# Sojitz Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/04/01－2026/03/31) (S100Y9EI)
> Page: https://vizora.meequs.com/en/company/sojitz
> Retrieved: 2026-09-30T18:37:49.212Z

## Company

Sojitz, founded in 2003, is a company in General Trading Companies listed on TSE Prime. It has 26,789 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sojitz Corporation |
| Ticker | 2768 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2768.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区内幸町二丁目1番1号 |
| Representative (per filing) | 代表取締役 社長CEO 植村幸祐 |
| Founded | Apr 2003 |
| Share capital | ¥160.3B |
| Employees (consolidated) | 26,789 |
| Average salary (parent only) | ¥12.6M |
| Fiscal year end | March |
| Website | www.sojitz.com (https://www.sojitz.com/) |
| Corporate number | 5010401049977 |
| EDINET | E02958 |
| Industries (Vizora) | General Trading Companies |

> Profile source: annual securities report (S100Y9EI, filed 2026-06-09). As of filing

## Five-axis industry profile

Primary industry: General Trading Companies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.3 | 7 |
| Efficiency | 35.7 | 7 |

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 22% of Sojitz's sales come from Chemicals, with Metals, Mineral Resources and Recycling and Retail and Consumer Service making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.9% from the prior year.

## Company structure

- Segment revenue mix: Chemicals 22.1%、Metals, Mineral Resources and Recycling 18.0%、Retail and Consumer Service 16.1%、Automotive 15.3%、Energy Solutions and Healthcare 12.6%
- Revenue → net income: ¥2757350000000 → ¥107647000000
- Net income → operating cash flow: ¥107647000000 → ¥16759000000（difference ¥-90888000000）
- Main uses of operating cash flow: CapEx ¥45735000000 / dividends ¥33182000000 / buybacks ¥9978000000
- Change in cash: ¥52958000000
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 | ¥2.76T |  |
| Operating income | — | Margin — |
| Net income | ¥103.6B | Margin 3.8% |
| Free cash flow | -¥29B |  |
| Largest business | Chemicals | of segment revenue 22.1% |
| Employees (consolidated) | 26,789 |  |
| EPS | ¥494.95 |  |
| Diluted EPS | ¥494.84 |  |
| Book value per share | ¥2795.64 |  |
| Equity ratio | 29.9% | Derived from disclosed figures |
| Shares outstanding | 210,000,000 |  |
| Treasury shares | 694,400 |  |
| Shareholders | 155,979 |  |
| Average salary (parent only) | ¥12.6M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 8.9% |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1602485000000 | ¥2757350000000 | +72.1% |
| Employees | 19,463 people | 26,789 people | +37.6% |
| Cash and equivalents | ¥287597000000 | ¥245145000000 | -14.8% |

### 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 |
| --- | ---: |
| 自動車 → 自動車 | 7.0% |
| 航空産業・交通プロジェクト → 事業再編・廃止 | 1.0% |
| 機械・医療インフラ → 事業再編・廃止 | 4.3% |
| インフラ・ヘルスケア → 事業再編・廃止 | 2.4% |
| 金属・資源・リサイクル → 金属・資源・リサイクル | 13.9% |
| エネルギー・社会インフラ → 事業再編・廃止 | 2.2% |
| 金属・資源 → 事業再編・廃止 | 13.9% |
| 化学 → 化学 | 15.9% |
| 生活産業・アグリビジネス → 生活産業・アグリビジネス | 9.2% |
| リテール・コンシューマーサービス → リテール・コンシューマーサービス | 7.7% |
| 食料・アグリビジネス → 事業再編・廃止 | 4.9% |
| その他 → その他 | 2.0% |
| その他 → 事業再編・廃止 | 3.4% |
| リテール・生活産業 → 事業再編・廃止 | 11.0% |
| 産業基盤・都市開発 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 自動車 | 8.3% |
| 新設・再編 → 航空・社会インフラ | 4.4% |
| 新設・再編 → エネルギー・ヘルスケア | 12.6% |
| 新設・再編 → 金属・資源・リサイクル | 4.1% |
| 新設・再編 → 化学 | 6.2% |
| 新設・再編 → 生活産業・アグリビジネス | 0.4% |
| 新設・再編 → リテール・コンシューマーサービス | 8.3% |

Segment revenue source references: 22 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 5 years | +8.4% | ¥608524000000 | — | 2 |
| Metals, Mineral Resources and Recycling | 5 years | +6.8% | ¥495084000000 | — | 2 |
| Retail and Consumer Service | 5 years | +17.4% | ¥442845000000 | — | 2 |
| Automotive | 5 years | +18.6% | ¥422749000000 | — | 2 |
| Energy Solutions and Healthcare | 2 years | +46.1% | ¥348457000000 | — | 2 |
| Consumer Industry and Agriculture Business | 5 years | +2.3% | ¥264849000000 | — | 2 |
| Aerospace, Transportation and Infrastructure | 2 years | +52.4% | ¥121366000000 | — | 2 |
| Other | 5 years | -17.0% | ¥54133000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,757,350 | 100.0% | S100Y9EI |
| Cost of revenue | 2,389,861 | 86.7% | S100Y9EI |
| Gross profit | 367,489 | 13.3% | S100Y9EI |
| SG&A | 305,116 | 11.1% | S100Y9EI |
| Pretax income | 115,630 | 4.2% | S100Y9EI |
| Income tax | 7,983 | 0.3% | S100Y9EI |
| Net income | 107,647 | 3.9% | S100Y9EI |
| Net income attributable to owners | 103,611 | 3.8% | S100Y9EI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 11 |
| Operating income | 2 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 13.3% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,509,714 | 2,757,350 | 247,636 | +9.9% |
| Gross profit | 346,793 | 367,489 | 20,696 | +6.0% |
| Net income attributable to owners | 110,636 | 103,611 | -7,025 | -6.3% |
| Operating cash flow | -16,688 | 16,759 | 33,447 | — |
| Free cash flow | -63,592 | -28,976 | 34,616 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,555,349 | — | — | 40,760 | 857 | — | S100LR0X |
| FY ending Mar 2018 | 1,816,459 | — | — | 56,842 | 98,812 | — | S100O6U4 |
| FY ending Mar 2019 | 1,856,190 | — | — | 70,419 | 96,476 | — | S100QYMO |
| FY ending Mar 2020 | 1,754,825 | — | — | 60,821 | 40,510 | 8,942 | S100TWFF |
| FY ending Mar 2021 | 1,602,485 | — | — | 27,001 | 84,972 | 54,309 | S100VY7S |
| FY ending Mar 2022 | 2,100,752 | — | — | 82,332 | 65,084 | 38,014 | S100Y9EI |
| FY ending Mar 2023 | 2,479,840 | — | — | 111,247 | 171,639 | 133,376 | S100Y9EI |
| FY ending Mar 2024 | 2,414,649 | — | — | 100,765 | 112,187 | 80,972 | S100Y9EI |
| FY ending Mar 2025 | 2,509,714 | — | — | 110,636 | -16,688 | -63,592 | S100Y9EI |
| FY ending Mar 2026 | 2,757,350 | — | — | 103,611 | 16,759 | -28,976 | S100Y9EI |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.9M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 20,673 | 20,669 | 22,819 | 25,118 | 26,789 |
| Average salary (parent company) | ¥10.4M | ¥12.1M | ¥12.5M | ¥12.7M | ¥12.6M |
| Average age (parent company) | 41.8 years | 41.7 years | 41.4 years | 41.0 years | 40.5 years |
| Average tenure (parent company) | 15.4 years | 15.4 years | 15.0 years | 15.0 years | 14.7 years |

Year over year: Employees (consolidated) +6.7% · Revenue (consolidated) +9.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automotive | 422,749 | 15.3% | — | — |
| Aerospace, Transportation and Infrastructure | 121,366 | 4.4% | — | — |
| Energy Solutions and Healthcare | 348,457 | 12.6% | — | — |
| Metals, Mineral Resources and Recycling | 495,084 | 18.0% | — | — |
| Chemicals | 608,524 | 22.1% | — | — |
| Consumer Industry and Agriculture Business | 264,849 | 9.6% | — | — |
| Retail and Consumer Service | 442,845 | 16.1% | — | — |
| Other | 54,133 | 2.0% | — | — |

### 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 |
| --- | ---: |
| Automotive | 15.3% |
| Aerospace, Transportation and Infrastructure | 4.4% |
| Energy Solutions and Healthcare | 12.6% |
| Metals, Mineral Resources and Recycling | 18.0% |
| Chemicals | 22.1% |
| Consumer Industry and Agriculture Business | 9.6% |
| Retail and Consumer Service | 16.1% |
| Other | 2.0% |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16,759 | 0.6% | S100Y9EI |
| Capital expenditure | 45,735 | 1.7% | S100Y9EI |
| Free cash flow | -28,976 | -1.1% | 算出 |
| Investing cash flow | -86,608 | -3.1% | S100Y9EI |
| Financing cash flow | 110,217 | 4.0% | S100Y9EI |
| Dividends paid | 33,182 | 1.2% | S100Y9EI |
| Share buyback | 9,978 | 0.4% | S100Y9EI |
| Change in cash | 52,958 | 1.9% | S100Y9EI |
| Cash and equivalents | 245,145 | 8.9% | S100Y9EI |

## 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 | 271,651 | 247,286 | 196,275 | 192,299 | 245,145 | S100TWFF, S100VY7S, S100Y9EI |
| Total assets | 2,661,680 | 2,660,843 | 2,886,873 | 3,087,252 | 3,648,023 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Net assets | 763,878 | 876,576 | 955,627 | 1,007,616 | 1,153,800 | S100TWFF, S100VY7S, S100Y9EI |
| Share capital | 160,339 | 160,339 | 160,339 | 160,339 | 160,339 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Property, plant and equipment | 201,516 | 195,414 | 234,340 | 259,230 | 268,466 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Goodwill | 82,522 | 85,731 | 132,597 | 151,306 | 179,662 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Current assets | 1,394,220 | 1,444,540 | 1,462,521 | 1,575,122 | 1,928,400 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Total liabilities | 1,897,802 | 1,784,266 | 1,931,245 | 2,079,636 | 2,494,223 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Equity attributable to owners of parent | 728,012 | 837,713 | 924,076 | 968,956 | 1,090,369 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Retained earnings | 314,913 | 422,193 | 490,013 | 567,439 | 615,428 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |
| Treasury stock | -31,015 | -31,058 | -21,915 | -45,701 | -5,230 | S100QYMO, S100TWFF, S100VY7S, S100Y9EI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100Y9EI |
| Property, plant and equipment | 7% | S100Y9EI |
| Intangibles and goodwill | 5% | — |
| Other assets | 81% | S100Y9EI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100Y9EI |
| Equity | 32% | S100Y9EI |

### 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 | 2,661,680 | 2,660,843 | 2,886,873 | 3,087,252 | 3,648,023 |
| Equity | 763,878 | 876,576 | 955,627 | 1,007,616 | 1,153,800 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 271,651 | 247,286 | 196,275 | 192,299 | 245,145 |

## 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) | 9.7% | S100Y9EI |
| Fixed assets ÷ total assets | 7.4% | S100Y9EI |
| Goodwill ÷ parent equity | 16.5% | S100Y9EI |

Goodwill over 4 years: 82,522 → 179,662 JPY; total investing cash flow: -277,947 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) | 6.7% |
| Cash ÷ revenue | 8.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -86,852 JPY mn (of net income -83.8%) |
| Shareholder returns / net income | 41.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 516.8% |

## 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 | 3.9% | 0.79× | 3.1% | 3.66× | 11.3% | S100QYMO, S100Y9EI |
| 2023 | 4.5% | 0.93× | 4.2% | 3.40× | 14.2% | S100TWFF, S100Y9EI |
| 2024 | 4.2% | 0.87× | 3.6% | 3.15× | 11.4% | S100VY7S, S100Y9EI |
| 2025 | 4.4% | 0.84× | 3.7% | 3.16× | 11.7% | S100Y9EI |
| 2026 | 3.8% | 0.82× | 3.1% | 3.27× | 10.1% | S100Y9EI |

## 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)（注3） | Major shareholder | 15.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口)（注3） | Major shareholder | 7.4% | 2026-03-31 |
| 野村信託銀行株式会社（投信口)（注3） | Major shareholder | 2.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 ＢＮＹＭ | Major shareholder | 1.2% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４）（注3） | Major shareholder | 1.1% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥2.76T, up +9.9% from ¥2.51T.
- Gross profit rose +6.0% to ¥367.5B, but net income attributable to owners fell -6.3% to ¥103.6B.
- Operating cash flow swung from -¥16.7B to an inflow of ¥16.8B, yet spending on investments was larger, so free cash flow stayed negative at -¥29B.

### Drivers

- Revenue rose as energy and healthcare added newly acquired energy-saving businesses and handled more deals, and as aerospace and infrastructure saw more defense-related trade.
- Newly acquired subsidiaries pushed up SG&A, which weighed on pretax income.
- In metals and resources, the Australian coking coal business was hit by lower prices, weaker production efficiency, and an impairment charge.

### Risks

- The company flags uncertainty from US tariff policy and the Middle East, including inflation driven by higher energy prices and weaker consumer and industrial activity.
- Much of its trade and overseas earnings are in foreign currencies, so exchange-rate swings affect results.
- Price swings in the commodities it handles can cause losses.

Cited: Annual Securities Report, 23rd fiscal period (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, 23rd fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100Y9EI | 2026-06-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9EI,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100VY7S | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY7S,, |
| 訂正有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TWFF | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWFF,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100QYMO | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYMO,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100O6U4 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O6U4,, |
| 訂正有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LR0X | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR0X,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| さくらインターネット | Alliance | 業務提携（2026年3月に資本提携前提の条項を削除、業務提携は維持） | S100YBG6 |

## 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).