San Holdings, Inc. (Japan) (9628) AI Stock Analysis

• Market Cap: ¥34.69B
• Dividend Yield: 2.61%
• Average Volume (3M): 35.96K
• Price to Earnings (P/E): 6.7
• Beta (1Y): 0.71
• Revenue Growth: 68.12%
• EPS Growth: 110.52%
• Country: JP
• Employees: 709
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Personal Products & Services
• EPS (TTM): 24.13
• Shares Outstanding: 24,200,000
• 10 Day Avg. Volume: 34,820
• 30 Day Avg. Volume: 35,960
• PEG Ratio: 0.05
• Price to Book (P/B): 0.65
• Price to Sales (P/S): 0.76
• P/FCF Ratio: 6.75
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 71 Outperform
• Price Target: ¥1,674.00 ▲(11.75% Upside)
• Action: Reiterated Date: 11/21/25
• Date: Action: Reiterated 11/21/25

San Holdings, Inc. receives a strong overall score driven by its impressive financial performance and attractive valuation. However, bearish technical indicators and weak market momentum present significant risks. The stock's low P/E ratio and solid dividend yield offer potential upside, but caution is advised due to negative technical signals.

Positive Factors

High revenue growth

San reported 42.6% revenue growth year-over-year and consistent increases over time. Sustained top-line expansion indicates strong product-market fit and scalable sales execution, supporting capacity investments, market-share gains and durable cash generation if growth persists.

Strong profit margins

Robust gross and operating margins demonstrate operational efficiency and pricing power across product lines. Durable margins provide a buffer against cost inflation, enable reinvestment in R&D and marketing, and support stable free cash flow generation across cycles.

Conservative balance sheet

A low debt-to-equity ratio and high equity ratio indicate a conservative capital structure and meaningful equity buffer. This financial strength supports strategic flexibility for capex, M&A or downturns while limiting refinancing risk and preserving long-term solvency.

Negative Factors

Significant capital expenditures

Sustained negative investing cash flow from heavy capex can erode free cash flow despite strong operations. If capital spending remains elevated, it may constrain liquidity, limit discretionary returns or require higher external financing, pressuring financial flexibility over time.

Liabilities vs cash reserves

Although leverage is moderate overall, the noted imbalance between total liabilities and cash reserves creates refinancing and liquidity vulnerability if growth slows or margins compress. That dynamic could force tightened investment or higher borrowing costs in stress scenarios.

Consumer‑facing industry exposure

Operating in personal products and services exposes revenue to consumer spending cycles, shifting preferences and channel disruption. Sustaining growth and margins requires continuous product innovation, marketing investment and adaptation to e‑commerce and private‑label competition.

San Holdings, Inc. (Japan) Business Overview & Revenue Model

Company Description

SAN Holdings, Inc. provides funeral services in Japan. It operates a network of approximately 70 funeral halls. The company was founded in 1932 and is headquartered in Tokyo, Japan.

How the Company Makes Money

San Holdings, Inc. generates revenue primarily through its restaurant operations, which include sales from food and beverages served in its various dining venues. The company benefits from a high customer turnover rate and a loyal customer base, which drives consistent revenue growth. Key revenue streams include in-restaurant dining, take-out services, and catering for special events. Additionally, San Holdings may engage in strategic partnerships with suppliers and other businesses to enhance its product offerings and marketing reach. The company's focus on quality and customer satisfaction contributes to its competitive advantage, allowing it to maintain profitability in the competitive food service market.

San Holdings, Inc. (Japan) Financial Statement Overview

Summary

San Holdings, Inc. demonstrates strong financial performance with significant revenue and profit growth, efficient operations, and effective cash flow management. The income statement is robust with high profit margins, while the balance sheet shows low leverage and a strong equity base. However, high capital expenditures and potential risks from liabilities slightly temper the score.

Income Statement

San Holdings, Inc. demonstrates strong revenue growth with a 42.6% increase from 2024 to 2025, and a consistent increase over the years. The gross profit margin for 2025 is 22.45%, and the net profit margin is 14.76%, both indicating good profitability. EBIT and EBITDA margins are also healthy at 14.13% and 29.71% respectively, showcasing operational efficiency. The company's consistent revenue growth and strong profit margins contribute to a high score in this vertical.

Balance Sheet

The company maintains a robust financial position with a debt-to-equity ratio of 0.48, indicating low leverage. The return on equity (ROE) is 12.70%, reflecting efficient use of equity to generate profits. The equity ratio stands at 58.97%, showcasing a strong equity base relative to total assets. While the balance sheet is solid, the high total liabilities relative to cash reserves could pose a potential risk, slightly tempering the score.

Cash Flow

San Holdings, Inc. exhibits strong cash flow management, with a free cash flow growth rate of 82.2% from 2024 to 2025. The operating cash flow to net income ratio is 1.23, indicating that operating cash flows comfortably cover net income. Despite this strength, the investing cash flow is negative, highlighting significant capital expenditures. Overall, effective cash flow generation and management justify a high score.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	35.62B	31.98B	22.44B	21.66B	20.00B	18.87B
Gross Profit	7.72B	7.18B	5.33B	5.34B	4.72B	3.78B
EBITDA	9.54B	9.50B	4.57B	4.75B	4.04B	3.36B
Net Income	4.75B	4.72B	2.36B	2.78B	2.04B	1.56B
Balance Sheet
Total Assets	59.49B	63.05B	37.59B	36.23B	33.85B	32.39B
Cash, Cash Equivalents and Short-Term Investments	9.00B	12.66B	9.79B	9.19B	7.44B	7.04B
Total Debt	16.90B	17.79B	256.00M	268.00M	354.00M	445.76M
Total Liabilities	22.25B	25.88B	4.71B	4.61B	4.22B	3.84B
Stockholders Equity	37.24B	37.17B	32.88B	31.61B	29.63B	28.55B
Cash Flow
Free Cash Flow	0.00	3.60B	1.98B	2.26B	1.49B	1.12B
Operating Cash Flow	0.00	5.48B	3.17B	3.26B	2.99B	2.09B
Investing Cash Flow	0.00	-12.10B	-1.44B	-594.00M	-1.49B	-983.70M
Financing Cash Flow	0.00	9.65B	-1.16B	-923.00M	-1.10B	-498.79M

San Holdings, Inc. (Japan) Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1498.00
• 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:9628, the sentiment is Positive. The current price of 1498 is above the 20-day moving average (MA) of 1490.60, above the 50-day MA of 1482.20, and above the 200-day MA of 1462.82, indicating a bullish trend. The MACD of 7.66 indicates Negative momentum. The RSI at 58.14 is Neutral, neither overbought nor oversold. The STOCH value of 73.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:9628.

San Holdings, Inc. (Japan) Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7040	75 Outperform	¥6.50B	8.04	―	3.47%	3.40%	-25.64%
9628	71 Outperform	¥34.69B	6.69	―	2.61%	68.12%	110.52%
2198	71 Outperform	¥24.18B	12.11	―	3.04%	-3.47%	14.42%
2485	64 Neutral	¥12.24B	16.77	―	4.02%	14.46%	18.48%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
2196	54 Neutral	¥3.92B	-3.26	―	―	-4.35%	-132.57%
7578	44 Neutral	¥2.07B	4.60	―	―	-15.38%	―

San Holdings, Inc. (Japan) Corporate Events

San Holdings to Buy Treasury Shares After Cocolonet Share Exchange

San Holdings, Inc. has completed a share exchange effective February 1, 2026, through which it became the wholly owning parent company and Cocolonet Co., Ltd. became its wholly owned subsidiary. This transaction consolidates Cocolonet fully under San Holdings’ control, streamlining the group’s corporate structure.

Following this share exchange, San Holdings’ board approved the purchase of 141 fractional common shares created in the process, treating them as treasury stock in accordance with Japan’s Companies Act. The shares will be bought on February 13, 2026, at the closing price on the Tokyo Stock Exchange that day, ensuring clean-up of fractional holdings and tidier capital management after the restructuring.

The most recent analyst rating on (JP:9628) stock is a Hold with a Yen1655.00 price target. To see the full list of analyst forecasts on San Holdings, Inc. (Japan) stock, see the JP:9628 Stock Forecast page.

San Holdings Outlines FY8/26 Performance, Forecasts and Shareholder Policy

San Holdings, Inc., a Prime Market-listed Japanese funeral and end-of-life services provider, operates through subsidiaries including the Koekisha Group and the Sou-Sen/Tarui/Kizuna Holdings Group to serve the needs of seniors and their families. The company has released an outline of its interim financial overview for the fiscal year ending August 31, 2026, along with segment financial highlights, full-year forecasts for FY2025, and its shareholder distribution policy, signaling a structured update on business performance and capital allocation priorities.

These disclosures indicate management’s focus on transparency around group performance and the financial health of its core funeral service segments. By pairing forecasts with a stated shareholder distribution policy, San Holdings underscores its intention to balance growth in end-of-life service operations with returns to investors, which may influence market perceptions of its stability and long-term strategy.

The most recent analyst rating on (JP:9628) stock is a Hold with a Yen1655.00 price target. To see the full list of analyst forecasts on San Holdings, Inc. (Japan) stock, see the JP:9628 Stock Forecast page.

San Holdings Grows Revenue but Faces Profit Pressure in Transitional Fiscal Year

San Holdings reported consolidated operating revenue of ¥27.8 billion for the nine months to December 31, 2025, up 33.9% year on year, while operating profit edged down 1.8% to ¥2.44 billion and profit attributable to owners of parent fell 5.7% to ¥1.39 billion, indicating margin pressure despite strong top-line growth. The company strengthened its balance sheet, with total assets of ¥59.1 billion and an equity ratio rising to 64.8%, maintained its dividend policy under a 17‑month transitional fiscal period with a forecast total dividend of ¥57 per share, and projected full‑period revenue of ¥59.3 billion and profit of ¥3.52 billion, though the earnings impact of newly consolidated subsidiary Cocolonet remains under review, adding an element of uncertainty for investors.

The most recent analyst rating on (JP:9628) stock is a Hold with a Yen1655.00 price target. To see the full list of analyst forecasts on San Holdings, Inc. (Japan) stock, see the JP:9628 Stock Forecast page.