# SPARX Group Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2024/04/01－2025/03/31) (S100W1JZ)
> Page: https://vizora.meequs.com/en/company/sparx-group
> Retrieved: 2026-09-30T21:18:25.431Z

## Company

SPARX Group, founded in 1988, is a company in Securities & Asset Management listed on TSE Prime. It has 193 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SPARX Group Co., Ltd. |
| Ticker | 8739 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8739.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南一丁目2番70号品川シーズンテラス |
| Representative (per filing) | 代表取締役社長 グループCEO グループCIO 阿部 修平 |
| Founded | Jun 1988 |
| Share capital | ¥8.59B |
| Employees (consolidated) | 193 |
| Average salary (parent only) | ¥14.1M |
| Fiscal year end | March |
| Website | www.sparx.jp (https://www.sparx.jp/) |
| Corporate number | 4010701012248 |
| EDINET | E05242 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100W1JZ, filed 2025-06-20). As of filing

## Key points (generated from figures)

- SPARX Group brought in ¥18B in revenue.
- Out of every ¥100 of sales, about ¥43 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +3.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥17961000000 → ¥5206000000
- Net income → operating cash flow: ¥5206000000 → ¥5063000000（difference ¥-143000000）
- Main uses of operating cash flow: CapEx ¥668000000 / dividends ¥2718000000 / buybacks ¥293000000
- Change in cash: ¥-627000000
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 | ¥18B |  |
| Operating income | ¥7.72B | Margin 43.0% |
| Net income | ¥5.25B | Margin 29.2% |
| Free cash flow | ¥4.39B |  |
| Employees (consolidated) | 193 |  |
| EPS | ¥88.11 |  |
| Book value per share | ¥612.64 |  |
| Equity ratio | 67.1% |  |
| Shares outstanding | 41,705,480 |  |
| Treasury shares | 660,500 |  |
| Shareholders | 5,300 |  |
| Average salary (parent only) | ¥14.1M | Filing company only |
| Cash ratio | 42.8% | Cash ÷ revenue 119.1% |
| Vs. industry median margin | +22.2 pp | Securities & Asset Management |
| ROE | 18.1% | Derived from disclosed figures |
| ROA | 10.9% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +46% over five years
- FY2025, operating income keeps 43 per ¥100 of revenue
- FY2025, cash is 43% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12476000000 | ¥17961000000 | +44.0% |
| Operating income | ¥4479000000 | ¥7717000000 | +72.3% |
| Operating margin | 35.9% | 43.0% | +7.1 pp |
| Employees | 169 people | 193 people | +14.2% |
| Cash and equivalents | ¥18474000000 | ¥21385000000 | +15.8% |

### Change in segment revenue mix

Span: FY ending Mar 2020 → FY ending Mar 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,961 | 100.0% | S100W1JZ |
| Operating income | 7,717 | 43.0% | S100W1JZ |
| Ordinary income | 7,778 | 43.3% | S100W1JZ |
| Pretax income | 7,935 | 44.2% | S100W1JZ |
| Income tax | 2,729 | 15.2% | S100W1JZ |
| Net income | 5,206 | 29.0% | S100W1JZ |
| Net income attributable to owners | 5,252 | 29.2% | S100W1JZ |

## Per ¥100 of revenue（FY ending Mar 2025）

| Part | JPY |
| --- | ---: |
| Operating expenses | 57 |
| Operating income | 43 |
| (Ref.) Net income | 29 |

### Margin funnel

Operating margin 43.0% → Net margin 29.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +3.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2024 → FY ending Mar 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 16,498 | 17,961 | 1,463 | +8.9% |
| Operating income | 7,476 | 7,717 | 241 | +3.2% |
| Net income attributable to owners | 6,519 | 5,252 | -1,267 | -19.4% |
| Operating cash flow | 6,044 | 5,063 | -981 | -16.2% |
| Free cash flow | 4,415 | 4,395 | -20 | -0.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 11,239 | 3,901 | 34.7% | 3,246 | 678 | — | S100QZXM |
| FY ending Mar 2020 | 12,476 | 4,479 | 35.9% | 2,301 | 4,535 | — | S100TQWZ |
| FY ending Mar 2021 | 14,295 | 6,349 | 44.4% | 3,468 | 6,118 | — | S100W1JZ |
| FY ending Mar 2022 | 14,043 | 6,464 | 46.0% | 4,070 | 2,661 | — | S100W1JZ |
| FY ending Mar 2023 | 13,360 | 5,704 | 42.7% | 4,521 | 3,105 | 2,801 | S100W1JZ |
| FY ending Mar 2024 | 16,498 | 7,476 | 45.3% | 6,519 | 6,044 | 4,415 | S100W1JZ |
| FY ending Mar 2025 | 17,961 | 7,717 | 43.0% | 5,252 | 5,063 | 4,395 | S100W1JZ |

## People and productivity（FY ending Mar 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.1M |
| Operating income per employee (consolidated) | ¥40M |
| Net income per employee (consolidated) | ¥27.2M |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 180 | 173 | 173 | 186 | 193 |
| Average salary (parent company) | ¥9.7M | ¥10.2M | ¥13.6M | ¥14.8M | ¥14.1M |
| Average age (parent company) | 48.3 years | 48.8 years | 49.7 years | 51.4 years | 49.1 years |
| Average tenure (parent company) | 8.0 years | 9.0 years | 10.0 years | 10.0 years | 9.0 years |

Year over year: Employees (consolidated) +3.8% · Revenue (consolidated) +8.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,063 | 28.2% | S100W1JZ |
| Capital expenditure | 668 | 3.7% | S100W1JZ |
| Free cash flow | 4,395 | 24.5% | 算出 |
| Investing cash flow | -2,124 | -11.8% | S100W1JZ |
| Financing cash flow | -3,391 | -18.9% | S100W1JZ |
| Dividends paid | 2,718 | 15.1% | S100W1JZ |
| Share buyback | 293 | 1.6% | S100W1JZ |
| Change in cash | -627 | -3.5% | S100W1JZ |
| Cash and equivalents | 21,385 | 119.1% | S100W1JZ |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 19,935 | 19,199 | 22,028 | 22,066 | 21,385 | S100QZXM, S100TQWZ, S100W1JZ |
| Total assets | 37,986 | 37,141 | 39,382 | 46,112 | 49,939 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Net assets | 23,276 | 24,324 | 26,047 | 31,419 | 33,507 | S100QZXM, S100TQWZ, S100W1JZ |
| Share capital | 8,587 | 8,587 | 8,587 | 8,587 | 8,587 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Property, plant and equipment | 878 | 789 | 981 | 1,027 | 3,389 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Intangible assets excluding goodwill | 15 | 9 | 19 | 1,234 | 12 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Investment securities | 11,948 | 12,155 | 10,437 | 16,289 | 19,468 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Current assets | 23,541 | 22,723 | 26,594 | 27,130 | 26,631 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Current liabilities | 11,363 | 4,571 | 7,340 | 6,547 | 7,988 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Short-term borrowings | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Long-term borrowings | 2,000 | 7,000 | 5,000 | 7,000 | 7,000 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Total liabilities | 14,710 | 12,816 | 13,335 | 14,692 | 16,432 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Non-controlling interests | 0 | 0 | 0 | -22 | 0 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Equity attributable to owners of parent | 20,709 | 22,244 | 24,091 | 27,815 | 30,343 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Retained earnings | 13,116 | 14,787 | 16,886 | 20,960 | 23,497 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |
| Treasury stock | -3,549 | -3,685 | -3,634 | -3,579 | -3,222 | S100OG3M, S100QZXM, S100TQWZ, S100W1JZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 43% | S100W1JZ |
| Property, plant and equipment | 7% | S100W1JZ |
| Intangibles and goodwill | 0% | S100W1JZ |
| Investment securities | 39% | S100W1JZ |
| Other assets | 11% | S100W1JZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100W1JZ |
| Equity | 67% | S100W1JZ |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 37,986 | 37,141 | 39,382 | 46,112 | 49,939 |
| Equity | 23,276 | 24,324 | 26,047 | 31,419 | 33,507 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,935 | 19,199 | 22,028 | 22,066 | 21,385 |

## 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) | 18.9% | S100W1JZ |
| Fixed assets ÷ total assets | 6.8% | S100W1JZ |
| Goodwill ÷ parent equity | — | —, S100W1JZ |

### 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) | 42.8% |
| Cash ÷ revenue | 119.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.6% |
| Cash vs. profit gap | -189 JPY mn (of net income -3.6%) |
| Shareholder returns / net income | 57.3% |
| Shareholder returns / FCF | 68.5% |
| Shareholder payments — dividends / net income | 51.8% |
| Shareholder payments — dividends / FCF | 61.8% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 42.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 24.3% | 0.38× | 9.1% | 1.83× | 16.7% | S100OG3M, S100W1JZ |
| 2022 | 29.0% | 0.37× | 10.8% | 1.75× | 19.0% | S100QZXM, S100W1JZ |
| 2023 | 33.8% | 0.35× | 11.8% | 1.65× | 19.5% | S100TQWZ, S100W1JZ |
| 2024 | 39.5% | 0.39× | 15.3% | 1.65× | 25.1% | S100W1JZ |
| 2025 | 29.2% | 0.37× | 10.9% | 1.65× | 18.1% | S100W1JZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 阿部 修平 | Major shareholder | 37.9% | 2025-03-31 |
| 株式会社阿部キャピタル | Major shareholder | 14.8% | 2025-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.7% | 2025-03-31 |
| HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND（常任代理人香港上海銀行東京支店） | Major shareholder | 3.7% | 2025-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2025-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人株式会社みずほ銀行） | Major shareholder | 2.4% | 2025-03-31 |
| 日本マスタートラスト信託銀行株式会社（株式付与ESOP信託口・76095口） | Major shareholder | 2.3% | 2025-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505301 （常任代理人株式会社みずほ銀行） | Major shareholder | 2.1% | 2025-03-31 |
| 光通信株式会社 | Major shareholder | 1.2% | 2025-03-31 |
| 清水 優 | Major shareholder | 0.9% | 2025-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2024/04/01－2025/03/31) | S100W1JZ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1JZ,, |
| 有価証券報告書－第35期(2023/04/01－2024/03/31) | S100TQWZ | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQWZ,, |
| 有価証券報告書－第34期(2022/04/01－2023/03/31) | S100QZXM | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZXM,, |
| 有価証券報告書－第33期(令和3年4月1日－令和4年3月31日) | S100OG3M | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG3M,, |
| 有価証券報告書－第32期(令和2年4月1日－令和3年3月31日) | S100LLDA | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLDA,, |
| 有価証券報告書－第31期(平成31年4月1日－令和2年3月31日) | S100IVEE | 2020-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100IVEE,, |

## 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).