# EJ Holdings Inc.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/06/01－2026/05/31) (S100YYLT)
> Page: https://vizora.meequs.com/en/company/ej-holdings
> Retrieved: 2026-09-30T21:04:59.370Z

## Company

EJ Holdings, founded in 2007, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 2,144 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | E・J Holdings Inc. |
| Ticker | 2153 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2153.T) |
| Listing | TSE Prime |
| Head office | 岡山県岡山市北区津島京町三丁目1番21号 |
| Representative (per filing) | 代表取締役社長 小谷裕司 |
| Founded | Jan 2007 |
| Share capital | ¥4.37B |
| Employees (consolidated) | 2,144 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | May |
| Website | www.ej-hds.co.jp (https://www.ej-hds.co.jp/) |
| Corporate number | 3260001010102 |
| EDINET | E05706 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YYLT, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.7 | 35 |
| Profitability | 58.8 | 40 |
| Cash conversion | 32.9 | 38 |
| Efficiency | 48.8 | 40 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- EJ Holdings brought in ¥46.6B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +4.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥46586000000 → ¥3371000000
- Net income → operating cash flow: ¥3371000000 → ¥3054000000（difference ¥-317000000）
- Main uses of operating cash flow: CapEx ¥1201000000 / dividends ¥1133000000 / buybacks —
- Change in cash: ¥3674000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥46.6B |  |
| Operating income | ¥4.67B | Margin 10.0% |
| Net income | ¥3.37B | Margin 7.2% |
| Free cash flow | ¥1.85B |  |
| Employees (consolidated) | 2,144 |  |
| EPS | ¥128.57 |  |
| Book value per share | ¥1718.19 |  |
| Equity ratio | 71.0% |  |
| Shares outstanding | 18,378,920 |  |
| Treasury shares | 1,100 |  |
| Shareholders | 16,873 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 42.1% | Cash ÷ revenue 51.3% |
| Vs. industry median margin | +1.3 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 42% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34334000000 | ¥46586000000 | +35.7% |
| Operating income | ¥3857000000 | ¥4669000000 | +21.1% |
| Operating margin | 11.2% | 10.0% | -1.2 pp |
| Employees | 1,621 people | 2,144 people | +32.3% |
| Cash and equivalents | ¥17888000000 | ¥23911000000 | +33.7% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,586 | 100.0% | S100YYLT |
| Cost of revenue | 30,881 | 66.3% | 算出 |
| Gross profit | 15,705 | 33.7% | S100YYLT |
| SG&A | 11,035 | 23.7% | S100YYLT |
| Operating income | 4,669 | 10.0% | S100YYLT |
| Ordinary income | 4,825 | 10.4% | S100YYLT |
| Pretax income | 5,015 | 10.8% | S100YYLT |
| Income tax | 1,644 | 3.5% | S100YYLT |
| Net income | 3,371 | 7.2% | S100YYLT |
| Net income attributable to owners | 3,371 | 7.2% | S100YYLT |

## Per ¥100 of revenue（FY ending May 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 24 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 33.7% → Operating margin 10.0% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.46×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 42,705 | 46,586 | 3,881 | +9.1% |
| Gross profit | 14,252 | 15,705 | 1,453 | +10.2% |
| Operating income | 4,481 | 4,669 | 188 | +4.2% |
| Net income attributable to owners | 3,203 | 3,371 | 168 | +5.2% |
| Operating cash flow | 4,135 | 3,054 | -1,081 | -26.1% |
| Free cash flow | 2,794 | 1,853 | -941 | -33.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 30,394 | 2,984 | 9.8% | 2,029 | 5,088 | 4,425 | S100UAWP |
| FY ending May 2021 | 34,334 | 3,857 | 11.2% | 2,784 | 3,397 | 2,816 | S100WLJ8 |
| FY ending May 2022 | 36,668 | 4,491 | 12.2% | 3,121 | 956 | 428 | S100YYLT |
| FY ending May 2023 | 37,509 | 4,451 | 11.9% | 3,051 | 1,382 | -32 | S100YYLT |
| FY ending May 2024 | 37,207 | 4,348 | 11.7% | 3,032 | 3,940 | 2,738 | S100YYLT |
| FY ending May 2025 | 42,705 | 4,481 | 10.5% | 3,203 | 4,135 | 2,794 | S100YYLT |
| FY ending May 2026 | 46,586 | 4,669 | 10.0% | 3,371 | 3,054 | 1,853 | S100YYLT |

## People and productivity（FY ending May 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.7M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,686 | 1,721 | 1,713 | 2,052 | 2,144 |
| Average salary (parent company) | ¥8.7M | ¥9.1M | ¥9.2M | ¥8.8M | ¥9M |
| Average age (parent company) | 54.9 years | 55.2 years | 51.7 years | 52.1 years | 52.6 years |
| Average tenure (parent company) | 6.5 years | 7.5 years | 7.3 years | 8.4 years | 8.4 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +9.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,054 | 6.6% | S100YYLT |
| Capital expenditure | 1,201 | 2.6% | S100YYLT |
| Free cash flow | 1,853 | 4.0% | 算出 |
| Investing cash flow | -705 | -1.5% | S100YYLT |
| Financing cash flow | 1,324 | 2.8% | S100YYLT |
| Dividends paid | 1,133 | 2.4% | S100YYLT |
| Change in cash | 3,674 | 7.9% | S100YYLT |
| Cash and equivalents | 23,911 | 51.3% | S100YYLT |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,023 | 15,994 | 17,935 | 20,237 | 23,911 | S100UAWP, S100WLJ8, S100YYLT |
| Total assets | 39,240 | 39,194 | 41,423 | 52,011 | 56,752 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Net assets | 27,544 | 29,869 | 32,592 | 34,053 | 40,276 | S100UAWP, S100WLJ8, S100YYLT |
| Share capital | 2,803 | 2,803 | 2,803 | 2,803 | 4,372 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Inventories | 3,613 | 2,913 | 2,924 | 3,707 | 4,096 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Property, plant and equipment | 5,294 | 5,666 | 5,772 | 7,485 | 7,655 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Intangible assets excluding goodwill | 1,186 | 1,818 | 2,131 | 4,637 | 4,234 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Goodwill | 862 | 741 | 621 | 3,178 | 2,817 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Investment securities | 2,946 | 3,004 | 3,161 | 3,298 | 3,447 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Current assets | 27,683 | 26,485 | 28,151 | 33,829 | 37,083 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Current liabilities | 10,549 | 8,296 | 8,084 | 10,057 | 8,756 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Long-term borrowings | 358 | 128 | 17 | 6,846 | 6,288 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Total liabilities | 11,696 | 9,325 | 8,831 | 17,957 | 16,476 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Non-controlling interests | 7 | 8 | 8 | 7 | 8 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Equity attributable to owners of parent | 26,765 | 29,100 | 31,379 | 33,322 | 38,605 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Retained earnings | 20,050 | 22,371 | 24,600 | 26,517 | 28,753 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |
| Treasury stock | -467 | -454 | -403 | -377 | -469 | S100RS8Y, S100UAWP, S100WLJ8, S100YYLT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YYLT |
| Inventories | 7% | S100YYLT |
| Property, plant and equipment | 14% | S100YYLT |
| Intangibles and goodwill | 12% | S100YYLT |
| Investment securities | 6% | S100YYLT |
| Other assets | 19% | S100YYLT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YYLT |
| Equity | 71% | S100YYLT |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 39,240 | 39,194 | 41,423 | 52,011 | 56,752 |
| Equity | 27,544 | 29,869 | 32,592 | 34,053 | 40,276 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,023 | 15,994 | 17,935 | 20,237 | 23,911 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 16.4% | S100YYLT |
| Fixed assets ÷ total assets | 13.5% | S100YYLT |
| Goodwill ÷ parent equity | 7.3% | S100YYLT |

Goodwill over 4 years: 862 → 2,817 JPY; total investing cash flow: -11,547 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 42.1% |
| Cash ÷ revenue | 51.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.4% |
| Cash vs. profit gap | -317 JPY mn (of net income -9.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | 61.1% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 23.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.5% | 0.93× | 8.0% | 1.47× | 11.7% | S100RS8Y, S100YYLT |
| 2023 | 8.1% | 0.96× | 7.8% | 1.40× | 10.9% | S100UAWP, S100YYLT |
| 2024 | 8.1% | 0.92× | 7.5% | 1.33× | 10.0% | S100WLJ8, S100YYLT |
| 2025 | 7.5% | 0.91× | 6.9% | 1.44× | 9.9% | S100YYLT |
| 2026 | 7.2% | 0.86× | 6.2% | 1.51× | 9.4% | S100YYLT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社八雲 | Major shareholder | 19.2% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2026-05-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-05-31 |
| Ｅ・Ｊホールディングス社員持株会 | Major shareholder | 4.0% | 2026-05-31 |
| 小 谷 裕 司 | Major shareholder | 2.2% | 2026-05-31 |
| 小 谷 満 俊 | Major shareholder | 1.3% | 2026-05-31 |
| 合同会社Ｙ＆Ｋ | Major shareholder | 1.0% | 2026-05-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG（FE-AC） (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 0.9% | 2026-05-31 |
| 小 谷 浩 治 | Major shareholder | 0.9% | 2026-05-31 |
| 株式会社山陰合同銀行 | Major shareholder | 0.8% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/06/01－2026/05/31) | S100YYLT | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYLT,, |
| 有価証券報告書－第18期(2024/06/01－2025/05/31) | S100WLJ8 | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLJ8,, |
| 有価証券報告書－第17期(2023/06/01－2024/05/31) | S100UAWP | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAWP,, |
| 有価証券報告書－第16期(2022/06/01－2023/05/31) | S100RS8Y | 2023-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS8Y,, |
| 有価証券報告書－第15期(令和3年6月1日－令和4年5月31日) | S100P3E3 | 2022-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P3E3,, |
| 有価証券報告書－第14期(令和2年6月1日－令和3年5月31日) | S100MCU7 | 2021-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCU7,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).