# SEGA SAMMY HOLDINGS INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YYNN)
> Page: https://vizora.meequs.com/en/company/sega-sammy-holdings
> Retrieved: 2026-09-30T21:56:32.412Z

## Company

Sega Sammy Holdings, founded in 2004, is a company in Games listed on TSE Prime. It has 9,237 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SEGA SAMMY HOLDINGS INC. |
| Ticker | 6460 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6460.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区西品川一丁目1番1号 住友不動産大崎ガーデンタワー |
| Representative (per filing) | 代表取締役社長グループCEO 里見治紀 |
| Founded | May 2004 |
| Share capital | ¥30B |
| Employees (consolidated) | 9,237 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.segasammy.co.jp (https://www.segasammy.co.jp/) |
| Corporate number | 9010401055278 |
| EDINET | E02475 |
| Industries (Vizora) | Games, Film & Anime, Pachinko |

> Profile source: annual securities report (S100YYNN, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.9 | 9 |
| Profitability | 50 | 9 |
| Cash conversion | 18.8 | 8 |
| Efficiency | 72.2 | 9 |

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 67% of Sega Sammy Holdings's sales come from Entertainment contents business, with Pachislot and pachinko machines and Gaming Business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +13.7% from the prior year, operating profit -2.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥487.5B |  |
| Operating income | ¥47.1B | Margin 9.7% |
| Net income | -¥5.76B | Margin -1.2% |
| Free cash flow | ¥12.7B |  |
| Largest business | Entertainment contents business | of segment revenue 67.5% |
| Employees (consolidated) | 9,237 |  |
| EPS | ¥90.38 |  |
| Diluted EPS | ¥90.18 |  |
| Book value per share | ¥608.3 |  |
| Equity ratio | 56.5% |  |
| Shares outstanding | 221,229,476 |  |
| Treasury shares | 16,585,000 |  |
| Shareholders | 55,827 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 24.5% | Net cash ¥11.8B · Cash ÷ revenue 31.5% |
| Vs. industry median margin | +4.2 pp | Games |
| ROA | -0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.8× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥277748000000 | ¥487542000000 | +75.5% |
| Operating income | ¥6553000000 | ¥47128000000 | +619.2% |
| Operating margin | 2.4% | 9.7% | +7.3 pp |
| Employees | 7,535 people | 9,237 people | +22.6% |
| Cash and equivalents | ¥154540000000 | ¥153776000000 | -0.5% |

### 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 |
| --- | ---: |
| エンタテインメントコンテンツ事業 → エンタテインメントコンテンツ事業 | 67.5% |
| エンタテインメントコンテンツ事業 → 事業再編・廃止 | 11.1% |
| 遊技機事業 → 遊技機事業 | 19.2% |
| リゾート事業 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 遊技機事業 | 8.1% |
| 新設・再編 → ゲーミング事業 | 5.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Entertainment contents business | 5 years | +8.4% | ¥326639000000 | 10.5% | 2 |
| Pachislot and pachinko machines | 5 years | +19.9% | ¥132063000000 | 25.2% | 2 |
| Gaming Business | 2 years | +261.1% | ¥25312000000 | -3.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 487,542 | 100.0% | S100YYNN |
| Cost of revenue | 272,132 | 55.8% | S100YYNN |
| Gross profit | 215,409 | 44.2% | S100YYNN |
| SG&A | 168,280 | 34.5% | S100YYNN |
| Operating income | 47,128 | 9.7% | S100YYNN |
| Ordinary income | 54,205 | 11.1% | S100YYNN |
| Pretax income | -3,783 | -0.8% | S100YYNN |
| Income tax | 1,968 | 0.4% | S100YYNN |
| Net income | -5,752 | -1.2% | S100YYNN |
| Net income attributable to owners | -5,756 | -1.2% | S100YYNN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 56 |
| SG&A | 34 |
| Operating income | 10 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 44.2% → Operating margin 9.7% → Net margin -1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +13.7%; Core profit growth: -2.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.15×
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 | 428,948 | 487,542 | 58,594 | +13.7% |
| Gross profit | 192,708 | 215,409 | 22,701 | +11.8% |
| Operating income | 48,124 | 47,128 | -996 | -2.1% |
| Net income attributable to owners | 45,051 | -5,756 | -50,807 | -112.8% |
| Operating cash flow | 20,856 | 25,940 | 5,084 | +24.4% |
| Free cash flow | 8,996 | 12,665 | 3,669 | +40.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 366,594 | 27,643 | 7.5% | 13,775 | 38,537 | 21,398 | S100LP7W |
| FY ending Mar 2021 | 277,748 | 6,553 | 2.4% | 1,274 | -6,384 | -20,583 | S100OE3R |
| FY ending Mar 2022 | 320,949 | 32,042 | 10.0% | 37,027 | 39,607 | 29,055 | S100R28G |
| FY ending Mar 2023 | 389,635 | 46,789 | 12.0% | 45,938 | 44,704 | 33,885 | S100U671 |
| FY ending Mar 2024 | 468,925 | 57,865 | 12.3% | 33,055 | 66,862 | 55,747 | S100W28S |
| FY ending Mar 2025 | 428,948 | 48,124 | 11.2% | 45,051 | 20,856 | 8,996 | S100YYNN |
| FY ending Mar 2026 | 487,542 | 47,128 | 9.7% | -5,756 | 25,940 | 12,665 | S100YYNN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | -¥623.1K |

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) | 7,760 | 8,219 | 8,623 | 8,147 | 9,237 |
| Average salary (parent company) | ¥8.1M | ¥8.3M | ¥8.8M | ¥9.4M | ¥8.8M |
| Average age (parent company) | 41.8 years | 42.8 years | 42.4 years | 42.6 years | 43.1 years |
| Average tenure (parent company) | 1.8 years | 2.8 years | 3.4 years | 3.9 years | 4.9 years |

Year over year: Employees (consolidated) +13.4% · Revenue (consolidated) +13.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainment contents business | 326,639 | 67.5% | 34,447 | 10.5% |
| Pachislot and pachinko machines | 132,063 | 27.3% | 33,301 | 25.2% |
| Gaming Business | 25,312 | 5.2% | -842 | -3.3% |

### 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 |
| --- | ---: |
| Entertainment contents business | 67.5% |
| Pachislot and pachinko machines | 27.3% |
| Gaming Business | 5.2% |

Segment → industry: Entertainment contents business → Games / Entertainment contents business → Film & Anime / Gaming Business → Pachinko / Pachislot and pachinko machines → Pachinko

## 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 | 25,940 | 5.3% | S100YYNN |
| Capital expenditure | 13,275 | 2.7% | S100YYNN |
| Free cash flow | 12,665 | 2.6% | 算出 |
| Investing cash flow | -22,514 | -4.6% | S100YYNN |
| Financing cash flow | -56,623 | -11.6% | S100YYNN |
| Dividends paid | 11,555 | 2.4% | S100YYNN |
| Share buyback | 32,014 | 6.6% | S100YYNN |
| Change in cash | -45,059 | -9.2% | S100YYNN |
| Cash and equivalents | 153,776 | 31.5% | S100YYNN |

## 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 | 152,459 | 179,509 | 219,810 | 198,865 | 153,776 | S100U671, S100W28S, S100YYNN |
| Total assets | 435,492 | 501,566 | 653,994 | 644,777 | 627,388 | S100R28G, S100U671, S100W28S, S100YYNN |
| Net assets | 292,637 | 331,347 | 357,702 | 381,604 | 354,967 | S100U671, S100W28S, S100YYNN |
| Share capital | 29,953 | 29,953 | 29,953 | 29,953 | 29,953 | S100R28G, S100U671, S100W28S, S100YYNN |
| Trade receivables | — | — | — | 52,653 | 67,576 | S100YYNN |
| Property, plant and equipment | 60,358 | 60,482 | 60,099 | 48,931 | 51,063 | S100R28G, S100U671, S100W28S, S100YYNN |
| Intangible assets excluding goodwill | 13,183 | 13,247 | 92,281 | 91,241 | 80,111 | S100R28G, S100U671, S100W28S, S100YYNN |
| Goodwill | 3,460 | 2,592 | 30,264 | 30,119 | 14,568 | S100R28G, S100U671, S100W28S, S100YYNN |
| Investment securities | 40,699 | 39,538 | 49,858 | 51,185 | 53,384 | S100R28G, S100U671, S100W28S, S100YYNN |
| Current assets | 287,789 | 353,862 | 395,003 | 388,744 | 374,711 | S100R28G, S100U671, S100W28S, S100YYNN |
| Current liabilities | 86,986 | 120,332 | 135,494 | 94,179 | 109,147 | S100R28G, S100U671, S100W28S, S100YYNN |
| Trade payables | 24,455 | 30,556 | 26,085 | 23,560 | 17,448 | S100R28G, S100U671, S100W28S, S100YYNN |
| Short-term borrowings | 10,000 | 17,000 | 22,507 | 7,500 | 7,500 | S100R28G, S100U671, S100W28S, S100YYNN |
| Long-term borrowings | 32,000 | 25,000 | 124,500 | 132,000 | 124,500 | S100R28G, S100U671, S100W28S, S100YYNN |
| Bonds | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R28G, S100U671, S100W28S, S100YYNN |
| Interest-bearing debt | 52,000 | 52,000 | 157,007 | 149,500 | 142,000 | 算出 |
| Total liabilities | 142,855 | 170,218 | 296,292 | 263,173 | 272,420 | S100R28G, S100U671, S100W28S, S100YYNN |
| Non-controlling interests | 49 | 24 | 30 | 24 | 31 | S100R28G, S100U671, S100W28S, S100YYNN |
| Equity attributable to owners of parent | 294,440 | 326,755 | 333,274 | 359,774 | 311,096 | S100R28G, S100U671, S100W28S, S100YYNN |
| Retained earnings | 224,684 | 261,840 | 281,208 | 314,947 | 297,607 | S100R28G, S100U671, S100W28S, S100YYNN |
| Treasury stock | -77,886 | -37,251 | -47,151 | -54,866 | -46,282 | S100R28G, S100U671, S100W28S, S100YYNN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YYNN |
| Receivables | 11% | S100YYNN |
| Property, plant and equipment | 8% | S100YYNN |
| Intangibles and goodwill | 15% | S100YYNN |
| Investment securities | 8% | S100YYNN |
| Other assets | 33% | S100YYNN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YYNN |
| Interest-bearing debt | 23% | 算出 |
| Other liabilities | 18% | S100YYNN |
| Equity | 56% | S100YYNN |
| Other liabilities | 0% | S100YYNN |

### 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 | 435,492 | 501,566 | 653,994 | 644,777 | 627,388 |
| Equity | 292,637 | 331,347 | 357,702 | 381,604 | 354,967 |
| Interest-bearing debt | 52,000 | 52,000 | 157,007 | 149,500 | 142,000 |
| Cash | 152,459 | 179,509 | 219,810 | 198,865 | 153,776 |

## 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) | 10.5% | S100YYNN |
| Fixed assets ÷ total assets | 8.1% | S100YYNN |
| Goodwill ÷ parent equity | 4.7% | S100YYNN |

Goodwill over 4 years: 3,460 → 14,568 JPY; total investing cash flow: -160,740 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) | 24.5% |
| Cash ÷ revenue | 31.5% |
| Net cash (cash − interest-bearing debt) | ¥11.8B |
| Net debt ÷ operating cash flow | -0.45× |
| Cash conversion (operating CF ÷ operating income) | 55.0% |
| Cash vs. profit gap | 31,696 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 344.0% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 91.2% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 86.8% |

## 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 | 11.5% | 0.74× | 8.5% | 1.48× | 12.6% | S100R28G |
| 2023 | 11.8% | 0.83× | 9.8% | 1.51× | 14.8% | S100U671 |
| 2024 | 7.0% | 0.81× | 5.7% | 1.75× | 10.0% | S100W28S |
| 2025 | 10.5% | 0.66× | 6.9% | 1.87× | 13.0% | S100YYNN |
| 2026 | — | —× | -0.9% | —× | — | S100YYNN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 合同会社HS Company | Major shareholder | 20.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 常任代理人株式会社みずほ銀行決済営業部 | Major shareholder | 7.2% | 2026-03-31 |
| 合同会社エフエスシー | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| 里見 治 | Major shareholder | 2.0% | 2026-03-31 |
| 里見 治紀 | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 常任代理人株式会社みずほ銀行決済営業部 | Major shareholder | 1.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044常任代理人株式会社みずほ銀行決済営業部 | Major shareholder | 1.5% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCONT - CLIENT ACCOUNT 常任代理人シティバンク、エヌ・エイ東京支店 | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 grew +13.7% to ¥487.5B, up from ¥428.9B.
- Operating income edged down -2.1%, from ¥48.1B to ¥47.1B.
- Net income attributable to owners fell from ¥45.1B to a loss of -¥5.76B.
- Cash generation improved: operating cash flow rose +24.4% to ¥25.9B and free cash flow rose +40.8% to ¥12.7B.

### Drivers

- Pachislot machines sold well, led by titles such as Hokuto no Ken and Tokyo Revengers, lifting both sales and profit in that business
- In games, new releases like Sonic Racing CrossWorlds and several free-to-play launches fell short of plan, and Rovio struggled
- The newly acquired GAN and Stakelogic widened losses in the casino business, and write-downs of goodwill at Rovio and Stakelogic drove the net loss

### Risks

- Competition in games is intense as strong, well-known titles keep launching, and development costs keep rising
- Major changes to pachinko and pachislot rules could hit results hard, and that market has been shrinking for years
- Acquired businesses may not deliver the expected synergies, which could lead to further write-downs

Cited: Annual securities report (Japan) (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 (Japan) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YYNN | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYNN,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100W28S | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W28S,, |
| 訂正有価証券報告書－第20期(2023/04/01－2024/03/31) | S100U671 | 2024-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U671,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R28G | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R28G,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OE3R | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE3R,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LP7W | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP7W,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| サンリオ | Alliance | 相互の発展と成長を目的とした業務提携 | S100YYNN |
| Paradise Co., Ltd. | Joint venture | 韓国・仁川の統合リゾート開発の合弁（PARADISE SEGASAMMY） | S100YYNN |

## 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).