# SAIBU GAS 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133期(2025/04/01－2026/03/31) (S100YE54)
> Page: https://vizora.meequs.com/en/company/saibugas
> Retrieved: 2026-09-30T17:54:01.559Z

## Company

Saibu GAS Holdings, founded in 1930, is a company in Electric Power & Gas listed on TSE Prime. It has 3,725 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAIBU GAS HOLDINGS CO.,LTD. |
| Ticker | 9536 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9536.T) |
| Listing | TSE Prime |
| Head office | 福岡市博多区千代一丁目17番1号 |
| Representative (per filing) | 代表取締役社長 加藤卓二 |
| Founded | Dec 1930 |
| Share capital | ¥20.6B |
| Employees (consolidated) | 3,725 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | hd.saibugas.co.jp (https://hd.saibugas.co.jp/) |
| Corporate number | 6290001014048 |
| EDINET | E04523 |
| Industries (Vizora) | Electric Power & Gas, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YE54, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Electric Power & Gas (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.2 | 42 |
| Profitability | 26.1 | 44 |
| Cash conversion | 63.1 | 42 |
| Efficiency | 39.8 | 44 |
| Financial strength | 28.9 | 19 |

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 Saibu GAS Holdings's sales come from GAS, with Real estate and Electric power and other energy making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +18.4%.

## Company structure

- Segment revenue mix: GAS 57.8%、Real estate 16.1%、Electric power and other energy 11.7%、LPG 8.2%、Other 6.3%
- Revenue → net income: ¥261823000000 → ¥7511000000
- Net income → operating cash flow: ¥7511000000 → ¥25329000000（difference ¥17818000000）
- Main uses of operating cash flow: CapEx ¥29752000000 / dividends ¥2573000000 / buybacks ¥2000000000
- Change in cash: ¥-5568000000
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 | ¥261.8B |  |
| Operating income | ¥12.5B | Margin 4.8% |
| Net income | ¥7.15B | Margin 2.7% |
| Free cash flow | -¥4.42B |  |
| Largest business | GAS | of segment revenue 57.8% |
| Employees (consolidated) | 3,725 |  |
| EPS | ¥17.64 |  |
| Book value per share | ¥1924.88 |  |
| Equity ratio | 24.7% |  |
| Shares outstanding | 37,187,000 |  |
| Treasury shares | 1,175,700 |  |
| Shareholders | 18,904 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 4.9% | Net cash -¥224.9B · Cash ÷ revenue 8.7% |
| Vs. industry median margin | -2.2 pp | Electric Power & Gas |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, employees -3% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥191993000000 | ¥261823000000 | +36.4% |
| Operating income | ¥4851000000 | ¥12463000000 | +156.9% |
| Operating margin | 2.5% | 4.8% | +2.2 pp |
| Employees | 3,804 people | 3,725 people | -2.1% |
| Cash and equivalents | ¥19483000000 | ¥22834000000 | +17.2% |

### 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 |
| --- | ---: |
| ガス → ガス | 57.6% |
| ＬＰＧ → ＬＰＧ | 8.2% |
| ＬＰＧ → 事業再編・廃止 | 0.7% |
| 電力・その他エネルギー → 電力・その他エネルギー | 6.3% |
| 不動産 → 不動産 | 16.1% |
| 不動産 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 6.3% |
| その他 → 事業再編・廃止 | 4.3% |
| 新設・再編 → ガス | 0.2% |
| 新設・再編 → 電力・その他エネルギー | 5.4% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| GAS | 5 years | +6.5% | ¥151133000000 | 5.2% | 2 |
| Real estate | 5 years | +5.7% | ¥42006000000 | 7.9% | 2 |
| Electric power and other energy | 5 years | +20.2% | ¥30621000000 | 4.0% | 2 |
| LPG | 5 years | +4.7% | ¥21535000000 | 0.0% | 2 |
| Other | 5 years | -4.2% | ¥16369000000 | 0.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 261,823 | 100.0% | S100YE54 |
| Cost of revenue | 180,554 | 69.0% | S100YE54 |
| Gross profit | 81,269 | 31.0% | S100YE54 |
| Operating income | 12,463 | 4.8% | S100YE54 |
| Ordinary income | 12,583 | 4.8% | S100YE54 |
| Pretax income | 12,505 | 4.8% | S100YE54 |
| Income tax | 4,994 | 1.9% | S100YE54 |
| Net income | 7,511 | 2.9% | S100YE54 |
| Net income attributable to owners | 7,147 | 2.7% | S100YE54 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 31.0% → Operating margin 4.8% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +18.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.33×
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 | 254,442 | 261,823 | 7,381 | +2.9% |
| Gross profit | 77,035 | 81,269 | 4,234 | +5.5% |
| Operating income | 10,530 | 12,463 | 1,933 | +18.4% |
| Net income attributable to owners | 6,362 | 7,147 | 785 | +12.3% |
| Operating cash flow | 38,557 | 25,329 | -13,228 | -34.3% |
| Free cash flow | 14,724 | -4,423 | -19,147 | -130.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 204,445 | 7,562 | 3.7% | 4,695 | 17,956 | 1,184 | S100LQI8 |
| FY ending Mar 2021 | 191,993 | 4,851 | 2.5% | 1,794 | 20,748 | 778 | S100OGZD |
| FY ending Mar 2022 | 215,273 | 451 | 0.2% | 495 | 10,542 | -4,656 | S100R2WN |
| FY ending Mar 2023 | 266,319 | 10,811 | 4.1% | 13,215 | 21,749 | 2,449 | S100TN8G |
| FY ending Mar 2024 | 256,328 | 9,672 | 3.8% | 6,155 | 22,124 | -1,876 | S100W1IE |
| FY ending Mar 2025 | 254,442 | 10,530 | 4.1% | 6,362 | 38,557 | 14,724 | S100YE54 |
| FY ending Mar 2026 | 261,823 | 12,463 | 4.8% | 7,147 | 25,329 | -4,423 | S100YE54 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.3M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 3,799 | 3,797 | 3,852 | 3,840 | 3,725 |
| Average salary (parent company) | ¥6M | ¥5.8M | ¥5.7M | ¥6M | ¥6.6M |
| Average age (parent company) | 42.2 years | 42.4 years | 42.3 years | 41.4 years | 41.5 years |
| Average tenure (parent company) | 16.6 years | 16.8 years | 16.3 years | 13.2 years | 13.8 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| GAS | 151,133 | 57.8% | 7,914 | 5.2% |
| LPG | 21,535 | 8.2% | 1 | 0.0% |
| Electric power and other energy | 30,621 | 11.7% | 1,235 | 4.0% |
| Real estate | 42,006 | 16.1% | 3,329 | 7.9% |
| Other | 16,369 | 6.3% | 60 | 0.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| GAS | 57.8% | 63.1% | 5.4 | 5.2% |
| LPG | 8.2% | 0.0% | -8.2 | 0.0% |
| Electric power and other energy | 11.7% | 9.8% | -1.9 | 4.0% |
| Real estate | 16.1% | 26.5% | 10.5 | 7.9% |
| Other | 6.3% | 0.5% | -5.8 | 0.4% |

Segment → industry: Electric power and other energy → Electric Power & Gas / LPG → Electric Power & Gas / GAS → Electric Power & Gas / Real estate → Real Estate Development & Leasing

## 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 | 25,329 | 9.7% | S100YE54 |
| Capital expenditure | 29,752 | 11.4% | S100YE54 |
| Free cash flow | -4,423 | -1.7% | 算出 |
| Investing cash flow | -33,812 | -12.9% | S100YE54 |
| Financing cash flow | 2,898 | 1.1% | S100YE54 |
| Dividends paid | 2,573 | 1.0% | S100YE54 |
| Share buyback | 2,000 | 0.8% | S100YE54 |
| Change in cash | -5,568 | -2.1% | S100YE54 |
| Cash and equivalents | 22,834 | 8.7% | S100YE54 |

## 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 | 24,411 | 35,720 | 26,446 | 28,355 | 22,834 | S100TN8G, S100W1IE, S100YE54 |
| Total assets | 395,664 | 414,268 | 431,785 | 447,774 | 465,845 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Net assets | 80,639 | 93,624 | 105,574 | 111,709 | 123,331 | S100TN8G, S100W1IE, S100YE54 |
| Share capital | 20,629 | 20,629 | 20,629 | 20,629 | 20,629 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Property, plant and equipment | 227,624 | 226,051 | 227,911 | 231,090 | 234,185 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Intangible assets excluding goodwill | 3,310 | 3,208 | 4,271 | 6,734 | 11,555 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Goodwill | 99 | 172 | 141 | 171 | 300 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Investment securities | 39,692 | 44,197 | 55,837 | 59,430 | 72,139 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Current assets | 104,248 | 122,360 | 123,329 | 124,388 | 114,312 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Current liabilities | 103,347 | 107,205 | 108,812 | 122,985 | 121,676 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Trade payables | 10,217 | 11,344 | 14,797 | 15,389 | 10,281 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Short-term borrowings | 37,773 | 29,628 | 37,198 | 36,968 | 46,010 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Long-term borrowings | 131,241 | 127,564 | 120,660 | 125,467 | 134,179 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Bonds | 67,280 | 72,140 | 82,050 | 71,500 | 67,500 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Interest-bearing debt | 236,294 | 229,332 | 239,908 | 233,935 | 247,689 | 算出 |
| Total liabilities | 315,024 | 320,644 | 326,210 | 336,064 | 342,514 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Non-controlling interests | 6,304 | 6,838 | 7,221 | 7,877 | 8,086 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Equity attributable to owners of parent | 67,893 | 78,504 | 82,136 | 85,909 | 88,487 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Retained earnings | 41,850 | 52,468 | 56,107 | 59,873 | 64,446 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |
| Treasury stock | -371 | -369 | -363 | -346 | -2,330 | S100R2WN, S100TN8G, S100W1IE, S100YE54 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YE54 |
| Property, plant and equipment | 50% | S100YE54 |
| Intangibles and goodwill | 3% | S100YE54 |
| Investment securities | 15% | S100YE54 |
| Other assets | 27% | S100YE54 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YE54 |
| Interest-bearing debt | 53% | 算出 |
| Other liabilities | 18% | S100YE54 |
| Equity | 27% | S100YE54 |

### 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 | 395,664 | 414,268 | 431,785 | 447,774 | 465,845 |
| Equity | 80,639 | 93,624 | 105,574 | 111,709 | 123,331 |
| Interest-bearing debt | 236,294 | 229,332 | 239,908 | 233,935 | 247,689 |
| Cash | 24,411 | 35,720 | 26,446 | 28,355 | 22,834 |

## 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) | 89.4% | S100YE54 |
| Fixed assets ÷ total assets | 50.3% | S100YE54 |
| Goodwill ÷ parent equity | 0.3% | S100YE54 |

Goodwill over 4 years: 99 → 300 JPY; total investing cash flow: -122,008 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) | 4.9% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | -¥224.9B |
| Net debt ÷ operating cash flow | 8.88× |
| Cash conversion (operating CF ÷ operating income) | 203.2% |
| Cash vs. profit gap | 18,182 JPY mn (of net income 254.4%) |
| Shareholder returns / net income | 64.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 11.4% |
| Investing CF relative to operating CF | 133.5% |

## 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 | 0.2% | 0.54× | 0.1% | 5.83× | 0.7% | S100R2WN |
| 2023 | 5.0% | 0.66× | 3.3% | 5.53× | 18.1% | S100TN8G |
| 2024 | 2.4% | 0.61× | 1.5% | 5.27× | 7.7% | S100W1IE |
| 2025 | 2.5% | 0.58× | 1.4% | 5.23× | 7.6% | S100YE54 |
| 2026 | 2.7% | 0.57× | 1.6% | 5.24× | 8.2% | S100YE54 |

## 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 | 5.7% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.8% | 2026-03-31 |
| ＳＧ共栄会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社十八親和銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 西部瓦斯持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 東邦瓦斯株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社クボタ | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第133期(2025/04/01－2026/03/31) | S100YE54 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE54,, |
| 有価証券報告書－第132期(2024/04/01－2025/03/31) | S100W1IE | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1IE,, |
| 有価証券報告書－第131期(2023/04/01－2024/03/31) | S100TN8G | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN8G,, |
| 有価証券報告書－第130期(2022/04/01－2023/03/31) | S100R2WN | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2WN,, |
| 有価証券報告書－第129期(令和3年4月1日－令和4年3月31日) | S100OGZD | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGZD,, |
| 有価証券報告書－第128期(令和2年4月1日－令和3年3月31日) | S100LQI8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQI8,, |

## 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).