Sheet As Token: A Graph-Enhanced Representation for Multi-Sheet Spreadsheet Understanding

Workbook-scale spreadsheet understanding is increasingly important for language-model-based data analysis agents, but remains challenging because relevant information is often distributed across multiple sheets with heterogeneous schemas, layouts, and implicit relationships. Existing retrieval-augmented approaches typically decompose spreadsheets into rows, columns, or blocks to improve scalability; however, such chunk-centric representations can fragment worksheets into isolated text spans and weaken global sheet-level semantics. We propose Sheet As Token (SAT), a graph-enhanced framework that treats each worksheet as a unified semantic unit for multi-sheet spreadsheet retrieval. SAT serializes sparse schema-aware features, including sheet name, shape, and column headers, and encodes each worksheet into a compact dense token. Given a query, SAT retrieves candidates with a BGE-initialized Sheet Encoder and refines them with a gated relational GNN. In strict full-corpus evaluation, SAT reaches 0.9173 NDCG@5 on IndustryTab-614 and 0.9222 on IndustryTab-1K, relative improvements of 44.6% and 46.7% over zero-shot BGE RAG, respectively. SAT therefore improves both retrieval accuracy and serving efficiency: on IndustryTab-1K, it exceeds a Qwen3.5-9B RAG reranker by 12.5% while reducing online latency from 2.61 s to 9.24 ms, approximately 283X faster. These results show that SAT provides accurate and latency-efficient retrieval in the evaluated fixed-corpus setting. Code and data are available at https://github.com/SHITIANYU-hue/SheetasToken .