# Shinko Shoji 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73期(2025/04/01－2026/03/31) (S100YME7)
> Page: https://vizora.meequs.com/en/company/shinko-shoji
> Retrieved: 2026-09-30T20:34:29.291Z

## Company

Shinko Shoji, founded in 1953, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 667 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shinko Shoji Co., Ltd. |
| Ticker | 8141 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8141.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目2番2号 |
| Representative (per filing) | 代表取締役社長 小川 達哉 |
| Founded | Nov 1953 |
| Share capital | ¥9.5B |
| Employees (consolidated) | 667 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | shinko-sj.co.jp (https://shinko-sj.co.jp/) |
| Corporate number | 3010701019351 |
| EDINET | E02664 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YME7, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.9 | 179 |
| Profitability | 16.5 | 185 |
| Cash conversion | 96.9 | 179 |
| Efficiency | 27.8 | 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 65% of Shinko Shoji's sales come from Electronic equipment component, with Other equipment and Assembly product making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -14.6% from the prior year, operating profit +88.5%.

## Company structure

- Segment revenue mix: Electronic equipment component 65.1%、Other equipment 20.7%、Assembly product 14.2%
- Revenue → net income: ¥99113000000 → ¥1172000000
- Net income → operating cash flow: ¥1172000000 → ¥5821000000（difference ¥4649000000）
- Main uses of operating cash flow: CapEx ¥172000000 / dividends ¥437000000 / buybacks ¥1501000000
- Change in cash: ¥-293000000
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 | ¥99.1B |  |
| Operating income | ¥1.2B | Margin 1.2% |
| Net income | ¥1.13B | Margin 1.1% |
| Free cash flow | ¥5.65B |  |
| Largest business | Electronic equipment component | of segment revenue 65.1% |
| Employees (consolidated) | 667 |  |
| EPS | ¥-8.09 |  |
| Book value per share | ¥985.52 |  |
| Equity ratio | 65.2% |  |
| Shares outstanding | 31,010,000 |  |
| Treasury shares | 2,460,600 |  |
| Shareholders | 6,611 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 37.2% | Cash ÷ revenue 30.3% |
| Vs. industry median margin | -1.7 pp | Specialty Trading & Wholesale |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.2× net income
- FY2026, buybacks were 3.4× dividends
- FY2026, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥102898000000 | ¥99113000000 | -3.7% |
| Operating income | ¥1543000000 | ¥1201000000 | -22.2% |
| Operating margin | 1.5% | 1.2% | -0.3 pp |
| Employees | 664 people | 667 people | +0.5% |
| Cash and equivalents | ¥17596000000 | ¥30065000000 | +70.9% |

### 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 |
| --- | ---: |
| 電子部品事業 → 電子部品事業 | 42.8% |
| 電子部品事業 → 事業再編・廃止 | 42.8% |
| アセンブリ事業 → アセンブリ事業 | 5.5% |
| アッセンブリ事業 → 事業再編・廃止 | 5.5% |
| その他の事業 → その他の事業 | 1.7% |
| その他の事業 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 電子部品事業 | 22.3% |
| 新設・再編 → アセンブリ事業 | 8.7% |
| 新設・再編 → その他の事業 | 19.0% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic equipment component | 5 years | -6.0% | ¥64523000000 | 3.6% | 2 |
| Other equipment | 5 years | +41.9% | ¥20533000000 | 1.9% | 2 |
| Assembly product | 5 years | +4.6% | ¥14055000000 | 2.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 99,113 | 100.0% | S100YME7 |
| Cost of revenue | 88,647 | 89.4% | S100YME7 |
| Gross profit | 10,465 | 10.6% | S100YME7 |
| SG&A | 9,263 | 9.3% | S100YME7 |
| Operating income | 1,201 | 1.2% | S100YME7 |
| Ordinary income | 1,555 | 1.6% | S100YME7 |
| Pretax income | 2,933 | 3.0% | S100YME7 |
| Income tax | 1,760 | 1.8% | S100YME7 |
| Net income | 1,172 | 1.2% | S100YME7 |
| Net income attributable to owners | 1,127 | 1.1% | S100YME7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 9 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 10.6% → Operating margin 1.2% → Net margin 1.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -14.6%; Core profit growth: +88.5%
Operating leverage (core profit growth ÷ revenue growth): -6.08×
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 | 116,008 | 99,113 | -16,895 | -14.6% |
| Gross profit | 9,245 | 10,465 | 1,220 | +13.2% |
| Operating income | 637 | 1,201 | 564 | +88.5% |
| Net income attributable to owners | 505 | 1,127 | 622 | +123.2% |
| Operating cash flow | 31,718 | 5,821 | -25,897 | -81.6% |
| Free cash flow | 31,624 | 5,649 | -25,975 | -82.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 101,627 | 1,611 | 1.6% | 1,236 | 6,643 | 6,149 | S100MBSZ |
| FY ending Mar 2021 | 102,898 | 1,543 | 1.5% | 1,255 | -4,527 | -4,910 | S100ORMN |
| FY ending Mar 2022 | 135,205 | 4,163 | 3.1% | 2,821 | -11,628 | -11,901 | S100R04N |
| FY ending Mar 2023 | 179,076 | 7,128 | 4.0% | 4,706 | -905 | -1,043 | S100TRBU |
| FY ending Mar 2024 | 175,847 | 4,878 | 2.8% | 3,194 | 4,697 | 4,549 | S100W1IZ |
| FY ending Mar 2025 | 116,008 | 637 | 0.5% | 505 | 31,718 | 31,624 | S100YME7 |
| FY ending Mar 2026 | 99,113 | 1,201 | 1.2% | 1,127 | 5,821 | 5,649 | S100YME7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥148.6M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 658 | 666 | 656 | 577 | 667 |
| Average salary (parent company) | ¥7.1M | ¥8.2M | ¥8.1M | ¥7.3M | ¥7.3M |
| Average age (parent company) | 42.5 years | 43.0 years | 43.1 years | 42.5 years | 43.3 years |
| Average tenure (parent company) | 14.8 years | 15.0 years | 15.3 years | 14.7 years | 15.8 years |

Year over year: Employees (consolidated) +15.6% · Revenue (consolidated) -14.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic equipment component | 64,523 | 65.1% | 2,346 | 3.6% |
| Assembly product | 14,055 | 14.2% | 327 | 2.3% |
| Other equipment | 20,533 | 20.7% | 393 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic equipment component | 65.1% | 76.5% | 11.4 | 3.6% |
| Assembly product | 14.2% | 10.7% | -3.5 | 2.3% |
| Other equipment | 20.7% | 12.8% | -7.9 | 1.9% |

Segment → industry: Other equipment → Specialty Trading & Wholesale / Assembly product → Specialty Trading & Wholesale / Electronic equipment component → 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 | 5,821 | 5.9% | S100YME7 |
| Capital expenditure | 172 | 0.2% | S100YME7 |
| Free cash flow | 5,649 | 5.7% | 算出 |
| Investing cash flow | -389 | -0.4% | S100YME7 |
| Financing cash flow | -6,769 | -6.8% | S100YME7 |
| Dividends paid | 437 | 0.4% | S100YME7 |
| Share buyback | 1,501 | 1.5% | S100YME7 |
| Change in cash | -293 | -0.3% | S100YME7 |
| Cash and equivalents | 30,065 | 30.3% | S100YME7 |

## 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 | 10,579 | 10,746 | 13,157 | 30,359 | 30,065 | S100TRBU, S100W1IZ, S100YME7 |
| Total assets | 88,951 | 98,827 | 99,813 | 80,051 | 80,796 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Net assets | 51,945 | 52,560 | 56,119 | 52,539 | 53,541 | S100TRBU, S100W1IZ, S100YME7 |
| Share capital | 9,501 | 9,501 | 9,501 | 9,501 | 9,501 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Property, plant and equipment | 810 | 771 | 693 | 651 | 1,207 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Intangible assets excluding goodwill | 513 | 386 | 218 | 103 | 1,613 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Goodwill | — | — | — | — | 583 | S100YME7 |
| Investment securities | 3,106 | 3,458 | 4,465 | 6,103 | 6,246 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Current assets | 82,370 | 92,720 | 92,829 | 71,517 | 69,772 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Current liabilities | 31,492 | 36,952 | 33,401 | 21,255 | 22,098 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Trade payables | 17,324 | 16,061 | 16,354 | 10,369 | 13,011 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Short-term borrowings | 7,444 | 9,025 | 8,982 | 2,270 | 1,000 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Long-term borrowings | 3,800 | 7,200 | 7,800 | 4,300 | 1,500 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Total liabilities | 37,005 | 46,266 | 43,693 | 27,511 | 27,254 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Non-controlling interests | 575 | 700 | 791 | 838 | 894 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Equity attributable to owners of parent | 49,039 | 48,070 | 49,034 | 45,707 | 45,180 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Retained earnings | 31,225 | 33,577 | 34,518 | 34,020 | 28,328 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |
| Treasury stock | -1,286 | -4,608 | -4,585 | -7,431 | -2,249 | S100R04N, S100TRBU, S100W1IZ, S100YME7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YME7 |
| Property, plant and equipment | 1% | S100YME7 |
| Intangibles and goodwill | 3% | S100YME7 |
| Investment securities | 8% | S100YME7 |
| Other assets | 51% | S100YME7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100YME7 |
| Other liabilities | 18% | S100YME7 |
| Equity | 66% | S100YME7 |
| Other liabilities | 0% | S100YME7 |

### 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 | 88,951 | 98,827 | 99,813 | 80,051 | 80,796 |
| Equity | 51,945 | 52,560 | 56,119 | 52,539 | 53,541 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,579 | 10,746 | 13,157 | 30,359 | 30,065 |

## 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) | 1.2% | S100YME7 |
| Fixed assets ÷ total assets | 1.5% | S100YME7 |
| Goodwill ÷ parent equity | 1.3% | S100YME7 |

### 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) | 37.2% |
| Cash ÷ revenue | 30.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 484.7% |
| Cash vs. profit gap | 4,694 JPY mn (of net income 416.5%) |
| Shareholder returns / net income | 172.0% |
| Shareholder returns / FCF | 34.3% |
| Shareholder payments — dividends / net income | 38.8% |
| Shareholder payments — dividends / FCF | 7.7% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 6.7% |

## 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 | 2.1% | 1.52× | 3.2% | 1.81× | 5.8% | S100R04N |
| 2023 | 2.6% | 1.91× | 5.0% | 1.93× | 9.7% | S100TRBU |
| 2024 | 1.8% | 1.77× | 3.2% | 2.05× | 6.6% | S100W1IZ |
| 2025 | 0.4% | 1.29× | 0.6% | 1.90× | 1.1% | S100YME7 |
| 2026 | 1.1% | 1.23× | 1.4% | 1.77× | 2.5% | S100YME7 |

## 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 | 10.2% | 2026-03-31 |
| 野村 絢(常任代理人 三田証券株式会社) | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社シティインデックスファースト | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社レスター | Major shareholder | 5.2% | 2026-03-31 |
| 有限会社キタイアンドカンパニー | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託E口) | Major shareholder | 3.6% | 2026-03-31 |
| 北井 暁夫 | Major shareholder | 3.3% | 2026-03-31 |
| EUROPEAN DEPOSITARY BANK SA－DUBLIN － BUTTERMERE DEEP VALUE FUND LIMITED(常任代理人 シティバンク エヌ・エイ東京支店) | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.9% | 2026-03-31 |
| 加賀電子株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YME7 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YME7,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W1IZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1IZ,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TRBU | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRBU,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R04N | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R04N,, |
| 訂正有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100ORMN | 2022-07-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORMN,, |
| 訂正有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100MBSZ | 2021-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MBSZ,, |

## 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).