# Smile 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8期(2025/04/01－2026/03/31) (S100YL46)
> Page: https://vizora.meequs.com/en/company/smile-holdings
> Retrieved: 2026-09-30T21:52:14.385Z

## Company

Smile Holdings, founded in 2018, is a company in Childcare listed on TSE Growth. It has 1,316 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Smile Holdings Inc. |
| Ticker | 7084 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7084.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区西五反田一丁目3番8号 |
| Representative (per filing) | 代表取締役社長 中西 正文 |
| Founded | Apr 2018 |
| Share capital | ¥606.7M |
| Employees (consolidated) | 1,316 |
| Fiscal year end | March |
| Website | www.smile-hld.com (https://www.smile-hld.com/) |
| Corporate number | 3010701035613 |
| EDINET | E35489 |
| Industries (Vizora) | Childcare |

> Profile source: annual securities report (S100YL46, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Childcare (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 10 |
| Profitability | 20.8 | 12 |
| Cash conversion | 54.2 | 12 |
| Efficiency | 12.5 | 12 |
| Financial strength | 50 | 3 |

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)

- Smile Holdings brought in ¥14.5B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit -9.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14517193000 → ¥220665000
- Net income → operating cash flow: ¥220665000 → ¥577059000（difference ¥356394000）
- Main uses of operating cash flow: CapEx ¥1028291000 / dividends ¥461672000 / buybacks ¥98214000
- Change in cash: ¥1047463000
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 | ¥14.5B |  |
| Operating income | ¥370.1M | Margin 2.5% |
| Net income | ¥220.7M | Margin 1.5% |
| Free cash flow | -¥451.2M |  |
| Employees (consolidated) | 1,316 |  |
| EPS | ¥53.74 |  |
| Diluted EPS | ¥53.49 |  |
| Book value per share | ¥863.04 |  |
| Equity ratio | 36.8% |  |
| Shares outstanding | 3,259,500 |  |
| Treasury shares | 54,078 |  |
| Shareholders | 2,022 |  |
| Cash ratio | 34.2% | Net cash -¥372.3M · Cash ÷ revenue 39.4% |
| Vs. industry median margin | -1.4 pp | Childcare |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9113368000 | ¥14517193000 | +59.3% |
| Operating income | ¥-382178000 | ¥370124000 | — |
| Operating margin | -4.2% | 2.5% | +6.7 pp |
| Employees | 1,011 people | 1,316 people | +30.2% |
| Cash and equivalents | ¥2139588000 | ¥5718375000 | +167.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,517 | 100.0% | S100YL46 |
| Cost of revenue | 12,304 | 84.8% | S100YL46 |
| Gross profit | 2,213 | 15.2% | S100YL46 |
| SG&A | 1,843 | 12.7% | S100YL46 |
| Operating income | 370 | 2.5% | S100YL46 |
| Ordinary income | 351 | 2.4% | S100YL46 |
| Pretax income | 351 | 2.4% | S100YL46 |
| Income tax | 130 | 0.9% | S100YL46 |
| Net income | 221 | 1.5% | S100YL46 |
| Net income attributable to owners | 221 | 1.5% | S100YL46 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 13 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 15.2% → Operating margin 2.5% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.3%; Core profit growth: -9.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.56×
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 | 13,657 | 14,517 | 861 | +6.3% |
| Gross profit | 1,934 | 2,213 | 279 | +14.5% |
| Operating income | 411 | 370 | -40 | -9.9% |
| Net income attributable to owners | 152 | 221 | 69 | +45.6% |
| Operating cash flow | 929 | 577 | -352 | -37.9% |
| Free cash flow | 491 | -451 | -942 | -191.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,276 | -323 | -4.4% | 1,176 | 2,307 | -41 | S100LPCI |
| FY ending Mar 2021 | 9,113 | -382 | -4.2% | 548 | 1,601 | -577 | S100OD1C |
| FY ending Mar 2022 | 10,659 | -215 | -2.0% | 686 | 2,277 | 1,257 | S100R4ZB |
| FY ending Mar 2023 | 11,861 | -32 | -0.3% | 188 | 1,178 | 885 | S100TSJQ |
| FY ending Mar 2024 | 12,867 | 233 | 1.8% | 132 | 976 | 769 | S100W4G8 |
| FY ending Mar 2025 | 13,657 | 411 | 3.0% | 152 | 929 | 491 | S100YL46 |
| FY ending Mar 2026 | 14,517 | 370 | 2.5% | 221 | 577 | -451 | S100YL46 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11M |
| Operating income per employee (consolidated) | ¥281.2K |
| Net income per employee (consolidated) | ¥167.7K |

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) | 1,103 | 1,165 | 1,241 | 1,279 | 1,316 |
| Average salary (parent company) | — | — | — | — | — |
| Average age (parent company) | 52.9 years | 53.9 years | 50.9 years | 49.7 years | 50.5 years |
| Average tenure (parent company) | 1.1 years | 2.1 years | 1.1 years | 0.7 years | 1.5 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +6.3%

## 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 | 577 | 4.0% | S100YL46 |
| Capital expenditure | 1,028 | 7.1% | S100YL46 |
| Free cash flow | -451 | -3.1% | 算出 |
| Investing cash flow | -968 | -6.7% | S100YL46 |
| Financing cash flow | 1,438 | 9.9% | S100YL46 |
| Dividends paid | 462 | 3.2% | S100YL46 |
| Share buyback | 98 | 0.7% | S100YL46 |
| Change in cash | 1,047 | 7.2% | S100YL46 |
| Cash and equivalents | 5,718 | 39.4% | S100YL46 |

## 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 | 3,154 | 2,771 | 3,593 | 4,671 | 5,718 | S100TSJQ, S100W4G8, S100YL46 |
| Total assets | 14,661 | 13,845 | 14,163 | 15,222 | 16,702 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Net assets | 6,010 | 6,196 | 6,322 | 6,497 | 6,150 | S100TSJQ, S100W4G8, S100YL46 |
| Share capital | 600 | 601 | 603 | 606 | 607 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Property, plant and equipment | 8,753 | 8,231 | 7,567 | 7,353 | 7,473 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Intangible assets excluding goodwill | 4 | 5 | 4 | 10 | 13 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Investment securities | — | 54 | 37 | 16 | 12 | S100TSJQ, S100W4G8, S100YL46 |
| Current assets | 4,550 | 4,277 | 5,368 | 6,742 | 7,988 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Current liabilities | 3,666 | 3,321 | 3,981 | 5,271 | 7,261 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Short-term borrowings | 1,861 | 1,381 | 2,055 | 2,600 | 4,837 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Long-term borrowings | 1,583 | 1,110 | 957 | 1,067 | 979 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Bonds | 855 | 710 | 565 | 420 | 275 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Interest-bearing debt | 4,298 | 3,200 | 3,577 | 4,087 | 6,091 | 算出 |
| Total liabilities | 8,651 | 7,649 | 7,842 | 8,725 | 10,552 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Equity attributable to owners of parent | 6,012 | 6,203 | 6,339 | 6,497 | 6,159 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Retained earnings | 4,913 | 5,101 | 5,233 | 5,385 | 5,144 | S100R4ZB, S100TSJQ, S100W4G8, S100YL46 |
| Treasury stock | — | — | — | — | -98 | S100YL46 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YL46 |
| Property, plant and equipment | 45% | S100YL46 |
| Intangibles and goodwill | 0% | S100YL46 |
| Investment securities | 0% | S100YL46 |
| Other assets | 21% | S100YL46 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 27% | S100YL46 |
| Equity | 37% | S100YL46 |

### 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 | 14,661 | 13,845 | 14,163 | 15,222 | 16,702 |
| Equity | 6,010 | 6,196 | 6,322 | 6,497 | 6,150 |
| Interest-bearing debt | 4,298 | 3,200 | 3,577 | 4,087 | 6,091 |
| Cash | 3,154 | 2,771 | 3,593 | 4,671 | 5,718 |

## 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) | 51.5% | S100YL46 |
| Fixed assets ÷ total assets | 44.7% | S100YL46 |
| Goodwill ÷ parent equity | — | —, S100YL46 |

### 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 | 39.4% |
| Net cash (cash − interest-bearing debt) | -¥372.3M |
| Net debt ÷ operating cash flow | 0.65× |
| Cash conversion (operating CF ÷ operating income) | 155.9% |
| Cash vs. profit gap | 356 JPY mn (of net income 161.5%) |
| Shareholder returns / net income | 253.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 209.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 167.7% |

## 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 | 6.4% | 0.73× | 4.7% | 2.44× | 11.4% | S100R4ZB |
| 2023 | 1.6% | 0.83× | 1.3% | 2.33× | 3.1% | S100TSJQ |
| 2024 | 1.0% | 0.92× | 0.9% | 2.23× | 2.1% | S100W4G8 |
| 2025 | 1.1% | 0.93× | 1.0% | 2.29× | 2.4% | S100YL46 |
| 2026 | 1.5% | 0.91× | 1.4% | 2.52× | 3.5% | S100YL46 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エーエムカンパニー | Major shareholder | 46.8% | 2026-03-31 |
| 中西 正文 | Major shareholder | 22.8% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 中西 亜由美 | Major shareholder | 2.3% | 2026-03-31 |
| 木下 圭一郎 | Major shareholder | 1.5% | 2026-03-31 |
| 小沼 滋紀 | Major shareholder | 1.3% | 2026-03-31 |
| 神谷 正俊 | Major shareholder | 0.8% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 0.7% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.5% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YL46 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL46,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W4G8 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4G8,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TSJQ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSJQ,, |
| 有価証券報告書－第5期(2022/04/01－2023/03/31) | S100R4ZB | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4ZB,, |
| 有価証券報告書－第4期(令和3年4月1日－令和4年3月31日) | S100OD1C | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD1C,, |
| 有価証券報告書－第3期(令和2年4月1日－令和3年3月31日) | S100LPCI | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPCI,, |

## 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).