# SATUDORA HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第10期(2025/05/16－2026/05/15) (S100YUHC)
> Page: https://vizora.meequs.com/en/company/satudora-hd
> Retrieved: 2026-09-30T18:33:07.968Z

## Company

Satudora Holdings, founded in 2016, is a company in Cashless Payments listed on TSE Standard. It has 1,099 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SATUDORA HOLDINGS CO.,LTD. |
| Ticker | 3544 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3544.T) |
| Listing | TSE Standard |
| Head office | 札幌市東区北八条東四丁目1番20号 |
| Representative (per filing) | 代表取締役社長CEO 富山 浩樹 |
| Founded | Aug 2016 |
| Share capital | ¥1B |
| Employees (consolidated) | 1,099 |
| Fiscal year end | May |
| Website | satudora-hd.co.jp (https://satudora-hd.co.jp/) |
| Corporate number | 6430001072213 |
| EDINET | E32381 |
| Industries (Vizora) | Cashless Payments, Real Estate Development & Leasing, Drugstores & Pharmacies |

> Profile source: annual securities report (S100YUHC, filed 2026-08-06). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-05-15)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.6 | 16 |
| Profitability | 13.2 | 19 |
| Cash conversion | 86.1 | 18 |
| Efficiency | 97.4 | 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 98% of Satudora Holdings's sales come from Retail business, with Marketing business and Asset business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit -13.0%.

## Company structure

- Segment revenue mix: Retail business 97.9%、Marketing business 1.7%、Asset business 0.2%、Other 0.2%
- Revenue → net income: ¥100571000000 → ¥419000000
- Net income → operating cash flow: ¥419000000 → ¥2318000000（difference ¥1899000000）
- Main uses of operating cash flow: CapEx ¥2659000000 / dividends ¥137000000 / buybacks —
- Change in cash: ¥-1185000000
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 | ¥100.6B |  |
| Operating income | ¥1.46B | Margin 1.4% |
| Net income | ¥434M | Margin 0.4% |
| Free cash flow | -¥341M |  |
| Largest business | Retail business | of segment revenue 97.9% |
| Employees (consolidated) | 1,099 |  |
| EPS | ¥17.44 |  |
| Book value per share | ¥631.14 |  |
| Equity ratio | 22.4% |  |
| Shares outstanding | 14,236,564 |  |
| Treasury shares | 456,200 |  |
| Shareholders | 14,591 |  |
| Cash ratio | 3.3% | Cash ÷ revenue 1.5% |
| Vs. industry median margin | -2.9 pp | Drugstores & Pharmacies |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.3× net income
- FY2026, one segment accounts for 86% of positive segment profit
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥83240000000 | ¥100571000000 | +20.8% |
| Operating income | ¥640000000 | ¥1458000000 | +127.8% |
| Operating margin | 0.8% | 1.4% | +0.7 pp |
| Employees | 1,055 people | 1,099 people | +4.2% |
| Cash and equivalents | ¥2659000000 | ¥1483000000 | -44.2% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| リテール事業 → リテール事業 | 97.9% |
| リテール事業 → 事業再編・廃止 | 1.5% |
| ＩＴソリューション事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → マーケティング事業 | 1.7% |
| 新設・再編 → アセット事業 | 0.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail business | 5 years | +3.5% | ¥98442000000 | 1.1% | 2 |
| Marketing business | 2 years | +19.0% | ¥1744000000 | -0.7% | 2 |
| Asset business | — | — | ¥204000000 | 78.9% | 2 |
| Other | 5 years | -15.5% | ¥179000000 | 12.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 100,571 | 100.0% | S100YUHC |
| Cost of revenue | 74,460 | 74.0% | S100YUHC |
| Gross profit | 26,110 | 26.0% | S100YUHC |
| SG&A | 24,651 | 24.5% | S100YUHC |
| Operating income | 1,458 | 1.4% | S100YUHC |
| Ordinary income | 1,351 | 1.3% | S100YUHC |
| Pretax income | 837 | 0.8% | S100YUHC |
| Income tax | 418 | 0.4% | S100YUHC |
| Net income | 419 | 0.4% | S100YUHC |
| Net income attributable to owners | 434 | 0.4% | S100YUHC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 25 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 26.0% → Operating margin 1.4% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -13.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -32.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 100,174 | 100,571 | 397 | +0.4% |
| Gross profit | 25,592 | 26,110 | 518 | +2.0% |
| Operating income | 1,675 | 1,458 | -217 | -13.0% |
| Net income attributable to owners | 767 | 434 | -333 | -43.4% |
| Operating cash flow | 2,598 | 2,318 | -280 | -10.8% |
| Free cash flow | 771 | -341 | -1,112 | -144.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 89,304 | 820 | 0.9% | 115 | 1,651 | -852 | S100M5NQ |
| FY ending May 2021 | 83,240 | 640 | 0.8% | 574 | 3,372 | 1,094 | S100OWOG |
| FY ending May 2022 | 82,905 | 747 | 0.9% | 316 | 1,282 | -750 | S100RKTE |
| FY ending May 2023 | 87,481 | 299 | 0.3% | 87 | -1,769 | -3,939 | S100U68N |
| FY ending May 2024 | 95,520 | 1,384 | 1.4% | 470 | 3,542 | 1,855 | S100WH8K |
| FY ending May 2025 | 100,174 | 1,675 | 1.7% | 767 | 2,598 | 771 | S100YUHC |
| FY ending May 2026 | 100,571 | 1,458 | 1.4% | 434 | 2,318 | -341 | S100YUHC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.5M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥394.9K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,067 | 1,107 | 1,107 | 1,095 | 1,099 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | — | — | — | — | — |
| Average tenure (parent company) | — | — | — | — | — |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail business | 98,442 | 97.9% | 1,121 | 1.1% |
| Marketing business | 1,744 | 1.7% | -12 | -0.7% |
| Asset business | 204 | 0.2% | 161 | 78.9% |
| Other | 179 | 0.2% | 23 | 12.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Retail business | 97.9% | 85.9% | -12.0 | 1.1% |
| Marketing business | 1.7% | — | — | -0.7% |
| Asset business | 0.2% | 12.3% | 12.1 | 78.9% |
| Other | 0.2% | 1.8% | 1.6 | 12.8% |

Loss-making segment (excluded from profit shares): Marketing business -12 JPY mn

Segment → industry: Marketing business → Cashless Payments / Asset business → Real Estate Development & Leasing / Retail business → Drugstores & Pharmacies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,318 | 2.3% | S100YUHC |
| Capital expenditure | 2,659 | 2.6% | S100YUHC |
| Free cash flow | -341 | -0.3% | 算出 |
| Investing cash flow | -1,139 | -1.1% | S100YUHC |
| Financing cash flow | -2,366 | -2.4% | S100YUHC |
| Dividends paid | 137 | 0.1% | S100YUHC |
| Change in cash | -1,185 | -1.2% | S100YUHC |
| Cash and equivalents | 1,483 | 1.5% | S100YUHC |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,957 | 2,315 | 2,675 | 2,669 | 1,483 | S100U68N, S100WH8K, S100YUHC |
| Total assets | 41,398 | 43,027 | 44,905 | 46,194 | 45,153 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Net assets | 8,888 | 8,834 | 9,240 | 9,922 | 10,218 | S100U68N, S100WH8K, S100YUHC |
| Share capital | 1,000 | 1,003 | 1,003 | 1,003 | 1,003 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Property, plant and equipment | 13,077 | 14,197 | 14,957 | 14,804 | 14,290 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Intangible assets excluding goodwill | 451 | 397 | 471 | 946 | 1,424 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Investment securities | 263 | 708 | 716 | 802 | 704 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Current assets | 20,069 | 19,620 | 20,428 | 21,696 | 21,148 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Current liabilities | 18,366 | 20,795 | 22,194 | 19,139 | 19,426 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Short-term borrowings | 300 | 5,500 | 5,000 | 200 | — | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Long-term borrowings | 11,734 | 10,740 | 10,173 | 13,704 | 12,032 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Total liabilities | 32,510 | 34,192 | 35,664 | 36,272 | 34,935 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Non-controlling interests | 91 | 103 | 112 | 126 | 111 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Equity attributable to owners of parent | 8,857 | 8,822 | 9,192 | 9,754 | 10,068 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Retained earnings | 6,061 | 6,019 | 6,352 | 6,982 | 7,278 | S100RKTE, S100U68N, S100WH8K, S100YUHC |
| Treasury stock | -299 | -299 | -269 | -337 | -323 | S100RKTE, S100U68N, S100WH8K, S100YUHC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YUHC |
| Property, plant and equipment | 32% | S100YUHC |
| Intangibles and goodwill | 3% | S100YUHC |
| Investment securities | 2% | S100YUHC |
| Other assets | 60% | S100YUHC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 77% | S100YUHC |
| Equity | 23% | S100YUHC |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 41,398 | 43,027 | 44,905 | 46,194 | 45,153 |
| Equity | 8,888 | 8,834 | 9,240 | 9,922 | 10,218 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,957 | 2,315 | 2,675 | 2,669 | 1,483 |

## 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) | 14.2% | S100YUHC |
| Fixed assets ÷ total assets | 31.6% | S100YUHC |
| Goodwill ÷ parent equity | — | —, S100YUHC |

### 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) | 3.3% |
| Cash ÷ revenue | 1.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.0% |
| Cash vs. profit gap | 1,884 JPY mn (of net income 434.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 49.1% |

## 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 | 0.4% | 2.00× | 0.8% | 4.67× | 3.6% | S100RKTE |
| 2023 | 0.1% | 2.07× | 0.2% | 4.78× | 1.0% | S100U68N |
| 2024 | 0.5% | 2.17× | 1.1% | 4.88× | 5.2% | S100WH8K |
| 2025 | 0.8% | 2.20× | 1.7% | 4.81× | 8.1% | S100YUHC |
| 2026 | 0.4% | 2.20× | 1.0% | 4.61× | 4.4% | S100YUHC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トミーコーポレーション | Major shareholder | 35.8% | 2026-05-15 |
| 株式会社三原色 | Major shareholder | 7.2% | 2026-05-15 |
| 廣岡 聖司 | Major shareholder | 4.8% | 2026-05-15 |
| 米原 まき | Major shareholder | 3.5% | 2026-05-15 |
| 株式会社青空商事 | Major shareholder | 2.2% | 2026-05-15 |
| ＳＤＳ従業員持株会 | Major shareholder | 1.8% | 2026-05-15 |
| 株式会社ＰＡＬＴＡＣ | Major shareholder | 1.3% | 2026-05-15 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＮＥＷ ＹＯＲＫ ＢＲＡＮＣＨ－ＰＲＩＭＥ ＢＲＯＫＥＲＡＧＥ ＣＬＥＡＲＡＮＣＥ ＡＣＣＯＵＮＴ（常任代理人：香港上海銀行） | Major shareholder | 0.7% | 2026-05-15 |
| 株式会社商工組合中央金庫 | Major shareholder | 0.7% | 2026-05-15 |
| 高田 隆右 | Major shareholder | 0.6% | 2026-05-15 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/05/16－2026/05/15) | S100YUHC | 2026-08-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YUHC,, |
| 有価証券報告書－第9期(2024/05/16－2025/05/15) | S100WH8K | 2025-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WH8K,, |
| 有価証券報告書－第8期(2023/05/16－2024/05/15) | S100U68N | 2024-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U68N,, |
| 有価証券報告書－第7期(2022/05/16－2023/05/15) | S100RKTE | 2023-08-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RKTE,, |
| 有価証券報告書－第6期(令和3年5月16日－令和4年5月15日) | S100OWOG | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OWOG,, |
| 有価証券報告書 | S100M5NQ | 2021-08-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M5NQ,, |

## 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).