# J-Holdings Corp.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/01/01－2025/12/31) (S100XUOH)
> Page: https://vizora.meequs.com/en/company/j-holdings
> Retrieved: 2026-09-30T20:28:25.969Z

## Company

J-Holdings, founded in 1993, is a company in Electric Power & Gas listed on TSE Standard. It has 11 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J-Holdings Corp. |
| Ticker | 2721 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2721.T) |
| Listing | TSE Standard |
| Head office | 東京都港区麻布十番一丁目7番11号 |
| Representative (per filing) | 代表取締役社長 眞野 定也 |
| Founded | Jan 1993 |
| Share capital | ¥400.7M |
| Employees (consolidated) | 11 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | December |
| Website | jholdings.co.jp (https://jholdings.co.jp/) |
| Corporate number | 2010401083302 |
| EDINET | E05241 |
| Industries (Vizora) | Electric Power & Gas, Advertising, Sporting Goods & Fitness, Real Estate Brokerage & Management, Waste Management & Recycling, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100XUOH, filed 2026-03-30). As of filing

## Key points (generated from figures)

- About 60% of J-Holdings's sales come from Sports business, with environment solution business and Regenerative medicine-related business making up much of the rest.
- It lost about ¥164 for every ¥100 of sales at the operating level.
- Revenue changed +5.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥189.6M |  |
| Operating income | -¥310.5M | Margin -163.8% |
| Net income | -¥256.8M | Margin -135.4% |
| Free cash flow | -¥529.4M |  |
| Largest business | Sports business | of segment revenue 60.2% |
| Employees (consolidated) | 11 |  |
| EPS | ¥-26.96 |  |
| Book value per share | ¥14.97 |  |
| Equity ratio | 21.0% |  |
| Shares outstanding | 9,728,500 |  |
| Shareholders | 1,749 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 17.4% | Cash ÷ revenue 49.2% |
| Vs. industry median margin | -169.4 pp | Sporting Goods & Fitness |
| ROA | -65.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating loss is 164 per ¥100 of revenue
- FY2025, one segment accounts for 78% of positive segment profit
- FY2025, parent-company salary changed +56% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1222163000 | ¥189613000 | -84.5% |
| Operating income | ¥-129884000 | ¥-310538000 | — |
| Operating margin | -10.6% | -163.8% | -153.1 pp |
| Employees | 7 people | 11 people | +57.1% |
| Cash and equivalents | ¥170811000 | ¥93207000 | -45.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| スポーツ事業 → スポーツ事業 | 7.9% |
| 不動産事業 → 事業再編・廃止 | 92.1% |
| Ｗｅｂ事業 → 事業再編・廃止 | 0.0% |
| 新設・再編 → スポーツ事業 | 52.3% |
| 新設・再編 → 環境ソリューション事業 | 36.7% |
| 新設・再編 → 再生医療関連事業 | 3.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sports business | 5 years | +3.4% | ¥114089000 | 27.5% | 2 |
| environment solution business | 2 years | +3.9% | ¥69523000 | 12.5% | 2 |
| Regenerative medicine-related business | — | — | ¥6000000 | -1084.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 190 | 100.0% | S100XUOH |
| Cost of revenue | 78 | 40.9% | S100XUOH |
| Gross profit | 112 | 59.1% | S100XUOH |
| SG&A | 423 | 222.8% | S100XUOH |
| Operating income | -311 | -163.8% | S100XUOH |
| Ordinary income | -309 | -162.7% | S100XUOH |
| Pretax income | -252 | -132.9% | S100XUOH |
| Income tax | 5 | 2.5% | S100XUOH |
| Net income | -257 | -135.4% | S100XUOH |
| Net income attributable to owners | -257 | -135.4% | S100XUOH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 41 |
| SG&A | 223 |
| Operating income | -164 |
| (Ref.) Net income | -135 |

### Margin funnel

Gross margin 59.1% → Operating margin -163.8% → Net margin -135.4%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 180 | 190 | 10 | +5.6% |
| Gross profit | 102 | 112 | 10 | +9.9% |
| Operating income | -267 | -311 | -43 | — |
| Net income attributable to owners | -388 | -257 | 131 | — |
| Operating cash flow | -219 | -358 | -139 | — |
| Free cash flow | -219 | -529 | -310 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,501 | -283 | -18.9% | -295 | -139 | -146 | S100L3DE |
| FY ending Dec 2020 | 1,222 | -130 | -10.6% | 67 | -358 | -361 | S100OQRL |
| FY ending Dec 2021 | 116 | -130 | -111.7% | -151 | -85 | -91 | S100QIH9 |
| FY ending Dec 2022 | 112 | -201 | -179.8% | -270 | -145 | -165 | S100T6JQ |
| FY ending Dec 2023 | 175 | -280 | -159.5% | -297 | -198 | -204 | S100VGW5 |
| FY ending Dec 2024 | 180 | -267 | -148.8% | -388 | -219 | -219 | S100XUOH |
| FY ending Dec 2025 | 190 | -311 | -163.8% | -257 | -358 | -529 | S100XUOH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.2M |
| Operating income per employee (consolidated) | -¥28.2M |
| Net income per employee (consolidated) | -¥23.3M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9 | 9 | 10 | 12 | 11 |
| Average salary (parent company) | ¥4M | ¥3.7M | ¥3.9M | ¥4.1M | ¥6.3M |
| Average age (parent company) | 35.0 years | 39.8 years | 45.7 years | 47.2 years | 48.2 years |
| Average tenure (parent company) | 3.1 years | 3.3 years | 4.8 years | 4.0 years | 4.8 years |

Year over year: Employees (consolidated) -8.3% · Revenue (consolidated) +5.6%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sports business | 114 | 60.2% | 31 | 27.5% |
| environment solution business | 70 | 36.7% | 9 | 12.5% |
| Regenerative medicine-related business | 6 | 3.2% | -65 | -1084.2% |
| Real estate business | — | 0.0% | -22 | — |
| Web business | — | 0.0% | -0 | — |
| Energy-related business | — | 0.0% | -19 | — |

### 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 | Profit share | Margin |
| --- | ---: | ---: |
| Sports business | 78.3% | 27.5% |
| environment solution business | 21.7% | 12.5% |
| Regenerative medicine-related business | — | -1084.2% |
| Real estate business | — | — |
| Web business | — | — |
| Energy-related business | — | — |

Loss-making segment (excluded from profit shares): Regenerative medicine-related business -65 JPY mn

Loss-making segment (excluded from profit shares): Real estate business -22 JPY mn

Loss-making segment (excluded from profit shares): Web business -0 JPY mn

Loss-making segment (excluded from profit shares): Energy-related business -19 JPY mn

Segment → industry: Energy-related business → Electric Power & Gas / Web business → Advertising / Sports business → Sporting Goods & Fitness / Real estate business → Real Estate Brokerage & Management / environment solution business → Waste Management & Recycling / Regenerative medicine-related business → Biotech & Regenerative Medicine

## 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 | -358 | -188.7% | S100XUOH |
| Capital expenditure | 172 | 90.5% | S100XUOH |
| Free cash flow | -529 | -279.2% | 算出 |
| Investing cash flow | -172 | -90.5% | S100XUOH |
| Financing cash flow | 569 | 299.9% | S100XUOH |
| Change in cash | 39 | 20.7% | S100XUOH |
| Cash and equivalents | 93 | 49.2% | S100XUOH |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 86 | 125 | 24 | 54 | 93 | S100T6JQ, S100VGW5, S100XUOH |
| Total assets | 256 | 516 | 331 | 249 | 534 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Net assets | 231 | 479 | 282 | -33 | 120 | S100T6JQ, S100VGW5, S100XUOH |
| Share capital | 100 | 362 | 151 | 200 | 401 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Trade receivables | 5 | — | — | — | — | S100QIH9 |
| Property, plant and equipment | 20 | 37 | 35 | 26 | 214 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Intangible assets excluding goodwill | — | 294 | 187 | — | — | S100T6JQ, S100VGW5 |
| Goodwill | — | 294 | 187 | — | — | S100T6JQ, S100VGW5 |
| Current assets | 218 | 168 | 93 | 185 | 283 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Current liabilities | 24 | 33 | 46 | 126 | 65 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Short-term borrowings | — | — | — | 70 | — | S100XUOH |
| Total liabilities | 25 | 36 | 49 | 282 | 414 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Equity attributable to owners of parent | 198 | 452 | 257 | -33 | 112 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Retained earnings | -96 | -366 | -323 | -711 | -968 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QIH9, S100T6JQ, S100VGW5, S100XUOH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XUOH |
| Property, plant and equipment | 40% | S100XUOH |
| Other assets | 43% | S100XUOH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 78% | S100XUOH |
| Equity | 22% | S100XUOH |
| Other liabilities | 0% | S100XUOH |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 256 | 516 | 331 | 249 | 534 |
| Equity | 231 | 479 | 282 | -33 | 120 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 86 | 125 | 24 | 54 | 93 |

## 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) | 113.0% | S100XUOH |
| Fixed assets ÷ total assets | 40.1% | S100XUOH |
| Goodwill ÷ parent equity | — | —, S100XUOH |

### 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) | 17.4% |
| Cash ÷ revenue | 49.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -101 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 90.5% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | — | —× | -58.9% | —× | — | S100QIH9 |
| 2022 | — | —× | -70.0% | —× | — | S100T6JQ |
| 2023 | — | —× | -70.1% | —× | — | S100VGW5 |
| 2024 | — | —× | -133.8% | —× | — | S100XUOH |
| 2025 | — | —× | -65.6% | —× | — | S100XUOH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＬＧＴ ＢＡＮＫ ＬＴＤ （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 14.7% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 5.7% | 2025-12-31 |
| 学校法人君津あすなろ学園 | Major shareholder | 5.1% | 2025-12-31 |
| ノアグループホールディングス株式会社 | Major shareholder | 4.7% | 2025-12-31 |
| 日名子 晃一 | Major shareholder | 4.5% | 2025-12-31 |
| 青山 洋一 | Major shareholder | 4.4% | 2025-12-31 |
| 日高 早斗 | Major shareholder | 4.0% | 2025-12-31 |
| 森上 和樹 | Major shareholder | 3.7% | 2025-12-31 |
| 大西 雅之 | Major shareholder | 3.6% | 2025-12-31 |
| 中谷 正和 | Major shareholder | 3.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/01/01－2025/12/31) | S100XUOH | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUOH,, |
| 有価証券報告書－第33期(2024/01/01－2024/12/31) | S100VGW5 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGW5,, |
| 有価証券報告書－第32期(2023/01/01－2023/12/31) | S100T6JQ | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T6JQ,, |
| 有価証券報告書－第31期(2022/01/01－2022/12/31) | S100QIH9 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIH9,, |
| 訂正有価証券報告書－第30期(令和3年1月1日－令和3年12月31日) | S100OQRL | 2022-07-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OQRL,, |
| 有価証券報告書－第29期(令和2年1月1日－令和2年12月31日) | S100L3DE | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L3DE,, |

## 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).