# SATO SHO-JI 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103期(2025/04/01－2026/03/31) (S100YFE8)
> Page: https://vizora.meequs.com/en/company/sato-sho-ji
> Retrieved: 2026-09-30T21:47:35.632Z

## Company

Sato Sho-Ji, founded in 1949, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,075 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SATO SHO-JI CORPORATION |
| Ticker | 8065 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8065.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目8番1号 |
| Representative (per filing) | 代表取締役社長執行役員 野澤 哲夫 |
| Founded | Feb 1949 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 1,075 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.satoshoji.co.jp (https://www.satoshoji.co.jp/) |
| Corporate number | 8010001034807 |
| EDINET | E02535 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFE8, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.2 | 179 |
| Profitability | 46.8 | 185 |
| Cash conversion | 14.2 | 179 |
| Efficiency | 58.1 | 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 60% of Sato Sho-Ji's sales come from Iron and steel, with Electronic Materials and Non-ferrous Metals making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.7% from the prior year, operating profit +12.6%.

## Company structure

- Segment revenue mix: Iron and steel 60.2%、Electronic Materials 18.0%、Non-ferrous Metals 13.9%、LIFE sales 3.9%、Machinery and Mechatronics 2.1%
- Revenue → net income: ¥292191000000 → ¥6570000000
- Net income → operating cash flow: ¥6570000000 → ¥1386000000（difference ¥-5184000000）
- Main uses of operating cash flow: CapEx ¥2324000000 / dividends ¥1682000000 / buybacks ¥735000000
- Change in cash: ¥2065000000
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 | ¥292.2B |  |
| Operating income | ¥7.67B | Margin 2.6% |
| Net income | ¥6.57B | Margin 2.2% |
| Free cash flow | -¥938M |  |
| Largest business | Iron and steel | of segment revenue 60.2% |
| Employees (consolidated) | 1,075 |  |
| EPS | ¥208.73 |  |
| Diluted EPS | ¥206.08 |  |
| Book value per share | ¥2981.28 |  |
| Equity ratio | 42.3% |  |
| Shares outstanding | 21,799,000 |  |
| Treasury shares | 1,090,000 |  |
| Shareholders | 6,799 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 3.3% | Cash ÷ revenue 2.0% |
| Vs. industry median margin | -0.2 pp | Specialty Trading & Wholesale |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 24 points
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥175464000000 | ¥292191000000 | +66.5% |
| Operating income | ¥2796000000 | ¥7673000000 | +174.4% |
| Operating margin | 1.6% | 2.6% | +1 pp |
| Employees | 990 people | 1,075 people | +8.6% |
| Cash and equivalents | ¥2367000000 | ¥5977000000 | +152.5% |

### 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 |
| --- | ---: |
| 鉄鋼事業 → 鉄鋼事業 | 60.2% |
| 鉄鋼事業 → 事業再編・廃止 | 4.0% |
| 非鉄金属事業 → 非鉄金属事業 | 13.9% |
| 非鉄金属事業 → 事業再編・廃止 | 0.3% |
| 電子事業 → 電子事業 | 10.7% |
| ライフ営業事業 → ライフ営業事業 | 3.9% |
| ライフ営業事業 → 事業再編・廃止 | 2.3% |
| 機械・工具事業 → 機械・工具事業 | 2.1% |
| 機械・工具事業 → 事業再編・廃止 | 0.5% |
| 営業開発事業 → 営業開発事業 | 1.8% |
| 営業開発事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 電子事業 | 7.3% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Iron and steel | 5 years | +9.3% | ¥175823000000 | 1.8% | 2 |
| Electronic Materials | 5 years | +22.8% | ¥52689000000 | 6.1% | 2 |
| Non-ferrous Metals | 5 years | +10.3% | ¥40657000000 | 1.4% | 2 |
| LIFE sales | 5 years | +1.0% | ¥11498000000 | 5.5% | 2 |
| Machinery and Mechatronics | 5 years | +6.0% | ¥6254000000 | -0.1% | 2 |
| Eigyoukaihatsujigyou | 5 years | +9.0% | ¥5267000000 | 2.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 292,191 | 100.0% | S100YFE8 |
| Cost of revenue | 268,220 | 91.8% | S100YFE8 |
| Gross profit | 23,971 | 8.2% | S100YFE8 |
| SG&A | 16,298 | 5.6% | S100YFE8 |
| Operating income | 7,673 | 2.6% | S100YFE8 |
| Ordinary income | 8,162 | 2.8% | S100YFE8 |
| Pretax income | 8,819 | 3.0% | S100YFE8 |
| Income tax | 2,248 | 0.8% | S100YFE8 |
| Net income | 6,570 | 2.2% | S100YFE8 |
| Net income attributable to owners | 6,568 | 2.2% | S100YFE8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 5 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 8.2% → Operating margin 2.6% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.7%; Core profit growth: +12.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.68×
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 | 284,552 | 292,191 | 7,639 | +2.7% |
| Gross profit | 22,771 | 23,971 | 1,200 | +5.3% |
| Operating income | 6,817 | 7,673 | 856 | +12.6% |
| Net income attributable to owners | 6,015 | 6,568 | 553 | +9.2% |
| Operating cash flow | 2,139 | 1,386 | -753 | -35.2% |
| Free cash flow | -2,201 | -938 | 1,263 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 206,197 | 3,276 | 1.6% | 2,851 | 4,288 | 2,908 | S100LK7G |
| FY ending Mar 2021 | 175,464 | 2,796 | 1.6% | 2,785 | 7,503 | 5,898 | S100OA1T |
| FY ending Mar 2022 | 236,162 | 5,734 | 2.4% | 4,016 | -12,554 | -12,971 | S100QZNF |
| FY ending Mar 2023 | 275,006 | 6,136 | 2.2% | 6,194 | 869 | -1,596 | S100TNOB |
| FY ending Mar 2024 | 273,975 | 6,479 | 2.4% | 6,478 | 8,229 | 3,258 | S100WFVM |
| FY ending Mar 2025 | 284,552 | 6,817 | 2.4% | 6,015 | 2,139 | -2,201 | S100YFE8 |
| FY ending Mar 2026 | 292,191 | 7,673 | 2.6% | 6,568 | 1,386 | -938 | S100YFE8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥271.8M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥6.1M |

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) | 1,012 | 1,040 | 1,031 | 1,057 | 1,075 |
| Average salary (parent company) | ¥7.6M | ¥8.5M | ¥8.6M | ¥8M | ¥8.8M |
| Average age (parent company) | 42.8 years | 43.1 years | 43.5 years | 43.4 years | 43.8 years |
| Average tenure (parent company) | 13.4 years | 13.4 years | 13.9 years | 14.1 years | 14.3 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +2.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Iron and steel | 175,823 | 60.2% | 3,095 | 1.8% |
| Non-ferrous Metals | 40,657 | 13.9% | 577 | 1.4% |
| Electronic Materials | 52,689 | 18.0% | 3,218 | 6.1% |
| LIFE sales | 11,498 | 3.9% | 634 | 5.5% |
| Machinery and Mechatronics | 6,254 | 2.1% | -4 | -0.1% |
| Eigyoukaihatsujigyou | 5,267 | 1.8% | 151 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Iron and steel | 60.2% | 40.3% | -19.8 | 1.8% |
| Non-ferrous Metals | 13.9% | 7.5% | -6.4 | 1.4% |
| Electronic Materials | 18.0% | 41.9% | 23.9 | 6.1% |
| LIFE sales | 3.9% | 8.3% | 4.3 | 5.5% |
| Machinery and Mechatronics | 2.1% | — | — | -0.1% |
| Eigyoukaihatsujigyou | 1.8% | 2.0% | 0.2 | 2.9% |

Loss-making segment (excluded from profit shares): Machinery and Mechatronics -4 JPY mn

Segment → industry: Eigyoukaihatsujigyou → Specialty Trading & Wholesale / Machinery and Mechatronics → Specialty Trading & Wholesale / LIFE sales → Specialty Trading & Wholesale / Electronic Materials → Specialty Trading & Wholesale / Non-ferrous Metals → Specialty Trading & Wholesale / Iron and steel → Specialty Trading & Wholesale

## 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 | 1,386 | 0.5% | S100YFE8 |
| Capital expenditure | 2,324 | 0.8% | S100YFE8 |
| Free cash flow | -938 | -0.3% | 算出 |
| Investing cash flow | -1,373 | -0.5% | S100YFE8 |
| Financing cash flow | 1,774 | 0.6% | S100YFE8 |
| Dividends paid | 1,682 | 0.6% | S100YFE8 |
| Share buyback | 735 | 0.3% | S100YFE8 |
| Change in cash | 2,065 | 0.7% | S100YFE8 |
| Cash and equivalents | 5,977 | 2.0% | S100YFE8 |

## 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 | 2,875 | 3,286 | 3,115 | 3,912 | 5,977 | S100TNOB, S100WFVM, S100YFE8 |
| Total assets | 152,090 | 163,743 | 172,870 | 171,143 | 181,208 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Net assets | 50,933 | 56,102 | 65,202 | 68,454 | 76,945 | S100TNOB, S100WFVM, S100YFE8 |
| Share capital | 1,321 | 1,321 | 1,321 | 1,321 | 1,321 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Property, plant and equipment | 16,254 | 17,679 | 21,661 | 24,587 | 25,281 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Intangible assets excluding goodwill | 162 | 177 | 186 | 208 | 191 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Investment securities | 15,862 | 15,722 | 20,498 | 17,927 | 22,849 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Current assets | 117,853 | 128,114 | 128,267 | 125,596 | 129,171 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Current liabilities | 88,095 | 91,927 | 92,128 | 92,257 | 97,086 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Short-term borrowings | 21,981 | 20,253 | 18,165 | 26,061 | 35,194 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Long-term borrowings | 9,999 | 12,546 | 10,657 | 6,141 | 1,306 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Total liabilities | 101,157 | 107,641 | 107,667 | 102,688 | 104,262 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Non-controlling interests | 8 | 11 | 14 | 17 | 20 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Equity attributable to owners of parent | 43,516 | 48,315 | 53,186 | 57,423 | 61,629 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Retained earnings | 42,072 | 46,915 | 51,919 | 56,376 | 61,263 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |
| Treasury stock | -740 | -760 | -872 | -1,006 | -1,650 | S100QZNF, S100TNOB, S100WFVM, S100YFE8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YFE8 |
| Property, plant and equipment | 14% | S100YFE8 |
| Intangibles and goodwill | 0% | S100YFE8 |
| Investment securities | 13% | S100YFE8 |
| Other assets | 70% | S100YFE8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 58% | S100YFE8 |
| Equity | 42% | S100YFE8 |
| Other liabilities | 0% | S100YFE8 |

### 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 | 152,090 | 163,743 | 172,870 | 171,143 | 181,208 |
| Equity | 50,933 | 56,102 | 65,202 | 68,454 | 76,945 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,875 | 3,286 | 3,115 | 3,912 | 5,977 |

## 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) | 8.7% | S100YFE8 |
| Fixed assets ÷ total assets | 14.0% | S100YFE8 |
| Goodwill ÷ parent equity | — | —, S100YFE8 |

### 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) | 3.3% |
| Cash ÷ revenue | 2.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 18.1% |
| Cash vs. profit gap | -5,182 JPY mn (of net income -78.9%) |
| Shareholder returns / net income | 36.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 99.1% |

## 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% | 1.55× | 2.6% | 3.50× | 9.2% | S100QZNF |
| 2023 | 2.3% | 1.74× | 3.9% | 3.44× | 13.5% | S100TNOB |
| 2024 | 2.4% | 1.63× | 3.8% | 3.32× | 12.8% | S100WFVM |
| 2025 | 2.1% | 1.65× | 3.5% | 3.11× | 10.9% | S100YFE8 |
| 2026 | 2.2% | 1.66× | 3.7% | 2.96× | 11.0% | S100YFE8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.5% | 2026-03-31 |
| 三神興業株式会社 | Major shareholder | 7.7% | 2026-03-31 |
| いすゞ自動車株式会社 | Major shareholder | 7.0% | 2026-03-31 |
| 佐藤商事取引先持株会 | Major shareholder | 3.1% | 2026-03-31 |
| ＮＯＫ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 日本シイエムケイ株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 三原不動産株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| マーシャン持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 山陽特殊製鋼株式会社 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YFE8 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFE8,, |
| 訂正有価証券報告書－第102期(2024/04/01－2025/03/31) | S100WFVM | 2025-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFVM,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TNOB | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNOB,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100QZNF | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZNF,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OA1T | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA1T,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LK7G | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK7G,, |

## 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).