# J Frontier Co.,Ltd.: 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18期(2025/06/01－2026/05/31) (S100YYK8)
> Page: https://vizora.meequs.com/en/company/j-frontier
> Retrieved: 2026-09-30T20:24:29.761Z

## Company

J Frontier, founded in 2008, is a company in Health Tech listed on TSE Growth. It has 201 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J Frontier Co.,Ltd. |
| Ticker | 2934 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2934.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区桜丘町9番8号 |
| Representative (per filing) | 代表取締役社長執行役員 中村 篤弘 |
| Founded | Jun 2008 |
| Share capital | ¥665.6M |
| Employees (consolidated) | 201 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | May |
| Website | jfrontier.jp (https://jfrontier.jp/) |
| Corporate number | 9011001063340 |
| EDINET | E33800 |
| Industries (Vizora) | Health Tech, Processed Foods, Advertising, Catalog & TV Shopping |

> Profile source: annual securities report (S100YYK8, filed 2026-08-25). As of filing

## Five-axis industry profile

Primary industry: Advertising (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 20.3 | 86 |
| Cash conversion | 82 | 75 |
| Efficiency | 93.6 | 86 |
| Financial strength | 10 | 5 |

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)

- About 52% of J Frontier's sales come from Healthcare marketing business, with Healthcare sales business and Medical care sales business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +6.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥22.2B |  |
| Operating income | ¥312.3M | Margin 1.4% |
| Net income | -¥321.3M | Margin -1.4% |
| Free cash flow | ¥385.4M |  |
| Largest business | Healthcare marketing business | of segment revenue 52.0% |
| Employees (consolidated) | 201 |  |
| EPS | ¥-120.5 |  |
| Book value per share | ¥281.82 |  |
| Equity ratio | 12.8% |  |
| Shares outstanding | 5,336,369 |  |
| Shareholders | 1,688 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 22.2% | Net cash -¥2B · Cash ÷ revenue 9.6% |
| Vs. industry median margin | -4.2 pp | Advertising |
| ROA | -3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 43 points
- FY2026, employees 0% while operating income rose 6%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8493011000 | ¥22235985000 | — |
| Operating income | ¥671912000 | ¥312270000 | — |
| Operating margin | 7.9% | 1.4% | -6.5 pp |
| Employees | 46 people | 201 people | — |
| Cash and equivalents | ¥1631094000 | ¥2131293000 | — |

### 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.

| Flow | Revenue share |
| --- | ---: |
| メディカルケアセールス事業 → メディカルケアセールス事業 | 21.5% |
| ヘルスケアセールス事業 → ヘルスケアセールス事業 | 24.2% |
| ヘルスケアセールス事業 → 事業再編・廃止 | 45.4% |
| ヘルスケアマーケティング事業 → ヘルスケアマーケティング事業 | 8.9% |
| 新設・再編 → メディカルケアセールス事業 | 2.2% |
| 新設・再編 → ヘルスケアマーケティング事業 | 43.1% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Healthcare marketing business | — | — | ¥11568326000 | 2.0% | 2 |
| Healthcare sales business | — | — | ¥5383857000 | -0.8% | 2 |
| Medical care sales business | — | — | ¥5283802000 | 9.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,236 | 100.0% | S100YYK8 |
| Cost of revenue | 13,256 | 59.6% | S100YYK8 |
| Gross profit | 8,980 | 40.4% | S100YYK8 |
| SG&A | 8,668 | 39.0% | S100YYK8 |
| Operating income | 312 | 1.4% | S100YYK8 |
| Ordinary income | 415 | 1.9% | S100YYK8 |
| Pretax income | -101 | -0.5% | S100YYK8 |
| Income tax | 175 | 0.8% | S100YYK8 |
| Net income | -276 | -1.2% | S100YYK8 |
| Net income attributable to owners | -321 | -1.4% | S100YYK8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 39 |
| Operating income | 1 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 40.4% → Operating margin 1.4% → Net margin -1.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +6.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.85×
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 | 21,504 | 22,236 | 731 | +3.4% |
| Gross profit | 9,574 | 8,980 | -593 | -6.2% |
| Operating income | 294 | 312 | 19 | +6.3% |
| Net income attributable to owners | 88 | -321 | -409 | -466.9% |
| Operating cash flow | 509 | 454 | -55 | -10.7% |
| Free cash flow | 447 | 385 | -62 | -13.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 7,106 | 170 | 2.4% | 96 | 218 | 213 | S100MDBL |
| FY ending May 2021 | 8,493 | 672 | 7.9% | 425 | 831 | 824 | S100MDBL |
| FY ending May 2022 | 11,877 | 731 | 6.2% | 401 | -367 | -377 | S100SX2D |
| FY ending May 2023 | 16,845 | -1,816 | -10.8% | -1,900 | -1,830 | -1,935 | S100VB9U |
| FY ending May 2024 | 17,715 | -605 | -3.4% | -2,101 | -1,436 | -1,545 | S100WL6P |
| FY ending May 2025 | 21,504 | 294 | 1.4% | 88 | 509 | 447 | S100YYK8 |
| FY ending May 2026 | 22,236 | 312 | 1.4% | -321 | 454 | 385 | S100YYK8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥110.6M |
| Operating income per employee (consolidated) | ¥1.6M |
| 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) | 278 | 255 | 315 | 202 | 201 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.1M | ¥5.7M | ¥6M |
| Average age (parent company) | 37.2 years | 38.9 years | 38.1 years | 36.3 years | 37.4 years |
| Average tenure (parent company) | 2.8 years | 3.1 years | 3.7 years | 3.1 years | 4.3 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +3.4%

## Segments（FY ending May 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical care sales business | 5,284 | 23.8% | 484 | 9.2% |
| Healthcare sales business | 5,384 | 24.2% | -45 | -0.8% |
| Healthcare marketing business | 11,568 | 52.0% | 237 | 2.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Medical care sales business | 23.8% | 67.1% | 43.4 | 9.2% |
| Healthcare sales business | 24.2% | — | — | -0.8% |
| Healthcare marketing business | 52.0% | 32.9% | -19.2 | 2.0% |

Loss-making segment (excluded from profit shares): Healthcare sales business -45 JPY mn

Segment → industry: Medical care sales business → Health Tech / Healthcare sales business → Processed Foods / Healthcare marketing business → Advertising / Healthcare sales business → Catalog & TV Shopping / Medical care sales business → Catalog & TV Shopping

## 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 | 454 | 2.0% | S100YYK8 |
| Capital expenditure | 69 | 0.3% | S100YYK8 |
| Free cash flow | 385 | 1.7% | 算出 |
| Investing cash flow | -1,190 | -5.4% | S100YYK8 |
| Financing cash flow | 758 | 3.4% | S100YYK8 |
| Share buyback | 0 | 0.0% | S100YYK8 |
| Change in cash | 22 | 0.1% | S100YYK8 |
| Cash and equivalents | 2,131 | 9.6% | S100YYK8 |

## 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 | 2,969 | 1,588 | 1,753 | 2,110 | 2,131 | S100VB9U, S100WL6P, S100YYK8 |
| Total assets | 6,099 | 7,241 | 11,412 | 9,173 | 9,585 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Net assets | 4,164 | 2,715 | 1,880 | 2,014 | 1,534 | S100VB9U, S100WL6P, S100YYK8 |
| Share capital | 1,487 | 165 | 517 | 564 | 666 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Property, plant and equipment | 48 | 253 | 152 | 160 | 154 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Intangible assets excluding goodwill | 929 | 1,941 | 3,546 | 2,810 | 2,608 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Goodwill | 816 | 1,672 | 2,102 | 1,690 | 1,777 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Investment securities | — | 88 | 88 | 282 | 334 | S100VB9U, S100WL6P, S100YYK8 |
| Current assets | 4,921 | 4,672 | 7,316 | 5,655 | 6,079 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Current liabilities | 1,444 | 3,020 | 6,111 | 4,763 | 5,686 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Short-term borrowings | — | 178 | 918 | 1,292 | 2,107 | S100VB9U, S100WL6P, S100YYK8 |
| Long-term borrowings | 446 | 1,322 | 2,794 | 1,895 | 1,987 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Bonds | — | 50 | 80 | 60 | 40 | S100VB9U, S100WL6P, S100YYK8 |
| Interest-bearing debt | — | 1,551 | 3,792 | 3,247 | 4,134 | 算出 |
| Total liabilities | 1,936 | 4,526 | 9,532 | 7,159 | 8,051 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Non-controlling interests | 27 | 238 | 740 | 608 | 306 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Equity attributable to owners of parent | 4,136 | 2,467 | 1,138 | 1,409 | 1,246 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Retained earnings | 1,631 | -269 | -2,370 | -2,282 | -2,604 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |
| Treasury stock | -452 | -452 | -408 | — | -0 | S100SX2D, S100VB9U, S100WL6P, S100YYK8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YYK8 |
| Property, plant and equipment | 2% | S100YYK8 |
| Intangibles and goodwill | 46% | S100YYK8 |
| Investment securities | 3% | S100YYK8 |
| Other assets | 27% | S100YYK8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 43% | 算出 |
| Other liabilities | 41% | S100YYK8 |
| Equity | 16% | S100YYK8 |

### 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 | 6,099 | 7,241 | 11,412 | 9,173 | 9,585 |
| Equity | 4,164 | 2,715 | 1,880 | 2,014 | 1,534 |
| Interest-bearing debt | — | 1,551 | 3,792 | 3,247 | 4,134 |
| Cash | 2,969 | 1,588 | 1,753 | 2,110 | 2,131 |

## 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) | 0.7% | S100YYK8 |
| Fixed assets ÷ total assets | 1.6% | S100YYK8 |
| Goodwill ÷ parent equity | 142.6% | S100YYK8 |

Goodwill over 4 years: 816 → 1,777 JPY; total investing cash flow: -4,505 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) | 22.2% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | -¥2B |
| Net debt ÷ operating cash flow | 4.41× |
| Cash conversion (operating CF ÷ operating income) | 145.5% |
| Cash vs. profit gap | 776 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 262.0% |

## 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 | 3.4% | 1.95× | 6.6% | 1.47× | 9.7% | S100SX2D |
| 2023 | — | —× | -28.5% | —× | — | S100VB9U |
| 2024 | — | —× | -22.5% | —× | — | S100WL6P |
| 2025 | 0.4% | 2.09× | 0.9% | 8.08× | 6.9% | S100YYK8 |
| 2026 | — | —× | -3.4% | —× | — | S100YYK8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中村 篤弘 | Major shareholder | 44.4% | 2026-05-31 |
| 株式会社篤志 | Major shareholder | 18.7% | 2026-05-31 |
| HUMEDIT SINGAPORE PTE.LTD.（常任代理人 三田証券株式会社） | Major shareholder | 4.8% | 2026-05-31 |
| 株式会社プレミアム・キャピタル・マネジメント | Major shareholder | 3.0% | 2026-05-31 |
| SIX SIS LTD.（常任代理人 株式会社三菱UFJ銀行）（注）３ | Major shareholder | 2.9% | 2026-05-31 |
| 松原 明男 | Major shareholder | 1.6% | 2026-05-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.4% | 2026-05-31 |
| 蓮見 智威 | Major shareholder | 1.1% | 2026-05-31 |
| 株式会社フロンティアインターナショナル | Major shareholder | 1.0% | 2026-05-31 |
| 株式会社丸喜堂 | Major shareholder | 0.9% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第18期(2025/06/01－2026/05/31) | S100YYK8 | 2026-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYK8,, |
| 有価証券報告書－第17期(2024/06/01－2025/05/31) | S100WL6P | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL6P,, |
| 訂正有価証券報告書－第16期(2023/06/01－2024/05/31) | S100VB9U | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB9U,, |
| 訂正有価証券報告書－第15期(2022/06/01－2023/05/31) | S100SX2D | 2024-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SX2D,, |
| 有価証券報告書－第14期(令和3年6月1日－令和4年5月31日) | S100P44C | 2022-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P44C,, |
| 有価証券報告書－第13期(令和2年6月1日－令和3年5月31日) | S100MDBL | 2021-08-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MDBL,, |

## 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).