# Saint Marc 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35期(2025/04/01－2026/03/31) (S100YI0O)
> Page: https://vizora.meequs.com/en/company/saint-marc-holdings
> Retrieved: 2026-09-30T18:26:07.468Z

## Company

Saint Marc Holdings, founded in 1989, is a company in Restaurants & Pubs listed on TSE Prime. It has 1,229 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Saint Marc Holdings Co., Ltd. |
| Ticker | 3395 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3395.T) |
| Listing | TSE Prime |
| Head office | 岡山市北区平田173番地104 |
| Representative (per filing) | 代表取締役社長 藤川 祐樹 |
| Founded | Mar 1989 |
| Share capital | ¥4.74B |
| Employees (consolidated) | 1,229 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.saint-marc-hd.com (https://www.saint-marc-hd.com/) |
| Corporate number | 4260001004499 |
| EDINET | E05556 |
| Industries (Vizora) | Restaurants & Pubs, Cafés |

> Profile source: annual securities report (S100YI0O, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67 | 56 |
| Profitability | 68.9 | 66 |
| Cash conversion | 51.8 | 55 |
| Efficiency | 26.5 | 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)

- About 68% of Saint Marc Holdings's sales come from restaurant, with cafe making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +24.7% from the prior year, operating profit +41.3%.

## Company structure

- Segment revenue mix: restaurant 67.8%、cafe 32.2%
- Revenue → net income: ¥88432412000 → ¥2705773000
- Net income → operating cash flow: ¥2705773000 → ¥8579542000（difference ¥5873769000）
- Main uses of operating cash flow: CapEx ¥2801775000 / dividends ¥1125787000 / buybacks ¥1183020000
- Change in cash: ¥589281000
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 | ¥88.4B |  |
| Operating income | ¥5.15B | Margin 5.8% |
| Net income | ¥2.71B | Margin 3.1% |
| Free cash flow | ¥5.78B |  |
| Largest business | restaurant | of segment revenue 67.8% |
| Employees (consolidated) | 1,229 |  |
| EPS | ¥76.38 |  |
| Book value per share | ¥1155.36 |  |
| Equity ratio | 44.7% |  |
| Shares outstanding | 22,941,111 |  |
| Treasury shares | 1,503,500 |  |
| Shareholders | 71,982 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 16.8% |
| Vs. industry median margin | +1.9 pp | Restaurants & Pubs |
| ROE | 8.7% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43987362000 | ¥88432412000 | +101.0% |
| Operating income | ¥-4035949000 | ¥5149389000 | — |
| Operating margin | -9.2% | 5.8% | +15 pp |
| Employees | 828 people | 1,229 people | +48.4% |
| Cash and equivalents | ¥15015996000 | ¥14872968000 | -1.0% |

### 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 |
| --- | ---: |
| レストラン → レストラン | 55.3% |
| 喫茶 → 喫茶 | 32.2% |
| 喫茶 → 事業再編・廃止 | 12.5% |
| 新設・再編 → レストラン | 12.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 88,432 | 100.0% | S100YI0O |
| Cost of revenue | 23,699 | 26.8% | S100YI0O |
| Gross profit | 64,733 | 73.2% | S100YI0O |
| SG&A | 59,584 | 67.4% | S100YI0O |
| Operating income | 5,149 | 5.8% | S100YI0O |
| Ordinary income | 5,059 | 5.7% | S100YI0O |
| Pretax income | 4,726 | 5.3% | S100YI0O |
| Income tax | 2,020 | 2.3% | S100YI0O |
| Net income | 2,706 | 3.1% | S100YI0O |
| Net income attributable to owners | 2,706 | 3.1% | S100YI0O |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 67 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 73.2% → Operating margin 5.8% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.7%; Core profit growth: +41.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.67×
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 | 70,896 | 88,432 | 17,537 | +24.7% |
| Gross profit | 53,209 | 64,733 | 11,524 | +21.7% |
| Operating income | 3,645 | 5,149 | 1,505 | +41.3% |
| Net income attributable to owners | 2,541 | 2,706 | 165 | +6.5% |
| Operating cash flow | 5,752 | 8,580 | 2,828 | +49.2% |
| Free cash flow | 3,218 | 5,778 | 2,560 | +79.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 68,909 | 4,162 | 6.0% | 1,486 | 6,533 | 3,731 | S100LPAD |
| FY ending Mar 2021 | 43,987 | -4,036 | -9.2% | -8,061 | -4,162 | -5,698 | S100OEJO |
| FY ending Mar 2022 | 47,722 | -3,579 | -7.5% | -4,712 | 5,587 | 4,720 | S100RDT0 |
| FY ending Mar 2023 | 57,831 | 240 | 0.4% | 417 | 3,514 | 1,857 | S100TV92 |
| FY ending Mar 2024 | 64,557 | 2,621 | 4.1% | 970 | 5,073 | 2,779 | S100W33T |
| FY ending Mar 2025 | 70,896 | 3,645 | 5.1% | 2,541 | 5,752 | 3,218 | S100YI0O |
| FY ending Mar 2026 | 88,432 | 5,149 | 5.8% | 2,706 | 8,580 | 5,778 | S100YI0O |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.2M |

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) | 799 | 827 | 808 | 1,087 | 1,229 |
| Average salary (parent company) | ¥6.8M | ¥5.4M | ¥5.3M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 45.2 years | 41.0 years | 41.2 years | 42.6 years | 42.5 years |
| Average tenure (parent company) | 8.3 years | 6.4 years | 6.8 years | 8.1 years | 7.5 years |

Year over year: Employees (consolidated) +13.1% · Revenue (consolidated) +24.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| restaurant | 59,970 | 67.8% | 4,468 | 7.5% |
| cafe | 28,463 | 32.2% | 3,028 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| restaurant | 67.8% | 59.6% | -8.2 | 7.5% |
| cafe | 32.2% | 40.4% | 8.2 | 10.6% |

Segment → industry: restaurant → Restaurants & Pubs / cafe → Cafés

## 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 | 8,580 | 9.7% | S100YI0O |
| Capital expenditure | 2,802 | 3.2% | S100YI0O |
| Free cash flow | 5,778 | 6.5% | 算出 |
| Investing cash flow | -3,231 | -3.7% | S100YI0O |
| Financing cash flow | -4,759 | -5.4% | S100YI0O |
| Dividends paid | 1,126 | 1.3% | S100YI0O |
| Share buyback | 1,183 | 1.3% | S100YI0O |
| Change in cash | 589 | 0.7% | S100YI0O |
| Cash and equivalents | 14,873 | 16.8% | S100YI0O |

## 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 | 15,640 | 15,734 | 16,663 | 14,247 | 14,873 | S100TV92, S100W33T, S100YI0O |
| Total assets | 48,022 | 48,805 | 49,017 | 71,462 | 70,453 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Net assets | 31,148 | 30,351 | 30,149 | 30,857 | 31,488 | S100TV92, S100W33T, S100YI0O |
| Share capital | 1,731 | 1,731 | 1,731 | 4,739 | 4,739 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Property, plant and equipment | 16,918 | 15,927 | 15,272 | 17,712 | 17,906 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Intangible assets excluding goodwill | 140 | 117 | 93 | 21,398 | 19,315 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Goodwill | — | — | — | 16,890 | 15,158 | S100YI0O |
| Investment securities | 817 | 1,030 | 920 | 258 | 299 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Current assets | 19,715 | 20,838 | 22,662 | 21,098 | 22,284 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Current liabilities | 5,652 | 6,916 | 7,889 | 16,350 | 13,673 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Short-term borrowings | — | — | — | 5,000 | 1,000 | S100YI0O |
| Long-term borrowings | — | — | — | 16,250 | 17,454 | S100YI0O |
| Bonds | 6,047 | 6,036 | 6,025 | — | — | S100RDT0, S100TV92, S100W33T |
| Total liabilities | 16,874 | 18,454 | 18,868 | 40,605 | 38,965 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Equity attributable to owners of parent | 31,128 | 30,330 | 30,107 | 30,885 | 31,361 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Retained earnings | 30,808 | 30,299 | 30,289 | 22,472 | 24,046 | S100RDT0, S100TV92, S100W33T, S100YI0O |
| Treasury stock | -4,450 | -4,739 | -4,952 | -2,372 | -3,474 | S100RDT0, S100TV92, S100W33T, S100YI0O |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YI0O |
| Property, plant and equipment | 25% | S100YI0O |
| Intangibles and goodwill | 49% | S100YI0O |
| Investment securities | 1% | S100YI0O |
| Other assets | 4% | S100YI0O |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100YI0O |
| Equity | 45% | S100YI0O |
| Other liabilities | 0% | S100YI0O |

### 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 | 48,022 | 48,805 | 49,017 | 71,462 | 70,453 |
| Equity | 31,148 | 30,351 | 30,149 | 30,857 | 31,488 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,640 | 15,734 | 16,663 | 14,247 | 14,873 |

## 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) | 20.2% | S100YI0O |
| Fixed assets ÷ total assets | 25.4% | S100YI0O |
| Goodwill ÷ parent equity | 48.3% | S100YI0O |

### 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) | 21.1% |
| Cash ÷ revenue | 16.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.6% |
| Cash vs. profit gap | 5,874 JPY mn (of net income 217.1%) |
| Shareholder returns / net income | 85.3% |
| Shareholder returns / FCF | 40.0% |
| Shareholder payments — dividends / net income | 41.6% |
| Shareholder payments — dividends / FCF | 19.5% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 37.7% |

## 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 | — | —× | -9.8% | —× | — | S100RDT0 |
| 2023 | 0.7% | 1.19× | 0.9% | 1.58× | 1.4% | S100TV92 |
| 2024 | 1.5% | 1.32× | 2.0% | 1.62× | 3.2% | S100W33T |
| 2025 | 3.6% | 1.18× | 4.2% | 1.98× | 8.3% | S100YI0O |
| 2026 | 3.1% | 1.25× | 3.8% | 2.28× | 8.7% | S100YI0O |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 片山 智恵美 | Major shareholder | 19.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.1% | 2026-03-31 |
| 株式会社クレオ | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社中国銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROKERAGE CLEARANCE ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.8% | 2026-03-31 |
| 公益財団法人サンマルク財団 | Major shareholder | 1.1% | 2026-03-31 |
| HSBC HONG KONG - TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| 岡山土地倉庫株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/04/01－2026/03/31) | S100YI0O | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI0O,, |
| 有価証券報告書－第34期(2024/04/01－2025/03/31) | S100W33T | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W33T,, |
| 有価証券報告書－第33期(2023/04/01－2024/03/31) | S100TV92 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV92,, |
| 訂正有価証券報告書－第32期(2022/04/01－2023/03/31) | S100RDT0 | 2023-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RDT0,, |
| 有価証券報告書－第31期(令和3年4月1日－令和4年3月31日) | S100OEJO | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEJO,, |
| 有価証券報告書－第30期(令和2年4月1日－令和3年3月31日) | S100LPAD | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPAD,, |

## 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).