# SAXA, Inc.: 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23期(2025/04/01－2026/03/31) (S100YJLC)
> Page: https://vizora.meequs.com/en/company/saxa
> Retrieved: 2026-09-30T19:42:04.491Z

## Company

Saxa, founded in 1938, is a company in Smartphones & Communications Equipment listed on TSE Standard. It has 1,299 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAXA, Inc. |
| Ticker | 6675 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6675.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田一丁目4番28号 三田国際ビル(2025年9月1日から本店所在地 東京都港区白金一丁目17番3号NBFプラチナタワーが上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長 齋藤政利 |
| Founded | Nov 1938 |
| Share capital | ¥10.8B |
| Employees (consolidated) | 1,299 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.saxa.co.jp (https://www.saxa.co.jp/) |
| Corporate number | 2010401060020 |
| EDINET | E01874 |
| Industries (Vizora) | Smartphones & Communications Equipment |

> Profile source: annual securities report (S100YJLC, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Smartphones & Communications Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 10 |
| Profitability | 29.2 | 12 |
| Cash conversion | 50 | 11 |
| Efficiency | 62.5 | 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)

- Saxa brought in ¥43.9B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.2% from the prior year, operating profit -37.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥43900000000 → ¥1375000000
- Net income → operating cash flow: ¥1375000000 → ¥2393000000（difference ¥1018000000）
- Main uses of operating cash flow: CapEx ¥2176000000 / dividends ¥1614000000 / buybacks ¥3000000
- Change in cash: ¥103000000
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 | ¥43.9B |  |
| Operating income | ¥2.09B | Margin 4.8% |
| Net income | ¥1.38B | Margin 3.1% |
| Free cash flow | ¥217M |  |
| Employees (consolidated) | 1,299 |  |
| EPS | ¥72.66 |  |
| Book value per share | ¥1548.06 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 6,244,962 |  |
| Treasury shares | 437,000 |  |
| Shareholders | 3,664 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 23.7% |
| Vs. industry median margin | -0.6 pp | Smartphones & Communications Equipment |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 2.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥36561000000 | ¥43900000000 | +20.1% |
| Operating income | ¥2288000000 | ¥2089000000 | -8.7% |
| Operating margin | 6.3% | 4.8% | -1.5 pp |
| Employees | 1,125 people | 1,299 people | +15.5% |
| Cash and equivalents | ¥7808000000 | ¥10394000000 | +33.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,900 | 100.0% | S100YJLC |
| Cost of revenue | 30,946 | 70.5% | S100YJLC |
| Gross profit | 13,153 | 30.0% | S100YJLC |
| SG&A | 11,063 | 25.2% | S100YJLC |
| Operating income | 2,089 | 4.8% | S100YJLC |
| Ordinary income | 2,131 | 4.9% | S100YJLC |
| Pretax income | 1,895 | 4.3% | S100YJLC |
| Income tax | 520 | 1.2% | S100YJLC |
| Net income | 1,375 | 3.1% | S100YJLC |
| Net income attributable to owners | 1,375 | 3.1% | S100YJLC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 30.0% → Operating margin 4.8% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.2%; Core profit growth: -37.3%
Operating leverage (core profit growth ÷ revenue growth): 231.15×
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 | 43,971 | 43,900 | -71 | -0.2% |
| Gross profit | 13,511 | 13,153 | -358 | -2.6% |
| Operating income | 3,333 | 2,089 | -1,244 | -37.3% |
| Net income attributable to owners | 3,502 | 1,375 | -2,127 | -60.7% |
| Operating cash flow | 3,267 | 2,393 | -874 | -26.8% |
| Free cash flow | 2,217 | 217 | -2,000 | -90.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,300 | 2,271 | 5.8% | 974 | 2,172 | 1,198 | S100LSQ9 |
| FY ending Mar 2021 | 36,561 | 2,288 | 6.3% | -217 | 1,903 | 722 | S100OFA1 |
| FY ending Mar 2022 | 30,793 | 4 | 0.0% | 1,137 | -1,075 | -1,574 | S100R3Y6 |
| FY ending Mar 2023 | 37,320 | 2,416 | 6.5% | 601 | 1,731 | 1,116 | S100TSFA |
| FY ending Mar 2024 | 40,948 | 3,345 | 8.2% | 2,800 | 3,737 | 2,608 | S100W1H6 |
| FY ending Mar 2025 | 43,971 | 3,333 | 7.6% | 3,502 | 3,267 | 2,217 | S100YJLC |
| FY ending Mar 2026 | 43,900 | 2,089 | 4.8% | 1,375 | 2,393 | 217 | S100YJLC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.8M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 1,108 | 1,098 | 1,078 | 1,207 | 1,299 |
| Average salary (parent company) | ¥8.4M | ¥8M | ¥8.5M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 51.0 years | 53.0 years | 53.0 years | 44.2 years | 43.2 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 3.0 years | 16.0 years | 15.2 years |

Year over year: Employees (consolidated) +7.6% · Revenue (consolidated) -0.2%

## 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 | 2,393 | 5.5% | S100YJLC |
| Capital expenditure | 2,176 | 5.0% | S100YJLC |
| Free cash flow | 217 | 0.5% | 算出 |
| Investing cash flow | -4,448 | -10.1% | S100YJLC |
| Financing cash flow | 2,154 | 4.9% | S100YJLC |
| Dividends paid | 1,614 | 3.7% | S100YJLC |
| Share buyback | 3 | 0.0% | S100YJLC |
| Change in cash | 103 | 0.2% | S100YJLC |
| Cash and equivalents | 10,394 | 23.7% | S100YJLC |

## 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 | 6,993 | 8,134 | 9,368 | 10,291 | 10,394 | S100TSFA, S100W1H6, S100YJLC |
| Total assets | 36,845 | 41,777 | 41,473 | 45,203 | 53,492 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Net assets | 23,497 | 24,894 | 28,368 | 30,764 | 32,727 | S100TSFA, S100W1H6, S100YJLC |
| Share capital | 10,836 | 10,836 | 10,836 | 10,836 | 10,836 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Property, plant and equipment | 7,981 | 7,449 | 7,720 | 9,174 | 10,094 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Intangible assets excluding goodwill | 1,064 | 749 | 728 | 948 | 3,588 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Goodwill | — | — | — | — | 2,530 | S100YJLC |
| Investment securities | 4,034 | 5,104 | 4,494 | 2,933 | 3,893 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Current assets | 22,323 | 26,890 | 27,066 | 29,476 | 30,139 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Current liabilities | 9,137 | 13,583 | 11,159 | 11,617 | 17,251 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Trade payables | 4,678 | 6,023 | 4,464 | 4,092 | — | S100R3Y6, S100TSFA, S100W1H6 |
| Short-term borrowings | 1,342 | 2,094 | 773 | 1,205 | 5,896 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Long-term borrowings | 1,520 | 1,019 | 630 | 1,539 | 719 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Total liabilities | 13,348 | 16,883 | 13,105 | 14,438 | 20,765 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Equity attributable to owners of parent | 22,868 | 23,306 | 25,849 | 28,489 | 28,316 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Retained earnings | 7,393 | 7,831 | 10,427 | 13,144 | 12,896 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |
| Treasury stock | -1,251 | -1,251 | -1,304 | -1,381 | -1,325 | S100R3Y6, S100TSFA, S100W1H6, S100YJLC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YJLC |
| Property, plant and equipment | 19% | S100YJLC |
| Intangibles and goodwill | 12% | S100YJLC |
| Investment securities | 7% | S100YJLC |
| Other assets | 43% | S100YJLC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YJLC |
| Equity | 61% | S100YJLC |

### 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 | 36,845 | 41,777 | 41,473 | 45,203 | 53,492 |
| Equity | 23,497 | 24,894 | 28,368 | 30,764 | 32,727 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,993 | 8,134 | 9,368 | 10,291 | 10,394 |

## 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) | 23.0% | S100YJLC |
| Fixed assets ÷ total assets | 18.9% | S100YJLC |
| Goodwill ÷ parent equity | 8.9% | S100YJLC |

### 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) | 19.4% |
| Cash ÷ revenue | 23.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.6% |
| Cash vs. profit gap | 1,018 JPY mn (of net income 74.0%) |
| Shareholder returns / net income | 117.6% |
| Shareholder returns / FCF | 745.2% |
| Shareholder payments — dividends / net income | 117.4% |
| Shareholder payments — dividends / FCF | 743.8% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 185.9% |

## 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 | 3.7% | 0.84× | 3.1% | 1.61× | 5.0% | S100R3Y6 |
| 2023 | 1.6% | 0.95× | 1.5% | 1.70× | 2.6% | S100TSFA |
| 2024 | 6.8% | 0.98× | 6.7% | 1.69× | 11.4% | S100W1H6 |
| 2025 | 8.0% | 1.01× | 8.1% | 1.60× | 12.9% | S100YJLC |
| 2026 | 3.1% | 0.89× | 2.8% | 1.74× | 4.8% | S100YJLC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 沖電気工業株式会社 | Major shareholder | 14.0% | 2026-03-31 |
| ＧＬＯＢＡＬ ＭＡＮＡＧＥＭＥＮＴ ＰＡＲＴＮＥＲＳ ＬＩＭＩＴＥＤ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 12.3% | 2026-03-31 |
| ＡＶＩ ＪＡＰＡＮ ＯＰＰＯＲＴＵＮＩＴＹ ＴＲＵＳＴ ＰＬＣ（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.0% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（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 | 3.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| ＳＧ／ＵＣＩＴＳ Ｖ／ＩＮＶ（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YJLC | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJLC,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W1H6 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1H6,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TSFA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFA,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R3Y6 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3Y6,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OFA1 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFA1,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LSQ9 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSQ9,, |

## 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).