# SUNCORPORATION: 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55期(2025/04/01－2026/03/31) (S100YKGG)
> Page: https://vizora.meequs.com/en/company/suncorporation
> Retrieved: 2026-09-30T21:01:52.036Z

## Company

Suncorporation, founded in 1971, is a company in Cybersecurity listed on TSE Standard. It has 307 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUNCORPORATION |
| Ticker | 6736 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6736.T) |
| Listing | TSE Standard |
| Head office | 愛知県江南市古知野町朝日250番地 |
| Representative (per filing) | 代表取締役社長 内海 龍輔 |
| Founded | Apr 1971 |
| Share capital | ¥2.1B |
| Employees (consolidated) | 307 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.sun-denshi.co.jp (https://www.sun-denshi.co.jp/) |
| Corporate number | 5180001087444 |
| EDINET | E02070 |
| Industries (Vizora) | Cybersecurity, Smartphones & Communications Equipment, Pachinko |

> Profile source: annual securities report (S100YKGG, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Pachinko (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5 | 10 |
| Profitability | 15 | 10 |
| Efficiency | 5 | 10 |

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 55% of Suncorporation's sales come from Entertainment related business, with IT related business and Global Data Intelligence Division making up much of the rest.
- Operating profit was close to zero, a slight loss per ¥100 of sales.
- Revenue changed -8.6% from the prior year, operating profit -1252.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.91B |  |
| Operating income | -¥15.3M | Margin -0.2% |
| Net income | ¥9.66B | Margin 97.5% |
| Free cash flow | ¥1.37B |  |
| Largest business | Entertainment related business | of segment revenue 55.1% |
| Employees (consolidated) | 307 |  |
| EPS | ¥3.43 |  |
| Diluted EPS | ¥3.43 |  |
| Book value per share | ¥791 |  |
| Equity ratio | 89.7% |  |
| Shares outstanding | 24,007,728 |  |
| Treasury shares | 2,489,800 |  |
| Shareholders | 1,153 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 3.9% | Cash ÷ revenue 21.1% |
| Vs. industry median margin | -10.8 pp | Pachinko |
| ROE | 21.8% | Derived from disclosed figures |
| ROA | 18.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 6.6× dividends
- FY2026, revenue is 0.3× its level five years ago
- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥26662815000 | ¥9907137000 | -62.8% |
| Operating income | ¥687283000 | ¥-15349000 | -102.2% |
| Operating margin | 2.6% | -0.2% | -2.7 pp |
| Employees | 1,038 people | 307 people | -70.4% |
| Cash and equivalents | ¥21113250000 | ¥2093850000 | -90.1% |

### 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 |
| --- | ---: |
| モバイルデータソリューション事業 → 事業再編・廃止 | 76.6% |
| エンターテインメント関連事業 → エンターテインメント関連事業 | 16.9% |
| 新規IT関連事業 → 事業再編・廃止 | 6.5% |
| 新設・再編 → グローバルデータインテリジェンス事業 | 13.1% |
| 新設・再編 → エンターテインメント関連事業 | 38.3% |
| 新設・再編 → IT関連事業 | 31.8% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Entertainment related business | 5 years | +3.9% | ¥5462859000 | 11.9% | 2 |
| IT related business | — | — | ¥3150905000 | 10.5% | 2 |
| Global Data Intelligence Division | 3 years | -64.6% | ¥1293372000 | 10.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,907 | 100.0% | S100YKGG |
| Cost of revenue | 7,144 | 72.1% | S100YKGG |
| Gross profit | 2,763 | 27.9% | S100YKGG |
| SG&A | 2,779 | 28.0% | S100YKGG |
| Operating income | -15 | -0.2% | S100YKGG |
| Ordinary income | 5,133 | 51.8% | S100YKGG |
| Pretax income | 9,936 | 100.3% | S100YKGG |
| Income tax | 272 | 2.7% | S100YKGG |
| Net income | 9,664 | 97.5% | S100YKGG |
| Net income attributable to owners | 9,664 | 97.5% | S100YKGG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 28 |
| Operating income | 0 |
| (Ref.) Net income | 98 |

### Margin funnel

Gross margin 27.9% → Operating margin -0.2% → Net margin 97.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 10,837 | 9,907 | -930 | -8.6% |
| Gross profit | 2,835 | 2,763 | -72 | -2.5% |
| Operating income | 1 | -15 | -17 | -1252.3% |
| Net income attributable to owners | 17,229 | 9,664 | -7,565 | -43.9% |
| Operating cash flow | -1,668 | 1,522 | 3,190 | — |
| Free cash flow | -2,009 | 1,374 | 3,383 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,220 | -2,252 | -8.6% | -3,440 | -46 | -855 | S100LQI3 |
| FY ending Mar 2021 | 26,663 | 687 | 2.6% | 47 | 6,111 | 5,428 | S100OI10 |
| FY ending Mar 2022 | 37,205 | 1,360 | 3.7% | 2,819 | 3,633 | 2,495 | S100R4WZ |
| FY ending Mar 2023 | 37,449 | -1,711 | -4.6% | 6,878 | -13,519 | -14,567 | S100TTTJ |
| FY ending Mar 2024 | 10,046 | 313 | 3.1% | -3,778 | 2,510 | 2,222 | S100W5C6 |
| FY ending Mar 2025 | 10,837 | 1 | 0.0% | 17,229 | -1,668 | -2,009 | S100YKGG |
| FY ending Mar 2026 | 9,907 | -15 | -0.2% | 9,664 | 1,522 | 1,374 | S100YKGG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.3M |
| Operating income per employee (consolidated) | -¥50K |
| Net income per employee (consolidated) | ¥31.5M |

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) | 1,171 | 302 | 301 | 304 | 307 |
| Average salary (parent company) | ¥6.5M | ¥6.1M | ¥6M | ¥6.1M | ¥5.6M |
| Average age (parent company) | 42.7 years | 43.3 years | 44.2 years | 44.0 years | 44.3 years |
| Average tenure (parent company) | 14.1 years | 15.2 years | 15.5 years | 14.9 years | 14.3 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Global Data Intelligence Division | 1,293 | 13.1% | 141 | 10.9% |
| Entertainment related business | 5,463 | 55.1% | 648 | 11.9% |
| IT related business | 3,151 | 31.8% | 332 | 10.5% |
| Wellness | — | 0.0% | -30 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Global Data Intelligence Division | 12.6% | 10.9% |
| Entertainment related business | 57.8% | 11.9% |
| IT related business | 29.6% | 10.5% |
| Wellness | — | — |

Loss-making segment (excluded from profit shares): Wellness -30 JPY mn

Segment → industry: Global Data Intelligence Division → Cybersecurity / IT related business → Smartphones & Communications Equipment / Entertainment related business → Pachinko

## 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 | 1,522 | 15.4% | S100YKGG |
| Capital expenditure | 148 | 1.5% | S100YKGG |
| Free cash flow | 1,374 | 13.9% | 算出 |
| Investing cash flow | 6,677 | 67.4% | S100YKGG |
| Financing cash flow | -8,088 | -81.6% | S100YKGG |
| Dividends paid | 1,113 | 11.2% | S100YKGG |
| Share buyback | 7,360 | 74.3% | S100YKGG |
| Change in cash | 107 | 1.1% | S100YKGG |
| Cash and equivalents | 2,094 | 21.1% | S100YKGG |

## 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 | 27,438 | 2,934 | 1,520 | 1,986 | 2,094 | S100TTTJ, S100W5C6, S100YKGG |
| Total assets | 82,088 | 41,767 | 46,838 | 53,127 | 53,653 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Net assets | 27,040 | 35,014 | 37,259 | 47,608 | 48,181 | S100TTTJ, S100W5C6, S100YKGG |
| Share capital | 2,086 | 2,090 | 2,098 | 2,098 | 2,098 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Trade receivables | 9,823 | 2,550 | 1,813 | 1,741 | — | S100R4WZ, S100TTTJ, S100W5C6 |
| Property, plant and equipment | 3,468 | 1,629 | 1,580 | 1,405 | 1,374 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Intangible assets excluding goodwill | 4,197 | 785 | 687 | 684 | 628 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Goodwill | 2,753 | 510 | 458 | 478 | 459 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Investment securities | 453 | 11,646 | 20,664 | 10,775 | 11,032 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Current assets | 72,465 | 23,836 | 23,450 | 16,733 | 8,611 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Current liabilities | 38,961 | 4,025 | 4,905 | 5,240 | 5,276 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Trade payables | 2,360 | 2,411 | 1,989 | 881 | 1,018 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Short-term borrowings | 3,501 | 161 | 1,095 | 2,292 | 2,417 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Long-term borrowings | 249 | 249 | 257 | 217 | 139 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Total liabilities | 55,048 | 6,754 | 9,579 | 5,519 | 5,471 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Equity attributable to owners of parent | 23,865 | 33,374 | 28,314 | 43,621 | 45,220 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Retained earnings | 5,978 | 30,773 | 26,543 | 41,767 | 50,318 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |
| Treasury stock | -63 | -2,806 | -3,643 | -3,584 | -10,766 | S100R4WZ, S100TTTJ, S100W5C6, S100YKGG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YKGG |
| Property, plant and equipment | 2% | S100YKGG |
| Intangibles and goodwill | 2% | S100YKGG |
| Investment securities | 21% | S100YKGG |
| Other assets | 71% | S100YKGG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YKGG |
| Other liabilities | 8% | S100YKGG |
| Equity | 90% | S100YKGG |

### 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 | 82,088 | 41,767 | 46,838 | 53,127 | 53,653 |
| Equity | 27,040 | 35,014 | 37,259 | 47,608 | 48,181 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,438 | 2,934 | 1,520 | 1,986 | 2,094 |

## 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) | 13.9% | S100YKGG |
| Fixed assets ÷ total assets | 2.6% | S100YKGG |
| Goodwill ÷ parent equity | 1.0% | S100YKGG |

Goodwill over 4 years: 2,753 → 459 JPY; total investing cash flow: -15,044 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) | 3.9% |
| Cash ÷ revenue | 21.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -8,142 JPY mn (of net income -84.3%) |
| Shareholder returns / net income | 87.7% |
| Shareholder returns / FCF | 616.9% |
| Shareholder payments — dividends / net income | 11.5% |
| Shareholder payments — dividends / FCF | 81.1% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 438.8% |

## 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 | 7.6% | 0.45× | 3.4% | 3.44× | 11.8% | S100R4WZ |
| 2023 | 18.4% | 0.60× | 11.1% | 2.16× | 24.0% | S100TTTJ |
| 2024 | — | —× | -8.5% | —× | — | S100W5C6 |
| 2025 | 159.0% | 0.22× | 34.5% | 1.39× | 47.9% | S100YKGG |
| 2026 | 97.5% | 0.19× | 18.1% | 1.20× | 21.8% | S100YKGG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東海エンジニアリング株式会社 | Major shareholder | 19.8% | 2026-03-31 |
| Hebara Holdco II, L.P.(常任代理人 三田証券株式会社) | Major shareholder | 19.7% | 2026-03-31 |
| OASIS INVESTMENTS II MASTER FUND LTD.(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 9.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505010(株式会社みずほ銀行決済営業部) | Major shareholder | 7.9% | 2026-03-31 |
| OASIS JAPAN STRATEGIC FUND LTD.(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 5.4% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社藤商事 | Major shareholder | 3.4% | 2026-03-31 |
| 内海 倫江 | Major shareholder | 3.2% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.6% | 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 | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YKGG | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKGG,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100W5C6 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5C6,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TTTJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTTJ,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R4WZ | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4WZ,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OI10 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI10,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LQI3 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQI3,, |

## 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).