# Japan Display Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/04/01－2026/03/31) (S100YH91)
> Page: https://vizora.meequs.com/en/company/j-display
> Retrieved: 2026-09-30T21:31:21.485Z

## Company

Japan Display, founded in 2002, is a company in Electronic Components listed on TSE Prime. It has 2,333 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Display Inc. |
| Ticker | 6740 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6740.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西新橋三丁目7番1号(注)本店は、2026年6月24日開催予定の第24期定時株主総会において定款一部変更が承認可決された場合、同日開催の臨時取締役会の決議により下記に移転します。東京都品川区東品川二丁目2番8号 |
| Representative (per filing) | 代表執行役社長 CEO 明間 純 |
| Founded | Oct 2002 |
| Share capital | ¥100M |
| Employees (consolidated) | 2,333 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.j-display.com (https://www.j-display.com/) |
| Corporate number | 6040001059563 |
| EDINET | E30481 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YH91, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 0.9 | 53 |
| Profitability | 2.7 | 56 |
| Efficiency | 81.3 | 56 |

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)

- Japan Display brought in ¥132.3B in revenue.
- It lost about ¥14 for every ¥100 of sales at the operating level.
- Revenue changed -29.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥132.3B |  |
| Operating income | -¥18.7B | Margin -14.1% |
| Net income | -¥19.8B | Margin -15.0% |
| Free cash flow | -¥24.5B |  |
| Employees (consolidated) | 2,333 |  |
| EPS | ¥-1.26 |  |
| Book value per share | ¥-16.4 |  |
| Shares outstanding | 3,880,388,022 |  |
| Shareholders | 136,487 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 20.5% |
| Vs. industry median margin | -20 pp | Electronic Components |
| ROA | -14.6% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 0.4× its level five years ago
- FY2026, operating loss is 14 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥341694000000 | ¥132328000000 | -61.3% |
| Operating income | ¥-26226000000 | ¥-18692000000 | — |
| Operating margin | -7.7% | -14.1% | -6.5 pp |
| Employees | 8,443 people | 2,333 people | -72.4% |
| Cash and equivalents | ¥55347000000 | ¥27186000000 | -50.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 132,328 | 100.0% | S100YH91 |
| Cost of revenue | 129,762 | 98.1% | S100YH91 |
| Gross profit | 2,566 | 1.9% | S100YH91 |
| SG&A | 21,259 | 16.1% | S100YH91 |
| Operating income | -18,692 | -14.1% | S100YH91 |
| Ordinary income | -30,462 | -23.0% | S100YH91 |
| Pretax income | -18,528 | -14.0% | S100YH91 |
| Income tax | 1,282 | 1.0% | S100YH91 |
| Net income | -19,810 | -15.0% | S100YH91 |
| Net income attributable to owners | -19,810 | -15.0% | S100YH91 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 98 |
| SG&A | 16 |
| Operating income | -14 |
| (Ref.) Net income | -15 |

### Margin funnel

Gross margin 1.9% → Operating margin -14.1% → Net margin -15.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 188,012 | 132,328 | -55,684 | -29.6% |
| Gross profit | -9,651 | 2,566 | 12,217 | — |
| Operating income | -37,068 | -18,692 | 18,376 | — |
| Net income attributable to owners | -78,220 | -19,810 | 58,410 | — |
| Operating cash flow | -25,450 | -23,286 | 2,164 | — |
| Free cash flow | -35,964 | -24,480 | 11,484 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 504,022 | -38,536 | -7.6% | -101,417 | -87,111 | -103,186 | S100LRLK |
| FY ending Mar 2021 | 341,694 | -26,226 | -7.7% | -42,696 | -23,121 | -30,160 | S100OHWL |
| FY ending Mar 2022 | 295,946 | -8,576 | -2.9% | -8,096 | -21,673 | -28,836 | S100R4XD |
| FY ending Mar 2023 | 270,746 | -44,386 | -16.4% | -25,818 | -65,665 | -74,295 | S100TR16 |
| FY ending Mar 2024 | 239,153 | -34,145 | -14.3% | -44,313 | -17,576 | -29,669 | S100W0PD |
| FY ending Mar 2025 | 188,012 | -37,068 | -19.7% | -78,220 | -25,450 | -35,964 | S100YH91 |
| FY ending Mar 2026 | 132,328 | -18,692 | -14.1% | -19,810 | -23,286 | -24,480 | S100YH91 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥56.7M |
| Operating income per employee (consolidated) | -¥8M |
| Net income per employee (consolidated) | -¥8.5M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,600 | 4,776 | 4,507 | 4,141 | 2,333 |
| Average salary (parent company) | ¥6.2M | ¥7.3M | ¥7.5M | ¥7.6M | ¥7M |
| Average age (parent company) | 47.0 years | 47.8 years | 48.9 years | 49.3 years | 50.9 years |
| Average tenure (parent company) | 20.4 years | 21.5 years | 22.3 years | 22.4 years | 23.2 years |

Year over year: Employees (consolidated) -43.7% · Revenue (consolidated) -29.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -23,286 | -17.6% | S100YH91 |
| Capital expenditure | 1,194 | 0.9% | S100YH91 |
| Free cash flow | -24,480 | -18.5% | 算出 |
| Investing cash flow | 22,851 | 17.3% | S100YH91 |
| Financing cash flow | 5,050 | 3.8% | S100YH91 |
| Change in cash | 6,753 | 5.1% | S100YH91 |
| Cash and equivalents | 27,186 | 20.5% | S100YH91 |

## 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 50,939 | 25,754 | 28,725 | 20,432 | 27,186 | S100TR16, S100W0PD, S100YH91 |
| Total assets | 258,275 | 222,696 | 223,989 | 148,031 | 124,248 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Net assets | 72,768 | 124,431 | 85,661 | 6,890 | -7,412 | S100TR16, S100W0PD, S100YH91 |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Property, plant and equipment | 62,179 | 57,371 | 69,324 | 42,001 | 37,772 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Intangible assets excluding goodwill | 1,429 | 1,117 | 1,408 | 1,190 | 223 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Goodwill | 412 | 275 | — | — | — | S100R4XD, S100TR16 |
| Investment securities | 17 | 248 | 349 | 3,110 | 113 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Current assets | 186,529 | 150,853 | 151,969 | 100,156 | 81,039 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Current liabilities | 114,811 | 83,162 | 129,228 | 124,850 | 127,862 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Short-term borrowings | — | — | 33,500 | 59,500 | 65,000 | S100W0PD, S100YH91 |
| Long-term borrowings | 53,680 | — | — | — | — | S100R4XD |
| Total liabilities | 185,507 | 98,265 | 138,327 | 141,141 | 131,661 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Equity attributable to owners of parent | 58,314 | 119,175 | 74,862 | -3,358 | -23,169 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Retained earnings | 3,688 | -22,129 | -66,443 | -144,664 | -164,475 | S100R4XD, S100TR16, S100W0PD, S100YH91 |
| Treasury stock | 0 | 0 | 0 | 0 | 0 | S100R4XD, S100TR16, S100W0PD, S100YH91 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 258,275 | 222,696 | 223,989 | 148,031 | 124,248 |
| Equity | 72,768 | 124,431 | 85,661 | 6,890 | -7,412 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 50,939 | 25,754 | 28,725 | 20,432 | 27,186 |

## 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) | 28.5% | S100YH91 |
| Fixed assets ÷ total assets | 30.4% | S100YH91 |
| Goodwill ÷ parent equity | — | —, S100YH91 |

### 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) | 21.9% |
| Cash ÷ revenue | 20.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -3,476 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -3.1% | —× | — | S100R4XD |
| 2023 | — | —× | -10.7% | —× | — | S100TR16 |
| 2024 | — | —× | -19.8% | —× | — | S100W0PD |
| 2025 | — | —× | -42.1% | —× | — | S100YH91 |
| 2026 | — | —× | -14.6% | —× | — | S100YH91 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| いちごトラスト（常任代理人 香港上海銀行東京支店） | Major shareholder | 78.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 日亜化学工業株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | Major shareholder | 0.3% | 2026-03-31 |
| 羽田タートルサービス株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| 内海 章雄 | Major shareholder | 0.2% | 2026-03-31 |
| ＢｏｆＡ証券株式会社 | Major shareholder | 0.2% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.2% | 2026-03-31 |
| ジャパンディスプレイ持株会 | Major shareholder | 0.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YH91 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH91,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100W0PD | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0PD,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TR16 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR16,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R4XD | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4XD,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100OHWL | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHWL,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LRLK | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRLK,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 加賀電子 | Supply/OEM | ジャパンディスプレイの液晶をエー・ディーデバイスが販売 | S100YNQJ |

## 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).