# SAKAI Holdings CO.,LTD: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2024/10/01－2025/09/30) (S100XB7R)
> Page: https://vizora.meequs.com/en/company/sakai-holdings
> Retrieved: 2026-09-30T20:32:16.856Z

## Company

SAKAI Holdings, founded in 1991, is a company in Electric Power & Gas listed on TSE Standard. It has 438 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKAI Holdings CO.,LTD |
| Ticker | 9446 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9446.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区千代田五丁目21番20号 |
| Representative (per filing) | 代表取締役社長 朝田 康二郎 |
| Founded | Mar 1991 |
| Share capital | ¥747.4M |
| Employees (consolidated) | 438 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | September |
| Website | sakai-holdings.co.jp (https://sakai-holdings.co.jp/) |
| Corporate number | 4180001034595 |
| EDINET | E05181 |
| Industries (Vizora) | Electric Power & Gas, Non-life Insurance, Real Estate Brokerage & Management, Electronics Retailers, Funerals |

> Profile source: annual securities report (S100XB7R, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.4 | 13 |
| Profitability | 89.3 | 14 |
| Cash conversion | 67.9 | 14 |
| Efficiency | 10.7 | 14 |

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 71% of SAKAI Holdings's sales come from Mobile telecommunications equipment sales business, with Renewable energy business and Funeral business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +9.9% from the prior year, operating profit +4.2%.

## Company structure

- Segment revenue mix: Mobile telecommunications equipment sales business 71.2%、Renewable energy business 14.0%、Funeral business 6.1%、Business solution business 4.4%、Insurance agency business 4.0%
- Revenue → net income: ¥17017023000 → ¥1006899000
- Net income → operating cash flow: ¥1006899000 → ¥1969901000（difference ¥963002000）
- Main uses of operating cash flow: CapEx ¥92985000 / dividends ¥234557000 / buybacks ¥881168000
- Change in cash: ¥60112000
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 | ¥17B |  |
| Operating income | ¥1.47B | Margin 8.6% |
| Net income | ¥987.1M | Margin 5.8% |
| Free cash flow | ¥1.88B |  |
| Largest business | Mobile telecommunications equipment sales business | of segment revenue 71.2% |
| Employees (consolidated) | 438 |  |
| EPS | ¥82.2 |  |
| Book value per share | ¥345.45 |  |
| Equity ratio | 22.4% |  |
| Shares outstanding | 10,956,500 |  |
| Treasury shares | 3,441,000 |  |
| Shareholders | 2,912 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 13.5% | Cash ÷ revenue 16.2% |
| Vs. industry median margin | +5.2 pp | Electronics Retailers |
| ROE | 22.4% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.8× dividends
- FY2025, one segment accounts for 60% of positive segment profit
- FY2025, segment profit share differs by -49 points

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15413277000 | ¥17017023000 | +10.4% |
| Operating income | ¥1554070000 | ¥1465529000 | -5.7% |
| Operating margin | 10.1% | 8.6% | -1.5 pp |
| Employees | 527 people | 438 people | -16.9% |
| Cash and equivalents | ¥4879820000 | ¥2751630000 | -43.6% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 再生可能エネルギー事業 → 再生可能エネルギー事業 | 14.0% |
| 再生可能エネルギー事業 → 事業再編・廃止 | 0.5% |
| 移動体通信機器販売関連事業 → 移動体通信機器販売関連事業 | 71.2% |
| 移動体通信機器販売関連事業 → 事業再編・廃止 | 0.7% |
| 保険代理店事業 → 保険代理店事業 | 4.0% |
| 保険代理店事業 → 事業再編・廃止 | 3.2% |
| 葬祭事業 → 葬祭事業 | 5.3% |
| 不動産賃貸・管理事業 → 不動産賃貸・管理事業 | 0.4% |
| ビジネスソリューション事業 → ビジネスソリューション事業 | 0.7% |
| 新設・再編 → 葬祭事業 | 0.7% |
| 新設・再編 → 不動産賃貸・管理事業 | 0.0% |
| 新設・再編 → ビジネスソリューション事業 | 3.7% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobile telecommunications equipment sales business | 5 years | +1.8% | ¥12110176000 | 3.6% | 2 |
| Renewable energy business | 5 years | +1.2% | ¥2387060000 | 49.0% | 2 |
| Funeral business | 5 years | +4.6% | ¥1030196000 | 16.9% | 2 |
| Business solution business | 5 years | +47.1% | ¥752841000 | 12.2% | 2 |
| Insurance agency business | 5 years | -9.4% | ¥672581000 | 8.8% | 2 |
| Real estate rental and property management business | 5 years | +2.3% | ¥64167000 | 18.0% | 2 |

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,017 | 100.0% | S100XB7R |
| Cost of revenue | 10,615 | 62.4% | S100XB7R |
| Gross profit | 6,402 | 37.6% | S100XB7R |
| SG&A | 4,937 | 29.0% | S100XB7R |
| Operating income | 1,466 | 8.6% | S100XB7R |
| Ordinary income | 1,332 | 7.8% | S100XB7R |
| Pretax income | 1,425 | 8.4% | S100XB7R |
| Income tax | 418 | 2.5% | S100XB7R |
| Net income | 1,007 | 5.9% | S100XB7R |
| Net income attributable to owners | 987 | 5.8% | S100XB7R |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 29 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 37.6% → Operating margin 8.6% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.9%; Core profit growth: +4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.43×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 15,485 | 17,017 | 1,532 | +9.9% |
| Gross profit | 5,638 | 6,402 | 764 | +13.6% |
| Operating income | 1,406 | 1,466 | 59 | +4.2% |
| Net income attributable to owners | 1,322 | 987 | -335 | -25.3% |
| Operating cash flow | 1,631 | 1,970 | 339 | +20.8% |
| Free cash flow | 910 | 1,877 | 967 | +106.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 16,748 | 982 | 5.9% | 368 | 855 | -1,770 | S100KE24 |
| FY ending Sep 2020 | 15,413 | 1,554 | 10.1% | 802 | 2,681 | 2,366 | S100NT53 |
| FY ending Sep 2021 | 15,172 | 1,316 | 8.7% | 741 | 1,734 | 1,600 | S100PW7R |
| FY ending Sep 2022 | 14,241 | 1,254 | 8.8% | 533 | 1,470 | 1,371 | S100SIS4 |
| FY ending Sep 2023 | 14,849 | 1,344 | 9.0% | 815 | 2,142 | 2,059 | S100V0XK |
| FY ending Sep 2024 | 15,485 | 1,406 | 9.1% | 1,322 | 1,631 | 910 | S100XB7R |
| FY ending Sep 2025 | 17,017 | 1,466 | 8.6% | 987 | 1,970 | 1,877 | S100XB7R |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.9M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 507 | 510 | 478 | 437 | 438 |
| Average salary (parent company) | ¥5.2M | ¥5.3M | ¥5.1M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 35.5 years | 36.8 years | 36.2 years | 37.6 years | 37.7 years |
| Average tenure (parent company) | 7.0 years | 8.4 years | 8.0 years | 8.7 years | 10.7 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +9.9%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy business | 2,387 | 14.0% | 1,169 | 49.0% |
| Mobile telecommunications equipment sales business | 12,110 | 71.2% | 440 | 3.6% |
| Insurance agency business | 673 | 4.0% | 59 | 8.8% |
| Funeral business | 1,030 | 6.1% | 174 | 16.9% |
| Real estate rental and property management business | 64 | 0.4% | 12 | 18.0% |
| Business solution business | 753 | 4.4% | 92 | 12.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Renewable energy business | 14.0% | 60.1% | 46.1 | 49.0% |
| Mobile telecommunications equipment sales business | 71.2% | 22.6% | -48.5 | 3.6% |
| Insurance agency business | 4.0% | 3.0% | -0.9 | 8.8% |
| Funeral business | 6.1% | 8.9% | 2.9 | 16.9% |
| Real estate rental and property management business | 0.4% | 0.6% | 0.2 | 18.0% |
| Business solution business | 4.4% | 4.7% | 0.3 | 12.2% |

Segment → industry: Renewable energy business → Electric Power & Gas / Insurance agency business → Non-life Insurance / Real estate rental and property management business → Real Estate Brokerage & Management / Mobile telecommunications equipment sales business → Electronics Retailers / Funeral business → Funerals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,970 | 11.6% | S100XB7R |
| Capital expenditure | 93 | 0.5% | S100XB7R |
| Free cash flow | 1,877 | 11.0% | 算出 |
| Investing cash flow | 76 | 0.4% | S100XB7R |
| Financing cash flow | -1,986 | -11.7% | S100XB7R |
| Dividends paid | 235 | 1.4% | S100XB7R |
| Share buyback | 881 | 5.2% | S100XB7R |
| Change in cash | 60 | 0.4% | S100XB7R |
| Cash and equivalents | 2,752 | 16.2% | S100XB7R |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,726 | 3,445 | 3,272 | 2,692 | 2,752 | S100SIS4, S100V0XK, S100XB7R |
| Total assets | 26,245 | 23,358 | 22,409 | 21,129 | 20,400 | S100PW7R, S100SIS4, S100V0XK, S100XB7R |
| Net assets | 3,228 | 3,619 | 4,275 | 4,736 | 4,680 | S100SIS4, S100V0XK, S100XB7R |
| Share capital | 747 | 747 | 747 | 747 | 747 | S100PW7R, S100SIS4, S100V0XK, S100XB7R |
| Property, plant and equipment | — | 14,409 | 13,523 | 13,296 | 12,450 | S100SIS4, S100V0XK, S100XB7R |
| Intangible assets excluding goodwill | — | 1,474 | 1,362 | 1,251 | 1,139 | S100SIS4, S100V0XK, S100XB7R |
| Goodwill | — | 1,056 | 982 | 908 | 836 | S100SIS4, S100V0XK, S100XB7R |
| Investment securities | — | 717 | 864 | 335 | 281 | S100SIS4, S100V0XK, S100XB7R |
| Current assets | — | 5,935 | 5,846 | 5,455 | 5,629 | S100SIS4, S100V0XK, S100XB7R |
| Current liabilities | — | 6,980 | 6,896 | 6,843 | 7,436 | S100SIS4, S100V0XK, S100XB7R |
| Short-term borrowings | — | 3,420 | 3,220 | 3,220 | 3,800 | S100SIS4, S100V0XK, S100XB7R |
| Long-term borrowings | — | 11,892 | 10,434 | 9,029 | 7,725 | S100SIS4, S100V0XK, S100XB7R |
| Bonds | — | 135 | 45 | — | — | S100SIS4, S100V0XK |
| Interest-bearing debt | — | 15,447 | 13,699 | — | — | 算出 |
| Total liabilities | — | 19,739 | 18,134 | 16,393 | 15,719 | S100SIS4, S100V0XK, S100XB7R |
| Non-controlling interests | — | 20 | 35 | 65 | 85 | S100SIS4, S100V0XK, S100XB7R |
| Equity attributable to owners of parent | — | 3,226 | 3,699 | 4,471 | 4,360 | S100SIS4, S100V0XK, S100XB7R |
| Retained earnings | — | 2,562 | 3,036 | 4,087 | 4,822 | S100SIS4, S100V0XK, S100XB7R |
| Treasury stock | — | -769 | -769 | -1,048 | -1,895 | S100SIS4, S100V0XK, S100XB7R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XB7R |
| Property, plant and equipment | 61% | S100XB7R |
| Intangibles and goodwill | 10% | S100XB7R |
| Investment securities | 1% | S100XB7R |
| Other assets | 14% | S100XB7R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 77% | S100XB7R |
| Equity | 23% | S100XB7R |
| Other liabilities | 0% | S100XB7R |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,245 | 23,358 | 22,409 | 21,129 | 20,400 |
| Equity | 3,228 | 3,619 | 4,275 | 4,736 | 4,680 |
| Interest-bearing debt | — | 15,447 | 13,699 | — | — |
| Cash | 4,726 | 3,445 | 3,272 | 2,692 | 2,752 |

## 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) | 73.2% | S100XB7R |
| Fixed assets ÷ total assets | 61.0% | S100XB7R |
| Goodwill ÷ parent equity | 19.2% | S100XB7R |

### 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) | 13.5% |
| Cash ÷ revenue | 16.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.4% |
| Cash vs. profit gap | 983 JPY mn (of net income 99.6%) |
| Shareholder returns / net income | 113.0% |
| Shareholder returns / FCF | 59.4% |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 12.5% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 3.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.9% | 0.58× | 2.8% | 8.13× | 23.0% | S100PW7R, S100SIS4 |
| 2022 | 3.7% | 0.57× | 2.1% | 7.69× | 16.5% | S100SIS4 |
| 2023 | 5.5% | 0.65× | 3.6% | 6.61× | 23.5% | S100V0XK |
| 2024 | 8.5% | 0.71× | 6.1% | 5.33× | 32.4% | S100XB7R |
| 2025 | 5.8% | 0.82× | 4.8% | 4.70× | 22.4% | S100XB7R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱サンワ | Major shareholder | 45.2% | 2025-09-30 |
| アイデン㈱ | Major shareholder | 3.4% | 2025-09-30 |
| ㈱サカイ | Major shareholder | 3.1% | 2025-09-30 |
| 酒井 俊光 | Major shareholder | 3.1% | 2025-09-30 |
| 榊原 康代 | Major shareholder | 2.1% | 2025-09-30 |
| サカイホールディングス従業員持株会 | Major shareholder | 2.1% | 2025-09-30 |
| 高橋 新 | Major shareholder | 1.9% | 2025-09-30 |
| ㈱あいち銀行 | Major shareholder | 1.5% | 2025-09-30 |
| INTERACTIVE BROKERS LLC (常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.3% | 2025-09-30 |
| 田川 正彦 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2024/10/01－2025/09/30) | S100XB7R | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB7R,, |
| 有価証券報告書－第34期(2023/10/01－2024/09/30) | S100V0XK | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0XK,, |
| 有価証券報告書－第33期(2022/10/01－2023/09/30) | S100SIS4 | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIS4,, |
| 有価証券報告書－第32期(令和3年10月1日－令和4年9月30日) | S100PW7R | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW7R,, |
| 訂正有価証券報告書－第31期(令和2年10月1日－令和3年9月30日) | S100NT53 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NT53,, |
| 有価証券報告書－第30期(令和1年10月1日－令和2年9月30日) | S100KE24 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE24,, |

## 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).