# SAIBO 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103期(2025/04/01－2026/03/31) (S100YJC8)
> Page: https://vizora.meequs.com/en/company/saibo
> Retrieved: 2026-09-30T20:58:41.357Z

## Company

Saibo, founded in 1948, is a company in Textiles & Fibers listed on TSE Standard. It has 113 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Saibo Co., Ltd. |
| Ticker | 3123 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3123.T) |
| Listing | TSE Standard |
| Head office | 埼玉県川口市前川1丁目1番70号 |
| Representative (per filing) | 代表取締役社長 飯塚榮一 |
| Founded | Jun 1948 |
| Share capital | ¥1.4B |
| Employees (consolidated) | 113 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | saibo.co.jp (https://saibo.co.jp/) |
| Corporate number | 7030001075016 |
| EDINET | E00534 |
| Industries (Vizora) | Textiles & Fibers, Theme Parks & Leisure Facilities, Real Estate Development & Leasing, General Contractors, Apparel |

> Profile source: annual securities report (S100YJC8, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Apparel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75.5 | 55 |
| Profitability | 86.1 | 61 |
| Cash conversion | 81.9 | 47 |
| Efficiency | 2.5 | 61 |

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 48% of Saibo's sales come from Textiles, with Real estate businesses and Interior Construction Services making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +23.1%.

## Company structure

- Segment revenue mix: Textiles 48.1%、Real estate businesses 33.7%、Interior Construction Services 9.2%、Golf driving range 9.0%
- Revenue → net income: ¥10349902000 → ¥1109836000
- Net income → operating cash flow: ¥1109836000 → ¥2094103000（difference ¥984267000）
- Main uses of operating cash flow: CapEx ¥1204305000 / dividends ¥206210000 / buybacks ¥134200000
- Change in cash: ¥-282372000
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 | ¥10.3B |  |
| Operating income | ¥992M | Margin 9.6% |
| Net income | ¥1.07B | Margin 10.3% |
| Free cash flow | ¥889.8M |  |
| Largest business | Textiles | of segment revenue 48.1% |
| Employees (consolidated) | 113 |  |
| EPS | ¥70.62 |  |
| Diluted EPS | ¥70.46 |  |
| Book value per share | ¥1147.97 |  |
| Equity ratio | 45.4% |  |
| Shares outstanding | 13,600,000 |  |
| Treasury shares | 905,300 |  |
| Shareholders | 1,304 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 32.9% |
| Vs. industry median margin | +6.2 pp | Textiles & Fibers |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, segment profit share differs by 53 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6729224000 | ¥10349902000 | +53.8% |
| Operating income | ¥729248000 | ¥992045000 | +36.0% |
| Operating margin | 10.8% | 9.6% | -1.3 pp |
| Employees | 99 people | 113 people | +14.1% |
| Cash and equivalents | ¥1620990000 | ¥3400254000 | +109.8% |

### 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 |
| --- | ---: |
| 繊維 → 繊維 | 48.1% |
| 繊維 → 事業再編・廃止 | 3.1% |
| 不動産活用事業 → 不動産活用事業 | 30.8% |
| ゴルフ練習場 → ゴルフ練習場 | 9.0% |
| ゴルフ練習場 → 事業再編・廃止 | 3.4% |
| その他 → 事業再編・廃止 | 5.6% |
| 新設・再編 → 不動産活用事業 | 2.9% |
| 新設・再編 → インテリア施工事業 | 9.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Textiles | 5 years | +7.6% | ¥4977230000 | -2.8% | 2 |
| Real estate businesses | 5 years | +11.0% | ¥3489664000 | 28.9% | 2 |
| Interior Construction Services | — | — | ¥949213000 | 14.9% | 2 |
| Golf driving range | 5 years | +2.3% | ¥933793000 | 1.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,350 | 100.0% | S100YJC8 |
| Cost of revenue | 7,889 | 76.2% | S100YJC8 |
| Gross profit | 2,461 | 23.8% | S100YJC8 |
| SG&A | 1,469 | 14.2% | S100YJC8 |
| Operating income | 992 | 9.6% | S100YJC8 |
| Ordinary income | 1,348 | 13.0% | S100YJC8 |
| Pretax income | 1,133 | 10.9% | S100YJC8 |
| Income tax | 23 | 0.2% | S100YJC8 |
| Net income | 1,110 | 10.7% | S100YJC8 |
| Net income attributable to owners | 1,067 | 10.3% | S100YJC8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 14 |
| Operating income | 10 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 23.8% → Operating margin 9.6% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +23.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 45.63×
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 | 10,298 | 10,350 | 52 | +0.5% |
| Gross profit | 2,702 | 2,461 | -241 | -8.9% |
| Operating income | 806 | 992 | 186 | +23.1% |
| Net income attributable to owners | 860 | 1,067 | 207 | +24.1% |
| Operating cash flow | 2,371 | 2,094 | -277 | -11.7% |
| Free cash flow | 1,955 | 890 | -1,065 | -54.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,601 | 716 | 9.4% | -65 | 738 | -1,932 | S100LUIF |
| FY ending Mar 2021 | 6,729 | 729 | 10.8% | 588 | 2,135 | -10,072 | S100OJ89 |
| FY ending Mar 2022 | 8,958 | 646 | 7.2% | 500 | 2,039 | -1,055 | S100R6BY |
| FY ending Mar 2023 | 10,182 | 1,092 | 10.7% | 733 | 2,296 | 1,933 | S100TU5H |
| FY ending Mar 2024 | 11,423 | 987 | 8.6% | 946 | 2,267 | 1,936 | S100XGY4 |
| FY ending Mar 2025 | 10,298 | 806 | 7.8% | 860 | 2,371 | 1,955 | S100YJC8 |
| FY ending Mar 2026 | 10,350 | 992 | 9.6% | 1,067 | 2,094 | 890 | S100YJC8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.6M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥9.4M |

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) | 98 | 112 | 115 | 106 | 113 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥6.2M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 46.0 years | 47.9 years | 48.8 years | 49.5 years | 48.6 years |
| Average tenure (parent company) | 18.0 years | 19.1 years | 20.0 years | 21.4 years | 19.7 years |

Year over year: Employees (consolidated) +6.6% · Revenue (consolidated) +0.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Textiles | 4,977 | 48.1% | -139 | -2.8% |
| Real estate businesses | 3,490 | 33.7% | 1,010 | 28.9% |
| Golf driving range | 934 | 9.0% | 12 | 1.3% |
| Interior Construction Services | 949 | 9.2% | 142 | 14.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Textiles | 48.1% | — | — | -2.8% |
| Real estate businesses | 33.7% | 86.8% | 53.0 | 28.9% |
| Golf driving range | 9.0% | 1.0% | -8.0 | 1.3% |
| Interior Construction Services | 9.2% | 12.2% | 3.0 | 14.9% |

Loss-making segment (excluded from profit shares): Textiles -139 JPY mn

Segment → industry: Textiles → Textiles & Fibers / Golf driving range → Theme Parks & Leisure Facilities / Real estate businesses → Real Estate Development & Leasing / Interior Construction Services → General Contractors / Textiles → Apparel

## 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 | 2,094 | 20.2% | S100YJC8 |
| Capital expenditure | 1,204 | 11.6% | S100YJC8 |
| Free cash flow | 890 | 8.6% | 算出 |
| Investing cash flow | -1,233 | -11.9% | S100YJC8 |
| Financing cash flow | -1,153 | -11.1% | S100YJC8 |
| Dividends paid | 206 | 2.0% | S100YJC8 |
| Share buyback | 134 | 1.3% | S100YJC8 |
| Change in cash | -282 | -2.7% | S100YJC8 |
| Cash and equivalents | 3,400 | 32.9% | S100YJC8 |

## 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 | 2,427 | 2,671 | 3,421 | 3,683 | 3,400 | S100TU5H, S100XGY4, S100YJC8 |
| Total assets | 42,896 | 41,848 | 43,534 | 41,948 | 42,895 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Net assets | 17,484 | 18,178 | 19,561 | 20,132 | 21,922 | S100TU5H, S100XGY4, S100YJC8 |
| Share capital | 1,402 | 1,402 | 1,402 | 1,402 | 1,402 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Property, plant and equipment | 31,058 | 30,257 | 29,304 | 28,294 | 28,160 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Intangible assets excluding goodwill | 10 | 7 | 4 | 3 | 2 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Investment securities | 5,171 | 4,944 | 6,021 | 6,601 | 8,137 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Current assets | 6,133 | 6,279 | 7,819 | 6,558 | 5,951 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Current liabilities | 3,837 | 2,852 | 3,865 | 2,363 | 2,198 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Trade payables | 662 | 670 | 1,515 | 484 | — | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Short-term borrowings | 880 | 300 | 270 | — | — | S100R6BY, S100TU5H, S100XGY4 |
| Long-term borrowings | 14,771 | 13,702 | 12,638 | 12,122 | 11,375 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Total liabilities | 25,411 | 23,670 | 23,973 | 21,816 | 20,973 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Non-controlling interests | 2,155 | 2,212 | 2,360 | 2,393 | 2,436 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Equity attributable to owners of parent | 14,486 | 15,038 | 15,545 | 16,102 | 16,833 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Retained earnings | 12,504 | 13,054 | 13,656 | 14,306 | 15,167 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |
| Treasury stock | -245 | -244 | -339 | -431 | -561 | S100R6BY, S100TU5H, S100XGY4, S100YJC8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJC8 |
| Property, plant and equipment | 66% | S100YJC8 |
| Intangibles and goodwill | 0% | S100YJC8 |
| Investment securities | 19% | S100YJC8 |
| Other assets | 7% | S100YJC8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YJC8 |
| Equity | 51% | S100YJC8 |
| Other liabilities | 0% | S100YJC8 |

### 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 | 42,896 | 41,848 | 43,534 | 41,948 | 42,895 |
| Equity | 17,484 | 18,178 | 19,561 | 20,132 | 21,922 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,427 | 2,671 | 3,421 | 3,683 | 3,400 |

## 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) | 272.1% | S100YJC8 |
| Fixed assets ÷ total assets | 65.6% | S100YJC8 |
| Goodwill ÷ parent equity | — | —, S100YJC8 |

### 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) | 7.9% |
| Cash ÷ revenue | 32.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.1% |
| Cash vs. profit gap | 1,027 JPY mn (of net income 96.3%) |
| Shareholder returns / net income | 31.9% |
| Shareholder returns / FCF | 38.3% |
| Shareholder payments — dividends / net income | 19.3% |
| Shareholder payments — dividends / FCF | 23.2% |
| CapEx intensity (capex ÷ revenue) | 11.6% |
| Investing CF relative to operating CF | 58.9% |

## 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 | 5.6% | 0.21× | 1.2% | 2.96× | 3.4% | S100R6BY |
| 2023 | 7.2% | 0.24× | 1.7% | 2.87× | 5.0% | S100TU5H |
| 2024 | 8.3% | 0.27× | 2.2% | 2.79× | 6.2% | S100XGY4 |
| 2025 | 8.3% | 0.24× | 2.0% | 2.70× | 5.4% | S100YJC8 |
| 2026 | 10.3% | 0.24× | 2.5% | 2.58× | 6.5% | S100YJC8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 埼栄不動産株式会社 | Major shareholder | 17.2% | 2026-03-31 |
| 飯塚元一 | Major shareholder | 11.2% | 2026-03-31 |
| 大栄不動産株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| むさし証券株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社安藤・間 | Major shareholder | 4.1% | 2026-03-31 |
| 有限会社エヌ・アイ | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社ホテルサイボー | Major shareholder | 3.0% | 2026-03-31 |
| 飯塚将 | Major shareholder | 2.6% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YJC8 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJC8,, |
| 訂正有価証券報告書－第102期(2024/04/01－2025/03/31) | S100XGY4 | 2026-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XGY4,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TU5H | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU5H,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R6BY | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6BY,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OJ89 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ89,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LUIF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUIF,, |

## 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).