# SG 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20期(2025/04/01－2026/03/31) (S100Y9P7)
> Page: https://vizora.meequs.com/en/company/sg-holdings
> Retrieved: 2026-09-30T17:56:54.917Z

## Company

SG Holdings, founded in 2006, is a company in Real Estate Development & Leasing listed on TSE Prime. It has 60,483 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SG HOLDINGS CO.,LTD. |
| Ticker | 9143 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9143.T) |
| Listing | TSE Prime |
| Head office | 京都市南区上鳥羽角田町68番地 |
| Representative (per filing) | 代表取締役社長 松本 秀一 |
| Founded | Mar 2006 |
| Share capital | ¥11.9B |
| Employees (consolidated) | 60,483 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.sg-hldgs.co.jp (https://www.sg-hldgs.co.jp/) |
| Corporate number | 9130001026717 |
| EDINET | E32292 |
| Industries (Vizora) | Real Estate Development & Leasing, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y9P7, filed 2026-06-10). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.8 | 21 |
| Profitability | 61.4 | 22 |
| Cash conversion | 34.1 | 22 |
| Efficiency | 75 | 22 |

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 64% of SG Holdings's sales come from Delivery, with Global logistics and Logistics making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +2.7%.

## Company structure

- Segment revenue mix: Delivery 63.7%、Global logistics 19.6%、Logistics 12.3%、Other 3.4%、Real estate 0.9%
- Revenue → net income: ¥1644762000000 → ¥59536000000
- Net income → operating cash flow: ¥59536000000 → ¥124824000000（difference ¥65288000000）
- Main uses of operating cash flow: CapEx ¥83893000000 / dividends ¥32085000000 / buybacks ¥74999000000
- Change in cash: ¥-23965000000
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 | ¥1.64T |  |
| Operating income | ¥90.2B | Margin 5.5% |
| Net income | ¥59.1B | Margin 3.6% |
| Free cash flow | ¥40.9B |  |
| Largest business | Delivery | of segment revenue 63.7% |
| Employees (consolidated) | 60,483 |  |
| EPS | ¥50.11 |  |
| Book value per share | ¥436.81 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 640,394,000 |  |
| Treasury shares | 39,785,900 |  |
| Shareholders | 41,996 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 7.6% | Cash ÷ revenue 5.6% |
| Vs. industry median margin | +0.7 pp | Trucking & Parcel Delivery |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.3× dividends
- FY2026, operating cash flow is 2.1× net income
- FY2026, one segment accounts for 78% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1312085000000 | ¥1644762000000 | +25.4% |
| Operating income | ¥101726000000 | ¥90247000000 | -11.3% |
| Operating margin | 7.8% | 5.5% | -2.3 pp |
| Employees | 52,021 people | 60,483 people | +16.3% |
| Cash and equivalents | ¥69165000000 | ¥92896000000 | +34.3% |

### 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 |
| --- | ---: |
| デリバリー事業 → 事業再編・廃止 | 77.4% |
| ロジスティクス事業 → 事業再編・廃止 | 15.8% |
| 不動産事業 → 事業再編・廃止 | 1.7% |
| その他 → その他 | 3.4% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → デリバリー事業 | 63.7% |
| 新設・再編 → ロジスティクス事業 | 12.3% |
| 新設・再編 → グローバル物流事業 | 19.6% |
| 新設・再編 → 不動産事業 | 0.9% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Delivery | 2 years | +1.0% | ¥1048510000000 | 6.7% | 2 |
| Global logistics | — | — | ¥321596000000 | 0.0% | 2 |
| Logistics | 2 years | -3.9% | ¥202798000000 | 3.1% | 2 |
| Other | 5 years | -3.2% | ¥56421000000 | 4.7% | 2 |
| Real estate | 2 years | +10.6% | ¥15434000000 | 67.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,644,762 | 100.0% | S100Y9P7 |
| SG&A | 99,643 | 6.1% | S100Y9P7 |
| Operating income | 90,247 | 5.5% | S100Y9P7 |
| Ordinary income | 91,782 | 5.6% | S100Y9P7 |
| Pretax income | 91,809 | 5.6% | S100Y9P7 |
| Income tax | 32,273 | 2.0% | S100Y9P7 |
| Net income | 59,536 | 3.6% | S100Y9P7 |
| Net income attributable to owners | 59,066 | 3.6% | S100Y9P7 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 95 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Operating margin 5.5% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.24×
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 | 1,479,239 | 1,644,762 | 165,523 | +11.2% |
| Operating income | 87,847 | 90,247 | 2,400 | +2.7% |
| Net income attributable to owners | 58,120 | 59,066 | 946 | +1.6% |
| Operating cash flow | 118,600 | 124,824 | 6,224 | +5.2% |
| Free cash flow | 65,398 | 40,931 | -24,467 | -37.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,173,498 | 75,447 | 6.4% | 47,292 | 53,589 | -5,535 | S100LT3H |
| FY ending Mar 2021 | 1,312,085 | 101,726 | 7.8% | 74,342 | 121,294 | 56,318 | S100OLAQ |
| FY ending Mar 2022 | 1,588,375 | 155,713 | 9.8% | 106,733 | 81,822 | 22,362 | S100R4RK |
| FY ending Mar 2023 | 1,434,609 | 135,275 | 9.4% | 126,511 | 165,385 | 133,990 | S100TWLI |
| FY ending Mar 2024 | 1,316,940 | 89,204 | 6.8% | 58,279 | 77,629 | 35,855 | S100W6EF |
| FY ending Mar 2025 | 1,479,239 | 87,847 | 5.9% | 58,120 | 118,600 | 65,398 | S100Y9P7 |
| FY ending Mar 2026 | 1,644,762 | 90,247 | 5.5% | 59,066 | 124,824 | 40,931 | S100Y9P7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥976.6K |

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) | 52,325 | 52,268 | 52,309 | 58,271 | 60,483 |
| Average salary (parent company) | ¥7.3M | ¥7.6M | ¥7.4M | ¥7.7M | ¥7.9M |
| Average age (parent company) | 37.6 years | 36.3 years | 37.6 years | 38.8 years | 38.5 years |
| Average tenure (parent company) | 9.3 years | 8.4 years | 8.6 years | 9.8 years | 9.9 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Delivery | 1,048,510 | 63.7% | 70,140 | 6.7% |
| Logistics | 202,798 | 12.3% | 6,278 | 3.1% |
| Global logistics | 321,596 | 19.6% | 137 | 0.0% |
| Real estate | 15,434 | 0.9% | 10,374 | 67.2% |
| Other | 56,421 | 3.4% | 2,637 | 4.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Delivery | 63.7% | 78.3% | 14.6 | 6.7% |
| Logistics | 12.3% | 7.0% | -5.3 | 3.1% |
| Global logistics | 19.6% | 0.2% | -19.4 | 0.0% |
| Real estate | 0.9% | 11.6% | 10.6 | 67.2% |
| Other | 3.4% | 2.9% | -0.5 | 4.7% |

Segment → industry: Real estate → Real Estate Development & Leasing / Global logistics → Trucking & Parcel Delivery / Delivery → Trucking & Parcel Delivery / Logistics → Warehouses & Logistics Facilities

## 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 | 124,824 | 7.6% | S100Y9P7 |
| Capital expenditure | 83,893 | 5.1% | S100Y9P7 |
| Free cash flow | 40,931 | 2.5% | 算出 |
| Investing cash flow | -216,758 | -13.2% | S100Y9P7 |
| Financing cash flow | 65,765 | 4.0% | S100Y9P7 |
| Dividends paid | 32,085 | 2.0% | S100Y9P7 |
| Share buyback | 74,999 | 4.6% | S100Y9P7 |
| Change in cash | -23,965 | -1.5% | S100Y9P7 |
| Cash and equivalents | 92,896 | 5.6% | S100Y9P7 |

## 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 | 87,398 | 178,249 | 147,266 | 116,861 | 92,896 | S100TWLI, S100W6EF, S100Y9P7 |
| Total assets | 921,793 | 904,955 | 897,049 | 1,040,615 | 1,229,017 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Net assets | 511,902 | 567,405 | 590,261 | 584,589 | 548,672 | S100TWLI, S100W6EF, S100Y9P7 |
| Share capital | 11,882 | 11,882 | 11,882 | 11,882 | 11,882 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Property, plant and equipment | 387,263 | 392,221 | 387,927 | 488,528 | 544,391 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Intangible assets excluding goodwill | 24,481 | 37,865 | 40,932 | 104,861 | 217,192 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Goodwill | 2,343 | 7,197 | 8,367 | 64,691 | 145,562 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Investment securities | 72,712 | 20,405 | 21,515 | 28,009 | 25,645 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Current assets | 389,686 | 406,547 | 397,377 | 370,565 | 383,486 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Current liabilities | 277,854 | 228,923 | 218,301 | 222,596 | 445,272 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Short-term borrowings | 30,405 | 15,396 | 14,918 | 4,905 | 204,787 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Long-term borrowings | 60,114 | 41,653 | 13,181 | 139,119 | 126,020 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Total liabilities | 409,890 | 337,550 | 306,787 | 456,026 | 680,345 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Non-controlling interests | 15,560 | 13,548 | 12,751 | 4,442 | 2,474 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Equity attributable to owners of parent | 469,005 | 543,460 | 559,138 | 561,019 | 513,101 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Retained earnings | 458,215 | 542,740 | 568,372 | 570,268 | 567,367 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |
| Treasury stock | -1,162 | -11,162 | -21,134 | -21,131 | -66,149 | S100R4RK, S100TWLI, S100W6EF, S100Y9P7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100Y9P7 |
| Property, plant and equipment | 44% | S100Y9P7 |
| Intangibles and goodwill | 29% | S100Y9P7 |
| Investment securities | 2% | S100Y9P7 |
| Other assets | 17% | S100Y9P7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Y9P7 |
| Equity | 45% | S100Y9P7 |

### 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 | 921,793 | 904,955 | 897,049 | 1,040,615 | 1,229,017 |
| Equity | 511,902 | 567,405 | 590,261 | 584,589 | 548,672 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 87,398 | 178,249 | 147,266 | 116,861 | 92,896 |

## 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) | 33.1% | S100Y9P7 |
| Fixed assets ÷ total assets | 44.3% | S100Y9P7 |
| Goodwill ÷ parent equity | 28.4% | S100Y9P7 |

Goodwill over 4 years: 2,343 → 145,562 JPY; total investing cash flow: -440,084 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) | 7.6% |
| Cash ÷ revenue | 5.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.3% |
| Cash vs. profit gap | 65,758 JPY mn (of net income 111.3%) |
| Shareholder returns / net income | 181.3% |
| Shareholder returns / FCF | 261.6% |
| Shareholder payments — dividends / net income | 54.3% |
| Shareholder payments — dividends / FCF | 78.4% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 173.7% |

## 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 | 6.7% | 1.72× | 11.6% | 1.97× | 22.8% | S100R4RK |
| 2023 | 8.8% | 1.57× | 13.9% | 1.80× | 25.0% | S100TWLI |
| 2024 | 4.4% | 1.46× | 6.5% | 1.63× | 10.6% | S100W6EF |
| 2025 | 3.9% | 1.53× | 6.0% | 1.73× | 10.4% | S100Y9P7 |
| 2026 | 3.6% | 1.45× | 5.2% | 2.11× | 11.0% | S100Y9P7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社新生ホールディングス | Major shareholder | 17.9% | 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 | 9.1% | 2026-03-31 |
| 公益財団法人ＳＧＨ文化スポーツ振興財団 | Major shareholder | 8.1% | 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 |
| 住友生命保険相互会社 | Major shareholder | 4.2% | 2026-03-31 |
| 佐川印刷株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 田中産業株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 公益財団法人ＳＧＨ防災サポート財団 | Major shareholder | 3.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.64T, up 11.2% from ¥1.48T the year before.
- Operating income grew 2.7% to ¥90.2B, and net income attributable to owners rose 1.6% to ¥59.1B. Profit grew much more slowly than sales.
- Free cash flow dropped 37.4%, from ¥65.4B to ¥40.9B.

### Drivers

- Most of the sales growth came from consolidating Meito Transportation, Hutech Norin and the newly acquired Morrison
- In Delivery, parcel volumes rose, led by cross-border e-commerce. More small parcels pushed the average price down, but pricing set deal by deal kept the segment's margin steady
- In Global logistics, U.S. trade policy cut Expolanka's freight rates and volumes, and the segment's operating income fell

### Risks

- Much of the delivery work is outsourced to partner carriers; a shortage of partners or rising subcontracting costs could push up expenses
- Competition among the major parcel carriers is intense, and price cuts would hurt results
- An unexpected surge in parcels once forced it to pause pickups and caused delays; repeated problems like this could damage trust in the service

Cited: Annual Securities Report, 20th fiscal period (Apr 2025 – Mar 2026) (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, 20th fiscal period (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/04/01－2026/03/31) | S100Y9P7 | 2026-06-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9P7,, |
| 有価証券報告書－第19期(2024/04/01－2025/03/31) | S100W6EF | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6EF,, |
| 有価証券報告書－第18期(2023/04/01－2024/03/31) | S100TWLI | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWLI,, |
| 有価証券報告書－第17期(2022/04/01－2023/03/31) | S100R4RK | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4RK,, |
| 有価証券報告書－第16期(令和3年4月1日－令和4年3月31日) | S100OLAQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLAQ,, |
| 有価証券報告書－第15期(令和2年4月1日－令和3年3月31日) | S100LT3H | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT3H,, |

## 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).