# SHO-BOND Holdings Co.,  Ltd.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第19期(2025/07/01－2026/06/30) (S100Z5EY)
> Page: https://vizora.meequs.com/en/company/sho-bond-holdings
> Retrieved: 2026-09-30T22:28:50.056Z

## Company

SHO-BOND Holdings, founded in 1958, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 1,068 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHO-BOND Holdings Co.,Ltd. |
| Ticker | 1414 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1414.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋箱崎町7番8号 |
| Representative (per filing) | 代表取締役社長 岸本達也 |
| Founded | Jun 1958 |
| Share capital | ¥5B |
| Employees (consolidated) | 1,068 |
| Average salary (parent only) | ¥11.1M |
| Fiscal year end | June |
| Website | www.sho-bondhd.jp (https://www.sho-bondhd.jp/) |
| Corporate number | 8010001135778 |
| EDINET | E00329 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance, General Contractors |

> Profile source: annual securities report (S100Z5EY, filed 2026-09-30). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.6 | 35 |
| Profitability | 98.8 | 40 |
| Cash conversion | 64.5 | 38 |
| Efficiency | 13.8 | 40 |

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 95% of SHO-BOND Holdings's sales come from Domestic construction, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed -1.7% from the prior year, operating profit +0.2%.

## Company structure

- Segment revenue mix: Domestic construction 95.1%、Other 4.9%
- Revenue → net income: ¥89204000000 → ¥15511000000
- Net income → operating cash flow: ¥15511000000 → ¥19330000000（difference ¥3819000000）
- Main uses of operating cash flow: CapEx ¥1171000000 / dividends ¥9845000000 / buybacks ¥5000000000
- Change in cash: ¥4723000000
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 | ¥89.2B |  |
| Operating income | ¥20.8B | Margin 23.4% |
| Net income | ¥15.4B | Margin 17.3% |
| Free cash flow | ¥18.2B |  |
| Largest business | Domestic construction | of segment revenue 95.1% |
| Employees (consolidated) | 1,068 |  |
| EPS | ¥76.45 |  |
| Book value per share | ¥217.12 |  |
| Equity ratio | 82.3% |  |
| Shares outstanding | 218,980,720 |  |
| Treasury shares | 18,448,000 |  |
| Shareholders | 50,930 |  |
| Average salary (parent only) | ¥11.1M | Filing company only |
| Cash ratio | 28.7% | Cash ÷ revenue 41.8% |
| Vs. industry median margin | +14.6 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 15.0% | Derived from disclosed figures |
| ROA | 11.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, parent-company salary changed -31% over five years
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80065000000 | ¥89204000000 | +11.4% |
| Operating income | ¥15732000000 | ¥20831000000 | +32.4% |
| Operating margin | 19.6% | 23.4% | +3.7 pp |
| Employees | 916 people | 1,068 people | +16.6% |
| Cash and equivalents | ¥23012000000 | ¥37247000000 | +61.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 国内建設 → 国内建設 | 95.1% |
| 国内建設 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 3.6% |
| 新設・再編 → その他 | 1.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 89,204 | 100.0% | S100Z5EY |
| Cost of revenue | 62,518 | 70.1% | S100Z5EY |
| Gross profit | 26,686 | 29.9% | S100Z5EY |
| SG&A | 5,855 | 6.6% | S100Z5EY |
| Operating income | 20,831 | 23.4% | S100Z5EY |
| Ordinary income | 21,485 | 24.1% | S100Z5EY |
| Pretax income | 22,572 | 25.3% | S100Z5EY |
| Income tax | 7,061 | 7.9% | S100Z5EY |
| Net income | 15,511 | 17.4% | S100Z5EY |
| Net income attributable to owners | 15,439 | 17.3% | S100Z5EY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 7 |
| Operating income | 23 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 29.9% → Operating margin 23.4% → Net margin 17.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.7%; Core profit growth: +0.2%
Operating leverage (core profit growth ÷ revenue growth): -0.11×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 90,712 | 89,204 | -1,508 | -1.7% |
| Gross profit | 26,503 | 26,686 | 183 | +0.7% |
| Operating income | 20,794 | 20,831 | 37 | +0.2% |
| Net income attributable to owners | 15,061 | 15,439 | 378 | +2.5% |
| Operating cash flow | 9,473 | 19,330 | 9,857 | +104.1% |
| Free cash flow | 8,616 | 18,159 | 9,543 | +110.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 67,590 | 12,930 | 19.1% | 9,005 | 4,540 | 4,099 | S100MIC2 |
| FY ending Jun 2021 | 80,065 | 15,732 | 19.6% | 11,340 | 2,737 | 1,227 | S100P8NH |
| FY ending Jun 2022 | 81,193 | 17,267 | 21.3% | 12,366 | 7,834 | 5,998 | S100RX3W |
| FY ending Jun 2023 | 83,924 | 18,124 | 21.6% | 12,887 | 3,751 | 2,342 | S100UFTZ |
| FY ending Jun 2024 | 85,419 | 19,666 | 23.0% | 14,321 | 19,406 | 17,953 | S100WQS8 |
| FY ending Jun 2025 | 90,712 | 20,794 | 22.9% | 15,061 | 9,473 | 8,616 | S100Z5EY |
| FY ending Jun 2026 | 89,204 | 20,831 | 23.4% | 15,439 | 19,330 | 18,159 | S100Z5EY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥83.5M |
| Operating income per employee (consolidated) | ¥19.5M |
| Net income per employee (consolidated) | ¥14.5M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 951 | 985 | 1,019 | 1,051 | 1,068 |
| Average salary (parent company) | ¥16.1M | ¥15.3M | ¥12.7M | ¥12.1M | ¥11.1M |
| Average age (parent company) | 54.5 years | 53.1 years | 45.5 years | 43.6 years | 43.2 years |
| Average tenure (parent company) | 21.9 years | 21.8 years | 14.5 years | 14.2 years | 11.7 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) -1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic construction | 84,847 | 95.1% | 19,675 | 23.2% |
| Other | 4,356 | 4.9% | 1,044 | 24.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic construction | 95.1% | 95.0% | -0.2 | 23.2% |
| Other | 4.9% | 5.0% | 0.2 | 24.0% |

Segment → industry: Domestic construction → Disaster Prevention & Infrastructure Maintenance / Domestic construction → General Contractors

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 19,330 | 21.7% | S100Z5EY |
| Capital expenditure | 1,171 | 1.3% | S100Z5EY |
| Free cash flow | 18,159 | 20.4% | 算出 |
| Investing cash flow | 235 | 0.3% | S100Z5EY |
| Financing cash flow | -14,874 | -16.7% | S100Z5EY |
| Dividends paid | 9,845 | 11.0% | S100Z5EY |
| Share buyback | 5,000 | 5.6% | S100Z5EY |
| Change in cash | 4,723 | 5.3% | S100Z5EY |
| Cash and equivalents | 37,247 | 41.8% | S100Z5EY |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 27,023 | 22,587 | 35,304 | 32,523 | 37,247 | S100UFTZ, S100WQS8, S100Z5EY |
| Total assets | 117,423 | 122,280 | 130,141 | 129,155 | 129,858 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Net assets | 94,247 | 98,076 | 104,425 | 106,392 | 108,376 | S100UFTZ, S100WQS8, S100Z5EY |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Inventories | 1,156 | 1,052 | 958 | 1,052 | 1,171 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Property, plant and equipment | 14,585 | 14,992 | 15,572 | 16,035 | 16,511 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Intangible assets excluding goodwill | 704 | 571 | 516 | 288 | 259 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Goodwill | 426 | 328 | 229 | — | — | S100RX3W, S100UFTZ, S100WQS8 |
| Investment securities | 12,101 | 11,242 | 11,511 | 10,286 | 11,463 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Current assets | 86,297 | 92,918 | 100,346 | 100,241 | 98,969 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Current liabilities | 21,463 | 22,090 | 23,375 | 20,538 | 19,043 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Total liabilities | 23,176 | 24,203 | 25,715 | 22,763 | 21,481 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Non-controlling interests | 93 | 60 | 1,330 | 1,291 | 1,454 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Equity attributable to owners of parent | 93,410 | 96,334 | 100,330 | 102,712 | 103,292 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Retained earnings | 59,162 | 65,589 | 73,088 | 80,472 | 86,053 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |
| Treasury stock | -5,514 | -9,017 | -12,521 | -12,201 | -17,202 | S100RX3W, S100UFTZ, S100WQS8, S100Z5EY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100Z5EY |
| Inventories | 1% | S100Z5EY |
| Property, plant and equipment | 13% | S100Z5EY |
| Intangibles and goodwill | 0% | S100Z5EY |
| Investment securities | 9% | S100Z5EY |
| Other assets | 48% | S100Z5EY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100Z5EY |
| Equity | 83% | S100Z5EY |
| Other liabilities | 0% | S100Z5EY |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 117,423 | 122,280 | 130,141 | 129,155 | 129,858 |
| Equity | 94,247 | 98,076 | 104,425 | 106,392 | 108,376 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,023 | 22,587 | 35,304 | 32,523 | 37,247 |

## 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) | 18.5% | S100Z5EY |
| Fixed assets ÷ total assets | 12.7% | S100Z5EY |
| Goodwill ÷ parent equity | — | —, S100Z5EY |

### 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) | 28.7% |
| Cash ÷ revenue | 41.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.8% |
| Cash vs. profit gap | 3,891 JPY mn (of net income 25.2%) |
| Shareholder returns / net income | 96.2% |
| Shareholder returns / FCF | 81.8% |
| Shareholder payments — dividends / net income | 63.8% |
| Shareholder payments — dividends / FCF | 54.2% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 1.2% |

## 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 | 15.2% | 0.69× | 10.5% | 1.26× | 13.2% | S100RX3W |
| 2023 | 15.4% | 0.70× | 10.8% | 1.26× | 13.6% | S100UFTZ |
| 2024 | 16.8% | 0.68× | 11.3% | 1.28× | 14.6% | S100WQS8 |
| 2025 | 16.6% | 0.70× | 11.6% | 1.28× | 14.8% | S100Z5EY |
| 2026 | 17.3% | 0.69× | 11.9% | 1.26× | 15.0% | S100Z5EY |

## 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 | 11.8% | 2026-06-30 |
| 一般財団法人上田記念財団 | Major shareholder | 10.8% | 2026-06-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 8.2% | 2026-06-30 |
| 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 | 7.0% | 2026-06-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.6% | 2026-06-30 |
| 第一生命保険株式会社 | Major shareholder | 4.2% | 2026-06-30 |
| 明治安田生命保険相互会社 | Major shareholder | 2.8% | 2026-06-30 |
| BBH FOR FIAM GR TR FOR EMPLOYEE BENE PLNS:FIAM INTL EQ GROWTH COM POOL （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-06-30 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.2% | 2026-06-30 |
| JPモルガン証券株式会社 | Major shareholder | 1.2% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第19期(2025/07/01－2026/06/30) | S100Z5EY | 2026-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z5EY,, |
| 有価証券報告書－第18期(2024/07/01－2025/06/30) | S100WQS8 | 2025-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQS8,, |
| 有価証券報告書－第17期(2023/07/01－2024/06/30) | S100UFTZ | 2024-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFTZ,, |
| 有価証券報告書－第16期(2022/07/01－2023/06/30) | S100RX3W | 2023-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RX3W,, |
| 有価証券報告書－第15期(令和3年7月1日－令和4年6月30日) | S100P8NH | 2022-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P8NH,, |
| 有価証券報告書－第14期(令和2年7月1日－令和3年6月30日) | S100MIC2 | 2021-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MIC2,, |

## 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).