# Shinsho 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108期(2025/04/01－2026/03/31) (S100YEV4)
> Page: https://vizora.meequs.com/en/company/shinsho
> Retrieved: 2026-09-30T18:31:20.428Z

## Company

Shinsho, founded in 1946, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,428 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shinsho Corporation |
| Ticker | 8075 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8075.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区北浜2丁目6番18号 淀屋橋スクエア |
| Representative (per filing) | 代表取締役社長 髙下 拡展 |
| Founded | Nov 1946 |
| Share capital | ¥5.65B |
| Employees (consolidated) | 1,428 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | March |
| Website | shinsho.co.jp (https://shinsho.co.jp/) |
| Corporate number | 5120001077442 |
| EDINET | E02522 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEV4, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 4.7 | 179 |
| Profitability | 32.2 | 185 |
| Cash conversion | 31 | 179 |
| Efficiency | 54.3 | 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 42% of Shinsho's sales come from Metars segments, with Steel and Non-Ferrous making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -12.4%.

## Company structure

- Segment revenue mix: Metars segments 42.4%、Steel 20.6%、Non-Ferrous 15.5%、Machinery Welding segments 7.6%、Ferrous and Recycling Materials 6.4%
- Revenue → net income: ¥608142000000 → ¥8341000000
- Net income → operating cash flow: ¥8341000000 → ¥8447000000（difference ¥106000000）
- Main uses of operating cash flow: CapEx ¥2095000000 / dividends ¥2736000000 / buybacks —
- Change in cash: ¥-3953000000
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 | ¥608.1B |  |
| Operating income | ¥11.6B | Margin 1.9% |
| Net income | ¥8.29B | Margin 1.4% |
| Free cash flow | ¥6.35B |  |
| Largest business | Metars segments | of segment revenue 42.4% |
| Employees (consolidated) | 1,428 |  |
| EPS | ¥271.65 |  |
| Book value per share | ¥2570.57 |  |
| Equity ratio | 25.8% |  |
| Shares outstanding | 26,581,000 |  |
| Treasury shares | 23,000 |  |
| Shareholders | 6,180 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 2.9% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥784160000000 | ¥608142000000 | -22.4% |
| Operating income | ¥4454000000 | ¥11577000000 | +159.9% |
| Operating margin | 0.6% | 1.9% | +1.3 pp |
| Employees | 1,567 people | 1,428 people | -8.9% |
| Cash and equivalents | ¥22432000000 | ¥17427000000 | -22.3% |

### 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 |
| --- | ---: |
| 鉄鋼 → 事業再編・廃止 | 33.7% |
| 鉄鋼原料 → 事業再編・廃止 | 29.8% |
| 非鉄金属 → 事業再編・廃止 | 23.7% |
| 機械 ・ 情報 → 事業再編・廃止 | 8.3% |
| 溶材 → 事業再編・廃止 | 4.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 鉄鋼 | 20.6% |
| 新設・再編 → アルミ・銅 | 15.5% |
| 新設・再編 → 原料 | 6.4% |
| 新設・再編 → 金属セグメント | 42.4% |
| 新設・再編 → 機械 | 5.2% |
| 新設・再編 → 溶接 | 2.3% |
| 新設・再編 → 機械・溶接セグメント | 7.6% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metars segments | 2 years | +1.3% | ¥515691000000 | 1.5% | 2 |
| Steel | 2 years | -1.5% | ¥250092000000 | 1.9% | 2 |
| Non-Ferrous | 2 years | +4.6% | ¥187946000000 | 1.5% | 2 |
| Machinery Welding segments | 2 years | +1.9% | ¥92250000000 | 4.0% | 2 |
| Ferrous and Recycling Materials | 2 years | +3.4% | ¥77652000000 | -0.1% | 2 |
| Machinery | 2 years | +3.1% | ¥63726000000 | 4.8% | 2 |
| Welding | 2 years | -0.7% | ¥28524000000 | 2.2% | 2 |
| Other | 5 years | +2.1% | ¥199000000 | -88.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 608,142 | 100.0% | S100YEV4 |
| Cost of revenue | 568,676 | 93.5% | S100YEV4 |
| Gross profit | 39,465 | 6.5% | S100YEV4 |
| SG&A | 27,888 | 4.6% | S100YEV4 |
| Operating income | 11,577 | 1.9% | S100YEV4 |
| Ordinary income | 11,022 | 1.8% | S100YEV4 |
| Pretax income | 13,068 | 2.1% | S100YEV4 |
| Income tax | 4,726 | 0.8% | S100YEV4 |
| Net income | 8,341 | 1.4% | S100YEV4 |
| Net income attributable to owners | 8,286 | 1.4% | S100YEV4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 93 |
| SG&A | 5 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 6.5% → Operating margin 1.9% → Net margin 1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -12.4%
Operating leverage (core profit growth ÷ revenue growth): 8.50×
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 | 617,177 | 608,142 | -9,035 | -1.5% |
| Gross profit | 40,398 | 39,465 | -933 | -2.3% |
| Operating income | 13,223 | 11,577 | -1,646 | -12.4% |
| Net income attributable to owners | 8,563 | 8,286 | -277 | -3.2% |
| Operating cash flow | 6,989 | 8,447 | 1,458 | +20.9% |
| Free cash flow | 5,679 | 6,352 | 673 | +11.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 936,031 | 4,829 | 0.5% | 1,629 | 12,747 | 10,743 | S100LP6G |
| FY ending Mar 2021 | 784,160 | 4,454 | 0.6% | 2,198 | 14,894 | 13,345 | S100OD5V |
| FY ending Mar 2022 | 494,351 | 10,054 | 2.0% | 7,136 | -9,279 | -10,337 | S100R12S |
| FY ending Mar 2023 | 584,856 | 13,459 | 2.3% | 9,196 | 7,664 | 6,556 | S100TT05 |
| FY ending Mar 2024 | 591,431 | 13,296 | 2.2% | 9,111 | 9,090 | 8,189 | S100W3WK |
| FY ending Mar 2025 | 617,177 | 13,223 | 2.1% | 8,563 | 6,989 | 5,679 | S100YEV4 |
| FY ending Mar 2026 | 608,142 | 11,577 | 1.9% | 8,286 | 8,447 | 6,352 | S100YEV4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥425.9M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥5.8M |

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) | 1,396 | 1,404 | 1,443 | 1,437 | 1,428 |
| Average salary (parent company) | ¥8.3M | ¥8.9M | ¥9.2M | ¥9.8M | ¥9.7M |
| Average age (parent company) | 39.4 years | 39.7 years | 39.2 years | 39.3 years | 39.3 years |
| Average tenure (parent company) | 14.2 years | 14.5 years | 14.5 years | 14.3 years | 14.3 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) -1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel | 250,092 | 20.6% | 4,738 | 1.9% |
| Non-Ferrous | 187,946 | 15.5% | 2,836 | 1.5% |
| Ferrous and Recycling Materials | 77,652 | 6.4% | -61 | -0.1% |
| Metars segments | 515,691 | 42.4% | 7,513 | 1.5% |
| Machinery | 63,726 | 5.2% | 3,046 | 4.8% |
| Welding | 28,524 | 2.3% | 638 | 2.2% |
| Machinery Welding segments | 92,250 | 7.6% | 3,685 | 4.0% |
| Other | 199 | 0.0% | -176 | -88.4% |

### 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 |
| --- | ---: |
| Steel | 20.6% |
| Non-Ferrous | 15.5% |
| Ferrous and Recycling Materials | 6.4% |
| Metars segments | 42.4% |
| Machinery | 5.2% |
| Welding | 2.3% |
| Machinery Welding segments | 7.6% |
| Other | 0.0% |

Segment → industry: Steel → Specialty Trading & Wholesale / Non-Ferrous → Specialty Trading & Wholesale / Ferrous and Recycling Materials → Specialty Trading & Wholesale / Metars segments → Specialty Trading & Wholesale / Machinery → Specialty Trading & Wholesale / Welding → Specialty Trading & Wholesale / Machinery Welding segments → 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 | 8,447 | 1.4% | S100YEV4 |
| Capital expenditure | 2,095 | 0.3% | S100YEV4 |
| Free cash flow | 6,352 | 1.0% | 算出 |
| Investing cash flow | -1,579 | -0.3% | S100YEV4 |
| Financing cash flow | -10,910 | -1.8% | S100YEV4 |
| Dividends paid | 2,736 | 0.4% | S100YEV4 |
| Change in cash | -3,953 | -0.7% | S100YEV4 |
| Cash and equivalents | 17,427 | 2.9% | S100YEV4 |

## 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 | 15,397 | 12,800 | 12,308 | 21,380 | 17,427 | S100TT05, S100W3WK, S100YEV4 |
| Total assets | 364,029 | 395,092 | 396,408 | 386,870 | 383,623 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Net assets | 63,753 | 73,896 | 87,480 | 92,977 | 100,982 | S100TT05, S100W3WK, S100YEV4 |
| Share capital | 5,650 | 5,650 | 5,650 | 5,650 | 5,650 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Trade receivables | 195,835 | 193,903 | 194,452 | 189,458 | 183,699 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Property, plant and equipment | 7,884 | 8,547 | 8,828 | 8,646 | 8,678 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Intangible assets excluding goodwill | 1,554 | 1,577 | 2,158 | 2,025 | 2,480 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Goodwill | — | — | 418 | 327 | 235 | S100W3WK, S100YEV4 |
| Investment securities | 31,213 | 33,915 | 40,740 | 32,574 | 34,959 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Current assets | 316,604 | 343,466 | 337,583 | 337,539 | 330,225 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Current liabilities | 279,321 | 297,884 | 280,951 | 272,200 | 257,367 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Trade payables | 161,237 | 174,612 | 163,542 | 159,239 | 161,344 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Short-term borrowings | 49,962 | 45,552 | 40,158 | 45,905 | 34,901 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Long-term borrowings | 16,499 | 18,011 | 20,599 | 15,350 | 18,495 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Total liabilities | 300,276 | 321,195 | 308,927 | 293,893 | 282,641 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Non-controlling interests | 814 | 1,428 | 1,497 | 1,539 | 2,004 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Equity attributable to owners of parent | 58,859 | 65,084 | 71,636 | 77,210 | 82,353 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Retained earnings | 50,618 | 57,069 | 63,612 | 69,165 | 74,300 | S100R12S, S100TT05, S100W3WK, S100YEV4 |
| Treasury stock | -17 | -243 | -241 | -220 | -212 | S100R12S, S100TT05, S100W3WK, S100YEV4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YEV4 |
| Receivables | 48% | S100YEV4 |
| Property, plant and equipment | 2% | S100YEV4 |
| Intangibles and goodwill | 1% | S100YEV4 |
| Investment securities | 9% | S100YEV4 |
| Other assets | 35% | S100YEV4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 42% | S100YEV4 |
| Other liabilities | 32% | S100YEV4 |
| Equity | 26% | S100YEV4 |

### 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 | 364,029 | 395,092 | 396,408 | 386,870 | 383,623 |
| Equity | 63,753 | 73,896 | 87,480 | 92,977 | 100,982 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,397 | 12,800 | 12,308 | 21,380 | 17,427 |

## 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) | 1.4% | S100YEV4 |
| Fixed assets ÷ total assets | 2.3% | S100YEV4 |
| Goodwill ÷ parent equity | 0.3% | S100YEV4 |

### 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) | 4.5% |
| Cash ÷ revenue | 2.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.0% |
| Cash vs. profit gap | 161 JPY mn (of net income 1.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 43.1% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 18.7% |

## 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 | 1.4% | 1.36× | 2.0% | 6.18× | 12.1% | S100R12S |
| 2023 | 1.6% | 1.54× | 2.4% | 6.12× | 14.8% | S100TT05 |
| 2024 | 1.5% | 1.49× | 2.3% | 5.79× | 13.3% | S100W3WK |
| 2025 | 1.4% | 1.58× | 2.2% | 5.26× | 11.5% | S100YEV4 |
| 2026 | 1.4% | 1.58× | 2.2% | 4.83× | 10.4% | S100YEV4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| みずほ信託銀行㈱（退職給付信託神戸製鋼所口） | Major shareholder | 21.5% | 2026-03-31 |
| ㈱神戸製鋼所 | Major shareholder | 13.3% | 2026-03-31 |
| 神商取引先持株会 | Major shareholder | 7.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| 神鋼商事従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| シンフォニアテクノロジー㈱ | Major shareholder | 1.7% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO（常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.3% | 2026-03-31 |
| 芦田 藤次郎 | Major shareholder | 1.1% | 2026-03-31 |
| みずほ信託銀行㈱（退職給付信託神鋼鋼線工業口） | Major shareholder | 0.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥608.1B, down -1.5% from ¥617.2B.
- Operating income dropped harder, from ¥13.2B to ¥11.6B (-12.4%), while net income eased only -3.2% to ¥8.29B.
- Cash generation improved: operating cash flow rose from ¥6.99B to ¥8.45B (+20.9%), and free cash flow reached ¥6.35B.

### Drivers

- Steel sales and profit fell as construction demand weakened and steel prices declined
- The raw materials unit swung to a small loss: lower Kobe Steel output pushed down ore prices and recycling margins shrank
- Machinery grew, helped by more compressors and decarbonization equipment in Japan and LNG-related equipment in the US

### Risks

- A large share of purchases comes from the Kobe Steel group, so its performance directly affects Shinsho
- Many products are priced off commodity markets, so price swings can move profits
- Foreign-currency trades carry exchange-rate risk that hedging cannot fully remove

Cited: Annual securities report, 108th fiscal term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report, 108th fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第108期(2025/04/01－2026/03/31) | S100YEV4 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEV4,, |
| 有価証券報告書－第107期(2024/04/01－2025/03/31) | S100W3WK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3WK,, |
| 有価証券報告書－第106期(2023/04/01－2024/03/31) | S100TT05 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT05,, |
| 有価証券報告書－第105期(2022/04/01－2023/03/31) | S100R12S | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R12S,, |
| 有価証券報告書－第104期(令和3年4月1日－令和4年3月31日) | S100OD5V | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD5V,, |
| 有価証券報告書－第103期(令和2年4月1日－令和3年3月31日) | S100LP6G | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP6G,, |

## 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).