# SAWAI GROUP HOLDINGS Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/04/01－2026/03/31) (S100YITS)
> Page: https://vizora.meequs.com/en/company/sawai-group-holdings
> Retrieved: 2026-09-30T22:59:53.165Z

## Company

Sawai Group Holdings, founded in 2021, is a company in Pharmaceuticals listed on TSE Prime. It has 3,630 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SAWAI GROUP HOLDINGS Co., Ltd. |
| Ticker | 4887 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4887.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区宮原五丁目2番30号 |
| Representative (per filing) | 代表取締役社長 グループCEO兼グループCOO 澤井 光郎 |
| Founded | Apr 2021 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 3,630 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.sawaigroup.holdings (https://www.sawaigroup.holdings/) |
| Corporate number | 8120001236516 |
| EDINET | E36190 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YITS, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 61.4 | 22 |
| Cash conversion | 30.6 | 18 |
| Efficiency | 51.6 | 32 |

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)

- Sawai Group Holdings brought in ¥201.7B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +14.0% from the prior year, operating profit -14.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥201676000000 → ¥10438000000
- Net income → operating cash flow: ¥10438000000 → ¥7433000000（difference ¥-3005000000）
- Main uses of operating cash flow: CapEx ¥24471000000 / dividends ¥6235000000 / buybacks —
- Change in cash: ¥-9797000000
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 | ¥201.7B |  |
| Operating income | ¥15.9B | Margin 7.9% |
| Net income | ¥10.4B | Margin 5.2% |
| Free cash flow | -¥17B |  |
| Employees (consolidated) | 3,630 |  |
| EPS | ¥90.39 |  |
| Diluted EPS | ¥90.1 |  |
| Book value per share | ¥1479.77 |  |
| Equity ratio | 49.6% | Derived from disclosed figures |
| Shares outstanding | 115,487,000 |  |
| Treasury shares | 1,500 |  |
| Shareholders | 9,815 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 8.1% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | +0.7 pp | Pharmaceuticals |
| ROE | 5.8% | Derived from disclosed figures |
| ROA | 2.9% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥193816000000 | ¥201676000000 | +4.1% |
| Employees | 2,968 people | 3,630 people | +22.3% |
| Cash and equivalents | ¥47717000000 | ¥28989000000 | -39.2% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 201,676 | 100.0% | S100YITS |
| Cost of revenue | 142,882 | 70.8% | S100YITS |
| Gross profit | 58,793 | 29.2% | S100YITS |
| SG&A | 26,056 | 12.9% | S100YITS |
| Operating income | 15,894 | 7.9% | S100YITS |
| Pretax income | 14,273 | 7.1% | S100YITS |
| Income tax | 2,737 | 1.4% | S100YITS |
| Net income | 10,438 | 5.2% | S100YITS |
| Net income attributable to owners | 10,438 | 5.2% | S100YITS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 13 |
| Other operating | 8 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.2% → Operating margin 7.9% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2024 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 176,862 | 201,676 | 24,814 | +14.0% |
| Gross profit | 54,319 | 58,793 | 4,474 | +8.2% |
| Operating income | 18,620 | 15,894 | -2,726 | -14.6% |
| Net income attributable to owners | 13,695 | 10,438 | -3,257 | -23.8% |
| Operating cash flow | 23,149 | 7,433 | -15,716 | -67.9% |
| Free cash flow | -1,500 | -17,038 | -15,538 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 193,816 | — | — | -28,269 | 34,310 | — | S100YITS |
| FY ending Mar 2023 | 163,702 | 16,054 | 9.8% | 12,667 | 13,026 | -14,115 | S100TS2D |
| FY ending Mar 2024 | 176,862 | 18,620 | 10.5% | 13,695 | 23,149 | -1,500 | S100W39J |
| FY ending Mar 2026 | 201,676 | 15,894 | 7.9% | 10,438 | 7,433 | -17,038 | S100YITS |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.6M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.9M |

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 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,968 | 3,393 | 3,482 | 3,630 |
| Average salary (parent company) | — | ¥8.3M | ¥8.3M | ¥9.4M |
| Average age (parent company) | — | 43.5 years | 43.7 years | 43.7 years |
| Average tenure (parent company) | — | 9.5 years | 9.8 years | 8.8 years |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,433 | 3.7% | S100YITS |
| Capital expenditure | 24,471 | 12.1% | S100YITS |
| Free cash flow | -17,038 | -8.4% | 算出 |
| Investing cash flow | -22,898 | -11.4% | S100YITS |
| Financing cash flow | 5,587 | 2.8% | S100YITS |
| Dividends paid | 6,235 | 3.1% | S100YITS |
| Change in cash | -9,797 | -4.9% | S100YITS |
| Cash and equivalents | 28,989 | 14.4% | S100YITS |

## 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 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 47,717 | 33,076 | 26,368 | 28,989 | S100YITS, S100W39J |
| Total assets | 349,502 | 364,165 | 382,024 | 359,919 | S100YITS, S100TS2D, S100W39J |
| Net assets | — | 212,738 | 218,030 | 178,556 | S100W39J, S100YITS |
| Share capital | — | 10,000 | 10,020 | 10,079 | S100TS2D, S100W39J, S100YITS |
| Property, plant and equipment | — | 121,330 | 103,400 | 115,633 | S100TS2D, S100W39J, S100YITS |
| Goodwill | — | — | — | 13 | S100YITS |
| Current assets | — | 205,347 | 239,985 | 200,345 | S100TS2D, S100W39J, S100YITS |
| Total liabilities | — | 151,426 | 163,993 | 181,363 | S100TS2D, S100W39J, S100YITS |
| Equity attributable to owners of parent | — | 201,643 | 212,662 | 178,556 | S100TS2D, S100W39J, S100YITS |
| Retained earnings | — | 141,642 | 149,645 | 161,589 | S100TS2D, S100W39J, S100YITS |
| Treasury stock | — | -2 | -2 | -3 | S100TS2D, S100W39J, S100YITS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YITS |
| Property, plant and equipment | 32% | S100YITS |
| Intangibles and goodwill | 0% | — |
| Other assets | 60% | S100YITS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YITS |
| Equity | 50% | S100YITS |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 349,502 | 364,165 | 382,024 | 359,919 |
| Equity | — | 212,738 | 218,030 | 178,556 |
| Interest-bearing debt | — | — | — | — |
| Cash | 47,717 | 33,076 | 26,368 | 28,989 |

## 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) | 57.3% | S100YITS |
| Fixed assets ÷ total assets | 32.1% | S100YITS |
| Goodwill ÷ parent equity | 0.0% | S100YITS |

### 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) | 8.1% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 46.8% |
| Cash vs. profit gap | -3,005 JPY mn (of net income -28.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.1% |
| Investing CF relative to operating CF | 308.1% |

## 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 | — | —× | -8.1% | —× | — | S100YITS |
| 2023 | 7.7% | 0.46× | 3.5% | 1.77× | 6.3% | S100TS2D |
| 2024 | 7.7% | 0.47× | 3.7% | 1.80× | 6.6% | S100W39J |
| 2026 | 5.2% | 0.56× | 2.9% | 2.02× | 5.8% | S100YITS |

## 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 | 17.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 11.9% | 2026-03-31 |
| 澤井光郎 | Major shareholder | 2.7% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |
| 澤井健造 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 澤井光郎株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YITS | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YITS,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100W39J | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W39J,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TS2D | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS2D,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R1EV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1EV,, |

## 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).