# SHINANEN HOLDINGS 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92期(2025/04/01－2026/03/31) (S100YGS4)
> Page: https://vizora.meequs.com/en/company/shinanen-holdings
> Retrieved: 2026-09-30T21:12:21.047Z

## Company

Shinanen Holdings, founded in 1927, is a company in Bicycles listed on TSE Prime. It has 1,661 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SINANEN HOLDINGS CO., LTD. |
| Ticker | 8132 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8132.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東品川一丁目39番20号 |
| Representative (per filing) | 代表取締役 社長執行役員 中込 太郎 |
| Founded | Apr 1927 |
| Share capital | ¥15.6B |
| Employees (consolidated) | 1,661 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | sinanengroup.co.jp (https://sinanengroup.co.jp/) |
| Corporate number | 5010401013396 |
| EDINET | E01075 |
| Industries (Vizora) | Bicycles, Electric Power & Gas, Oil Refining & Fuels, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YGS4, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 11 |
| Profitability | 19.2 | 13 |
| Cash conversion | 40.9 | 11 |
| Efficiency | 80.8 | 13 |

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 68% of Shinanen Holdings's sales come from Solution energy business, with Wholesale, retail energy and peripheral business and Non-energy business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -5.8% from the prior year, operating profit +9.8%.

## Company structure

- Segment revenue mix: Solution energy business 68.5%、Wholesale, retail energy and peripheral business 23.9%、Non-energy business 7.7%
- Revenue → net income: ¥298752000000 → ¥4439000000
- Net income → operating cash flow: ¥4439000000 → ¥6587000000（difference ¥2148000000）
- Main uses of operating cash flow: CapEx ¥1980000000 / dividends ¥978000000 / buybacks ¥162000000
- Change in cash: ¥4971000000
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 | ¥298.8B |  |
| Operating income | ¥4.4B | Margin 1.5% |
| Net income | ¥4.43B | Margin 1.5% |
| Free cash flow | ¥4.61B |  |
| Largest business | Solution energy business | of segment revenue 68.5% |
| Employees (consolidated) | 1,661 |  |
| EPS | ¥185.58 |  |
| Book value per share | ¥2580.32 |  |
| Equity ratio | 55.6% |  |
| Shares outstanding | 11,046,000 |  |
| Treasury shares | 189,900 |  |
| Shareholders | 1,925 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | -5.5 pp | Electric Power & Gas |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -29 points
- FY2026, employees -5% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥217122000000 | ¥298752000000 | +37.6% |
| Operating income | ¥2935000000 | ¥4403000000 | +50.0% |
| Operating margin | 1.4% | 1.5% | +0.1 pp |
| Employees | 1,588 people | 1,661 people | +4.6% |
| Cash and equivalents | ¥9765000000 | ¥16677000000 | +70.8% |

### 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 |
| --- | ---: |
| エネルギー卸・小売周辺事業（ＢｔｏＣ事業） → 事業再編・廃止 | 29.1% |
| エネルギーソリューション事業（ＢｔｏＢ事業） → 事業再編・廃止 | 62.7% |
| 非エネルギー及び海外事業 → 事業再編・廃止 | 8.2% |
| 新設・再編 → エネルギー卸・小売周辺事業（ＢｔｏＣ事業） | 23.9% |
| 新設・再編 → エネルギーソリューション事業（ＢｔｏＢ事業） | 68.5% |
| 新設・再編 → 非エネルギー事業 | 7.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solution energy business | 3 years | -5.4% | ¥204476000000 | 0.8% | 2 |
| Wholesale, retail energy and peripheral business | 3 years | -4.4% | ¥71227000000 | 1.9% | 2 |
| Non-energy business | 3 years | +5.7% | ¥22839000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 298,752 | 100.0% | S100YGS4 |
| Cost of revenue | 259,619 | 86.9% | S100YGS4 |
| Gross profit | 39,132 | 13.1% | S100YGS4 |
| SG&A | 34,729 | 11.6% | S100YGS4 |
| Operating income | 4,403 | 1.5% | S100YGS4 |
| Ordinary income | 5,382 | 1.8% | S100YGS4 |
| Pretax income | 5,683 | 1.9% | S100YGS4 |
| Income tax | 1,244 | 0.4% | S100YGS4 |
| Net income | 4,439 | 1.5% | S100YGS4 |
| Net income attributable to owners | 4,435 | 1.5% | S100YGS4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 12 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.1% → Operating margin 1.5% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.8%; Core profit growth: +9.8%
Operating leverage (core profit growth ÷ revenue growth): -1.70×
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 | 317,118 | 298,752 | -18,366 | -5.8% |
| Gross profit | 39,177 | 39,132 | -45 | -0.1% |
| Operating income | 4,009 | 4,403 | 394 | +9.8% |
| Net income attributable to owners | 3,153 | 4,435 | 1,282 | +40.7% |
| Operating cash flow | 10,531 | 6,587 | -3,944 | -37.5% |
| Free cash flow | 8,260 | 4,607 | -3,653 | -44.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 237,036 | 2,454 | 1.0% | 2,989 | 569 | -2,281 | S100M0LX |
| FY ending Mar 2021 | 217,122 | 2,935 | 1.4% | 2,717 | 7,947 | 5,282 | S100OCMF |
| FY ending Mar 2022 | 289,340 | 2,480 | 0.9% | 2,487 | 1,133 | -844 | S100RHED |
| FY ending Mar 2023 | 342,254 | 895 | 0.3% | 478 | 389 | -3,707 | S100TTBB |
| FY ending Mar 2024 | 348,282 | -711 | -0.2% | -1,039 | -945 | -3,378 | S100W65X |
| FY ending Mar 2025 | 317,118 | 4,009 | 1.3% | 3,153 | 10,531 | 8,260 | S100YGS4 |
| FY ending Mar 2026 | 298,752 | 4,403 | 1.5% | 4,435 | 6,587 | 4,607 | S100YGS4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥179.9M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 1,669 | 1,693 | 1,764 | 1,741 | 1,661 |
| Average salary (parent company) | ¥7.4M | ¥7.6M | ¥7.1M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 42.0 years | 44.2 years | 43.5 years | 43.2 years | 44.3 years |
| Average tenure (parent company) | 10.2 years | 8.5 years | 9.7 years | 9.9 years | 9.9 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) -5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Wholesale, retail energy and peripheral business | 71,227 | 23.9% | 1,337 | 1.9% |
| Solution energy business | 204,476 | 68.5% | 1,566 | 0.8% |
| Non-energy business | 22,839 | 7.7% | 1,062 | 4.6% |

### 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, retail energy and peripheral business | 23.9% | 33.7% | 9.9 | 1.9% |
| Solution energy business | 68.5% | 39.5% | -29.0 | 0.8% |
| Non-energy business | 7.7% | 26.8% | 19.1 | 4.6% |

Segment → industry: Non-energy business → Bicycles / Solution energy business → Electric Power & Gas / Wholesale, retail energy and peripheral business → Electric Power & Gas / Solution energy business → Oil Refining & Fuels / Non-energy business → Real Estate Brokerage & Management

## 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 | 6,587 | 2.2% | S100YGS4 |
| Capital expenditure | 1,980 | 0.7% | S100YGS4 |
| Free cash flow | 4,607 | 1.5% | 算出 |
| Investing cash flow | 198 | 0.1% | S100YGS4 |
| Financing cash flow | -1,805 | -0.6% | S100YGS4 |
| Dividends paid | 978 | 0.3% | S100YGS4 |
| Share buyback | 162 | 0.1% | S100YGS4 |
| Change in cash | 4,971 | 1.7% | S100YGS4 |
| Cash and equivalents | 16,677 | 5.6% | S100YGS4 |

## 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 | 9,948 | 9,927 | 11,583 | 11,705 | 16,677 | S100TTBB, S100W65X, S100YGS4 |
| Total assets | 104,908 | 101,350 | 108,480 | 105,934 | 108,083 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Net assets | 54,381 | 53,631 | 53,315 | 55,230 | 60,124 | S100TTBB, S100W65X, S100YGS4 |
| Share capital | 15,630 | 15,630 | 15,630 | 15,630 | 15,630 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Property, plant and equipment | 28,102 | 28,306 | 28,228 | 27,885 | 25,952 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Intangible assets excluding goodwill | 3,371 | 2,665 | 2,326 | 2,183 | 2,027 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Goodwill | 2,407 | 1,732 | 1,446 | 1,201 | 975 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Investment securities | 7,601 | 7,399 | 8,815 | 8,243 | 12,570 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Current assets | 61,798 | 58,760 | 65,410 | 62,862 | 62,685 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Current liabilities | 42,377 | 39,071 | 46,723 | 43,248 | 40,638 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Trade payables | 32,354 | 27,196 | 28,772 | 30,594 | 26,580 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Short-term borrowings | 964 | 2,949 | 8,738 | 2,377 | 2,332 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Long-term borrowings | 2,922 | 2,472 | 2,043 | 1,665 | 1,329 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Total liabilities | 50,527 | 47,718 | 55,164 | 50,704 | 47,958 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Non-controlling interests | 693 | 15 | 19 | 20 | 24 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Equity attributable to owners of parent | 52,201 | 51,973 | 50,120 | 52,450 | 55,801 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Retained earnings | 34,401 | 34,062 | 32,202 | 31,821 | 33,019 | S100RHED, S100TTBB, S100W65X, S100YGS4 |
| Treasury stock | -5,555 | -5,473 | -5,468 | -2,712 | -580 | S100RHED, S100TTBB, S100W65X, S100YGS4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YGS4 |
| Property, plant and equipment | 24% | S100YGS4 |
| Intangibles and goodwill | 3% | S100YGS4 |
| Investment securities | 12% | S100YGS4 |
| Other assets | 46% | S100YGS4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 24% | S100YGS4 |
| Other liabilities | 20% | S100YGS4 |
| Equity | 56% | S100YGS4 |
| Other liabilities | 0% | S100YGS4 |

### 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 | 104,908 | 101,350 | 108,480 | 105,934 | 108,083 |
| Equity | 54,381 | 53,631 | 53,315 | 55,230 | 60,124 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,948 | 9,927 | 11,583 | 11,705 | 16,677 |

## 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% | S100YGS4 |
| Fixed assets ÷ total assets | 24.0% | S100YGS4 |
| Goodwill ÷ parent equity | 1.7% | S100YGS4 |

Goodwill over 4 years: 2,407 → 975 JPY; total investing cash flow: -2,775 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) | 15.4% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.6% |
| Cash vs. profit gap | 2,152 JPY mn (of net income 48.5%) |
| Shareholder returns / net income | 25.7% |
| Shareholder returns / FCF | 24.7% |
| Shareholder payments — dividends / net income | 22.1% |
| Shareholder payments — dividends / FCF | 21.2% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 3.0% |

## 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 | 0.9% | 2.76× | 2.4% | 2.01× | 4.8% | S100RHED |
| 2023 | 0.1% | 3.32× | 0.5% | 1.98× | 0.9% | S100TTBB |
| 2024 | — | —× | -1.0% | —× | — | S100W65X |
| 2025 | 1.0% | 2.96× | 2.9% | 2.09× | 6.1% | S100YGS4 |
| 2026 | 1.5% | 2.79× | 4.1% | 1.98× | 8.2% | S100YGS4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 9.8% | 2026-03-31 |
| エヌオーアイ投資事業有限責任組合 | Major shareholder | 8.9% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ３ 投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| コスモ石油マーケティング株式会社 | Major shareholder | 7.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人)株式会社日本カストディ銀行 | Major shareholder | 6.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.7% | 2026-03-31 |
| シナネングループ取引先持株会 | Major shareholder | 3.8% | 2026-03-31 |
| リンナイ株式会社 | Major shareholder | 3.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YGS4 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGS4,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W65X | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W65X,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TTBB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTBB,, |
| 訂正有価証券報告書－第89期(2022/04/01－2023/03/31) | S100RHED | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHED,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OCMF | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCMF,, |
| 訂正有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100M0LX | 2021-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0LX,, |

## 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).