ENVALITH
SBIホールディングス株式会社 logo

SBI Holdings, Inc.

8473・Prime Market・Securities & Commodity Futures

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SBIホールディングス株式会社 logo
SBI Holdings, Inc.8473

Business

SBI Holdings, founded in 1999, is a comprehensive financial group with 696 subsidiaries and 64 equity-method affiliates. While centering its earnings on the Financial Services Business (securities, banking, and insurance), the company operates across five segments, including the Asset Management Business, PE Investment Business, Crypto Asset Business, and the Next-Generation Business, which includes Bio, Healthcare & Medical Informatics, among others. Key subsidiaries such as SBI SECURITIES, SBI Shinsei Bank, SBI Sumishin Net Bank, and SBI Insurance Group form a "corporate ecosystem," with the group's customer base exceeding 50 million accounts. In addition to its domestic business, which primarily targets individual investors and depositors, overseas operations in Southeast Asia, South Korea, the UK, and elsewhere have entered a phase of contributing to earnings.

Business Model

The basic structure is a 'customer-centricity × corporate ecosystem' model in which SBI SECURITIES' 'Zero Revolution' drives rapid growth in account numbers, with cross-selling into banking, insurance, and asset management diversifying revenue. The Banking Business earns interest margin income from deposits and loans, the securities business earns commissions and financial income, and the insurance business earns premium income linked to the number of policies in force. The PE Investment Business adds FVTPL valuation gains, while the Crypto Asset Business adds market-making fees and trading revenue. A characteristic feature is the structural revenue diversification whereby banking revenue expands during phases of interest rate normalization, while securities and crypto asset revenue grow during phases of market activity.

Company Strengths

Over the five years from the 20th anniversary (FY2019, ending March 2019) to the 25th anniversary (FY2024, ending March 2024), the Group's customer base roughly doubled, surpassing 50 million accounts. The rapid increase in accounts driven by SBI SECURITIES' "Zero Revolution" has also spread to expand the customer base of other group companies, achieving revenue diversification through cross-selling into banking, insurance, and asset management.

In FY2025 (ending March 2025), Financial Services Business revenue was ¥1,202,206 million (up 9.9% year on year), and pre-tax income was ¥225,369 million (up 30.3% year on year), both record highs. SBI SECURITIES offset approximately ¥38.0 billion in full-year lost revenue from the "Zero Revolution" through revenue diversification, recording all-time highs in operating revenue, operating income, and net income for the period.

The company operates five segments: Financial Services, Asset Management, PE Investment, Crypto Asset, and Next-Generation Business. In FY2025 (ending March 2025), the Investment Business swung sharply into profit, with pre-tax income of ¥67,188 million versus a pre-tax loss of ¥17,729 million in the prior period, while the Crypto Asset Business also posted a record-high pre-tax income of ¥21,220 million (up 151.8% year on year), with multiple segments driving performance simultaneously.

ENVALITH's Perspective

Profit attributable to owners of parent for FY2026 (ending March 2026) expanded sharply to ¥427,577 million (up 163.7% year on year); however, the "Others" revenue category includes a gain on sale of shares in an affiliated company (equivalent to approximately ¥141,600 million) associated with the transfer of shares in SBI Sumishin Net Bank, so it is necessary to grasp the underlying profit level on a real-terms basis. External factors such as favorable market conditions (higher stock prices and rising interest rates) also provided a significant tailwind, and the fact that earnings guidance for FY2027 (ending March 2027) has not been disclosed leaves an element of uncertainty.

As an important subsequent event, on April 6, 2026, shares of the consolidated subsidiary SBI Savings Bank in Korea were transferred to Kyobo Life Insurance, and the company transitioned to an equity-method affiliate. As of the fiscal year-end, assets and liabilities related to SBI Savings Bank had been reclassified to assets held for sale (¥1,738,359 million) and related liabilities (¥1,332,703 million), and the composition of consolidated total assets and liabilities is expected to change significantly from the next period onward. The amount of the gain on sale is still being finalized; while there is a possibility of a one-time profit recognition in FY2027 (ending March 2027), there is also a risk that the revenue contribution from the Korean business will fall away.

Against the medium-term vision, which calls for a customer base of 100 million accounts, pre-tax profit of ¥500 billion, and ROE of 15% by the 30th anniversary of founding (FY2029, ending March 2029), pre-tax profit for FY2026 (ending March 2026) reached ¥516,667 million, approximately 103% of the target. However, continued scrutiny is warranted regarding the sustainability of shareholder value enhancement, given that this figure includes a one-off gain on the sale of shares, that the dividend payout ratio remains at a low 14.2% despite enhanced shareholder returns through share buybacks (¥50,015 million), and the direction of capital policy at SBI Shinsei Bank following the full repayment of public funds.

Growth Strategy

Medium-term vision targeting a customer base of 100 million accounts, pretax profit of ¥500.0 billion, and ROE of 15% by FY2029 (ending March 2029)

Concurrently pursuing expansion of SBI SECURITIES' account numbers and diversification of revenue sources, growth of SBI Sumishin Net Bank's mortgage loans and investment income, and strengthening of SBI Shinsei Bank's corporate lending and overseas business. In FY2026 (ending March 2026), the Financial Services Business achieved a record-high pretax profit of ¥424,961 million, and the revenue base toward the medium-term target is steadily taking shape.

Cultivating the Bio, Healthcare & Medical Informatics Business leveraging 5-ALA and other assets, the Web3 & Digital Asset Business, and the Renewable Energy, Human Resources, and Media-Related businesses. In FY2026 (ending March 2026), the Next-Generation Business turned profitable with a pretax profit of ¥21,968 million, confirming its transition out of the upfront investment phase. Revenue scale expanded rapidly, up 83.2% year on year.

Expanding investments in domestic and overseas ventures in IT, fintech, AI, blockchain, and bio-related fields, while strengthening the institutional-investor-focused crypto asset market-making business centered on UK-based B2C2 Limited. In FY2026 (ending March 2026), pretax profit of the PE Investment Business was ¥82,001 million (down 13.9% year on year), a temporary decline, while the Crypto Asset Business remained solid with revenue of ¥89,615 million.

Accelerating cross-selling across securities, banking, insurance, asset management, and crypto asset services, and capturing individual investors amid tailwinds from the new NISA program and the plan to double asset-based income. Aiming to maximize revenue per customer and reduce churn rates through expansion of the group-wide customer base.

SBI Savings Bank Korea will become an equity-method affiliate in April 2026 and will be excluded from consolidation. Recognition of a gain on sale (amount under review) and balance sheet reduction are expected to improve capital efficiency. Together with share buybacks (¥50,015 million executed in FY2026, ending March 2026), the company is advancing optimization of shareholder returns and capital policy.

Last updated: July 17, 2026