# SLD Entertainment Inc.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第23期(2025/03/01－2026/02/28) (S100Y6RF)
> Page: https://vizora.meequs.com/en/company/sld-entertainment
> Retrieved: 2026-09-30T21:02:49.845Z

## Company

SLD Entertainment, founded in 2004, is a company in Restaurants & Pubs listed on TSE Standard. It has 137 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SLD Entertainment Inc. |
| Ticker | 3223 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3223.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝四丁目1番23号 |
| Representative (per filing) | 代表取締役社長 有村 譲 |
| Founded | Jan 2004 |
| Share capital | ¥48.9M |
| Employees (consolidated) | 137 |
| Average salary (parent only) | ¥4.2M |
| Fiscal year end | February |
| Website | www.sld-inc.com (https://www.sld-inc.com/) |
| Corporate number | 1011001043721 |
| EDINET | E31291 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100Y6RF, filed 2026-05-28). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 31.3 | 56 |
| Profitability | 43.2 | 66 |
| Cash conversion | 6.4 | 55 |
| Efficiency | 97.7 | 66 |

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)

- SLD Entertainment brought in ¥3.66B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit -12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3656915000 → ¥87417000
- Net income → operating cash flow: ¥87417000 → ¥87520000（difference ¥103000）
- Main uses of operating cash flow: CapEx ¥35282000 / dividends ¥32000000 / buybacks —
- Change in cash: ¥-92843000
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 | ¥3.66B |  |
| Operating income | ¥126.1M | Margin 3.4% |
| Net income | ¥87.4M | Margin 2.4% |
| Free cash flow | ¥52.2M |  |
| Employees (consolidated) | 137 |  |
| EPS | ¥35.51 |  |
| Book value per share | ¥-179.32 |  |
| Equity ratio | 54.8% |  |
| Shares outstanding | 1,560,864 |  |
| Treasury shares | 100 |  |
| Shareholders | 1,770 |  |
| Average salary (parent only) | ¥4.2M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 6.1% |
| Vs. industry median margin | -0.5 pp | Restaurants & Pubs |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2315017000 | ¥3656915000 | +58.0% |
| Operating income | ¥-744810000 | ¥126070000 | — |
| Operating margin | -32.2% | 3.4% | +35.6 pp |
| Employees | 162 people | 137 people | -15.4% |
| Cash and equivalents | ¥733338000 | ¥224393000 | -69.4% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,657 | 100.0% | S100Y6RF |
| Cost of revenue | 711 | 19.4% | S100Y6RF |
| Gross profit | 2,946 | 80.6% | S100Y6RF |
| SG&A | 2,820 | 77.1% | S100Y6RF |
| Operating income | 126 | 3.4% | S100Y6RF |
| Ordinary income | 132 | 3.6% | S100Y6RF |
| Pretax income | 108 | 3.0% | S100Y6RF |
| Income tax | 20 | 0.6% | S100Y6RF |
| Net income | 87 | 2.4% | S100Y6RF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 19 |
| SG&A | 77 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 80.6% → Operating margin 3.4% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.1%; Core profit growth: -12.7%
Operating leverage (core profit growth ÷ revenue growth): 112.78×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,661 | 3,657 | -4 | -0.1% |
| Gross profit | 2,949 | 2,946 | -3 | -0.1% |
| Operating income | 144 | 126 | -18 | -12.7% |
| Operating cash flow | 121 | 88 | -34 | -27.9% |
| Free cash flow | 101 | 52 | -49 | -48.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 4,929 | 9 | 0.2% | 3 | 103 | 48 | S100LF1P |
| FY ending Feb 2021 | 2,315 | -745 | -32.2% | -741 | -390 | -409 | S100O514 |
| FY ending Feb 2022 | 2,432 | -686 | -28.2% | 14 | 13 | -2 | S100S0JZ |
| FY ending Feb 2023 | 3,090 | -260 | -8.4% | -239 | -216 | -232 | S100TINN |
| FY ending Feb 2024 | 3,586 | 134 | 3.7% | 177 | 15 | -2 | S100VUG3 |
| FY ending Feb 2025 | 3,661 | 144 | 3.9% | 144 | 121 | 101 | S100Y6RF |
| FY ending Feb 2026 | 3,657 | 126 | 3.4% | 87 | 88 | 52 | S100Y6RF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥920.2K |
| Net income per employee (consolidated) | ¥638.1K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 152 | 144 | 127 | 133 | 137 |
| Average salary (parent company) | ¥3.7M | ¥3.8M | ¥3.9M | ¥4.1M | ¥4.2M |
| Average age (parent company) | 29.8 years | 30.4 years | 30.9 years | 32.0 years | 32.4 years |
| Average tenure (parent company) | 4.6 years | 4.8 years | 4.2 years | 4.9 years | 5.2 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) -0.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 88 | 2.4% | S100Y6RF |
| Capital expenditure | 35 | 1.0% | S100Y6RF |
| Free cash flow | 52 | 1.4% | 算出 |
| Investing cash flow | -48 | -1.3% | S100Y6RF |
| Financing cash flow | -132 | -3.6% | S100Y6RF |
| Dividends paid | 32 | 0.9% | S100Y6RF |
| Change in cash | -93 | -2.5% | S100Y6RF |
| Cash and equivalents | 224 | 6.1% | S100Y6RF |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 478 | 339 | 321 | 317 | 224 | S100TINN, S100VUG3, S100Y6RF |
| Total assets | 1,295 | 1,046 | 1,048 | 1,074 | 1,007 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Net assets | 481 | 240 | 386 | 498 | 552 | S100TINN, S100VUG3, S100Y6RF |
| Share capital | 49 | 49 | 49 | 49 | 49 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Property, plant and equipment | 87 | 61 | 53 | 80 | 68 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Intangible assets excluding goodwill | 2 | 1 | 1 | 0 | 0 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Investment securities | 2 | 2 | 2 | 2 | 0 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Current assets | 900 | 682 | 676 | 671 | 646 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Current liabilities | 617 | 675 | 587 | 478 | 368 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Short-term borrowings | — | 64 | 20 | 100 | — | S100TINN, S100VUG3, S100Y6RF |
| Long-term borrowings | 118 | 45 | — | — | — | S100S0JZ, S100TINN |
| Total liabilities | 814 | 805 | 662 | 577 | 455 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Equity attributable to owners of parent | 478 | 239 | 385 | 497 | 552 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Retained earnings | 14 | -225 | -48 | 96 | 152 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100S0JZ, S100TINN, S100VUG3, S100Y6RF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y6RF |
| Property, plant and equipment | 7% | S100Y6RF |
| Intangibles and goodwill | 0% | S100Y6RF |
| Other assets | 71% | S100Y6RF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100Y6RF |
| Equity | 55% | S100Y6RF |
| Other liabilities | 0% | S100Y6RF |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,295 | 1,046 | 1,048 | 1,074 | 1,007 |
| Equity | 481 | 240 | 386 | 498 | 552 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 478 | 339 | 321 | 317 | 224 |

## 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) | 1.9% | S100Y6RF |
| Fixed assets ÷ total assets | 6.8% | S100Y6RF |
| Goodwill ÷ parent equity | — | —, S100Y6RF |

### 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) | 22.3% |
| Cash ÷ revenue | 6.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.4% |
| Cash vs. profit gap | 0 JPY mn (of net income 0.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | 61.3% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 55.3% |

## 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 | 0.6% | 1.88× | 1.1% | 2.71× | 2.9% | S100S0JZ |
| 2023 | — | —× | -20.4% | —× | — | S100TINN |
| 2024 | 4.9% | 3.42× | 16.9% | 3.35× | 56.8% | S100VUG3 |
| 2025 | 3.9% | 3.45× | 13.6% | 2.41× | 32.6% | S100Y6RF |
| 2026 | 2.4% | 3.51× | 8.4% | 1.98× | 16.7% | S100Y6RF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＤＤグループ | Major shareholder | 43.0% | 2026-02-28 |
| 野村證券株式会社 | Major shareholder | 3.5% | 2026-02-28 |
| 上遠野 俊一 | Major shareholder | 1.7% | 2026-02-28 |
| SB・A2号投資事業有限責任組合 | Major shareholder | 1.6% | 2026-02-28 |
| 伴 直樹 | Major shareholder | 1.6% | 2026-02-28 |
| 麒麟麦酒株式会社 | Major shareholder | 1.3% | 2026-02-28 |
| 楽天証券株式会社 | Major shareholder | 1.0% | 2026-02-28 |
| 高梨 雄一朗 | Major shareholder | 0.6% | 2026-02-28 |
| 株式会社SBI証券 | Major shareholder | 0.5% | 2026-02-28 |
| JPモルガン証券株式会社 | Major shareholder | 0.5% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/03/01－2026/02/28) | S100Y6RF | 2026-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6RF,, |
| 有価証券報告書－第22期(2024/03/01－2025/02/28) | S100VUG3 | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUG3,, |
| 有価証券報告書－第21期(2023/03/01－2024/02/29) | S100TINN | 2024-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TINN,, |
| 訂正有価証券報告書－第20期(2022/03/01－2023/02/28) | S100S0JZ | 2023-10-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S0JZ,, |
| 有価証券報告書－第19期(令和3年3月1日－令和4年2月28日) | S100O514 | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O514,, |
| 有価証券報告書－第18期(令和2年3月1日－令和3年2月28日) | S100LF1P | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF1P,, |

## 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).