571 | 6.1% | S100YGAZ |
| Cash and equivalents | 4,700 | 18.4% | S100YGAZ |

## 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 | 2,970 | 2,619 | 2,918 | 3,129 | 4,700 | S100TTIP, S100W174, S100YGAZ |
| Total assets | 18,432 | 19,504 | 19,531 | 19,296 | 21,364 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Net assets | 9,484 | 9,989 | 10,206 | 10,547 | 11,082 | S100TTIP, S100W174, S100YGAZ |
| Share capital | 1,514 | 1,514 | 1,514 | 1,514 | 1,514 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Property, plant and equipment | 4,776 | 4,693 | 4,524 | 4,642 | 4,825 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Intangible assets excluding goodwill | 82 | 69 | 60 | 56 | 87 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Goodwill | 34 | 15 | — | — | — | S100R73L, S100TTIP |
| Investment securities | 60 | 558 | 551 | 536 | 546 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Current assets | 13,301 | 13,962 | 14,168 | 13,797 | 15,609 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Current liabilities | 8,019 | 8,623 | 8,675 | 8,169 | 9,863 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Trade payables | 5,228 | 5,738 | 5,898 | 1,701 | 2,182 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Short-term borrowings | 1,484 | 1,720 | 1,780 | 1,430 | 840 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Long-term borrowings | 694 | 599 | 401 | 283 | 119 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Total liabilities | 8,947 | 9,514 | 9,325 | 8,750 | 10,282 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Non-controlling interests | 703 | 762 | 783 | 691 | 745 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Equity attributable to owners of parent | 8,776 | 9,222 | 9,416 | 9,847 | 10,326 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Retained earnings | 5,980 | 6,427 | 6,620 | 6,956 | 7,435 | S100R73L, S100TTIP, S100W174, S100YGAZ |
| Treasury stock | -21 | -21 | -21 | -21 | -21 | S100R73L, S100TTIP, S100W174, S100YGAZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGAZ |
| Property, plant and equipment | 23% | S100YGAZ |
| Intangibles and goodwill | 0% | S100YGAZ |
| Investment securities | 3% | S100YGAZ |
| Other assets | 52% | S100YGAZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YGAZ |
| Other liabilities | 38% | S100YGAZ |
| Equity | 52% | S100YGAZ |
| Other liabilities | 0% | S100YGAZ |

### 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 | 18,432 | 19,504 | 19,531 | 19,296 | 21,364 |
| Equity | 9,484 | 9,989 | 10,206 | 10,547 | 11,082 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,970 | 2,619 | 2,918 | 3,129 | 4,700 |

## 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) | 18.9% | S100YGAZ |
| Fixed assets ÷ total assets | 22.6% | S100YGAZ |
| Goodwill ÷ parent equity | — | —, S100YGAZ |

### 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) | 22.0% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 351.4% |
| Cash vs. profit gap | 2,504 JPY mn (of net income 409.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.8% |
| Shareholder payments — dividends / FCF | 5.4% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 19.4% |

## 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 | 3.2% | 1.14× | 3.6% | 2.10× | 7.6% | S100R73L |
| 2023 | 2.7% | 1.26× | 3.4% | 2.11× | 7.2% | S100TTIP |
| 2024 | 1.6% | 1.23× | 2.0% | 2.09× | 4.2% | S100W174 |
| 2025 | 1.8% | 1.26× | 2.3% | 2.02× | 4.7% | S100YGAZ |
| 2026 | 2.4% | 1.26× | 3.0% | 2.02× | 6.1% | S100YGAZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 33.7% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 村岡克彦 | Major shareholder | 5.1% | 2026-03-31 |
| 日鉄物産株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| サンユウ従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 永田麻里 | Major shareholder | 3.1% | 2026-03-31 |
| 小川由晃 | Major shareholder | 2.9% | 2026-03-31 |
| 柏木伸夫 | Major shareholder | 2.3% | 2026-03-31 |
| INTERACTIVE BROKERSLLC （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 | 2.1% | 2026-03-31 |
| 高島庄二郎 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YGAZ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGAZ,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W174 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W174,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TTIP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTIP,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R73L | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73L,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OIP3 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIP3,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LS2H | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS2H,, |

## 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).