# 株式会社サン・ライフホールディング: 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) (S100YIEN)
> Page: https://vizora.meequs.com/en/company/sunlife-hd
> Retrieved: 2026-09-30T21:36:07.658Z

## Company

株式会社サン・ライフホールディング, founded in 2018, is a company in Hotels & Inns listed on TSE Standard. It has 478 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUN・LIFE HOLDING CO.,LTD. |
| Ticker | 7040 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7040.T) |
| Listing | TSE Standard |
| Head office | 神奈川県平塚市馬入本町13番11号 |
| Representative (per filing) | 代表取締役社長 比企 武 |
| Founded | Oct 2018 |
| Share capital | ¥100M |
| Employees (consolidated) | 478 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | sunlife-hd.jp (https://sunlife-hd.jp/) |
| Corporate number | 4021001065753 |
| EDINET | E34097 |
| Industries (Vizora) | Hotels & Inns, Nursing Care, Funerals, Weddings |

> Profile source: annual securities report (S100YIEN, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Funerals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 5 |
| Profitability | 75 | 6 |
| Cash conversion | 62.5 | 4 |
| Efficiency | 25 | 6 |

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)

- About 72% of 株式会社サン・ライフホールディング's sales come from Ceremony business, with Care business and Hotel business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit -15.5%.

## Company structure

- Segment revenue mix: Ceremony business 72.2%、Care business 16.1%、Hotel business 7.9%、Other 3.8%
- Revenue → net income: ¥14149571000 → ¥619767000
- Net income → operating cash flow: ¥619767000 → ¥1207281000（difference ¥587514000）
- Main uses of operating cash flow: CapEx ¥980662000 / dividends ¥204336000 / buybacks —
- Change in cash: ¥-6639850000
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 | ¥14.1B |  |
| Operating income | ¥1.1B | Margin 7.8% |
| Net income | ¥619.8M | Margin 4.4% |
| Free cash flow | ¥226.6M |  |
| Largest business | Ceremony business | of segment revenue 72.2% |
| Employees (consolidated) | 478 |  |
| EPS | ¥22 |  |
| Book value per share | ¥762.94 |  |
| Equity ratio | 19.2% |  |
| Shares outstanding | 6,820,000 |  |
| Treasury shares | 696,800 |  |
| Shareholders | 4,311 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 10.5% | Cash ÷ revenue 26.7% |
| Vs. industry median margin | +2.2 pp | Funerals |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, segment profit share differs by 23 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10322012000 | ¥14149571000 | +37.1% |
| Operating income | ¥53765000 | ¥1102765000 | +1951.1% |
| Operating margin | 0.5% | 7.8% | +7.3 pp |
| Employees | 518 people | 478 people | -7.7% |
| Cash and equivalents | ¥8992218000 | ¥3773152000 | -58.0% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ホテル事業 → ホテル事業 | 4.6% |
| 式典事業 → 式典事業 | 72.2% |
| 式典事業 → 事業再編・廃止 | 1.3% |
| 介護事業 → 介護事業 | 16.1% |
| 介護事業 → 事業再編・廃止 | 2.2% |
| その他 → その他 | 3.7% |
| 新設・再編 → ホテル事業 | 3.3% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Ceremony business | 5 years | +6.1% | ¥10212004000 | 20.8% | 2 |
| Care business | 5 years | +3.8% | ¥2276000000 | 3.8% | 2 |
| Hotel business | 5 years | +18.7% | ¥1120985000 | 1.1% | 2 |
| Other | 5 years | +7.3% | ¥540580000 | -5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,150 | 100.0% | S100YIEN |
| Cost of revenue | 10,725 | 75.8% | S100YIEN |
| Gross profit | 3,425 | 24.2% | S100YIEN |
| SG&A | 2,322 | 16.4% | S100YIEN |
| Operating income | 1,103 | 7.8% | S100YIEN |
| Ordinary income | 1,272 | 9.0% | S100YIEN |
| Pretax income | 1,086 | 7.7% | S100YIEN |
| Income tax | 466 | 3.3% | S100YIEN |
| Net income | 620 | 4.4% | S100YIEN |
| Net income attributable to owners | 620 | 4.4% | S100YIEN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.2% → Operating margin 7.8% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.1%; Core profit growth: -15.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.33×
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 | 13,856 | 14,150 | 294 | +2.1% |
| Gross profit | 3,536 | 3,425 | -111 | -3.2% |
| Operating income | 1,305 | 1,103 | -203 | -15.5% |
| Net income attributable to owners | 835 | 620 | -216 | -25.8% |
| Operating cash flow | 1,363 | 1,207 | -156 | -11.4% |
| Free cash flow | 835 | 227 | -608 | -72.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,840 | 382 | 3.2% | -1,257 | 565 | -571 | S100LR86 |
| FY ending Mar 2021 | 10,322 | 54 | 0.5% | 135 | 372 | -522 | S100OH92 |
| FY ending Mar 2022 | 11,055 | 355 | 3.2% | 406 | 929 | 372 | S100R4GY |
| FY ending Mar 2023 | 12,600 | 864 | 6.9% | 357 | 728 | 137 | S100TX5K |
| FY ending Mar 2024 | 13,502 | 1,233 | 9.1% | 1,116 | 1,660 | 1,090 | S100W69H |
| FY ending Mar 2025 | 13,856 | 1,305 | 9.4% | 835 | 1,363 | 835 | S100YIEN |
| FY ending Mar 2026 | 14,150 | 1,103 | 7.8% | 620 | 1,207 | 227 | S100YIEN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.6M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 502 | 495 | 477 | 483 | 478 |
| Average salary (parent company) | ¥5.2M | ¥5.5M | ¥5.2M | ¥5.2M | ¥5.2M |
| Average age (parent company) | 41.8 years | 41.9 years | 41.0 years | 40.9 years | 39.6 years |
| Average tenure (parent company) | 7.4 years | 7.9 years | 8.5 years | 8.1 years | 8.6 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) +2.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel business | 1,121 | 7.9% | 12 | 1.1% |
| Ceremony business | 10,212 | 72.2% | 2,129 | 20.8% |
| Care business | 2,276 | 16.1% | 85 | 3.8% |
| Other | 541 | 3.8% | -27 | -5.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Hotel business | 7.9% | 0.6% | -7.4 | 1.1% |
| Ceremony business | 72.2% | 95.6% | 23.4 | 20.8% |
| Care business | 16.1% | 3.8% | -12.3 | 3.8% |
| Other | 3.8% | — | — | -5.1% |

Loss-making segment (excluded from profit shares): Other -27 JPY mn

Segment → industry: Hotel business → Hotels & Inns / Care business → Nursing Care / Other → Funerals / Ceremony business → Funerals / Hotel business → Weddings

## 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 | 1,207 | 8.5% | S100YIEN |
| Capital expenditure | 981 | 6.9% | S100YIEN |
| Free cash flow | 227 | 1.6% | 算出 |
| Investing cash flow | -7,648 | -54.1% | S100YIEN |
| Financing cash flow | -204 | -1.4% | S100YIEN |
| Dividends paid | 204 | 1.4% | S100YIEN |
| Change in cash | -6,640 | -46.9% | S100YIEN |
| Cash and equivalents | 3,773 | 26.7% | S100YIEN |

## 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 | 8,935 | 8,941 | 10,319 | 10,413 | 3,773 | S100TX5K, S100W69H, S100YIEN |
| Total assets | 35,287 | 35,148 | 35,835 | 36,158 | 35,977 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Net assets | 4,896 | 5,073 | 6,005 | 6,604 | 6,907 | S100TX5K, S100W69H, S100YIEN |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Property, plant and equipment | 15,373 | 15,258 | 15,158 | 15,191 | 15,392 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Intangible assets excluding goodwill | 1,371 | 1,108 | 968 | 778 | 710 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Goodwill | 1,163 | 1,004 | 845 | 680 | 556 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Investment securities | 2,634 | 2,487 | 2,009 | 3,800 | 4,723 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Current assets | 10,653 | 10,765 | 11,978 | 12,224 | 11,202 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Current liabilities | 2,105 | 2,390 | 2,444 | 2,471 | 2,379 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Total liabilities | 30,392 | 30,074 | 29,830 | 29,554 | 29,070 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Non-controlling interests | 1 | 1 | 1 | 1 | 1 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Equity attributable to owners of parent | 4,863 | 5,024 | 5,938 | 6,572 | 6,989 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Retained earnings | 4,687 | 4,848 | 5,762 | 6,395 | 6,813 | S100R4GY, S100TX5K, S100W69H, S100YIEN |
| Treasury stock | -686 | -686 | -686 | -686 | -686 | S100R4GY, S100TX5K, S100W69H, S100YIEN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIEN |
| Property, plant and equipment | 43% | S100YIEN |
| Intangibles and goodwill | 4% | S100YIEN |
| Investment securities | 13% | S100YIEN |
| Other assets | 30% | S100YIEN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 81% | S100YIEN |
| Equity | 19% | S100YIEN |
| Other liabilities | 0% | S100YIEN |

### 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 | 35,287 | 35,148 | 35,835 | 36,158 | 35,977 |
| Equity | 4,896 | 5,073 | 6,005 | 6,604 | 6,907 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,935 | 8,941 | 10,319 | 10,413 | 3,773 |

## 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) | 108.8% | S100YIEN |
| Fixed assets ÷ total assets | 42.8% | S100YIEN |
| Goodwill ÷ parent equity | 8.0% | S100YIEN |

Goodwill over 4 years: 1,163 → 556 JPY; total investing cash flow: -9,973 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) | 10.5% |
| Cash ÷ revenue | 26.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.5% |
| Cash vs. profit gap | 588 JPY mn (of net income 94.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 90.2% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 633.5% |

## 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% | 0.31× | 1.2% | 7.26× | 8.4% | S100R4GY |
| 2023 | 2.8% | 0.36× | 1.0% | 7.12× | 7.2% | S100TX5K |
| 2024 | 8.3% | 0.38× | 3.1% | 6.48× | 20.4% | S100W69H |
| 2025 | 6.0% | 0.38× | 2.3% | 5.75× | 13.4% | S100YIEN |
| 2026 | 4.4% | 0.39× | 1.7% | 5.32× | 9.1% | S100YIEN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サカエヤ | Major shareholder | 45.6% | 2026-03-31 |
| 学校法人鶴嶺学園 | Major shareholder | 3.4% | 2026-03-31 |
| 竹内 恵司 | Major shareholder | 3.3% | 2026-03-31 |
| CACEIS BK ES IICS CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.8% | 2026-03-31 |
| CATHAY SECURITIES CORPORATION （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2026-03-31 |
| 平塚信用金庫 | Major shareholder | 2.5% | 2026-03-31 |
| サン・ライフ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.3% | 2026-03-31 |
| アサヒビール株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 多摩信用金庫 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YIEN | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEN,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W69H | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W69H,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TX5K | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX5K,, |
| 有価証券報告書－第5期(2022/04/01－2023/03/31) | S100R4GY | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4GY,, |
| 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) | S100OH92 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH92,, |
| 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) | S100LR86 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR86,, |

## 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).