HS Holdings Co., Ltd. provides merger and acquisition intermediary services in Japan. The company offers business succession consulting, business investment management, venture investment, and business revitalization consulting services. It also imports and exports watches and precious metals. The company was formerly known as Sawada Holdings Co., Ltd. HS Holdings Co., Ltd. was founded in 1958 and is based in Tokyo, Japan.
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โ TSE Capital Mandate
P / Book
0.35ร
Financials
Ownership
Capital Allocation Signals 1
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Net Sales
ยฅ55.3B
ยฅ34.9B
ยฅ29.1B
ยฅ4.8B
ยฅ3.0B
ยฅ5.0B
Cost of Sales
ยฅ44.6B
ยฅ27.0B
ยฅ22.9B
ยฅ3.2B
ยฅ1.4B
ยฅ3.5B
Gross Profit
โ
ยฅ7.8B
ยฅ6.2B
ยฅ1.6B
โ
โ
SG&A
ยฅ11.9B
ยฅ10.1B
ยฅ13.2B
ยฅ26.9B
ยฅ22.1B
ยฅ19.3B
Operating Income
ยฅ-363M
ยฅ-1.1B
ยฅ5.0B
ยฅ24.1B
ยฅ16.0B
ยฅ8.9B
Non-Operating Income
ยฅ18.2B
ยฅ16.3B
ยฅ10.8B
ยฅ1.7B
ยฅ1.9B
ยฅ1.1B
Non-Operating Expenses
โ
ยฅ104M
ยฅ65M
ยฅ121M
ยฅ118M
ยฅ240M
Interest Expense
โ
ยฅ8M
ยฅ8M
ยฅ24M
ยฅ47M
ยฅ70M
Ordinary Income
ยฅ17.7B
ยฅ15.1B
ยฅ15.8B
ยฅ25.7B
ยฅ17.8B
ยฅ9.7B
Pre-tax Income
ยฅ18.0B
ยฅ14.9B
ยฅ15.3B
ยฅ31.0B
ยฅ18.2B
ยฅ9.2B
Income Taxes
ยฅ3.3B
ยฅ3.1B
ยฅ3.8B
ยฅ11.2B
ยฅ7.4B
ยฅ9.6B
Current Tax
โ
ยฅ2.2B
ยฅ1.5B
ยฅ11.3B
ยฅ6.4B
ยฅ2.4B
Deferred Tax
โ
ยฅ953M
ยฅ2.3B
ยฅ-116M
ยฅ1.1B
ยฅ7.2B
Net Income (owners)
ยฅ14.7B
ยฅ12.1B
ยฅ9.5B
ยฅ11.4B
ยฅ6.5B
ยฅ-3.0B
Minority Interest
โ
ยฅ-282M
ยฅ2.0B
ยฅ8.4B
ยฅ4.2B
ยฅ2.6B
Comprehensive Income
โ
ยฅ14.6B
ยฅ14.4B
ยฅ16.4B
ยฅ13.9B
ยฅ-1.9B
EBITDA
ยฅ597M
ยฅ29M
ยฅ6.8B
ยฅ27.8B
ยฅ19.0B
ยฅ11.7B
Goodwill Amort. (J-GAAP)
โ
ยฅ237M
ยฅ237M
ยฅ39M
โ
ยฅ10M
EPS
ยฅ488.05
ยฅ402.07
ยฅ310.67
ยฅ363.94
ยฅ169.53
ยฅ-76.06
Shares Outstanding
โ
30.1M
30.1M
31.2M
31.2M
39.6M
Shares Issued (total)
โ
41.0M
41.0M
41.0M
41.0M
41.0M
Treasury Shares
โ
10.9M
10.9M
9.7M
9.7M
1.3M
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Total Assets
ยฅ132.0B
ยฅ115.3B
ยฅ98.8B
ยฅ621.7B
ยฅ577.4B
ยฅ499.6B
Current Assets
ยฅ43.3B
ยฅ36.4B
ยฅ31.9B
ยฅ553.0B
ยฅ514.2B
ยฅ443.9B
Cash & Deposits
ยฅ18.8B
ยฅ17.8B
ยฅ18.4B
ยฅ149.7B
ยฅ88.1B
ยฅ92.3B
Trade Receivables
โ
ยฅ479M
ยฅ437M
ยฅ277M
โ
โ
Inventories
โ
ยฅ2.3B
ยฅ2.2B
โ
โ
โ
Non-Current Assets
ยฅ88.7B
ยฅ78.9B
ยฅ66.9B
ยฅ68.7B
ยฅ63.2B
ยฅ55.7B
PP&E
ยฅ3.3B
ยฅ2.9B
ยฅ1.5B
ยฅ15.5B
ยฅ15.5B
ยฅ14.1B
Goodwill
โ
ยฅ1.8B
ยฅ2.0B
ยฅ2.3B
โ
โ
Intangible Assets
โ
ยฅ12.0B
ยฅ12.8B
ยฅ15.4B
ยฅ2.3B
ยฅ1.9B
Investment Securities
ยฅ2.7B
ยฅ4.6B
ยฅ6.1B
ยฅ34.9B
ยฅ34.2B
ยฅ25.8B
Deferred Tax Assets
โ
ยฅ173M
ยฅ15M
ยฅ65M
ยฅ647M
ยฅ604M
Total Liabilities
ยฅ31.4B
ยฅ28.6B
ยฅ26.4B
ยฅ540.3B
ยฅ503.0B
ยฅ428.2B
Current Liabilities
ยฅ12.6B
ยฅ12.5B
ยฅ12.0B
ยฅ488.5B
ยฅ460.1B
ยฅ401.6B
ST Debt
ยฅ266M
ยฅ79M
ยฅ104M
ยฅ36.2B
ยฅ27.5B
ยฅ28.0B
Taxes Payable
โ
ยฅ857M
ยฅ185M
ยฅ4.3B
ยฅ379M
ยฅ630M
Non-Current Liabilities
ยฅ18.8B
ยฅ16.1B
ยฅ14.4B
ยฅ51.8B
ยฅ43.0B
ยฅ26.5B
Total LT Borrowings
ยฅ2.0B
ยฅ1.2B
ยฅ1.0B
ยฅ41.3B
ยฅ35.7B
ยฅ20.9B
Pension Obligations
โ
ยฅ5M
ยฅ4M
ยฅ4M
ยฅ5M
ยฅ275M
Deferred Tax Liab.
โ
ยฅ14.7B
ยฅ13.1B
ยฅ10.1B
ยฅ6.9B
ยฅ5.2B
Total Equity
ยฅ100.6B
ยฅ86.7B
ยฅ72.4B
ยฅ81.4B
ยฅ74.4B
ยฅ71.3B
Capital Stock
โ
ยฅ12.2B
ยฅ12.2B
ยฅ12.2B
ยฅ12.2B
ยฅ12.2B
Capital Surplus
โ
ยฅ3.7B
ยฅ3.7B
ยฅ3.7B
ยฅ5.9B
ยฅ6.5B
Retained Earnings
ยฅ99.8B
ยฅ85.4B
ยฅ73.6B
ยฅ64.4B
ยฅ53.4B
ยฅ47.3B
Treasury Stock
โ
ยฅ-13.0B
ยฅ-13.0B
ยฅ-11.8B
ยฅ-11.8B
ยฅ-2.2B
AOCI
โ
ยฅ-1.9B
ยฅ-4.6B
ยฅ-8.9B
ยฅ-7.1B
ยฅ-9.3B
Equity (owners)
ยฅ102.7B
ยฅ88.3B
ยฅ76.5B
ยฅ68.6B
ยฅ59.7B
ยฅ63.9B
Minority Interests
โ
ยฅ327M
ยฅ544M
ยฅ21.8B
ยฅ21.9B
ยฅ16.8B
Total Interest-Bearing Debt โ
ยฅ2.2B
ยฅ1.3B
ยฅ1.1B
ยฅ77.5B
ยฅ63.1B
ยฅ48.9B
Net Cash โ
ยฅ16.6B
ยฅ16.5B
ยฅ17.3B
ยฅ72.2B
ยฅ25.0B
ยฅ43.4B
NCAV โ
ยฅ11.9B
ยฅ7.8B
ยฅ5.5B
ยฅ12.7B
ยฅ11.2B
ยฅ15.7B
NCAV/Share
โ
ยฅ258
ยฅ183
ยฅ406
ยฅ358
ยฅ396
BV/Share
โ
ยฅ2,934
ยฅ2,542
ยฅ2,194
ยฅ1,910
ยฅ1,611
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Operating CF
ยฅ2.2B
ยฅ4.5B
ยฅ-25.6B
ยฅ18.5B
ยฅ-4.8B
ยฅ77.6B
Interest Paid
โ
ยฅ-16M
ยฅ-16M
ยฅ-24M
ยฅ-47M
ยฅ-70M
Interest Received
โ
ยฅ6.5B
ยฅ337M
ยฅ178M
ยฅ818M
ยฅ914M
D&A
ยฅ960M
ยฅ898M
ยฅ1.5B
ยฅ3.6B
ยฅ3.0B
ยฅ2.8B
Goodwill Amort.
โ
ยฅ237M
ยฅ237M
ยฅ39M
โ
ยฅ10M
Investing CF
ยฅ-269M
ยฅ-6.1B
ยฅ-8.1B
ยฅ-17.9B
ยฅ-7.7B
ยฅ-8.7B
CapEx
ยฅ444M
ยฅ1.8B
ยฅ914M
ยฅ2.7B
ยฅ1.8B
ยฅ2.0B
Purchase Investments
โ
ยฅ-421M
ยฅ-12.2B
ยฅ-32.0B
ยฅ-14.3B
ยฅ-13.9B
Financing CF
ยฅ-245M
ยฅ-287M
ยฅ12.1B
ยฅ2.6B
ยฅ-1.7B
ยฅ-14.7B
Dividends Paid
โ
ยฅ-300M
ยฅ-312M
ยฅ-312M
ยฅ-475M
ยฅ-475M
Share Buybacks
โ
ยฅ0M
ยฅ-1.2B
ยฅ0M
ยฅ-9.6B
ยฅ0M
LT Debt Repaid
โ
ยฅ-190M
ยฅ-11.4B
ยฅ-27.7B
ยฅ-27.9B
ยฅ-21.7B
Free Cash Flow
ยฅ1.7B
ยฅ2.7B
ยฅ-26.5B
ยฅ15.8B
ยฅ-6.6B
ยฅ75.6B
Net Change in Cash
โ
ยฅ-1.1B
ยฅ-23.8B
ยฅ-5.0B
ยฅ5.7B
ยฅ39.4B
Metric
FY 2025
TDnet
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Return on Equity (ROE) โ
15.7%
15.2%
12.3%
14.6%
9.0%
-4.2%
Return on Assets (ROA) โ
11.9%
11.3%
2.6%
1.9%
1.2%
-0.6%
Gross Margin โ
โ
22.4%
21.4%
32.6%
โ
โ
Operating Margin โ
-0.7%
-3.2%
17.2%
501.2%
540.9%
177.9%
Net Margin โ
26.6%
34.7%
32.5%
236.1%
221.3%
-60.5%
Current Ratio โ
3.44x
2.92x
2.66x
1.13x
1.12x
1.11x
Quick Ratio โ
3.44x
2.73x
2.48x
1.13x
1.12x
1.11x
Revenue / Share โ
โ
ยฅ1,158
ยฅ968
ยฅ154
ยฅ95
ยฅ126
BV/Share โ
โ
ยฅ2,934
ยฅ2,542
ยฅ2,194
ยฅ1,910
ยฅ1,611
NCAV/Share โ
โ
ยฅ258
ยฅ183
ยฅ406
ยฅ358
ยฅ396
EPS โ
ยฅ488.05
ยฅ402.07
ยฅ310.67
ยฅ363.94
ยฅ169.53
ยฅ-76.06
DPS โ
ยฅ0.00
ยฅ10.00
ยฅ10.00
ยฅ10.00
ยฅ10.00
ยฅ12.00
Payout Ratio โ
0.0%
2.5%
3.2%
2.7%
5.9%
โ
FCF/Share โ
โ
ยฅ90.08
ยฅ-880.51
ยฅ507.06
ยฅ-210.79
ยฅ1,908.15
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E โ
2.8ร
EPS from 2023-03
3.0ร
EPS from 2024-03
2.5ร
EPS from 2025-03
Avg Div Yield โ
0.99%
DPS from 2023-03
1.07%
DPS from 2024-03
1.01%
DPS from 2025-03
Avg Daily Close
ยฅ1,007
ยฅ934
ยฅ988
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022โ2025)
5yr CAGR (FY2020โ2025)
Stock Price
+6.2%
+2.9%
Sales
+125.5%
+61.8%
FCF/Share
โ
โ
EPS
+10.3%
โ
DPS
-100.0%
-100.0%
BV/Share
+15.4%
โ
NCAV/Share
-10.4%
โ
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-04-30
16:00
Other
ยฅ10.0/sh
+0%
HS Holdings announced FY2026 earnings results showing significant improvement with consolidated operating revenue up 53.โฆ
Summary
HS Holdings announced FY2026 earnings results showing significant improvement with consolidated operating revenue up 53.3% YoY and net income attributable to parent shareholders up 21.4%, driven by strong performance of subsidiary STAYGOLD and equity method affiliates Hahn Bank and Solid Bank. The company resolved to pay a regular dividend of ยฅ10 per share (ยฅ300 million total) for FY2026, unchanged from prior year, with payout maintained to support internal reserves amid geopolitical risks and economic uncertainties.
Deadline: 2026-06-29YoY: +0%
Source (JP)
2026ๅนด3ๆๆใฎ้
ๅฝใซใคใใพใใฆใฏใใญใทใขใปใฆใฏใฉใคใๅ้กใไธญๆฑๅ้กใชใฉใฎๅฐๆฟๅญฆ็ใชในใฏใไธญๅฝ็ตๆธใฎๅคฑ้ใชใฉใซ่ตทๅ ใใๅฝๅ
ๅค็ตๆธใฎๆชๅใซๅฏพใใๅใ...๏ผๆ ชๅฝใใ10ๅใฎๆฎ้้
ๅฝใไป่ญฐใใไบๅฎใงใใ
2026ๅนด3ๆๆๆฅญ็ธพใจ2025ๅนด3ๆๆๆฅญ็ธพใจใฎๅทฎ็ฐไธฆใณใซๅฐไฝ้ใฎ้
ๅฝใซ้ขใใใ็ฅใใ
TDnet PDF
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 4
#
Shareholder
Shares (thou.)
% of Total
1
ใฆใใทใญใณๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
12,686
2
SBI SECURITIES Co., Ltd.
ๆ ชๅผไผ็คพ๏ผณ๏ผข๏ผฉ่จผๅธ
2,075
3
Matsui Securities Co., Ltd.
ๆพไบ่จผๅธๆ ชๅผไผ็คพ
2,060
4
ๅทๆ ๆดไธ
2,006
5
ๆ ชๅผไผ็คพ๏ผค๏ผญ๏ผญ๏ผ๏ฝ๏ฝ๏ฝ่จผๅธ
1,993
6
ๆพค็ฐ ็ง้
1,000
7
SMBC Nikko Securities
๏ผณ๏ผญ๏ผข๏ผฃๆฅ่่จผๅธๆ ชๅผไผ็คพ
552
8
ๆจๅฃ ่ฏๅนณ
523
9
Japan Securities Finance Co.,Ltd.
ๆฅๆฌ่จผๅธ้่ๆ ชๅผไผ็คพ
461
10
Nomura Securities Co., Ltd.
้ๆ่ญๅธๆ ชๅผไผ็คพ
443
Domestic Nominees
0.0%
+0.0% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
79.1%
-0.6% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2022
2023
2024
2025
ใฆใใทใญใณๆ่ณไบๆฅญๆ้่ฒฌไปป็ตๅ
40.60%
40.60%
42.15%
42.15%
SBI SECURITIES Co., Ltd.
โ
SBI่จผๅธ
1.71%
4.34%
5.51%
6.89%
+1.38%
Matsui Securities Co., Ltd.
NEW ENTRY
ๆพไบ่จผๅธ
10.24%
8.91%
โ
6.85%
NEW
ๅทๆ ๆดไธ
NEW ENTRY
โ
โ
โ
โ
6.67%
NEW
ๅผไผ็คพDMM.com่จผๅธ
3.90%
4.44%
5.72%
6.62%
+0.90%
ๆพค็ฐ ็ง้
16.11%
12.25%
9.71%
3.32%
-6.39%
SMBC Nikko Securities
SMBCๆฅ่่จผๅธ
โ
1.80%
1.86%
1.84%
-0.02%
ๆจๅฃ ่ฏๅนณ
โ
โ
1.74%
1.74%
Japan Securities Finance Co.,Ltd.
ๆฅๆฌ่จผๅธ้่
โ
โ
8.55%
1.53%
-7.02%
Nomura Securities Co., Ltd.
NEW ENTRY
้ๆ่จผๅธ
โ
โ
โ
โ
1.47%
NEW
AIGๆๅฎณไฟ้บ
last seen 2024
Exited Top 10
1.92%
1.92%
1.99%
โ
ๅฒกไธ่จผๅธ
last seen 2024
Exited Top 10
โ
โ
1.28%
โ
ใปใณใใฉใซ็ญ่ณ
last seen 2024
Exited Top 10
โ
โ
1.16%
โ
ใกใฐใใ่จผๅธ
last seen 2022
Exited Top 10
1.43%
โ
โ
โ
็ซ่ฑ่จผๅธ
last seen 2023
Exited Top 10
โ
1.44%
โ
โ
JPMorgan Securities Japan Co., Ltd.
JPใขใซใฌใณ่จผๅธ
last seen 2023
Exited Top 10
1.19%
0.99%
โ
โ
ไธๅ ไฟๅฝฆ
last seen 2023
Exited Top 10
โ
3.33%
โ
โ
ๆๅฑฑ ไฟๅฝฆ
last seen 2022
Exited Top 10
1.92%
โ
โ
โ
Daiwa Securities Co., Ltd.
ๅคงๅ่จผๅธ
last seen 2022
Exited Top 10
1.99%
โ
โ
โ
Concentration (HHI)
โ
2046
1937
2021
1981
4 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Date Shareholder Stake Event Flag Demands Source
2024-11-20
Hideo Sawada
2.17%
-5.87%
change
Passive
โ
2023-09-05
Hideo Sawada
8.05%
correction
Passive
โ
2023-09-05
Hideo Sawada
8.04%
-0.01%
change
Passive
โ
2023-09-01
Hideo Sawada
8.05%
change
Passive
โ
Date
Category
Summary
Amount
2026-01-29
๐ฅ Financial
Earnings Revision
The company recognized equity method investment gains of 12,521 million yen in non-operating revenue for the nine-month period ended December 31, 2025, primarily due to strong performance from affiliated companies Hahn Bank and Solid Bank. This material event affecting the group's financial position and operating results was disclosed on January 29, 2026, and is reflected in the Q3 FY2026 earnings announcement.
ยฅ12.5bn
โบ
Summary
The company recognized equity method investment gains of 12,521 million yen in non-operating revenue for the nine-month period ended December 31, 2025, primarily due to strong performance from affiliated companies Hahn Bank and Solid Bank. This material event affecting the group's financial position and operating results was disclosed on January 29, 2026, and is reflected in the Q3 FY2026 earnings announcement.
Counterparty: Hahn Bank and Solid Bank
2026ๅนด๏ผๆๆ็ฌฌ๏ผๅๅๆ้ฃ็ต็ดฏ่จๆ้ใซใใใฆใๆๅๆณใซใใๆ่ณๅฉ็ใจใใฆ12,521็พไธๅใๅถๆฅญๅคๅ็ใซ่จไธใใใใพใใใใใใฏไธปใซใๅฝ็คพใฎๆๅๆณ้ฉ็จ้ข้ฃไผ็คพใงใใใใผใณ้่กๅใณใฝใชใใ้่กใฎๆฅญ็ธพใๅ
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