# Sumitomo Mitsui Trust Group, 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15期(2025/04/01－2026/03/31) (S100YBGM)
> Page: https://vizora.meequs.com/en/company/sumitomo-mitsui-trust-group
> Retrieved: 2026-09-30T17:55:51.170Z

## Company

Sumitomo Mitsui Trust Group, founded in 2001, is a company in Major Banks listed on TSE Prime. It has 22,526 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Mitsui Trust Group, Inc. |
| Ticker | 8309 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8309.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目4番1号 |
| Representative (per filing) | 執行役社長 大山一也 |
| Founded | Oct 2001 |
| Employees (consolidated) | 22,526 |
| Average salary (parent only) | ¥13.9M |
| Fiscal year end | March |
| Website | www.smtg.jp (https://www.smtg.jp/) |
| Corporate number | 9010001139555 |
| EDINET | E03611 |
| Industries (Vizora) | Major Banks |

> Profile source: annual securities report (S100YBGM, filed 2026-06-17). As of filing

## Key points (generated from figures)

- Sumitomo Mitsui Trust Group brought in ¥2.98T in ordinary revenue.
- Out of every ¥100 of ordinary revenue, about ¥13 is left as ordinary profit.
- Ordinary revenue changed +2.1% from the prior year, ordinary profit +9.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥2.98T |  |
| Ordinary income | ¥401.5B | Margin 13.5% |
| Net income | ¥317.6B | Margin 10.6% |
| Employees (consolidated) | 22,526 |  |
| EPS | ¥213.58 |  |
| Diluted EPS | ¥213.47 |  |
| Book value per share | ¥2148.49 |  |
| Equity ratio | 4.3% |  |
| Shares outstanding | 698,812,000 |  |
| Treasury shares | 576,000 |  |
| Shareholders | 99,439 |  |
| Average salary (parent only) | ¥13.9M | Filing company only |

## Notable figures

- FY2026, operating cash flow is 3.8× net income
- FY2026, revenue is 2.1× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1380434000000 | ¥2983544000000 | +116.1% |
| Employees | 22,139 people | 22,526 people | +1.7% |
| Cash and equivalents | ¥16799146000000 | ¥22551309000000 | +34.2% |

### 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 |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 2,983,544 | 100.0% | S100YBGM |
| Ordinary expenses | 2,582,045 | 86.5% | S100YBGM |
| Ordinary income | 401,499 | 13.5% | S100YBGM |
| Extraordinary income | 41,962 | 1.4% | S100YBGM |
| Extraordinary loss | 15,405 | 0.5% | S100YBGM |
| Pretax income | 428,056 | 14.3% | S100YBGM |
| Income tax | 107,511 | 3.6% | S100YBGM |
| Net income | 320,545 | 10.7% | S100YBGM |
| Net income attributable to owners | 317,566 | 10.6% | S100YBGM |

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

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 87 |
| Ordinary income | 13 |
| (Ref.) Net income | 11 |

### Margin funnel

Ordinary margin 13.5% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.1%; Core profit growth: +9.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.40×
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 | 2,922,428 | 2,983,544 | 61,116 | +2.1% |
| Net income attributable to owners | 257,635 | 317,566 | 59,931 | +23.3% |
| Operating cash flow | 3,976,669 | 1,220,375 | -2,756,294 | -69.3% |
| Free cash flow | 3,890,857 | 1,129,893 | -2,760,964 | -71.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 1,261,272 | — | — | 121,446 | 7,533,343 | — | S100LMPB |
| FY ending Mar 2018 | 1,350,946 | — | — | 153,986 | 2,840,458 | — | S100O9U5 |
| FY ending Mar 2019 | 1,467,916 | — | — | 173,889 | 374,318 | — | S100R1NN |
| FY ending Mar 2020 | 1,535,401 | — | — | 163,028 | -2,395,306 | -2,443,559 | S100LMPB |
| FY ending Mar 2021 | 1,380,434 | — | — | 142,196 | 6,553,089 | 6,491,203 | S100O9U5 |
| FY ending Mar 2022 | 1,401,091 | — | — | 169,078 | -120,263 | -172,079 | S100R1NN |
| FY ending Mar 2023 | 1,819,060 | — | — | 191,000 | 2,616,213 | 2,553,316 | S100TN4M |
| FY ending Mar 2024 | 2,475,303 | — | — | 79,199 | 4,294,547 | 4,218,074 | S100VXKF |
| FY ending Mar 2025 | 2,922,428 | — | — | 257,635 | 3,976,669 | 3,890,857 | S100YBGM |
| FY ending Mar 2026 | 2,983,544 | — | — | 317,566 | 1,220,375 | 1,129,893 | S100YBGM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥132.4M |
| Net income per employee (consolidated) | ¥14.1M |

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) | 22,024 | 22,465 | 22,911 | 23,125 | 22,526 |
| Average salary (parent company) | ¥12.7M | ¥12.7M | ¥13M | ¥13.5M | ¥13.9M |
| Average age (parent company) | 49.8 years | 49.9 years | 50.0 years | 48.9 years | 46.5 years |
| Average tenure (parent company) | 21.1 years | 20.9 years | 21.7 years | 21.5 years | 19.9 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) +2.1%

## 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 | 1,220,375 | 40.9% | S100YBGM |
| Capital expenditure | 90,482 | 3.0% | S100YBGM |
| Free cash flow | 1,129,893 | 37.9% | 算出 |
| Investing cash flow | -1,548,833 | -51.9% | S100YBGM |
| Financing cash flow | -196,809 | -6.6% | S100YBGM |
| Dividends paid | 115,146 | 3.9% | S100YBGM |
| Share buyback | 60,026 | 2.0% | S100YBGM |
| Change in cash | -511,064 | -17.1% | S100YBGM |
| Cash and equivalents | 22,551,309 | 755.9% | S100YBGM |

## 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 | 14.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.4% | 2026-03-31 |
| 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 | 4.3% | 2026-03-31 |
| 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 | 1.6% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５６４２ (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ，Ｎ．Ａ．ＬＯＮＤＯＮＳＥＣＳ ＬＥＮＤＩＮＧ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.3% | 2026-03-31 |
| ＴＨＥ ＢＡＮＫ ＯＦ ＮＥＷ ＹＯＲＫ ＭＥＬＬＯＮ ＡＳ ＤＥＰＯＳＩＴＡＲＹ ＢＡＮＫ ＦＯＲ ＤＥＰＯＳＩＴＡＲＹ ＲＥＣＥＩＰＴ ＨＯＬＤＥＲＳ (常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥2.98T, up +2.1% from ¥2.92T.
- Net income attributable to owners grew +23.3% from ¥257.6B to ¥317.6B, which the company calls a record high.
- Cash flow went the other way: operating cash flow fell -69.3% from ¥3.98T to ¥1.22T, and free cash flow fell -71.0%.

### Drivers

- Selling more strategic shareholdings raised gains on equities
- The group booked an extraordinary gain from selling shares in an affiliate
- Higher yen interest rates improved lending and funding income, and fees from corporate lending, asset management and custody were strong, partly offset by losses from reshaping the bond portfolio

### Risks

- A sharp fall in the price of shares held for business relationships could lead to write-downs and hurt earnings
- Rising interest rates make balance sheet management harder, through swings in asset values and higher funding costs
- Trouble at large borrowers or a weaker property market could raise credit costs

Cited: Annual securities report: management's analysis (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: business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YBGM | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBGM,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100VXKF | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXKF,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TN4M | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN4M,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R1NN | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1NN,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100O9U5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9U5,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LMPB | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMPB,, |

## 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).