# SBS Holdings, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第40期(2025/01/01－2025/12/31) (S100XSXL)
> Page: https://vizora.meequs.com/en/company/sbs-holdings
> Retrieved: 2026-09-30T17:56:56.163Z

## Company

SBS Holdings, founded in 1987, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 11,772 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SBS Holdings, Inc. |
| Ticker | 2384 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2384.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿八丁目17番1号 |
| Representative (per filing) | 代表取締役社長 鎌田 正彦 |
| Founded | Dec 1987 |
| Share capital | ¥3.92B |
| Employees (consolidated) | 11,772 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | December |
| Website | www.sbs-group.co.jp (https://www.sbs-group.co.jp/) |
| Corporate number | 4010601013288 |
| EDINET | E04224 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100XSXL, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95.9 | 37 |
| Profitability | 32.1 | 39 |
| Cash conversion | 67.1 | 38 |
| Efficiency | 83.3 | 39 |

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)

- About 96% of SBS Holdings's sales come from Logistics, with Property Management making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Logistics 96.0%、Property Management 4.0%
- Revenue → net income: ¥490344000000 → ¥13473000000
- Net income → operating cash flow: ¥13473000000 → ¥35432000000（difference ¥21959000000）
- Main uses of operating cash flow: CapEx ¥13041000000 / dividends ¥2780000000 / buybacks —
- Change in cash: ¥-8005000000
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 | ¥490.3B |  |
| Operating income | ¥21.3B | Margin 4.3% |
| Net income | ¥11.8B | Margin 2.4% |
| Free cash flow | ¥22.4B |  |
| Largest business | Logistics | of segment revenue 96.0% |
| Employees (consolidated) | 11,772 |  |
| EPS | ¥200.28 |  |
| Book value per share | ¥1060.96 |  |
| Equity ratio | 27.9% |  |
| Shares outstanding | 39,718,200 |  |
| Treasury shares | 800 |  |
| Shareholders | 3,496 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 5.9% | Cash ÷ revenue 4.2% |
| Vs. industry median margin | -0.5 pp | Trucking & Parcel Delivery |
| ROE | 13.5% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.0× net income
- FY2025, segment profit share differs by -39 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥257192000000 | ¥490344000000 | +90.7% |
| Operating income | ¥10960000000 | ¥21295000000 | +94.3% |
| Operating margin | 4.3% | 4.3% | +0.1 pp |
| Employees | 9,742 people | 11,772 people | +20.8% |
| Cash and equivalents | ¥27537000000 | ¥20439000000 | -25.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 物流事業 → 物流事業 | 96.0% |
| 物流事業 → 事業再編・廃止 | 0.3% |
| 不動産事業 → 不動産事業 | 3.7% |
| 新設・再編 → 不動産事業 | 0.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 490,344 | 100.0% | S100XSXL |
| Cost of revenue | 434,604 | 88.6% | S100XSXL |
| Gross profit | 55,740 | 11.4% | S100XSXL |
| SG&A | 34,444 | 7.0% | S100XSXL |
| Operating income | 21,295 | 4.3% | S100XSXL |
| Ordinary income | 21,143 | 4.3% | S100XSXL |
| Pretax income | 20,430 | 4.2% | S100XSXL |
| Income tax | 6,957 | 1.4% | S100XSXL |
| Net income | 13,473 | 2.7% | S100XSXL |
| Net income attributable to owners | 11,783 | 2.4% | S100XSXL |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 7 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.4% → Operating margin 4.3% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.4%; Core profit growth: +20.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.15×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 448,145 | 490,344 | 42,199 | +9.4% |
| Gross profit | 49,837 | 55,740 | 5,903 | +11.8% |
| Operating income | 17,704 | 21,295 | 3,591 | +20.3% |
| Net income attributable to owners | 9,619 | 11,783 | 2,164 | +22.5% |
| Operating cash flow | 15,807 | 35,432 | 19,625 | +124.2% |
| Free cash flow | 2,697 | 22,391 | 19,694 | +730.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 255,548 | 10,176 | 4.0% | 6,079 | 16,872 | 6,368 | S100L0SE |
| FY ending Dec 2020 | 257,192 | 10,960 | 4.3% | 6,826 | 17,262 | 5,376 | S100NQHS |
| FY ending Dec 2021 | 403,485 | 20,706 | 5.1% | 10,790 | 27,472 | 14,607 | S100QGX5 |
| FY ending Dec 2022 | 455,481 | 21,844 | 4.8% | 11,732 | 22,407 | 5,325 | S100T53A |
| FY ending Dec 2023 | 431,911 | 19,719 | 4.6% | 10,056 | 14,113 | 4,300 | S100VGI5 |
| FY ending Dec 2024 | 448,145 | 17,704 | 4.0% | 9,619 | 15,807 | 2,697 | S100XSXL |
| FY ending Dec 2025 | 490,344 | 21,295 | 4.3% | 11,783 | 35,432 | 22,391 | S100XSXL |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 10,689 | 10,859 | 10,903 | 10,759 | 11,772 |
| Average salary (parent company) | ¥6.2M | ¥6.1M | ¥6.1M | ¥5.9M | ¥6M |
| Average age (parent company) | 43.5 years | 42.2 years | 46.0 years | 45.0 years | 45.1 years |
| Average tenure (parent company) | 6.8 years | 7.5 years | 7.2 years | 6.8 years | 5.9 years |

Year over year: Employees (consolidated) +9.4% · Revenue (consolidated) +9.4%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 460,233 | 96.0% | 11,888 | 2.6% |
| Property Management | 19,331 | 4.0% | 9,142 | 47.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Logistics | 96.0% | 56.5% | -39.4 | 2.6% |
| Property Management | 4.0% | 43.5% | 39.4 | 47.3% |

Segment → industry: Property Management → Real Estate Development & Leasing / Logistics → Trucking & Parcel Delivery / Logistics → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 35,432 | 7.2% | S100XSXL |
| Capital expenditure | 13,041 | 2.7% | S100XSXL |
| Free cash flow | 22,391 | 4.6% | 算出 |
| Investing cash flow | -28,542 | -5.8% | S100XSXL |
| Financing cash flow | -14,853 | -3.0% | S100XSXL |
| Dividends paid | 2,780 | 0.6% | S100XSXL |
| Change in cash | -8,005 | -1.6% | S100XSXL |
| Cash and equivalents | 20,439 | 4.2% | S100XSXL |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 23,795 | 32,668 | 29,660 | 28,436 | 20,439 | S100T53A, S100VGI5, S100XSXL |
| Total assets | 277,197 | 296,898 | 301,317 | 317,287 | 346,852 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Net assets | 80,707 | 92,172 | 102,592 | 112,948 | 126,553 | S100T53A, S100VGI5, S100XSXL |
| Share capital | 3,920 | 3,920 | 3,920 | 3,920 | 3,920 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Trade receivables | 62,555 | — | — | — | — | S100QGX5 |
| Inventories | 22,425 | 31,207 | 38,056 | 41,803 | 40,227 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Property, plant and equipment | 96,877 | 93,034 | 92,881 | 97,195 | 110,015 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Intangible assets excluding goodwill | 35,651 | 34,355 | 32,965 | 33,472 | 49,589 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Goodwill | 9,883 | 8,392 | 7,658 | 7,287 | 11,917 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Investment securities | 11,960 | 11,952 | 13,310 | 15,689 | 17,777 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Current assets | 121,541 | 146,023 | 150,375 | 157,861 | 155,066 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Current liabilities | 106,082 | 114,632 | 103,257 | 116,005 | 129,941 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Trade payables | 34,193 | 35,823 | 28,226 | 31,700 | 38,116 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Short-term borrowings | 22,865 | 28,395 | 23,339 | 21,100 | 20,626 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Long-term borrowings | 57,304 | 56,079 | 61,338 | 55,374 | 49,040 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Bonds | 130 | 120 | 110 | — | — | S100QGX5, S100T53A, S100VGI5 |
| Interest-bearing debt | 80,299 | 84,594 | 84,787 | — | — | 算出 |
| Total liabilities | 196,489 | 204,726 | 198,724 | 204,338 | 220,299 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Non-controlling interests | 20,035 | 21,791 | 23,013 | 24,728 | 29,831 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Equity attributable to owners of parent | 59,693 | 69,358 | 76,991 | 84,029 | 90,538 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Retained earnings | 53,122 | 62,787 | 70,420 | 77,458 | 86,470 | S100QGX5, S100T53A, S100VGI5, S100XSXL |
| Treasury stock | 0 | 0 | -1 | -1 | -1 | S100QGX5, S100T53A, S100VGI5, S100XSXL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100XSXL |
| Inventories | 11% | S100XSXL |
| Property, plant and equipment | 32% | S100XSXL |
| Intangibles and goodwill | 18% | S100XSXL |
| Investment securities | 5% | S100XSXL |
| Other assets | 28% | S100XSXL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XSXL |
| Other liabilities | 53% | S100XSXL |
| Equity | 36% | S100XSXL |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 277,197 | 296,898 | 301,317 | 317,287 | 346,852 |
| Equity | 80,707 | 92,172 | 102,592 | 112,948 | 126,553 |
| Interest-bearing debt | 80,299 | 84,594 | 84,787 | — | — |
| Cash | 23,795 | 32,668 | 29,660 | 28,436 | 20,439 |

## 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) | 22.4% | S100XSXL |
| Fixed assets ÷ total assets | 31.7% | S100XSXL |
| Goodwill ÷ parent equity | 13.2% | S100XSXL |

Goodwill over 4 years: 9,883 → 11,917 JPY; total investing cash flow: -93,687 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) | 5.9% |
| Cash ÷ revenue | 4.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.4% |
| Cash vs. profit gap | 23,649 JPY mn (of net income 200.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.6% |
| Shareholder payments — dividends / FCF | 12.4% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 80.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.7% | 1.46× | 3.9% | 4.64× | 18.1% | S100QGX5 |
| 2022 | 2.6% | 1.59× | 4.1% | 4.45× | 18.2% | S100T53A |
| 2023 | 2.3% | 1.44× | 3.4% | 4.09× | 13.7% | S100VGI5 |
| 2024 | 2.1% | 1.45× | 3.1% | 3.84× | 11.9% | S100XSXL |
| 2025 | 2.4% | 1.48× | 3.5% | 3.80× | 13.5% | S100XSXL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱鎌田企画 | Major shareholder | 49.6% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.4% | 2025-12-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2025-12-31 |
| ＳＢＳホールディングス従業員持株会 | Major shareholder | 3.1% | 2025-12-31 |
| 和佐見 勝 | Major shareholder | 2.7% | 2025-12-31 |
| 東武不動産㈱ | Major shareholder | 2.5% | 2025-12-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM ２（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.4% | 2025-12-31 |
| 大内 純一 | Major shareholder | 1.3% | 2025-12-31 |
| ㈱ばんせい総合研究所 | Major shareholder | 1.0% | 2025-12-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥490.3B, up +9.4% from ¥448.1B.
- Operating income rose +20.3% to ¥21.3B and net income attributable to owners rose +22.5% to ¥11.8B, both outpacing sales.
- Cash generation improved sharply: operating cash flow went from ¥15.8B to ¥35.4B, and free cash flow reached ¥22.4B.

### Drivers

- New customers, plus newly consolidated acquisitions SBS NSK Logistics and Blackbird Logistics in the Netherlands, lifted sales
- Fixing loss-making sites and revising prices improved profit in logistics
- Property sales, including a partial transfer of trust beneficiary rights in the Noda Seto Logistics Center Building A, raised both sales and profit in the property business

### Risks

- If fuel prices rise more than expected and cannot be passed on to customers, costs go up
- Acquisitions and warehouse development are funded mostly with bank loans, so higher interest rates or tighter credit would hurt
- Failing to hire enough drivers and other staff could hold back growth and earnings

Cited: Annual Securities Report (40th fiscal term) (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 (40th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第40期(2025/01/01－2025/12/31) | S100XSXL | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSXL,, |
| 有価証券報告書－第39期(2024/01/01－2024/12/31) | S100VGI5 | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGI5,, |
| 有価証券報告書－第38期(2023/01/01－2023/12/31) | S100T53A | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T53A,, |
| 有価証券報告書－第37期(2022/01/01－2022/12/31) | S100QGX5 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGX5,, |
| 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) | S100NQHS | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQHS,, |
| 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) | S100L0SE | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0SE,, |

## 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).