# Shizuoka Financial Group, Inc.: 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4期(2025/04/01－2026/03/31) (S100Y9RT)
> Page: https://vizora.meequs.com/en/company/shizuoka-financial-group
> Retrieved: 2026-09-30T19:17:09.282Z

## Company

Shizuoka Financial Group, founded in 2022, is a company in Regional Banks listed on TSE Prime. It has 4,226 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shizuoka Financial Group, Inc. |
| Ticker | 5831 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5831.T) |
| Listing | TSE Prime |
| Head office | 静岡市葵区呉服町一丁目10番地 |
| Representative (per filing) | 代表取締役社長 柴田 久 |
| Founded | May 2022 |
| Employees (consolidated) | 4,226 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | March |
| Website | www.shizuoka-fg.co.jp (https://www.shizuoka-fg.co.jp/) |
| Corporate number | 9080001025220 |
| EDINET | E37777 |
| Industries (Vizora) | Regional Banks, Securities & Asset Management, Leasing |

> Profile source: annual securities report (S100Y9RT, filed 2026-06-12). As of filing

## Key points (generated from figures)

- About 89% of Shizuoka Financial Group's ordinary revenue comes from Banking, with Leasing and Other making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥30 is left as ordinary profit.
- Ordinary revenue changed +28.5% from the prior year, ordinary profit +27.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥438.5B |  |
| Ordinary income | ¥130.3B | Margin 29.7% |
| Net income | ¥90.5B | Margin 20.6% |
| Employees (consolidated) | 4,226 |  |
| EPS | ¥112.76 |  |
| Diluted EPS | ¥112.75 |  |
| Book value per share | ¥1588.15 |  |
| Equity ratio | 7.7% |  |
| Shares outstanding | 580,129,000 |  |
| Treasury shares | 49,232,800 |  |
| Shareholders | 36,298 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥287386000000 | ¥438546000000 | +52.6% |
| Employees | 3,945 people | 4,226 people | +7.1% |
| Cash and equivalents | ¥1568687000000 | ¥755943000000 | -51.8% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → 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 |
| --- | ---: |
| 銀行業 → 銀行業 | 84.4% |
| リース業 → リース業 | 7.4% |
| リース業 → 事業再編・廃止 | 4.8% |
| その他 → その他 | 3.4% |
| 新設・再編 → 銀行業 | 4.5% |
| 新設・再編 → その他 | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Banking | 3 years | +17.1% | ¥389685000000 | 31.5% | 2 |
| Leasing | 3 years | -2.7% | ¥32318000000 | 5.0% | 2 |
| Other | 3 years | +19.2% | ¥16542000000 | 381.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 438,546 | 100.0% | S100Y9RT |
| Ordinary expenses | 308,247 | 70.3% | S100Y9RT |
| Ordinary income | 130,298 | 29.7% | S100Y9RT |
| Extraordinary income | 3,362 | 0.8% | S100Y9RT |
| Extraordinary loss | 6,564 | 1.5% | S100Y9RT |
| Pretax income | 127,097 | 29.0% | S100Y9RT |
| Income tax | 36,624 | 8.4% | S100Y9RT |
| Net income | 90,472 | 20.6% | S100Y9RT |
| Net income attributable to owners | 90,469 | 20.6% | S100Y9RT |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 70 |
| Ordinary income | 30 |
| (Ref.) Net income | 21 |

### Margin funnel

Ordinary margin 29.7% → Net margin 20.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.5%; Core profit growth: +27.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.97×
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 | 341,277 | 438,546 | 97,269 | +28.5% |
| Net income attributable to owners | 74,618 | 90,469 | 15,851 | +21.2% |
| Operating cash flow | -521,034 | -272,714 | 248,320 | — |
| Free cash flow | -535,870 | -293,120 | 242,750 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 287,386 | — | — | 52,397 | -72,490 | -85,255 | S100TLFZ |
| FY ending Mar 2024 | 346,526 | — | — | 57,760 | 170,053 | 157,976 | S100VW4E |
| FY ending Mar 2025 | 341,277 | — | — | 74,618 | -521,034 | -535,870 | S100Y9RT |
| FY ending Mar 2026 | 438,546 | — | — | 90,469 | -272,714 | -293,120 | S100Y9RT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥103.8M |
| Net income per employee (consolidated) | ¥21.4M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,945 | 4,001 | 4,134 | 4,226 |
| Average salary (parent company) | ¥12.7M | ¥12.7M | ¥10.5M | ¥11.1M |
| Average age (parent company) | 45.9 years | 45.6 years | 39.3 years | 39.5 years |
| Average tenure (parent company) | 23.5 years | 22.3 years | 16.8 years | 17.1 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +28.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Banking | 389,685 | 88.9% | 122,758 | 31.5% |
| Leasing | 32,318 | 7.4% | 1,621 | 5.0% |
| Other | 16,542 | 3.8% | 63,135 | 381.7% |

### 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 |
| --- | ---: |
| Banking | 88.9% |
| Leasing | 7.4% |
| Other | 3.8% |

Segment → industry: Banking → Regional Banks / Other → Securities & Asset Management / Leasing → Leasing

## 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 | -272,714 | -62.2% | S100Y9RT |
| Capital expenditure | 20,406 | 4.7% | S100Y9RT |
| Free cash flow | -293,120 | -66.8% | 算出 |
| Investing cash flow | 219,578 | 50.1% | S100Y9RT |
| Financing cash flow | -70,074 | -16.0% | S100Y9RT |
| Dividends paid | 40,072 | 9.1% | S100Y9RT |
| Share buyback | 30,001 | 6.8% | S100Y9RT |
| Change in cash | -123,210 | -28.1% | S100Y9RT |
| Cash and equivalents | 755,943 | 172.4% | S100Y9RT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.1% | 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 | 1.6% | 2026-03-31 |
| スズキ株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人) 株式会社みずほ銀行決済営業部 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥438.5B, up +28.5% from ¥341.3B the year before.
- Net income attributable to owners climbed +21.2% to ¥90.5B, from ¥74.6B.
- Operating cash flow stayed negative at -¥272.7B, but the outflow was smaller than the prior year's -¥521B.

### Drivers

- The group sold down shares it held for business relationships and booked gains on those sales.
- Net interest income and fee income both grew.
- Losses from reshuffling its bond portfolio and higher staff and IT costs pulled profit down.
- The negative operating cash flow mainly reflects growth in lending.

### Risks

- A downturn in Shizuoka and its other home markets could hurt borrowers and raise credit costs.
- A sharp rise in interest rates could cause valuation losses on bonds it holds, including Japanese government bonds and US mortgage-backed securities.
- A major earthquake centered on Shizuoka could damage both the group's own operations and its borrowers' businesses.

Cited: Annual Securities Report (FY ending Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2025/04/01－2026/03/31) | S100Y9RT | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9RT,, |
| 有価証券報告書－第3期(2024/04/01－2025/03/31) | S100VW4E | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VW4E,, |
| 有価証券報告書－第2期(2023/04/01－2024/03/31) | S100TLFZ | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TLFZ,, |
| 有価証券報告書－第1期(2022/04/01－2023/03/31) | S100QZ41 | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZ41,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 名古屋銀行 | Alliance | 経営統合に向けた協議・検討の基本合意 | S100Y9RT |

## 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).