# Showa Sangyo 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125期(2025/04/01－2026/03/31) (S100YGEO)
> Page: https://vizora.meequs.com/en/company/showa-sangyo
> Retrieved: 2026-09-30T21:07:17.392Z

## Company

Showa Sangyo, founded in 1936, is a company in Livestock, Feed & Fertilizer listed on TSE Prime. It has 2,927 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Showa Sangyo Co., Ltd. |
| Ticker | 2004 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2004.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内神田2丁目2番1号 |
| Representative (per filing) | 代表取締役社長執行役員 塚越 英行 |
| Founded | Feb 1936 |
| Share capital | ¥14.3B |
| Employees (consolidated) | 2,927 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.showa-sangyo.co.jp (https://www.showa-sangyo.co.jp/) |
| Corporate number | 3010001008690 |
| EDINET | E00348 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Food Ingredients, Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGEO, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.7 | 22 |
| Profitability | 22.9 | 24 |
| Cash conversion | 81.3 | 24 |
| Efficiency | 81.3 | 24 |
| Financial strength | 41.7 | 6 |

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 Showa Sangyo's sales come from Food business, with Animal feed business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.3% from the prior year, operating profit +7.3%.

## Company structure

- Segment revenue mix: Food business 81.0%、Animal feed business 17.5%、Other 1.4%
- Revenue → net income: ¥335413000000 → ¥10772000000
- Net income → operating cash flow: ¥10772000000 → ¥18009000000（difference ¥7237000000）
- Main uses of operating cash flow: CapEx ¥11425000000 / dividends ¥3576000000 / buybacks ¥5000000
- Change in cash: ¥1481000000
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 | ¥335.4B |  |
| Operating income | ¥11.9B | Margin 3.6% |
| Net income | ¥10.6B | Margin 3.2% |
| Free cash flow | ¥6.58B |  |
| Largest business | Food business | of segment revenue 81.0% |
| Employees (consolidated) | 2,927 |  |
| EPS | ¥178.43 |  |
| Book value per share | ¥3205.52 |  |
| Equity ratio | 54.3% |  |
| Shares outstanding | 32,995,420 |  |
| Treasury shares | 499,300 |  |
| Shareholders | 23,361 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 3.0% | Net cash -¥23.4B · Cash ÷ revenue 2.5% |
| Vs. industry median margin | -1.8 pp | Food Ingredients |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 83% of positive segment profit
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥255997000000 | ¥335413000000 | +31.0% |
| Operating income | ¥7594000000 | ¥11941000000 | +57.2% |
| Operating margin | 3.0% | 3.6% | +0.6 pp |
| Employees | 2,899 people | 2,927 people | +1.0% |
| Cash and equivalents | ¥11160000000 | ¥8349000000 | -25.2% |

### 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 |
| --- | ---: |
| 製粉事業 → 事業再編・廃止 | 29.0% |
| 油脂食品事業 → 事業再編・廃止 | 34.6% |
| 飼料事業 → 事業再編・廃止 | 20.2% |
| その他 → その他 | 1.4% |
| その他 → 事業再編・廃止 | 0.5% |
| 糖質事業 → 事業再編・廃止 | 14.3% |
| 新設・再編 → 食品事業 | 81.0% |
| 新設・再編 → 飼料事業 | 17.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food business | 2 years | -1.9% | ¥271828000000 | 4.2% | 2 |
| Animal feed business | 2 years | -0.6% | ¥58740000000 | 1.7% | 2 |
| Other | 5 years | -0.3% | ¥4844000000 | 28.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 335,413 | 100.0% | S100YGEO |
| Cost of revenue | 275,625 | 82.2% | S100YGEO |
| Gross profit | 59,788 | 17.8% | S100YGEO |
| SG&A | 47,846 | 14.3% | S100YGEO |
| Operating income | 11,941 | 3.6% | S100YGEO |
| Ordinary income | 14,458 | 4.3% | S100YGEO |
| Pretax income | 14,972 | 4.5% | S100YGEO |
| Income tax | 4,200 | 1.3% | S100YGEO |
| Net income | 10,772 | 3.2% | S100YGEO |
| Net income attributable to owners | 10,611 | 3.2% | S100YGEO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.8% → Operating margin 3.6% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.3%; Core profit growth: +7.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 24.79×
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 | 334,425 | 335,413 | 988 | +0.3% |
| Gross profit | 57,082 | 59,788 | 2,706 | +4.7% |
| Operating income | 11,126 | 11,941 | 815 | +7.3% |
| Net income attributable to owners | 11,599 | 10,611 | -988 | -8.5% |
| Operating cash flow | 20,274 | 18,009 | -2,265 | -11.2% |
| Free cash flow | 8,746 | 6,584 | -2,162 | -24.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 254,017 | 8,808 | 3.5% | 6,764 | 15,634 | 7,600 | S100LQGH |
| FY ending Mar 2021 | 255,997 | 7,594 | 3.0% | 10,115 | 13,769 | 3,263 | S100OEQC |
| FY ending Mar 2022 | 287,635 | 5,564 | 1.9% | 4,006 | 1,334 | -9,853 | S100RCRV |
| FY ending Mar 2023 | 335,053 | 4,184 | 1.2% | 7,776 | -2,930 | -12,829 | S100U9Y6 |
| FY ending Mar 2024 | 346,358 | 13,146 | 3.8% | 12,358 | 23,751 | 12,936 | S100VZS4 |
| FY ending Mar 2025 | 334,425 | 11,126 | 3.3% | 11,599 | 20,274 | 8,746 | S100YGEO |
| FY ending Mar 2026 | 335,413 | 11,941 | 3.6% | 10,611 | 18,009 | 6,584 | S100YGEO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥114.6M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥3.6M |

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) | 2,870 | 2,863 | 2,858 | 2,861 | 2,927 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥7.3M | ¥7.7M | ¥7.6M |
| Average age (parent company) | 39.7 years | 40.1 years | 40.8 years | 40.4 years | 41.2 years |
| Average tenure (parent company) | 16.1 years | 16.4 years | 16.5 years | 15.8 years | 16.7 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Food business | 271,828 | 81.0% | 11,323 | 4.2% |
| Animal feed business | 58,740 | 17.5% | 1,005 | 1.7% |
| Other | 4,844 | 1.4% | 1,389 | 28.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Food business | 81.0% | 82.5% | 1.5 | 4.2% |
| Animal feed business | 17.5% | 7.3% | -10.2 | 1.7% |
| Other | 1.4% | 10.1% | 8.7 | 28.7% |

Segment → industry: Animal feed business → Livestock, Feed & Fertilizer / Food business → Food Ingredients / Other → Real Estate Development & Leasing / Other → Warehouses & Logistics Facilities

## 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 | 18,009 | 5.4% | S100YGEO |
| Capital expenditure | 11,425 | 3.4% | S100YGEO |
| Free cash flow | 6,584 | 2.0% | 算出 |
| Investing cash flow | -12,542 | -3.7% | S100YGEO |
| Financing cash flow | -3,974 | -1.2% | S100YGEO |
| Dividends paid | 3,576 | 1.1% | S100YGEO |
| Share buyback | 5 | 0.0% | S100YGEO |
| Change in cash | 1,481 | 0.4% | S100YGEO |
| Cash and equivalents | 8,349 | 2.5% | S100YGEO |

## 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 | 9,170 | 6,221 | 8,136 | 6,868 | 8,349 | S100U9Y6, S100VZS4, S100YGEO |
| Total assets | 231,306 | 247,770 | 262,238 | 255,504 | 274,973 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Net assets | 109,089 | 116,362 | 133,253 | 138,619 | 152,611 | S100U9Y6, S100VZS4, S100YGEO |
| Share capital | 14,293 | 14,293 | 14,293 | 14,293 | 14,293 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Property, plant and equipment | 84,915 | 83,010 | 86,481 | 87,096 | 92,382 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Intangible assets excluding goodwill | 4,613 | 4,479 | 4,106 | 3,763 | 3,497 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Goodwill | 1,265 | 1,120 | 976 | 831 | 686 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Investment securities | 29,504 | 33,158 | 44,042 | 47,221 | 58,516 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Current assets | 109,251 | 123,484 | 122,760 | 112,749 | 115,061 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Current liabilities | 82,679 | 94,484 | 83,299 | 78,362 | 82,021 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Trade payables | 33,536 | 32,427 | 26,330 | 22,177 | 22,813 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Short-term borrowings | 16,322 | 16,477 | 13,051 | 13,516 | 13,798 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Long-term borrowings | 4,494 | 1,853 | 8,300 | 7,966 | 6,948 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Bonds | 18,000 | 18,000 | 18,000 | 11,000 | 11,000 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Interest-bearing debt | 38,816 | 36,330 | 39,351 | 32,482 | 31,746 | 算出 |
| Total liabilities | 122,216 | 131,407 | 128,985 | 116,884 | 122,361 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Non-controlling interests | 3,392 | 3,365 | 3,642 | 3,641 | 3,321 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Equity attributable to owners of parent | 97,858 | 103,762 | 113,931 | 119,217 | 126,349 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Retained earnings | 76,980 | 82,751 | 92,934 | 101,219 | 108,253 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |
| Treasury stock | -1,184 | -1,148 | -1,173 | -1,551 | -1,478 | S100RCRV, S100U9Y6, S100VZS4, S100YGEO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YGEO |
| Property, plant and equipment | 34% | S100YGEO |
| Intangibles and goodwill | 1% | S100YGEO |
| Investment securities | 21% | S100YGEO |
| Other assets | 41% | S100YGEO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YGEO |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 25% | S100YGEO |
| Equity | 55% | S100YGEO |
| Other liabilities | 0% | S100YGEO |

### 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 | 231,306 | 247,770 | 262,238 | 255,504 | 274,973 |
| Equity | 109,089 | 116,362 | 133,253 | 138,619 | 152,611 |
| Interest-bearing debt | 38,816 | 36,330 | 39,351 | 32,482 | 31,746 |
| Cash | 9,170 | 6,221 | 8,136 | 6,868 | 8,349 |

## 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) | 27.5% | S100YGEO |
| Fixed assets ÷ total assets | 33.6% | S100YGEO |
| Goodwill ÷ parent equity | 0.5% | S100YGEO |

Goodwill over 4 years: 1,265 → 686 JPY; total investing cash flow: -54,212 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) | 3.0% |
| Cash ÷ revenue | 2.5% |
| Net cash (cash − interest-bearing debt) | -¥23.4B |
| Net debt ÷ operating cash flow | 1.30× |
| Cash conversion (operating CF ÷ operating income) | 150.8% |
| Cash vs. profit gap | 7,398 JPY mn (of net income 69.7%) |
| Shareholder returns / net income | 33.7% |
| Shareholder returns / FCF | 54.4% |
| Shareholder payments — dividends / net income | 33.7% |
| Shareholder payments — dividends / FCF | 54.3% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 69.6% |

## 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% | 1.24× | 1.7% | 2.36× | 4.1% | S100RCRV |
| 2023 | 2.3% | 1.40× | 3.2% | 2.38× | 7.7% | S100U9Y6 |
| 2024 | 3.6% | 1.36× | 4.8% | 2.34× | 11.4% | S100VZS4 |
| 2025 | 3.5% | 1.29× | 4.5% | 2.22× | 9.9% | S100YGEO |
| 2026 | 3.2% | 1.26× | 4.0% | 2.16× | 8.6% | S100YGEO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事㈱ | Major shareholder | 7.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| 三井物産㈱（常任代理人㈱日本カストディ銀行） | Major shareholder | 4.7% | 2026-03-31 |
| ユアサ・フナショク㈱ | Major shareholder | 3.8% | 2026-03-31 |
| 昭和産業取引先持株会 | Major shareholder | 3.8% | 2026-03-31 |
| カーギルジャパン合同会社 | Major shareholder | 2.9% | 2026-03-31 |
| 昭和産業グループ従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱千葉銀行 | Major shareholder | 2.4% | 2026-03-31 |
| みずほ信託銀行㈱退職給付信託みずほ銀行口 再信託受託者 ㈱日本カストディ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 丸紅㈱ | Major shareholder | 1.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥335.4B, almost unchanged at +0.3%.
- Profit from the core business improved: gross profit grew +4.7% and operating income rose +7.3% to ¥11.9B.
- Net income attributable to owners dropped -8.5% to ¥10.6B, and operating cash flow fell -11.2% to ¥18B.

### Drivers

- In food, the company priced products to reflect costs and ran its group factories as one network to cut costs
- In feed, strong egg market prices lifted egg selling prices
- Flour sales slipped after the company cut prices following lower government wheat prices, and household flour volumes also fell

### Risks

- Most grain is imported, so grain prices, exchange rates and shipping costs can swing costs sharply
- Japan's shrinking and aging population may weaken demand over time
- Acquisitions or joint ventures that fall short of plan could lead to impairment of goodwill

Cited: Annual Securities Report, 125th term (Apr 2025–Mar 2026) (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, 125th term (Apr 2025–Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第125期(2025/04/01－2026/03/31) | S100YGEO | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGEO,, |
| 有価証券報告書－第124期(2024/04/01－2025/03/31) | S100VZS4 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZS4,, |
| 訂正有価証券報告書－第123期(2023/04/01－2024/03/31) | S100U9Y6 | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9Y6,, |
| 訂正有価証券報告書－第122期(2022/04/01－2023/03/31) | S100RCRV | 2023-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RCRV,, |
| 有価証券報告書－第121期(令和3年4月1日－令和4年3月31日) | S100OEQC | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEQC,, |
| 有価証券報告書－第120期(令和2年4月1日－令和3年3月31日) | S100LQGH | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQGH,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 鹿島飼料㈱ | Supply/OEM | 配合飼料の受委託加工製造契約（鹿島飼料が当社向けに製造） | S100YGEO |

## 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).