# J-MAX 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68期(2025/04/01－2026/03/31) (S100YJJI)
> Page: https://vizora.meequs.com/en/company/j-max
> Retrieved: 2026-09-30T21:32:52.423Z

## Company

J-Max, founded in 1960, is a company in Auto Parts listed on TSE Standard. It has 1,081 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J-MAX Co.,Ltd. |
| Ticker | 3422 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3422.T) |
| Listing | TSE Standard |
| Head office | 岐阜県大垣市上石津町乙坂130番地1 |
| Representative (per filing) | 代表取締役社長執行役員 山﨑英次 |
| Founded | Jan 1960 |
| Share capital | ¥1.95B |
| Employees (consolidated) | 1,081 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.jp-jmax.co.jp (https://www.jp-jmax.co.jp/) |
| Corporate number | 7200001014294 |
| EDINET | E01452 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YJJI, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.5 | 110 |
| Profitability | 36.5 | 111 |
| Cash conversion | 85.6 | 108 |
| Efficiency | 32.9 | 111 |
| Financial strength | 10.7 | 14 |

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-Max's sales come from China, with Japan and Thailand making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +9678.9%.

## Company structure

- Segment revenue mix: China 51.8%、Japan 36.8%、Thailand 11.4%
- Revenue → net income: ¥51919000000 → ¥955000000
- Net income → operating cash flow: ¥955000000 → ¥5275000000（difference ¥4320000000）
- Main uses of operating cash flow: CapEx ¥2967000000 / dividends ¥47000000 / buybacks —
- Change in cash: ¥757000000
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 | ¥51.9B |  |
| Operating income | ¥1.86B | Margin 3.6% |
| Net income | ¥891M | Margin 1.7% |
| Free cash flow | ¥2.31B |  |
| Largest business | China | of segment revenue 51.8% |
| Employees (consolidated) | 1,081 |  |
| EPS | ¥40.14 |  |
| Book value per share | ¥923.79 |  |
| Equity ratio | 30.8% |  |
| Shares outstanding | 11,857,000 |  |
| Treasury shares | 91,900 |  |
| Shareholders | 2,156 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 11.8% | Net cash -¥13.7B · Cash ÷ revenue 14.1% |
| Vs. industry median margin | -1.2 pp | Auto Parts |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -15% while operating income rose 9679%
- FY2026, operating cash flow is 5.9× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44821000000 | ¥51919000000 | +15.8% |
| Operating income | ¥4464000000 | ¥1858000000 | -58.4% |
| Operating margin | 10.0% | 3.6% | -6.4 pp |
| Employees | 2,075 people | 1,081 people | -47.9% |
| Cash and equivalents | ¥9352000000 | ¥7322000000 | -21.7% |

### 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 |
| --- | ---: |
| 丸順 → 事業再編・廃止 | 33.4% |
| タイ → タイ | 11.4% |
| タイ → 事業再編・廃止 | 1.1% |
| 広州 → 事業再編・廃止 | 31.7% |
| 武漢 → 事業再編・廃止 | 22.4% |
| 新設・再編 → 日本 | 36.8% |
| 新設・再編 → 中国 | 51.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| China | — | — | ¥26893000000 | 2.7% | 2 |
| Japan | — | — | ¥19091000000 | 3.1% | 2 |
| Thailand | 5 years | +1.2% | ¥5934000000 | 1.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,919 | 100.0% | S100YJJI |
| Cost of revenue | 46,572 | 89.7% | S100YJJI |
| Gross profit | 5,347 | 10.3% | S100YJJI |
| SG&A | 3,488 | 6.7% | S100YJJI |
| Operating income | 1,858 | 3.6% | S100YJJI |
| Ordinary income | 1,140 | 2.2% | S100YJJI |
| Pretax income | 1,125 | 2.2% | S100YJJI |
| Income tax | 170 | 0.3% | S100YJJI |
| Net income | 955 | 1.8% | S100YJJI |
| Net income attributable to owners | 891 | 1.7% | S100YJJI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.3% → Operating margin 3.6% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +9678.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 946.44×
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 | 47,102 | 51,919 | 4,817 | +10.2% |
| Gross profit | 3,132 | 5,347 | 2,215 | +70.7% |
| Operating income | 19 | 1,858 | 1,839 | +9678.9% |
| Net income attributable to owners | -3,282 | 891 | 4,173 | — |
| Operating cash flow | 1,257 | 5,275 | 4,018 | +319.6% |
| Free cash flow | -7,767 | 2,308 | 10,075 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,582 | 4,342 | 8.9% | 2,429 | 6,664 | 2,814 | S100LL97 |
| FY ending Mar 2021 | 44,821 | 4,464 | 10.0% | 2,511 | 8,742 | 6,026 | S100OE7P |
| FY ending Mar 2022 | 45,663 | 2,931 | 6.4% | 1,996 | 2,979 | -605 | S100R27M |
| FY ending Mar 2023 | 52,356 | 2,811 | 5.4% | 1,298 | 4,911 | -446 | S100TO7B |
| FY ending Mar 2024 | 54,347 | 1,041 | 1.9% | -1,026 | 3,895 | -2,637 | S100W0L7 |
| FY ending Mar 2025 | 47,102 | 19 | 0.0% | -3,282 | 1,257 | -7,767 | S100YJJI |
| FY ending Mar 2026 | 51,919 | 1,858 | 3.6% | 891 | 5,275 | 2,308 | S100YJJI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥48M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥824.2K |

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) | 1,911 | 1,811 | 1,427 | 1,268 | 1,081 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.6M | ¥5.4M | ¥5.4M |
| Average age (parent company) | 43.5 years | 43.8 years | 43.6 years | 43.2 years | 42.2 years |
| Average tenure (parent company) | 20.2 years | 20.4 years | 19.9 years | 19.3 years | 18.4 years |

Year over year: Employees (consolidated) -14.7% · Revenue (consolidated) +10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19,091 | 36.8% | 600 | 3.1% |
| Thailand | 5,934 | 11.4% | 75 | 1.3% |
| China | 26,893 | 51.8% | 724 | 2.7% |

### 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 |
| --- | ---: |
| Japan | 36.8% |
| Thailand | 11.4% |
| China | 51.8% |

Segment → industry: China → Auto Parts / Thailand → Auto Parts / Japan → Auto Parts

## 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 | 5,275 | 10.2% | S100YJJI |
| Capital expenditure | 2,967 | 5.7% | S100YJJI |
| Free cash flow | 2,308 | 4.4% | 算出 |
| Investing cash flow | -2,928 | -5.6% | S100YJJI |
| Financing cash flow | -1,941 | -3.7% | S100YJJI |
| Dividends paid | 47 | 0.1% | S100YJJI |
| Change in cash | 757 | 1.5% | S100YJJI |
| Cash and equivalents | 7,322 | 14.1% | S100YJJI |

## 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 | 6,091 | 5,871 | 5,991 | 6,565 | 7,322 | S100TO7B, S100W0L7, S100YJJI |
| Total assets | 46,736 | 48,945 | 51,738 | 55,724 | 62,109 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Net assets | 21,080 | 22,369 | 21,756 | 19,609 | 20,950 | S100TO7B, S100W0L7, S100YJJI |
| Share capital | 1,950 | 1,950 | 1,950 | 1,950 | 1,950 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Property, plant and equipment | 21,650 | 24,301 | 27,101 | 28,879 | 28,783 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Intangible assets excluding goodwill | 465 | 427 | 399 | 325 | 237 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Investment securities | 286 | 324 | 353 | 290 | 353 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Current assets | 22,971 | 22,347 | 22,203 | 25,380 | 31,392 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Current liabilities | 18,299 | 20,886 | 20,979 | 24,895 | 29,059 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Trade payables | 6,965 | 5,832 | 6,760 | 6,250 | 10,840 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Short-term borrowings | 6,298 | 8,937 | 9,061 | 12,601 | 11,363 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Long-term borrowings | 4,438 | 2,739 | 5,146 | 6,753 | 7,113 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Bonds | 1,500 | 1,500 | 1,500 | 2,500 | 2,500 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Interest-bearing debt | 12,236 | 13,176 | 15,707 | 21,854 | 20,976 | 算出 |
| Total liabilities | 25,655 | 26,576 | 29,982 | 36,115 | 41,158 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Non-controlling interests | 2,870 | 1,954 | 1,849 | 1,665 | 1,800 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Equity attributable to owners of parent | 15,082 | 16,347 | 14,901 | 11,593 | 12,355 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Retained earnings | 11,202 | 12,335 | 11,110 | 7,700 | 8,463 | S100R27M, S100TO7B, S100W0L7, S100YJJI |
| Treasury stock | -75 | -75 | -296 | -282 | -195 | S100R27M, S100TO7B, S100W0L7, S100YJJI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YJJI |
| Property, plant and equipment | 46% | S100YJJI |
| Intangibles and goodwill | 0% | S100YJJI |
| Investment securities | 1% | S100YJJI |
| Other assets | 41% | S100YJJI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YJJI |
| Interest-bearing debt | 34% | 算出 |
| Other liabilities | 15% | S100YJJI |
| Equity | 34% | S100YJJI |
| Other liabilities | 0% | S100YJJI |

### 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 | 46,736 | 48,945 | 51,738 | 55,724 | 62,109 |
| Equity | 21,080 | 22,369 | 21,756 | 19,609 | 20,950 |
| Interest-bearing debt | 12,236 | 13,176 | 15,707 | 21,854 | 20,976 |
| Cash | 6,091 | 5,871 | 5,991 | 6,565 | 7,322 |

## 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) | 55.4% | S100YJJI |
| Fixed assets ÷ total assets | 46.3% | S100YJJI |
| Goodwill ÷ parent equity | — | —, S100YJJI |

### 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) | 11.8% |
| Cash ÷ revenue | 14.1% |
| Net cash (cash − interest-bearing debt) | -¥13.7B |
| Net debt ÷ operating cash flow | 2.59× |
| Cash conversion (operating CF ÷ operating income) | 283.9% |
| Cash vs. profit gap | 4,384 JPY mn (of net income 492.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 5.3% |
| Shareholder payments — dividends / FCF | 2.0% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 55.5% |

## 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 | 4.4% | 0.98× | 4.3% | 3.10× | 13.2% | S100R27M |
| 2023 | 2.5% | 1.09× | 2.7% | 3.04× | 8.3% | S100TO7B |
| 2024 | — | —× | -2.0% | —× | — | S100W0L7 |
| 2025 | — | —× | -6.1% | —× | — | S100YJJI |
| 2026 | 1.7% | 0.88× | 1.5% | 4.92× | 7.4% | S100YJJI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東プレ株式会社 | Major shareholder | 20.2% | 2026-03-31 |
| 今川 喜章 | Major shareholder | 8.7% | 2026-03-31 |
| 本田技研工業株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 名古屋中小企業投資育成株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 今村金属株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| J-MAX取引先持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 秦 豪州 | Major shareholder | 2.7% | 2026-03-31 |
| 有限会社イマガワ | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社大垣共立銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YJJI | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJJI,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W0L7 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0L7,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TO7B | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO7B,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R27M | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R27M,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OE7P | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE7P,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LL97 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL97,, |

## 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).