# Shobunsha Holdings, 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67期(2025/04/01－2026/03/31) (S100YH2P)
> Page: https://vizora.meequs.com/en/company/shobunsha-holdings
> Retrieved: 2026-09-30T21:50:52.151Z

## Company

Shobunsha Holdings, founded in 1960, is a company in Software & SaaS listed on TSE Standard. It has 234 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shobunsha Holdings, Inc. |
| Ticker | 9475 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9475.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区麹町三丁目1番地 |
| Representative (per filing) | 代表取締役社長 黒田 茂夫 |
| Founded | May 1960 |
| Share capital | ¥5B |
| Employees (consolidated) | 234 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.mapple.co.jp (https://www.mapple.co.jp/) |
| Corporate number | 7010001018224 |
| EDINET | E00721 |
| Industries (Vizora) | Software & SaaS, Publishing & Bookstores, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YH2P, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Publishing & Bookstores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.2 | 17 |
| Profitability | 60.5 | 19 |
| Cash conversion | 71.9 | 16 |
| Efficiency | 2.6 | 19 |

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 69% of Shobunsha Holdings's sales come from Media Business, with Solution Business and Real Estate Business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit +151.4%.

## Company structure

- Segment revenue mix: Media Business 69.3%、Solution Business 27.1%、Real Estate Business 2.1%、Property Agent Business 1.5%
- Revenue → net income: ¥6727792000 → ¥1215053000
- Net income → operating cash flow: ¥1215053000 → ¥622077000（difference ¥-592976000）
- Main uses of operating cash flow: CapEx ¥254956000 / dividends ¥90494000 / buybacks ¥65732000
- Change in cash: ¥-941000
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 | ¥6.73B |  |
| Operating income | ¥476M | Margin 7.1% |
| Net income | ¥1.21B | Margin 18.0% |
| Free cash flow | ¥367.1M |  |
| Largest business | Media Business | of segment revenue 69.3% |
| Employees (consolidated) | 234 |  |
| EPS | ¥59.37 |  |
| Book value per share | ¥770.58 |  |
| Equity ratio | 75.6% |  |
| Shares outstanding | 18,178,173 |  |
| Treasury shares | 156,600 |  |
| Shareholders | 28,960 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 34.2% | Cash ÷ revenue 96.0% |
| Vs. industry median margin | +1.6 pp | Publishing & Bookstores |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, parent-company salary changed +33% over five years
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6313747000 | ¥6727792000 | +6.6% |
| Operating income | ¥-1448806000 | ¥475993000 | — |
| Operating margin | -22.9% | 7.1% | +30 pp |
| Employees | 312 people | 234 people | -25.0% |
| Cash and equivalents | ¥4629245000 | ¥6459846000 | +39.5% |

### 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 |
| --- | ---: |
| メディア事業 → メディア事業 | 42.8% |
| ソリューション事業 → ソリューション事業 | 21.3% |
| 不動産事業 → 事業再編・廃止 | 15.3% |
| 観光事業 → 事業再編・廃止 | 1.8% |
| その他 → 事業再編・廃止 | 18.8% |
| 新設・再編 → メディア事業 | 26.5% |
| 新設・再編 → ソリューション事業 | 5.8% |
| 新設・再編 → 販売代理事業 | 1.5% |
| 新設・再編 → 不動産事業 | 2.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Media Business | 5 years | +7.4% | ¥4661882000 | 5.8% | 2 |
| Solution Business | 5 years | +2.3% | ¥1822055000 | -1.8% | 2 |
| Real Estate Business | 2 years | +35.7% | ¥143888000 | 45.2% | 2 |
| Property Agent Business | 3 years | +128.2% | ¥99965000 | 68.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,728 | 100.0% | S100YH2P |
| Cost of revenue | 4,055 | 60.3% | S100YH2P |
| Gross profit | 2,673 | 39.7% | S100YH2P |
| SG&A | 2,197 | 32.7% | S100YH2P |
| Operating income | 476 | 7.1% | S100YH2P |
| Ordinary income | 670 | 10.0% | S100YH2P |
| Pretax income | 561 | 8.3% | S100YH2P |
| Income tax | -654 | -9.7% | S100YH2P |
| Net income | 1,215 | 18.1% | S100YH2P |
| Net income attributable to owners | 1,211 | 18.0% | S100YH2P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 33 |
| Operating income | 7 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 39.7% → Operating margin 7.1% → Net margin 18.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.5%; Core profit growth: +151.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 20.12×
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 | 6,257 | 6,728 | 471 | +7.5% |
| Gross profit | 2,414 | 2,673 | 259 | +10.7% |
| Operating income | 189 | 476 | 287 | +151.4% |
| Net income attributable to owners | 541 | 1,211 | 669 | +123.6% |
| Operating cash flow | 700 | 622 | -78 | -11.2% |
| Free cash flow | 329 | 367 | 38 | +11.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,074 | -66 | -0.8% | 130 | -541 | -972 | S100LTRL |
| FY ending Mar 2021 | 6,314 | -1,449 | -22.9% | -2,374 | 39 | -457 | S100OKZD |
| FY ending Mar 2022 | 4,619 | -1,407 | -30.5% | -1,578 | -486 | -656 | S100R8LA |
| FY ending Mar 2023 | 5,553 | 132 | 2.4% | 30 | 496 | 317 | S100TW1Z |
| FY ending Mar 2024 | 6,410 | 438 | 6.8% | 1,771 | -664 | -797 | S100W7UR |
| FY ending Mar 2025 | 6,257 | 189 | 3.0% | 541 | 700 | 329 | S100YH2P |
| FY ending Mar 2026 | 6,728 | 476 | 7.1% | 1,211 | 622 | 367 | S100YH2P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.8M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥5.2M |

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) | 229 | 232 | 228 | 228 | 234 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥5.6M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 47.3 years | 47.9 years | 47.6 years | 48.3 years | 49.3 years |
| Average tenure (parent company) | 18.8 years | 19.6 years | 19.1 years | 20.0 years | 20.9 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Media Business | 4,662 | 69.3% | 270 | 5.8% |
| Solution Business | 1,822 | 27.1% | -32 | -1.8% |
| Property Agent Business | 100 | 1.5% | 68 | 68.5% |
| Real Estate Business | 144 | 2.1% | 65 | 45.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Media Business | 69.3% | 67.0% | -2.3 | 5.8% |
| Solution Business | 27.1% | — | — | -1.8% |
| Property Agent Business | 1.5% | 17.0% | 15.5 | 68.5% |
| Real Estate Business | 2.1% | 16.1% | 13.9 | 45.2% |

Loss-making segment (excluded from profit shares): Solution Business -32 JPY mn

Segment → industry: Solution Business → Software & SaaS / Media Business → Publishing & Bookstores / Real Estate Business → Real Estate Development & 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 | 622 | 9.2% | S100YH2P |
| Capital expenditure | 255 | 3.8% | S100YH2P |
| Free cash flow | 367 | 5.5% | 算出 |
| Investing cash flow | -199 | -3.0% | S100YH2P |
| Financing cash flow | -427 | -6.4% | S100YH2P |
| Dividends paid | 90 | 1.3% | S100YH2P |
| Share buyback | 66 | 1.0% | S100YH2P |
| Change in cash | -1 | -0.0% | S100YH2P |
| Cash and equivalents | 6,460 | 96.0% | S100YH2P |

## 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 | 3,970 | 4,741 | 6,277 | 6,461 | 6,460 | S100TW1Z, S100W7UR, S100YH2P |
| Total assets | 15,251 | 15,580 | 18,879 | 18,417 | 18,900 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Net assets | 10,462 | 10,514 | 12,690 | 13,021 | 14,332 | S100TW1Z, S100W7UR, S100YH2P |
| Share capital | 10,141 | 10,141 | 10,141 | 5,000 | 5,000 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Property, plant and equipment | 4,790 | 4,345 | 3,403 | 3,546 | 3,480 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Intangible assets excluding goodwill | 9 | 65 | 93 | 134 | 260 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Goodwill | — | — | — | — | 60 | S100YH2P |
| Investment securities | 2,241 | 2,102 | 2,675 | 2,885 | 3,073 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Current assets | 6,683 | 7,588 | 10,647 | 10,227 | 10,231 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Current liabilities | 3,853 | 4,080 | 5,028 | 4,207 | 3,838 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Trade payables | 517 | 578 | 573 | 577 | 584 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Short-term borrowings | 770 | 770 | 770 | 640 | 376 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Long-term borrowings | — | — | — | — | 115 | S100YH2P |
| Total liabilities | 4,789 | 5,066 | 6,189 | 5,396 | 4,568 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Non-controlling interests | — | — | — | — | 42 | S100YH2P |
| Equity attributable to owners of parent | 9,663 | 9,693 | 11,464 | 11,914 | 12,969 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Retained earnings | -4,646 | -4,616 | -2,845 | 723 | 1,843 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |
| Treasury stock | -1 | -1 | -1 | -1 | -66 | S100R8LA, S100TW1Z, S100W7UR, S100YH2P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YH2P |
| Property, plant and equipment | 18% | S100YH2P |
| Intangibles and goodwill | 2% | S100YH2P |
| Investment securities | 16% | S100YH2P |
| Other assets | 30% | S100YH2P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YH2P |
| Other liabilities | 21% | S100YH2P |
| Equity | 76% | S100YH2P |
| Other liabilities | 0% | S100YH2P |

### 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 | 15,251 | 15,580 | 18,879 | 18,417 | 18,900 |
| Equity | 10,462 | 10,514 | 12,690 | 13,021 | 14,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,970 | 4,741 | 6,277 | 6,461 | 6,460 |

## 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) | 51.7% | S100YH2P |
| Fixed assets ÷ total assets | 18.4% | S100YH2P |
| Goodwill ÷ parent equity | 0.5% | S100YH2P |

### 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) | 34.2% |
| Cash ÷ revenue | 96.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 130.7% |
| Cash vs. profit gap | -589 JPY mn (of net income -48.6%) |
| Shareholder returns / net income | 12.9% |
| Shareholder returns / FCF | 42.6% |
| Shareholder payments — dividends / net income | 7.5% |
| Shareholder payments — dividends / FCF | 24.6% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 32.0% |

## 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 | — | —× | -10.3% | —× | — | S100R8LA |
| 2023 | 0.5% | 0.36× | 0.2% | 1.59× | 0.3% | S100TW1Z |
| 2024 | 27.6% | 0.37× | 10.3% | 1.63× | 16.7% | S100W7UR |
| 2025 | 8.7% | 0.34× | 2.9% | 1.60× | 4.6% | S100YH2P |
| 2026 | 18.0% | 0.36× | 6.5% | 1.50× | 9.7% | S100YH2P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エムティーアイ | Major shareholder | 29.9% | 2026-03-31 |
| 株式会社ＭＳＥ | Major shareholder | 19.0% | 2026-03-31 |
| 黒田 茂夫 | Major shareholder | 10.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 5.1% | 2026-03-31 |
| 昭文社ホールディングス社員持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社ファウンダー・マップル | Major shareholder | 1.0% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 0.7% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 河村 政一 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YH2P | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH2P,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W7UR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7UR,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TW1Z | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW1Z,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R8LA | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8LA,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OKZD | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKZD,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LTRL | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTRL,, |

## 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).