# SAAF Holdings Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第8期(2025/04/01－2026/03/31) (S100YWQ2)
> Page: https://vizora.meequs.com/en/company/saaf-holdings
> Retrieved: 2026-09-30T22:07:23.862Z

## Company

SAAF Holdings, founded in 2018, is a company in IT Services & System Integration listed on TSE Growth. It has 1,315 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAAF Holdings Co., Ltd. |
| Ticker | 1447 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1447.T) |
| Listing | TSE Growth |
| Head office | 東京都江東区豊洲三丁目2番24号 |
| Representative (per filing) | 代表取締役 社長執行役員 左奈田 直幸 |
| Founded | Oct 2018 |
| Share capital | ¥1.91B |
| Employees (consolidated) | 1,315 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.saaf-hd.co.jp (https://www.saaf-hd.co.jp/) |
| Corporate number | 6010001195295 |
| EDINET | E34165 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing, Consulting, General Contractors |

> Profile source: annual securities report (S100YWQ2, filed 2026-08-13). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.3 | 84 |
| Profitability | 11.4 | 92 |
| Cash conversion | 81.9 | 91 |
| Efficiency | 95.1 | 92 |

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 58% of SAAF Holdings's sales come from Construction and Civil Engineering Business, with System Development Business and Human Resource Business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit +227.5%.

## Company structure

- Segment revenue mix: Construction and Civil Engineering Business 58.1%、System Development Business 19.2%、Human Resource Business 15.0%、Consultation Business 7.7%、Other 0.1%
- Revenue → net income: ¥29580675000 → ¥458086000
- Net income → operating cash flow: ¥458086000 → ¥2069349000（difference ¥1611263000）
- Main uses of operating cash flow: CapEx ¥555874000 / dividends — / buybacks ¥20000
- Change in cash: ¥219666000
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 | ¥29.6B |  |
| Operating income | ¥1.09B | Margin 3.7% |
| Net income | ¥460.2M | Margin 1.6% |
| Free cash flow | ¥1.51B |  |
| Largest business | Construction and Civil Engineering Business | of segment revenue 58.1% |
| Employees (consolidated) | 1,315 |  |
| EPS | ¥17.15 |  |
| Book value per share | ¥83.52 |  |
| Equity ratio | 14.2% |  |
| Shares outstanding | 24,446,958 |  |
| Treasury shares | 83,200 |  |
| Shareholders | 10,573 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | -3.2 pp | General Contractors |
| ROE | 15.9% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.5× net income
- FY2026, employees -44% while operating income rose 228%
- FY2026, parent-company salary changed +30% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22830151000 | ¥29580675000 | +29.6% |
| Operating income | ¥152439000 | ¥1093865000 | +617.6% |
| Operating margin | 0.7% | 3.7% | +3 pp |
| Employees | 2,106 people | 1,315 people | -37.6% |
| Cash and equivalents | ¥3536577000 | ¥3264028000 | -7.7% |

### 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 |
| --- | ---: |
| コンサルティング事業 → コンサルティング事業 | 7.4% |
| システム開発事業 → システム開発事業 | 12.7% |
| 人材事業 → 人材事業 | 15.0% |
| 人材事業 → 事業再編・廃止 | 5.9% |
| 地盤調査改良事業 → 事業再編・廃止 | 49.6% |
| アパレル事業 → 事業再編・廃止 | 4.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.4% |
| 保証検査事業 → 事業再編・廃止 | 1.3% |
| 建設テック事業 → 事業再編・廃止 | 1.6% |
| 海外事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → コンサルティング事業 | 0.3% |
| 新設・再編 → システム開発事業 | 6.5% |
| 新設・再編 → 建設土木事業 | 58.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction and Civil Engineering Business | — | — | ¥17179647000 | 1.4% | 2 |
| System Development Business | 5 years | +14.5% | ¥5681013000 | 3.4% | 1 |
| Human Resource Business | 5 years | -1.4% | ¥4427981000 | 3.4% | 1 |
| Consultation Business | 5 years | +6.3% | ¥2276290000 | 11.2% | 1 |
| Other | 5 years | -31.2% | ¥15742000 | -40.5% | 1 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,581 | 100.0% | S100YWQ2 |
| Cost of revenue | 22,011 | 74.4% | S100YWQ2 |
| Gross profit | 7,570 | 25.6% | S100YWQ2 |
| SG&A | 6,476 | 21.9% | S100YWQ2 |
| Operating income | 1,094 | 3.7% | S100YWQ2 |
| Ordinary income | 1,002 | 3.4% | S100YWQ2 |
| Pretax income | 947 | 3.2% | S100YWQ2 |
| Income tax | 489 | 1.7% | S100YWQ2 |
| Net income | 458 | 1.5% | S100YWQ2 |
| Net income attributable to owners | 460 | 1.6% | S100YWQ2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 25.6% → Operating margin 3.7% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.5%; Core profit growth: +227.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 90.55×
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 | 28,856 | 29,581 | 725 | +2.5% |
| Gross profit | 7,163 | 7,570 | 407 | +5.7% |
| Operating income | 334 | 1,094 | 760 | +227.5% |
| Net income attributable to owners | -129 | 460 | 589 | — |
| Operating cash flow | 305 | 2,069 | 1,764 | +578.0% |
| Free cash flow | -366 | 1,513 | 1,880 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,225 | 156 | 0.7% | 83 | 718 | -128 | S100LVO9 |
| FY ending Mar 2021 | 22,830 | 152 | 0.7% | -358 | -796 | -1,510 | S100OM9B |
| FY ending Mar 2022 | 26,347 | 239 | 0.9% | -766 | 129 | -414 | S100RXMD |
| FY ending Mar 2023 | 30,528 | 739 | 2.4% | 162 | 369 | -428 | S100TXD0 |
| FY ending Mar 2024 | 29,270 | 714 | 2.4% | 183 | 572 | 123 | S100W8I9 |
| FY ending Mar 2025 | 28,856 | 334 | 1.2% | -129 | 305 | -366 | S100YWQ2 |
| FY ending Mar 2026 | 29,581 | 1,094 | 3.7% | 460 | 2,069 | 1,513 | S100YWQ2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.5M |
| Operating income per employee (consolidated) | ¥831.8K |
| Net income per employee (consolidated) | ¥350K |

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) | 2,351 | 2,461 | 2,384 | 2,328 | 1,315 |
| Average salary (parent company) | ¥6.1M | ¥7.7M | ¥7.5M | ¥7.7M | ¥7.9M |
| Average age (parent company) | 54.0 years | 56.0 years | 52.0 years | 49.0 years | 52.0 years |
| Average tenure (parent company) | 1.2 years | 0.9 years | 1.4 years | 1.7 years | 2.0 years |

Year over year: Employees (consolidated) -43.5% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consultation Business | 2,276 | 7.7% | 255 | 11.2% |
| System Development Business | 5,681 | 19.2% | 196 | 3.4% |
| Human Resource Business | 4,428 | 15.0% | 150 | 3.4% |
| Construction and Civil Engineering Business | 17,180 | 58.1% | 238 | 1.4% |
| Other | 16 | 0.1% | -6 | -40.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consultation Business | 7.7% | 30.4% | 22.7 | 11.2% |
| System Development Business | 19.2% | 23.3% | 4.1 | 3.4% |
| Human Resource Business | 15.0% | 17.9% | 3.0 | 3.4% |
| Construction and Civil Engineering Business | 58.1% | 28.4% | -29.7 | 1.4% |
| Other | 0.1% | — | — | -40.5% |

Loss-making segment (excluded from profit shares): Other -6 JPY mn

Segment → industry: System Development Business → IT Services & System Integration / Consultation Business → IT Services & System Integration / Human Resource Business → HR & Staffing / Consultation Business → Consulting / Construction and Civil Engineering Business → General Contractors

## 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 | 2,069 | 7.0% | S100YWQ2 |
| Capital expenditure | 556 | 1.9% | S100YWQ2 |
| Free cash flow | 1,513 | 5.1% | 算出 |
| Investing cash flow | -1,881 | -6.4% | S100YWQ2 |
| Financing cash flow | 29 | 0.1% | S100YWQ2 |
| Share buyback | 0 | 0.0% | S100YWQ2 |
| Change in cash | 220 | 0.7% | S100YWQ2 |
| Cash and equivalents | 3,264 | 11.0% | S100YWQ2 |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,235 | 3,293 | 4,795 | 3,044 | 3,264 | S100TXD0, S100W8I9, S100YWQ2 |
| Total assets | 18,098 | 16,771 | 18,052 | 16,998 | 17,169 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Net assets | 2,199 | 2,977 | 3,121 | 2,843 | 2,596 | S100TXD0, S100W8I9, S100YWQ2 |
| Share capital | 1,489 | 1,866 | 1,910 | 1,910 | 1,910 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Property, plant and equipment | 2,138 | 2,497 | 2,426 | 2,754 | 2,886 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Intangible assets excluding goodwill | 1,350 | 1,185 | 1,069 | 2,261 | 1,940 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Goodwill | 897 | 761 | 617 | 1,736 | 1,467 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Investment securities | 192 | 69 | 123 | 289 | 1,249 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Current assets | 13,089 | 11,835 | 13,308 | 10,804 | 10,340 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Current liabilities | 11,891 | 10,087 | 11,848 | 9,511 | 11,070 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Trade payables | 1,883 | 1,923 | 1,717 | 1,930 | 1,732 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Short-term borrowings | 6,857 | 4,870 | 6,922 | 4,530 | 6,014 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Long-term borrowings | 3,345 | 2,856 | 2,305 | 3,865 | 2,804 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Bonds | 171 | 10 | — | — | — | S100RXMD, S100TXD0 |
| Interest-bearing debt | 10,373 | 7,736 | — | — | — | 算出 |
| Total liabilities | 15,899 | 13,794 | 14,931 | 14,155 | 14,572 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Non-controlling interests | 330 | 346 | 219 | 195 | 154 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Equity attributable to owners of parent | 1,853 | 2,700 | 3,020 | 2,684 | 3,098 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Retained earnings | -2,210 | -2,110 | -1,882 | 23 | 483 | S100RXMD, S100TXD0, S100W8I9, S100YWQ2 |
| Treasury stock | -10 | -10 | — | -0 | -0 | S100RXMD, S100TXD0, S100YWQ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YWQ2 |
| Property, plant and equipment | 17% | S100YWQ2 |
| Intangibles and goodwill | 20% | S100YWQ2 |
| Investment securities | 7% | S100YWQ2 |
| Other assets | 37% | S100YWQ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YWQ2 |
| Other liabilities | 75% | S100YWQ2 |
| Equity | 15% | S100YWQ2 |
| Other liabilities | 0% | S100YWQ2 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 18,098 | 16,771 | 18,052 | 16,998 | 17,169 |
| Equity | 2,199 | 2,977 | 3,121 | 2,843 | 2,596 |
| Interest-bearing debt | 10,373 | 7,736 | — | — | — |
| Cash | 5,235 | 3,293 | 4,795 | 3,044 | 3,264 |

## 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) | 9.8% | S100YWQ2 |
| Fixed assets ÷ total assets | 16.8% | S100YWQ2 |
| Goodwill ÷ parent equity | 47.3% | S100YWQ2 |

Goodwill over 4 years: 897 → 1,467 JPY; total investing cash flow: -4,633 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) | 19.0% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 189.2% |
| Cash vs. profit gap | 1,609 JPY mn (of net income 349.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 90.9% |

## 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 | — | —× | -4.2% | —× | — | S100RXMD |
| 2023 | 0.5% | 1.75× | 0.9% | 7.66× | 7.1% | S100TXD0 |
| 2024 | 0.6% | 1.68× | 1.1% | 6.09× | 6.4% | S100W8I9 |
| 2025 | — | —× | -0.7% | —× | — | S100YWQ2 |
| 2026 | 1.6% | 1.73× | 2.7% | 5.91× | 15.9% | S100YWQ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＦＰ成長支援Ｆ号投資事業有限責任組合 | Major shareholder | 7.5% | 2026-03-31 |
| 前 俊守 | Major shareholder | 5.8% | 2026-03-31 |
| 合同会社ＹＮ企画 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社ＴＭフィナンシャルストラテジー | Major shareholder | 3.2% | 2026-03-31 |
| ミツワ樹脂工業株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| イーグルファンドＳＰ４号有限責任事業組合 | Major shareholder | 2.2% | 2026-03-31 |
| 広田証券株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| サンネクスタグループ株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YWQ2 | 2026-08-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YWQ2,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W8I9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8I9,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TXD0 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXD0,, |
| 訂正有価証券報告書－第5期(2022/04/01－2023/03/31) | S100RXMD | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXMD,, |
| 有価証券報告書－第4期(令和3年4月1日－令和4年3月31日) | S100OM9B | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM9B,, |
| 有価証券報告書－第3期(令和2年4月1日－令和3年3月31日) | S100LVO9 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVO9,, |

## 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).