# sun-wa technos corporation: 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78期(2025/04/01－2026/03/31) (S100YJ4F)
> Page: https://vizora.meequs.com/en/company/sun-wa-technos
> Retrieved: 2026-09-30T21:33:53.197Z

## Company

sun-wa technos is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,149 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUN-WA TECHNOS CORPORATION |
| Ticker | 8137 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8137.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋三丁目1番1号 |
| Representative (per filing) | 代表取締役社長 松尾 晶広 |
| Share capital | ¥3.73B |
| Employees (consolidated) | 1,149 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.sunwa.co.jp (https://www.sunwa.co.jp/) |
| Corporate number | 5010001045369 |
| EDINET | E02656 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ4F, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.1 | 179 |
| Profitability | 47.8 | 185 |
| Cash conversion | 47.8 | 179 |
| Efficiency | 49.5 | 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 69% of sun-wa technos's sales come from Japan, with Asia and Europe and the United States making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +15.7%.

## Company structure

- Segment revenue mix: Japan 68.6%、Asia 27.0%、Europe and the United States 3.9%、Other 0.6%
- Revenue → net income: ¥148329000000 → ¥3250000000
- Net income → operating cash flow: ¥3250000000 → ¥3761000000（difference ¥511000000）
- Main uses of operating cash flow: CapEx ¥129000000 / dividends ¥1976000000 / buybacks ¥0
- Change in cash: ¥859000000
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 | ¥148.3B |  |
| Operating income | ¥4.06B | Margin 2.7% |
| Net income | ¥3.27B | Margin 2.2% |
| Free cash flow | ¥3.63B |  |
| Largest business | Japan | of segment revenue 68.6% |
| Employees (consolidated) | 1,149 |  |
| EPS | ¥174.99 |  |
| Book value per share | ¥2290.2 |  |
| Equity ratio | 52.1% |  |
| Shares outstanding | 16,044,000 |  |
| Treasury shares | 488,900 |  |
| Shareholders | 20,786 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | -0.1 pp | Specialty Trading & Wholesale |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥134769000000 | ¥148329000000 | +10.1% |
| Operating income | ¥2152000000 | ¥4058000000 | +88.6% |
| Operating margin | 1.6% | 2.7% | +1.1 pp |
| Employees | 1,043 people | 1,149 people | +10.2% |
| Cash and equivalents | ¥12629000000 | ¥24089000000 | +90.7% |

### 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 | 68.6% |
| 日本 → 事業再編・廃止 | 4.2% |
| アジア → アジア | 23.8% |
| 欧米 → 欧米 | 2.9% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → アジア | 3.2% |
| 新設・再編 → 欧米 | 1.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +0.7% | ¥101705000000 | 2.9% | 2 |
| Asia | 5 years | +4.6% | ¥40005000000 | 2.5% | 2 |
| Europe and the United States | 5 years | +8.5% | ¥5788000000 | 0.9% | 2 |
| Other | 5 years | -1.4% | ¥829000000 | 3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 148,329 | 100.0% | S100YJ4F |
| Cost of revenue | 127,450 | 85.9% | S100YJ4F |
| Gross profit | 20,879 | 14.1% | S100YJ4F |
| SG&A | 16,820 | 11.3% | S100YJ4F |
| Operating income | 4,058 | 2.7% | S100YJ4F |
| Ordinary income | 4,776 | 3.2% | S100YJ4F |
| Pretax income | 4,692 | 3.2% | S100YJ4F |
| Income tax | 1,441 | 1.0% | S100YJ4F |
| Net income | 3,250 | 2.2% | S100YJ4F |
| Net income attributable to owners | 3,265 | 2.2% | S100YJ4F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 14.1% → Operating margin 2.7% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +15.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.51×
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 | 139,581 | 148,329 | 8,748 | +6.3% |
| Gross profit | 19,148 | 20,879 | 1,731 | +9.0% |
| Operating income | 3,507 | 4,058 | 551 | +15.7% |
| Net income attributable to owners | 2,443 | 3,265 | 822 | +33.6% |
| Operating cash flow | 9,095 | 3,761 | -5,334 | -58.6% |
| Free cash flow | 9,041 | 3,632 | -5,409 | -59.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 137,943 | 1,846 | 1.3% | 1,341 | 3,238 | 3,161 | S100LP7H |
| FY ending Mar 2021 | 134,769 | 2,152 | 1.6% | 1,786 | 1,589 | 1,536 | S100OE9A |
| FY ending Mar 2022 | 154,414 | 4,804 | 3.1% | 3,577 | 792 | 609 | S100R4ZM |
| FY ending Mar 2023 | 181,013 | 7,630 | 4.2% | 5,493 | -545 | -619 | S100TPSR |
| FY ending Mar 2024 | 166,138 | 6,215 | 3.7% | 5,007 | 4,226 | 4,109 | S100W5UA |
| FY ending Mar 2025 | 139,581 | 3,507 | 2.5% | 2,443 | 9,095 | 9,041 | S100YJ4F |
| FY ending Mar 2026 | 148,329 | 4,058 | 2.7% | 3,265 | 3,761 | 3,632 | S100YJ4F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥129.1M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,039 | 1,060 | 1,071 | 1,085 | 1,149 |
| Average salary (parent company) | ¥6.7M | ¥7.5M | ¥7.2M | ¥6.8M | ¥7.3M |
| Average age (parent company) | 39.3 years | 39.2 years | 38.7 years | 39.3 years | 40.0 years |
| Average tenure (parent company) | 13.1 years | 13.4 years | 12.9 years | 13.3 years | 13.9 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 101,705 | 68.6% | 2,912 | 2.9% |
| Asia | 40,005 | 27.0% | 1,012 | 2.5% |
| Europe and the United States | 5,788 | 3.9% | 50 | 0.9% |
| Other | 829 | 0.6% | 32 | 3.9% |

### 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 | 68.6% | 72.7% | 4.1 | 2.9% |
| Asia | 27.0% | 25.3% | -1.7 | 2.5% |
| Europe and the United States | 3.9% | 1.2% | -2.7 | 0.9% |
| Other | 0.6% | 0.8% | 0.2 | 3.9% |

Segment → industry: Europe and the United States → Specialty Trading & Wholesale / Asia → Specialty Trading & Wholesale / Japan → 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 | 3,761 | 2.5% | S100YJ4F |
| Capital expenditure | 129 | 0.1% | S100YJ4F |
| Free cash flow | 3,632 | 2.4% | 算出 |
| Investing cash flow | -463 | -0.3% | S100YJ4F |
| Financing cash flow | -2,885 | -1.9% | S100YJ4F |
| Dividends paid | 1,976 | 1.3% | S100YJ4F |
| Share buyback | 0 | 0.0% | S100YJ4F |
| Change in cash | 859 | 0.6% | S100YJ4F |
| Cash and equivalents | 24,089 | 16.2% | S100YJ4F |

## 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 | 13,565 | 13,661 | 18,597 | 22,869 | 24,089 | S100TPSR, S100W5UA, S100YJ4F |
| Total assets | 93,078 | 106,581 | 98,707 | 93,078 | 101,386 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Net assets | 38,023 | 44,484 | 47,966 | 49,112 | 53,124 | S100TPSR, S100W5UA, S100YJ4F |
| Share capital | 3,727 | 3,727 | 3,727 | 3,727 | 3,727 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Property, plant and equipment | 2,230 | 2,272 | 2,256 | 2,192 | 2,306 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Intangible assets excluding goodwill | 226 | 221 | 166 | 153 | 722 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Goodwill | — | — | — | — | 582 | S100YJ4F |
| Investment securities | 7,215 | 8,324 | 8,463 | 6,399 | 8,061 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Current assets | 82,209 | 94,263 | 86,350 | 82,875 | 88,703 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Current liabilities | 52,797 | 59,870 | 45,124 | 39,133 | 43,207 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Trade payables | 23,472 | 25,988 | 16,939 | 18,686 | 24,872 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Short-term borrowings | 5,405 | 9,557 | 9,007 | 5,447 | 4,751 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Long-term borrowings | — | — | 3,000 | 3,000 | 3,000 | S100W5UA, S100YJ4F |
| Total liabilities | 55,054 | 62,097 | 50,740 | 43,966 | 48,262 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Non-controlling interests | — | — | — | — | 267 | S100YJ4F |
| Equity attributable to owners of parent | 33,277 | 38,202 | 40,620 | 41,703 | 43,975 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Retained earnings | 26,867 | 31,742 | 34,986 | 35,915 | 37,204 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |
| Treasury stock | -867 | -812 | -1,680 | -1,557 | -880 | S100R4ZM, S100TPSR, S100W5UA, S100YJ4F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YJ4F |
| Property, plant and equipment | 2% | S100YJ4F |
| Intangibles and goodwill | 1% | S100YJ4F |
| Investment securities | 8% | S100YJ4F |
| Other assets | 65% | S100YJ4F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YJ4F |
| Other liabilities | 23% | S100YJ4F |
| Equity | 52% | S100YJ4F |

### 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 | 93,078 | 106,581 | 98,707 | 93,078 | 101,386 |
| Equity | 38,023 | 44,484 | 47,966 | 49,112 | 53,124 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,565 | 13,661 | 18,597 | 22,869 | 24,089 |

## 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) | 1.6% | S100YJ4F |
| Fixed assets ÷ total assets | 2.3% | S100YJ4F |
| Goodwill ÷ parent equity | 1.3% | S100YJ4F |

### 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) | 23.8% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.7% |
| Cash vs. profit gap | 496 JPY mn (of net income 15.2%) |
| Shareholder returns / net income | 60.5% |
| Shareholder returns / FCF | 54.4% |
| Shareholder payments — dividends / net income | 60.5% |
| Shareholder payments — dividends / FCF | 54.4% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 12.3% |

## 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 | 2.3% | 1.66× | 3.8% | 2.80× | 10.7% | S100R4ZM |
| 2023 | 3.0% | 1.81× | 5.5% | 2.79× | 15.4% | S100TPSR |
| 2024 | 3.0% | 1.62× | 4.9% | 2.60× | 12.7% | S100W5UA |
| 2025 | 1.8% | 1.46× | 2.5% | 2.33× | 5.9% | S100YJ4F |
| 2026 | 2.2% | 1.53× | 3.4% | 2.27× | 7.6% | S100YJ4F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 加賀電子株式会社 | Major shareholder | 11.9% | 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 | 5.9% | 2026-03-31 |
| 株式会社安川電機 | Major shareholder | 5.1% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社オリジン | Major shareholder | 3.2% | 2026-03-31 |
| 山田 益二郎 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| サンワテクノス社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| オークマ株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ケル株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YJ4F | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ4F,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W5UA | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5UA,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TPSR | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPSR,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R4ZM | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4ZM,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OE9A | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE9A,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LP7H | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP7H,, |

## 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).