# J-LEASE CO.,LTD.: 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23期(2025/04/01－2026/03/31) (S100YM65)
> Page: https://vizora.meequs.com/en/company/j-lease
> Retrieved: 2026-09-30T21:01:44.242Z

## Company

J-Lease, founded in 2004, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 576 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J-LEASE CO.,LTD. |
| Ticker | 7187 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7187.T) |
| Listing | TSE Prime |
| Head office | 大分県大分市都町一丁目3番19号 大分中央ビル7階 |
| Representative (per filing) | 代表取締役社長 中島 土 |
| Founded | Feb 2004 |
| Share capital | ¥720.2M |
| Employees (consolidated) | 576 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.j-lease.jp (https://www.j-lease.jp/) |
| Corporate number | 3320001003867 |
| EDINET | E32412 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100YM65, filed 2026-06-29). As of filing

## Key points (generated from figures)

- About 89% of J-Lease's sales come from Guarantee related business, with ITRelatedBusinessReportableSegmentMember and Real estate related business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +24.9% from the prior year, operating profit +16.8%.

## Company structure

- Segment revenue mix: Guarantee related business 89.5%、ITRelatedBusinessReportableSegmentMember 6.8%、Real estate related business 3.2%、Other 0.6%
- Revenue → net income: ¥21574714000 → ¥2470944000
- Net income → operating cash flow: ¥2470944000 → ¥940291000（difference ¥-1530653000）
- Main uses of operating cash flow: CapEx ¥1015219000 / dividends ¥856500000 / buybacks ¥144628000
- Change in cash: ¥386123000
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 | ¥21.6B |  |
| Operating income | ¥3.62B | Margin 16.8% |
| Net income | ¥2.47B | Margin 11.5% |
| Free cash flow | -¥74.9M |  |
| Largest business | Guarantee related business | of segment revenue 89.5% |
| Employees (consolidated) | 576 |  |
| EPS | ¥143.98 |  |
| Book value per share | ¥430.08 |  |
| Equity ratio | 33.4% |  |
| Shares outstanding | 18,032,000 |  |
| Treasury shares | 400 |  |
| Shareholders | 6,800 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 12.4% | Cash ÷ revenue 12.7% |
| Vs. industry median margin | -1.3 pp | Credit Cards & Consumer Credit |
| ROE | 37.1% | Derived from disclosed figures |
| ROA | 13.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.4× its level five years ago
- FY2026, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7601361000 | ¥21574714000 | +183.8% |
| Operating income | ¥943965000 | ¥3624049000 | +283.9% |
| Operating margin | 12.4% | 16.8% | +4.4 pp |
| Employees | 337 people | 576 people | +70.9% |
| Cash and equivalents | ¥1103317000 | ¥2737286000 | +148.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 保証関連事業 → 保証関連事業 | 89.5% |
| 保証関連事業 → 事業再編・廃止 | 9.7% |
| 不動産関連事業 → 不動産関連事業 | 0.8% |
| 新設・再編 → 不動産関連事業 | 2.3% |
| 新設・再編 → IT関連事業 | 6.8% |
| 新設・再編 → その他 | 0.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Guarantee related business | 5 years | +20.7% | ¥19306833000 | 18.3% | 2 |
| ITRelatedBusinessReportableSegmentMember | — | — | ¥1459501000 | 6.4% | 2 |
| Real estate related business | 5 years | +61.2% | ¥682254000 | 1.7% | 2 |
| Other | — | — | ¥126125000 | -0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,575 | 100.0% | S100YM65 |
| Cost of revenue | 6,960 | 32.3% | S100YM65 |
| Gross profit | 14,615 | 67.7% | S100YM65 |
| SG&A | 10,991 | 50.9% | S100YM65 |
| Operating income | 3,624 | 16.8% | S100YM65 |
| Ordinary income | 3,591 | 16.6% | S100YM65 |
| Pretax income | 3,588 | 16.6% | S100YM65 |
| Income tax | 1,117 | 5.2% | S100YM65 |
| Net income | 2,471 | 11.5% | S100YM65 |
| Net income attributable to owners | 2,471 | 11.5% | S100YM65 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 51 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 67.7% → Operating margin 16.8% → Net margin 11.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.9%; Core profit growth: +16.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.67×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,269 | 21,575 | 4,306 | +24.9% |
| Gross profit | 11,690 | 14,615 | 2,925 | +25.0% |
| Operating income | 3,103 | 3,624 | 521 | +16.8% |
| Net income attributable to owners | 2,089 | 2,471 | 382 | +18.3% |
| Operating cash flow | 2,061 | 940 | -1,121 | -54.4% |
| Free cash flow | 1,556 | -75 | -1,631 | -104.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,745 | 156 | 2.3% | 24 | -195 | -460 | S100LQBB |
| FY ending Mar 2021 | 7,601 | 944 | 12.4% | 553 | 847 | 769 | S100ODKU |
| FY ending Mar 2022 | 9,163 | 1,971 | 21.5% | 1,340 | 1,340 | 1,092 | S100R3C3 |
| FY ending Mar 2023 | 10,961 | 2,465 | 22.5% | 1,667 | 1,564 | 1,426 | S100TS63 |
| FY ending Mar 2024 | 13,221 | 2,607 | 19.7% | 1,790 | 1,362 | 1,154 | S100W1ZU |
| FY ending Mar 2025 | 17,269 | 3,103 | 18.0% | 2,089 | 2,061 | 1,556 | S100YM65 |
| FY ending Mar 2026 | 21,575 | 3,624 | 16.8% | 2,471 | 940 | -75 | S100YM65 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.5M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4.3M |

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) | 361 | 369 | 404 | 508 | 576 |
| Average salary (parent company) | ¥4.9M | ¥5.3M | ¥5.6M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 37.4 years | 38.1 years | 38.4 years | 38.4 years | 38.2 years |
| Average tenure (parent company) | 6.4 years | 6.9 years | 6.8 years | 6.9 years | 7.2 years |

Year over year: Employees (consolidated) +13.4% · Revenue (consolidated) +24.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Guarantee related business | 19,307 | 89.5% | 3,535 | 18.3% |
| Real estate related business | 682 | 3.2% | 12 | 1.7% |
| ITRelatedBusinessReportableSegmentMember | 1,460 | 6.8% | 93 | 6.4% |
| Other | 126 | 0.6% | -1 | -0.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Guarantee related business | 89.5% | 97.1% | 7.6 | 18.3% |
| Real estate related business | 3.2% | 0.3% | -2.8 | 1.7% |
| ITRelatedBusinessReportableSegmentMember | 6.8% | 2.5% | -4.2 | 6.4% |
| Other | 0.6% | — | — | -0.7% |

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Guarantee related business → Credit Cards & Consumer Credit

## 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 | 940 | 4.4% | S100YM65 |
| Capital expenditure | 1,015 | 4.7% | S100YM65 |
| Free cash flow | -75 | -0.3% | 算出 |
| Investing cash flow | -1,580 | -7.3% | S100YM65 |
| Financing cash flow | 1,026 | 4.8% | S100YM65 |
| Dividends paid | 857 | 4.0% | S100YM65 |
| Share buyback | 145 | 0.7% | S100YM65 |
| Change in cash | 386 | 1.8% | S100YM65 |
| Cash and equivalents | 2,737 | 12.7% | S100YM65 |

## 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 | 1,022 | 1,201 | 1,438 | 2,351 | 2,737 | S100TS63, S100W1ZU, S100YM65 |
| Total assets | 8,832 | 9,756 | 11,586 | 15,642 | 22,138 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Net assets | 2,373 | 3,460 | 4,627 | 5,916 | 7,386 | S100TS63, S100W1ZU, S100YM65 |
| Share capital | 717 | 718 | 718 | 720 | 720 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Property, plant and equipment | 420 | 347 | 270 | 494 | 1,592 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Intangible assets excluding goodwill | 276 | 224 | 245 | 1,151 | 2,769 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Goodwill | — | — | — | 636 | 2,110 | S100YM65 |
| Investment securities | 80 | 73 | 128 | 129 | 257 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Current assets | 6,599 | 7,685 | 9,374 | 11,556 | 14,467 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Current liabilities | 6,248 | 6,127 | 6,818 | 8,194 | 11,735 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Short-term borrowings | 1,800 | 1,260 | 1,240 | 1,103 | 2,656 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Long-term borrowings | 88 | 82 | — | 1,110 | 2,337 | S100R3C3, S100TS63, S100YM65 |
| Total liabilities | 6,460 | 6,296 | 6,959 | 9,725 | 14,751 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Equity attributable to owners of parent | 2,373 | 3,460 | 4,627 | 5,917 | 7,386 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Retained earnings | 1,364 | 2,585 | 3,749 | 5,034 | 6,648 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |
| Treasury stock | -0 | -135 | -132 | -132 | -277 | S100R3C3, S100TS63, S100W1ZU, S100YM65 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YM65 |
| Property, plant and equipment | 7% | S100YM65 |
| Intangibles and goodwill | 22% | S100YM65 |
| Investment securities | 1% | S100YM65 |
| Other assets | 57% | S100YM65 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100YM65 |
| Equity | 33% | S100YM65 |

### 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 | 8,832 | 9,756 | 11,586 | 15,642 | 22,138 |
| Equity | 2,373 | 3,460 | 4,627 | 5,916 | 7,386 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,022 | 1,201 | 1,438 | 2,351 | 2,737 |

## 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) | 7.4% | S100YM65 |
| Fixed assets ÷ total assets | 7.2% | S100YM65 |
| Goodwill ÷ parent equity | 28.6% | S100YM65 |

### 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) | 12.4% |
| Cash ÷ revenue | 12.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 25.9% |
| Cash vs. profit gap | -1,531 JPY mn (of net income -61.9%) |
| Shareholder returns / net income | 40.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 168.1% |

## 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 | 14.6% | 1.04× | 15.2% | 3.72× | 56.5% | S100R3C3 |
| 2023 | 15.2% | 1.18× | 17.9% | 3.19× | 57.2% | S100TS63 |
| 2024 | 13.5% | 1.24× | 16.8% | 2.64× | 44.3% | S100W1ZU |
| 2025 | 12.1% | 1.27× | 15.3% | 2.58× | 39.6% | S100YM65 |
| 2026 | 11.5% | 1.14× | 13.1% | 2.84× | 37.1% | S100YM65 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| JLホールディングス株式会社 | Major shareholder | 23.7% | 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 | 8.7% | 2026-03-31 |
| 中島 拓 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社豊和銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社大分銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.1% | 2026-03-31 |
| ジェイリース従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 大塚 玄二郎 | Major shareholder | 1.1% | 2026-03-31 |
| 阿部 兼三 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YM65 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM65,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W1ZU | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1ZU,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TS63 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS63,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R3C3 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3C3,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100ODKU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODKU,, |
| 有価証券報告書－第18期(令和2年4月1日－令和3年3月31日) | S100LQBB | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQBB,, |

## 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).