# SAC'S BAR 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53期(2025/04/01－2026/03/31) (S100YJ0B)
> Page: https://vizora.meequs.com/en/company/sac-s-bar-holdings
> Retrieved: 2026-09-30T21:52:58.735Z

## Company

Sac's BAR Holdings, founded in 1974, is a company in Shoes & Bags listed on TSE Prime. It has 590 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAC'S BAR HOLDINGS INC. |
| Ticker | 9990 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9990.T) |
| Listing | TSE Prime |
| Head office | 東京都葛飾区新小岩1丁目48番14号 |
| Representative (per filing) | 代表取締役社長執行役員 木山剛史 |
| Founded | Aug 1974 |
| Share capital | ¥2.99B |
| Employees (consolidated) | 590 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.sacs-bar.co.jp (https://www.sacs-bar.co.jp/) |
| Corporate number | 4011801003153 |
| EDINET | E03225 |
| Industries (Vizora) | Shoes & Bags |

> Profile source: annual securities report (S100YJ0B, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Shoes & Bags (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 7 |
| Profitability | 83.3 | 9 |
| Cash conversion | 58.3 | 6 |
| Efficiency | 72.2 | 9 |

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)

- Sac's BAR Holdings brought in ¥51.3B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit -21.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥51270536000 → ¥1907181000
- Net income → operating cash flow: ¥1907181000 → ¥2674430000（difference ¥767249000）
- Main uses of operating cash flow: CapEx ¥2048283000 / dividends ¥871057000 / buybacks ¥81000
- Change in cash: ¥23027000
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 | ¥51.3B |  |
| Operating income | ¥3.16B | Margin 6.2% |
| Net income | ¥1.91B | Margin 3.7% |
| Free cash flow | ¥626.1M |  |
| Employees (consolidated) | 590 |  |
| EPS | ¥12.55 |  |
| Book value per share | ¥530.52 |  |
| Equity ratio | 74.1% |  |
| Shares outstanding | 29,859,900 |  |
| Treasury shares | 803,800 |  |
| Shareholders | 15,490 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 13.8% | Cash ÷ revenue 11.2% |
| Vs. industry median margin | +4.3 pp | Shoes & Bags |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34836577000 | ¥51270536000 | +47.2% |
| Operating income | ¥-2036483000 | ¥3163900000 | — |
| Operating margin | -5.8% | 6.2% | +12 pp |
| Employees | 578 people | 590 people | +2.1% |
| Cash and equivalents | ¥1092967000 | ¥5756371000 | +426.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,271 | 100.0% | S100YJ0B |
| Cost of revenue | 25,874 | 50.5% | S100YJ0B |
| Gross profit | 25,397 | 49.5% | S100YJ0B |
| SG&A | 22,233 | 43.4% | S100YJ0B |
| Operating income | 3,164 | 6.2% | S100YJ0B |
| Ordinary income | 3,262 | 6.4% | S100YJ0B |
| Pretax income | 3,062 | 6.0% | S100YJ0B |
| Income tax | 1,155 | 2.3% | S100YJ0B |
| Net income | 1,907 | 3.7% | S100YJ0B |
| Net income attributable to owners | 1,907 | 3.7% | S100YJ0B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 43 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 49.5% → Operating margin 6.2% → Net margin 3.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.9%; Core profit growth: -21.8%
Operating leverage (core profit growth ÷ revenue growth): 11.17×
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 | 52,290 | 51,271 | -1,019 | -1.9% |
| Gross profit | 25,980 | 25,397 | -584 | -2.2% |
| Operating income | 4,045 | 3,164 | -881 | -21.8% |
| Net income attributable to owners | 2,545 | 1,907 | -638 | -25.1% |
| Operating cash flow | 3,126 | 2,674 | -451 | -14.4% |
| Free cash flow | 2,783 | 626 | -2,157 | -77.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,523 | 2,671 | 5.1% | 1,668 | 2,694 | 1,928 | S100LNJK |
| FY ending Mar 2021 | 34,837 | -2,036 | -5.8% | -1,847 | -1,174 | -1,866 | S100OJDQ |
| FY ending Mar 2022 | 36,799 | -904 | -2.5% | -888 | 714 | 335 | S100R5UK |
| FY ending Mar 2023 | 47,237 | 2,484 | 5.3% | 1,291 | 3,462 | 3,096 | S100TTYM |
| FY ending Mar 2024 | 52,094 | 3,764 | 7.2% | 2,487 | 4,949 | 4,555 | S100W25Z |
| FY ending Mar 2025 | 52,290 | 4,045 | 7.7% | 2,545 | 3,126 | 2,783 | S100YJ0B |
| FY ending Mar 2026 | 51,271 | 3,164 | 6.2% | 1,907 | 2,674 | 626 | S100YJ0B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥86.9M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 555 | 572 | 572 | 582 | 590 |
| Average salary (parent company) | ¥5.6M | ¥6M | ¥7M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 55.3 years | 55.9 years | 55.6 years | 53.8 years | 50.9 years |
| Average tenure (parent company) | 19.4 years | 21.1 years | 22.2 years | 20.0 years | 18.9 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) -1.9%

## 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 | 2,674 | 5.2% | S100YJ0B |
| Capital expenditure | 2,048 | 4.0% | S100YJ0B |
| Free cash flow | 626 | 1.2% | 算出 |
| Investing cash flow | -1,950 | -3.8% | S100YJ0B |
| Financing cash flow | -702 | -1.4% | S100YJ0B |
| Dividends paid | 871 | 1.7% | S100YJ0B |
| Share buyback | 0 | 0.0% | S100YJ0B |
| Change in cash | 23 | 0.0% | S100YJ0B |
| Cash and equivalents | 5,756 | 11.2% | S100YJ0B |

## 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 | 2,416 | 2,407 | 4,140 | 5,733 | 5,756 | S100TTYM, S100W25Z, S100YJ0B |
| Total assets | 38,115 | 39,143 | 39,385 | 40,314 | 41,715 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Net assets | 25,098 | 25,919 | 27,826 | 29,542 | 30,890 | S100TTYM, S100W25Z, S100YJ0B |
| Share capital | 2,986 | 2,986 | 2,986 | 2,986 | 2,986 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Trade receivables | 3,646 | 4,296 | 4,762 | 4,225 | 4,262 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Property, plant and equipment | 5,853 | 6,084 | 5,721 | 5,628 | 7,095 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Intangible assets excluding goodwill | 121 | 254 | 204 | 147 | 175 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Investment securities | 4,570 | 4,423 | 4,408 | 4,377 | 4,092 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Current assets | 18,520 | 20,075 | 21,095 | 22,821 | 23,214 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Current liabilities | 8,322 | 9,302 | 7,037 | 6,517 | 7,103 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Trade payables | 2,684 | 3,212 | 3,191 | 3,272 | 3,274 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Short-term borrowings | 3,000 | 1,000 | — | — | — | S100R5UK, S100TTYM |
| Long-term borrowings | 80 | 280 | 1,000 | 800 | 500 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Bonds | 1,500 | — | — | — | — | S100R5UK |
| Interest-bearing debt | 4,580 | — | — | — | — | 算出 |
| Total liabilities | 13,017 | 13,224 | 11,559 | 10,772 | 10,825 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Equity attributable to owners of parent | 25,128 | 25,972 | 27,805 | 29,478 | 30,514 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Retained earnings | 18,055 | 18,899 | 20,732 | 22,406 | 23,441 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |
| Treasury stock | -483 | -483 | -483 | -483 | -484 | S100R5UK, S100TTYM, S100W25Z, S100YJ0B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YJ0B |
| Receivables | 10% | S100YJ0B |
| Property, plant and equipment | 17% | S100YJ0B |
| Intangibles and goodwill | 0% | S100YJ0B |
| Investment securities | 10% | S100YJ0B |
| Other assets | 49% | S100YJ0B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJ0B |
| Other liabilities | 18% | S100YJ0B |
| Equity | 74% | S100YJ0B |
| Other liabilities | 0% | S100YJ0B |

### 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 | 38,115 | 39,143 | 39,385 | 40,314 | 41,715 |
| Equity | 25,098 | 25,919 | 27,826 | 29,542 | 30,890 |
| Interest-bearing debt | 4,580 | — | — | — | — |
| Cash | 2,416 | 2,407 | 4,140 | 5,733 | 5,756 |

## 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) | 13.8% | S100YJ0B |
| Fixed assets ÷ total assets | 17.0% | S100YJ0B |
| Goodwill ÷ parent equity | — | —, S100YJ0B |

### 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) | 13.8% |
| Cash ÷ revenue | 11.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.5% |
| Cash vs. profit gap | 767 JPY mn (of net income 40.2%) |
| Shareholder returns / net income | 45.7% |
| Shareholder returns / FCF | 139.1% |
| Shareholder payments — dividends / net income | 45.7% |
| Shareholder payments — dividends / FCF | 139.1% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 72.9% |

## 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 | — | —× | -2.3% | —× | — | S100R5UK |
| 2023 | 2.7% | 1.22× | 3.3% | 1.51× | 5.1% | S100TTYM |
| 2024 | 4.8% | 1.33× | 6.3% | 1.46× | 9.2% | S100W25Z |
| 2025 | 4.9% | 1.31× | 6.4% | 1.39× | 8.9% | S100YJ0B |
| 2026 | 3.7% | 1.25× | 4.7% | 1.37× | 6.4% | S100YJ0B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ディーアンドケー㈱ | Major shareholder | 19.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ | Major shareholder | 7.4% | 2026-03-31 |
| ㈱エムケー興産 | Major shareholder | 6.9% | 2026-03-31 |
| ㈱日本カストディ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 東京デリカ取引先持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 木山 茂年 | Major shareholder | 2.6% | 2026-03-31 |
| 木山 昭栄 | Major shareholder | 2.5% | 2026-03-31 |
| 木山 剛史 | Major shareholder | 1.9% | 2026-03-31 |
| サックスバーホールディングス従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YJ0B | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ0B,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W25Z | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W25Z,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TTYM | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTYM,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100R5UK | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UK,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100OJDQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJDQ,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LNJK | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNJK,, |

## 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).