SBC on Nasdaq

SBC Medical Group Holdings Inc

American Offices and Clinics of Doctors of Medicine services company. Summary from the record

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Last updated Oct 19, 2026.

Overview

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  • TickerSBC on Nasdaq1
  • IndustryServices-Offices & Clinics of Doctors of Medicine1
  • HeadquartersIrvine, California1
  • Incorporated inDE2
  • Business address200 Spectrum Center Dr., Suite 300, Irvine, Ca 926182
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company2

We were originally incorporated in Delaware on March 11, 2022 under the name “Pono Capital Two, Inc.,” referred to herein as “Pono,” as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

73.3%Gross margin4
38.9%Operating margin4
29.4%Net margin4
-15.5%Revenue growth, 20254
20.5%Return on equity4
0.17×Debt to equity4
$23.3MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Procurement Services brought in 32% of the revenue SBC Medical Group Holdings Inc broke down this way in fiscal 2025.

  1. Procurement Services$56.1M432%up 2% from 2024
  2. Franchising$45.9M426%down 25% from 2024
  3. Management Services$29.6M417%down 44% from 2024
  4. Rental Income$23.0M413%up 43% from 2024
  5. Other$18.9M411%down 7% from 2024
Products and services by year
Products and services20242025
Procurement Services$54.8M$56.1M
Franchising$61.0M$45.9M
Management Services$53.1M$29.6M
Rental Income$16.1M$23.0M
Other$20.3M$18.9M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue25¢$46.3M
  • Selling, general and admin32¢$59.8M
  • Interest0¢$148.2K
  • Income tax16¢$31.0M
  • Profit27¢$51.0M

Out of $173.6M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending6¢$1.4M
  • Share buybacks20¢$5.0M
  • Kept or used elsewhere74¢$18.3M

Out of $24.7M of cash from operations.4

Financial statements

Revenue54$173.6M in 2025−10% since 2023
0$100.0M$200.0M$300.0M2023: $193.5M$193.5M20232024: $205.4M$205.4M2024+6%2025: $173.6M$173.6M2025−15%
Gross profit54$127.3M in 2025−7% since 2023
0$50.0M$100.0M$150.0M$200.0M2023: $137.3M$137.3M20232024: $156.1M$156.1M2024+14%2025: $127.3M$127.3M2025−18%
Operating income54$67.5M in 2025−4% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $70.7M$70.7M20232024: $70.3M$70.3M2024−1%2025: $67.5M$67.5M2025−4%
Net income54$51.0M in 2025+30% since 2023
0$20.0M$40.0M$60.0M2023: $39.4M$39.4M20232024: $46.6M$46.6M2024+18%2025: $51.0M$51.0M2025+9%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Total revenues, net$173.6M$205.4M
Gross profit$127.3M$156.1M
Selling, general and administrative expenses (including selling, general and administrative expenses from related parties of $751,096 and nil for the years ended December 31, 2025 and 2024, respectively)$59.8M$57.7M
Stock-based compensation$0$13.0M
Impairment loss on intangible asset$0$15.1M
Total operating expenses$59.8M$85.7M
Income from operations$67.5M$70.3M
Interest income$198.3K$19.9K
Interest expense-$160.6K-$28.3K
Foreign currency exchange gain, net$2.0M$895.7K
Other expenses-$1.3M-$5.5M
Gain on redemption of life insurance policies$8.7M$0
Gain on disposal of subsidiary$0$3.8M
Total other income$14.6M$3.2M
Income before income taxes$82.1M$73.5M
Effective tax rate$31.0M$26.8M
Net income$51.0M$46.7M
Less: net income attributable to non-controlling interests$59.4K$75.6K
Net income attributable to SBC Medical Group Holdings Incorporated$51.0M$46.6M
Foreign currency translation adjustment-$2.9M-$16.6M
Total comprehensive income$48.1M$30.1M
Less: comprehensive income attributable to non-controlling interests$225.7K$117.8K
Comprehensive income attributable to SBC Medical Group Holdings Incorporated$47.9M$30.0M
Net income per share attributable to SBC Medical Group Holdings Incorporated - Basic$0.50$0.48
Net income per share attributable to SBC Medical Group Holdings Incorporated - Diluted$0.50$0.48
Weighted average shares outstanding - Basic103.0M shares96.6M shares
Weighted average shares outstanding - Diluted103.0M shares96.6M shares
Cost of revenues$46.3M$49.4M
Other income$5.1M$3.9M

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Leadership

Who has led SBC Medical Group Holdings Inc, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (9)

Former names

  • Pono Capital Two, Inc.Jun 14, 2022 to Aug 29, 20242

Timeline

  1. Sep 17, 2024New chief executive Yoshiyuki Aikawa becomes CEO10
  2. Aug 10, 2022New chief executive Darryl Nakamoto becomes CEO11

Filings

232 filings to the SEC since October 2021: 7 annual reports, 13 quarterly reports, 46 major events, 54 insider forms, 25 large holders, 87 other. The latest 20:

  1. Aug 13, 202610-Q EDGAR
  2. Aug 13, 20268-K EDGAR
  3. Jul 14, 20268-K EDGAR
  4. May 28, 2026ARS EDGAR
  5. May 28, 2026DEFA14A EDGAR
  6. May 28, 2026DEF 14A EDGAR
  7. May 20, 20268-K EDGAR
  8. May 15, 2026PRE 14A EDGAR
  9. May 14, 202610-Q EDGAR
  10. May 14, 20268-K EDGAR
  11. Apr 30, 202610-K/A EDGAR
  12. Apr 29, 20264 EDGAR
  13. Apr 23, 20264 EDGAR
  14. Apr 23, 20268-K EDGAR
  15. Apr 21, 2026SCHEDULE 13D/A EDGAR
  16. Apr 20, 2026424B7 EDGAR
  17. Apr 17, 2026424B7 EDGAR
  18. Mar 27, 20268-K EDGAR
  19. Mar 27, 202610-K EDGAR
  20. Mar 13, 2026SCHEDULE 13G EDGAR

The 232 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

61 open-market trades by officers, directors and large owners since October 2021: 54 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 28, 2026Aikawa YoshiyukiChairman and CEOSale465,000$3.02$1.4MForm 4
Apr 21, 2026Aikawa YoshiyukiChairman and CEOSale3,100,000$3.02$9.4MForm 4
Mar 6, 2026Aikawa YoshiyukiChairman and CEOSale4,422,900$2.12$9.4MForm 4
Sep 19, 2024ZUU Funders Co. Ltd.10% ownerSale6,196$7.34$45.5KForm 4
Aug 22, 2024ZUU Target Fund for SBC Medical Group HD Investment Partnership10% ownerBuy8,399$10.51$88.3KForm 4
Aug 21, 2024ZUU Target Fund for SBC Medical Group HD Investment Partnership10% ownerSale4,755$11.38$54.1KForm 4
Aug 20, 2024Tomita Kazumasa10% ownerSale5,000$11.72$58.6KForm 4
Aug 19, 2024Tomita Kazumasa10% ownerSale70,000$11.45$801.5KForm 4
Aug 1, 2024ZUU Funders Co. Ltd.10% ownerBuy2,487$12.82$31.9KForm 4
Jul 31, 2024ZUU Funders Co. Ltd.10% ownerBuy12$12.50$150Form 4
Jul 24, 2024Tomita Kazumasa10% ownerBuy15,509$13.00$201.6KForm 4
Jul 19, 2024ZUU Co. Ltd.10% ownerBuy2$13.00$26Form 4
Jul 17, 2024ZUU Co. Ltd.10% ownerBuy5,404$13.00$70.3KForm 4
Jul 15, 2024Tomita Kazumasa10% ownerBuy4,342$13.00$56.4KForm 4
Jul 12, 2024Tomita Kazumasa10% ownerBuy203$13.00$2.6KForm 4
Jul 11, 2024ZUU Co. Ltd.10% ownerBuy6,297$13.00$81.9KForm 4
Jul 10, 2024ZUU Co. Ltd.10% ownerBuy12$13.00$156Form 4
Jul 9, 2024ZUU Co. Ltd.10% ownerBuy5$13.00$65Form 4
Jul 2, 2024ZUU Co. Ltd.10% ownerBuy30$13.00$390Form 4
Jun 27, 2024Tomita Kazumasa10% ownerBuy2$13.00$26Form 4

All 61 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 57. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Lumbard & Kellner, LLC1,727,208$5.3M1.6%+1,709,935
BlackRock, Inc.924,002$2.8M0.0%+504,362
Geode Capital Management, LLC427,864$1.3M0.0%+132,085
Citadel Advisors LLC144,718$445.7K0.0%New
Vanguard Capital Management LLC135,783$418.2K0.0%−456
Northern Trust Corp131,204$404.1K0.0%+40,065
Vanguard Portfolio Management LLC128,295$395.1K0.0%+64,748
Hillsdale Investment Management Inc.124,800$384.4K0.0%New
Segall Bryant & Hamill, LLC81,307$250.4K0.0%No change
Vanguard Fiduciary Trust Co66,281$204.1K0.0%+3,808
SBI Securities Co., Ltd.49,437$152.3K0.0%+4,357
State Street Corp49,239$151.7K0.0%+18,400
Charles Schwab Investment Management Inc46,855$144.3K0.0%+28,654
Mariner, LLC33,747$103.9K0.0%+9,787
Bank of New York Mellon Corp26,991$83.1K0.0%+16,811
Nuveen, LLC25,381$78.2K0.0%+13,013
Aqr Capital Management LLC24,098$74.2K0.0%+11,524
Central Pacific Bank - Trust Division24,000$73.9K0.0%New
Two Sigma Securities, LLC21,487$66.2K0.0%New
Deutsche Bank Ag\18,783$57.9K0.0%New
Williams & Novak, LLC18,686$57.6K0.0%+4,449
New York State Common Retirement Fund17,000$52.4K0.0%No change
Wells Fargo & Company/mn16,118$49.6K0.0%+11,868
Bank Of America Corp /de/11,417$35.2K0.0%New
Fmr LLC10,779$33.2K0.0%+7,391

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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