# SINKO INDUSTRIES 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77期(2025/04/01－2026/03/31) (S100Y1I3)
> Page: https://vizora.meequs.com/en/company/sinko-industries
> Retrieved: 2026-09-30T21:05:30.196Z

## Company

Sinko Industries, founded in 1950, is a company in Air Conditioning listed on TSE Prime. It has 1,701 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SINKO INDUSTRIES LTD. |
| Ticker | 6458 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6458.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区南森町一丁目4番5号 |
| Representative (per filing) | 代表取締役社長 末永聡 |
| Founded | Jun 1950 |
| Share capital | ¥5.82B |
| Employees (consolidated) | 1,701 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.sinko.co.jp (https://www.sinko.co.jp/) |
| Corporate number | 6120001065727 |
| EDINET | E01669 |
| Industries (Vizora) | Air Conditioning |

> Profile source: annual securities report (S100Y1I3, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Air Conditioning (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 11 |
| Profitability | 77.3 | 11 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 13.6 | 11 |

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 87% of Sinko Industries's sales come from Japan, with Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit -5.4%.

## Company structure

- Segment revenue mix: Japan 86.5%、Asia 13.5%
- Revenue → net income: ¥59339000000 → ¥6926000000
- Net income → operating cash flow: ¥6926000000 → ¥8010000000（difference ¥1084000000）
- Main uses of operating cash flow: CapEx ¥6821000000 / dividends ¥3670000000 / buybacks ¥4927000000
- Change in cash: ¥1762000000
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 | ¥59.3B |  |
| Operating income | ¥9.44B | Margin 15.9% |
| Net income | ¥6.83B | Margin 11.5% |
| Free cash flow | ¥1.19B |  |
| Largest business | Japan | of segment revenue 86.5% |
| Employees (consolidated) | 1,701 |  |
| EPS | ¥82.25 |  |
| Book value per share | ¥766.93 |  |
| Equity ratio | 67.9% |  |
| Shares outstanding | 72,543,000 |  |
| Treasury shares | 4,455,900 |  |
| Shareholders | 17,246 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 29.3% |
| Vs. industry median margin | +5.2 pp | Air Conditioning |
| ROE | 12.5% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.3× dividends
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39177000000 | ¥59339000000 | +51.5% |
| Operating income | ¥6565000000 | ¥9444000000 | +43.9% |
| Operating margin | 16.8% | 15.9% | -0.8 pp |
| Employees | 1,442 people | 1,701 people | +18.0% |
| Cash and equivalents | ¥13985000000 | ¥17401000000 | +24.4% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 86.5% |
| 日本 → 事業再編・廃止 | 0.1% |
| アジア → アジア | 13.4% |
| 新設・再編 → アジア | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 59,339 | 100.0% | S100Y1I3 |
| Cost of revenue | 36,717 | 61.9% | S100Y1I3 |
| Gross profit | 22,622 | 38.1% | S100Y1I3 |
| SG&A | 13,177 | 22.2% | S100Y1I3 |
| Operating income | 9,444 | 15.9% | S100Y1I3 |
| Ordinary income | 10,061 | 17.0% | S100Y1I3 |
| Pretax income | 9,981 | 16.8% | S100Y1I3 |
| Income tax | 3,055 | 5.1% | S100Y1I3 |
| Net income | 6,926 | 11.7% | S100Y1I3 |
| Net income attributable to owners | 6,826 | 11.5% | S100Y1I3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 22 |
| Operating income | 16 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 38.1% → Operating margin 15.9% → Net margin 11.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.1%; Core profit growth: -5.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.33×
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 | 57,005 | 59,339 | 2,334 | +4.1% |
| Gross profit | 21,797 | 22,622 | 825 | +3.8% |
| Operating income | 9,986 | 9,444 | -542 | -5.4% |
| Net income attributable to owners | 7,829 | 6,826 | -1,003 | -12.8% |
| Operating cash flow | 5,740 | 8,010 | 2,270 | +39.5% |
| Free cash flow | 2,420 | 1,189 | -1,231 | -50.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,263 | 9,008 | 20.4% | 5,996 | 7,244 | 5,324 | S100L7YW |
| FY ending Mar 2021 | 39,177 | 6,565 | 16.8% | 5,021 | 5,623 | 117 | S100O3G6 |
| FY ending Mar 2022 | 41,964 | 5,712 | 13.6% | 4,097 | 3,638 | 2,372 | S100QP42 |
| FY ending Mar 2023 | 44,805 | 5,998 | 13.4% | 4,514 | 4,090 | 2,226 | S100T8BV |
| FY ending Mar 2024 | 51,943 | 8,627 | 16.6% | 6,580 | 8,911 | 6,027 | S100VO1N |
| FY ending Mar 2025 | 57,005 | 9,986 | 17.5% | 7,829 | 5,740 | 2,420 | S100Y1I3 |
| FY ending Mar 2026 | 59,339 | 9,444 | 15.9% | 6,826 | 8,010 | 1,189 | S100Y1I3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.9M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥4M |

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) | 1,461 | 1,509 | 1,616 | 1,684 | 1,701 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.7M | ¥6.8M | ¥6.8M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 51,332 | 86.5% | 9,535 | 18.6% |
| Asia | 8,006 | 13.5% | -116 | -1.4% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 86.5% | 100.0% | 13.5 | 18.6% |
| Asia | 13.5% | — | — | -1.4% |

Loss-making segment (excluded from profit shares): Asia -116 JPY mn

Segment → industry: Asia → Air Conditioning / Japan → Air Conditioning

## 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 | 8,010 | 13.5% | S100Y1I3 |
| Capital expenditure | 6,821 | 11.5% | S100Y1I3 |
| Free cash flow | 1,189 | 2.0% | 算出 |
| Investing cash flow | -3,772 | -6.4% | S100Y1I3 |
| Financing cash flow | -2,496 | -4.2% | S100Y1I3 |
| Dividends paid | 3,670 | 6.2% | S100Y1I3 |
| Share buyback | 4,927 | 8.3% | S100Y1I3 |
| Change in cash | 1,762 | 3.0% | S100Y1I3 |
| Cash and equivalents | 17,401 | 29.3% | S100Y1I3 |

## 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 | 14,125 | 14,332 | 17,735 | 15,638 | 17,401 | S100T8BV, S100VO1N, S100Y1I3 |
| Total assets | 72,046 | 77,526 | 88,038 | 84,997 | 93,288 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Net assets | 53,982 | 57,683 | 63,907 | 64,280 | 66,847 | S100T8BV, S100VO1N, S100Y1I3 |
| Share capital | 5,822 | 5,822 | 5,822 | 5,822 | 5,822 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Property, plant and equipment | 16,618 | 17,229 | 19,076 | 20,777 | 25,077 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Intangible assets excluding goodwill | 874 | 959 | 1,097 | 1,163 | 1,572 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Goodwill | 158 | — | — | — | — | S100QP42 |
| Investment securities | 10,993 | 12,022 | 14,687 | 13,212 | 18,637 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Current assets | 42,134 | 45,853 | 51,693 | 48,153 | 46,313 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Current liabilities | 12,682 | 14,656 | 18,455 | 15,379 | 13,285 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Trade payables | 3,899 | 4,605 | 5,369 | 6,664 | 6,309 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Short-term borrowings | 640 | 640 | 600 | 745 | 900 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Long-term borrowings | 2,462 | 1,995 | 1,599 | 1,291 | 1,175 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Total liabilities | 18,064 | 19,843 | 24,130 | 20,716 | 26,441 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Non-controlling interests | 2,395 | 2,525 | 2,817 | 3,312 | 3,506 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Equity attributable to owners of parent | 48,577 | 51,280 | 55,085 | 55,181 | 53,794 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Retained earnings | 38,961 | 42,195 | 46,959 | 51,716 | 51,907 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |
| Treasury stock | -2,292 | -2,824 | -3,793 | -5,572 | -5,452 | S100QP42, S100T8BV, S100VO1N, S100Y1I3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y1I3 |
| Property, plant and equipment | 27% | S100Y1I3 |
| Intangibles and goodwill | 2% | S100Y1I3 |
| Investment securities | 20% | S100Y1I3 |
| Other assets | 33% | S100Y1I3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y1I3 |
| Other liabilities | 21% | S100Y1I3 |
| Equity | 72% | S100Y1I3 |

### 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 | 72,046 | 77,526 | 88,038 | 84,997 | 93,288 |
| Equity | 53,982 | 57,683 | 63,907 | 64,280 | 66,847 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,125 | 14,332 | 17,735 | 15,638 | 17,401 |

## 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) | 42.3% | S100Y1I3 |
| Fixed assets ÷ total assets | 26.9% | S100Y1I3 |
| Goodwill ÷ parent equity | — | —, S100Y1I3 |

### 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) | 18.7% |
| Cash ÷ revenue | 29.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.8% |
| Cash vs. profit gap | 1,184 JPY mn (of net income 17.3%) |
| Shareholder returns / net income | 125.9% |
| Shareholder returns / FCF | 723.0% |
| Shareholder payments — dividends / net income | 53.8% |
| Shareholder payments — dividends / FCF | 308.7% |
| CapEx intensity (capex ÷ revenue) | 11.5% |
| Investing CF relative to operating CF | 47.1% |

## 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 | 9.8% | 0.58× | 5.7% | 1.48× | 8.4% | S100QP42 |
| 2023 | 10.1% | 0.60× | 6.0% | 1.50× | 9.0% | S100T8BV |
| 2024 | 12.7% | 0.63× | 7.9% | 1.56× | 12.4% | S100VO1N |
| 2025 | 13.7% | 0.66× | 9.0% | 1.57× | 14.2% | S100Y1I3 |
| 2026 | 11.5% | 0.67× | 7.7% | 1.64× | 12.5% | S100Y1I3 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社明晃 | Major shareholder | 19.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.4% | 2026-03-31 |
| ダイキン工業株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025(常任代理人 株式会社みずほ銀行 決済営業部) | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 新晃持株会 | Major shareholder | 1.7% | 2026-03-31 |
| エフホールディングス株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE UKAI AIF CLIENTS NON LENDING 10PCT TREATY ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100Y1I3 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1I3,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VO1N | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VO1N,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100T8BV | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8BV,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100QP42 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QP42,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100O3G6 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3G6,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100L7YW | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L7YW,, |

## 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).