# SD ENTERTAINMENT,Inc.: 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72期(2025/04/01－2026/03/31) (S100YNJD)
> Page: https://vizora.meequs.com/en/company/sd-entertainment
> Retrieved: 2026-09-30T18:31:21.003Z

## Company

SD Entertainment, founded in 1954, is a company in Business Process Outsourcing listed on TSE Standard. It has 381 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SD ENTERTAINMENT,Inc. |
| Ticker | 4650 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4650.T) |
| Listing | TSE Standard |
| Head office | 札幌市白石区南郷通1丁目北8番1号 |
| Representative (per filing) | 代表取締役社長 塩田 徹 |
| Founded | May 1954 |
| Share capital | ¥100M |
| Employees (consolidated) | 381 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | www.sdentertainment.jp (https://www.sdentertainment.jp/) |
| Corporate number | 6430001008290 |
| EDINET | E04704 |
| Industries (Vizora) | Business Process Outsourcing, Amusement Centers & Karaoke, Sporting Goods & Fitness, Real Estate Development & Leasing, Childcare |

> Profile source: annual securities report (S100YNJD, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.1 | 18 |
| Profitability | 22.5 | 20 |
| Cash conversion | 97.1 | 17 |
| Efficiency | 52.5 | 20 |

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 83% of SD Entertainment's sales come from Well ness business, with Other and Real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +22.7% from the prior year, operating profit -26.7%.

## Company structure

- Segment revenue mix: Well ness business 82.8%、Other 12.7%、Real estate leasing business 3.3%、Creation business 1.3%
- Revenue → net income: ¥5155104000 → ¥215780000
- Net income → operating cash flow: ¥215780000 → ¥612838000（difference ¥397058000）
- Main uses of operating cash flow: CapEx ¥168837000 / dividends — / buybacks —
- Change in cash: ¥538457000
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 | ¥5.16B |  |
| Operating income | ¥71.9M | Margin 1.4% |
| Net income | ¥215.8M | Margin 4.2% |
| Free cash flow | ¥444M |  |
| Largest business | Well ness business | of segment revenue 82.8% |
| Employees (consolidated) | 381 |  |
| EPS | ¥0.34 |  |
| Book value per share | ¥92.78 |  |
| Equity ratio | 38.4% |  |
| Shares outstanding | 8,997,000 |  |
| Treasury shares | 42,900 |  |
| Shareholders | 11,179 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 21.8% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | -4.2 pp | Sporting Goods & Fitness |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, segment profit share differs by -34 points
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3662367000 | ¥5155104000 | +40.8% |
| Operating income | ¥-270678000 | ¥71932000 | — |
| Operating margin | -7.4% | 1.4% | +8.8 pp |
| Employees | 289 people | 381 people | +31.8% |
| Cash and equivalents | ¥900903000 | ¥1025095000 | +13.8% |

### 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 |
| --- | ---: |
| ウェルネス事業 → ウェルネス事業 | 75.0% |
| クリエーション事業 → クリエーション事業 | 1.3% |
| クリエーション事業 → 事業再編・廃止 | 7.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 3.3% |
| 不動産賃貸事業 → 事業再編・廃止 | 5.7% |
| その他 → その他 | 7.8% |
| 新設・再編 → ウェルネス事業 | 7.8% |
| 新設・再編 → その他 | 4.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Well ness business | 5 years | +9.2% | ¥4267190000 | 5.2% | 2 |
| Other | 5 years | +18.1% | ¥653792000 | 18.4% | 2 |
| Real estate leasing business | 5 years | -12.4% | ¥168711000 | 66.5% | 2 |
| Creation business | 5 years | -26.5% | ¥65410000 | 6.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,155 | 100.0% | S100YNJD |
| Cost of revenue | 466 | 9.0% | S100YNJD |
| Gross profit | 4,689 | 91.0% | S100YNJD |
| SG&A | 4,617 | 89.6% | S100YNJD |
| Operating income | 72 | 1.4% | S100YNJD |
| Ordinary income | 44 | 0.9% | S100YNJD |
| Pretax income | 329 | 6.4% | S100YNJD |
| Income tax | 114 | 2.2% | S100YNJD |
| Net income | 216 | 4.2% | S100YNJD |
| Net income attributable to owners | 216 | 4.2% | S100YNJD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 9 |
| SG&A | 90 |
| Operating income | 1 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 91.0% → Operating margin 1.4% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +22.7%; Core profit growth: -26.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.18×
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 | 4,202 | 5,155 | 953 | +22.7% |
| Gross profit | 3,913 | 4,689 | 776 | +19.8% |
| Operating income | 98 | 72 | -26 | -26.7% |
| Net income attributable to owners | 94 | 216 | 122 | +130.0% |
| Operating cash flow | 85 | 613 | 528 | +620.9% |
| Free cash flow | -60 | 444 | 504 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 4,603 | 176 | 3.8% | 81 | 6 | -450 | S100LW58 |
| FY ending Mar 2021 | 3,662 | -271 | -7.4% | -591 | -35 | -365 | S100OLJN |
| FY ending Mar 2022 | 3,987 | -75 | -1.9% | 65 | 175 | 9 | S100RAF9 |
| FY ending Mar 2023 | 3,774 | 67 | 1.8% | -198 | -106 | -202 | S100TYOW |
| FY ending Mar 2024 | 3,735 | 123 | 3.3% | 118 | 28 | -39 | S100W9W8 |
| FY ending Mar 2025 | 4,202 | 98 | 2.3% | 94 | 85 | -60 | S100YNJD |
| FY ending Mar 2026 | 5,155 | 72 | 1.4% | 216 | 613 | 444 | S100YNJD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.5M |
| Operating income per employee (consolidated) | ¥188.8K |
| Net income per employee (consolidated) | ¥566.4K |

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) | 294 | 281 | 303 | 355 | 381 |
| Average salary (parent company) | ¥3.5M | ¥3.8M | ¥4.1M | ¥4.2M | ¥4.3M |
| Average age (parent company) | 38.2 years | 39.5 years | 41.7 years | 41.8 years | 41.2 years |
| Average tenure (parent company) | 7.6 years | 7.8 years | 8.4 years | 8.0 years | 7.0 years |

Year over year: Employees (consolidated) +7.3% · Revenue (consolidated) +22.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Well ness business | 4,267 | 82.8% | 222 | 5.2% |
| Creation business | 65 | 1.3% | 4 | 6.3% |
| Real estate leasing business | 169 | 3.3% | 112 | 66.5% |
| Other | 654 | 12.7% | 121 | 18.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Well ness business | 82.8% | 48.4% | -34.4 | 5.2% |
| Creation business | 1.3% | 0.9% | -0.4 | 6.3% |
| Real estate leasing business | 3.3% | 24.4% | 21.2 | 66.5% |
| Other | 12.7% | 26.3% | 13.6 | 18.4% |

Segment → industry: Other → Business Process Outsourcing / Creation business → Amusement Centers & Karaoke / Well ness business → Sporting Goods & Fitness / Real estate leasing business → Real Estate Development & Leasing / Well ness business → Childcare

## 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 | 613 | 11.9% | S100YNJD |
| Capital expenditure | 169 | 3.3% | S100YNJD |
| Free cash flow | 444 | 8.6% | 算出 |
| Investing cash flow | -184 | -3.6% | S100YNJD |
| Financing cash flow | 109 | 2.1% | S100YNJD |
| Change in cash | 538 | 10.4% | S100YNJD |
| Cash and equivalents | 1,025 | 19.9% | S100YNJD |

## 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 | 1,463 | 997 | 858 | 487 | 1,025 | S100TYOW, S100W9W8, S100YNJD |
| Total assets | 5,504 | 4,424 | 4,240 | 4,207 | 4,694 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Net assets | 1,570 | 1,375 | 1,493 | 1,585 | 1,803 | S100TYOW, S100W9W8, S100YNJD |
| Share capital | 227 | 100 | 100 | 100 | 100 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Property, plant and equipment | 2,670 | 2,567 | 2,442 | 2,405 | 2,435 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Intangible assets excluding goodwill | 60 | 28 | 20 | 102 | 86 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Goodwill | 30 | 14 | 8 | 87 | 76 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Investment securities | 19 | 22 | 18 | 15 | 18 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Current assets | 1,852 | 1,310 | 1,435 | 1,363 | 1,796 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Current liabilities | 2,453 | 2,201 | 2,021 | 2,004 | 2,080 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Short-term borrowings | 1,350 | 1,200 | 1,210 | 1,200 | 1,260 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Long-term borrowings | 1,112 | 603 | 533 | 467 | 596 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Bonds | 77 | 39 | 11 | — | — | S100RAF9, S100TYOW, S100W9W8 |
| Interest-bearing debt | 2,539 | 1,842 | 1,754 | — | — | 算出 |
| Total liabilities | 3,934 | 3,050 | 2,747 | 2,622 | 2,891 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Equity attributable to owners of parent | 1,559 | 1,361 | 1,479 | 1,573 | 1,789 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Retained earnings | -240 | 97 | 215 | 674 | 890 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |
| Treasury stock | -10 | -10 | -10 | -10 | -10 | S100RAF9, S100TYOW, S100W9W8, S100YNJD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YNJD |
| Property, plant and equipment | 52% | S100YNJD |
| Intangibles and goodwill | 4% | S100YNJD |
| Investment securities | 0% | S100YNJD |
| Other assets | 22% | S100YNJD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YNJD |
| Equity | 38% | S100YNJD |
| Other liabilities | 0% | S100YNJD |

### 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 | 5,504 | 4,424 | 4,240 | 4,207 | 4,694 |
| Equity | 1,570 | 1,375 | 1,493 | 1,585 | 1,803 |
| Interest-bearing debt | 2,539 | 1,842 | 1,754 | — | — |
| Cash | 1,463 | 997 | 858 | 487 | 1,025 |

## 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) | 47.2% | S100YNJD |
| Fixed assets ÷ total assets | 51.9% | S100YNJD |
| Goodwill ÷ parent equity | 4.3% | S100YNJD |

Goodwill over 4 years: 30 → 76 JPY; total investing cash flow: 1,755 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) | 21.8% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 852.0% |
| Cash vs. profit gap | 397 JPY mn (of net income 184.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 30.0% |

## 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 | 1.6% | 0.72× | 1.2% | 3.53× | 4.1% | S100RAF9 |
| 2023 | — | —× | -4.0% | —× | — | S100TYOW |
| 2024 | 3.2% | 0.86× | 2.7% | 3.05× | 8.3% | S100W9W8 |
| 2025 | 2.2% | 0.99× | 2.2% | 2.77× | 6.1% | S100YNJD |
| 2026 | 4.2% | 1.16× | 4.8% | 2.65× | 12.8% | S100YNJD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| RIZAPグループ株式会社 | Major shareholder | 59.6% | 2026-03-31 |
| 中道リース株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 金城政次 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社証券ジャパン | Major shareholder | 0.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.3% | 2026-03-31 |
| 株式会社サンリッチインターナショナル | Major shareholder | 0.2% | 2026-03-31 |
| 田添敬子 | Major shareholder | 0.1% | 2026-03-31 |
| ＳＤエンタ－テイメント従業員持株会 | Major shareholder | 0.1% | 2026-03-31 |
| 乾敏明 | Major shareholder | 0.1% | 2026-03-31 |
| GMOクリック証券株式会社 | Major shareholder | 0.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第72期(2025/04/01－2026/03/31) | S100YNJD | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNJD,, |
| 有価証券報告書－第71期(2024/04/01－2025/03/31) | S100W9W8 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W9W8,, |
| 有価証券報告書－第70期(2023/04/01－2024/03/31) | S100TYOW | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYOW,, |
| 有価証券報告書－第69期(2022/04/01－2023/03/31) | S100RAF9 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAF9,, |
| 有価証券報告書－第68期(令和3年4月1日－令和4年3月31日) | S100OLJN | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLJN,, |
| 有価証券報告書－第67期(令和2年4月1日－令和3年3月31日) | S100LW58 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW58,, |

## 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).