# SBI Leasing Services 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9期(2025/04/01－2026/03/31) (S100YIA9)
> Page: https://vizora.meequs.com/en/company/sbils
> Retrieved: 2026-09-30T20:48:09.673Z

## Company

SBI Leasing Services, founded in 2017, is a company in Leasing listed on TSE Growth. It has 66 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SBI Leasing Services Co., Ltd. |
| Ticker | 5834 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5834.T) |
| Listing | TSE Growth |
| 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 佐藤 公平 |
| Founded | Apr 2017 |
| Share capital | ¥1.25B |
| Employees (consolidated) | 66 |
| Average salary (parent only) | ¥11.3M |
| Fiscal year end | March |
| Website | www.sbils.co.jp (https://www.sbils.co.jp/) |
| Corporate number | 4010401130688 |
| EDINET | E37986 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100YIA9, filed 2026-06-24). As of filing

## Key points (generated from figures)

- SBI Leasing Services brought in ¥64.3B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +53.3% from the prior year, operating profit +44.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥64257000000 → ¥6051000000
- Net income → operating cash flow: ¥6051000000 → ¥13000000（difference ¥-6038000000）
- Main uses of operating cash flow: CapEx ¥18000000 / dividends ¥1733000000 / buybacks ¥0
- Change in cash: ¥-1841000000
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 | ¥64.3B |  |
| Operating income | ¥9.73B | Margin 15.1% |
| Net income | ¥6.05B | Margin 9.4% |
| Free cash flow | -¥5M |  |
| Employees (consolidated) | 66 |  |
| EPS | ¥362.8 |  |
| Diluted EPS | ¥354.09 |  |
| Book value per share | ¥1734.01 |  |
| Equity ratio | 25.5% |  |
| Shares outstanding | 7,963,600 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,339 |  |
| Average salary (parent only) | ¥11.3M | Filing company only |
| Cash ratio | 6.3% | Net cash -¥61.8B · Cash ÷ revenue 11.0% |
| Vs. industry median margin | +8.1 pp | Leasing |
| ROE | 22.2% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.2× its level five years ago

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29556000000 | ¥64257000000 | +117.4% |
| Operating income | ¥3280000000 | ¥9730000000 | +196.6% |
| Operating margin | 11.1% | 15.1% | +4 pp |
| Employees | 30 people | 66 people | +120.0% |
| Cash and equivalents | ¥8614000000 | ¥7094000000 | -17.6% |

### 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,257 | 100.0% | S100YIA9 |
| Cost of revenue | 50,333 | 78.3% | S100YIA9 |
| Gross profit | 13,924 | 21.7% | S100YIA9 |
| SG&A | 4,193 | 6.5% | S100YIA9 |
| Operating income | 9,730 | 15.1% | S100YIA9 |
| Ordinary income | 8,681 | 13.5% | S100YIA9 |
| Pretax income | 8,652 | 13.5% | S100YIA9 |
| Income tax | 2,600 | 4.0% | S100YIA9 |
| Net income | 6,051 | 9.4% | S100YIA9 |
| Net income attributable to owners | 6,051 | 9.4% | S100YIA9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 7 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 21.7% → Operating margin 15.1% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +53.3%; Core profit growth: +44.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.84×
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 | 41,916 | 64,257 | 22,341 | +53.3% |
| Gross profit | 10,454 | 13,924 | 3,470 | +33.2% |
| Operating income | 6,728 | 9,730 | 3,002 | +44.6% |
| Net income attributable to owners | 4,388 | 6,051 | 1,663 | +37.9% |
| Operating cash flow | -26,506 | 13 | 26,519 | — |
| Free cash flow | -26,534 | -5 | 26,529 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 29,556 | 3,280 | 11.1% | 10,363 | -772 | -814 | S100R3CW |
| FY ending Mar 2023 | 39,572 | 4,025 | 10.2% | 2,443 | 3,711 | -4,542 | S100TSDD |
| FY ending Mar 2024 | 54,146 | 5,310 | 9.8% | 3,447 | -26,652 | -26,689 | S100W2X1 |
| FY ending Mar 2025 | 41,916 | 6,728 | 16.1% | 4,388 | -26,506 | -26,534 | S100YIA9 |
| FY ending Mar 2026 | 64,257 | 9,730 | 15.1% | 6,051 | 13 | -5 | S100YIA9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥973.6M |
| Operating income per employee (consolidated) | ¥147.4M |
| Net income per employee (consolidated) | ¥91.7M |

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) | 30 | 39 | 53 | 58 | 66 |
| Average salary (parent company) | — | ¥10.6M | ¥12.1M | ¥10.9M | ¥11.3M |
| Average age (parent company) | — | 43.6 years | 44.5 years | 42.0 years | 41.5 years |
| Average tenure (parent company) | — | 2.6 years | 2.9 years | 2.9 years | 3.3 years |

Year over year: Employees (consolidated) +13.8% · Revenue (consolidated) +53.3%

## 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 | 13 | 0.0% | S100YIA9 |
| Capital expenditure | 18 | 0.0% | S100YIA9 |
| Free cash flow | -5 | -0.0% | 算出 |
| Investing cash flow | -254 | -0.4% | S100YIA9 |
| Financing cash flow | -1,605 | -2.5% | S100YIA9 |
| Dividends paid | 1,733 | 2.7% | S100YIA9 |
| Share buyback | 0 | 0.0% | S100YIA9 |
| Change in cash | -1,841 | -2.9% | S100YIA9 |
| Cash and equivalents | 7,094 | 11.0% | S100YIA9 |

## 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 | 8,614 | 13,812 | 12,653 | 8,936 | 7,094 | S100TSDD, S100W2X1, S100YIA9 |
| Total assets | 29,795 | 48,354 | 75,700 | 105,777 | 112,264 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Net assets | 13,158 | 17,778 | 21,114 | 25,173 | 28,752 | S100TSDD, S100W2X1, S100YIA9 |
| Share capital | 100 | 1,032 | 1,032 | 1,150 | 1,247 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Property, plant and equipment | 1,189 | 8,960 | 8,233 | 7,571 | 6,922 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Intangible assets excluding goodwill | 364 | 337 | 294 | 257 | 197 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Goodwill | 361 | 309 | 257 | 204 | 152 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Current assets | 28,036 | 37,283 | 64,930 | 94,742 | 100,063 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Current liabilities | 16,478 | 16,643 | 41,155 | 70,806 | 58,116 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Short-term borrowings | 15,119 | 8,800 | 32,999 | 51,000 | 43,500 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Long-term borrowings | — | 13,904 | 13,402 | 4,770 | 14,368 | S100TSDD, S100W2X1, S100YIA9 |
| Bonds | — | — | — | 5,000 | 11,000 | S100YIA9 |
| Interest-bearing debt | — | — | — | 60,770 | 68,868 | 算出 |
| Total liabilities | 16,636 | 30,575 | 54,585 | 80,604 | 83,512 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Equity attributable to owners of parent | 13,444 | 17,754 | 21,123 | 24,971 | 29,481 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Retained earnings | 10,363 | 12,809 | 16,179 | 19,789 | 24,106 | S100R3CW, S100TSDD, S100W2X1, S100YIA9 |
| Treasury stock | — | — | 0 | 0 | 0 | S100W2X1, S100YIA9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YIA9 |
| Property, plant and equipment | 6% | S100YIA9 |
| Intangibles and goodwill | 0% | S100YIA9 |
| Other assets | 87% | S100YIA9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 61% | 算出 |
| Other liabilities | 13% | S100YIA9 |
| Equity | 26% | S100YIA9 |

### 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 | 29,795 | 48,354 | 75,700 | 105,777 | 112,264 |
| Equity | 13,158 | 17,778 | 21,114 | 25,173 | 28,752 |
| Interest-bearing debt | — | — | — | 60,770 | 68,868 |
| Cash | 8,614 | 13,812 | 12,653 | 8,936 | 7,094 |

## 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) | 10.8% | S100YIA9 |
| Fixed assets ÷ total assets | 6.2% | S100YIA9 |
| Goodwill ÷ parent equity | 0.5% | S100YIA9 |

Goodwill over 4 years: 361 → 152 JPY; total investing cash flow: 17,082 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) | 6.3% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | -¥61.8B |
| Net debt ÷ operating cash flow | 4751.85× |
| Cash conversion (operating CF ÷ operating income) | 0.1% |
| Cash vs. profit gap | -6,038 JPY mn (of net income -99.8%) |
| Shareholder returns / net income | 28.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 1953.8% |

## 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 | 35.1% | 0.99× | 34.8% | 2.22× | 77.1% | S100R3CW |
| 2023 | 6.2% | 1.01× | 6.3% | 2.50× | 15.7% | S100TSDD |
| 2024 | 6.4% | 0.87× | 5.6% | 3.19× | 17.7% | S100W2X1 |
| 2025 | 10.5% | 0.46× | 4.8% | 3.94× | 19.0% | S100YIA9 |
| 2026 | 9.4% | 0.59× | 5.6% | 4.00× | 22.2% | S100YIA9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＢＩノンバンクホールディングス株式会社 | Major shareholder | 62.0% | 2026-03-31 |
| 石井 良明 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社オートパンサー | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社イシイ | Major shareholder | 1.4% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.9% | 2026-03-31 |
| BARCLAYS CAPITAL SECURITIES LIMITED （常任代理人 バークレイズ証券株式会社） | Major shareholder | 0.8% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第9期(2025/04/01－2026/03/31) | S100YIA9 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIA9,, |
| 有価証券報告書－第8期(2024/04/01－2025/03/31) | S100W2X1 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2X1,, |
| 有価証券報告書－第7期(2023/04/01－2024/03/31) | S100TSDD | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSDD,, |
| 有価証券報告書－第6期(2022/04/01－2023/03/31) | S100R3CW | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3CW,, |

## 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).