# SUGIMOTO & 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101期(2025/04/01－2026/03/31) (S100YBJ3)
> Page: https://vizora.meequs.com/en/company/sugimoto-and
> Retrieved: 2026-09-30T22:08:46.488Z

## Company

Sugimoto &, founded in 1938, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 592 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUGIMOTO & CO., LTD. |
| Ticker | 9932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9932.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区立売堀5丁目7番27号 |
| Representative (per filing) | 代表取締役社長執行役員 杉本正行 |
| Founded | Jan 1938 |
| Share capital | ¥2.6B |
| Employees (consolidated) | 592 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.sugi-net.co.jp (https://www.sugi-net.co.jp/) |
| Corporate number | 9120001044397 |
| EDINET | E02760 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YBJ3, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36 | 179 |
| Profitability | 68.4 | 185 |
| Cash conversion | 79.6 | 179 |
| Efficiency | 21.4 | 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 44% of Sugimoto &'s sales come from West, with Central and East making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit -14.5%.

## Company structure

- Segment revenue mix: West 43.7%、Central 28.9%、East 23.4%、Overseas 3.9%
- Revenue → net income: ¥48611621000 → ¥2112604000
- Net income → operating cash flow: ¥2112604000 → ¥3346278000（difference ¥1233674000）
- Main uses of operating cash flow: CapEx ¥270679000 / dividends ¥998703000 / buybacks ¥2999948000
- Change in cash: ¥1046663000
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 | ¥48.6B |  |
| Operating income | ¥2.05B | Margin 4.2% |
| Net income | ¥2.11B | Margin 4.3% |
| Free cash flow | ¥3.08B |  |
| Largest business | West | of segment revenue 43.7% |
| Employees (consolidated) | 592 |  |
| EPS | ¥91.2 |  |
| Book value per share | ¥1708.36 |  |
| Equity ratio | 77.9% |  |
| Shares outstanding | 22,798,000 |  |
| Treasury shares | 5,320,200 |  |
| Shareholders | 6,621 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | +1.3 pp | Specialty Trading & Wholesale |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.0× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40365447000 | ¥48611621000 | +20.4% |
| Operating income | ¥2070140000 | ¥2047772000 | -1.1% |
| Operating margin | 5.1% | 4.2% | -0.9 pp |
| Employees | 521 people | 592 people | +13.6% |
| Cash and equivalents | ¥9279991000 | ¥8300526000 | -10.6% |

### 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 |
| --- | ---: |
| 東部 → 東部 | 23.4% |
| 東部 → 事業再編・廃止 | 0.5% |
| 中部 → 中部 | 27.4% |
| 西部 → 西部 | 43.7% |
| 西部 → 事業再編・廃止 | 2.3% |
| 海外 → 海外 | 2.5% |
| 新設・再編 → 中部 | 1.5% |
| 新設・再編 → 海外 | 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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| West | 5 years | +2.7% | ¥21262080000 | 4.6% | 2 |
| Central | 5 years | +4.9% | ¥14041268000 | 3.9% | 2 |
| East | 5 years | +3.3% | ¥11392587000 | 3.3% | 2 |
| Overseas | 5 years | +13.3% | ¥1915685000 | 7.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,612 | 100.0% | S100YBJ3 |
| Cost of revenue | 38,910 | 80.0% | S100YBJ3 |
| Gross profit | 9,702 | 20.0% | S100YBJ3 |
| SG&A | 7,654 | 15.7% | S100YBJ3 |
| Operating income | 2,048 | 4.2% | S100YBJ3 |
| Ordinary income | 2,551 | 5.2% | S100YBJ3 |
| Pretax income | 3,082 | 6.3% | S100YBJ3 |
| Income tax | 969 | 2.0% | S100YBJ3 |
| Net income | 2,113 | 4.3% | S100YBJ3 |
| Net income attributable to owners | 2,113 | 4.3% | S100YBJ3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 16 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 20.0% → Operating margin 4.2% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.7%; Core profit growth: -14.5%
Operating leverage (core profit growth ÷ revenue growth): 8.42×
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 | 49,465 | 48,612 | -853 | -1.7% |
| Gross profit | 9,790 | 9,702 | -88 | -0.9% |
| Operating income | 2,396 | 2,048 | -348 | -14.5% |
| Net income attributable to owners | 1,917 | 2,113 | 195 | +10.2% |
| Operating cash flow | 2,669 | 3,346 | 677 | +25.4% |
| Free cash flow | 935 | 3,076 | 2,141 | +229.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,891 | 2,528 | 5.8% | 1,895 | 3,178 | 2,853 | S100LL21 |
| FY ending Mar 2021 | 40,365 | 2,070 | 5.1% | 1,722 | 3,326 | 3,059 | S100P1RX |
| FY ending Mar 2022 | 43,120 | 2,071 | 4.8% | 1,635 | 1,021 | 232 | S100QZCR |
| FY ending Mar 2023 | 45,559 | 2,177 | 4.8% | 2,102 | 686 | -57 | S100TPDS |
| FY ending Mar 2024 | 46,636 | 2,281 | 4.9% | 1,877 | 2,524 | 1,268 | S100VYXF |
| FY ending Mar 2025 | 49,465 | 2,396 | 4.8% | 1,917 | 2,669 | 935 | S100YBJ3 |
| FY ending Mar 2026 | 48,612 | 2,048 | 4.2% | 2,113 | 3,346 | 3,076 | S100YBJ3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82.1M |
| Operating income per employee (consolidated) | ¥3.5M |
| 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) | 550 | 579 | 580 | 574 | 592 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 38.2 years | 35.9 years | 38.1 years | 38.9 years | 38.9 years |
| Average tenure (parent company) | 12.4 years | 11.6 years | 12.3 years | 13.4 years | 13.5 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| East | 11,393 | 23.4% | 380 | 3.3% |
| Central | 14,041 | 28.9% | 546 | 3.9% |
| West | 21,262 | 43.7% | 988 | 4.6% |
| Overseas | 1,916 | 3.9% | 134 | 7.0% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| East | 23.4% | 18.6% | -4.9 | 3.3% |
| Central | 28.9% | 26.7% | -2.2 | 3.9% |
| West | 43.7% | 48.2% | 4.5 | 4.6% |
| Overseas | 3.9% | 6.5% | 2.6 | 7.0% |

Segment → industry: Overseas → Specialty Trading & Wholesale / West → Specialty Trading & Wholesale / Central → Specialty Trading & Wholesale / East → 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 | 3,346 | 6.9% | S100YBJ3 |
| Capital expenditure | 271 | 0.6% | S100YBJ3 |
| Free cash flow | 3,076 | 6.3% | 算出 |
| Investing cash flow | -601 | -1.2% | S100YBJ3 |
| Financing cash flow | -1,699 | -3.5% | S100YBJ3 |
| Dividends paid | 999 | 2.1% | S100YBJ3 |
| Share buyback | 3,000 | 6.2% | S100YBJ3 |
| Change in cash | 1,047 | 2.2% | S100YBJ3 |
| Cash and equivalents | 8,301 | 17.1% | S100YBJ3 |

## 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 | 8,074 | 7,710 | 8,415 | 7,254 | 8,301 | S100TPDS, S100VYXF, S100YBJ3 |
| Total assets | 38,315 | 39,724 | 42,600 | 42,407 | 43,631 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Net assets | 32,268 | 33,841 | 35,958 | 35,485 | 34,008 | S100TPDS, S100VYXF, S100YBJ3 |
| Share capital | 2,597 | 2,597 | 2,597 | 2,597 | 2,597 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Property, plant and equipment | 8,476 | 8,643 | 9,414 | 10,087 | 10,023 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Intangible assets excluding goodwill | 659 | 674 | 823 | 1,347 | 1,042 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Goodwill | 413 | 355 | 298 | 240 | 182 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Investment securities | 3,476 | 3,565 | 4,718 | 4,281 | 5,800 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Current assets | 24,914 | 26,094 | 26,707 | 25,661 | 25,621 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Current liabilities | 5,248 | 5,180 | 5,425 | 5,832 | 8,293 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Short-term borrowings | — | — | — | — | 2,300 | S100YBJ3 |
| Total liabilities | 6,047 | 5,883 | 6,642 | 6,922 | 9,623 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Equity attributable to owners of parent | 30,991 | 32,488 | 33,659 | 33,501 | 31,614 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Retained earnings | 28,414 | 29,911 | 31,082 | 32,308 | 33,421 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |
| Treasury stock | -2,550 | -2,550 | -2,550 | -3,934 | -6,934 | S100QZCR, S100TPDS, S100VYXF, S100YBJ3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YBJ3 |
| Property, plant and equipment | 23% | S100YBJ3 |
| Intangibles and goodwill | 3% | S100YBJ3 |
| Investment securities | 13% | S100YBJ3 |
| Other assets | 42% | S100YBJ3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 22% | S100YBJ3 |
| Equity | 78% | S100YBJ3 |

### 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 | 38,315 | 39,724 | 42,600 | 42,407 | 43,631 |
| Equity | 32,268 | 33,841 | 35,958 | 35,485 | 34,008 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,074 | 7,710 | 8,415 | 7,254 | 8,301 |

## 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) | 20.6% | S100YBJ3 |
| Fixed assets ÷ total assets | 23.0% | S100YBJ3 |
| Goodwill ÷ parent equity | 0.6% | S100YBJ3 |

Goodwill over 4 years: 413 → 182 JPY; total investing cash flow: -4,794 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) | 19.0% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 163.4% |
| Cash vs. profit gap | 1,234 JPY mn (of net income 58.4%) |
| Shareholder returns / net income | 189.3% |
| Shareholder returns / FCF | 130.0% |
| Shareholder payments — dividends / net income | 47.3% |
| Shareholder payments — dividends / FCF | 32.5% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 18.0% |

## 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 | 3.8% | 1.13× | 4.3% | 1.24× | 5.3% | S100QZCR |
| 2023 | 4.6% | 1.17× | 5.4% | 1.23× | 6.6% | S100TPDS |
| 2024 | 4.0% | 1.13× | 4.6% | 1.24× | 5.7% | S100VYXF |
| 2025 | 3.9% | 1.16× | 4.5% | 1.27× | 5.7% | S100YBJ3 |
| 2026 | 4.3% | 1.13× | 4.9% | 1.32× | 6.5% | S100YBJ3 |

## 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）１ | Major shareholder | 11.5% | 2026-03-31 |
| 杉 本 正 広 | Major shareholder | 6.1% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 3.0% | 2026-03-31 |
| 杉 本 直 広 | Major shareholder | 2.9% | 2026-03-31 |
| 杉本商事従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社Firm | Major shareholder | 2.3% | 2026-03-31 |
| 杉 本 栄 作 | Major shareholder | 2.2% | 2026-03-31 |
| 畑 井 三 雄 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) （注）2 | Major shareholder | 1.8% | 2026-03-31 |
| 杉 本 英 樹 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YBJ3 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBJ3,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100VYXF | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYXF,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TPDS | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPDS,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100QZCR | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZCR,, |
| 訂正有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100P1RX | 2022-08-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P1RX,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LL21 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL21,, |

## 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).