# Sagami Holdings Corporation: 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56期(2025/04/01－2026/03/31) (S100YGZJ)
> Page: https://vizora.meequs.com/en/company/sagami-holdings
> Retrieved: 2026-09-30T20:31:36.836Z

## Company

Sagami Holdings, founded in 1978, is a company in Restaurants & Pubs listed on TSE Prime. It has 555 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sagami Holdings Corporation |
| Ticker | 9900 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9900.T) |
| Listing | TSE Prime |
| Head office | 名古屋市守山区八剣二丁目118番地 |
| Representative (per filing) | 代表取締役社長 大西尚真 |
| Founded | Feb 1978 |
| Share capital | ¥9.09B |
| Employees (consolidated) | 555 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.sagami-holdings.co.jp (https://www.sagami-holdings.co.jp/) |
| Corporate number | 1180001000443 |
| EDINET | E03178 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YGZJ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 56 |
| Profitability | 87.1 | 66 |
| Cash conversion | 31.8 | 55 |
| Efficiency | 55.3 | 66 |

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)

- Sagami Holdings brought in ¥39.4B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +12.3% from the prior year, operating profit +44.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥39359936000 → ¥1618478000
- Net income → operating cash flow: ¥1618478000 → ¥3720761000（difference ¥2102283000）
- Main uses of operating cash flow: CapEx ¥3265895000 / dividends ¥301792000 / buybacks ¥237000
- Change in cash: ¥-1258861000
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 | ¥39.4B |  |
| Operating income | ¥2.98B | Margin 7.6% |
| Net income | ¥1.62B | Margin 4.1% |
| Free cash flow | ¥454.9M |  |
| Employees (consolidated) | 555 |  |
| EPS | ¥9.25 |  |
| Book value per share | ¥570.12 |  |
| Equity ratio | 72.4% |  |
| Shares outstanding | 30,301,000 |  |
| Treasury shares | 18,300 |  |
| Shareholders | 24,094 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 12.9% |
| Vs. industry median margin | +3.6 pp | Restaurants & Pubs |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income
- FY2026, parent-company salary changed +49% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20344856000 | ¥39359936000 | +93.5% |
| Operating income | ¥-1689623000 | ¥2977931000 | — |
| Operating margin | -8.3% | 7.6% | +15.9 pp |
| Employees | 572 people | 555 people | -3.0% |
| Cash and equivalents | ¥7882563000 | ¥5076710000 | -35.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,360 | 100.0% | S100YGZJ |
| Cost of revenue | 12,416 | 31.5% | S100YGZJ |
| Gross profit | 26,944 | 68.5% | S100YGZJ |
| SG&A | 23,966 | 60.9% | S100YGZJ |
| Operating income | 2,978 | 7.6% | S100YGZJ |
| Ordinary income | 3,046 | 7.7% | S100YGZJ |
| Pretax income | 2,373 | 6.0% | S100YGZJ |
| Income tax | 754 | 1.9% | S100YGZJ |
| Net income | 1,618 | 4.1% | S100YGZJ |
| Net income attributable to owners | 1,618 | 4.1% | S100YGZJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 61 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 68.5% → Operating margin 7.6% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.3%; Core profit growth: +44.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.62×
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 | 35,034 | 39,360 | 4,326 | +12.3% |
| Gross profit | 23,843 | 26,944 | 3,101 | +13.0% |
| Operating income | 2,059 | 2,978 | 919 | +44.7% |
| Net income attributable to owners | 1,356 | 1,618 | 262 | +19.4% |
| Operating cash flow | 2,220 | 3,721 | 1,501 | +67.6% |
| Free cash flow | -516 | 455 | 971 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,437 | 55 | 0.2% | -1,366 | 223 | -1,173 | S100LNOK |
| FY ending Mar 2021 | 20,345 | -1,690 | -8.3% | -2,479 | -1,159 | -1,817 | S100OEDX |
| FY ending Mar 2022 | 21,339 | -620 | -2.9% | 1,193 | 3,015 | 2,368 | S100R8BY |
| FY ending Mar 2023 | 26,423 | 910 | 3.4% | 886 | 1,726 | 372 | S100TVLS |
| FY ending Mar 2024 | 31,006 | 1,656 | 5.3% | 910 | 2,458 | 582 | S100W3N0 |
| FY ending Mar 2025 | 35,034 | 2,059 | 5.9% | 1,356 | 2,220 | -516 | S100YGZJ |
| FY ending Mar 2026 | 39,360 | 2,978 | 7.6% | 1,618 | 3,721 | 455 | S100YGZJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.9M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 561 | 539 | 534 | 542 | 555 |
| Average salary (parent company) | ¥4.8M | ¥6.6M | ¥6.6M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 44.7 years | 47.8 years | 49.0 years | 52.1 years | 51.7 years |
| Average tenure (parent company) | 21.5 years | 27.8 years | 28.1 years | 32.4 years | 32.3 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +12.3%

## 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 | 3,721 | 9.5% | S100YGZJ |
| Capital expenditure | 3,266 | 8.3% | S100YGZJ |
| Free cash flow | 455 | 1.2% | 算出 |
| Investing cash flow | -3,364 | -8.5% | S100YGZJ |
| Financing cash flow | -1,614 | -4.1% | S100YGZJ |
| Dividends paid | 302 | 0.8% | S100YGZJ |
| Share buyback | 0 | 0.0% | S100YGZJ |
| Change in cash | -1,259 | -3.2% | S100YGZJ |
| Cash and equivalents | 5,077 | 12.9% | S100YGZJ |

## 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 | 11,574 | 10,725 | 8,012 | 6,336 | 5,077 | S100TVLS, S100W3N0, S100YGZJ |
| Total assets | 24,165 | 24,157 | 24,943 | 25,297 | 27,123 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Net assets | 15,059 | 15,937 | 16,816 | 17,824 | 19,659 | S100TVLS, S100W3N0, S100YGZJ |
| Share capital | 9,091 | 9,091 | 9,091 | 9,091 | 9,091 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Property, plant and equipment | 8,631 | 9,214 | 10,249 | 11,959 | 13,607 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Intangible assets excluding goodwill | 102 | 95 | 96 | 78 | 92 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Investment securities | 571 | 712 | 872 | 758 | 1,500 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Current assets | 13,151 | 12,469 | 10,159 | 8,869 | 8,674 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Current liabilities | 4,498 | 4,700 | 5,288 | 5,858 | 6,110 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Trade payables | 608 | 773 | 842 | 1,049 | 1,089 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Long-term borrowings | 3,842 | 2,681 | 1,909 | 603 | 76 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Total liabilities | 9,105 | 8,220 | 8,127 | 7,473 | 7,464 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Non-controlling interests | 1 | — | — | — | — | S100R8BY |
| Equity attributable to owners of parent | 14,998 | 15,732 | 16,467 | 17,408 | 18,731 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Retained earnings | -101 | 633 | 1,331 | 2,384 | 3,700 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |
| Treasury stock | -184 | -185 | -148 | -260 | -253 | S100R8BY, S100TVLS, S100W3N0, S100YGZJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YGZJ |
| Property, plant and equipment | 50% | S100YGZJ |
| Intangibles and goodwill | 0% | S100YGZJ |
| Investment securities | 6% | S100YGZJ |
| Other assets | 25% | S100YGZJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YGZJ |
| Other liabilities | 24% | S100YGZJ |
| Equity | 72% | S100YGZJ |

### 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 | 24,165 | 24,157 | 24,943 | 25,297 | 27,123 |
| Equity | 15,059 | 15,937 | 16,816 | 17,824 | 19,659 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,574 | 10,725 | 8,012 | 6,336 | 5,077 |

## 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) | 34.6% | S100YGZJ |
| Fixed assets ÷ total assets | 50.2% | S100YGZJ |
| Goodwill ÷ parent equity | — | —, S100YGZJ |

### 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) | 18.7% |
| Cash ÷ revenue | 12.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 124.9% |
| Cash vs. profit gap | 2,102 JPY mn (of net income 129.9%) |
| Shareholder returns / net income | 18.7% |
| Shareholder returns / FCF | 66.4% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 66.3% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 90.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.6% | 0.88× | 4.9% | 1.61× | 8.0% | S100R8BY |
| 2023 | 3.4% | 1.09× | 3.7% | 1.57× | 5.8% | S100TVLS |
| 2024 | 2.9% | 1.26× | 3.7% | 1.52× | 5.6% | S100W3N0 |
| 2025 | 3.9% | 1.39× | 5.4% | 1.48× | 8.0% | S100YGZJ |
| 2026 | 4.1% | 1.50× | 6.2% | 1.45× | 9.0% | S100YGZJ |

## 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 | 8.6% | 2026-03-31 |
| 昭和産業株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社昭和 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |
| サガミ共栄会 | Major shareholder | 1.2% | 2026-03-31 |
| サガミグループ従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| JP MORGARN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YGZJ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGZJ,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W3N0 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3N0,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TVLS | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVLS,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R8BY | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8BY,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OEDX | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEDX,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LNOK | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNOK,, |

## 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).