S B S Holdings, Inc. (2384) AI Stock Analysis

• Market Cap: ¥169.59B
• Dividend Yield: 1.84%
• Average Volume (3M): 50.81K
• Price to Earnings (P/E): 14.4
• Beta (1Y): 0.56
• Revenue Growth: 10.32%
• EPS Growth: 42.14%
• Country: JP
• Employees: 10,759
• Sector: Industrials
• Sector Strength: 72
• Industry: Integrated Freight & Logistics
• EPS (TTM): 54.35
• Shares Outstanding: 39,718,200
• 10 Day Avg. Volume: 49,520
• 30 Day Avg. Volume: 50,810
• PEG Ratio: 0.57
• Price to Book (P/B): 1.55
• Price to Sales (P/S): 0.31
• P/FCF Ratio: 6.70
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 319.75
• Revenue Forecast (FY): ¥549.05B

• Rating: 70 Outperform
• Price Target: ¥4,543.00 ▲(20.19% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by improving financial performance (accelerating revenue, stronger 2025 cash generation, and better leverage trend), balanced by thin margins and past free-cash-flow volatility. Technicals are supportive but appear overextended, while valuation remains reasonable with a moderate dividend yield.

Positive Factors

Revenue growth momentum

Revenue recovered from a 2023 decline and accelerated in 2025, indicating durable top-line momentum across recent periods. Sustained revenue growth supports scale advantages in logistics, helps absorb fixed costs, and underpins long-term contract leverage and reinvestment capacity.

Improving cash generation

Marked improvement in operating and free cash flow in 2025 strengthens internal funding for capex, dividends and debt paydown. Higher and positive cash generation increases financial flexibility, enabling reinvestment in network efficiency and reducing reliance on external financing over the medium term.

Improving leverage trend

A sustained decline in debt-to-equity over several years reflects deliberate deleveraging and equity growth, enhancing balance-sheet resilience. Lower leverage improves borrowing flexibility and credit profile, making it easier to fund strategic investments and withstand cyclical troughs over the coming months.

Negative Factors

Structurally thin margins

Net margins near 2.4% are typical for logistics but leave minimal buffer for cost inflation or pricing pressure. Persistently thin profitability constrains internal capital accumulation, reduces ability to self-fund expansions, and increases vulnerability to adverse fuel, labor, or contract-rate shifts over a multi-month horizon.

Free cash flow volatility

Historic swings in free cash flow driven by working-capital swings and capex variability undermine predictability of internal funding. Volatile FCF complicates consistent dividend or capex planning, and raises the chance management will need external financing during adverse cycles, limiting strategic optionality.

Leverage still elevated

Although leverage declined, debt remains meaningfully above one times equity, maintaining sensitivity to rising interest rates and cyclical volume drops. Elevated fixed-interest obligations reduce operational flexibility and increase refinancing risk if credit conditions tighten over the medium term.

S B S Holdings, Inc. Business Overview & Revenue Model

Company Description

SBS Holdings, Inc. engages in the logistics business in Japan and internationally. It transports products through trucks and train. The company also offers dry, chilled, and frozen logistics services; customs clearance and forwarding services; and facility relocation, logistics in the hall, consulting, and third party logistics services. In addition, it rents office facilities, residential, warehouse, etc.; and develops and sells logistics centers. Further, the company provides in human resource solutions, such as personnel dispatch, employment agency, and warehouse work contract; collection, transportation, intermediate processing, and recycling of general and industrial waste; construction, operation agency, and fulfillment services; fuel and tire purchasing services; and insurance agency services. The company was formerly known as SBS Co., Ltd. and changed its name to SBS Holdings, Inc. in April 2006. SBS Holdings, Inc. was founded in 1987 and is headquartered in Tokyo, Japan.

How the Company Makes Money

S B S Holdings, Inc. generates revenue through several key streams. Primarily, the company earns income from its real estate operations, which include rental income from commercial and residential properties managed within its portfolio. Additionally, the firm's asset management division contributes to its earnings by charging management fees on the funds it manages, including REITs that attract both institutional and retail investors. The company may also engage in property development projects, generating profits from sales or leasing of newly developed properties. Strategic partnerships with financial institutions and other investment entities further bolster its revenue, enabling access to larger capital pools and diversified investment opportunities.

S B S Holdings, Inc. Financial Statement Overview

Summary

Strong 2025 revenue acceleration and improved operating/free cash flow support the score, and leverage has been trending down. Offsetting factors are structurally thin profitability (~2.4% net margin) and historically volatile free cash flow, which reduce resilience in a downturn.

Income Statement

Revenue has grown steadily in the last two years (2024 and 2025), with 2025 showing strong top-line acceleration versus 2024, following a decline in 2023. Profitability is positive but thin, which is typical for logistics: 2025 net margin is ~2.4% with operating profitability also modest. Margins have been generally stable to slightly lower versus earlier years (2021–2022), so while scale is improving, there is limited cushion if pricing or costs move against the company.

Balance Sheet

Leverage is meaningful but improving: debt-to-equity has trended down from ~2.0x (2020) to ~1.1x (2025) as equity has expanded. Total debt is broadly stable while assets and equity have grown, which supports balance-sheet resilience. The key weakness is that leverage remains above 1x equity, leaving the company more exposed to higher interest costs or cyclical volume downturns than a lower-debt peer.

Cash Flow

Cash generation improved markedly in 2025, with operating cash flow rising to ~35.4B and free cash flow to ~22.4B (well above 2024 levels). However, cash flow has been volatile: free cash flow was weak in 2024 and has shown negative growth in several years prior, indicating working-capital swings and/or capex variability. Free cash flow covered a solid portion of earnings in 2025 (~63%), but the inconsistency year-to-year is the main risk.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	454.94B	490.34B	448.14B	431.91B	455.48B	403.49B
Gross Profit	46.03B	55.74B	49.84B	50.14B	50.54B	46.72B
EBITDA	25.51B	34.60B	30.37B	30.32B	33.74B	31.11B
Net Income	5.92B	11.78B	9.62B	10.06B	11.73B	10.79B
Balance Sheet
Total Assets	328.86B	346.85B	317.29B	301.32B	296.90B	277.20B
Cash, Cash Equivalents and Short-Term Investments	26.47B	22.55B	29.70B	29.67B	32.67B	23.80B
Total Debt	108.06B	106.71B	104.51B	101.59B	104.09B	98.66B
Total Liabilities	215.36B	220.30B	204.34B	198.73B	204.73B	196.49B
Stockholders Equity	88.15B	96.72B	88.22B	79.58B	70.38B	60.67B
Cash Flow
Free Cash Flow	0.00	22.39B	2.70B	4.30B	5.33B	14.61B
Operating Cash Flow	0.00	35.43B	15.81B	14.11B	22.41B	27.47B
Investing Cash Flow	0.00	-28.54B	-16.72B	-10.18B	-15.89B	-22.34B
Financing Cash Flow	0.00	-14.85B	-1.29B	-7.65B	489.00M	-9.28B

S B S Holdings, Inc. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 3780.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:2384, the sentiment is Positive. The current price of 3780 is below the 20-day moving average (MA) of 4073.50, below the 50-day MA of 3939.67, and above the 200-day MA of 3414.30, indicating a bullish trend. The MACD of 90.04 indicates Negative momentum. The RSI at 65.51 is Neutral, neither overbought nor oversold. The STOCH value of 61.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:2384.

S B S Holdings, Inc. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
9025	74 Outperform	¥185.21B	14.59	―	3.65%	7.73%	-19.90%
2384	70 Outperform	¥169.59B	14.39	―	1.84%	10.32%	42.14%
9143	68 Neutral	¥1.01T	18.77	9.97%	3.54%	12.46%	-3.12%
9069	66 Neutral	¥335.05B	18.87	8.30%	2.50%	7.94%	-13.01%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
9302	57 Neutral	¥291.43B	27.66	―	1.28%	8.11%	-9.27%
9147	53 Neutral	¥932.47B	356.89	―	2.99%	4.96%	1.67%

S B S Holdings, Inc. Corporate Events

SBS Holdings Reshapes Board With New Independent Director and Executive Retirement

SBS Holdings, Inc., a TSE Prime-listed logistics group operator, manages a portfolio of subsidiaries providing logistics and related services across Japan, including SBS Flec Co., Ltd. and SBS Zentsu Co., Ltd. The company functions as a strategic holding entity, coordinating management and governance across its group companies.

The company announced executive personnel changes effective March 30, 2026, including the retirement of Director and Senior Corporate Executive Officer Shuichi Hoshi, who also serves in key roles at group subsidiaries. SBS will appoint Hiroshi Fujiura as an independent outside director and Audit & Supervisory Board member, a move that strengthens its governance framework and maintains independent oversight as leadership at important subsidiaries transitions.

The most recent analyst rating on (JP:2384) stock is a Hold with a Yen4166.00 price target. To see the full list of analyst forecasts on S B S Holdings, Inc. stock, see the JP:2384 Stock Forecast page.

SBS Holdings Launches “Harmonized Growth 2030” Mid-Term Plan to Lift Profitability

SBS Holdings has unveiled a new five-year mid-term business plan, “Harmonized Growth 2030,” aimed at shifting from pure top-line expansion to a balance of revenue growth and improved profitability. Building on a prior period in which net sales nearly doubled but logistics margins remained low, the company will emphasize structural earnings reforms and efficiency in its core logistics operations.

The plan targets consolidated net sales of ¥700.0 billion and operating income of ¥38.0 billion by fiscal 2030, with a logistics business operating margin of 4.5% and ROE of 14.1%. To reach these goals, SBS will combine organic growth in 3PL, international, and e-commerce logistics with continued M&A and strategic investment in self-developed logistics facilities, signaling an ambition to enhance medium- to long-term corporate value and shareholder returns.

The most recent analyst rating on (JP:2384) stock is a Hold with a Yen4166.00 price target. To see the full list of analyst forecasts on S B S Holdings, Inc. stock, see the JP:2384 Stock Forecast page.

SBS Holdings Lifts Year-End Dividend on Strong Logistics Performance

SBS Holdings, Inc., a logistics-focused company listed on the TSE Prime, reported solid business results for the fiscal year ended December 31, 2025, driven primarily by its logistics operations. The company emphasizes balancing the reinforcement of its management base through retained earnings with providing stable and improving dividends to shareholders.

In light of its strong performance, the board resolved to raise the year-end dividend from retained earnings to 90 yen per share for FY12/25, up from the prior forecast of 85 yen and the previous year’s 70 yen. This increase, resulting in total dividends of 3,574 million yen and an effective payment date of March 13, 2026, underscores SBS Holdings’ commitment to enhancing shareholder returns in line with earnings growth.

The most recent analyst rating on (JP:2384) stock is a Hold with a Yen4166.00 price target. To see the full list of analyst forecasts on S B S Holdings, Inc. stock, see the JP:2384 Stock Forecast page.

SBS Holdings Delivers Strong 2025 Earnings and Hikes Dividends on Positive 2026 Outlook

SBS Holdings reported solid growth for the fiscal year ended December 31, 2025, with net sales rising 9.4% to ¥490.3 billion and profit attributable to owners of parent increasing 22.5% to ¥11.8 billion. Profitability also improved, as operating income climbed 20.3% and key ratios such as return on equity and operating margin edged higher, while total assets and net assets expanded and the shareholders’ equity ratio remained stable.

Cash flow from operating activities more than doubled year on year, though higher investment and financing outflows reduced cash and cash equivalents at period-end. Reflecting stronger earnings, the company raised its annual dividend from ¥70 to ¥90 per share for 2025 and plans a further increase to ¥105 in 2026, while forecasting double-digit growth in net sales and profits for the year ending December 31, 2026, signaling confidence in continued business expansion and enhanced shareholder returns.

The most recent analyst rating on (JP:2384) stock is a Hold with a Yen4166.00 price target. To see the full list of analyst forecasts on S B S Holdings, Inc. stock, see the JP:2384 Stock Forecast page.

SBS Holdings Revises Controlling Shareholder Structure

SBS Holdings, Inc. announced revisions to its controlling shareholder matters due to KMK Holdings, Inc.’s acquisition of 100% voting rights of Kamatakikaku, the parent company of SBS Holdings. This change in controlling shareholders reflects a shift in corporate governance, potentially impacting the company’s operational independence and stakeholder relationships.

The most recent analyst rating on (JP:2384) stock is a Buy with a Yen4222.00 price target. To see the full list of analyst forecasts on S B S Holdings, Inc. stock, see the JP:2384 Stock Forecast page.

SBS Holdings Announces Change in Parent Company Status

SBS Holdings, Inc. has announced a change in its parent company status due to Kamatakikaku, Inc. selling a portion of its shares, resulting in KMK Holdings, Inc. no longer being classified as the parent company but as an affiliated company. This change in ownership structure is not expected to impact the company’s business performance.

The most recent analyst rating on (JP:2384) stock is a Buy with a Yen4222.00 price target. To see the full list of analyst forecasts on S B S Holdings, Inc. stock, see the JP:2384 Stock Forecast page.