# J-Group Holdings Corp.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/03/01－2026/02/28) (S100Y7CP)
> Page: https://vizora.meequs.com/en/company/j-group-holdings
> Retrieved: 2026-09-30T23:07:03.971Z

## Company

J-Group Holdings, founded in 1997, is a company in Real Estate Development & Leasing listed on TSE Growth. It has 432 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | j-Group Holdings Corp. |
| Ticker | 3063 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3063.T) |
| Listing | TSE Growth |
| Head office | 名古屋市中区栄三丁目4番28号 |
| Representative (per filing) | 代表取締役会長 新田 二郎 |
| Founded | Mar 1997 |
| Share capital | ¥45.4M |
| Employees (consolidated) | 432 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | February |
| Corporate number | 8180001050135 |
| EDINET | E03495 |
| Industries (Vizora) | Real Estate Development & Leasing, Specialty Trading & Wholesale, Restaurants & Pubs |

> Profile source: annual securities report (S100Y7CP, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58 | 56 |
| Profitability | 41.7 | 66 |
| Cash conversion | 97.3 | 55 |
| Efficiency | 31.1 | 66 |

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 87% of J-Group Holdings's sales come from Restaurant Business, with Real Estate and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +21.4% from the prior year, operating profit +11.5%.

## Company structure

- Segment revenue mix: Restaurant Business 86.9%、Real Estate 11.6%、Other 1.6%
- Revenue → net income: ¥13045916000 → ¥310200000
- Net income → operating cash flow: ¥310200000 → ¥1610525000（difference ¥1300325000）
- Main uses of operating cash flow: CapEx ¥289054000 / dividends ¥104008000 / buybacks ¥512191000
- Change in cash: ¥789601000
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 | ¥13B |  |
| Operating income | ¥420.4M | Margin 3.2% |
| Net income | ¥312.1M | Margin 2.4% |
| Free cash flow | ¥1.32B |  |
| Largest business | Restaurant Business | of segment revenue 86.9% |
| Employees (consolidated) | 432 |  |
| EPS | ¥10.55 |  |
| Book value per share | ¥57.43 |  |
| Equity ratio | 15.7% |  |
| Shares outstanding | 12,398,200 |  |
| Treasury shares | 90,100 |  |
| Shareholders | 29,813 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 21.9% | Cash ÷ revenue 18.0% |
| Vs. industry median margin | -0.7 pp | Restaurants & Pubs |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.2× net income
- FY2026, buybacks were 4.9× dividends
- FY2026, revenue is 2.8× its level five years ago

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6700762000 | ¥13045916000 | +94.7% |
| Operating income | ¥-1543155000 | ¥420422000 | — |
| Operating margin | -23.0% | 3.2% | +26.3 pp |
| Employees | 467 people | 432 people | -7.5% |
| Cash and equivalents | ¥2313655000 | ¥2350823000 | +1.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 飲食 → 飲食 | 49.9% |
| 不動産 → 不動産 | 11.6% |
| 不動産 → 事業再編・廃止 | 32.1% |
| ブライダル → 事業再編・廃止 | 4.0% |
| その他 → その他 | 1.6% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 飲食 | 37.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Restaurant Business | 5 years | +27.6% | ¥11335991000 | 10.9% | 2 |
| Real Estate | 5 years | -12.4% | ¥1506950000 | 45.0% | 2 |
| Other | 5 years | +4.6% | ¥202975000 | -52.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,046 | 100.0% | S100Y7CP |
| Cost of revenue | 4,594 | 35.2% | S100Y7CP |
| Gross profit | 8,452 | 64.8% | S100Y7CP |
| SG&A | 8,032 | 61.6% | S100Y7CP |
| Operating income | 420 | 3.2% | S100Y7CP |
| Ordinary income | 353 | 2.7% | S100Y7CP |
| Pretax income | 360 | 2.8% | S100Y7CP |
| Income tax | 50 | 0.4% | S100Y7CP |
| Net income | 310 | 2.4% | S100Y7CP |
| Net income attributable to owners | 312 | 2.4% | S100Y7CP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 35 |
| SG&A | 62 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 64.8% → Operating margin 3.2% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +21.4%; Core profit growth: +11.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.54×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,742 | 13,046 | 2,303 | +21.4% |
| Gross profit | 7,216 | 8,452 | 1,236 | +17.1% |
| Operating income | 377 | 420 | 43 | +11.5% |
| Net income attributable to owners | 458 | 312 | -146 | -31.9% |
| Operating cash flow | 835 | 1,611 | 775 | +92.8% |
| Free cash flow | 457 | 1,321 | 864 | +189.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 14,211 | 91 | 0.6% | -175 | 885 | -204 | S100LF6H |
| FY ending Feb 2021 | 6,701 | -1,543 | -23.0% | -2,352 | 114 | -588 | S100PEUA |
| FY ending Feb 2022 | 4,704 | -1,888 | -40.1% | -603 | 674 | -933 | S100QV4M |
| FY ending Feb 2023 | 8,013 | -1,033 | -12.9% | -550 | -238 | -376 | S100TJ8O |
| FY ending Feb 2024 | 10,433 | 310 | 3.0% | 247 | 107 | -159 | S100VUQ2 |
| FY ending Feb 2025 | 10,742 | 377 | 3.5% | 458 | 835 | 457 | S100Y7CP |
| FY ending Feb 2026 | 13,046 | 420 | 3.2% | 312 | 1,611 | 1,321 | S100Y7CP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.2M |
| Operating income per employee (consolidated) | ¥973.2K |
| Net income per employee (consolidated) | ¥722.5K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 427 | 367 | 355 | 419 | 432 |
| Average salary (parent company) | ¥4.7M | ¥5.3M | ¥4.9M | ¥4.5M | ¥4.3M |
| Average age (parent company) | 40.1 years | 41.1 years | 37.6 years | 35.8 years | 36.5 years |
| Average tenure (parent company) | 9.6 years | 10.7 years | 10.4 years | 8.9 years | 8.5 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +21.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Restaurant Business | 11,336 | 86.9% | 1,240 | 10.9% |
| Real Estate | 1,507 | 11.6% | 679 | 45.0% |
| Other | 203 | 1.6% | -107 | -52.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Restaurant Business | 86.9% | 64.6% | -22.3 | 10.9% |
| Real Estate | 11.6% | 35.4% | 23.8 | 45.0% |
| Other | 1.6% | — | — | -52.8% |

Loss-making segment (excluded from profit shares): Other -107 JPY mn

Segment → industry: Real Estate → Real Estate Development & Leasing / Other → Specialty Trading & Wholesale / Restaurant Business → Restaurants & Pubs

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,611 | 12.3% | S100Y7CP |
| Capital expenditure | 289 | 2.2% | S100Y7CP |
| Free cash flow | 1,321 | 10.1% | 算出 |
| Investing cash flow | -323 | -2.5% | S100Y7CP |
| Financing cash flow | -498 | -3.8% | S100Y7CP |
| Dividends paid | 104 | 0.8% | S100Y7CP |
| Share buyback | 512 | 3.9% | S100Y7CP |
| Change in cash | 790 | 6.1% | S100Y7CP |
| Cash and equivalents | 2,351 | 18.0% | S100Y7CP |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,249 | 1,346 | 1,265 | 1,561 | 2,351 | S100TJ8O, S100VUQ2, S100Y7CP |
| Total assets | 10,744 | 9,325 | 9,149 | 9,813 | 10,722 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Net assets | 891 | 1,161 | 1,595 | 1,948 | 1,720 | S100TJ8O, S100VUQ2, S100Y7CP |
| Share capital | 50 | 59 | 86 | 45 | 45 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Inventories | 95 | 86 | 107 | 113 | 145 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Property, plant and equipment | 6,299 | 6,031 | 5,891 | 5,899 | 5,840 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Intangible assets excluding goodwill | 390 | 328 | 299 | 484 | 396 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Goodwill | 377 | 324 | 294 | 456 | 368 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Investment securities | 7 | 7 | 7 | 7 | 7 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Current assets | 2,928 | 1,931 | 1,990 | 2,380 | 3,339 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Current liabilities | 3,085 | 2,025 | 1,612 | 1,682 | 1,928 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Short-term borrowings | 505 | — | — | — | — | S100QV4M |
| Long-term borrowings | 5,780 | 5,273 | 5,117 | 5,289 | 5,533 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Bonds | 15 | 5 | — | — | — | S100QV4M, S100TJ8O |
| Interest-bearing debt | 6,300 | — | — | — | — | 算出 |
| Total liabilities | 9,852 | 8,164 | 7,554 | 7,865 | 9,002 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Non-controlling interests | 26 | 25 | 42 | 37 | 35 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Equity attributable to owners of parent | 882 | 1,196 | 1,613 | 1,970 | 1,744 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Retained earnings | -3,490 | -4,050 | -2,992 | 451 | 659 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |
| Treasury stock | -76 | -76 | -76 | -76 | -34 | S100QV4M, S100TJ8O, S100VUQ2, S100Y7CP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y7CP |
| Inventories | 1% | S100Y7CP |
| Property, plant and equipment | 55% | S100Y7CP |
| Intangibles and goodwill | 7% | S100Y7CP |
| Investment securities | 0% | S100Y7CP |
| Other assets | 15% | S100Y7CP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 84% | S100Y7CP |
| Equity | 16% | S100Y7CP |
| Other liabilities | 0% | S100Y7CP |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,744 | 9,325 | 9,149 | 9,813 | 10,722 |
| Equity | 891 | 1,161 | 1,595 | 1,948 | 1,720 |
| Interest-bearing debt | 6,300 | — | — | — | — |
| Cash | 2,249 | 1,346 | 1,265 | 1,561 | 2,351 |

## 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) | 44.8% | S100Y7CP |
| Fixed assets ÷ total assets | 54.5% | S100Y7CP |
| Goodwill ÷ parent equity | 21.1% | S100Y7CP |

Goodwill over 4 years: 377 → 368 JPY; total investing cash flow: -2,371 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) | 21.9% |
| Cash ÷ revenue | 18.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 383.1% |
| Cash vs. profit gap | 1,298 JPY mn (of net income 416.0%) |
| Shareholder returns / net income | 197.4% |
| Shareholder returns / FCF | 46.6% |
| Shareholder payments — dividends / net income | 33.3% |
| Shareholder payments — dividends / FCF | 7.9% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 20.0% |

## 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 | — | —× | -5.6% | —× | — | S100QV4M |
| 2023 | — | —× | -5.5% | —× | — | S100TJ8O |
| 2024 | 2.4% | 1.13× | 2.7% | 6.58× | 17.6% | S100VUQ2 |
| 2025 | 4.3% | 1.13× | 4.8% | 5.29× | 25.6% | S100Y7CP |
| 2026 | 2.4% | 1.27× | 3.0% | 5.53× | 16.8% | S100Y7CP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| (有)ニューフィールド | Major shareholder | 15.7% | 2026-02-28 |
| 松永 圭司 | Major shareholder | 2.6% | 2026-02-28 |
| サントリー(株) | Major shareholder | 2.4% | 2026-02-28 |
| 新田 二郎 | Major shareholder | 2.4% | 2026-02-28 |
| 安田 博 | Major shareholder | 1.7% | 2026-02-28 |
| 林 芳郎 | Major shareholder | 1.6% | 2026-02-28 |
| 林 裕二 | Major shareholder | 1.2% | 2026-02-28 |
| 石川 智巳 | Major shareholder | 0.8% | 2026-02-28 |
| 二村 篤志 | Major shareholder | 0.7% | 2026-02-28 |
| 新田 浩雅 | Major shareholder | 0.6% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/03/01－2026/02/28) | S100Y7CP | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7CP,, |
| 有価証券報告書－第24期(2024/03/01－2025/02/28) | S100VUQ2 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUQ2,, |
| 有価証券報告書－第23期(2023/03/01－2024/02/29) | S100TJ8O | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ8O,, |
| 有価証券報告書－第22期(2022/03/01－2023/02/28) | S100QV4M | 2023-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QV4M,, |
| 訂正有価証券報告書－第21期(令和3年3月1日－令和4年2月28日) | S100PEUA | 2022-10-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PEUA,, |
| 有価証券報告書－第20期(令和2年3月1日－令和3年2月28日) | S100LF6H | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF6H,, |

## 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).