# SRS HOLDINGS CO.,LTD.: 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58期(2025/04/01－2026/03/31) (S100YIH4)
> Page: https://vizora.meequs.com/en/company/srs-holdings
> Retrieved: 2026-09-30T20:42:21.669Z

## Company

SRS Holdings is a company in Restaurants & Pubs listed on TSE Prime. It has 1,927 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SRS HOLDINGS CO.,LTD. |
| Ticker | 8163 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8163.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区安土町二丁目3番13号 大阪国際ビルディング30階 |
| Representative (per filing) | 代表取締役執行役員社長 重里 政彦 |
| Share capital | ¥11.1B |
| Employees (consolidated) | 1,927 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | srs-holdings.co.jp (https://srs-holdings.co.jp/) |
| Corporate number | 4120101022786 |
| EDINET | E03090 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YIH4, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.2 | 56 |
| Profitability | 50.8 | 66 |
| Cash conversion | 50 | 55 |
| Efficiency | 62.9 | 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)

- SRS Holdings brought in ¥76.4B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +13.3% from the prior year, operating profit +13.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥76421955000 → ¥1769819000
- Net income → operating cash flow: ¥1769819000 → ¥4871847000（difference ¥3102028000）
- Main uses of operating cash flow: CapEx ¥3040607000 / dividends ¥311023000 / buybacks —
- Change in cash: ¥719386000
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 | ¥76.4B |  |
| Operating income | ¥3.05B | Margin 4.0% |
| Net income | ¥1.69B | Margin 2.2% |
| Free cash flow | ¥1.83B |  |
| Employees (consolidated) | 1,927 |  |
| EPS | ¥15.99 |  |
| Diluted EPS | ¥14.36 |  |
| Book value per share | ¥392.17 |  |
| Equity ratio | 37.8% |  |
| Shares outstanding | 41,470,184 |  |
| Treasury shares | 300 |  |
| Shareholders | 29,491 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 28.2% | Cash ÷ revenue 17.4% |
| Vs. industry median margin | +0.1 pp | Restaurants & Pubs |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43707743000 | ¥76421955000 | +74.8% |
| Operating income | ¥-3802986000 | ¥3051279000 | — |
| Operating margin | -8.7% | 4.0% | +12.7 pp |
| Employees | 1,438 people | 1,927 people | +34.0% |
| Cash and equivalents | ¥9431344000 | ¥13287030000 | +40.9% |

### 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 | 76,422 | 100.0% | S100YIH4 |
| Cost of revenue | 26,290 | 34.4% | S100YIH4 |
| Gross profit | 50,132 | 65.6% | S100YIH4 |
| SG&A | 47,081 | 61.6% | S100YIH4 |
| Operating income | 3,051 | 4.0% | S100YIH4 |
| Ordinary income | 2,994 | 3.9% | S100YIH4 |
| Pretax income | 2,922 | 3.8% | S100YIH4 |
| Income tax | 1,152 | 1.5% | S100YIH4 |
| Net income | 1,770 | 2.3% | S100YIH4 |
| Net income attributable to owners | 1,695 | 2.2% | S100YIH4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 34 |
| SG&A | 62 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 65.6% → Operating margin 4.0% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.3%; Core profit growth: +13.9%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.05×
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 | 67,478 | 76,422 | 8,944 | +13.3% |
| Gross profit | 44,563 | 50,132 | 5,568 | +12.5% |
| Operating income | 2,679 | 3,051 | 372 | +13.9% |
| Net income attributable to owners | 926 | 1,695 | 769 | +83.1% |
| Operating cash flow | 3,678 | 4,872 | 1,194 | +32.5% |
| Free cash flow | 1,367 | 1,831 | 465 | +34.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,643 | 187 | 0.4% | -2,487 | 1,244 | -1,231 | S100LQUE |
| FY ending Mar 2021 | 43,708 | -3,803 | -8.7% | -4,068 | -3,533 | -4,678 | S100OEDI |
| FY ending Mar 2022 | 42,885 | -4,636 | -10.8% | 1,575 | 4,705 | 2,825 | S100R3AB |
| FY ending Mar 2023 | 54,505 | -607 | -1.1% | -1,451 | 2,076 | 94 | S100TUTS |
| FY ending Mar 2024 | 60,228 | 2,157 | 3.6% | 1,798 | 3,727 | 1,511 | S100VZKI |
| FY ending Mar 2025 | 67,478 | 2,679 | 4.0% | 926 | 3,678 | 1,367 | S100YIH4 |
| FY ending Mar 2026 | 76,422 | 3,051 | 4.0% | 1,695 | 4,872 | 1,831 | S100YIH4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.7M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥879.4K |

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) | 1,402 | 1,370 | 1,384 | 1,742 | 1,927 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥6.7M | ¥7M | ¥7.3M |
| Average age (parent company) | 47.9 years | 48.9 years | 49.2 years | 48.8 years | 49.0 years |
| Average tenure (parent company) | 16.4 years | 15.5 years | 14.5 years | 14.6 years | 15.2 years |

Year over year: Employees (consolidated) +10.6% · Revenue (consolidated) +13.3%

## 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 | 4,872 | 6.4% | S100YIH4 |
| Capital expenditure | 3,041 | 4.0% | S100YIH4 |
| Free cash flow | 1,831 | 2.4% | 算出 |
| Investing cash flow | -2,759 | -3.6% | S100YIH4 |
| Financing cash flow | -1,398 | -1.8% | S100YIH4 |
| Dividends paid | 311 | 0.4% | S100YIH4 |
| Change in cash | 719 | 0.9% | S100YIH4 |
| Cash and equivalents | 13,287 | 17.4% | S100YIH4 |

## 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 | 12,835 | 12,150 | 12,372 | 12,568 | 13,287 | S100TUTS, S100VZKI, S100YIH4 |
| Total assets | 35,493 | 34,377 | 35,734 | 45,944 | 47,146 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Net assets | 14,390 | 14,056 | 16,159 | 17,022 | 18,441 | S100TUTS, S100VZKI, S100YIH4 |
| Share capital | 10,454 | 11,078 | 11,078 | 11,078 | 11,078 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Property, plant and equipment | 9,081 | 8,658 | 9,295 | 11,085 | 12,335 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Intangible assets excluding goodwill | 1,236 | 2,030 | 1,768 | 8,439 | 8,137 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Goodwill | 577 | 1,084 | 1,005 | 5,319 | 5,387 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Investment securities | 622 | 637 | 972 | 1,189 | 901 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Current assets | 17,865 | 16,514 | 17,028 | 18,091 | 19,319 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Current liabilities | 8,576 | 9,190 | 9,920 | 11,184 | 12,060 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Long-term borrowings | 4,011 | 3,941 | 3,740 | 5,441 | 5,513 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Bonds | 5,100 | 4,165 | 3,193 | 8,511 | 7,684 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Total liabilities | 21,102 | 20,321 | 19,575 | 28,922 | 28,704 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Non-controlling interests | 279 | 340 | 423 | 523 | 598 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Equity attributable to owners of parent | 14,791 | 14,349 | 16,148 | 16,763 | 18,149 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Retained earnings | 145 | -1,544 | 708 | 1,323 | 2,706 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |
| Treasury stock | -120 | -120 | -120 | -120 | -117 | S100R3AB, S100TUTS, S100VZKI, S100YIH4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YIH4 |
| Property, plant and equipment | 26% | S100YIH4 |
| Intangibles and goodwill | 29% | S100YIH4 |
| Investment securities | 2% | S100YIH4 |
| Other assets | 15% | S100YIH4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YIH4 |
| Equity | 39% | S100YIH4 |
| Other liabilities | 0% | S100YIH4 |

### 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 | 35,493 | 34,377 | 35,734 | 45,944 | 47,146 |
| Equity | 14,390 | 14,056 | 16,159 | 17,022 | 18,441 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,835 | 12,150 | 12,372 | 12,568 | 13,287 |

## 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) | 16.1% | S100YIH4 |
| Fixed assets ÷ total assets | 26.2% | S100YIH4 |
| Goodwill ÷ parent equity | 29.7% | S100YIH4 |

Goodwill over 4 years: 577 → 5,387 JPY; total investing cash flow: -20,175 JPY. This does not imply causation.

### 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) | 28.2% |
| Cash ÷ revenue | 17.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 159.7% |
| Cash vs. profit gap | 3,177 JPY mn (of net income 187.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 18.4% |
| Shareholder payments — dividends / FCF | 17.0% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 56.6% |

## 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 | 3.7% | 1.21× | 4.4% | 2.40× | 10.6% | S100R3AB |
| 2023 | — | —× | -4.2% | —× | — | S100TUTS |
| 2024 | 3.0% | 1.72× | 5.1% | 2.30× | 11.8% | S100VZKI |
| 2025 | 1.4% | 1.65× | 2.3% | 2.48× | 5.6% | S100YIH4 |
| 2026 | 2.2% | 1.64× | 3.6% | 2.67× | 9.7% | S100YIH4 |

## 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 | 7.0% | 2026-03-31 |
| エイチ・ツー・オー リテイリング株式会社 | Major shareholder | 6.2% | 2026-03-31 |
| 重里 欣孝 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.9% | 2026-03-31 |
| 重里 百合子 | Major shareholder | 1.9% | 2026-03-31 |
| 麒麟麦酒株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.9% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| SRSホールディングス従業員持株会 | Major shareholder | 0.5% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第58期(2025/04/01－2026/03/31) | S100YIH4 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIH4,, |
| 有価証券報告書－第57期(2024/04/01－2025/03/31) | S100VZKI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZKI,, |
| 有価証券報告書－第56期(2023/04/01－2024/03/31) | S100TUTS | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUTS,, |
| 有価証券報告書－第55期(2022/04/01－2023/03/31) | S100R3AB | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3AB,, |
| 有価証券報告書－第54期(令和3年4月1日－令和4年3月31日) | S100OEDI | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEDI,, |
| 有価証券報告書－第53期(令和2年4月1日－令和3年3月31日) | S100LQUE | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQUE,, |

## 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).