# The San-in Godo Bank,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123期(2025/04/01－2026/03/31) (S100YBU8)
> Page: https://vizora.meequs.com/en/company/san-in-godo-bank
> Retrieved: 2026-09-30T18:29:10.217Z

## Company

The San-in Godo Bank, founded in 1878, is a company in Regional Banks listed on TSE Prime. It has 1,906 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | The San-in Godo Bank,Ltd. |
| Ticker | 8381 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8381.T) |
| Listing | TSE Prime |
| Head office | 島根県松江市魚町10番地 |
| Representative (per filing) | 取締役頭取 吉川浩 |
| Founded | Dec 1878 |
| Employees (consolidated) | 1,906 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.gogin.co.jp (https://www.gogin.co.jp/) |
| Corporate number | 6280001000230 |
| EDINET | E03583 |
| Industries (Vizora) | Regional Banks, Credit Cards & Consumer Credit, Leasing |

> Profile source: annual securities report (S100YBU8, filed 2026-06-16). As of filing

## Key points (generated from figures)

- About 87% of The San-in Godo Bank's ordinary revenue comes from Banking business, with Leasing business and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥19 is left as ordinary profit.
- Ordinary revenue changed +23.5% from the prior year, ordinary profit +21.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥167.1B |  |
| Ordinary income | ¥32.3B | Margin 19.4% |
| Net income | ¥22.7B | Margin 13.6% |
| Employees (consolidated) | 1,906 |  |
| EPS | ¥146.11 |  |
| Diluted EPS | ¥146.07 |  |
| Book value per share | ¥1985.9 |  |
| Equity ratio | 3.5% |  |
| Shares outstanding | 156,977,000 |  |
| Treasury shares | 5,154,000 |  |
| Shareholders | 25,985 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 6.0× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥89178000000 | ¥167078000000 | +87.4% |
| Employees | 2,133 people | 1,906 people | -10.6% |
| Cash and equivalents | ¥870471000000 | ¥1630209000000 | +87.3% |

### 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 |
| --- | ---: |
| 銀行業 → 銀行業 | 80.9% |
| リース業 → リース業 | 10.6% |
| リース業 → 事業再編・廃止 | 6.8% |
| その他 → その他 | 1.8% |
| 新設・再編 → 銀行業 | 6.3% |
| 新設・再編 → その他 | 0.4% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Banking business | 5 years | +15.1% | ¥145778000000 | 21.5% | 2 |
| Leasing business | 5 years | +2.7% | ¥17635000000 | 0.6% | 2 |
| Other | 5 years | +18.6% | ¥3664000000 | 23.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 167,078 | 100.0% | S100YBU8 |
| Ordinary expenses | 134,743 | 80.6% | S100YBU8 |
| Ordinary income | 32,335 | 19.4% | S100YBU8 |
| Extraordinary income | 302 | 0.2% | S100YBU8 |
| Extraordinary loss | 287 | 0.2% | S100YBU8 |
| Pretax income | 32,349 | 19.4% | S100YBU8 |
| Income tax | 9,640 | 5.8% | S100YBU8 |
| Net income | 22,709 | 13.6% | S100YBU8 |
| Net income attributable to owners | 22,698 | 13.6% | S100YBU8 |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 81 |
| Ordinary income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Ordinary margin 19.4% → Net margin 13.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +23.5%; Core profit growth: +21.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.90×
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 | 135,314 | 167,078 | 31,764 | +23.5% |
| Net income attributable to owners | 18,737 | 22,698 | 3,961 | +21.1% |
| Operating cash flow | 871,867 | 136,276 | -735,591 | -84.4% |
| Free cash flow | 868,225 | 126,966 | -741,259 | -85.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 93,746 | — | — | 13,399 | 71,178 | — | S100LMGF |
| FY ending Mar 2018 | 95,806 | — | — | 13,692 | -27,517 | — | S100ODSH |
| FY ending Mar 2019 | 97,833 | — | — | 13,205 | -63,349 | — | S100SSQX |
| FY ending Mar 2020 | 90,352 | — | — | 10,467 | -107,251 | -111,235 | S100LMGF |
| FY ending Mar 2021 | 89,178 | — | — | 9,679 | 439,075 | 437,739 | S100ODSH |
| FY ending Mar 2022 | 95,111 | — | — | 14,485 | 76,199 | 73,122 | S100SSQX |
| FY ending Mar 2023 | 112,683 | — | — | 15,463 | -256,547 | -259,942 | S100TOWB |
| FY ending Mar 2024 | 120,176 | — | — | 16,800 | 63,473 | 61,102 | S100W5GQ |
| FY ending Mar 2025 | 135,314 | — | — | 18,737 | 871,867 | 868,225 | S100YBU8 |
| FY ending Mar 2026 | 167,078 | — | — | 22,698 | 136,276 | 126,966 | S100YBU8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥87.7M |
| Net income per employee (consolidated) | ¥11.9M |

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) | 2,025 | 1,955 | 1,885 | 1,882 | 1,906 |
| Average salary (parent company) | ¥6.5M | ¥6.7M | ¥7M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 40.5 years | 41.6 years | 41.5 years | 40.9 years | 40.9 years |
| Average tenure (parent company) | 17.7 years | 18.3 years | 18.1 years | 17.5 years | 17.1 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +23.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking business | 145,778 | 87.3% | 31,397 | 21.5% |
| Leasing business | 17,635 | 10.6% | 104 | 0.6% |
| Other | 3,664 | 2.2% | 862 | 23.5% |

### 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 |
| --- | ---: |
| Banking business | 87.3% |
| Leasing business | 10.6% |
| Other | 2.2% |

Segment → industry: Banking business → Regional Banks / Other → Credit Cards & Consumer Credit / Leasing business → 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 | 136,276 | 81.6% | S100YBU8 |
| Capital expenditure | 9,310 | 5.6% | S100YBU8 |
| Free cash flow | 126,966 | 76.0% | 算出 |
| Investing cash flow | 283,349 | 169.6% | S100YBU8 |
| Financing cash flow | -9,444 | -5.7% | S100YBU8 |
| Dividends paid | 7,940 | 4.8% | S100YBU8 |
| Share buyback | 2,001 | 1.2% | S100YBU8 |
| Change in cash | 410,182 | 245.5% | S100YBU8 |
| Cash and equivalents | 1,630,209 | 975.7% | S100YBU8 |

## 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 | 12.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 山陰合同銀行従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.0% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.0% | 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 | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-03-31 |
| グッドヒル株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第123期(2025/04/01－2026/03/31) | S100YBU8 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBU8,, |
| 訂正有価証券報告書－第122期(2024/04/01－2025/03/31) | S100W5GQ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5GQ,, |
| 有価証券報告書－第121期(2023/04/01－2024/03/31) | S100TOWB | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOWB,, |
| 訂正有価証券報告書－第120期(2022/04/01－2023/03/31) | S100SSQX | 2024-02-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SSQX,, |
| 有価証券報告書－第119期(令和3年4月1日－令和4年3月31日) | S100ODSH | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODSH,, |
| 有価証券報告書－第118期(令和2年4月1日－令和3年3月31日) | S100LMGF | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMGF,, |

## 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).