# CREATE SD HOLDINGS CO.,LTD: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/06/01－2026/05/31) (S100YXNS)
> Page: https://vizora.meequs.com/en/company/create-sd-holdings
> Retrieved: 2026-09-30T20:24:45.998Z

## Company

Create SD Holdings, founded in 1998, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 5,478 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CREATE SD HOLDINGS CO.,LTD. |
| Ticker | 3148 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3148.T) |
| Listing | TSE Prime |
| Head office | 横浜市青葉区荏田西二丁目3番地2 |
| Representative (per filing) | 代表取締役社長 廣瀨泰三 |
| Founded | Apr 1998 |
| Share capital | ¥1B |
| Employees (consolidated) | 5,478 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | May |
| Website | www.createsdhd.co.jp (https://www.createsdhd.co.jp/) |
| Corporate number | 9020001052360 |
| EDINET | E21606 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100YXNS, filed 2026-08-20). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.6 | 16 |
| Profitability | 71.1 | 19 |
| Cash conversion | 47.2 | 18 |
| Efficiency | 86.8 | 19 |

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)

- Create SD Holdings brought in ¥497.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +5.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥497128000000 → ¥16990000000
- Net income → operating cash flow: ¥16990000000 → ¥25435000000（difference ¥8445000000）
- Main uses of operating cash flow: CapEx ¥16347000000 / dividends ¥5749000000 / buybacks —
- Change in cash: ¥-647000000
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 | ¥497.1B |  |
| Operating income | ¥24B | Margin 4.8% |
| Net income | ¥17B | Margin 3.4% |
| Free cash flow | ¥9.09B |  |
| Employees (consolidated) | 5,478 |  |
| EPS | ¥137.05 |  |
| Book value per share | ¥1057.01 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 66,819,342 |  |
| Treasury shares | 2,217,000 |  |
| Shareholders | 27,290 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |
| Cash ratio | 14.4% | Cash ÷ revenue 7.4% |
| Vs. industry median margin | +0.5 pp | Drugstores & Pharmacies |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥338476000000 | ¥497128000000 | +46.9% |
| Operating income | ¥18629000000 | ¥23970000000 | +28.7% |
| Operating margin | 5.5% | 4.8% | -0.7 pp |
| Employees | 4,209 people | 5,478 people | +30.1% |
| Cash and equivalents | ¥39282000000 | ¥36699000000 | -6.6% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 497,128 | 100.0% | S100YXNS |
| Cost of revenue | 370,174 | 74.5% | S100YXNS |
| Gross profit | 126,953 | 25.5% | S100YXNS |
| SG&A | 102,983 | 20.7% | S100YXNS |
| Operating income | 23,970 | 4.8% | S100YXNS |
| Ordinary income | 25,232 | 5.1% | S100YXNS |
| Pretax income | 23,683 | 4.8% | S100YXNS |
| Income tax | 6,693 | 1.3% | S100YXNS |
| Net income | 16,990 | 3.4% | S100YXNS |
| Net income attributable to owners | 16,990 | 3.4% | S100YXNS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.5% → Operating margin 4.8% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +5.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.68×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 457,093 | 497,128 | 40,035 | +8.8% |
| Gross profit | 119,220 | 126,953 | 7,733 | +6.5% |
| Operating income | 22,625 | 23,970 | 1,345 | +5.9% |
| Net income attributable to owners | 15,685 | 16,990 | 1,305 | +8.3% |
| Operating cash flow | 23,625 | 25,435 | 1,810 | +7.7% |
| Free cash flow | 5,972 | 9,088 | 3,116 | +52.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 319,588 | 17,793 | 5.6% | 12,254 | 22,765 | 15,320 | S100MGR8 |
| FY ending May 2021 | 338,476 | 18,629 | 5.5% | 12,376 | 11,572 | 3,592 | S100P3DY |
| FY ending May 2022 | 350,744 | 18,176 | 5.2% | 12,595 | 16,101 | 8,423 | S100RRDP |
| FY ending May 2023 | 380,963 | 18,912 | 5.0% | 12,925 | 18,985 | 2,680 | S100U9W1 |
| FY ending May 2024 | 422,330 | 20,227 | 4.8% | 13,691 | 21,034 | 5,217 | S100WK8P |
| FY ending May 2025 | 457,093 | 22,625 | 4.9% | 15,685 | 23,625 | 5,972 | S100YXNS |
| FY ending May 2026 | 497,128 | 23,970 | 4.8% | 16,990 | 25,435 | 9,088 | S100YXNS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥90.7M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,544 | 4,731 | 4,797 | 5,060 | 5,478 |
| Average salary (parent company) | ¥11.8M | ¥11.3M | ¥11.5M | ¥10.4M | ¥11.1M |
| Average age (parent company) | 53.2 years | 53.1 years | 50.3 years | 51.3 years | 50.4 years |
| Average tenure (parent company) | 17.1 years | 19.3 years | 19.6 years | 21.9 years | 22.6 years |

Year over year: Employees (consolidated) +8.3% · Revenue (consolidated) +8.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 25,435 | 5.1% | S100YXNS |
| Capital expenditure | 16,347 | 3.3% | S100YXNS |
| Free cash flow | 9,088 | 1.8% | 算出 |
| Investing cash flow | -20,405 | -4.1% | S100YXNS |
| Financing cash flow | -5,678 | -1.1% | S100YXNS |
| Dividends paid | 5,749 | 1.2% | S100YXNS |
| Change in cash | -647 | -0.1% | S100YXNS |
| Cash and equivalents | 36,699 | 7.4% | S100YXNS |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 41,667 | 37,126 | 37,812 | 37,346 | 36,699 | S100U9W1, S100WK8P, S100YXNS |
| Total assets | 176,910 | 194,941 | 216,481 | 236,561 | 255,350 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Net assets | 106,323 | 116,409 | 130,243 | 142,720 | 154,321 | S100U9W1, S100WK8P, S100YXNS |
| Share capital | 1,000 | 1,000 | 1,000 | 1,000 | 1,000 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Property, plant and equipment | 44,770 | 57,832 | 72,180 | 86,344 | 99,612 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Intangible assets excluding goodwill | 1,511 | 1,529 | 1,142 | 944 | 1,435 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Goodwill | 593 | 473 | 372 | 294 | 884 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Investment securities | 161 | 183 | 182 | 175 | 188 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Current assets | 98,115 | 99,631 | 107,191 | 112,041 | 118,000 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Current liabilities | 62,598 | 70,152 | 77,524 | 84,668 | 91,347 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Long-term borrowings | — | — | — | — | 313 | S100YXNS |
| Total liabilities | 70,587 | 78,532 | 86,238 | 93,840 | 101,029 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Equity attributable to owners of parent | 106,391 | 116,282 | 129,821 | 142,134 | 153,375 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Retained earnings | 108,850 | 118,741 | 129,019 | 140,131 | 151,371 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |
| Treasury stock | -4,393 | -4,393 | -3,144 | -2,705 | -2,705 | S100RRDP, S100U9W1, S100WK8P, S100YXNS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YXNS |
| Property, plant and equipment | 39% | S100YXNS |
| Intangibles and goodwill | 1% | S100YXNS |
| Investment securities | 0% | S100YXNS |
| Other assets | 46% | S100YXNS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YXNS |
| Equity | 60% | S100YXNS |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 176,910 | 194,941 | 216,481 | 236,561 | 255,350 |
| Equity | 106,323 | 116,409 | 130,243 | 142,720 | 154,321 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 41,667 | 37,126 | 37,812 | 37,346 | 36,699 |

## 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) | 20.0% | S100YXNS |
| Fixed assets ÷ total assets | 39.0% | S100YXNS |
| Goodwill ÷ parent equity | 0.6% | S100YXNS |

Goodwill over 4 years: 593 → 884 JPY; total investing cash flow: -92,611 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) | 14.4% |
| Cash ÷ revenue | 7.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.1% |
| Cash vs. profit gap | 8,445 JPY mn (of net income 49.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.8% |
| Shareholder payments — dividends / FCF | 63.3% |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 80.2% |

## 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 | 3.6% | 1.98× | 7.1% | 1.66× | 11.8% | S100RRDP |
| 2023 | 3.4% | 2.05× | 7.0% | 1.67× | 11.6% | S100U9W1 |
| 2024 | 3.2% | 2.05× | 6.7% | 1.67× | 11.1% | S100WK8P |
| 2025 | 3.4% | 2.02× | 6.9% | 1.67× | 11.5% | S100YXNS |
| 2026 | 3.4% | 2.02× | 6.9% | 1.66× | 11.5% | S100YXNS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山 本 洋 平 | Major shareholder | 28.7% | 2026-05-31 |
| 山 本 久 雄 | Major shareholder | 21.6% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.0% | 2026-05-31 |
| 山 本 いつ子 | Major shareholder | 4.9% | 2026-05-31 |
| CEP LUX-ORBIS SICAV（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2026-05-31 |
| 株式会社ＰＡＬＴＡＣ | Major shareholder | 2.6% | 2026-05-31 |
| クリエイトエス・ディー従業員持株会 | Major shareholder | 1.6% | 2026-05-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 (常任代理人みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-05-31 |
| THE NOMURA TRUST AND BANKINGCO. , LTD. AS THE TRUSTEE OFREPURCHASE AGREEMENT MOTHER FUND (常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-05-31 |
| 上田八木短資株式会社 | Major shareholder | 1.2% | 2026-05-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending May 2026 was ¥497.1B, up +8.8% from ¥457.1B.
- Gross profit reached ¥127B (+6.5%) and operating income ¥24B (+5.9%), so profit grew a little slower than sales.
- Net income attributable to owners came to ¥17B (+8.3%). Operating cash flow rose to ¥25.4B (+7.7%), and free cash flow to ¥9.09B (+52.2%).

### Drivers

- More stores from new openings and acquisitions of a pharmacy chain and a local supermarket operator
- Everyday low prices on daily necessities kept same-store sales above last year
- Steady prescription sales raised the pharmacy share of revenue, which helped gross profit
- Tight control of SG&A, mainly labor costs, though the company booked impairment losses

### Risks

- Tougher competition on openings and prices from drugstores and other retailers, plus industry consolidation
- Revisions to drug prices and dispensing fees, and changes to rules on selling medicine
- A shortage of pharmacists and registered sellers could slow store openings

Cited: Annual securities report (FY ending May 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending May 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/06/01－2026/05/31) | S100YXNS | 2026-08-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXNS,, |
| 有価証券報告書－第28期(2024/06/01－2025/05/31) | S100WK8P | 2025-08-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WK8P,, |
| 有価証券報告書－第27期(2023/06/01－2024/05/31) | S100U9W1 | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9W1,, |
| 有価証券報告書－第26期(2022/06/01－2023/05/31) | S100RRDP | 2023-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRDP,, |
| 有価証券報告書－第25期(令和3年6月1日－令和4年5月31日) | S100P3DY | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3DY,, |
| 訂正有価証券報告書－第24期(令和2年6月1日－令和3年5月31日) | S100MGR8 | 2021-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGR8,, |

## 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).