# SHINTO Holdings, Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第42期(2025/02/01－2026/01/31) (S100YXHA)
> Page: https://vizora.meequs.com/en/company/shinto-holdings
> Retrieved: 2026-09-30T22:19:48.361Z

## Company

SHINTO Holdings, founded in 1984, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 121 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINTO Holdings, Inc. |
| Ticker | 2776 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2776.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区北大塚三丁目34番1号 |
| Representative (per filing) | 代表取締役社長 塚本 明輝 |
| Founded | Jan 1984 |
| Share capital | ¥2.87B |
| Employees (consolidated) | 121 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | January |
| Corporate number | 7010601010274 |
| EDINET | E02960 |
| Industries (Vizora) | Real Estate Development & Leasing, Real Estate Brokerage & Management, Waste Management & Recycling |

> Profile source: annual securities report (S100YXHA, filed 2026-08-19). As of filing

## Five-axis industry profile

Primary industry: Waste Management & Recycling (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.9 | 24 |
| Profitability | 6 | 25 |
| Cash conversion | 2 | 25 |
| Efficiency | 90 | 25 |
| Financial strength | 13.6 | 11 |

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 88% of SHINTO Holdings's sales come from Metal resicle, with Other and Plastic recicle making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +127.2% from the prior year, operating profit +1282.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥27.9B |  |
| Operating income | ¥593.1M | Margin 2.1% |
| Net income | ¥97.8M | Margin 0.4% |
| Free cash flow | -¥580.6M |  |
| Largest business | Metal resicle | of segment revenue 87.7% |
| Employees (consolidated) | 121 |  |
| EPS | ¥-2.28 |  |
| Diluted EPS | ¥2.18 |  |
| Book value per share | ¥58.27 |  |
| Equity ratio | 24.3% |  |
| Shares outstanding | 53,377,500 |  |
| Treasury shares | 58,200 |  |
| Shareholders | 6,896 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 6.7% | Net cash -¥3.8B · Cash ÷ revenue 3.3% |
| Vs. industry median margin | -5.1 pp | Waste Management & Recycling |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 5.9× its level five years ago
- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, parent-company salary changed +24% over five years

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥711682000 | ¥27939637000 | +3825.9% |
| Operating income | ¥-136284000 | ¥593147000 | — |
| Operating margin | -19.1% | 2.1% | +21.3 pp |
| Employees | 29 people | 121 people | +317.2% |
| Cash and equivalents | ¥126587000 | ¥913804000 | +621.9% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 貿易事業 → 事業再編・廃止 | 88.1% |
| アパレル事業 → 事業再編・廃止 | 8.7% |
| 不動産関連サービス事業 → 不動産関連サービス事業 | 0.7% |
| 不動産関連サービス事業 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 金属リサイクル事業 | 87.7% |
| 新設・再編 → プラスティックリサイクル事業 | 5.5% |
| 新設・再編 → その他 | 6.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metal resicle | — | — | ¥24509933000 | 3.5% | 2 |
| Other | — | — | ¥1704053000 | 6.4% | 2 |
| Plastic recicle | — | — | ¥1540141000 | -1.7% | 2 |
| Property management and related services | 5 years | +52.1% | ¥185509000 | 55.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,940 | 100.0% | S100YXHA |
| Cost of revenue | 26,594 | 95.2% | S100YXHA |
| Gross profit | 1,346 | 4.8% | S100YXHA |
| SG&A | 753 | 2.7% | S100YXHA |
| Operating income | 593 | 2.1% | S100YXHA |
| Ordinary income | 543 | 1.9% | S100YXHA |
| Pretax income | 490 | 1.8% | S100YXHA |
| Income tax | 203 | 0.7% | S100YXHA |
| Net income | 287 | 1.0% | S100YXHA |
| Net income attributable to owners | 98 | 0.4% | S100YXHA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 3 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 4.8% → Operating margin 2.1% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +127.2%; Core profit growth: +1282.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 10.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 12,297 | 27,940 | 15,643 | +127.2% |
| Gross profit | 599 | 1,346 | 747 | +124.7% |
| Operating income | 43 | 593 | 550 | +1282.9% |
| Net income attributable to owners | 17 | 98 | 81 | +491.3% |
| Operating cash flow | 354 | -352 | -705 | -199.3% |
| Free cash flow | 99 | -581 | -680 | -685.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 886 | -295 | -33.3% | -328 | -227 | -232 | S100L9PJ |
| FY ending Jan 2021 | 712 | -136 | -19.1% | -164 | -343 | -343 | S100P4PA |
| FY ending Jan 2022 | 4,770 | 45 | 0.9% | 64 | 136 | 123 | S100QMCA |
| FY ending Jan 2023 | 4,020 | -210 | -5.2% | -212 | -383 | -411 | S100TC6B |
| FY ending Jan 2024 | 6,293 | -296 | -4.7% | -394 | -207 | -239 | S100VL2N |
| FY ending Jan 2025 | 12,297 | 43 | 0.3% | 17 | 354 | 99 | S100YXHA |
| FY ending Jan 2026 | 27,940 | 593 | 2.1% | 98 | -352 | -581 | S100YXHA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥230.9M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥808.5K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 38 | 43 | 45 | 70 | 121 |
| Average salary (parent company) | ¥3.5M | ¥2.2M | ¥3.8M | ¥3.9M | ¥4.3M |
| Average age (parent company) | 49.4 years | 56.6 years | 50.7 years | 46.2 years | 49.7 years |
| Average tenure (parent company) | 1.3 years | 1.4 years | 1.1 years | 1.6 years | 1.1 years |

Year over year: Employees (consolidated) +72.9% · Revenue (consolidated) +127.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal resicle | 24,510 | 87.7% | 847 | 3.5% |
| Plastic recicle | 1,540 | 5.5% | -26 | -1.7% |
| Property management and related services | 186 | 0.7% | 103 | 55.5% |
| Other | 1,704 | 6.1% | 110 | 6.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Metal resicle | 87.7% | 80.0% | -7.8 | 3.5% |
| Plastic recicle | 5.5% | — | — | -1.7% |
| Property management and related services | 0.7% | 9.7% | 9.0 | 55.5% |
| Other | 6.1% | 10.3% | 4.2 | 6.4% |

Loss-making segment (excluded from profit shares): Plastic recicle -26 JPY mn

Segment → industry: Property management and related services → Real Estate Development & Leasing / Property management and related services → Real Estate Brokerage & Management / Plastic recicle → Waste Management & Recycling / Metal resicle → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jan 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -352 | -1.3% | S100YXHA |
| Capital expenditure | 229 | 0.8% | S100YXHA |
| Free cash flow | -581 | -2.1% | 算出 |
| Investing cash flow | -361 | -1.3% | S100YXHA |
| Financing cash flow | 1,215 | 4.3% | S100YXHA |
| Change in cash | 503 | 1.8% | S100YXHA |
| Cash and equivalents | 914 | 3.3% | S100YXHA |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 282 | 425 | 181 | 204 | 914 | S100TC6B, S100VL2N, S100YXHA |
| Total assets | 1,426 | 1,996 | 1,413 | 6,042 | 13,573 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Net assets | 910 | 1,255 | 846 | 1,669 | 4,075 | S100TC6B, S100VL2N, S100YXHA |
| Share capital | 2,206 | 2,474 | 2,474 | 2,549 | 2,875 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Trade receivables | 476 | — | — | — | — | S100P4PA |
| Property, plant and equipment | 225 | 227 | 146 | 2,026 | 3,812 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Intangible assets excluding goodwill | 85 | 64 | — | 225 | 933 | S100QMCA, S100TC6B, S100YXHA |
| Goodwill | 85 | 64 | — | 224 | 931 | S100QMCA, S100TC6B, S100YXHA |
| Investment securities | 6 | 6 | 6 | 4 | 2 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Current assets | 1,094 | 1,648 | 1,243 | 3,648 | 8,601 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Current liabilities | 481 | 466 | 314 | 2,501 | 6,127 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Short-term borrowings | 225 | 9 | — | 850 | 1,904 | S100QMCA, S100TC6B, S100YXHA |
| Long-term borrowings | — | 246 | 225 | 1,183 | 2,327 | S100TC6B, S100VL2N, S100YXHA |
| Bonds | — | — | — | 410 | 485 | S100YXHA |
| Interest-bearing debt | — | — | — | 2,443 | 4,716 | 算出 |
| Total liabilities | 516 | 741 | 567 | 4,373 | 9,498 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Non-controlling interests | 11 | 38 | 24 | 217 | 776 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Equity attributable to owners of parent | 891 | 1,214 | 820 | 1,426 | 3,294 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Retained earnings | -3,978 | -4,191 | -4,585 | -4,568 | -4,470 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |
| Treasury stock | -82 | -82 | -82 | -82 | -82 | S100QMCA, S100TC6B, S100VL2N, S100YXHA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YXHA |
| Property, plant and equipment | 28% | S100YXHA |
| Intangibles and goodwill | 14% | S100YXHA |
| Investment securities | 0% | S100YXHA |
| Other assets | 51% | S100YXHA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 35% | S100YXHA |
| Equity | 30% | S100YXHA |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,426 | 1,996 | 1,413 | 6,042 | 13,573 |
| Equity | 910 | 1,255 | 846 | 1,669 | 4,075 |
| Interest-bearing debt | — | — | — | 2,443 | 4,716 |
| Cash | 282 | 425 | 181 | 204 | 914 |

## 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) | 13.6% | S100YXHA |
| Fixed assets ÷ total assets | 28.1% | S100YXHA |
| Goodwill ÷ parent equity | 28.3% | S100YXHA |

Goodwill over 4 years: 85 → 931 JPY; total investing cash flow: -709 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) | 6.7% |
| Cash ÷ revenue | 3.3% |
| Net cash (cash − interest-bearing debt) | -¥3.8B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -59.3% |
| Cash vs. profit gap | -449 JPY mn (of net income -459.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| 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 | 1.3% | 3.35× | 4.5% | 1.60× | 7.2% | S100QMCA |
| 2023 | — | —× | -12.4% | —× | — | S100TC6B |
| 2024 | — | —× | -23.1% | —× | — | S100VL2N |
| 2025 | 0.1% | 3.30× | 0.4% | 3.32× | 1.5% | S100YXHA |
| 2026 | 0.4% | 2.85× | 1.0% | 4.16× | 4.1% | S100YXHA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北山 聡明 | Major shareholder | 11.6% | 2026-01-31 |
| 福田 卓也 ※２ | Major shareholder | 11.3% | 2026-01-31 |
| DADU(HONG KONG)CO.,LIMITED DIRECTOR DENG MINGHUI (常任代理人 劉 媚) | Major shareholder | 6.4% | 2026-01-31 |
| 塚本 明輝 ※３ | Major shareholder | 6.3% | 2026-01-31 |
| 塩満 龍一 | Major shareholder | 5.2% | 2026-01-31 |
| 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 | 3.1% | 2026-01-31 |
| 張 明 | Major shareholder | 2.4% | 2026-01-31 |
| 松井証券株式会社 | Major shareholder | 2.2% | 2026-01-31 |
| Futu Securities International (Hong Kong) Limited (常任代理人 moomoo証券株式会社) | Major shareholder | 2.0% | 2026-01-31 |
| 株式会社 JME | Major shareholder | 1.9% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第42期(2025/02/01－2026/01/31) | S100YXHA | 2026-08-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YXHA,, |
| 有価証券報告書－第41期(2024/02/01－2025/01/31) | S100VL2N | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VL2N,, |
| 有価証券報告書－第40期(2023/02/01－2024/01/31) | S100TC6B | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC6B,, |
| 有価証券報告書－第39期(2022/02/01－2023/01/31) | S100QMCA | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QMCA,, |
| 訂正有価証券報告書－第38期(令和3年2月1日－令和4年1月31日) | S100P4PA | 2022-09-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P4PA,, |
| 訂正有価証券報告書－第37期(令和2年2月1日－令和3年1月31日) | S100L9PJ | 2021-05-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L9PJ,, |

## 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).