# HS Holdings 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69期(2025/04/01－2026/03/31) (S100YJQ6)
> Page: https://vizora.meequs.com/en/company/hs-holdings
> Retrieved: 2026-09-30T21:04:32.490Z

## Company

HS Holdings, founded in 1958, is a company in Investment Funds listed on TSE Standard. It has 706 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HS Holdings Co., Ltd. |
| Ticker | 8699 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8699.T) |
| Listing | TSE Standard |
| Head office | 東京都港区虎ノ門五丁目11番1号オランダヒルズ森タワーRoP1307号 |
| Representative (per filing) | 代表取締役社長 原田泰成 |
| Founded | Jan 1958 |
| Share capital | ¥12.2B |
| Employees (consolidated) | 706 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | hs-hd.co.jp (https://hs-hd.co.jp/) |
| Corporate number | 4011101034411 |
| EDINET | E03770 |
| Industries (Vizora) | Investment Funds, Major Banks, Secondhand Retail |

> Profile source: annual securities report (S100YJQ6, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Secondhand Retail (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.1 | 17 |
| Profitability | 22.5 | 20 |
| Efficiency | 2.5 | 20 |

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 95% of HS Holdings's sales come from Reuse business, with Banking Business and Other Business making up much of the rest.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +58.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥55.3B |  |
| Operating income | -¥363M | Margin -0.7% |
| Net income | ¥14.7B | Margin 26.6% |
| Free cash flow | ¥1.61B |  |
| Largest business | Reuse business | of segment revenue 95.5% |
| Employees (consolidated) | 706 |  |
| EPS | ¥218.98 |  |
| Book value per share | ¥1773.17 |  |
| Equity ratio | 75.8% |  |
| Shares outstanding | 40,953,500 |  |
| Treasury shares | 10,857,400 |  |
| Shareholders | 2,083 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 33.5% |
| Vs. industry median margin | -4 pp | Secondhand Retail |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, segment profit share differs by 92 points

## What changed in 1 years

| Metric | FY ending Mar 2025 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34857000000 | ¥55263000000 | +58.5% |
| Operating income | ¥-1106000000 | ¥-363000000 | — |
| Operating margin | -3.2% | -0.7% | +2.5 pp |
| Employees | 588 people | 706 people | +20.1% |
| Cash and equivalents | ¥17137000000 | ¥18536000000 | +8.2% |

### Change in segment revenue mix

Span: FY ending Mar 2025 → 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 |
| --- | ---: |
| 銀行関連事業 → 銀行関連事業 | 4.5% |
| 銀行関連事業 → 事業再編・廃止 | 3.2% |
| リユース事業 → リユース事業 | 92.3% |
| その他事業 → その他事業 | 0.0% |
| その他事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → リユース事業 | 3.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Reuse business | — | — | ¥55249000000 | 1.1% | 2 |
| Banking Business | — | — | ¥2615000000 | -10.9% | 2 |
| Other Business | — | — | ¥14000000 | 47971.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,263 | 100.0% | S100YJQ6 |
| Cost of revenue | 44,593 | 80.7% | S100YJQ6 |
| Gross profit | 10,670 | 19.3% | 算出 |
| SG&A | 11,895 | 21.5% | S100YJQ6 |
| Operating income | -363 | -0.7% | S100YJQ6 |
| Ordinary income | 17,713 | 32.1% | S100YJQ6 |
| Pretax income | 17,991 | 32.6% | S100YJQ6 |
| Income tax | 3,257 | 5.9% | S100YJQ6 |
| Net income | 14,734 | 26.7% | S100YJQ6 |
| Net income attributable to owners | 14,688 | 26.6% | S100YJQ6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 22 |
| Other operating | -2 |
| Operating income | -1 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 19.3% → Operating margin -0.7% → Net margin 26.6%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,857 | 55,263 | 20,406 | +58.5% |
| Gross profit | 7,819 | 10,670 | 2,851 | +36.5% |
| Operating income | -1,106 | -363 | 743 | — |
| Net income attributable to owners | 12,100 | 14,688 | 2,588 | +21.4% |
| Operating cash flow | 4,532 | 2,176 | -2,356 | -52.0% |
| Free cash flow | 2,651 | 1,612 | -1,039 | -39.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2025 | 34,857 | -1,106 | -3.2% | 12,100 | 4,532 | 2,651 | S100YJQ6 |
| FY ending Mar 2026 | 55,263 | -363 | -0.7% | 14,688 | 2,176 | 1,612 | S100YJQ6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.3M |
| Operating income per employee (consolidated) | -¥514.2K |
| Net income per employee (consolidated) | ¥20.8M |

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

| History | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 588 | 706 |
| Average salary (parent company) | ¥8M | ¥7.7M |
| Average age (parent company) | 48.0 years | 49.0 years |
| Average tenure (parent company) | 11.2 years | 12.2 years |

Year over year: Employees (consolidated) +20.1% · Revenue (consolidated) +58.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking Business | 2,615 | 4.5% | -284 | -10.9% |
| Reuse business | 55,249 | 95.5% | 617 | 1.1% |
| Other Business | 14 | 0.0% | 6,716 | 47971.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Banking Business | 4.5% | — | — | -10.9% |
| Reuse business | 95.5% | 8.4% | -87.0 | 1.1% |
| Other Business | 0.0% | 91.6% | 91.6 | 47971.4% |

Loss-making segment (excluded from profit shares): Banking Business -284 JPY mn

Segment → industry: Other Business → Investment Funds / Banking Business → Major Banks / Reuse business → Secondhand Retail

## 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 | 2,176 | 3.9% | S100YJQ6 |
| Capital expenditure | 564 | 1.0% | S100YJQ6 |
| Free cash flow | 1,612 | 2.9% | 算出 |
| Investing cash flow | -269 | -0.5% | S100YJQ6 |
| Financing cash flow | -245 | -0.4% | S100YJQ6 |
| Dividends paid | 300 | 0.5% | S100YJQ6 |
| Share buyback | 0 | 0.0% | S100YJQ6 |
| Change in cash | 1,398 | 2.5% | S100YJQ6 |
| Cash and equivalents | 18,536 | 33.5% | S100YJQ6 |

## 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 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 17,137 | 18,536 | S100YJQ6 |
| Total assets | 115,334 | 131,996 | S100YJQ6 |
| Net assets | 86,701 | 100,635 | S100YJQ6 |
| Share capital | 12,223 | 12,223 | S100YJQ6 |
| Inventories | 2,345 | 5,022 | S100YJQ6 |
| Property, plant and equipment | 2,924 | 3,332 | S100YJQ6 |
| Intangible assets excluding goodwill | 12,012 | 13,375 | S100YJQ6 |
| Goodwill | 1,798 | 2,396 | S100YJQ6 |
| Investment securities | 4,567 | 2,716 | S100YJQ6 |
| Current assets | 36,400 | 43,257 | S100YJQ6 |
| Current liabilities | 12,485 | 12,586 | S100YJQ6 |
| Short-term borrowings | — | 13 | S100YJQ6 |
| Long-term borrowings | 1,235 | 1,960 | S100YJQ6 |
| Total liabilities | 28,633 | 31,360 | S100YJQ6 |
| Non-controlling interests | 327 | 538 | S100YJQ6 |
| Equity attributable to owners of parent | 88,303 | 102,690 | S100YJQ6 |
| Retained earnings | 85,397 | 99,784 | S100YJQ6 |
| Treasury stock | -13,021 | -13,021 | S100YJQ6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YJQ6 |
| Inventories | 4% | S100YJQ6 |
| Property, plant and equipment | 2% | S100YJQ6 |
| Intangibles and goodwill | 12% | S100YJQ6 |
| Investment securities | 2% | S100YJQ6 |
| Other assets | 66% | S100YJQ6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100YJQ6 |
| Equity | 76% | S100YJQ6 |
| Other liabilities | 0% | S100YJQ6 |

### Balance sheet history

| Metric | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: |
| Total assets | 115,334 | 131,996 |
| Equity | 86,701 | 100,635 |
| Interest-bearing debt | — | — |
| Cash | 17,137 | 18,536 |

## 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) | 6.0% | S100YJQ6 |
| Fixed assets ÷ total assets | 2.5% | S100YJQ6 |
| Goodwill ÷ parent equity | 2.3% | S100YJQ6 |

### 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) | 14.0% |
| Cash ÷ revenue | 33.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -12,512 JPY mn (of net income -85.2%) |
| Shareholder returns / net income | 2.0% |
| Shareholder returns / FCF | 18.6% |
| Shareholder payments — dividends / net income | 2.0% |
| Shareholder payments — dividends / FCF | 18.6% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 12.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 34.7% | 0.30× | 10.5% | 1.31× | 13.7% | S100YJQ6 |
| 2026 | 26.6% | 0.45× | 11.9% | 1.29× | 15.4% | S100YJQ6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ウプシロン投資事業有限責任組合 | Major shareholder | 42.1% | 2026-03-31 |
| 株式会社ＤＭＭ．ｃｏｍ証券 | Major shareholder | 8.5% | 2026-03-31 |
| 川村 洋一 | Major shareholder | 6.7% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.3% | 2026-03-31 |
| 浦上 新一郎 | Major shareholder | 3.3% | 2026-03-31 |
| 岡三証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| INTERACTIBE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YJQ6 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJQ6,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W3G4 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3G4,, |

## 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).