# J.E.T.Co.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第17期(2025/01/01－2025/12/31) (S100YJGG)
> Page: https://vizora.meequs.com/en/company/j-e-t
> Retrieved: 2026-09-30T20:58:26.349Z

## Company

J.E.T., founded in 2009, is a company in Semiconductor Equipment listed on TSE Standard. It has 275 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J.E.T. Co., LTD. |
| Ticker | 6228 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6228.T) |
| Listing | TSE Standard |
| Head office | 岡山県浅口郡里庄町大字新庄字金山6078番 |
| Representative (per filing) | 代表取締役専務 平井 洋行 |
| Founded | Apr 2009 |
| Share capital | ¥1.85B |
| Employees (consolidated) | 275 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.globaljet.jp (https://www.globaljet.jp/) |
| Corporate number | 1260001018766 |
| EDINET | E36545 |
| Industries (Vizora) | Semiconductor Equipment |

> Profile source: annual securities report (S100YJGG, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Equipment (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.4 | 36 |
| Profitability | 1.2 | 41 |
| Efficiency | 40.2 | 41 |

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)

- J.E.T. brought in ¥14.7B in revenue.
- It lost about ¥10 for every ¥100 of sales at the operating level.
- Revenue changed -24.1% from the prior year, operating profit -237.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥14.7B |  |
| Operating income | -¥1.49B | Margin -10.2% |
| Net income | -¥2.34B | Margin -15.9% |
| Free cash flow | ¥2.68B |  |
| Employees (consolidated) | 275 |  |
| EPS | ¥-167.08 |  |
| Book value per share | ¥677.07 |  |
| Equity ratio | 49.8% |  |
| Shares outstanding | 13,470,000 |  |
| Treasury shares | 343,600 |  |
| Shareholders | 7,685 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 10.3% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | -24.7 pp | Semiconductor Equipment |
| ROA | -10.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 10 per ¥100 of revenue

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23114584000 | ¥14662000000 | -36.6% |
| Operating income | ¥2078740000 | ¥-1493000000 | -171.8% |
| Operating margin | 9.0% | -10.2% | -19.2 pp |
| Employees | 293 people | 275 people | -6.1% |
| Cash and equivalents | ¥4105000000 | ¥2013000000 | -51.0% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,662 | 100.0% | S100YJGG |
| Cost of revenue | 13,378 | 91.2% | S100YJGG |
| Gross profit | 1,283 | 8.8% | S100YJGG |
| SG&A | 2,776 | 18.9% | S100YJGG |
| Operating income | -1,493 | -10.2% | S100YJGG |
| Ordinary income | -1,575 | -10.7% | S100YJGG |
| Pretax income | -1,575 | -10.7% | S100YJGG |
| Income tax | 760 | 5.2% | S100YJGG |
| Net income | -2,336 | -15.9% | S100YJGG |
| Net income attributable to owners | -2,336 | -15.9% | S100YJGG |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 19 |
| Operating income | -10 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 8.8% → Operating margin -10.2% → Net margin -15.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,316 | 14,662 | -4,654 | -24.1% |
| Gross profit | 4,036 | 1,283 | -2,753 | -68.2% |
| Operating income | 1,087 | -1,493 | -2,580 | -237.4% |
| Net income attributable to owners | 540 | -2,336 | -2,876 | -532.6% |
| Operating cash flow | -1,390 | 3,080 | 4,470 | — |
| Free cash flow | -1,638 | 2,678 | 4,316 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 23,115 | 2,079 | 9.0% | 1,197 | -3,597 | -3,706 | S100U2Q5 |
| FY ending Dec 2023 | 24,984 | 2,613 | 10.5% | 1,651 | -1,181 | -1,215 | S100VP32 |
| FY ending Dec 2024 | 19,316 | 1,087 | 5.6% | 540 | -1,390 | -1,638 | S100YJGG |
| FY ending Dec 2025 | 14,662 | -1,493 | -10.2% | -2,336 | 3,080 | 2,678 | S100YJGG |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.3M |
| Operating income per employee (consolidated) | -¥5.4M |
| 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 293 | 289 | 293 | 275 |
| Average salary (parent company) | — | ¥7.3M | ¥7.3M | ¥7M |
| Average age (parent company) | — | 43.7 years | 43.3 years | 43.4 years |
| Average tenure (parent company) | — | 9.5 years | 9.6 years | 9.9 years |

Year over year: Employees (consolidated) -6.1% · Revenue (consolidated) -24.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,080 | 21.0% | S100YJGG |
| Capital expenditure | 402 | 2.7% | S100YJGG |
| Free cash flow | 2,678 | 18.3% | 算出 |
| Investing cash flow | -420 | -2.9% | S100YJGG |
| Financing cash flow | -2,778 | -18.9% | S100YJGG |
| Dividends paid | 78 | 0.5% | S100YJGG |
| Change in cash | -105 | -0.7% | S100YJGG |
| Cash and equivalents | 2,013 | 13.7% | S100YJGG |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,105 | 2,742 | 2,118 | 2,013 | S100VP32, S100YJGG |
| Total assets | 28,291 | 28,774 | 26,026 | 19,512 | S100U2Q5, S100VP32, S100YJGG |
| Net assets | 8,340 | 11,823 | 12,103 | 9,720 | S100VP32, S100YJGG |
| Share capital | 571 | 1,848 | 1,848 | 1,848 | S100U2Q5, S100VP32, S100YJGG |
| Property, plant and equipment | 1,137 | — | 831 | 1,151 | S100U2Q5, S100YJGG |
| Intangible assets excluding goodwill | 75 | — | 101 | 102 | S100U2Q5, S100YJGG |
| Current assets | 26,439 | — | 24,423 | 18,103 | S100U2Q5, S100YJGG |
| Current liabilities | 14,436 | — | 9,476 | 5,573 | S100U2Q5, S100YJGG |
| Trade payables | 2,095 | — | 693 | 512 | S100U2Q5, S100YJGG |
| Short-term borrowings | 3,150 | — | 2,750 | 500 | S100U2Q5, S100YJGG |
| Long-term borrowings | 5,439 | — | 4,344 | 3,970 | S100U2Q5, S100YJGG |
| Total liabilities | 19,950 | — | 13,923 | 9,792 | S100U2Q5, S100YJGG |
| Non-controlling interests | 0 | — | — | — | S100U2Q5 |
| Equity attributable to owners of parent | 8,017 | — | 11,542 | 9,127 | S100U2Q5, S100YJGG |
| Retained earnings | 7,058 | — | 7,976 | 5,561 | S100U2Q5, S100YJGG |
| Treasury stock | -171 | — | -162 | -162 | S100U2Q5, S100YJGG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJGG |
| Property, plant and equipment | 6% | S100YJGG |
| Intangibles and goodwill | 1% | S100YJGG |
| Other assets | 83% | S100YJGG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YJGG |
| Other liabilities | 47% | S100YJGG |
| Equity | 50% | S100YJGG |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 28,291 | 28,774 | 26,026 | 19,512 |
| Equity | 8,340 | 11,823 | 12,103 | 9,720 |
| Interest-bearing debt | — | — | — | — |
| Cash | 4,105 | 2,742 | 2,118 | 2,013 |

## 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) | 7.9% | S100YJGG |
| Fixed assets ÷ total assets | 5.9% | S100YJGG |
| Goodwill ÷ parent equity | — | —, S100YJGG |

### 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) | 10.3% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 5,416 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 2.9% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 13.6% |

## 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 | 5.2% | 0.82× | 4.2% | 3.53× | 14.9% | S100U2Q5 |
| 2023 | 6.6% | 0.88× | 5.8% | 2.83× | 16.4% | S100VP32, S100YJGG |
| 2024 | 2.8% | 0.70× | 2.0% | 2.37× | 4.7% | S100YJGG |
| 2025 | — | —× | -10.3% | —× | — | S100YJGG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KOREA SECURITIES DEPOSITORY -SAMSUNG | Major shareholder | 66.3% | 2025-12-31 |
| 房野 正幸 | Major shareholder | 0.4% | 2025-12-31 |
| 中西 弥重子 | Major shareholder | 0.4% | 2025-12-31 |
| 高橋 聡貴 | Major shareholder | 0.4% | 2025-12-31 |
| 中西 章夫 | Major shareholder | 0.3% | 2025-12-31 |
| 平井 洋行 | Major shareholder | 0.3% | 2025-12-31 |
| 株式会社山鹿ホールディングス | Major shareholder | 0.3% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 0.3% | 2025-12-31 |
| 株式会社SBI証券 | Major shareholder | 0.3% | 2025-12-31 |
| 増田 隆 | Major shareholder | 0.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第17期(2025/01/01－2025/12/31) | S100YJGG | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJGG,, |
| 訂正有価証券報告書－第16期(2024/01/01－2024/12/31) | S100VP32 | 2025-05-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VP32,, |
| 訂正有価証券報告書－第15期(2023/01/01－2023/12/31) | S100U2Q5 | 2024-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2Q5,, |

## 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).