# SDS HOLDINGS 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41期(2025/04/01－2026/03/31) (S100YM7I)
> Page: https://vizora.meequs.com/en/company/sds-holdings
> Retrieved: 2026-09-30T17:56:54.594Z

## Company

SDS Holdings, founded in 1986, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 21 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SDS HOLDINGS Co.,Ltd. |
| Ticker | 1711 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1711.T) |
| Listing | TSE Standard |
| Head office | 東京都港区西新橋二丁目8番6号 |
| Representative (per filing) | 代表取締役社長 渡辺 悠介 |
| Founded | Jun 1986 |
| Share capital | ¥2.19B |
| Employees (consolidated) | 21 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | shodensya.com (https://shodensya.com/) |
| Corporate number | 2010401082989 |
| EDINET | E05452 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YM7I, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.7 | 75 |
| Profitability | 7.6 | 86 |
| Cash conversion | 16.5 | 82 |
| Efficiency | 76.2 | 86 |

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 SDS Holdings's sales come from Rinobeshon buisiness, with Saving energy related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +30.1% from the prior year, and it swung back to an operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥5.25B |  |
| Operating income | ¥114.6M | Margin 2.2% |
| Net income | -¥68.5M | Margin -1.3% |
| Free cash flow | -¥1.11B |  |
| Largest business | Rinobeshon buisiness | of segment revenue 82.9% |
| Employees (consolidated) | 21 |  |
| EPS | ¥-13.7 |  |
| Book value per share | ¥23.8 |  |
| Equity ratio | 10.4% |  |
| Shares outstanding | 10,432,773 |  |
| Treasury shares | 100 |  |
| Shareholders | 5,777 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 2.9% | Cash ÷ revenue 3.1% |
| Vs. industry median margin | -8.3 pp | Real Estate Development & Leasing |
| ROA | -1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 5.1× its level five years ago
- FY2026, one segment accounts for 65% of positive segment profit
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥844454000 | ¥5251516000 | +521.9% |
| Operating income | ¥-252479000 | ¥114644000 | — |
| Operating margin | -29.9% | 2.2% | +32.1 pp |
| Employees | 27 people | 21 people | -22.2% |
| Cash and equivalents | ¥112610000 | ¥161794000 | +43.7% |

### 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 |
| --- | ---: |
| 新設・再編 → 省エネルギー関連事業 | 17.1% |
| 新設・再編 → リノベーション事業 | 82.9% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,252 | 100.0% | S100YM7I |
| Cost of revenue | 4,433 | 84.4% | S100YM7I |
| Gross profit | 819 | 15.6% | S100YM7I |
| SG&A | 704 | 13.4% | S100YM7I |
| Operating income | 115 | 2.2% | S100YM7I |
| Ordinary income | 1 | 0.0% | S100YM7I |
| Pretax income | 6 | 0.1% | S100YM7I |
| Income tax | 47 | 0.9% | S100YM7I |
| Net income | -42 | -0.8% | S100YM7I |
| Net income attributable to owners | -68 | -1.3% | S100YM7I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 15.6% → Operating margin 2.2% → Net margin -1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 4,035 | 5,252 | 1,216 | +30.1% |
| Gross profit | 529 | 819 | 289 | +54.7% |
| Operating income | -15 | 115 | 129 | — |
| Net income attributable to owners | -152 | -68 | 83 | — |
| Operating cash flow | -214 | -89 | 125 | — |
| Free cash flow | -858 | -1,106 | -248 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,273 | -167 | -7.4% | -360 | -6 | -7 | S100LSMW |
| FY ending Mar 2021 | 844 | -252 | -29.9% | -348 | -515 | — | S100OJP3 |
| FY ending Mar 2022 | 1,035 | -261 | -25.2% | -334 | -485 | -497 | S100RHHS |
| FY ending Mar 2023 | 3,402 | -155 | -4.6% | -296 | -718 | -1,183 | S100TXSX |
| FY ending Mar 2024 | 4,136 | 26 | 0.6% | -105 | 925 | 772 | S100W7QE |
| FY ending Mar 2025 | 4,035 | -15 | -0.4% | -152 | -214 | -858 | S100YM7I |
| FY ending Mar 2026 | 5,252 | 115 | 2.2% | -68 | -89 | -1,106 | S100YM7I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥250.1M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | -¥3.3M |

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) | 24 | 25 | 18 | 22 | 21 |
| Average salary (parent company) | ¥5.7M | ¥6M | ¥6.5M | ¥6.9M | ¥6.9M |
| Average age (parent company) | 50.8 years | 50.7 years | 50.3 years | 51.3 years | 51.8 years |
| Average tenure (parent company) | 4.2 years | 6.3 years | 9.3 years | 10.3 years | 11.3 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +30.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Saving energy related | 896 | 17.1% | 122 | 13.6% |
| Rinobeshon buisiness | 4,356 | 82.9% | 228 | 5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Saving energy related | 17.1% | 34.8% | 17.8 | 13.6% |
| Rinobeshon buisiness | 82.9% | 65.2% | -17.8 | 5.2% |

Segment → industry: Saving energy related → Plant Engineering & Building Services / Rinobeshon buisiness → Real Estate Development & Leasing

## 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 | -89 | -1.7% | S100YM7I |
| Capital expenditure | 1,017 | 19.4% | S100YM7I |
| Free cash flow | -1,106 | -21.1% | 算出 |
| Investing cash flow | -1,012 | -19.3% | S100YM7I |
| Financing cash flow | 843 | 16.1% | S100YM7I |
| Change in cash | -258 | -4.9% | S100YM7I |
| Cash and equivalents | 162 | 3.1% | S100YM7I |

## 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 | 469 | 381 | 603 | 420 | 162 | S100TXSX, S100W7QE, S100YM7I |
| Total assets | 922 | 4,456 | 3,790 | 4,705 | 5,638 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Net assets | 597 | 621 | 783 | 738 | 741 | S100TXSX, S100W7QE, S100YM7I |
| Share capital | 1,882 | 1,993 | 2,119 | 2,165 | 2,188 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Property, plant and equipment | — | 1,370 | 1,049 | 1,578 | 2,255 | S100TXSX, S100W7QE, S100YM7I |
| Intangible assets excluding goodwill | — | 107 | 99 | 387 | 361 | S100TXSX, S100W7QE, S100YM7I |
| Goodwill | — | 107 | 95 | 385 | 357 | S100TXSX, S100W7QE, S100YM7I |
| Investment securities | 2 | 12 | 19 | 22 | 21 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Current assets | 899 | 2,848 | 2,509 | 2,597 | 2,878 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Current liabilities | 272 | 2,482 | 1,779 | 2,290 | 2,687 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Short-term borrowings | — | 2,021 | 1,377 | 1,809 | 2,037 | S100TXSX, S100W7QE, S100YM7I |
| Long-term borrowings | — | 1,236 | 1,096 | 1,553 | 2,096 | S100TXSX, S100W7QE, S100YM7I |
| Total liabilities | 325 | 3,835 | 3,007 | 3,967 | 4,897 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Non-controlling interests | — | 100 | 114 | 130 | 157 | S100TXSX, S100W7QE, S100YM7I |
| Equity attributable to owners of parent | 594 | 520 | 667 | 606 | 584 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Retained earnings | -3,268 | -3,565 | -3,670 | -3,822 | -3,890 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100RHHS, S100TXSX, S100W7QE, S100YM7I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YM7I |
| Property, plant and equipment | 40% | S100YM7I |
| Intangibles and goodwill | 13% | S100YM7I |
| Investment securities | 0% | S100YM7I |
| Other assets | 44% | S100YM7I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 87% | S100YM7I |
| Equity | 13% | S100YM7I |
| Other liabilities | 0% | S100YM7I |

### 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 | 922 | 4,456 | 3,790 | 4,705 | 5,638 |
| Equity | 597 | 621 | 783 | 738 | 741 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 469 | 381 | 603 | 420 | 162 |

## 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) | 42.9% | S100YM7I |
| Fixed assets ÷ total assets | 40.0% | S100YM7I |
| Goodwill ÷ parent equity | 61.2% | S100YM7I |

### 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) | 2.9% |
| Cash ÷ revenue | 3.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -77.8% |
| Cash vs. profit gap | -21 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 19.4% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -36.2% | —× | — | S100RHHS |
| 2023 | — | —× | -11.0% | —× | — | S100TXSX |
| 2024 | — | —× | -2.6% | —× | — | S100W7QE |
| 2025 | — | —× | -3.6% | —× | — | S100YM7I |
| 2026 | — | —× | -1.3% | —× | — | S100YM7I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉野 勝秀 | Major shareholder | 14.4% | 2026-03-31 |
| 佐々木 和博 | Major shareholder | 9.6% | 2026-03-31 |
| 楽天証券株式会社共有口代表取締役社長 楠 雄治 | Major shareholder | 1.9% | 2026-03-31 |
| 谷垣 俊一郎 | Major shareholder | 1.9% | 2026-03-31 |
| 有限会社アースマテリアル取締役 河合 直樹 | Major shareholder | 1.1% | 2026-03-31 |
| 内海 脩平 | Major shareholder | 1.1% | 2026-03-31 |
| ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣＵＲＩＴＩＥＳ ＬＩＭＩＴＥＤ 常任代理人バークレイズ証券株式会社 代表取締役 木曽 健太郎 | Major shareholder | 0.8% | 2026-03-31 |
| 松井証券株式会社代表取締役社長執行役員和里田 聰 | Major shareholder | 0.8% | 2026-03-31 |
| 長野 重雄 | Major shareholder | 0.8% | 2026-03-31 |
| ＮＯＭＵＲＡ ＩＮＴＥＲＮＡＴＩＯＮＡＬ ＰＬＣ Ａ／Ｃ ＪＡＰＡＮ ＦＬＯＷ 常任代理人野村證券株式会社代表取締役社長 奥田 健太郎 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YM7I | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM7I,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W7QE | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7QE,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TXSX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXSX,, |
| 訂正有価証券報告書－第38期(2022/04/01－2023/03/31) | S100RHHS | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHHS,, |
| 有価証券報告書－第37期(令和3年4月1日－令和4年3月31日) | S100OJP3 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJP3,, |
| 有価証券報告書－第36期(令和2年4月1日－令和3年3月31日) | S100LSMW | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSMW,, |

## 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).