# SAKURA internet Inc.: 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27期(2025/04/01－2026/03/31) (S100YBG6)
> Page: https://vizora.meequs.com/en/company/sakura-internet
> Retrieved: 2026-09-30T21:01:33.756Z

## Company

SAKURA internet, founded in 1999, is a company in Cloud & Data Centers listed on TSE Prime. It has 1,135 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAKURA internet Inc. |
| Ticker | 3778 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3778.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大深町6番38号 |
| Representative (per filing) | 代表取締役社長 兼 最高経営責任者 田中 邦裕 |
| Founded | Aug 1999 |
| Share capital | ¥11.3B |
| Employees (consolidated) | 1,135 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.sakura.ad.jp (https://www.sakura.ad.jp/) |
| Corporate number | 3120001079845 |
| EDINET | E05518 |
| Industries (Vizora) | Cloud & Data Centers |

> Profile source: annual securities report (S100YBG6, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Cloud & Data Centers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 3 |
| Profitability | 10 | 5 |
| Efficiency | 10 | 5 |

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)

- SAKURA internet brought in ¥35.3B in revenue.
- It lost about ¥1 for every ¥100 of sales at the operating level.
- Revenue changed +12.4% from the prior year, operating profit -109.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥35.3B |  |
| Operating income | -¥403.7M | Margin -1.1% |
| Net income | ¥216M | Margin 0.6% |
| Free cash flow | -¥31.2B |  |
| Employees (consolidated) | 1,135 |  |
| EPS | ¥1.44 |  |
| Book value per share | ¥714.44 |  |
| Equity ratio | 36.5% |  |
| Shares outstanding | 41,890,700 |  |
| Treasury shares | 1,598,500 |  |
| Shareholders | 46,570 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 18.7% | Cash ÷ revenue 43.6% |
| Vs. industry median margin | -6.4 pp | Cloud & Data Centers |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 28.8× net income
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22168022000 | ¥35301649000 | +59.2% |
| Operating income | ¥1372469000 | ¥-403654000 | -129.4% |
| Operating margin | 6.2% | -1.1% | -7.3 pp |
| Employees | 706 people | 1,135 people | +60.8% |
| Cash and equivalents | ¥4174765000 | ¥15394756000 | +268.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,302 | 100.0% | S100YBG6 |
| Cost of revenue | 27,345 | 77.5% | S100YBG6 |
| Gross profit | 7,957 | 22.5% | S100YBG6 |
| SG&A | 8,360 | 23.7% | S100YBG6 |
| Operating income | -404 | -1.1% | S100YBG6 |
| Ordinary income | 105 | 0.3% | S100YBG6 |
| Pretax income | 244 | 0.7% | S100YBG6 |
| Income tax | 10 | 0.0% | S100YBG6 |
| Net income | 235 | 0.7% | S100YBG6 |
| Net income attributable to owners | 216 | 0.6% | S100YBG6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 24 |
| Operating income | -1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.5% → Operating margin -1.1% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 31,412 | 35,302 | 3,889 | +12.4% |
| Gross profit | 11,230 | 7,957 | -3,274 | -29.2% |
| Operating income | 4,146 | -404 | -4,549 | -109.7% |
| Net income attributable to owners | 2,937 | 216 | -2,721 | -92.6% |
| Operating cash flow | 5,788 | 6,224 | 436 | +7.5% |
| Free cash flow | -12,766 | -31,219 | -18,453 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,909 | 939 | 4.3% | 160 | 4,582 | 1,694 | S100LITZ |
| FY ending Mar 2021 | 22,168 | 1,372 | 6.2% | 758 | 4,111 | 2,618 | S100O8PJ |
| FY ending Mar 2022 | 20,019 | 763 | 3.8% | 275 | 3,958 | 2,532 | S100QY43 |
| FY ending Mar 2023 | 20,623 | 1,093 | 5.3% | 667 | 3,963 | 3,193 | S100TQOZ |
| FY ending Mar 2024 | 21,827 | 885 | 4.1% | 652 | 2,884 | -735 | S100VW98 |
| FY ending Mar 2025 | 31,412 | 4,146 | 13.2% | 2,937 | 5,788 | -12,766 | S100YBG6 |
| FY ending Mar 2026 | 35,302 | -404 | -1.1% | 216 | 6,224 | -31,219 | S100YBG6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.1M |
| Operating income per employee (consolidated) | -¥355.6K |
| Net income per employee (consolidated) | ¥190.3K |

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) | 710 | 755 | 839 | 997 | 1,135 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥6.1M | ¥7M | ¥7.4M |
| Average age (parent company) | 39.4 years | 39.5 years | 39.5 years | 39.6 years | 40.3 years |
| Average tenure (parent company) | 7.7 years | 7.8 years | 7.7 years | 7.1 years | 7.0 years |

Year over year: Employees (consolidated) +13.8% · Revenue (consolidated) +12.4%

## 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 | 6,224 | 17.6% | S100YBG6 |
| Capital expenditure | 37,443 | 106.1% | S100YBG6 |
| Free cash flow | -31,219 | -88.4% | 算出 |
| Investing cash flow | -24,643 | -69.8% | S100YBG6 |
| Financing cash flow | 4,319 | 12.2% | S100YBG6 |
| Dividends paid | 162 | 0.5% | S100YBG6 |
| Share buyback | 0 | 0.0% | S100YBG6 |
| Change in cash | -14,094 | -39.9% | S100YBG6 |
| Cash and equivalents | 15,395 | 43.6% | S100YBG6 |

## 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 | 5,453 | 4,811 | 5,258 | 29,489 | 15,395 | S100TQOZ, S100VW98, S100YBG6 |
| Total assets | 28,396 | 26,256 | 30,224 | 81,419 | 82,451 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Net assets | 8,450 | 8,486 | 9,321 | 30,257 | 30,329 | S100TQOZ, S100VW98, S100YBG6 |
| Share capital | 2,257 | 2,257 | 2,257 | 11,283 | 11,283 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Property, plant and equipment | 15,726 | 14,716 | 16,657 | 33,470 | 46,723 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Intangible assets excluding goodwill | 426 | 508 | 505 | 1,260 | 2,018 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Investment securities | 515 | 518 | 705 | 682 | 821 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Current assets | 9,776 | 8,931 | 10,574 | 41,745 | 26,255 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Current liabilities | 11,309 | 9,841 | 10,598 | 40,347 | 33,855 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Short-term borrowings | 1,451 | 320 | 418 | 9,262 | 10,687 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Long-term borrowings | 3,475 | 2,662 | 3,617 | 3,154 | 5,777 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Total liabilities | 19,946 | 17,770 | 20,903 | 51,162 | 52,122 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Non-controlling interests | 132 | 137 | 186 | 202 | 228 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Equity attributable to owners of parent | 8,313 | 8,337 | 8,989 | 29,931 | 30,072 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Retained earnings | 5,290 | 5,847 | 6,373 | 9,178 | 9,233 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |
| Treasury stock | -600 | -1,145 | -1,120 | -1,107 | -1,093 | S100QY43, S100TQOZ, S100VW98, S100YBG6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YBG6 |
| Property, plant and equipment | 57% | S100YBG6 |
| Intangibles and goodwill | 2% | S100YBG6 |
| Investment securities | 1% | S100YBG6 |
| Other assets | 21% | S100YBG6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 63% | S100YBG6 |
| Equity | 37% | S100YBG6 |

### 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 | 28,396 | 26,256 | 30,224 | 81,419 | 82,451 |
| Equity | 8,450 | 8,486 | 9,321 | 30,257 | 30,329 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,453 | 4,811 | 5,258 | 29,489 | 15,395 |

## 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) | 132.4% | S100YBG6 |
| Fixed assets ÷ total assets | 56.7% | S100YBG6 |
| Goodwill ÷ parent equity | — | —, S100YBG6 |

### 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 | 43.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 6,008 JPY mn (of net income 2781.0%) |
| Shareholder returns / net income | 74.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 74.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 106.1% |
| Investing CF relative to operating CF | 396.0% |

## 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 | 1.4% | 0.70× | 1.0% | 3.42× | 3.3% | S100QY43 |
| 2023 | 3.2% | 0.75× | 2.4% | 3.28× | 8.0% | S100TQOZ |
| 2024 | 3.0% | 0.77× | 2.3% | 3.26× | 7.5% | S100VW98 |
| 2025 | 9.4% | 0.56× | 5.3% | 2.87× | 15.1% | S100YBG6 |
| 2026 | 0.6% | 0.43× | 0.3% | 2.73× | 0.7% | S100YBG6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 双日株式会社 | Major shareholder | 14.8% | 2026-03-31 |
| 田中 邦裕 | Major shareholder | 12.8% | 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 | 5.5% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 3.3% | 2026-03-31 |
| JPMSLLC CL JPY(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.5% | 2026-03-31 |
| 鷲北 賢 | Major shareholder | 2.4% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.2% | 2026-03-31 |
| さくらインターネット従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2025/04/01－2026/03/31) | S100YBG6 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBG6,, |
| 有価証券報告書－第26期(2024/04/01－2025/03/31) | S100VW98 | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VW98,, |
| 有価証券報告書－第25期(2023/04/01－2024/03/31) | S100TQOZ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQOZ,, |
| 有価証券報告書－第24期(2022/04/01－2023/03/31) | S100QY43 | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY43,, |
| 有価証券報告書－第23期(令和3年4月1日－令和4年3月31日) | S100O8PJ | 2022-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O8PJ,, |
| 有価証券報告書－第22期(令和2年4月1日－令和3年3月31日) | S100LITZ | 2021-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LITZ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 双日 | Alliance | 業務提携（2026年3月に資本提携前提の条項を削除、業務提携は維持） | S100YBG6 |

## 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).