# Hirogin Holdings, Inc.: 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6期(2025/04/01－2026/03/31) (S100YCZN)
> Page: https://vizora.meequs.com/en/company/hirogin-holdings
> Retrieved: 2026-09-30T20:26:45.669Z

## Company

Hirogin Holdings, founded in 2020, is a company in Regional Banks listed on TSE Prime. It has 3,708 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hirogin Holdings, Inc. |
| Ticker | 7337 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7337.T) |
| Listing | TSE Prime |
| Head office | 広島市中区紙屋町一丁目3番8号 |
| Representative (per filing) | 代表取締役社長 部谷俊雄 |
| Founded | May 2020 |
| Employees (consolidated) | 3,708 |
| Average salary (parent only) | ¥11.2M |
| Fiscal year end | March |
| Website | www.hirogin-hd.co.jp (https://www.hirogin-hd.co.jp/) |
| Corporate number | 6240001056714 |
| EDINET | E35810 |
| Industries (Vizora) | Regional Banks, Leasing |

> Profile source: annual securities report (S100YCZN, filed 2026-06-17). As of filing

## Key points (generated from figures)

- About 85% of Hirogin Holdings's ordinary revenue comes from Banking, with Leasing and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥25 is left as ordinary profit.
- Ordinary revenue changed +24.8% from the prior year, ordinary profit +18.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥251.2B |  |
| Ordinary income | ¥62B | Margin 24.7% |
| Net income | ¥43.7B | Margin 17.4% |
| Employees (consolidated) | 3,708 |  |
| EPS | ¥22.35 |  |
| Diluted EPS | ¥22.34 |  |
| Book value per share | ¥1509.06 |  |
| Equity ratio | 4.7% |  |
| Shares outstanding | 305,327,000 |  |
| Treasury shares | 7,110,700 |  |
| Shareholders | 106,206 |  |
| Average salary (parent only) | ¥11.2M | Filing company only |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥115478000000 | ¥251214000000 | +117.5% |
| Employees | 3,813 people | 3,708 people | -2.8% |
| Cash and equivalents | ¥2570007000000 | ¥1116522000000 | -56.6% |

### 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 |
| --- | ---: |
| 銀行業 → 事業再編・廃止 | 91.8% |
| その他 → その他 | 5.3% |
| その他 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 銀行業 | 85.4% |
| 新設・再編 → リース業 | 9.3% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Banking | 4 years | +18.0% | ¥214414000000 | 26.5% | 2 |
| Leasing | 4 years | +2.4% | ¥23465000000 | 6.1% | 2 |
| Other | 5 years | +7.1% | ¥13334000000 | 80.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 251,214 | 100.0% | S100YCZN |
| Ordinary expenses | 189,195 | 75.3% | S100YCZN |
| Ordinary income | 62,018 | 24.7% | S100YCZN |
| Extraordinary income | 34 | 0.0% | S100YCZN |
| Extraordinary loss | 561 | 0.2% | S100YCZN |
| Pretax income | 61,492 | 24.5% | S100YCZN |
| Income tax | 17,741 | 7.1% | S100YCZN |
| Net income | 43,751 | 17.4% | S100YCZN |
| Net income attributable to owners | 43,734 | 17.4% | S100YCZN |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 75 |
| Ordinary income | 25 |
| (Ref.) Net income | 17 |

### Margin funnel

Ordinary margin 24.7% → Net margin 17.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.8%; Core profit growth: +18.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.76×
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 | 201,368 | 251,214 | 49,846 | +24.8% |
| Net income attributable to owners | 35,835 | 43,734 | 7,899 | +22.0% |
| Operating cash flow | -897,433 | -345,169 | 552,264 | — |
| Free cash flow | -907,796 | -355,172 | 552,624 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 115,478 | — | — | 21,574 | 1,486,338 | 1,464,019 | S100OHCI |
| FY ending Mar 2022 | 146,085 | — | — | 22,906 | 216,889 | 208,972 | S100SJUK |
| FY ending Mar 2023 | 160,234 | — | — | 12,508 | -468,742 | -478,036 | S100TTIG |
| FY ending Mar 2024 | 186,071 | — | — | 27,691 | 783,335 | 765,897 | S100VZ2K |
| FY ending Mar 2025 | 201,368 | — | — | 35,835 | -897,433 | -907,796 | S100YCZN |
| FY ending Mar 2026 | 251,214 | — | — | 43,734 | -345,169 | -355,172 | S100YCZN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.7M |
| Net income per employee (consolidated) | ¥11.8M |

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) | 3,798 | 3,739 | 3,682 | 3,689 | 3,708 |
| Average salary (parent company) | ¥12.2M | ¥9.6M | ¥8.9M | ¥10.4M | ¥11.2M |
| Average age (parent company) | 46.7 years | 46.7 years | 46.7 years | 48.1 years | 50.4 years |
| Average tenure (parent company) | 23.7 years | 21.2 years | 20.7 years | 22.9 years | 25.4 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +24.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking | 214,414 | 85.4% | 56,905 | 26.5% |
| Leasing | 23,465 | 9.3% | 1,438 | 6.1% |
| Other | 13,334 | 5.3% | 10,704 | 80.3% |

### 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 |
| --- | ---: |
| Banking | 85.4% |
| Leasing | 9.3% |
| Other | 5.3% |

Segment → industry: Banking → Regional Banks / Leasing → Leasing

## 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 | -345,169 | -137.4% | S100YCZN |
| Capital expenditure | 10,003 | 4.0% | S100YCZN |
| Free cash flow | -355,172 | -141.4% | 算出 |
| Investing cash flow | -202,797 | -80.7% | S100YCZN |
| Financing cash flow | -20,907 | -8.3% | S100YCZN |
| Dividends paid | 15,649 | 6.2% | S100YCZN |
| Share buyback | 5,152 | 2.1% | S100YCZN |
| Change in cash | -568,857 | -226.4% | S100YCZN |
| Cash and equivalents | 1,116,522 | 444.5% | S100YCZN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| シーピー化成株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| ひろぎんホールディングス従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社伊予鉄グループ | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 | Major shareholder | 1.3% | 2026-03-31 |
| 白牡丹酒造株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第6期(2025/04/01－2026/03/31) | S100YCZN | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCZN,, |
| 有価証券報告書－第5期(2024/04/01－2025/03/31) | S100VZ2K | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ2K,, |
| 有価証券報告書－第4期(2023/04/01－2024/03/31) | S100TTIG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTIG,, |
| 訂正有価証券報告書－第3期(2022/04/01－2023/03/31) | S100SJUK | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJUK,, |
| 有価証券報告書－第2期(令和3年4月1日－令和4年3月31日) | S100OHCI | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHCI,, |
| 有価証券報告書－第1期(令和2年4月1日－令和3年3月31日) | S100LT8Y | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT8Y,, |

## 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).