# TOKYO SANGYO 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116期(2025/04/01－2026/03/31) (S100YEID)
> Page: https://vizora.meequs.com/en/company/tokyo-sangyo
> Retrieved: 2026-09-30T21:03:12.341Z

## Company

Tokyo Sangyo, founded in 1942, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 402 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO SANGYO CO., LTD. |
| Ticker | 8070 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8070.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目2番1号(新大手町ビル8階) |
| Representative (per filing) | 代表取締役会長 蒲原稔 |
| Founded | Apr 1942 |
| Share capital | ¥3.44B |
| Employees (consolidated) | 402 |
| Average salary (parent only) | ¥9.6M |
| Fiscal year end | March |
| Website | www.tscom.co.jp (https://www.tscom.co.jp/) |
| Corporate number | 6010001008820 |
| EDINET | E02527 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEID, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 179 |
| Profitability | 81.4 | 185 |
| Cash conversion | 72.9 | 179 |
| Efficiency | 6.2 | 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 53% of Tokyo Sangyo's sales come from Environment and chemical machinery business, with Electric power business and Lifestyle business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -10.6% from the prior year, operating profit +51.2%.

## Company structure

- Segment revenue mix: Environment and chemical machinery business 52.9%、Electric power business 37.8%、Lifestyle business 9.4%
- Revenue → net income: ¥63235000000 → ¥2513000000
- Net income → operating cash flow: ¥2513000000 → ¥4785000000（difference ¥2272000000）
- Main uses of operating cash flow: CapEx ¥495000000 / dividends ¥980000000 / buybacks ¥169000000
- Change in cash: ¥8710000000
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 | ¥63.2B |  |
| Operating income | ¥3.43B | Margin 5.4% |
| Net income | ¥2.51B | Margin 4.0% |
| Free cash flow | ¥4.29B |  |
| Largest business | Environment and chemical machinery business | of segment revenue 52.9% |
| Employees (consolidated) | 402 |  |
| EPS | ¥84.42 |  |
| Book value per share | ¥895.72 |  |
| Equity ratio | 24.7% |  |
| Shares outstanding | 28,678,486 |  |
| Treasury shares | 2,013,300 |  |
| Shareholders | 8,735 |  |
| Average salary (parent only) | ¥9.6M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | +2.5 pp | Specialty Trading & Wholesale |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by 26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥113030000000 | ¥63235000000 | -44.1% |
| Operating income | ¥1895000000 | ¥3426000000 | +80.8% |
| Operating margin | 1.7% | 5.4% | +3.7 pp |
| Employees | 333 people | 402 people | +20.7% |
| Cash and equivalents | ¥9037000000 | ¥19372000000 | +114.4% |

### 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 |
| --- | ---: |
| 電力事業 → 電力事業 | 37.8% |
| 電力事業 → 事業再編・廃止 | 19.3% |
| 環境・化学・機械事業 → 環境・化学・機械事業 | 38.0% |
| 生活産業事業 → 生活産業事業 | 4.9% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 環境・化学・機械事業 | 14.9% |
| 新設・再編 → 生活産業事業 | 4.5% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Environment and chemical machinery business | 5 years | -4.9% | ¥33423000000 | 2.9% | 2 |
| Electric power business | 5 years | -18.0% | ¥23874000000 | 9.1% | 2 |
| Lifestyle business | 5 years | +1.3% | ¥5937000000 | 4.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 63,235 | 100.0% | S100YEID |
| Cost of revenue | 51,938 | 82.1% | S100YEID |
| Gross profit | 11,296 | 17.9% | S100YEID |
| SG&A | 7,870 | 12.4% | S100YEID |
| Operating income | 3,426 | 5.4% | S100YEID |
| Ordinary income | 4,045 | 6.4% | S100YEID |
| Pretax income | 3,014 | 4.8% | S100YEID |
| Income tax | 500 | 0.8% | S100YEID |
| Net income | 2,513 | 4.0% | S100YEID |
| Net income attributable to owners | 2,513 | 4.0% | S100YEID |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.9% → Operating margin 5.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -10.6%; Core profit growth: +51.2%
Operating leverage (core profit growth ÷ revenue growth): -4.84×
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 | 70,716 | 63,235 | -7,481 | -10.6% |
| Gross profit | 9,266 | 11,296 | 2,030 | +21.9% |
| Operating income | 2,266 | 3,426 | 1,160 | +51.2% |
| Net income attributable to owners | 2,164 | 2,513 | 349 | +16.1% |
| Operating cash flow | 5,352 | 4,785 | -567 | -10.6% |
| Free cash flow | 3,952 | 4,290 | 338 | +8.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 98,604 | 2,696 | 2.7% | 2,178 | 1,783 | -171 | S100LRKL |
| FY ending Mar 2021 | 113,030 | 1,895 | 1.7% | 1,833 | -2,793 | -6,566 | S100Q5RB |
| FY ending Mar 2022 | 55,887 | 2,328 | 4.2% | 1,145 | -1,305 | -2,178 | S100TA0H |
| FY ending Mar 2023 | 65,447 | 723 | 1.1% | -4,960 | -1,402 | -1,866 | S100TYVL |
| FY ending Mar 2024 | 65,029 | -4,540 | -7.0% | -1,584 | 12 | -444 | S100W40V |
| FY ending Mar 2025 | 70,716 | 2,266 | 3.2% | 2,164 | 5,352 | 3,952 | S100YEID |
| FY ending Mar 2026 | 63,235 | 3,426 | 5.4% | 2,513 | 4,785 | 4,290 | S100YEID |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥157.3M |
| Operating income per employee (consolidated) | ¥8.5M |
| Net income per employee (consolidated) | ¥6.3M |

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) | 350 | 358 | 381 | 397 | 402 |
| Average salary (parent company) | ¥8M | ¥8.4M | ¥9.3M | ¥8.9M | ¥9.6M |
| Average age (parent company) | 43.8 years | 44.9 years | 44.7 years | 44.1 years | 43.9 years |
| Average tenure (parent company) | 14.5 years | 14.8 years | 14.5 years | 13.9 years | 13.9 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) -10.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electric power business | 23,874 | 37.8% | 2,181 | 9.1% |
| Environment and chemical machinery business | 33,423 | 52.9% | 973 | 2.9% |
| Lifestyle business | 5,937 | 9.4% | 271 | 4.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electric power business | 37.8% | 63.7% | 25.9 | 9.1% |
| Environment and chemical machinery business | 52.9% | 28.4% | -24.4 | 2.9% |
| Lifestyle business | 9.4% | 7.9% | -1.5 | 4.6% |

Segment → industry: Lifestyle business → Specialty Trading & Wholesale / Environment and chemical machinery business → Specialty Trading & Wholesale / Electric power business → 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 | 4,785 | 7.6% | S100YEID |
| Capital expenditure | 495 | 0.8% | S100YEID |
| Free cash flow | 4,290 | 6.8% | 算出 |
| Investing cash flow | 5,080 | 8.0% | S100YEID |
| Financing cash flow | -1,378 | -2.2% | S100YEID |
| Dividends paid | 980 | 1.5% | S100YEID |
| Share buyback | 169 | 0.3% | S100YEID |
| Change in cash | 8,710 | 13.8% | S100YEID |
| Cash and equivalents | 19,372 | 30.6% | S100YEID |

## 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 | 8,481 | 7,953 | 11,094 | 10,662 | 19,372 | S100TYVL, S100W40V, S100YEID |
| Total assets | 90,901 | 76,065 | 80,795 | 84,593 | 102,135 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Net assets | 26,795 | 21,200 | 19,877 | 21,000 | 25,266 | S100TYVL, S100W40V, S100YEID |
| Share capital | 3,443 | 3,443 | 3,443 | 3,443 | 3,443 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Property, plant and equipment | 10,663 | 8,666 | 8,187 | 8,889 | 4,020 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Intangible assets excluding goodwill | 27 | 82 | 92 | 66 | 35 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Investment securities | 5,458 | 5,693 | 6,713 | 7,197 | 10,108 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Current assets | 64,902 | 56,111 | 55,662 | 62,646 | 81,482 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Current liabilities | 57,398 | 46,435 | 51,826 | 55,938 | 72,420 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Trade payables | 9,057 | 8,326 | 10,949 | 7,254 | 11,330 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Short-term borrowings | 9,901 | 9,591 | 12,815 | 8,110 | 8,035 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Long-term borrowings | 4,289 | 3,648 | 3,881 | 2,211 | 2,019 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Bonds | — | 3,000 | 3,000 | 3,000 | — | S100TYVL, S100W40V, S100YEID |
| Interest-bearing debt | — | 16,239 | 19,696 | 13,321 | — | 算出 |
| Total liabilities | 64,106 | 54,865 | 60,918 | 63,593 | 76,868 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Non-controlling interests | — | — | 25 | 22 | 24 | S100W40V, S100YEID |
| Equity attributable to owners of parent | 24,711 | 19,080 | 16,742 | 17,961 | 19,541 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Retained earnings | 19,930 | 14,291 | 11,885 | 13,096 | 14,629 | S100TA0H, S100TYVL, S100W40V, S100YEID |
| Treasury stock | -1,493 | -1,486 | -1,474 | -1,466 | -1,503 | S100TA0H, S100TYVL, S100W40V, S100YEID |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YEID |
| Property, plant and equipment | 4% | S100YEID |
| Intangibles and goodwill | 0% | S100YEID |
| Investment securities | 10% | S100YEID |
| Other assets | 67% | S100YEID |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YEID |
| Other liabilities | 64% | S100YEID |
| Equity | 25% | S100YEID |
| Other liabilities | 0% | S100YEID |

### 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 | 90,901 | 76,065 | 80,795 | 84,593 | 102,135 |
| Equity | 26,795 | 21,200 | 19,877 | 21,000 | 25,266 |
| Interest-bearing debt | — | 16,239 | 19,696 | 13,321 | — |
| Cash | 8,481 | 7,953 | 11,094 | 10,662 | 19,372 |

## 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) | 6.4% | S100YEID |
| Fixed assets ÷ total assets | 3.9% | S100YEID |
| Goodwill ÷ parent equity | — | —, S100YEID |

### 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 | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 139.7% |
| Cash vs. profit gap | 2,272 JPY mn (of net income 90.4%) |
| Shareholder returns / net income | 45.7% |
| Shareholder returns / FCF | 26.8% |
| Shareholder payments — dividends / net income | 39.0% |
| Shareholder payments — dividends / FCF | 22.8% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 106.2% |

## 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 | 2.0% | 0.61× | 1.3% | 3.68× | 4.6% | S100TA0H |
| 2023 | — | —× | -5.9% | —× | — | S100TYVL |
| 2024 | — | —× | -2.0% | —× | — | S100W40V |
| 2025 | 3.1% | 0.86× | 2.6% | 4.77× | 12.5% | S100YEID |
| 2026 | 4.0% | 0.68× | 2.7% | 4.98× | 13.4% | S100YEID |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西華産業株式会社 | Major shareholder | 12.5% | 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 | 10.3% | 2026-03-31 |
| 三菱重工業株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.7% | 2026-03-31 |
| UH Partners 2投資事業有限責任組合 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社東京エネシス | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社フジタ | Major shareholder | 1.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社タクマ | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第116期(2025/04/01－2026/03/31) | S100YEID | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEID,, |
| 有価証券報告書－第115期(2024/04/01－2025/03/31) | S100W40V | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W40V,, |
| 有価証券報告書－第114期(2023/04/01－2024/03/31) | S100TYVL | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYVL,, |
| 訂正有価証券報告書－第113期(2022/04/01－2023/03/31) | S100TA0H | 2024-04-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TA0H,, |
| 有価証券報告書－第113期(2022/04/01－2023/03/31) | S100R69U | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R69U,, |
| 訂正有価証券報告書－第112期(2021/04/01－2022/03/31) | S100Q5RB | 2023-02-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q5RB,, |
| 有価証券報告書－第111期(令和2年4月1日－令和3年3月31日) | S100LRKL | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRKL,, |

## 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).