# SBI Global Asset Management Co., 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29期(2025/04/01－2026/03/31) (S100YCOR)
> Page: https://vizora.meequs.com/en/company/sbi-global-asset-management
> Retrieved: 2026-09-30T21:50:44.257Z

## Company

SBI Global Asset Management, founded in 1998, is a company in Internet Services & Apps listed on TSE Prime. It has 357 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SBI Global Asset Management Co., Ltd. |
| Ticker | 4765 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4765.T) |
| Listing | TSE Prime |
| Head office | 東京都港区六本木一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 朝倉 智也 |
| Founded | Mar 1998 |
| Share capital | ¥3.74B |
| Employees (consolidated) | 357 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.sbiglobalam.co.jp (https://www.sbiglobalam.co.jp/) |
| Corporate number | 9010401049949 |
| EDINET | E05097 |
| Industries (Vizora) | Internet Services & Apps, Securities & Asset Management |

> Profile source: annual securities report (S100YCOR, filed 2026-06-16). As of filing

## Key points (generated from figures)

- About 95% of SBI Global Asset Management's sales come from Asset management, with FinancialService making up much of the rest.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +140.8% from the prior year, operating profit +127.1%.

## Company structure

- Segment revenue mix: Asset management 94.5%、FinancialService 5.5%
- Revenue → net income: ¥27859646000 → ¥3674510000
- Net income → operating cash flow: ¥3674510000 → ¥2681887000（difference ¥-992623000）
- Main uses of operating cash flow: CapEx ¥489377000 / dividends ¥2113389000 / buybacks ¥440000
- Change in cash: ¥-412844000
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 | ¥27.9B |  |
| Operating income | ¥5.15B | Margin 18.5% |
| Net income | ¥3.07B | Margin 11.0% |
| Free cash flow | ¥2.19B |  |
| Largest business | Asset management | of segment revenue 94.5% |
| Employees (consolidated) | 357 |  |
| EPS | ¥20.59 |  |
| Diluted EPS | ¥20.56 |  |
| Book value per share | ¥188.63 |  |
| Equity ratio | 61.4% |  |
| Shares outstanding | 138,064,311 |  |
| Treasury shares | 1,700 |  |
| Shareholders | 106,767 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 41.2% | Cash ÷ revenue 78.4% |
| Vs. industry median margin | -2.2 pp | Securities & Asset Management |
| ROE | 12.9% | Derived from disclosed figures |
| ROA | 8.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 3.4× its level five years ago
- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7485655000 | ¥27859646000 | +272.2% |
| Operating income | ¥1765406000 | ¥5154581000 | +192.0% |
| Operating margin | 23.6% | 18.5% | -5.1 pp |
| Employees | 115 people | 357 people | +210.4% |
| Cash and equivalents | ¥4904960000 | ¥21848980000 | +345.4% |

### 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 |
| --- | ---: |
| アセットマネジメント事業 → アセットマネジメント事業 | 66.7% |
| ファイナンシャル・サービス事業 → ファイナンシャル・サービス事業 | 5.5% |
| ファイナンシャル・サービス事業 → 事業再編・廃止 | 27.8% |
| 新設・再編 → アセットマネジメント事業 | 27.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,860 | 100.0% | S100YCOR |
| Cost of revenue | 16,236 | 58.3% | S100YCOR |
| Gross profit | 11,624 | 41.7% | S100YCOR |
| SG&A | 6,470 | 23.2% | S100YCOR |
| Operating income | 5,155 | 18.5% | S100YCOR |
| Ordinary income | 5,590 | 20.1% | S100YCOR |
| Pretax income | 5,543 | 19.9% | S100YCOR |
| Income tax | 1,868 | 6.7% | S100YCOR |
| Net income | 3,675 | 13.2% | S100YCOR |
| Net income attributable to owners | 3,073 | 11.0% | S100YCOR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 23 |
| Operating income | 19 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 41.7% → Operating margin 18.5% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +140.8%; Core profit growth: +127.1%
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 | 11,569 | 27,860 | 16,291 | +140.8% |
| Gross profit | 5,698 | 11,624 | 5,926 | +104.0% |
| Operating income | 2,269 | 5,155 | 2,885 | +127.1% |
| Net income attributable to owners | 1,647 | 3,073 | 1,426 | +86.6% |
| Operating cash flow | 2,007 | 2,682 | 675 | +33.6% |
| Free cash flow | 1,861 | 2,193 | 332 | +17.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,815 | 1,542 | 22.6% | 1,231 | 979 | 356 | S100LPGS |
| FY ending Mar 2021 | 7,486 | 1,765 | 23.6% | 1,319 | 2,105 | 1,494 | S100OETB |
| FY ending Mar 2022 | 8,123 | 2,130 | 26.2% | 1,454 | 1,128 | 805 | S100QYMD |
| FY ending Mar 2023 | 8,747 | 1,831 | 20.9% | 5,443 | 2,609 | 2,275 | S100TORP |
| FY ending Mar 2024 | 10,138 | 2,111 | 20.8% | 1,589 | 8,762 | 8,341 | S100VXYH |
| FY ending Mar 2025 | 11,569 | 2,269 | 19.6% | 1,647 | 2,007 | 1,861 | S100YCOR |
| FY ending Mar 2026 | 27,860 | 5,155 | 18.5% | 3,073 | 2,682 | 2,193 | S100YCOR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78M |
| Operating income per employee (consolidated) | ¥14.4M |
| Net income per employee (consolidated) | ¥8.6M |

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) | 113 | 138 | 122 | 119 | 357 |
| Average salary (parent company) | ¥5.7M | ¥8.1M | ¥7M | ¥7.9M | ¥6.8M |
| Average age (parent company) | 44.2 years | 53.7 years | 49.1 years | 53.5 years | 54.9 years |
| Average tenure (parent company) | 11.0 years | 9.0 years | 7.0 years | 7.0 years | 8.0 years |

Year over year: Employees (consolidated) +200.0% · Revenue (consolidated) +140.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asset management | 26,333 | 94.5% | 5,689 | 21.6% |
| FinancialService | 1,527 | 5.5% | 274 | 18.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asset management | 94.5% | 95.4% | 0.9 | 21.6% |
| FinancialService | 5.5% | 4.6% | -0.9 | 18.0% |

Segment → industry: FinancialService → Internet Services & Apps / FinancialService → Securities & Asset Management / Asset management → Securities & Asset Management

## 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 | 2,682 | 9.6% | S100YCOR |
| Capital expenditure | 489 | 1.8% | S100YCOR |
| Free cash flow | 2,193 | 7.9% | 算出 |
| Investing cash flow | -910 | -3.3% | S100YCOR |
| Financing cash flow | -2,188 | -7.9% | S100YCOR |
| Dividends paid | 2,113 | 7.6% | S100YCOR |
| Share buyback | 0 | 0.0% | S100YCOR |
| Change in cash | -413 | -1.5% | S100YCOR |
| Cash and equivalents | 21,849 | 78.4% | S100YCOR |

## 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 | 5,177 | 2,486 | 3,638 | 4,008 | 21,849 | S100TORP, S100VXYH, S100YCOR |
| Total assets | 14,055 | 21,356 | 18,626 | 18,259 | 53,028 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Net assets | 12,274 | 16,800 | 16,110 | 15,410 | 41,926 | S100TORP, S100VXYH, S100YCOR |
| Share capital | 3,364 | 3,364 | 3,364 | 3,364 | 3,739 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Inventories | 1 | 1 | 4 | 2 | 8 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Property, plant and equipment | 150 | 346 | 314 | 268 | 759 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Intangible assets excluding goodwill | 3,146 | 2,580 | 2,629 | 2,415 | 2,528 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Goodwill | 1,787 | 1,677 | 1,633 | 1,626 | 1,505 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Investment securities | 2,625 | 3,871 | 8,713 | 7,703 | 10,843 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Current assets | 7,604 | 13,992 | 6,547 | 7,188 | 37,825 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Current liabilities | 1,782 | 4,354 | 2,358 | 2,744 | 10,491 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Total liabilities | 1,782 | 4,556 | 2,515 | 2,848 | 11,102 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Non-controlling interests | 469 | 319 | 146 | 168 | 9,295 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Equity attributable to owners of parent | 12,282 | 16,213 | 15,911 | 15,608 | 31,989 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Retained earnings | 4,439 | 8,336 | 8,019 | 7,716 | 15,227 | S100QYMD, S100TORP, S100VXYH, S100YCOR |
| Treasury stock | -0 | -0 | -0 | -0 | -1 | S100QYMD, S100TORP, S100VXYH, S100YCOR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100YCOR |
| Inventories | 0% | S100YCOR |
| Property, plant and equipment | 1% | S100YCOR |
| Intangibles and goodwill | 8% | S100YCOR |
| Investment securities | 21% | S100YCOR |
| Other assets | 29% | S100YCOR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YCOR |
| Equity | 79% | S100YCOR |
| Other liabilities | 0% | S100YCOR |

### 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 | 14,055 | 21,356 | 18,626 | 18,259 | 53,028 |
| Equity | 12,274 | 16,800 | 16,110 | 15,410 | 41,926 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,177 | 2,486 | 3,638 | 4,008 | 21,849 |

## 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) | 2.7% | S100YCOR |
| Fixed assets ÷ total assets | 1.4% | S100YCOR |
| Goodwill ÷ parent equity | 4.7% | S100YCOR |

Goodwill over 4 years: 1,787 → 1,505 JPY; total investing cash flow: -8,190 JPY. This does not imply causation.

### 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) | 41.2% |
| Cash ÷ revenue | 78.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.0% |
| Cash vs. profit gap | -391 JPY mn (of net income -12.7%) |
| Shareholder returns / net income | 68.8% |
| Shareholder returns / FCF | 96.4% |
| Shareholder payments — dividends / net income | 68.8% |
| Shareholder payments — dividends / FCF | 96.4% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 33.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 17.9% | 0.58× | 10.3% | 1.14× | 11.8% | S100QYMD |
| 2023 | 62.2% | 0.49× | 30.7% | 1.24× | 38.2% | S100TORP |
| 2024 | 15.7% | 0.51× | 7.9% | 1.24× | 9.9% | S100VXYH |
| 2025 | 14.2% | 0.63× | 8.9% | 1.17× | 10.5% | S100YCOR |
| 2026 | 11.0% | 0.78× | 8.6% | 1.50× | 12.9% | S100YCOR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＢＩアセットマネジメントグループ 株式会社 | Major shareholder | 43.7% | 2026-03-31 |
| ＳＢＩファイナンシャルサービシーズ 株式会社 | Major shareholder | 12.6% | 2026-03-31 |
| ＭＯＲＮＩＮＧＳＴＡＲ，ＩＮＣ． (常任代理人 大和証券株式会社) | Major shareholder | 3.0% | 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 | 2.3% | 2026-03-31 |
| 鈴木 智博 | Major shareholder | 2.0% | 2026-03-31 |
| ＳＢＩホールディングス株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.6% | 2026-03-31 |
| ウィステリア株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 湯浅 光裕 | Major shareholder | 0.4% | 2026-03-31 |
| 小松 知史 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YCOR | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCOR,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100VXYH | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXYH,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TORP | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TORP,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100QYMD | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYMD,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OETB | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OETB,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LPGS | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPGS,, |

## 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).