# STG: 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44期(2025/04/01－2026/03/31) (S100YL7C)
> Page: https://vizora.meequs.com/en/company/stg
> Retrieved: 2026-09-30T22:00:59.162Z

## Company

STG, founded in 1982, is a company in Non-ferrous Metals & Wires listed on TSE Growth. It has 808 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STG CO.,LTD. |
| Ticker | 5858 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5858.T) |
| Listing | TSE Growth |
| Head office | 大阪府八尾市山賀町六丁目82番地2 |
| Representative (per filing) | 代表取締役社長 佐藤 輝明 |
| Founded | Jun 1982 |
| Share capital | ¥403.8M |
| Employees (consolidated) | 808 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.stgroup.jp (https://www.stgroup.jp/) |
| Corporate number | 2122001021985 |
| EDINET | E36844 |
| Industries (Vizora) | Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100YL7C, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62 | 25 |
| Profitability | 36.5 | 26 |
| Cash conversion | 90 | 25 |
| Efficiency | 31.5 | 27 |

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)

- STG brought in ¥6.82B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +6.1% from the prior year, operating profit -30.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6815920000 → ¥280664000
- Net income → operating cash flow: ¥280664000 → ¥687455000（difference ¥406791000）
- Main uses of operating cash flow: CapEx ¥255571000 / dividends ¥35874000 / buybacks —
- Change in cash: ¥706814000
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 | ¥6.82B |  |
| Operating income | ¥337.3M | Margin 4.9% |
| Net income | ¥280.7M | Margin 4.1% |
| Free cash flow | ¥431.9M |  |
| Employees (consolidated) | 808 |  |
| EPS | ¥102.21 |  |
| Diluted EPS | ¥100.64 |  |
| Book value per share | ¥902.46 |  |
| Equity ratio | 36.8% |  |
| Shares outstanding | 2,146,000 |  |
| Treasury shares | 22,500 |  |
| Shareholders | 674 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 26.0% |
| Vs. industry median margin | -0.7 pp | Non-ferrous Metals & Wires |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4684489000 | ¥6815920000 | +45.5% |
| Operating income | ¥196313000 | ¥337267000 | +71.8% |
| Operating margin | 4.2% | 4.9% | +0.8 pp |
| Employees | 605 people | 808 people | +33.6% |
| Cash and equivalents | ¥900024000 | ¥1771396000 | +96.8% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,816 | 100.0% | S100YL7C |
| Cost of revenue | 5,196 | 76.2% | S100YL7C |
| Gross profit | 1,620 | 23.8% | S100YL7C |
| SG&A | 1,283 | 18.8% | S100YL7C |
| Operating income | 337 | 4.9% | S100YL7C |
| Ordinary income | 381 | 5.6% | S100YL7C |
| Pretax income | 386 | 5.7% | S100YL7C |
| Income tax | 106 | 1.5% | S100YL7C |
| Net income | 281 | 4.1% | S100YL7C |
| Net income attributable to owners | 281 | 4.1% | S100YL7C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 19 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 23.8% → Operating margin 4.9% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.1%; Core profit growth: -30.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.02×
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 | 6,426 | 6,816 | 390 | +6.1% |
| Gross profit | 1,524 | 1,620 | 96 | +6.3% |
| Operating income | 485 | 337 | -148 | -30.5% |
| Net income attributable to owners | 389 | 281 | -108 | -27.9% |
| Operating cash flow | 543 | 687 | 145 | +26.6% |
| Free cash flow | 131 | 432 | 301 | +229.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 4,684 | 196 | 4.2% | 192 | 520 | 236 | S100U2JG |
| FY ending Mar 2024 | 5,243 | 298 | 5.7% | 198 | 243 | -143 | S100W53F |
| FY ending Mar 2025 | 6,426 | 485 | 7.5% | 389 | 543 | 131 | S100YL7C |
| FY ending Mar 2026 | 6,816 | 337 | 4.9% | 281 | 687 | 432 | S100YL7C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.4M |
| Operating income per employee (consolidated) | ¥417.4K |
| Net income per employee (consolidated) | ¥347.4K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 605 | 659 | 670 | 808 |
| Average salary (parent company) | — | ¥4.4M | ¥4.6M | ¥4.9M |
| Average age (parent company) | — | 45.6 years | 47.0 years | 46.7 years |
| Average tenure (parent company) | — | 10.8 years | 11.7 years | 12.4 years |

Year over year: Employees (consolidated) +20.6% · Revenue (consolidated) +6.1%

## 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 | 687 | 10.1% | S100YL7C |
| Capital expenditure | 256 | 3.7% | S100YL7C |
| Free cash flow | 432 | 6.3% | 算出 |
| Investing cash flow | -2,266 | -33.2% | S100YL7C |
| Financing cash flow | 2,204 | 32.3% | S100YL7C |
| Dividends paid | 36 | 0.5% | S100YL7C |
| Change in cash | 707 | 10.4% | S100YL7C |
| Cash and equivalents | 1,771 | 26.0% | S100YL7C |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 900 | 996 | 1,065 | 1,771 | S100W53F, S100YL7C |
| Total assets | 5,078 | 5,892 | 6,653 | 9,639 | S100U2JG, S100W53F, S100YL7C |
| Net assets | 1,235 | 1,706 | 2,424 | 3,556 | S100W53F, S100YL7C |
| Share capital | 195 | 328 | 370 | 404 | S100U2JG, S100W53F, S100YL7C |
| Property, plant and equipment | 1,890 | 2,120 | 2,264 | 3,670 | S100U2JG, S100W53F, S100YL7C |
| Intangible assets excluding goodwill | 240 | 239 | 285 | 1,021 | S100U2JG, S100W53F, S100YL7C |
| Goodwill | — | — | — | 702 | S100YL7C |
| Investment securities | 115 | 126 | 66 | 76 | S100U2JG, S100W53F, S100YL7C |
| Current assets | 2,792 | 3,352 | 3,967 | 4,785 | S100U2JG, S100W53F, S100YL7C |
| Current liabilities | 2,324 | 2,421 | 2,486 | 2,792 | S100U2JG, S100W53F, S100YL7C |
| Short-term borrowings | 974 | 1,077 | 1,070 | 1,407 | S100U2JG, S100W53F, S100YL7C |
| Long-term borrowings | 1,238 | 1,421 | 1,381 | 2,818 | S100U2JG, S100W53F, S100YL7C |
| Total liabilities | 3,843 | 4,185 | 4,229 | 6,083 | S100U2JG, S100W53F, S100YL7C |
| Equity attributable to owners of parent | 1,076 | 1,518 | 1,968 | 2,780 | S100U2JG, S100W53F, S100YL7C |
| Retained earnings | 793 | 970 | 1,335 | 1,580 | S100U2JG, S100W53F, S100YL7C |
| Treasury stock | -36 | -36 | -36 | -37 | S100U2JG, S100W53F, S100YL7C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YL7C |
| Property, plant and equipment | 38% | S100YL7C |
| Intangibles and goodwill | 18% | S100YL7C |
| Investment securities | 1% | S100YL7C |
| Other assets | 25% | S100YL7C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YL7C |
| Equity | 37% | S100YL7C |
| Other liabilities | 0% | S100YL7C |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 5,078 | 5,892 | 6,653 | 9,639 |
| Equity | 1,235 | 1,706 | 2,424 | 3,556 |
| Interest-bearing debt | — | — | — | — |
| Cash | 900 | 996 | 1,065 | 1,771 |

## 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) | 53.8% | S100YL7C |
| Fixed assets ÷ total assets | 38.1% | S100YL7C |
| Goodwill ÷ parent equity | 25.3% | S100YL7C |

### 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) | 18.4% |
| Cash ÷ revenue | 26.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 203.8% |
| Cash vs. profit gap | 407 JPY mn (of net income 144.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.8% |
| Shareholder payments — dividends / FCF | 8.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 329.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 4.1% | 0.92× | 3.8% | 4.72× | 17.8% | S100U2JG |
| 2024 | 3.8% | 0.96× | 3.6% | 4.23× | 15.3% | S100W53F |
| 2025 | 6.1% | 1.02× | 6.2% | 3.60× | 22.3% | S100YL7C |
| 2026 | 4.1% | 0.84× | 3.4% | 3.43× | 11.8% | S100YL7C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐藤 輝明 | Major shareholder | 14.1% | 2026-03-31 |
| 株式会社三輝 | Major shareholder | 14.1% | 2026-03-31 |
| ＮＯＭＵＲＡ ＰＢ ＮＯＭＩＮＥＥＳ ＬＩＭＩＴＥＤ ＯＭＮＩＢＵＳ－ＭＡＲＧＩＮ（ＣＡＳＨＰＢ） （常任代理人 野村證券株式会社） | Major shareholder | 3.8% | 2026-03-31 |
| 兼光 喜彦 | Major shareholder | 3.0% | 2026-03-31 |
| ＳＩＸ ＳＩＳ ＬＴＤ．（常任代理人 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| 三菱ＵＦＪキャピタル株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ＳＢＩネオトレード証券 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2026-03-31 |
| 森田 泰成 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YL7C | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL7C,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W53F | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W53F,, |
| 訂正有価証券報告書－第42期(2023/04/01－2024/03/31) | S100U2JG | 2024-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2JG,, |

## 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).