From Japanese-English FreeDict Dictionary ver. 0.1:
[news2] [nf44] 鞘 /(en)tʃˈaɪniːz(ja)lˈe̞tə/, [news2] [nf44] さや /sˈäjä/
1. (noun (common) (futsuumeishi))
Note: word usually written using kana alonescabbard
2. cap (on pen, brush, etc.)
3. [business term] margin (between two prices), spread, markup, commission
4. enclosure, outer fence