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Japanese logistics group operating trucking, warehousing and freight forwarding services domestically and in Asia.
Japanese logistics group operating trucking, warehousing and freight forwarding services domestically and in Asia.
Wins multi-year contracts to run a customer's warehouses and deliveries, a third-party logistics model, then earns by running them efficiently. Growth has come largely from buying logistics units of larger companies, such as those of Ricoh and Toshiba.
In one line: A Japanese trucking/logistics operator like a smaller J.B. Hunt.
Moat: none (scale). Fragmented, price-competitive logistics market; scale helps but does not create a durable edge.
Headquarters: Tokyo, Japan · Founded: 1946 · Employees: 11,772
Size SBS (2384.T) is a Japan Industrials company (Miscellaneous Commercial Services) with a market value of $1.38B, the 600th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,470 on 6 Nov 2026.
Performance Over six months the shares gained 31.8%, against -10.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 22.2% over the last twelve months (peer median +7.9%); the operating margin is 5.9% (peer median 7.5%).
Valuation It trades at 14.1× forward earnings against a peer median of 18.1× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -22 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.0 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥556B | ¥490B | ¥448B | ¥432B | ¥455B |
| Revenue growth | — | +9% | +4% | -5% | — |
| Gross profit | ¥69.7B | ¥55.7B | ¥49.8B | ¥50.1B | ¥50.5B |
| EBITDA | ¥47.7B | ¥34.6B | ¥29.7B | ¥30.7B | ¥32.9B |
| Net income | ¥19.9B | ¥11.8B | ¥9.62B | ¥10.1B | ¥11.7B |
| Free cash flow | n/a | ¥22.4B | ¥2.70B | ¥4.30B | ¥5.33B |
| Capital expenditure | n/a | ¥13.0B | ¥13.1B | ¥9.81B | ¥17.1B |
| Total debt | ¥101B | ¥107B | ¥105B | ¥102B | ¥104B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SBS 2384.T | $1.38B | +32% | +22% | 6% | 14.1× | -8.2% |
| Yamato 9064.T | $4.83B | +26% | +2% | 2% | 34.5× | 8.9% |
| Nippon Express Hldgs 9147.T | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% |
| SG Holdings Co., Ltd. 9143.T | $5.56B | +1% | +14% | 5% | 14.0× | -2.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2384.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.4% | -6.9% | 7th highest of 21 |
| 6-month return | +31.8% | -10.1% | 3rd highest of 21 |
| Distance from 52-week high | -9.3% | -37.2% | 2nd highest of 21 |
| Revenue growth (TTM) | +22.2% | +7.9% | 4th highest of 21 |
| Operating margin | 5.9% | 7.5% | 10th lowest of 21 |
| Forward P/E | 14.1× | 18.1× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -8.2% | 6.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +13.8% | +11.6% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -22.0 pp | -6.6 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +5.0 pp | -3.8 pp | 6th highest of 20 |
| EV / EBITDA | 6.5× | 9.2× | 3rd cheapest of 9 |
| Net debt / EBITDA | 1.3× | 0.8× | 4th most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SBS 2384.T | Japan | $1.38B | +32% | +22% | 6% | 14.1× | -8.2% | +13.8% |
| China Security 600654.SS | China | $1.39B | -31% | -30% | -1% | n/a | 56.7% | +0.4% |
| Wintech Nano (Suzhou) 688757.SS | China | $1.39B | -18% | +23% | 7% | n/a | n/a | n/a |
| Concord Biotech CONCORDBIO.NS | India | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% | +11.6% |
| Siglent Technologies 688112.SS | China | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% | +22.0% |
| Changchun Up Optotech 002338.SZ | China | $1.34B | -39% | +22% | 2% | 43.4× | n/a | n/a |
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |
| TKC 9746.T | Japan | $1.34B | +21% | +14% | 22% | 18.1× | -9.9% | +4.2% |
| Nittetsu Mining 1515.T | Japan | $1.34B | +10% | +13% | 9% | n/a | n/a | n/a |
| Central Mine Planning & Design Institute CMPDI.NS | India | $1.34B | -15% | +10% | 33% | n/a | 4.0% | +18.7% |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| Suzhou Novoprotein Scientific 688137.SS | China | $1.33B | +161% | +8% | -62% | n/a | n/a | n/a |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Bajaj Mobility BMAG.SW | Switzerland | $1.28B | +86% | -47% | -44% | 10.4× | n/a | n/a |
| Shanghai MicroPort EP Medtech 688351.SS | China | $1.27B | -23% | +20% | 3% | 135.2× | 41.7% | +26.7% |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |