# SHINYEI KAISHA: 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158期(2025/04/01－2026/03/31) (S100YANZ)
> Page: https://vizora.meequs.com/en/company/shinyei-kaisha
> Retrieved: 2026-09-30T21:03:05.900Z

## Company

Shinyei Kaisha, founded in 1887, is a company in Robots & Factory Automation listed on TSE Standard. It has 468 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINYEI KAISHA |
| Ticker | 3004 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3004.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区京町77番地の1 |
| Representative (per filing) | 代表取締役社長 赤澤秀朗 |
| Founded | May 1887 |
| Share capital | ¥2.06B |
| Employees (consolidated) | 468 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.shinyei.co.jp (https://www.shinyei.co.jp/) |
| Corporate number | 4140001008108 |
| EDINET | E02542 |
| Industries (Vizora) | Robots & Factory Automation, Electronic Components, Catalog & TV Shopping, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YANZ, 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 | 29.3 | 179 |
| Profitability | 66.8 | 185 |
| Cash conversion | 33.2 | 179 |
| Efficiency | 48.9 | 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 81% of Shinyei Kaisha's sales come from Foodstuffs related, with Materials related and Electronics related making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.7% from the prior year, operating profit +18.8%.

## Company structure

- Segment revenue mix: Foodstuffs related 80.6%、Materials related 9.0%、Electronics related 9.0%、Business development related,Reportable segment 1.4%
- Revenue → net income: ¥43267000000 → ¥1346000000
- Net income → operating cash flow: ¥1346000000 → ¥1223000000（difference ¥-123000000）
- Main uses of operating cash flow: CapEx ¥174000000 / dividends ¥351000000 / buybacks ¥0
- Change in cash: ¥171000000
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 | ¥43.3B |  |
| Operating income | ¥1.65B | Margin 3.8% |
| Net income | ¥1.35B | Margin 3.1% |
| Free cash flow | ¥1.05B |  |
| Largest business | Foodstuffs related | of segment revenue 80.6% |
| Employees (consolidated) | 468 |  |
| EPS | ¥372.08 |  |
| Book value per share | ¥2750.84 |  |
| Equity ratio | 36.9% |  |
| Shares outstanding | 4,168,500 |  |
| Treasury shares | 251,000 |  |
| Shareholders | 4,648 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 3.0% |
| Vs. industry median margin | +0.9 pp | Specialty Trading & Wholesale |
| ROE | 20.7% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥37265000000 | ¥43267000000 | +16.1% |
| Operating income | ¥778000000 | ¥1645000000 | +111.4% |
| Operating margin | 2.1% | 3.8% | +1.7 pp |
| Employees | 536 people | 468 people | -12.7% |
| Cash and equivalents | ¥1351000000 | ¥1318000000 | -2.4% |

### 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 |
| --- | ---: |
| 食品関連 → 食品関連 | 67.4% |
| 物資関連 → 物資関連 | 9.0% |
| 物資関連 → 事業再編・廃止 | 2.4% |
| 電子関連 → 電子関連 | 9.0% |
| 電子関連 → 事業再編・廃止 | 3.3% |
| 繊維関連 → 事業再編・廃止 | 8.9% |
| 新設・再編 → 食品関連 | 13.2% |
| 新設・再編 → 事業開発関連 | 1.4% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Foodstuffs related | 5 years | +6.8% | ¥34870000000 | 6.2% | 2 |
| Materials related | 5 years | -1.7% | ¥3894000000 | 11.8% | 2 |
| Electronics related | 5 years | -3.2% | ¥3892000000 | 7.9% | 2 |
| Business development related,Reportable segment | 2 years | -4.7% | ¥609000000 | -9.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,267 | 100.0% | S100YANZ |
| Cost of revenue | 34,334 | 79.4% | S100YANZ |
| Gross profit | 8,932 | 20.6% | S100YANZ |
| SG&A | 7,286 | 16.8% | S100YANZ |
| Operating income | 1,645 | 3.8% | S100YANZ |
| Ordinary income | 1,725 | 4.0% | S100YANZ |
| Pretax income | 2,079 | 4.8% | S100YANZ |
| Income tax | 733 | 1.7% | S100YANZ |
| Net income | 1,346 | 3.1% | S100YANZ |
| Net income attributable to owners | 1,346 | 3.1% | S100YANZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 17 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.6% → Operating margin 3.8% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.7%; Core profit growth: +18.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.42×
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 | 40,158 | 43,267 | 3,109 | +7.7% |
| Gross profit | 8,403 | 8,932 | 529 | +6.3% |
| Operating income | 1,385 | 1,645 | 260 | +18.8% |
| Net income attributable to owners | 1,321 | 1,346 | 25 | +1.9% |
| Operating cash flow | 662 | 1,223 | 561 | +84.7% |
| Free cash flow | 575 | 1,049 | 474 | +82.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,164 | 359 | 0.9% | -677 | 1,010 | 576 | S100LGTD |
| FY ending Mar 2021 | 37,265 | 778 | 2.1% | 500 | 2,124 | 1,930 | S100O7HG |
| FY ending Mar 2022 | 37,686 | 721 | 1.9% | 474 | -1,291 | -1,529 | S100QXLU |
| FY ending Mar 2023 | 39,892 | 1,375 | 3.4% | 949 | 598 | 538 | S100TNVR |
| FY ending Mar 2024 | 40,204 | 1,793 | 4.5% | 1,655 | 1,311 | 1,193 | S100VXAD |
| FY ending Mar 2025 | 40,158 | 1,385 | 3.4% | 1,321 | 662 | 575 | S100YANZ |
| FY ending Mar 2026 | 43,267 | 1,645 | 3.8% | 1,346 | 1,223 | 1,049 | S100YANZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥92.5M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 512 | 479 | 467 | 463 | 468 |
| Average salary (parent company) | ¥6.3M | ¥6.2M | ¥7.4M | ¥7.4M | ¥7.6M |
| Average age (parent company) | 41.0 years | 41.9 years | 41.5 years | 42.0 years | 41.4 years |
| Average tenure (parent company) | 14.6 years | 15.2 years | 14.4 years | 14.8 years | 14.4 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +7.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Foodstuffs related | 34,870 | 80.6% | 2,148 | 6.2% |
| Materials related | 3,894 | 9.0% | 461 | 11.8% |
| Electronics related | 3,892 | 9.0% | 306 | 7.9% |
| Business development related,Reportable segment | 609 | 1.4% | -56 | -9.2% |

### 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 |
| --- | ---: |
| Foodstuffs related | 80.6% |
| Materials related | 9.0% |
| Electronics related | 9.0% |
| Business development related,Reportable segment | 1.4% |

Segment → industry: Electronics related → Robots & Factory Automation / Electronics related → Electronic Components / Business development related,Reportable segment → Catalog & TV Shopping / Materials related → Specialty Trading & Wholesale / Foodstuffs related → 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 | 1,223 | 2.8% | S100YANZ |
| Capital expenditure | 174 | 0.4% | S100YANZ |
| Free cash flow | 1,049 | 2.4% | 算出 |
| Investing cash flow | 681 | 1.6% | S100YANZ |
| Financing cash flow | -1,727 | -4.0% | S100YANZ |
| Dividends paid | 351 | 0.8% | S100YANZ |
| Share buyback | 0 | 0.0% | S100YANZ |
| Change in cash | 171 | 0.4% | S100YANZ |
| Cash and equivalents | 1,318 | 3.0% | S100YANZ |

## 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 | 1,183 | 1,251 | 1,459 | 1,146 | 1,318 | S100TNVR, S100VXAD, S100YANZ |
| Total assets | 23,586 | 24,159 | 26,574 | 27,562 | 29,434 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Net assets | 3,432 | 4,651 | 7,614 | 8,785 | 10,859 | S100TNVR, S100VXAD, S100YANZ |
| Share capital | 2,065 | 2,065 | 2,065 | 2,065 | 2,065 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Property, plant and equipment | 4,500 | 4,227 | 4,072 | 3,841 | 3,564 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Intangible assets excluding goodwill | 144 | 145 | 150 | 113 | 110 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Investment securities | 2,872 | 3,211 | 5,261 | 5,889 | 7,263 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Current assets | 15,817 | 16,341 | 16,899 | 17,502 | 18,333 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Current liabilities | 14,630 | 14,210 | 13,442 | 13,439 | 13,078 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Trade payables | 2,292 | 1,762 | 1,935 | 1,987 | 2,060 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Short-term borrowings | 9,782 | 9,565 | 9,013 | 8,917 | 8,052 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Long-term borrowings | 4,912 | 4,777 | 4,590 | 4,424 | 3,962 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Bonds | 140 | 60 | — | — | — | S100QXLU, S100TNVR |
| Interest-bearing debt | 14,834 | 14,402 | — | — | — | 算出 |
| Total liabilities | 20,154 | 19,507 | 18,960 | 18,777 | 18,575 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Equity attributable to owners of parent | 2,810 | 3,778 | 5,288 | 5,981 | 6,993 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Retained earnings | 335 | 1,285 | 2,777 | 3,771 | 4,766 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |
| Treasury stock | -240 | -196 | -162 | -461 | -444 | S100QXLU, S100TNVR, S100VXAD, S100YANZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YANZ |
| Property, plant and equipment | 12% | S100YANZ |
| Intangibles and goodwill | 0% | S100YANZ |
| Investment securities | 25% | S100YANZ |
| Other assets | 58% | S100YANZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YANZ |
| Other liabilities | 56% | S100YANZ |
| Equity | 37% | S100YANZ |

### 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 | 23,586 | 24,159 | 26,574 | 27,562 | 29,434 |
| Equity | 3,432 | 4,651 | 7,614 | 8,785 | 10,859 |
| Interest-bearing debt | 14,834 | 14,402 | — | — | — |
| Cash | 1,183 | 1,251 | 1,459 | 1,146 | 1,318 |

## 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) | 8.2% | S100YANZ |
| Fixed assets ÷ total assets | 12.1% | S100YANZ |
| Goodwill ÷ parent equity | — | —, S100YANZ |

### 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 | 3.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.3% |
| Cash vs. profit gap | -123 JPY mn (of net income -9.1%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | 33.5% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 33.5% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 55.7% |

## 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 | 1.3% | 1.60× | 2.0% | 8.39× | 16.9% | S100QXLU |
| 2023 | 2.4% | 1.67× | 4.0% | 7.25× | 28.8% | S100TNVR |
| 2024 | 4.1% | 1.58× | 6.5% | 5.60× | 36.5% | S100VXAD |
| 2025 | 3.3% | 1.48× | 4.9% | 4.80× | 23.4% | S100YANZ |
| 2026 | 3.1% | 1.52× | 4.7% | 4.39× | 20.7% | S100YANZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱メディパルホールディングス | Major shareholder | 5.3% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| ㈱みなと銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.2% | 2026-03-31 |
| ㈱ノザワ | Major shareholder | 3.1% | 2026-03-31 |
| 神栄グループ従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| ㈱さくらケーシーエス | Major shareholder | 2.6% | 2026-03-31 |
| 兵庫県信用農業協同組合連合会 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱泉屋製菓総本舗 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YANZ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YANZ,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100VXAD | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXAD,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TNVR | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNVR,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100QXLU | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXLU,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100O7HG | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7HG,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LGTD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LGTD,, |

## 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).