# SUGI HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/03/01－2026/02/28) (S100Y3QN)
> Page: https://vizora.meequs.com/en/company/sugi-holdings
> Retrieved: 2026-09-30T19:53:57.335Z

## Company

Sugi Holdings, founded in 1982, is a company in Drugstores & Pharmacies listed on TSE Prime. It has 13,417 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUGI HOLDINGS CO.,LTD. |
| Ticker | 7649 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7649.T) |
| Listing | TSE Prime |
| Head office | 愛知県安城市三河安城町一丁目8番地4 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 杉浦 克典 |
| Founded | Mar 1982 |
| Share capital | ¥15.4B |
| Employees (consolidated) | 13,417 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | February |
| Website | www.sugi-hd.co.jp (https://www.sugi-hd.co.jp/) |
| Corporate number | 9180301013006 |
| EDINET | E03344 |
| Industries (Vizora) | Drugstores & Pharmacies |

> Profile source: annual securities report (S100Y3QN, filed 2026-05-20). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.6 | 16 |
| Profitability | 65.8 | 19 |
| Cash conversion | 91.7 | 18 |
| Efficiency | 65.8 | 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)

- Sugi Holdings brought in ¥1.01T in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +15.1% from the prior year, operating profit +14.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥1010336000000 → ¥44974000000
- Net income → operating cash flow: ¥44974000000 → ¥86779000000（difference ¥41805000000）
- Main uses of operating cash flow: CapEx ¥25746000000 / dividends ¥6329000000 / buybacks ¥0
- Change in cash: ¥58414000000
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 | ¥1.01T |  |
| Operating income | ¥48.6B | Margin 4.8% |
| Net income | ¥45B | Margin 4.5% |
| Free cash flow | ¥61B |  |
| Employees (consolidated) | 13,417 |  |
| EPS | ¥77.8 |  |
| Book value per share | ¥1272.24 |  |
| Equity ratio | 47.3% |  |
| Shares outstanding | 189,992,514 |  |
| Treasury shares | 9,019,600 |  |
| Shareholders | 39,411 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +0.5 pp | Drugstores & Pharmacies |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥602850000000 | ¥1010336000000 | +67.6% |
| Operating income | ¥34041000000 | ¥48568000000 | +42.7% |
| Operating margin | 5.6% | 4.8% | -0.8 pp |
| Employees | 6,710 people | 13,417 people | +100.0% |
| Cash and equivalents | ¥55845000000 | ¥111150000000 | +99.0% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,010,336 | 100.0% | S100Y3QN |
| Cost of revenue | 689,131 | 68.2% | S100Y3QN |
| Gross profit | 321,205 | 31.8% | S100Y3QN |
| SG&A | 272,636 | 27.0% | S100Y3QN |
| Operating income | 48,568 | 4.8% | S100Y3QN |
| Ordinary income | 50,062 | 5.0% | S100Y3QN |
| Pretax income | 45,169 | 4.5% | S100Y3QN |
| Income tax | 194 | 0.0% | S100Y3QN |
| Net income | 44,974 | 4.5% | S100Y3QN |
| Net income attributable to owners | 44,982 | 4.5% | S100Y3QN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.8% → Operating margin 4.8% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.1%; Core profit growth: +14.1%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.94×
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 | 878,021 | 1,010,336 | 132,315 | +15.1% |
| Gross profit | 275,043 | 321,205 | 46,162 | +16.8% |
| Operating income | 42,563 | 48,568 | 6,005 | +14.1% |
| Net income attributable to owners | 25,689 | 44,982 | 19,293 | +75.1% |
| Operating cash flow | 36,941 | 86,779 | 49,838 | +134.9% |
| Free cash flow | 10,905 | 61,033 | 50,128 | +459.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 541,964 | 29,762 | 5.5% | 20,782 | 45,353 | 24,966 | S100LCYK |
| FY ending Feb 2021 | 602,850 | 34,041 | 5.6% | 21,120 | 34,027 | 12,464 | S100O3H3 |
| FY ending Feb 2022 | 625,477 | 32,137 | 5.1% | 19,389 | 7,174 | -16,205 | S100QUCN |
| FY ending Feb 2023 | 667,647 | 31,658 | 4.7% | 19,007 | 38,279 | 16,767 | S100TGZR |
| FY ending Feb 2024 | 744,477 | 36,622 | 4.9% | 21,979 | 39,041 | 6,341 | S100VU25 |
| FY ending Feb 2025 | 878,021 | 42,563 | 4.8% | 25,689 | 36,941 | 10,905 | S100Y3QN |
| FY ending Feb 2026 | 1,010,336 | 48,568 | 4.8% | 44,982 | 86,779 | 61,033 | S100Y3QN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.3M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 7,308 | 7,727 | 8,724 | 11,820 | 13,417 |
| Average salary (parent company) | ¥7.3M | ¥7.1M | ¥8.6M | ¥8.8M | ¥8.3M |
| Average age (parent company) | 47.2 years | 46.5 years | 52.9 years | 46.0 years | 44.5 years |
| Average tenure (parent company) | 15.4 years | 15.5 years | 7.1 years | 8.5 years | 10.9 years |

Year over year: Employees (consolidated) +13.5% · Revenue (consolidated) +15.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 86,779 | 8.6% | S100Y3QN |
| Capital expenditure | 25,746 | 2.5% | S100Y3QN |
| Free cash flow | 61,033 | 6.0% | 算出 |
| Investing cash flow | -69,639 | -6.9% | S100Y3QN |
| Financing cash flow | 41,213 | 4.1% | S100Y3QN |
| Dividends paid | 6,329 | 0.6% | S100Y3QN |
| Share buyback | 0 | 0.0% | S100Y3QN |
| Change in cash | 58,414 | 5.8% | S100Y3QN |
| Cash and equivalents | 111,150 | 11.0% | S100Y3QN |

## 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 | 33,831 | 34,622 | 37,406 | 52,736 | 111,150 | S100TGZR, S100VU25, S100Y3QN |
| Total assets | 334,758 | 351,895 | 390,563 | 495,116 | 614,493 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Net assets | 213,890 | 216,538 | 233,362 | 250,704 | 290,474 | S100TGZR, S100VU25, S100Y3QN |
| Share capital | 15,434 | 15,434 | 15,434 | 15,434 | 15,434 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Property, plant and equipment | 89,366 | 91,913 | 107,863 | 119,540 | 123,278 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Intangible assets excluding goodwill | 6,612 | 8,121 | 10,355 | 52,110 | 51,539 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Goodwill | — | — | 2,556 | 43,663 | 43,119 | S100VU25, S100Y3QN |
| Investment securities | 4,297 | 5,195 | 14,995 | 13,936 | 32,688 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Current assets | 192,434 | 199,984 | 199,046 | 246,479 | 311,094 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Current liabilities | 102,565 | 117,015 | 136,648 | 216,079 | 231,652 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Short-term borrowings | — | — | 0 | 43,069 | 22,846 | S100VU25, S100Y3QN |
| Long-term borrowings | — | — | 521 | 2,064 | 67,193 | S100VU25, S100Y3QN |
| Total liabilities | 120,868 | 135,356 | 157,200 | 244,412 | 324,018 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Non-controlling interests | — | — | — | — | 16 | S100Y3QN |
| Equity attributable to owners of parent | 213,194 | 216,007 | 233,178 | 250,620 | 289,290 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Retained earnings | 182,427 | 194,155 | 211,310 | 231,872 | 270,520 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |
| Treasury stock | -9,300 | -18,215 | -18,198 | -18,179 | -18,158 | S100QUCN, S100TGZR, S100VU25, S100Y3QN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100Y3QN |
| Property, plant and equipment | 20% | S100Y3QN |
| Intangibles and goodwill | 16% | S100Y3QN |
| Investment securities | 5% | S100Y3QN |
| Other assets | 41% | S100Y3QN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100Y3QN |
| Equity | 47% | S100Y3QN |
| Other liabilities | 0% | S100Y3QN |

### 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 | 334,758 | 351,895 | 390,563 | 495,116 | 614,493 |
| Equity | 213,890 | 216,538 | 233,362 | 250,704 | 290,474 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,831 | 34,622 | 37,406 | 52,736 | 111,150 |

## 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) | 12.2% | S100Y3QN |
| Fixed assets ÷ total assets | 20.1% | S100Y3QN |
| Goodwill ÷ parent equity | 14.9% | S100Y3QN |

### 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) | 18.1% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 178.7% |
| Cash vs. profit gap | 41,797 JPY mn (of net income 92.9%) |
| Shareholder returns / net income | 14.1% |
| Shareholder returns / FCF | 10.4% |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | 10.4% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 80.2% |

## 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 | 3.1% | 1.87× | 5.8% | 1.57× | 9.1% | S100QUCN |
| 2023 | 2.8% | 1.94× | 5.5% | 1.60× | 8.9% | S100TGZR |
| 2024 | 3.0% | 2.01× | 5.9% | 1.65× | 9.8% | S100VU25 |
| 2025 | 2.9% | 1.98× | 5.8% | 1.83× | 10.6% | S100Y3QN |
| 2026 | 4.5% | 1.82× | 8.1% | 2.06× | 16.7% | S100Y3QN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スギ商事 | Major shareholder | 37.4% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.6% | 2026-02-28 |
| 株式会社スギアセット | Major shareholder | 5.0% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.4% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-02-28 |
| ＣＥＰ ＬＵＸ－ＯＲＢＩＳ ＳＩＣＡＶ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.2% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-02-28 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-02-28 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| Ｊ．Ｐ． ＭＯＲＧＡＮ ＢＡＮＫ ＬＵＸＥＭＢＯＵＲＧ Ｓ．Ａ． ３８５５９８ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-02-28 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Feb 2026 was ¥1.01T, up +15.1% from ¥878B.
- Gross profit grew faster, at +16.8%, but higher SG&A held operating income growth to +14.1%, at ¥48.6B.
- Net income attributable to owners jumped +75.1%, from ¥25.7B to ¥45B.
- Operating cash flow rose +134.9% to ¥86.8B, and free cash flow climbed to ¥61B.

### Drivers

- New store openings and refits of existing stores expanded the network
- An aging population brought in more prescriptions, lifting pharmacy sales
- Working with manufacturers and wholesalers through the Sugi app lowered purchase costs, and a larger share of sales from pharmacies also lifted gross profit
- On the cost side, inflation and wage increases raised staff and construction costs, and more cashless payments meant higher card fees

### Risks

- If acquired businesses earn less than planned, the company may have to write down goodwill
- Cuts to drug prices or changes to dispensing fees could hurt pharmacy revenue
- A shortage of pharmacists and other skilled staff could delay openings and push up wages

Cited: Annual Securities Report, 44th fiscal year (Mar 2025–Feb 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 44th fiscal year (Mar 2025–Feb 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/03/01－2026/02/28) | S100Y3QN | 2026-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3QN,, |
| 有価証券報告書－第43期(2024/03/01－2025/02/28) | S100VU25 | 2025-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VU25,, |
| 有価証券報告書－第42期(2023/03/01－2024/02/29) | S100TGZR | 2024-05-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TGZR,, |
| 有価証券報告書－第41期(2022/03/01－2023/02/28) | S100QUCN | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUCN,, |
| 有価証券報告書－第40期(令和3年3月1日－令和4年2月28日) | S100O3H3 | 2022-05-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O3H3,, |
| 有価証券報告書－第39期(令和2年3月1日－令和3年2月28日) | S100LCYK | 2021-05-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCYK,, |

## 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).