# SATO 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76期(2025/04/01－2026/03/31) (S100YE10)
> Page: https://vizora.meequs.com/en/company/sato
> Retrieved: 2026-09-30T19:42:01.888Z

## Company

Sato, founded in 1951, is a company in Printers & Office Equipment listed on TSE Prime. It has 6,012 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SATO CORPORATION (旧英訳名 SATO HOLDINGS CORPORATION) |
| Ticker | 6287 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6287.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝浦三丁目1番1号 |
| Representative (per filing) | 代表取締役 社長執行役員 グループCEO 小沼 宏行 |
| Founded | May 1951 |
| Share capital | ¥8.47B |
| Employees (consolidated) | 6,012 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.sato-global.com (https://www.sato-global.com/) |
| Corporate number | 7013201017276 |
| EDINET | E01685 |
| Industries (Vizora) | Printers & Office Equipment |

> Profile source: annual securities report (S100YE10, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Printers & Office Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 12 |
| Profitability | 68.2 | 11 |
| Cash conversion | 40.9 | 11 |
| Efficiency | 87.5 | 12 |

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 52% of Sato's sales come from Auto-ID Solution business (Japan), with Auto-ID Solution Business (Overseas) making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +5.6% from the prior year, operating profit -10.5%.

## Company structure

- Segment revenue mix: Auto-ID Solution business (Japan) 52.0%、Auto-ID Solution Business (Overseas) 48.0%
- Revenue → net income: ¥163434000000 → ¥5239000000
- Net income → operating cash flow: ¥5239000000 → ¥13273000000（difference ¥8034000000）
- Main uses of operating cash flow: CapEx ¥8079000000 / dividends ¥2474000000 / buybacks ¥1000000
- Change in cash: ¥550000000
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 | ¥163.4B |  |
| Operating income | ¥11B | Margin 6.8% |
| Net income | ¥5.09B | Margin 3.1% |
| Free cash flow | ¥5.19B |  |
| Largest business | Auto-ID Solution business (Japan) | of segment revenue 52.0% |
| Employees (consolidated) | 6,012 |  |
| EPS | ¥219.87 |  |
| Diluted EPS | ¥219.83 |  |
| Book value per share | ¥1403.84 |  |
| Equity ratio | 58.6% |  |
| Shares outstanding | 33,635,942 |  |
| Treasury shares | 1,031,800 |  |
| Shareholders | 9,314 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | +1 pp | Printers & Office Equipment |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥109052000000 | ¥163434000000 | +49.9% |
| Operating income | ¥5847000000 | ¥11041000000 | +88.8% |
| Operating margin | 5.4% | 6.8% | +1.4 pp |
| Employees | 5,451 people | 6,012 people | +10.3% |
| Cash and equivalents | ¥22580000000 | ¥26434000000 | +17.1% |

### 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 |
| --- | ---: |
| 自動認識ソリューション事業（日本） → 自動認識ソリューション事業（日本） | 52.0% |
| 自動認識ソリューション事業（日本） → 事業再編・廃止 | 10.8% |
| 自動認識ソリューション事業（海外） → 自動認識ソリューション事業（海外） | 37.0% |
| IDP事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 自動認識ソリューション事業（海外） | 11.0% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 163,434 | 100.0% | S100YE10 |
| Cost of revenue | 98,103 | 60.0% | S100YE10 |
| Gross profit | 65,331 | 40.0% | S100YE10 |
| SG&A | 54,289 | 33.2% | S100YE10 |
| Operating income | 11,041 | 6.8% | S100YE10 |
| Ordinary income | 9,881 | 6.0% | S100YE10 |
| Pretax income | 8,349 | 5.1% | S100YE10 |
| Income tax | 3,109 | 1.9% | S100YE10 |
| Net income | 5,239 | 3.2% | S100YE10 |
| Net income attributable to owners | 5,086 | 3.1% | S100YE10 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 40.0% → Operating margin 6.8% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.6%; Core profit growth: -10.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.89×
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 | 154,807 | 163,434 | 8,627 | +5.6% |
| Gross profit | 63,470 | 65,331 | 1,861 | +2.9% |
| Operating income | 12,341 | 11,041 | -1,300 | -10.5% |
| Net income attributable to owners | 7,151 | 5,086 | -2,065 | -28.9% |
| Operating cash flow | 12,471 | 13,273 | 802 | +6.4% |
| Free cash flow | 3,449 | 5,194 | 1,745 | +50.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 116,372 | 7,461 | 6.4% | -1,882 | 11,259 | 7,356 | S100LJ0I |
| FY ending Mar 2021 | 109,052 | 5,847 | 5.4% | 12,959 | 5,806 | 1,485 | S100OAED |
| FY ending Mar 2022 | 124,783 | 6,404 | 5.1% | 3,794 | 3,302 | -451 | S100R0KY |
| FY ending Mar 2023 | 142,824 | 8,841 | 6.2% | 4,184 | 5,190 | -2,066 | S100TPYU |
| FY ending Mar 2024 | 143,446 | 10,383 | 7.2% | 3,565 | 12,563 | 4,841 | S100W2WD |
| FY ending Mar 2025 | 154,807 | 12,341 | 8.0% | 7,151 | 12,471 | 3,449 | S100YE10 |
| FY ending Mar 2026 | 163,434 | 11,041 | 6.8% | 5,086 | 13,273 | 5,194 | S100YE10 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.2M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥846K |

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) | 5,656 | 5,637 | 5,744 | 5,986 | 6,012 |
| Average salary (parent company) | ¥8.1M | ¥8.4M | ¥8.3M | ¥8.4M | ¥7.5M |
| Average age (parent company) | 46.1 years | 45.1 years | 44.6 years | 45.3 years | 44.8 years |
| Average tenure (parent company) | 13.1 years | 13.6 years | 13.9 years | 13.7 years | 16.2 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Auto-ID Solution business (Japan) | 85,038 | 52.0% | 5,415 | 6.4% |
| Auto-ID Solution Business (Overseas) | 78,396 | 48.0% | 5,704 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Auto-ID Solution business (Japan) | 52.0% | 48.7% | -3.3 | 6.4% |
| Auto-ID Solution Business (Overseas) | 48.0% | 51.3% | 3.3 | 7.3% |

Segment → industry: Auto-ID Solution Business (Overseas) → Printers & Office Equipment / Auto-ID Solution business (Japan) → Printers & Office Equipment

## 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 | 13,273 | 8.1% | S100YE10 |
| Capital expenditure | 8,079 | 4.9% | S100YE10 |
| Free cash flow | 5,194 | 3.2% | 算出 |
| Investing cash flow | -8,117 | -5.0% | S100YE10 |
| Financing cash flow | -6,134 | -3.8% | S100YE10 |
| Dividends paid | 2,474 | 1.5% | S100YE10 |
| Share buyback | 1 | 0.0% | S100YE10 |
| Change in cash | 550 | 0.3% | S100YE10 |
| Cash and equivalents | 26,434 | 16.2% | S100YE10 |

## 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 | 19,140 | 20,751 | 24,102 | 25,883 | 26,434 | S100TPYU, S100W2WD, S100YE10 |
| Total assets | 120,005 | 122,858 | 132,457 | 139,757 | 145,459 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Net assets | 64,508 | 67,694 | 74,085 | 80,237 | 89,585 | S100TPYU, S100W2WD, S100YE10 |
| Share capital | 8,468 | 8,468 | 8,468 | 8,468 | 8,468 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Property, plant and equipment | 30,390 | 32,331 | 36,406 | 38,725 | 41,765 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Intangible assets excluding goodwill | 3,256 | 4,372 | 3,841 | 5,362 | 6,257 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Goodwill | 416 | 222 | 380 | 28 | 14 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Investment securities | 1,479 | 928 | 1,122 | 163 | 155 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Current assets | 81,950 | 81,137 | 86,268 | 91,558 | 94,274 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Current liabilities | 42,071 | 44,963 | 43,064 | 41,677 | 38,489 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Trade payables | 9,073 | 7,379 | 7,099 | 7,060 | 7,575 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Short-term borrowings | 3,573 | 6,364 | 3,732 | 3,137 | 1,100 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Long-term borrowings | 6,454 | 3,613 | 8,366 | 11,059 | 10,986 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Total liabilities | 55,497 | 55,163 | 58,372 | 59,519 | 55,874 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Non-controlling interests | 1,343 | 2,213 | 2,789 | 3,685 | 4,263 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Equity attributable to owners of parent | 64,144 | 63,451 | 63,149 | 68,012 | 70,623 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Retained earnings | 50,256 | 52,061 | 51,718 | 56,461 | 59,070 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |
| Treasury stock | -2,345 | -4,842 | -4,801 | -2,265 | -2,262 | S100R0KY, S100TPYU, S100W2WD, S100YE10 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YE10 |
| Property, plant and equipment | 29% | S100YE10 |
| Intangibles and goodwill | 4% | S100YE10 |
| Investment securities | 0% | S100YE10 |
| Other assets | 49% | S100YE10 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YE10 |
| Other liabilities | 33% | S100YE10 |
| Equity | 62% | S100YE10 |

### 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 | 120,005 | 122,858 | 132,457 | 139,757 | 145,459 |
| Equity | 64,508 | 67,694 | 74,085 | 80,237 | 89,585 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,140 | 20,751 | 24,102 | 25,883 | 26,434 |

## 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) | 25.6% | S100YE10 |
| Fixed assets ÷ total assets | 28.7% | S100YE10 |
| Goodwill ÷ parent equity | 0.0% | S100YE10 |

Goodwill over 4 years: 416 → 14 JPY; total investing cash flow: -25,707 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) | 18.2% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 120.2% |
| Cash vs. profit gap | 8,187 JPY mn (of net income 161.0%) |
| Shareholder returns / net income | 48.7% |
| Shareholder returns / FCF | 47.7% |
| Shareholder payments — dividends / net income | 48.6% |
| Shareholder payments — dividends / FCF | 47.6% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 61.2% |

## 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% | 1.04× | 3.2% | 1.87× | 5.9% | S100R0KY |
| 2023 | 2.9% | 1.18× | 3.4% | 1.90× | 6.6% | S100TPYU |
| 2024 | 2.5% | 1.12× | 2.8% | 2.02× | 5.6% | S100W2WD |
| 2025 | 4.6% | 1.14× | 5.3% | 2.08× | 10.9% | S100YE10 |
| 2026 | 3.1% | 1.15× | 3.6% | 2.06× | 7.3% | S100YE10 |

## 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 | 13.5% | 2026-03-31 |
| 公益財団法人佐藤陽国際奨学財団 | Major shareholder | 11.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 6.0% | 2026-03-31 |
| サトー社員持株会 | Major shareholder | 5.9% | 2026-03-31 |
| THE BANK OF NEW YORK 133612 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.9% | 2026-03-31 |
| 佐藤 静江 | Major shareholder | 2.8% | 2026-03-31 |
| 横井 美惠子 | Major shareholder | 2.6% | 2026-03-31 |
| 岩淵 真理 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385839(常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YE10 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE10,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W2WD | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2WD,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TPYU | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPYU,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R0KY | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0KY,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OAED | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAED,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LJ0I | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ0I,, |

## 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).