# Yakiniku Sakai Holdings 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67期(2025/04/01－2026/03/31) (S100YGJS)
> Page: https://vizora.meequs.com/en/company/yakiniku-sakai-holdings
> Retrieved: 2026-09-30T19:58:28.085Z

## Company

Yakiniku Sakai Holdings, founded in 1959, is a company in Restaurants & Pubs listed on TSE Standard. It has 719 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yakiniku Sakai Holdings Inc. |
| Ticker | 2694 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2694.T) |
| Listing | TSE Standard |
| Head office | 名古屋市北区黒川本通二丁目46番地 |
| Representative (per filing) | 代表取締役社長 髙橋 仁志 |
| Founded | Nov 1959 |
| Share capital | ¥100M |
| Employees (consolidated) | 719 |
| Average salary (parent only) | ¥4.1M |
| Fiscal year end | March |
| Website | ys-holdings.co.jp (https://ys-holdings.co.jp/) |
| Corporate number | 2370001010224 |
| EDINET | E03374 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100YGJS, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8 | 56 |
| Profitability | 20.5 | 66 |
| Cash conversion | 95.5 | 55 |
| Efficiency | 46.2 | 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)

- Yakiniku Sakai Holdings brought in ¥24.2B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -66.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥24.2B |  |
| Operating income | ¥157.3M | Margin 0.6% |
| Net income | -¥419M | Margin -1.7% |
| Free cash flow | -¥720.8M |  |
| Employees (consolidated) | 719 |  |
| EPS | ¥-2.4 |  |
| Book value per share | ¥23.71 |  |
| Equity ratio | 35.6% |  |
| Shares outstanding | 239,866,000 |  |
| Treasury shares | 4,118,600 |  |
| Shareholders | 42,912 |  |
| Average salary (parent only) | ¥4.1M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | -3.3 pp | Restaurants & Pubs |
| ROA | -2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19733351000 | ¥24249704000 | +22.9% |
| Operating income | ¥-1868228000 | ¥157255000 | — |
| Operating margin | -9.5% | 0.6% | +10.1 pp |
| Employees | 735 people | 719 people | -2.2% |
| Cash and equivalents | ¥3210445000 | ¥4880484000 | +52.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,250 | 100.0% | S100YGJS |
| Cost of revenue | 8,147 | 33.6% | S100YGJS |
| Gross profit | 16,103 | 66.4% | S100YGJS |
| SG&A | 15,945 | 65.8% | S100YGJS |
| Operating income | 157 | 0.6% | S100YGJS |
| Ordinary income | 243 | 1.0% | S100YGJS |
| Pretax income | 12 | 0.0% | S100YGJS |
| Income tax | 431 | 1.8% | S100YGJS |
| Net income | -419 | -1.7% | S100YGJS |
| Net income attributable to owners | -419 | -1.7% | S100YGJS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 66 |
| Operating income | 1 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 66.4% → Operating margin 0.6% → Net margin -1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -66.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -21.82×
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 | 23,533 | 24,250 | 717 | +3.0% |
| Gross profit | 15,671 | 16,103 | 431 | +2.8% |
| Operating income | 469 | 157 | -311 | -66.4% |
| Net income attributable to owners | -614 | -419 | 195 | — |
| Operating cash flow | 825 | 555 | -270 | -32.7% |
| Free cash flow | 391 | -721 | -1,111 | -284.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,981 | 179 | 0.6% | -1,501 | 753 | -597 | S100LVIP |
| FY ending Mar 2021 | 19,733 | -1,868 | -9.5% | -2,015 | -935 | -1,066 | S100OLID |
| FY ending Mar 2022 | 18,302 | -1,945 | -10.6% | 461 | 1,140 | 811 | S100R7BM |
| FY ending Mar 2023 | 23,055 | -249 | -1.1% | 278 | 667 | 376 | S100TTBS |
| FY ending Mar 2024 | 22,817 | 530 | 2.3% | 236 | 506 | 164 | S100W2WF |
| FY ending Mar 2025 | 23,533 | 469 | 2.0% | -614 | 825 | 391 | S100YGJS |
| FY ending Mar 2026 | 24,250 | 157 | 0.6% | -419 | 555 | -721 | S100YGJS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.7M |
| Operating income per employee (consolidated) | ¥218.7K |
| Net income per employee (consolidated) | -¥582.7K |

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) | 693 | 609 | 633 | 679 | 719 |
| Average salary (parent company) | ¥4M | ¥4.1M | ¥4.2M | ¥4M | ¥4.1M |
| Average age (parent company) | 40.7 years | 42.2 years | 41.8 years | 39.9 years | 40.4 years |
| Average tenure (parent company) | 11.0 years | 11.6 years | 9.7 years | 10.4 years | 10.3 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +3.0%

## 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 | 555 | 2.3% | S100YGJS |
| Capital expenditure | 1,276 | 5.3% | S100YGJS |
| Free cash flow | -721 | -3.0% | 算出 |
| Investing cash flow | -1,625 | -6.7% | S100YGJS |
| Financing cash flow | 1,248 | 5.1% | S100YGJS |
| Dividends paid | 117 | 0.5% | S100YGJS |
| Share buyback | 0 | 0.0% | S100YGJS |
| Change in cash | 186 | 0.8% | S100YGJS |
| Cash and equivalents | 4,880 | 20.1% | S100YGJS |

## 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 | 2,900 | 3,236 | 3,396 | 4,695 | 4,880 | S100TTBS, S100W2WF, S100YGJS |
| Total assets | 16,274 | 15,518 | 16,067 | 16,611 | 17,534 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Net assets | 7,217 | 7,329 | 7,461 | 6,752 | 6,234 | S100TTBS, S100W2WF, S100YGJS |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Property, plant and equipment | 7,531 | 6,836 | 6,463 | 6,254 | 6,950 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Intangible assets excluding goodwill | 863 | 580 | 382 | 380 | 280 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Goodwill | 726 | 460 | 263 | 260 | 173 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Investment securities | 76 | 77 | 77 | 81 | 88 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Current assets | 4,730 | 5,260 | 5,937 | 6,433 | 6,884 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Current liabilities | 4,723 | 4,205 | 4,305 | 4,406 | 4,842 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Short-term borrowings | 300 | 300 | 300 | 300 | 300 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Long-term borrowings | 2,716 | 2,713 | 3,129 | 4,186 | 5,197 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Bonds | 180 | 10 | — | — | — | S100R7BM, S100TTBS |
| Interest-bearing debt | 3,196 | 3,023 | — | — | — | 算出 |
| Total liabilities | 9,057 | 8,189 | 8,606 | 9,859 | 11,301 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Non-controlling interests | — | — | — | 2 | — | S100YGJS |
| Equity attributable to owners of parent | 7,177 | 7,328 | 7,460 | 6,749 | 6,232 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Retained earnings | 985 | 1,121 | 1,239 | 508 | 89 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |
| Treasury stock | -720 | -690 | -662 | -624 | -584 | S100R7BM, S100TTBS, S100W2WF, S100YGJS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YGJS |
| Property, plant and equipment | 40% | S100YGJS |
| Intangibles and goodwill | 3% | S100YGJS |
| Investment securities | 0% | S100YGJS |
| Other assets | 29% | S100YGJS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 64% | S100YGJS |
| Equity | 36% | S100YGJS |

### 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 | 16,274 | 15,518 | 16,067 | 16,611 | 17,534 |
| Equity | 7,217 | 7,329 | 7,461 | 6,752 | 6,234 |
| Interest-bearing debt | 3,196 | 3,023 | — | — | — |
| Cash | 2,900 | 3,236 | 3,396 | 4,695 | 4,880 |

## 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) | 28.7% | S100YGJS |
| Fixed assets ÷ total assets | 39.6% | S100YGJS |
| Goodwill ÷ parent equity | 2.8% | S100YGJS |

Goodwill over 4 years: 726 → 173 JPY; total investing cash flow: -2,223 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) | 27.8% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 353.1% |
| Cash vs. profit gap | 974 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 292.7% |

## 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 | 2.5% | 1.12× | 2.8% | 2.27× | 6.4% | S100R7BM |
| 2023 | 1.2% | 1.45× | 1.7% | 2.19× | 3.8% | S100TTBS |
| 2024 | 1.0% | 1.44× | 1.5% | 2.14× | 3.2% | S100W2WF |
| 2025 | — | —× | -3.8% | —× | — | S100YGJS |
| 2026 | — | —× | -2.5% | —× | — | S100YGJS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ジー・コミュニケーション | Major shareholder | 50.3% | 2026-03-31 |
| 沼田 昭二 | Major shareholder | 9.6% | 2026-03-31 |
| アリアケジャパン株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 焼肉坂井ホールディングス取引先持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社Ｊ・ＡＲＴ | Major shareholder | 0.3% | 2026-03-31 |
| 江川 春延 | Major shareholder | 0.3% | 2026-03-31 |
| 岡田 甲子男 | Major shareholder | 0.2% | 2026-03-31 |
| 杉本 英雄 | Major shareholder | 0.2% | 2026-03-31 |
| 株式会社ニップン | Major shareholder | 0.1% | 2026-03-31 |
| 株式会社マルト水谷 | Major shareholder | 0.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2025/04/01－2026/03/31) | S100YGJS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGJS,, |
| 有価証券報告書－第66期(2024/04/01－2025/03/31) | S100W2WF | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2WF,, |
| 有価証券報告書－第65期(2023/04/01－2024/03/31) | S100TTBS | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTBS,, |
| 有価証券報告書－第64期(2022/04/01－2023/03/31) | S100R7BM | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7BM,, |
| 有価証券報告書－第63期(令和3年4月1日－令和4年3月31日) | S100OLID | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLID,, |
| 有価証券報告書－第62期(令和2年4月1日－令和3年3月31日) | S100LVIP | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVIP,, |

## 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).