# Shinden Hightex 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31期(2025/04/01－2026/03/31) (S100YEWH)
> Page: https://vizora.meequs.com/en/company/shinden-hightex
> Retrieved: 2026-09-30T17:45:51.506Z

## Company

Shinden Hightex, founded in 2005, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 81 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINDEN HIGHTEX CORPORATION |
| Ticker | 3131 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3131.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区入船三丁目7番2号 |
| Representative (per filing) | 代表取締役社長 鈴木 淳 |
| Founded | Aug 2005 |
| Share capital | ¥1.44B |
| Employees (consolidated) | 81 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.shinden.co.jp (https://www.shinden.co.jp/) |
| Corporate number | 2010001094897 |
| EDINET | E23741 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEWH, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.1 | 179 |
| Profitability | 43.5 | 185 |
| Cash conversion | 0.8 | 179 |
| Efficiency | 81.9 | 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 96% of Shinden Hightex's sales come from Japan, with Overseas making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -2.1% from the prior year, operating profit -23.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥42.8B |  |
| Operating income | ¥1.07B | Margin 2.5% |
| Net income | ¥352M | Margin 0.8% |
| Free cash flow | -¥4.45B |  |
| Largest business | Japan | of segment revenue 95.9% |
| Employees (consolidated) | 81 |  |
| EPS | ¥212.05 |  |
| Book value per share | ¥3934.65 |  |
| Equity ratio | 33.7% |  |
| Shares outstanding | 2,110,200 |  |
| Treasury shares | 225,000 |  |
| Shareholders | 2,671 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 31.5% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -0.4 pp | Specialty Trading & Wholesale |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49084536000 | ¥42812010000 | -12.8% |
| Operating income | ¥819513000 | ¥1066370000 | +30.1% |
| Operating margin | 1.7% | 2.5% | +0.8 pp |
| Employees | 109 people | 81 people | -25.7% |
| Cash and equivalents | ¥6225480000 | ¥6973984000 | +12.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 95.4% |
| 海外 → 海外 | 4.1% |
| 海外 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 日本 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,812 | 100.0% | S100YEWH |
| Cost of revenue | 39,507 | 92.3% | S100YEWH |
| Gross profit | 3,306 | 7.7% | S100YEWH |
| SG&A | 2,239 | 5.2% | S100YEWH |
| Operating income | 1,066 | 2.5% | S100YEWH |
| Ordinary income | 524 | 1.2% | S100YEWH |
| Pretax income | 543 | 1.3% | S100YEWH |
| Income tax | 191 | 0.4% | S100YEWH |
| Net income | 352 | 0.8% | S100YEWH |
| Net income attributable to owners | 352 | 0.8% | S100YEWH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 5 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 7.7% → Operating margin 2.5% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.1%; Core profit growth: -23.9%
Operating leverage (core profit growth ÷ revenue growth): 11.19×
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 | 43,745 | 42,812 | -933 | -2.1% |
| Gross profit | 3,661 | 3,306 | -355 | -9.7% |
| Operating income | 1,401 | 1,066 | -334 | -23.9% |
| Net income attributable to owners | 643 | 352 | -291 | -45.2% |
| Operating cash flow | 3,068 | -4,294 | -7,362 | -239.9% |
| Free cash flow | 3,054 | -4,452 | -7,506 | -245.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,278 | 496 | 1.1% | 185 | -467 | -471 | S100LOQB |
| FY ending Mar 2021 | 49,085 | 820 | 1.7% | 497 | -602 | -605 | S100OCFR |
| FY ending Mar 2022 | 43,459 | 1,502 | 3.5% | 748 | 748 | 746 | S100R2O5 |
| FY ending Mar 2023 | 41,924 | 2,242 | 5.3% | 898 | 4,577 | 4,559 | S100TPHU |
| FY ending Mar 2024 | 42,285 | 1,185 | 2.8% | 293 | 1,033 | 1,022 | S100W17S |
| FY ending Mar 2025 | 43,745 | 1,401 | 3.2% | 643 | 3,068 | 3,054 | S100YEWH |
| FY ending Mar 2026 | 42,812 | 1,066 | 2.5% | 352 | -4,294 | -4,452 | S100YEWH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥528.5M |
| Operating income per employee (consolidated) | ¥13.2M |
| Net income per employee (consolidated) | ¥4.3M |

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) | 102 | 94 | 92 | 87 | 81 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.7M | ¥7.9M | ¥7.4M |
| Average age (parent company) | 50.4 years | 49.9 years | 48.8 years | 49.4 years | 48.6 years |
| Average tenure (parent company) | 11.4 years | 11.9 years | 11.4 years | 11.9 years | 11.8 years |

Year over year: Employees (consolidated) -6.9% · Revenue (consolidated) -2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 41,077 | 95.9% | 1,132 | 2.8% |
| Overseas | 1,735 | 4.1% | -33 | -1.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 95.9% | 100.0% | 4.1 | 2.8% |
| Overseas | 4.1% | — | — | -1.9% |

Loss-making segment (excluded from profit shares): Overseas -33 JPY mn

Segment → industry: Overseas → Specialty Trading & Wholesale / Japan → 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 | -4,294 | -10.0% | S100YEWH |
| Capital expenditure | 158 | 0.4% | S100YEWH |
| Free cash flow | -4,452 | -10.4% | 算出 |
| Investing cash flow | -168 | -0.4% | S100YEWH |
| Financing cash flow | 4,720 | 11.0% | S100YEWH |
| Dividends paid | 235 | 0.5% | S100YEWH |
| Share buyback | 0 | 0.0% | S100YEWH |
| Change in cash | 397 | 0.9% | S100YEWH |
| Cash and equivalents | 6,974 | 16.3% | S100YEWH |

## 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 | 6,317 | 4,173 | 5,958 | 6,577 | 6,974 | S100TPHU, S100W17S, S100YEWH |
| Total assets | 20,888 | 16,857 | 18,579 | 16,636 | 22,135 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Net assets | 6,390 | 6,942 | 7,082 | 7,405 | 7,467 | S100TPHU, S100W17S, S100YEWH |
| Share capital | 1,439 | 1,439 | 1,439 | 1,439 | 1,439 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Property, plant and equipment | 12 | 22 | 19 | 19 | 98 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Intangible assets excluding goodwill | 4 | 2 | 9 | 7 | 75 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Investment securities | — | — | — | 25 | 35 | S100YEWH |
| Current assets | 20,516 | 16,495 | 18,342 | 16,330 | 21,690 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Current liabilities | 13,471 | 9,054 | 11,206 | 9,181 | 14,187 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Short-term borrowings | 9,546 | 4,806 | 7,116 | 5,682 | 11,032 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Long-term borrowings | 1,025 | 859 | 290 | 49 | 480 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Total liabilities | 14,498 | 9,915 | 11,497 | 9,231 | 14,668 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Non-controlling interests | 8 | 9 | — | — | — | S100R2O5, S100TPHU |
| Equity attributable to owners of parent | 6,383 | 6,881 | 7,005 | 7,272 | 7,388 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Retained earnings | 3,675 | 4,349 | 4,378 | 4,901 | 5,018 | S100R2O5, S100TPHU, S100W17S, S100YEWH |
| Treasury stock | -112 | -288 | -229 | -486 | -487 | S100R2O5, S100TPHU, S100W17S, S100YEWH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YEWH |
| Property, plant and equipment | 0% | S100YEWH |
| Intangibles and goodwill | 0% | S100YEWH |
| Investment securities | 0% | S100YEWH |
| Other assets | 68% | S100YEWH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100YEWH |
| Equity | 34% | S100YEWH |
| Other liabilities | 0% | S100YEWH |

### 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 | 20,888 | 16,857 | 18,579 | 16,636 | 22,135 |
| Equity | 6,390 | 6,942 | 7,082 | 7,405 | 7,467 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,317 | 4,173 | 5,958 | 6,577 | 6,974 |

## 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) | 0.2% | S100YEWH |
| Fixed assets ÷ total assets | 0.4% | S100YEWH |
| Goodwill ÷ parent equity | — | —, S100YEWH |

### 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) | 31.5% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -402.6% |
| Cash vs. profit gap | -4,646 JPY mn (of net income -1319.9%) |
| Shareholder returns / net income | 66.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## 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% | 2.08× | 3.6% | 3.27× | 11.7% | S100R2O5 |
| 2023 | 2.1% | 2.22× | 4.8% | 2.85× | 13.5% | S100TPHU |
| 2024 | 0.7% | 2.39× | 1.7% | 2.55× | 4.2% | S100W17S |
| 2025 | 1.5% | 2.48× | 3.7% | 2.47× | 9.0% | S100YEWH |
| 2026 | 0.8% | 2.21× | 1.8% | 2.64× | 4.8% | S100YEWH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 横山 真弓 | Major shareholder | 4.0% | 2026-03-31 |
| 藤本 直子 | Major shareholder | 3.9% | 2026-03-31 |
| シンデンハイテックス社員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.6% | 2026-03-31 |
| ウルトラテクノロジー株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 城下 保 | Major shareholder | 2.3% | 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 | 2.1% | 2026-03-31 |
| 鈴木 淳 | Major shareholder | 1.7% | 2026-03-31 |
| 河合 優 | Major shareholder | 1.6% | 2026-03-31 |
| ケーエス興産有限会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第31期(2025/04/01－2026/03/31) | S100YEWH | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEWH,, |
| 有価証券報告書－第30期(2024/04/01－2025/03/31) | S100W17S | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W17S,, |
| 有価証券報告書－第29期(2023/04/01－2024/03/31) | S100TPHU | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPHU,, |
| 有価証券報告書－第28期(2022/04/01－2023/03/31) | S100R2O5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2O5,, |
| 有価証券報告書－第27期(令和3年4月1日－令和4年3月31日) | S100OCFR | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCFR,, |
| 有価証券報告書－第26期(令和2年4月1日－令和3年3月31日) | S100LOQB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOQB,, |

## 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).