# Satoh&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77期(2025/04/01－2026/03/31) (S100YHOR)
> Page: https://vizora.meequs.com/en/company/satoh-and
> Retrieved: 2026-09-30T19:51:14.435Z

## Company

Satoh&, founded in 1950, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 700 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Satoh&Co.,Ltd. |
| Ticker | 9996 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9996.T) |
| Listing | TSE Standard |
| Head office | 仙台市宮城野区扇町五丁目6番22号 |
| Representative (per filing) | 代表取締役社長 古山 眞佐夫 |
| Founded | Feb 1950 |
| Share capital | ¥1.41B |
| Employees (consolidated) | 700 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.satoh-web.co.jp (https://www.satoh-web.co.jp/) |
| Corporate number | 7370001005153 |
| EDINET | E02786 |
| Industries (Vizora) | Specialty Trading & Wholesale, Supermarkets |

> Profile source: annual securities report (S100YHOR, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.2 | 179 |
| Profitability | 55.4 | 185 |
| Cash conversion | 54.5 | 179 |
| Efficiency | 41.4 | 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 88% of Satoh&'s sales come from Wholesale, with Retail making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -5.8%.

## Company structure

- Segment revenue mix: Wholesale 87.5%、Retail 12.5%
- Revenue → net income: ¥50813755000 → ¥1252586000
- Net income → operating cash flow: ¥1252586000 → ¥1650150000（difference ¥397564000）
- Main uses of operating cash flow: CapEx ¥1121026000 / dividends ¥383649000 / buybacks —
- Change in cash: ¥-345725000
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 | ¥50.8B |  |
| Operating income | ¥1.57B | Margin 3.1% |
| Net income | ¥1.25B | Margin 2.5% |
| Free cash flow | ¥529.1M |  |
| Largest business | Wholesale | of segment revenue 87.5% |
| Employees (consolidated) | 700 |  |
| EPS | ¥138.8 |  |
| Book value per share | ¥3000.64 |  |
| Equity ratio | 73.7% |  |
| Shares outstanding | 9,152,640 |  |
| Treasury shares | 812,400 |  |
| Shareholders | 3,273 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | +0.2 pp | Specialty Trading & Wholesale |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38421386000 | ¥50813755000 | +32.3% |
| Operating income | ¥843852000 | ¥1571648000 | +86.2% |
| Operating margin | 2.2% | 3.1% | +0.9 pp |
| Employees | 696 people | 700 people | +0.6% |
| Cash and equivalents | ¥11748882000 | ¥6875896000 | -41.5% |

### 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 |
| --- | ---: |
| 卸売業部門 → 卸売業部門 | 85.1% |
| 小売業部門 → 小売業部門 | 12.5% |
| 小売業部門 → 事業再編・廃止 | 2.4% |
| 新設・再編 → 卸売業部門 | 2.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,814 | 100.0% | S100YHOR |
| Cost of revenue | 39,596 | 77.9% | S100YHOR |
| Gross profit | 11,218 | 22.1% | S100YHOR |
| SG&A | 9,646 | 19.0% | S100YHOR |
| Operating income | 1,572 | 3.1% | S100YHOR |
| Ordinary income | 1,886 | 3.7% | S100YHOR |
| Pretax income | 1,771 | 3.5% | S100YHOR |
| Income tax | 518 | 1.0% | S100YHOR |
| Net income | 1,253 | 2.5% | S100YHOR |
| Net income attributable to owners | 1,253 | 2.5% | S100YHOR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 19 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.1% → Operating margin 3.1% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -5.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.69×
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 | 49,137 | 50,814 | 1,677 | +3.4% |
| Gross profit | 10,969 | 11,218 | 249 | +2.3% |
| Operating income | 1,668 | 1,572 | -96 | -5.8% |
| Net income attributable to owners | 1,315 | 1,253 | -63 | -4.8% |
| Operating cash flow | -230 | 1,650 | 1,880 | — |
| Free cash flow | -1,102 | 529 | 1,631 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,562 | 1,437 | 2.9% | 1,038 | -126 | -720 | S100LRUS |
| FY ending Mar 2021 | 38,421 | 844 | 2.2% | 576 | 1,064 | 640 | S100OK7R |
| FY ending Mar 2022 | 38,852 | 857 | 2.2% | 628 | 810 | 185 | S100RAYZ |
| FY ending Mar 2023 | 43,667 | 1,241 | 2.8% | 968 | 1,332 | 570 | S100TVBH |
| FY ending Mar 2024 | 47,606 | 1,528 | 3.2% | 1,228 | 3,529 | 3,123 | S100W2JZ |
| FY ending Mar 2025 | 49,137 | 1,668 | 3.4% | 1,315 | -230 | -1,102 | S100YHOR |
| FY ending Mar 2026 | 50,814 | 1,572 | 3.1% | 1,253 | 1,650 | 529 | S100YHOR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.6M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 690 | 687 | 689 | 696 | 700 |
| Average salary (parent company) | ¥4.6M | ¥4.8M | ¥5.2M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 41.6 years | 41.9 years | 42.3 years | 42.3 years | 42.2 years |
| Average tenure (parent company) | 15.4 years | 15.6 years | 15.3 years | 15.3 years | 15.0 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale | 44,469 | 87.5% | 2,208 | 5.0% |
| Retail | 6,344 | 12.5% | 266 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Wholesale | 87.5% | 89.2% | 1.7 | 5.0% |
| Retail | 12.5% | 10.8% | -1.7 | 4.2% |

Segment → industry: Wholesale → Specialty Trading & Wholesale / Retail → Supermarkets

## 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 | 1,650 | 3.2% | S100YHOR |
| Capital expenditure | 1,121 | 2.2% | S100YHOR |
| Free cash flow | 529 | 1.0% | 算出 |
| Investing cash flow | -1,611 | -3.2% | S100YHOR |
| Financing cash flow | -385 | -0.8% | S100YHOR |
| Dividends paid | 384 | 0.8% | S100YHOR |
| Change in cash | -346 | -0.7% | S100YHOR |
| Cash and equivalents | 6,876 | 13.5% | S100YHOR |

## 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 | 11,380 | 10,227 | 11,584 | 7,222 | 6,876 | S100TVBH, S100W2JZ, S100YHOR |
| Total assets | 31,313 | 33,346 | 37,075 | 35,597 | 36,911 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Net assets | 23,628 | 24,325 | 25,314 | 26,269 | 27,208 | S100TVBH, S100W2JZ, S100YHOR |
| Share capital | 1,406 | 1,406 | 1,406 | 1,406 | 1,406 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Trade receivables | 4,095 | 4,778 | 5,145 | 4,827 | 5,234 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Property, plant and equipment | 5,797 | 6,200 | 6,244 | 6,735 | 7,335 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Intangible assets excluding goodwill | 217 | 171 | 178 | 148 | 151 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Investment securities | 4,668 | 6,161 | 7,555 | 9,506 | 9,762 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Current assets | 19,069 | 19,166 | 21,397 | 17,127 | 18,036 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Current liabilities | 7,332 | 8,644 | 11,344 | 8,929 | 9,261 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Trade payables | 5,158 | 6,196 | 8,236 | 6,323 | 6,707 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Short-term borrowings | 683 | 683 | 683 | 683 | 683 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Total liabilities | 7,685 | 9,021 | 11,761 | 9,329 | 9,703 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Equity attributable to owners of parent | 23,557 | 24,275 | 25,202 | 26,167 | 27,036 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Retained earnings | 21,709 | 22,427 | 23,354 | 24,319 | 25,188 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |
| Treasury stock | -999 | -999 | -999 | -999 | -999 | S100RAYZ, S100TVBH, S100W2JZ, S100YHOR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YHOR |
| Receivables | 14% | S100YHOR |
| Property, plant and equipment | 20% | S100YHOR |
| Intangibles and goodwill | 0% | S100YHOR |
| Investment securities | 26% | S100YHOR |
| Other assets | 21% | S100YHOR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YHOR |
| Other liabilities | 8% | S100YHOR |
| Equity | 74% | S100YHOR |
| Other liabilities | 0% | S100YHOR |

### 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 | 31,313 | 33,346 | 37,075 | 35,597 | 36,911 |
| Equity | 23,628 | 24,325 | 25,314 | 26,269 | 27,208 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,380 | 10,227 | 11,584 | 7,222 | 6,876 |

## 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) | 14.4% | S100YHOR |
| Fixed assets ÷ total assets | 19.9% | S100YHOR |
| Goodwill ÷ parent equity | — | —, S100YHOR |

### 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) | 18.6% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 105.0% |
| Cash vs. profit gap | 398 JPY mn (of net income 31.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | 72.5% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 97.6% |

## 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 | 1.6% | 1.24× | 2.0% | 1.33× | 2.7% | S100RAYZ |
| 2023 | 2.2% | 1.35× | 3.0% | 1.35× | 4.0% | S100TVBH |
| 2024 | 2.6% | 1.35× | 3.5% | 1.42× | 5.0% | S100W2JZ |
| 2025 | 2.7% | 1.35× | 3.6% | 1.41× | 5.1% | S100YHOR |
| 2026 | 2.5% | 1.40× | 3.5% | 1.36× | 4.7% | S100YHOR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱サトー興産 | Major shareholder | 24.8% | 2026-03-31 |
| サトー商会取引先持株会 | Major shareholder | 12.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 4.3% | 2026-03-31 |
| ㈱サトー商会社員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| ㈱七十七銀行(常任代理人 ㈱日本カストディ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| 日東ベスト㈱ | Major shareholder | 2.1% | 2026-03-31 |
| 佐藤正之 | Major shareholder | 1.8% | 2026-03-31 |
| 高橋恵美子 | Major shareholder | 1.5% | 2026-03-31 |
| 佐藤典大 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YHOR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOR,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W2JZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2JZ,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TVBH | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVBH,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100RAYZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAYZ,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OK7R | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK7R,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LRUS | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRUS,, |

## 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).