# SBI Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100YK3R)
> Page: https://vizora.meequs.com/en/company/sbi-holdings
> Retrieved: 2026-09-30T21:18:34.711Z

## Company

SBI Holdings, founded in 1999, is a company in Securities & Asset Management listed on TSE Prime. It has 18,669 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SBI Holdings, Inc. |
| Ticker | 8473 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8473.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 会長 兼 社長 北尾 吉孝 |
| Founded | Jul 1999 |
| Share capital | ¥238B |
| Employees (consolidated) | 18,669 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | www.sbigroup.co.jp (https://www.sbigroup.co.jp/) |
| Corporate number | 6010401045208 |
| EDINET | E05159 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YK3R, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 82% of SBI Holdings's sales come from Financial Services Business, with PE Investment Business and Crypto-asset Business making up much of the rest.
- Out of every ¥100 of sales, about ¥54 is left as operating profit.
- Revenue changed +31.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.9T |  |
| Operating income | — | Margin — |
| Net income | ¥427.6B | Margin 22.5% |
| Free cash flow | — |  |
| Largest business | Financial Services Business | of segment revenue 82.3% |
| Employees (consolidated) | 18,669 |  |
| EPS | ¥666.82 |  |
| Diluted EPS | ¥624.54 |  |
| Book value per share | ¥1108.61 |  |
| Equity ratio | 4.7% | Derived from disclosed figures |
| Shares outstanding | 661,122,614 |  |
| Treasury shares | 14,760,200 |  |
| Shareholders | 219,494 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 337.5% |
| ROE | 28.0% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income
- FY2026, revenue is 2.5× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥541145000000 | ¥1896607000000 | +250.5% |
| Employees | 9,209 people | 18,669 people | +102.7% |
| Cash and equivalents | ¥802702000000 | ¥6400580000000 | +697.4% |

### 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 |
| --- | ---: |
| 金融サービス事業 → 金融サービス事業 | 57.5% |
| 資産運用事業 → 資産運用事業 | 2.1% |
| 資産運用事業 → 事業再編・廃止 | 35.8% |
| バイオ・ヘルスケア＆メディカルインフォマティクス事業 → 事業再編・廃止 | 1.0% |
| その他 → 事業再編・廃止 | 3.6% |
| 新設・再編 → 金融サービス事業 | 24.8% |
| 新設・再編 → PE投資事業 | 8.2% |
| 新設・再編 → 暗号資産事業 | 4.7% |
| 新設・再編 → 次世代事業 | 2.7% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial Services Business | 5 years | +38.2% | ¥1569773000000 | — | 2 |
| PE Investment Business | — | — | ¥155757000000 | — | 2 |
| Crypto-asset Business | 4 years | +12.7% | ¥89319000000 | — | 2 |
| Next Gen Business | 3 years | +28.6% | ¥51519000000 | — | 2 |
| Asset Management Business | 5 years | -27.8% | ¥40356000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,896,607 | 100.0% | S100YK3R |
| Cost of revenue | 366,041 | 19.3% | S100YK3R |
| Gross profit | 1,530,566 | 80.7% | 算出 |
| SG&A | 518,373 | 27.3% | S100YK3R |
| Pretax income | 516,667 | 27.2% | S100YK3R |
| Income tax | 86,125 | 4.5% | S100YK3R |
| Net income | 430,542 | 22.7% | S100YK3R |
| Net income attributable to owners | 427,577 | 22.5% | S100YK3R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 19 |
| SG&A | 27 |
| Operating income | 54 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 80.7% → Net margin 22.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,443,733 | 1,896,607 | 452,874 | +31.4% |
| Gross profit | 1,163,129 | 1,530,566 | 367,437 | +31.6% |
| Net income attributable to owners | 162,120 | 427,577 | 265,457 | +163.7% |
| Operating cash flow | 1,508,745 | 1,694,751 | 186,006 | +12.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 261,939 | — | — | 32,455 | -17,952 | — | S100LU0J |
| FY ending Mar 2018 | 337,017 | — | — | 46,684 | -33,235 | — | S100OSES |
| FY ending Mar 2019 | 351,411 | — | — | 52,548 | -71,665 | — | S100R9J7 |
| FY ending Mar 2020 | 368,055 | — | — | 37,487 | 26,849 | — | S100TTO4 |
| FY ending Mar 2021 | 541,145 | — | — | 81,098 | -178,403 | — | S100W739 |
| FY ending Mar 2022 | 763,618 | — | — | 366,854 | -314,046 | — | S100YK3R |
| FY ending Mar 2023 | 956,977 | — | — | 35,445 | 960,743 | — | S100YK3R |
| FY ending Mar 2024 | 1,210,504 | — | — | 87,243 | 1,345,740 | — | S100YK3R |
| FY ending Mar 2025 | 1,443,733 | — | — | 162,120 | 1,508,745 | — | S100YK3R |
| FY ending Mar 2026 | 1,896,607 | — | — | 427,577 | 1,694,751 | — | S100YK3R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥101.6M |
| Net income per employee (consolidated) | ¥22.9M |

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) | 17,496 | 18,756 | 19,097 | 19,156 | 18,669 |
| Average salary (parent company) | ¥8.7M | ¥8.8M | ¥9M | ¥9.8M | ¥10.1M |
| Average age (parent company) | 39.7 years | 40.2 years | 39.8 years | 40.4 years | 41.3 years |
| Average tenure (parent company) | 6.7 years | 6.0 years | 5.5 years | 5.7 years | 5.7 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +31.4%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Services Business | 1,569,773 | 82.3% | — | — |
| Asset Management Business | 40,356 | 2.1% | — | — |
| PE Investment Business | 155,757 | 8.2% | — | — |
| Crypto-asset Business | 89,319 | 4.7% | — | — |
| Next Gen Business | 51,519 | 2.7% | — | — |

### 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 |
| --- | ---: |
| Financial Services Business | 82.3% |
| Asset Management Business | 2.1% |
| PE Investment Business | 8.2% |
| Crypto-asset Business | 4.7% |
| Next Gen Business | 2.7% |

## 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 | 1,694,751 | 89.4% | S100YK3R |
| Investing cash flow | -1,135,572 | -59.9% | S100YK3R |
| Financing cash flow | 442,712 | 23.3% | S100YK3R |
| Dividends paid | 55,621 | 2.9% | S100YK3R |
| Share buyback | 50,015 | 2.6% | S100YK3R |
| Change in cash | 1,013,459 | 53.4% | S100YK3R |
| Cash and equivalents | 6,400,580 | 337.5% | S100YK3R |

## 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 | 2,499,370 | 3,200,916 | 4,580,335 | 5,500,548 | 6,400,580 | S100TTO4, S100W739, S100YK3R |
| Total assets | 17,838,200 | 22,301,975 | 27,139,391 | 32,113,430 | 38,290,797 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Net assets | 1,583,258 | 1,751,982 | 1,907,346 | 1,763,793 | 2,413,363 | S100TTO4, S100W739, S100YK3R |
| Share capital | 99,312 | 139,272 | 180,400 | 181,925 | 238,019 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Property, plant and equipment | 123,737 | 124,655 | 133,777 | 144,938 | 151,150 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Goodwill | 188,216 | 238,198 | 255,395 | 243,567 | 139,349 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Total liabilities | 16,254,942 | 20,549,993 | 25,232,045 | 30,349,637 | 35,877,434 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Equity attributable to owners of parent | 924,603 | 1,016,112 | 1,262,209 | 1,261,408 | 1,794,942 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Retained earnings | 631,098 | 629,095 | 675,985 | 794,556 | 1,161,231 | S100R9J7, S100TTO4, S100W739, S100YK3R |
| Treasury stock | -62 | -76 | -87 | -96 | -50,110 | S100R9J7, S100TTO4, S100W739, S100YK3R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YK3R |
| Property, plant and equipment | 0% | S100YK3R |
| Intangibles and goodwill | 0% | — |
| Other assets | 83% | S100YK3R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 94% | S100YK3R |
| Equity | 6% | S100YK3R |

### 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 | 17,838,200 | 22,301,975 | 27,139,391 | 32,113,430 | 38,290,797 |
| Equity | 1,583,258 | 1,751,982 | 1,907,346 | 1,763,793 | 2,413,363 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,499,370 | 3,200,916 | 4,580,335 | 5,500,548 | 6,400,580 |

## 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) | 8.0% | S100YK3R |
| Fixed assets ÷ total assets | 0.4% | S100YK3R |
| Goodwill ÷ parent equity | 7.8% | S100YK3R |

Goodwill over 4 years: 188,216 → 139,349 JPY; total investing cash flow: -1,497,680 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) | 16.7% |
| Cash ÷ revenue | 337.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 1,267,174 JPY mn (of net income 296.4%) |
| Shareholder returns / net income | 24.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 67.0% |

## 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 | 48.0% | 0.04× | 2.1% | 19.29× | 39.7% | S100R9J7, S100YK3R |
| 2023 | 3.7% | 0.05× | 0.2% | 20.68× | 3.7% | S100TTO4, S100YK3R |
| 2024 | 7.2% | 0.05× | 0.4% | 21.70× | 7.7% | S100W739, S100YK3R |
| 2025 | 11.2% | 0.05× | 0.5% | 23.48× | 12.8% | S100YK3R |
| 2026 | 22.5% | 0.05× | 1.2% | 23.04× | 28.0% | S100YK3R |

## 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 | 14.5% | 2026-03-31 |
| ＮＴＴ株式会社 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社三井住友フィナンシャルグループ | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.4% | 2026-03-31 |
| ザ バンク オブ ニューヨーク メロン １４００４２ | Major shareholder | 2.1% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１ | Major shareholder | 1.8% | 2026-03-31 |
| 北尾 吉孝 | Major shareholder | 1.3% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１ | Major shareholder | 1.2% | 2026-03-31 |
| ビーエヌワイエム アズ エージーテイ クライアンツ ノン トリーテイー ジヤスデツク | Major shareholder | 1.1% | 2026-03-31 |
| 三菱ＵＦＪモルガン・スタンレー証券株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥1.9T, up +31.4% from ¥1.44T.
- Net income attributable to owners grew much faster, to ¥427.6B from ¥162.1B (+163.7%).
- Operating cash flow also rose, to ¥1.69T (+12.3%).

### Drivers

- Financial services booked a gain from selling its stake in SBI Sumishin Net Bank
- The banking business earned more interest income from loans and other assets
- Asset management grew as a strong domestic stock market lifted assets under management
- The next-generation segment turned profitable, helped by valuation gains on crypto held in Web3 businesses and earnings from its equity-method affiliate Mynavi

### Risks

- Weak stock or bond markets, or a sharp rise in interest rates, could cause losses on its large securities holdings
- System outages or cyberattacks could halt trading or leak customer data
- Higher rates or a credit rating cut could raise its funding costs

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YK3R | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK3R,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W739 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W739,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TTO4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTO4,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R9J7 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9J7,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OSES | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSES,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LU0J | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU0J,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 三井住友FG | Capital alliance | 包括的な資本業務提携（第三者割当でSMFGが出資） | S100YK3R |
| NTT | Capital alliance | 資本業務提携（第三者割当でNTTが出資） | S100YK3R |
| チェンジホールディングス | Capital alliance | 地方創生・エネルギー・自治体と中小企業の DX での資本業務提携。SBIホールディングスが議決権の 19.78% を保有 | S100YONX |

## 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).