# SHINGAKUKAI 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51期(2025/04/01－2026/03/31) (S100YM41)
> Page: https://vizora.meequs.com/en/company/shingakukai-holdings
> Retrieved: 2026-09-30T20:34:14.977Z

## Company

Shingakukai Holdings, founded in 1972, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 95 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINGAKUKAI HOLDINGS CO.,LTD. |
| Ticker | 9760 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9760.T) |
| Listing | TSE Standard |
| Head office | 北海道札幌市白石区本郷通一丁目北1番15号 |
| Representative (per filing) | 代表取締役 平井 将浩 |
| Founded | Apr 1972 |
| Share capital | ¥3.98B |
| Employees (consolidated) | 95 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Corporate number | 5430001007277 |
| EDINET | E04823 |
| Industries (Vizora) | Sporting Goods & Fitness, Real Estate Development & Leasing, Education |

> Profile source: annual securities report (S100YM41, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.7 | 75 |
| Profitability | 0.6 | 86 |
| Efficiency | 25 | 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 54% of Shingakukai Holdings's sales come from Finance, with Real estate and Education related making up much of the rest.
- It lost about ¥23 for every ¥100 of sales at the operating level.
- Revenue changed +7.4% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.71B |  |
| Operating income | -¥1.53B | Margin -22.8% |
| Net income | -¥1.79B | Margin -26.7% |
| Free cash flow | -¥2.75B |  |
| Largest business | Finance | of segment revenue 54.2% |
| Employees (consolidated) | 95 |  |
| EPS | ¥-105.02 |  |
| Book value per share | ¥417.26 |  |
| Equity ratio | 36.8% |  |
| Shares outstanding | 20,031,000 |  |
| Treasury shares | 3,382,500 |  |
| Shareholders | 21,834 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 51.2% |
| Vs. industry median margin | -28.4 pp | Sporting Goods & Fitness |
| ROA | -8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 3.7× dividends
- FY2026, revenue is 0.5× its level five years ago
- FY2026, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11860889000 | ¥6705448000 | -43.5% |
| Operating income | ¥-4017493000 | ¥-1530228000 | — |
| Operating margin | -33.9% | -22.8% | +11.1 pp |
| Employees | 182 people | 95 people | -47.8% |
| Cash and equivalents | ¥4169200000 | ¥3434929000 | -17.6% |

### 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 |
| --- | ---: |
| 教育関連事業 → 教育関連事業 | 15.6% |
| 教育関連事業 → 事業再編・廃止 | 5.8% |
| スポーツ事業 → スポーツ事業 | 3.4% |
| 賃貸事業 → 事業再編・廃止 | 4.6% |
| 資金運用事業 → 資金運用事業 | 54.2% |
| 資金運用事業 → 事業再編・廃止 | 13.3% |
| その他 → その他 | 3.1% |
| 新設・再編 → スポーツ事業 | 1.5% |
| 新設・再編 → 不動産事業 | 19.4% |
| 新設・再編 → その他 | 2.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Finance | 5 years | -14.6% | ¥3634458000 | -40.0% | 2 |
| Real estate | 2 years | +54.1% | ¥1301745000 | 28.1% | 2 |
| Education related | 5 years | -16.3% | ¥1048277000 | -11.7% | 2 |
| Other | 5 years | +1.3% | ¥391483000 | 27.9% | 2 |
| Sports | 5 years | -3.8% | ¥329483000 | -11.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,705 | 100.0% | S100YM41 |
| Cost of revenue | 7,699 | 114.8% | S100YM41 |
| Gross profit | -994 | -14.8% | S100YM41 |
| SG&A | 537 | 8.0% | S100YM41 |
| Operating income | -1,530 | -22.8% | S100YM41 |
| Ordinary income | -1,566 | -23.4% | S100YM41 |
| Pretax income | -1,572 | -23.4% | S100YM41 |
| Income tax | 219 | 3.3% | S100YM41 |
| Net income | -1,790 | -26.7% | S100YM41 |
| Net income attributable to owners | -1,792 | -26.7% | S100YM41 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 115 |
| SG&A | 8 |
| Operating income | -23 |
| (Ref.) Net income | -27 |

### Margin funnel

Gross margin -14.8% → Operating margin -22.8% → Net margin -26.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,246 | 6,705 | 459 | +7.4% |
| Gross profit | 173 | -994 | -1,166 | -675.3% |
| Operating income | -439 | -1,530 | -1,091 | — |
| Net income attributable to owners | -567 | -1,792 | -1,225 | — |
| Operating cash flow | 1,230 | -2,730 | -3,960 | -321.9% |
| Free cash flow | 1,201 | -2,752 | -3,952 | -329.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,184 | -1,287 | -17.9% | -1,141 | -4,057 | -4,573 | S100LW3A |
| FY ending Mar 2021 | 11,861 | -4,017 | -33.9% | -3,692 | 980 | 968 | S100P0PI |
| FY ending Mar 2022 | 13,846 | -9,585 | -69.2% | -5,771 | -5,862 | -5,913 | S100RA6P |
| FY ending Mar 2023 | 6,665 | -1,497 | -22.5% | -1,629 | -1,095 | -1,127 | S100TXT2 |
| FY ending Mar 2024 | 4,725 | -1,379 | -29.2% | -1,683 | -1,170 | -1,227 | S100W8WF |
| FY ending Mar 2025 | 6,246 | -439 | -7.0% | -567 | 1,230 | 1,201 | S100YM41 |
| FY ending Mar 2026 | 6,705 | -1,530 | -22.8% | -1,792 | -2,730 | -2,752 | S100YM41 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.6M |
| Operating income per employee (consolidated) | -¥16.1M |
| Net income per employee (consolidated) | -¥18.9M |

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) | 160 | 147 | 137 | 113 | 95 |
| Average salary (parent company) | ¥7.7M | ¥5.3M | ¥5.8M | ¥5.7M | ¥4.8M |
| Average age (parent company) | 48.0 years | 56.0 years | 58.0 years | 57.0 years | 55.0 years |
| Average tenure (parent company) | 24.0 years | 32.0 years | 34.0 years | 33.0 years | 30.0 years |

Year over year: Employees (consolidated) -15.9% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education related | 1,048 | 15.6% | -123 | -11.7% |
| Sports | 329 | 4.9% | -37 | -11.3% |
| Real estate | 1,302 | 19.4% | 365 | 28.1% |
| Finance | 3,634 | 54.2% | -1,455 | -40.0% |
| Other | 391 | 5.8% | 109 | 27.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education related | 15.6% | — | — | -11.7% |
| Sports | 4.9% | — | — | -11.3% |
| Real estate | 19.4% | 77.0% | 57.6 | 28.1% |
| Finance | 54.2% | — | — | -40.0% |
| Other | 5.8% | 23.0% | 17.2 | 27.9% |

Loss-making segment (excluded from profit shares): Education related -123 JPY mn

Loss-making segment (excluded from profit shares): Sports -37 JPY mn

Loss-making segment (excluded from profit shares): Finance -1,455 JPY mn

Segment → industry: Sports → Sporting Goods & Fitness / Real estate → Real Estate Development & Leasing / Education related → 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 | -2,730 | -40.7% | S100YM41 |
| Capital expenditure | 22 | 0.3% | S100YM41 |
| Free cash flow | -2,752 | -41.0% | 算出 |
| Investing cash flow | 11 | 0.2% | S100YM41 |
| Financing cash flow | 677 | 10.1% | S100YM41 |
| Dividends paid | 45 | 0.7% | S100YM41 |
| Share buyback | 168 | 2.5% | S100YM41 |
| Change in cash | -2,041 | -30.4% | S100YM41 |
| Cash and equivalents | 3,435 | 51.2% | S100YM41 |

## 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 | 2,801 | 4,474 | 3,807 | 5,476 | 3,435 | S100TXT2, S100W8WF, S100YM41 |
| Total assets | 28,955 | 19,437 | 23,373 | 23,617 | 19,944 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Net assets | 13,678 | 11,538 | 10,001 | 9,314 | 7,342 | S100TXT2, S100W8WF, S100YM41 |
| Share capital | 3,984 | 3,984 | 3,984 | 3,984 | 3,984 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Property, plant and equipment | 10,805 | 10,243 | 7,605 | 6,812 | 5,330 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Intangible assets excluding goodwill | 22 | 18 | 16 | 11 | 8 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Investment securities | 1,480 | 612 | 515 | 535 | 530 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Current assets | 16,132 | 8,062 | 14,636 | 15,700 | 13,486 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Current liabilities | 14,973 | 7,610 | 13,075 | 14,028 | 12,299 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Trade payables | 160 | 136 | 76 | 73 | 60 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Short-term borrowings | 5,856 | 5,904 | 6,503 | 7,036 | 7,926 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Total liabilities | 15,276 | 7,899 | 13,372 | 14,303 | 12,602 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Non-controlling interests | — | — | — | 3 | 5 | S100YM41 |
| Equity attributable to owners of parent | 13,871 | 11,754 | 9,938 | 9,262 | 7,258 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Retained earnings | 7,353 | 5,449 | 3,633 | 2,977 | 1,141 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |
| Treasury stock | -810 | -1,023 | -1,023 | -1,043 | -1,211 | S100RA6P, S100TXT2, S100W8WF, S100YM41 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YM41 |
| Property, plant and equipment | 27% | S100YM41 |
| Intangibles and goodwill | 0% | S100YM41 |
| Investment securities | 3% | S100YM41 |
| Other assets | 53% | S100YM41 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YM41 |
| Other liabilities | 63% | S100YM41 |
| Equity | 37% | S100YM41 |
| Other liabilities | 0% | S100YM41 |

### 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 | 28,955 | 19,437 | 23,373 | 23,617 | 19,944 |
| Equity | 13,678 | 11,538 | 10,001 | 9,314 | 7,342 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,801 | 4,474 | 3,807 | 5,476 | 3,435 |

## 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) | 79.5% | S100YM41 |
| Fixed assets ÷ total assets | 26.7% | S100YM41 |
| Goodwill ÷ parent equity | — | —, S100YM41 |

### 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) | 17.2% |
| Cash ÷ revenue | 51.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -938 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | — | —× | -19.9% | —× | — | S100RA6P |
| 2023 | — | —× | -6.7% | —× | — | S100TXT2 |
| 2024 | — | —× | -7.9% | —× | — | S100W8WF |
| 2025 | — | —× | -2.4% | —× | — | S100YM41 |
| 2026 | — | —× | -8.2% | —× | — | S100YM41 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社平井興産 | Major shareholder | 38.3% | 2026-03-31 |
| 平井 睦雄 | Major shareholder | 14.0% | 2026-03-31 |
| 株式会社学研ホールディングス | Major shareholder | 6.7% | 2026-03-31 |
| 平井 将浩 | Major shareholder | 3.6% | 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 | 2.3% | 2026-03-31 |
| 進学会職員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 小野 真太郎 | Major shareholder | 0.7% | 2026-03-31 |
| 平井 純子 | Major shareholder | 0.7% | 2026-03-31 |
| 小川 由晃 | Major shareholder | 0.7% | 2026-03-31 |
| まこと交通株式会社 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YM41 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM41,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W8WF | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8WF,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TXT2 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXT2,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100RA6P | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA6P,, |
| 訂正有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100P0PI | 2022-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P0PI,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LW3A | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LW3A,, |

## 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).