# XEBIO 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54期(2025/04/01－2026/03/31) (S100YJT6)
> Page: https://vizora.meequs.com/en/company/xebio-holdings
> Retrieved: 2026-09-30T21:06:27.973Z

## Company

Xebio Holdings, founded in 1986, is a company in Outdoor & Sporting Goods Stores listed on TSE Prime. It has 2,446 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | XEBIO HOLDINGS CO., LTD. |
| Ticker | 8281 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8281.T) |
| Listing | TSE Prime |
| Head office | 福島県郡山市朝日三丁目7番35号 |
| Representative (per filing) | 代表取締役 諸橋友良 |
| Founded | Aug 1986 |
| Share capital | ¥15.9B |
| Employees (consolidated) | 2,446 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.xebio.co.jp (https://www.xebio.co.jp/) |
| Corporate number | 1380001005620 |
| EDINET | E03129 |
| Industries (Vizora) | Outdoor & Sporting Goods Stores |

> Profile source: annual securities report (S100YJT6, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Outdoor & Sporting Goods Stores (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.3 | 3 |
| Profitability | 50 | 3 |
| Cash conversion | 83.3 | 3 |
| Efficiency | 16.7 | 3 |

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)

- Xebio Holdings brought in ¥252.3B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +0.7% from the prior year, operating profit -66.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥252.3B |  |
| Operating income | ¥2.37B | Margin 0.9% |
| Net income | -¥2.16B | Margin -0.9% |
| Free cash flow | -¥111M |  |
| Employees (consolidated) | 2,446 |  |
| EPS | ¥20.1 |  |
| Diluted EPS | ¥19.96 |  |
| Book value per share | ¥2642.65 |  |
| Equity ratio | 57.2% |  |
| Shares outstanding | 47,911,023 |  |
| Treasury shares | 6,529,100 |  |
| Shareholders | 51,337 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 6.3% |
| Vs. industry median margin | 0 pp | Outdoor & Sporting Goods Stores |
| ROA | -1.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +34% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥202438000000 | ¥252331000000 | +24.6% |
| Operating income | ¥2767000000 | ¥2370000000 | -14.3% |
| Operating margin | 1.4% | 0.9% | -0.4 pp |
| Employees | 2,647 people | 2,446 people | -7.6% |
| Cash and equivalents | ¥44323000000 | ¥15808000000 | -64.3% |

### 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 | 252,331 | 100.0% | S100YJT6 |
| Cost of revenue | 157,237 | 62.3% | S100YJT6 |
| Gross profit | 95,094 | 37.7% | S100YJT6 |
| SG&A | 92,723 | 36.7% | S100YJT6 |
| Operating income | 2,370 | 0.9% | S100YJT6 |
| Ordinary income | 4,660 | 1.8% | S100YJT6 |
| Pretax income | -2,316 | -0.9% | S100YJT6 |
| Income tax | 106 | 0.0% | S100YJT6 |
| Net income | -2,423 | -1.0% | S100YJT6 |
| Net income attributable to owners | -2,164 | -0.9% | S100YJT6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 37 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 37.7% → Operating margin 0.9% → Net margin -0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.7%; Core profit growth: -66.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -95.97×
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 | 250,603 | 252,331 | 1,728 | +0.7% |
| Gross profit | 97,671 | 95,094 | -2,577 | -2.6% |
| Operating income | 7,006 | 2,370 | -4,636 | -66.2% |
| Net income attributable to owners | 971 | -2,164 | -3,135 | -322.9% |
| Operating cash flow | 12,057 | 9,681 | -2,376 | -19.7% |
| Free cash flow | 3,174 | -111 | -3,285 | -103.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 225,312 | 5,247 | 2.3% | 408 | -1,305 | -6,436 | S100LS0Q |
| FY ending Mar 2021 | 202,438 | 2,767 | 1.4% | 412 | 25,369 | 20,147 | S100OFC7 |
| FY ending Mar 2022 | 223,282 | 4,999 | 2.2% | 3,836 | 2,235 | -2,551 | S100R5WF |
| FY ending Mar 2023 | 239,293 | 8,327 | 3.5% | 5,397 | 7,020 | 1,479 | S100TU26 |
| FY ending Mar 2024 | 242,433 | 4,204 | 1.7% | 2,592 | 4,274 | -2,858 | S100W6XT |
| FY ending Mar 2025 | 250,603 | 7,006 | 2.8% | 971 | 12,057 | 3,174 | S100YJT6 |
| FY ending Mar 2026 | 252,331 | 2,370 | 0.9% | -2,164 | 9,681 | -111 | S100YJT6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥103.2M |
| Operating income per employee (consolidated) | ¥968.9K |
| Net income per employee (consolidated) | -¥884.7K |

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) | 2,576 | 2,501 | 2,560 | 2,485 | 2,446 |
| Average salary (parent company) | ¥6.5M | ¥7.4M | ¥10.6M | ¥8.5M | ¥8.7M |
| Average age (parent company) | 55.0 years | 55.7 years | 57.0 years | 56.4 years | 57.2 years |
| Average tenure (parent company) | 8.7 years | 6.4 years | 6.3 years | 6.3 years | 7.3 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +0.7%

## 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 | 9,681 | 3.8% | S100YJT6 |
| Capital expenditure | 9,792 | 3.9% | S100YJT6 |
| Free cash flow | -111 | -0.0% | 算出 |
| Investing cash flow | -11,263 | -4.5% | S100YJT6 |
| Financing cash flow | -3,323 | -1.3% | S100YJT6 |
| Dividends paid | 1,452 | 0.6% | S100YJT6 |
| Share buyback | 262 | 0.1% | S100YJT6 |
| Change in cash | -4,047 | -1.6% | S100YJT6 |
| Cash and equivalents | 15,808 | 6.3% | S100YJT6 |

## 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 | 39,893 | 32,890 | 24,941 | 19,855 | 15,808 | S100TU26, S100W6XT, S100YJT6 |
| Total assets | 208,308 | 211,300 | 209,530 | 203,959 | 205,996 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Net assets | 118,708 | 122,567 | 124,813 | 122,131 | 118,313 | S100TU26, S100W6XT, S100YJT6 |
| Share capital | 15,935 | 15,935 | 15,935 | 15,935 | 15,935 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Trade receivables | 22,477 | 23,414 | 22,584 | 20,554 | 16,634 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Property, plant and equipment | 31,891 | 35,385 | 36,539 | 39,310 | 36,206 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Intangible assets excluding goodwill | 5,495 | 6,784 | 8,203 | 8,725 | 9,211 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Goodwill | 716 | 330 | 44 | 24 | 83 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Investment securities | 727 | 953 | 2,521 | 2,733 | 2,322 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Current assets | 147,012 | 145,805 | 139,969 | 130,727 | 133,500 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Current liabilities | 74,684 | 72,177 | 70,559 | 66,568 | 73,095 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Trade payables | 22,388 | 23,429 | 17,535 | 16,264 | 20,342 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Short-term borrowings | 770 | 800 | 700 | 500 | 900 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Long-term borrowings | 6,459 | 4,772 | 2,936 | 1,982 | 1,799 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Total liabilities | 89,599 | 88,732 | 84,717 | 81,827 | 87,682 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Non-controlling interests | 42 | 202 | 361 | 411 | 154 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Equity attributable to owners of parent | 117,984 | 122,056 | 123,321 | 119,958 | 116,076 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Retained earnings | 92,427 | 96,499 | 97,765 | 97,427 | 93,811 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |
| Treasury stock | -6,498 | -6,498 | -6,498 | -9,511 | -9,774 | S100R5WF, S100TU26, S100W6XT, S100YJT6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YJT6 |
| Receivables | 8% | S100YJT6 |
| Property, plant and equipment | 18% | S100YJT6 |
| Intangibles and goodwill | 4% | S100YJT6 |
| Investment securities | 1% | S100YJT6 |
| Other assets | 61% | S100YJT6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YJT6 |
| Other liabilities | 33% | S100YJT6 |
| Equity | 57% | S100YJT6 |
| Other liabilities | 0% | S100YJT6 |

### 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 | 208,308 | 211,300 | 209,530 | 203,959 | 205,996 |
| Equity | 118,708 | 122,567 | 124,813 | 122,131 | 118,313 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 39,893 | 32,890 | 24,941 | 19,855 | 15,808 |

## 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) | 14.3% | S100YJT6 |
| Fixed assets ÷ total assets | 17.6% | S100YJT6 |
| Goodwill ÷ parent equity | 0.1% | S100YJT6 |

Goodwill over 4 years: 716 → 83 JPY; total investing cash flow: -39,523 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) | 7.7% |
| Cash ÷ revenue | 6.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 408.5% |
| Cash vs. profit gap | 11,845 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 116.3% |

## 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 | 1.7% | 1.07× | 1.8% | 1.77× | 3.3% | S100R5WF |
| 2023 | 2.3% | 1.14× | 2.6% | 1.75× | 4.5% | S100TU26 |
| 2024 | 1.1% | 1.15× | 1.2% | 1.72× | 2.1% | S100W6XT |
| 2025 | 0.4% | 1.21× | 0.5% | 1.70× | 0.8% | S100YJT6 |
| 2026 | — | —× | -1.1% | —× | — | S100YJT6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社サンビック | Major shareholder | 19.9% | 2026-03-31 |
| 公益財団法人諸橋近代美術館 | Major shareholder | 10.9% | 2026-03-31 |
| 有限会社ティー・ティー・シー | Major shareholder | 10.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| 諸 橋 輝 子 | Major shareholder | 3.4% | 2026-03-31 |
| 諸 橋 友 良 | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任理事 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| ＲＨＢ合同会社 | Major shareholder | 2.2% | 2026-03-31 |
| 四 家 千 佳 史 | Major shareholder | 1.2% | 2026-03-31 |
| ゼビオグループ従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YJT6 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJT6,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W6XT | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6XT,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TU26 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU26,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R5WF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5WF,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OFC7 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFC7,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LS0Q | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS0Q,, |

## 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).