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SBS HoldingsSBS Holdings, Inc.2384東証プライム陸運業FY ending Dec 2025, consolidated, J-GAAP

SBS Holdings revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +9.4% from the prior year, operating profit +20.3%.

Five-year trend

Revenue¥490.3B
FY ending Dec 2021: ¥403.5B¥403.5BFY ending Dec 2022: ¥455.5B¥455.5BFY ending Dec 2023: ¥431.9B¥431.9BFY ending Dec 2024: ¥448.1B¥448.1BFY ending Dec 2025: ¥490.3B¥490.3BFY21FY22FY23FY24FY25
Operating income¥21.3B
FY ending Dec 2021: ¥20.7B¥20.7BFY ending Dec 2022: ¥21.8B¥21.8BFY ending Dec 2023: ¥19.7B¥19.7BFY ending Dec 2024: ¥17.7B¥17.7BFY ending Dec 2025: ¥21.3B¥21.3BFY21FY22FY23FY24FY25
Operating margin4.3%
FY ending Dec 2021: 5.1%5.1%FY ending Dec 2022: 4.8%4.8%FY ending Dec 2023: 4.6%4.6%FY ending Dec 2024: 4.0%4.0%FY ending Dec 2025: 4.3%4.3%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin2.4%
Asset turnover1.48×
ROA3.5%
ROA3.5%
Financial leverage3.80×
ROE13.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin2.4%
2021: 2.7%2.7%2022: 2.6%2.6%2023: 2.3%2.3%2024: 2.1%2.1%2025: 2.4%2.4%2122232425
Asset turnover1.48×
2021: 1.46×1.46×2022: 1.59×1.59×2023: 1.44×1.44×2024: 1.45×1.45×2025: 1.48×1.48×2122232425
ROA3.5%
2021: 3.9%3.9%2022: 4.1%4.1%2023: 3.4%3.4%2024: 3.1%3.1%2025: 3.5%3.5%2122232425
Financial leverage3.80×
2021: 4.64×4.64×2022: 4.45×4.45×2023: 4.09×4.09×2024: 3.84×3.84×2025: 3.80×3.80×2122232425
ROE13.5%
2021: 18.1%18.1%2022: 18.2%18.2%2023: 13.7%13.7%2024: 11.9%11.9%2025: 13.5%13.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20212.7%1.46×3.9%4.64×18.1%
20222.6%1.59×4.1%4.45×18.2%
20232.3%1.44×3.4%4.09×13.7%
20242.1%1.45×3.1%3.84×11.9%
20252.4%1.48×3.5%3.80×13.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue22.4%
2020: 37.4%37.4%2021: 24.0%24.0%2022: 20.4%20.4%2023: 21.5%21.5%2024: 21.7%21.7%2025: 22.4%22.4%202122232425
PPE ÷ total assets31.7%
2020: 37.8%37.8%2021: 34.9%34.9%2022: 31.3%31.3%2023: 30.8%30.8%2024: 30.6%30.6%2025: 31.7%31.7%202122232425
Goodwill ÷ parent equity13.2%
2020: 17.7%17.7%2021: 16.6%16.6%2022: 12.1%12.1%2023: 9.9%9.9%2024: 8.7%8.7%2025: 13.2%13.2%202122232425
Goodwill balance¥11.9B
2020: ¥8.89B¥8.89B2021: ¥9.88B¥9.88B2022: ¥8.39B¥8.39B2023: ¥7.66B¥7.66B2024: ¥7.29B¥7.29B2025: ¥11.9B¥11.9B202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Cash conversion cycle—
2020: 50d50d2021: 45d45d202122232425
Receivable days—
2020: 78d78d2021: 57d57d202122232425
Inventory days34d
2020: 21d21d2021: 23d23d2022: 28d28d2023: 36d36d2024: 38d38d2025: 34d34d202122232425
Payable days32d
2020: 49d49d2021: 35d35d2022: 32d32d2023: 27d27d2024: 29d29d2025: 32d32d202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue403,485455,481431,911448,145490,344
Cost of revenue356,768404,945381,770398,308434,604
Gross profit46,71650,53650,14149,83755,740
SG&A26,00928,69230,42232,13334,444
Operating income20,70621,84419,71917,70421,295
Pretax income20,11521,73718,49717,39020,430
Income tax6,9507,4907,2646,9166,957
Net income attributable to owners10,79011,73210,0569,61911,783
Operating margin5.1%4.8%4.6%4.0%4.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

6%
Inventories 11%
Property, plant and equipment 32%
Intangibles and goodwill 18%
5%
Other assets 28%

Funding

Trade payables 11%
Other liabilities 53%
Equity 36%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥23.8B¥32.7B¥29.7B¥28.4B¥20.4B
Total assets¥277.2B¥296.9B¥301.3B¥317.3B¥346.9B
Net assets¥80.7B¥92.2B¥102.6B¥112.9B¥126.6B
Share capital¥3.92B¥3.92B¥3.92B¥3.92B¥3.92B
Trade receivables¥62.6B————
Inventories¥22.4B¥31.2B¥38.1B¥41.8B¥40.2B
Property, plant and equipment¥96.9B¥93B¥92.9B¥97.2B¥110B
Intangible assets excluding goodwill¥35.7B¥34.4B¥33B¥33.5B¥49.6B
Goodwill¥9.88B¥8.39B¥7.66B¥7.29B¥11.9B
Investment securities¥12B¥12B¥13.3B¥15.7B¥17.8B
Current assets¥121.5B¥146B¥150.4B¥157.9B¥155.1B
Current liabilities¥106.1B¥114.6B¥103.3B¥116B¥129.9B
Trade payables¥34.2B¥35.8B¥28.2B¥31.7B¥38.1B
Short-term borrowings¥22.9B¥28.4B¥23.3B¥21.1B¥20.6B
Long-term borrowings¥57.3B¥56.1B¥61.3B¥55.4B¥49B
Bonds¥130M¥120M¥110M——
Interest-bearing debt¥80.3Bderived¥84.6Bderived¥84.8Bderived——
Total liabilities¥196.5B¥204.7B¥198.7B¥204.3B¥220.3B
Non-controlling interests¥20B¥21.8B¥23B¥24.7B¥29.8B
Equity attributable to owners of parent¥59.7B¥69.4B¥77B¥84B¥90.5B
Retained earnings¥53.1B¥62.8B¥70.4B¥77.5B¥86.5B
Treasury stock¥0¥0-¥1M-¥1M-¥1M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第40期(2025/01/01－2025/12/31)

    ID S100XSXL2026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第39期(2024/01/01－2024/12/31)

    ID S100VGI52025-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第38期(2023/01/01－2023/12/31)

    ID S100T53A2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第37期(2022/01/01－2022/12/31)

    ID S100QGX52023-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第36期(令和3年1月1日－令和3年12月31日)

    ID S100NQHS2022-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第35期(令和2年1月1日－令和2年12月31日)

    ID S100L0SE2021-03-25Open

Extracted from XBRL: 53 / Derived from other figures: 1

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