SG Holdings Co Ltd SGHDY

IndustrialsFreight & Logistics ServicesJapan

Last close 9.46 USD on Nov 2, 2026, +6.5% year to date

Quant rating

Quant rating B Rank 89 of 418 in Industrials

Growth B 159 of 418
Valuation B 136 of 418
Quality B 90 of 418
Revisions B 108 of 418
Momentum C 222 of 418

Wall Street consensus Buy (2.50)Average target 10.75 USD +13.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 6.0B
Enterprise value: 7.8B
52-week range: 8.93 – 11.22
3-year range: 8.43 – 13.58
Dividend yield: 3.55%
Beta (5 years): –
Shares outstanding: 640M
Next earnings: Nov 6, 2026

About the company

SG HOLDINGS CO.,LTD. is a Japan-based holding company that provides parcel delivery and comprehensive logistics services. It operates through four business segments. The Delivery Business segment offers parcel delivery, mail services, special correspondence delivery, moving services, food transport, and transport management system (TMS) services. The Logistics Business segment provides logistics system development, inventory storage and inbound/outbound management, logistics center operations, in-facility delivery, delivery agency services, and cold-chain logistics. The Global Logistics Business segment offers international air and sea freight, international parcel delivery, customs brokerage, warehousing, product inspection and needle detection, value-added logistics services, and cross-border e-commerce logistics. The Real Estate Business segment engages in real estate leasing and management, real estate development, asset management and operation, and renewable energy supply.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	10,363	9,865	8,704	10,804	13,056	–
Revenue growth	5.1%	13.3%	−19.4%	−17.3%	10.2%	−2.6%
EPS (basic, normalized)	0.63	0.64	0.59	1.46	1.28	–
EPS growth	−2.0%	8.5%	−59.8%	14.0%	–	–
Gross margin	11.5%	10.8%	11.7%	13.7%	13.4%	12.2%
Net margin	3.6%	3.9%	4.4%	8.8%	6.7%	5.5%
ROE	10.5%	10.0%	10.3%	24.1%	23.9%	15.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	582
Current ratio	0.86x
Long-term debt (mil)	972
Net debt (mil)	1,850
Total equity (mil)	3,349
Net debt / equity	0.55x
Net debt / EBITDA	1.98x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	10,363	+5.1%	0.8x	932	−0.6%	8.4x	0.63	−2.0%	15.1x
2027	11,177	+7.9%	0.7x	979	+5.1%	8.0x	0.66	+5.7%	14.3x
2028	11,594	+3.7%	0.7x	1,037	+5.8%	7.6x	0.75	+12.7%	12.7x
2029	12,018	+3.7%	0.7x	1,082	+4.4%	7.2x	0.80	+6.8%	11.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	11,177	+0.3%	+2.0%	+2.7%	0.66	+0.1%	+1.4%	−0.5%
2028	11,594	+0.3%	+1.6%	+3.0%	0.75	+0.2%	+3.6%	+2.7%
2029	12,018	+0.3%	+2.1%	+5.7%	0.80	+0.1%	+5.1%	+4.1%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	321,709	334,527	373,502	410,800	360,410	367,404	415,178	447,440	414,740	447,306
Sales mean (mil)	312,152	326,045	342,536	387,371	360,283	367,874	377,951	413,413	503,530	417,547
Surprise	+3.1%	+2.6%	+9.0%	+6.0%	0.0%	−0.1%	+9.8%	+8.2%	−17.6%	+7.1%
EPS reported	15.90	19.83	20.93	41.41	10.75	16.69	21.77	35.38	24.43	20.55
EPS mean	20.70	17.95	20.00	34.31	8.19	18.15	22.51	36.37	29.86	18.57
Surprise	−23.2%	+10.5%	+4.6%	+20.7%	+31.3%	−8.0%	−3.3%	−2.7%	−18.2%	+10.7%

Peer comparison Freight & Logistics Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SGHDY SG Holdings Co Ltd	6.0B	1.98x	3.6%	1.60x	14.3x	12.7x	8.0x	7.6x
KEX Kirby Corp	7.4B	1.28x	10.5%	2.17x	19.5x	16.5x	10.3x	9.3x
MATX Matson Inc	6.6B	0.30x	13.3%	2.38x	13.7x	13.0x	8.4x	8.3x
GXO GXO Logistics, Inc.	6.0B	2.80x	0.2%	2.00x	17.2x	14.7x	8.8x	8.1x
SNDR Schneider National, Inc.	5.2B	0.05x	1.8%	1.67x	28.0x	17.7x	7.5x	6.2x
LSTR Landstar System, Inc.	5.0B	−1.01x	2.4%	5.99x	25.6x	19.4x	15.7x	12.7x
Mean		0.90x	5.3%	2.64x	19.7x	15.7x	9.8x	8.7x
Median		0.79x	3.0%	2.09x	18.3x	15.6x	8.6x	8.2x

Technical analysis

1M−1.9%
3M−1.9%
1Y+3.6%
3Y−27.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, SG Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	10,363	9,865	8,704	10,804	13,056	11,853
Cost of revenue	9,167	8,795	7,686	9,320	11,313	10,508
Gross profit	1,196	1,070	1,018	1,484	1,743	1,345
Selling, general & administrative expenses	574	448	395	435	432	391
Research & development	–	–	–	–	–	–
Depreciation/amortization	53.5	35.7	33.4	30.5	48.2	35.5
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	23.5	5.3	14.8	2.2	−0.3	29.5
Other operating expenses	0	0	0	0	0	0
Operating income	545	581	575	1,017	1,263	889
Net interest income (expense)	9.4	−9.7	−5.5	376	42.5	102
Gain (loss) on sale of assets	0.9	2.3	−0.6	0.2	−0.6	0.5
Other non-operating income (expense)	23.1	16.5	16.4	18.9	15.5	17.9
Net income before taxes	578	590	585	1,412	1,320	1,010
Provision for taxes	203	201	210	435	363	281
Minority interest	−3.0	−1.3	9.7	−24.2	−80.3	−57.1
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	372	388	385	953	877	672
Extraordinary items	–	–	–	–	–	–
Net income	372	388	385	953	877	672
EBIT, normalized	569	586	590	1,019	1,263	919
EBITDA, normalized	920	877	833	1,266	1,534	1,157
Basic EPS, normalized	0.63	0.64	0.59	1.46	1.28	–

Balance sheet in millions of USD, fiscal years

Balance sheet, SG Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	609	779	973	1,342	718	625
Receivables	1,424	1,316	1,223	1,365	2,011	1,671
Total inventory	177	184	248	165	244	278
Prepaid expenses	–	–	–	–	–	–
Other current assets	206	191	182	189	229	169
Total current assets	2,416	2,471	2,626	3,062	3,203	2,743
Property, plant & equipment	3,430	3,258	2,564	2,954	3,183	3,187
Goodwill	917	431	55.3	90.9	19.3	36.3
Intangibles	451	268	215	194	182	189
Long-term investments	162	187	142	154	598	562
Note receivable	–	–	–	–	–	–
Other long-term assets	367	324	326	361	392	422
Total assets	7,744	6,940	5,929	6,815	7,577	7,139
Liabilities
Accounts payable	638	584	518	576	771	720
Payable/accrued	–	–	–	–	–	–
Accrued expenses	128	117	121	137	208	222
Short-term debt	1,290	32.7	98.6	116	250	124
Current portion of long-term debt	181	213	239	183	265	252
Other current liabilities	568	537	466	711	791	960
Total current liabilities	2,806	1,484	1,443	1,724	2,284	2,278
Long-term debt	1,013	1,124	223	433	597	743
Minority interest	15.6	29.6	84.3	102	128	58.7
Other liabilities	468	433	362	385	488	461
Total liabilities	4,302	3,071	2,112	2,644	3,497	3,540
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	74.9	79.2	78.5	89.5	97.7	107
Additional paid-in capital	–	–	0.1	–	0.6	–
Retained earnings (accumulated deficit)	3,575	3,803	3,756	4,087	3,766	3,402
Treasury stock	−417	−141	−140	−84.1	−9.6	−10.6
Other equity	209	128	121	78.3	225	100
Total equity	3,441	3,869	3,817	4,171	4,080	3,598
Total liabilities & shareholders' equity	7,744	6,940	5,929	6,815	7,577	7,139

Cash flow statement in millions of USD, fiscal years

Cash flow statement, SG Holdings Co Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	578	590	585	1,412	1,320	1,010
Depreciation, depletion & amortization	351	291	243	247	271	238
Deferred taxes	–	–	–	–	–	–
Non-cash items	23.9	−1.3	40.9	−426	24.8	−42.6
Changes in working capital	−167	−88.1	−356	12.9	−944	−110
Cash from operations	786	791	513	1,245	673	1,096
Investing activities
Capital expenditures	−529	−355	−276	−236	−489	−587
Other investing cash flows	−837	−744	2.8	447	117	592
Cash from investing	−1,366	−1,099	−273	211	−372	4.6
Financing activities
Financing cash flow items	−1.9	−229	−5.2	−97.7	−3.9	−825
Cash dividends paid	−202	−213	−216	−263	−193	−166
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	618	535	−244	−433	−11.5	−111
Cash from financing	414	93.3	−465	−794	−209	−1,101
Foreign exchange effects	13.9	11.5	20.2	21.9	58.0	5.3
Net change in cash	−151	−203	−205	684	150	4.1
Free cash flow	258	436	237	1,009	184	509

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.