# SE Holdings and Incubations 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) (S100YD1K)
> Page: https://vizora.meequs.com/en/company/se-holdings-and-incubations
> Retrieved: 2026-09-30T18:29:10.150Z

## Company

SE Holdings and Incubations, founded in 1985, is a company in IT Services & System Integration listed on TSE Standard. It has 270 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SE Holdings and Incubations Co., Ltd. |
| Ticker | 9478 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9478.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区舟町5 |
| Representative (per filing) | 代表取締役社長 速水浩二 |
| Founded | Dec 1985 |
| Share capital | ¥1.53B |
| Employees (consolidated) | 270 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.sehi.co.jp (https://www.sehi.co.jp/) |
| Corporate number | 8011101028203 |
| EDINET | E00728 |
| Industries (Vizora) | IT Services & System Integration, Investment Funds, HR & Staffing, Publishing & Bookstores, Advertising, Education |

> Profile source: annual securities report (S100YD1K, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 17 |
| Profitability | 76.3 | 19 |
| Cash conversion | 9.4 | 16 |
| Efficiency | 7.9 | 19 |

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 57% of SE Holdings and Incubations's sales come from Publishing, with Education and human resource and Software and network making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed -3.0% from the prior year, operating profit +16.9%.

## Company structure

- Segment revenue mix: Publishing 57.3%、Education and human resource 13.0%、Software and network 11.2%、Corporate service 9.5%、Investment Management 9.0%
- Revenue → net income: ¥7026000000 → ¥633000000
- Net income → operating cash flow: ¥633000000 → ¥344000000（difference ¥-289000000）
- Main uses of operating cash flow: CapEx ¥7000000 / dividends ¥56000000 / buybacks ¥469000000
- Change in cash: ¥299000000
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 | ¥7.03B |  |
| Operating income | ¥955M | Margin 13.6% |
| Net income | ¥633M | Margin 9.0% |
| Free cash flow | ¥337M |  |
| Largest business | Publishing | of segment revenue 57.3% |
| Employees (consolidated) | 270 |  |
| EPS | ¥22.17 |  |
| Diluted EPS | ¥22.11 |  |
| Book value per share | ¥309.67 |  |
| Equity ratio | 60.1% |  |
| Shares outstanding | 16,284,226 |  |
| Treasury shares | 995,000 |  |
| Shareholders | 4,027 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 15.8% | Net cash -¥644M · Cash ÷ revenue 41.9% |
| Vs. industry median margin | +8.1 pp | Publishing & Bookstores |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 8.4× dividends
- FY2026, segment profit share differs by 33 points
- FY2026, employees -10% while operating income rose 17%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6317000000 | ¥7026000000 | +11.2% |
| Operating income | ¥924000000 | ¥955000000 | +3.4% |
| Operating margin | 14.6% | 13.6% | -1 pp |
| Employees | 263 people | 270 people | +2.7% |
| Cash and equivalents | ¥2857000000 | ¥2946000000 | +3.1% |

### 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 |
| --- | ---: |
| 出版 → 出版 | 57.3% |
| 出版 → 事業再編・廃止 | 7.3% |
| コーポレートサービス → コーポレートサービス | 9.5% |
| コーポレートサービス → 事業再編・廃止 | 1.2% |
| ソフトウェア・ネットワーク → ソフトウェア・ネットワーク | 11.2% |
| ソフトウェア・ネットワーク → 事業再編・廃止 | 0.5% |
| 教育・人材 → 教育・人材 | 10.8% |
| 投資運用 → 投資運用 | 2.1% |
| 新設・再編 → 教育・人材 | 2.2% |
| 新設・再編 → 投資運用 | 6.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Publishing | 5 years | -0.3% | ¥4026000000 | 13.0% | 2 |
| Education and human resource | 5 years | +6.1% | ¥912000000 | 17.2% | 2 |
| Software and network | 5 years | +1.2% | ¥787000000 | 5.7% | 2 |
| Corporate service | 5 years | -0.3% | ¥670000000 | -0.6% | 2 |
| Investment Management | 5 years | +36.9% | ¥629000000 | 83.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,026 | 100.0% | S100YD1K |
| Cost of revenue | 3,624 | 51.6% | S100YD1K |
| Gross profit | 3,402 | 48.4% | S100YD1K |
| SG&A | 2,446 | 34.8% | S100YD1K |
| Operating income | 955 | 13.6% | S100YD1K |
| Ordinary income | 803 | 11.4% | S100YD1K |
| Pretax income | 927 | 13.2% | S100YD1K |
| Income tax | 293 | 4.2% | S100YD1K |
| Net income | 633 | 9.0% | S100YD1K |
| Net income attributable to owners | 633 | 9.0% | S100YD1K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 35 |
| Operating income | 14 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 48.4% → Operating margin 13.6% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.0%; Core profit growth: +16.9%
Operating leverage (core profit growth ÷ revenue growth): -5.66×
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 | 7,242 | 7,026 | -216 | -3.0% |
| Gross profit | 3,541 | 3,402 | -139 | -3.9% |
| Operating income | 817 | 955 | 138 | +16.9% |
| Net income attributable to owners | 531 | 633 | 102 | +19.2% |
| Operating cash flow | -261 | 344 | 605 | — |
| Free cash flow | -332 | 337 | 669 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,038 | 450 | 7.5% | 206 | 276 | 211 | S100LKH9 |
| FY ending Mar 2021 | 6,317 | 924 | 14.6% | 573 | 425 | 353 | S100OA4B |
| FY ending Mar 2022 | 7,090 | 1,483 | 20.9% | 907 | 609 | 568 | S100R1JH |
| FY ending Mar 2023 | 7,335 | 1,437 | 19.6% | 965 | -11 | -39 | S100TOWT |
| FY ending Mar 2024 | 7,318 | 1,215 | 16.6% | 729 | 479 | 424 | S100W0HL |
| FY ending Mar 2025 | 7,242 | 817 | 11.3% | 531 | -261 | -332 | S100YD1K |
| FY ending Mar 2026 | 7,026 | 955 | 13.6% | 633 | 344 | 337 | S100YD1K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 271 | 277 | 301 | 299 | 270 |
| Average salary (parent company) | ¥7.1M | ¥7.5M | ¥7.7M | ¥7.7M | ¥8M |
| Average age (parent company) | 51.0 years | 52.0 years | 53.0 years | 52.0 years | 53.0 years |
| Average tenure (parent company) | 12.0 years | 13.0 years | 14.0 years | 10.0 years | 15.0 years |

Year over year: Employees (consolidated) -9.7% · Revenue (consolidated) -3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Publishing | 4,026 | 57.3% | 524 | 13.0% |
| Corporate service | 670 | 9.5% | -4 | -0.6% |
| Software and network | 787 | 11.2% | 45 | 5.7% |
| Education and human resource | 912 | 13.0% | 157 | 17.2% |
| Investment Management | 629 | 9.0% | 522 | 83.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Publishing | 57.3% | 42.0% | -15.3 | 13.0% |
| Corporate service | 9.5% | — | — | -0.6% |
| Software and network | 11.2% | 3.6% | -7.6 | 5.7% |
| Education and human resource | 13.0% | 12.6% | -0.4 | 17.2% |
| Investment Management | 9.0% | 41.8% | 32.9 | 83.0% |

Loss-making segment (excluded from profit shares): Corporate service -4 JPY mn

Segment → industry: Software and network → IT Services & System Integration / Investment Management → Investment Funds / Education and human resource → HR & Staffing / Publishing → Publishing & Bookstores / Corporate service → Advertising / Education and human resource → Education

## 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 | 344 | 4.9% | S100YD1K |
| Capital expenditure | 7 | 0.1% | S100YD1K |
| Free cash flow | 337 | 4.8% | 算出 |
| Investing cash flow | 459 | 6.5% | S100YD1K |
| Financing cash flow | -509 | -7.2% | S100YD1K |
| Dividends paid | 56 | 0.8% | S100YD1K |
| Share buyback | 469 | 6.7% | S100YD1K |
| Change in cash | 299 | 4.3% | S100YD1K |
| Cash and equivalents | 2,946 | 41.9% | S100YD1K |

## 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 | 3,106 | 2,605 | 2,939 | 2,646 | 2,946 | S100TOWT, S100W0HL, S100YD1K |
| Total assets | 11,320 | 11,893 | 14,468 | 15,545 | 18,690 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Net assets | 6,434 | 6,984 | 8,525 | 9,045 | 11,233 | S100TOWT, S100W0HL, S100YD1K |
| Share capital | 1,534 | 1,534 | 1,534 | 1,534 | 1,534 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Property, plant and equipment | 1,513 | 1,486 | 1,436 | 1,433 | 1,108 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Intangible assets excluding goodwill | 41 | 36 | 43 | 48 | 29 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Investment securities | 204 | 189 | 150 | 115 | 121 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Current assets | 9,252 | 9,897 | 12,581 | 13,711 | 17,229 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Current liabilities | 3,759 | 3,866 | 3,826 | 3,880 | 3,886 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Short-term borrowings | 1,864 | 1,924 | 1,906 | 2,219 | 2,420 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Long-term borrowings | 54 | 180 | 499 | 849 | 800 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Bonds | 475 | 275 | 420 | 300 | 370 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Interest-bearing debt | 2,393 | 2,379 | 2,825 | 3,368 | 3,590 | 算出 |
| Total liabilities | 4,886 | 4,909 | 5,943 | 6,499 | 7,457 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Equity attributable to owners of parent | 5,908 | 6,370 | 6,599 | 6,654 | 6,780 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Retained earnings | 3,036 | 3,958 | 4,630 | 5,098 | 5,556 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |
| Treasury stock | -414 | -369 | -295 | -451 | -355 | S100R1JH, S100TOWT, S100W0HL, S100YD1K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YD1K |
| Property, plant and equipment | 6% | S100YD1K |
| Intangibles and goodwill | 0% | S100YD1K |
| Investment securities | 1% | S100YD1K |
| Other assets | 77% | S100YD1K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 21% | S100YD1K |
| Equity | 60% | S100YD1K |

### 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 | 11,320 | 11,893 | 14,468 | 15,545 | 18,690 |
| Equity | 6,434 | 6,984 | 8,525 | 9,045 | 11,233 |
| Interest-bearing debt | 2,393 | 2,379 | 2,825 | 3,368 | 3,590 |
| Cash | 3,106 | 2,605 | 2,939 | 2,646 | 2,946 |

## 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) | 15.8% | S100YD1K |
| Fixed assets ÷ total assets | 5.9% | S100YD1K |
| Goodwill ÷ parent equity | — | —, S100YD1K |

### 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) | 15.8% |
| Cash ÷ revenue | 41.9% |
| Net cash (cash − interest-bearing debt) | -¥644M |
| Net debt ÷ operating cash flow | 1.87× |
| Cash conversion (operating CF ÷ operating income) | 36.0% |
| Cash vs. profit gap | -289 JPY mn (of net income -45.7%) |
| Shareholder returns / net income | 82.9% |
| Shareholder returns / FCF | 155.8% |
| Shareholder payments — dividends / net income | 8.8% |
| Shareholder payments — dividends / FCF | 16.6% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 133.4% |

## 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 | 12.8% | 0.63× | 8.0% | 1.92× | 15.4% | S100R1JH |
| 2023 | 13.2% | 0.63× | 8.3% | 1.89× | 15.7% | S100TOWT |
| 2024 | 10.0% | 0.56× | 5.5% | 2.03× | 11.2% | S100W0HL |
| 2025 | 7.3% | 0.48× | 3.5% | 2.26× | 8.0% | S100YD1K |
| 2026 | 9.0% | 0.41× | 3.7% | 2.55× | 9.4% | S100YD1K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 速水浩二 | Major shareholder | 18.3% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 14.8% | 2026-03-31 |
| 篠﨑晃一 | Major shareholder | 6.1% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| ＣＡＣＥＩＳ ＢＫ ＥＳ ＩＩＣＳ ＣＬＩＥＮＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 5.1% | 2026-03-31 |
| 佐々木幹夫 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 4.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 無限責任組合員光通信株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| ＮＡＴＩＯＮＡＬ ＦＩＮＡＮＣＩＡＬ ＳＥＲＶＩＣＥＳ ＬＬＣ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/04/01－2026/03/31) | S100YD1K | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD1K,, |
| 有価証券報告書－第40期(2024/04/01－2025/03/31) | S100W0HL | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0HL,, |
| 有価証券報告書－第39期(2023/04/01－2024/03/31) | S100TOWT | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOWT,, |
| 有価証券報告書－第38期(2022/04/01－2023/03/31) | S100R1JH | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1JH,, |
| 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) | S100OA4B | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA4B,, |
| 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) | S100LKH9 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKH9,, |

## 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).