# J.S.B.Co.,Ltd.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第37期(2024/11/01－2025/10/31) (S100XHE2)
> Page: https://vizora.meequs.com/en/company/j-s-b
> Retrieved: 2026-09-30T21:01:59.343Z

## Company

J.S.B., founded in 1976, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 1,254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J.S.B.Co.,Ltd. |
| Ticker | 3480 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3480.T) |
| Listing | TSE Prime |
| Head office | 京都市下京区因幡堂町655番地 |
| Representative (per filing) | 代表取締役社長 森 高広 |
| Founded | Dec 1976 |
| Share capital | ¥4.31B |
| Employees (consolidated) | 1,254 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | October |
| Website | www.jsb.co.jp (https://www.jsb.co.jp/) |
| Corporate number | 2130001017499 |
| EDINET | E25148 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XHE2, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 25 |
| Profitability | 63.5 | 26 |
| Cash conversion | 55.8 | 26 |
| Efficiency | 44.2 | 26 |

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)

- J.S.B. brought in ¥76B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +9.4% from the prior year, operating profit -5.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥76045573000 → ¥5151212000
- Net income → operating cash flow: ¥5151212000 → ¥6805176000（difference ¥1653964000）
- Main uses of operating cash flow: CapEx ¥10631258000 / dividends ¥1525448000 / buybacks ¥207000
- Change in cash: ¥25722000
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 | ¥76B |  |
| Operating income | ¥7.66B | Margin 10.1% |
| Net income | ¥5.15B | Margin 6.8% |
| Free cash flow | -¥3.83B |  |
| Employees (consolidated) | 1,254 |  |
| EPS | ¥231.21 |  |
| Diluted EPS | ¥230.14 |  |
| Book value per share | ¥1811.25 |  |
| Equity ratio | 46.8% |  |
| Shares outstanding | 21,954,000 |  |
| Treasury shares | 794,100 |  |
| Shareholders | 1,845 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 22.7% |
| Vs. industry median margin | +1.1 pp | Real Estate Brokerage & Management |
| ROE | 13.2% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48058282000 | ¥76045573000 | +58.2% |
| Operating income | ¥4338343000 | ¥7658877000 | +76.5% |
| Operating margin | 9.0% | 10.1% | +1 pp |
| Employees | 1,056 people | 1,254 people | +18.8% |
| Cash and equivalents | ¥9298405000 | ¥17275598000 | +85.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 不動産賃貸管理事業 → 事業再編・廃止 | 93.5% |
| 高齢者住宅事業 → 事業再編・廃止 | 5.6% |
| その他 → 事業再編・廃止 | 0.9% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,046 | 100.0% | S100XHE2 |
| Cost of revenue | 62,361 | 82.0% | S100XHE2 |
| Gross profit | 13,684 | 18.0% | S100XHE2 |
| SG&A | 6,025 | 7.9% | S100XHE2 |
| Operating income | 7,659 | 10.1% | S100XHE2 |
| Ordinary income | 7,348 | 9.7% | S100XHE2 |
| Pretax income | 7,512 | 9.9% | S100XHE2 |
| Income tax | 2,360 | 3.1% | S100XHE2 |
| Net income | 5,151 | 6.8% | S100XHE2 |
| Net income attributable to owners | 5,151 | 6.8% | S100XHE2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 8 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 18.0% → Operating margin 10.1% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.4%; Core profit growth: -5.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 69,530 | 76,046 | 6,516 | +9.4% |
| Gross profit | 12,441 | 13,684 | 1,243 | +10.0% |
| Operating income | 8,107 | 7,659 | -448 | -5.5% |
| Net income attributable to owners | 7,453 | 5,151 | -2,302 | -30.9% |
| Operating cash flow | 8,173 | 6,805 | -1,368 | -16.7% |
| Free cash flow | -1,115 | -3,826 | -2,711 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 42,668 | 3,425 | 8.0% | 2,308 | 3,449 | -538 | S100M0TK |
| FY ending Oct 2020 | 48,058 | 4,338 | 9.0% | 2,762 | 5,004 | 194 | S100NA1T |
| FY ending Oct 2021 | 52,788 | 5,338 | 10.1% | 3,253 | 4,911 | -2,019 | S100Q131 |
| FY ending Oct 2022 | 57,923 | 6,312 | 10.9% | 4,304 | 6,043 | -1,280 | S100SOD9 |
| FY ending Oct 2023 | 63,781 | 7,187 | 11.3% | 4,775 | 6,246 | -4,631 | S100VBJG |
| FY ending Oct 2024 | 69,530 | 8,107 | 11.7% | 7,453 | 8,173 | -1,115 | S100XHE2 |
| FY ending Oct 2025 | 76,046 | 7,659 | 10.1% | 5,151 | 6,805 | -3,826 | S100XHE2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.6M |
| Operating income per employee (consolidated) | ¥6.1M |
| Net income per employee (consolidated) | ¥4.1M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,093 | 1,123 | 1,191 | 1,156 | 1,254 |
| Average salary (parent company) | ¥4.8M | ¥5M | ¥5M | ¥5M | ¥5.2M |
| Average age (parent company) | 41.8 years | 42.3 years | 43.8 years | 44.0 years | 43.4 years |
| Average tenure (parent company) | 10.5 years | 11.5 years | 12.0 years | 12.1 years | 12.0 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +9.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,805 | 8.9% | S100XHE2 |
| Capital expenditure | 10,631 | 14.0% | S100XHE2 |
| Free cash flow | -3,826 | -5.0% | 算出 |
| Investing cash flow | -9,325 | -12.3% | S100XHE2 |
| Financing cash flow | 2,532 | 3.3% | S100XHE2 |
| Dividends paid | 1,525 | 2.0% | S100XHE2 |
| Share buyback | 0 | 0.0% | S100XHE2 |
| Change in cash | 26 | 0.0% | S100XHE2 |
| Cash and equivalents | 17,276 | 22.7% | S100XHE2 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,682 | 14,633 | 11,654 | 17,250 | 17,276 | S100SOD9, S100VBJG, S100XHE2 |
| Total assets | 50,335 | 58,938 | 66,647 | 79,974 | 88,947 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Net assets | 23,200 | 26,803 | 31,043 | 37,897 | 41,629 | S100SOD9, S100VBJG, S100XHE2 |
| Share capital | 4,163 | 4,227 | 4,259 | 4,301 | 4,309 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Inventories | 182 | 202 | 222 | 251 | 257 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Property, plant and equipment | 29,209 | 34,969 | 44,655 | 51,668 | 59,982 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Intangible assets excluding goodwill | 887 | 770 | 610 | 920 | 910 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Goodwill | 347 | 311 | 219 | 633 | 567 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Investment securities | 1,126 | 1,066 | 1,215 | 1,263 | 1,257 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Current assets | 14,371 | 16,608 | 14,059 | 19,773 | 19,913 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Current liabilities | 9,245 | 10,469 | 12,049 | 13,780 | 15,334 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Short-term borrowings | 50 | 50 | 50 | 50 | 50 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Long-term borrowings | 14,843 | 18,405 | 20,126 | 24,692 | 28,312 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Bonds | 30 | 10 | — | — | — | S100Q131, S100SOD9 |
| Interest-bearing debt | 14,923 | 18,465 | — | — | — | 算出 |
| Total liabilities | 27,136 | 32,135 | 35,604 | 42,077 | 47,318 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Non-controlling interests | 25 | 26 | 22 | — | — | S100Q131, S100SOD9, S100VBJG |
| Equity attributable to owners of parent | 22,629 | 26,294 | 30,371 | 37,245 | 40,886 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Retained earnings | 15,069 | 19,005 | 23,319 | 30,109 | 33,734 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |
| Treasury stock | -674 | -1,074 | -1,431 | -1,431 | -1,430 | S100Q131, S100SOD9, S100VBJG, S100XHE2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100XHE2 |
| Inventories | 0% | S100XHE2 |
| Property, plant and equipment | 68% | S100XHE2 |
| Intangibles and goodwill | 2% | S100XHE2 |
| Investment securities | 1% | S100XHE2 |
| Other assets | 10% | S100XHE2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XHE2 |
| Equity | 47% | S100XHE2 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 50,335 | 58,938 | 66,647 | 79,974 | 88,947 |
| Equity | 23,200 | 26,803 | 31,043 | 37,897 | 41,629 |
| Interest-bearing debt | 14,923 | 18,465 | — | — | — |
| Cash | 12,682 | 14,633 | 11,654 | 17,250 | 17,276 |

## 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) | 78.9% | S100XHE2 |
| Fixed assets ÷ total assets | 67.4% | S100XHE2 |
| Goodwill ÷ parent equity | 1.4% | S100XHE2 |

Goodwill over 4 years: 347 → 567 JPY; total investing cash flow: -39,996 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) | 19.4% |
| Cash ÷ revenue | 22.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.9% |
| Cash vs. profit gap | 1,654 JPY mn (of net income 32.1%) |
| Shareholder returns / net income | 29.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.0% |
| Investing CF relative to operating CF | 137.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.2% | 1.05× | 6.5% | 2.22× | 14.4% | S100Q131 |
| 2022 | 7.4% | 1.06× | 7.9% | 2.23× | 17.6% | S100SOD9 |
| 2023 | 7.5% | 1.02× | 7.6% | 2.22× | 16.9% | S100VBJG |
| 2024 | 10.7% | 0.95× | 10.2% | 2.17× | 22.0% | S100XHE2 |
| 2025 | 6.8% | 0.90× | 6.1% | 2.16× | 13.2% | S100XHE2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡 靖子 | Major shareholder | 34.0% | 2025-10-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 8.1% | 2025-10-31 |
| UH Partners ２投資事業有限責任組合 | Major shareholder | 7.5% | 2025-10-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 5.8% | 2025-10-31 |
| OMインベストメント㈱ | Major shareholder | 5.4% | 2025-10-31 |
| ㈱UH Partners ３ | Major shareholder | 3.9% | 2025-10-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2025-10-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2025-10-31 |
| ㈱シティビルサービス | Major shareholder | 1.9% | 2025-10-31 |
| BBH FOR BBHTSIL NEUBERGER BERMAN INVESTMENT FUNDS PLC－NEUBERGER BERMAN JAPAN EQUITY ENGAGEMENT FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第37期(2024/11/01－2025/10/31) | S100XHE2 | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHE2,, |
| 訂正有価証券報告書－第36期(2023/11/01－2024/10/31) | S100VBJG | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VBJG,, |
| 有価証券報告書－第35期(2022/11/01－2023/10/31) | S100SOD9 | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOD9,, |
| 有価証券報告書－第34期(2021/11/01－2022/10/31) | S100Q131 | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q131,, |
| 有価証券報告書－第33期(令和2年11月1日－令和3年10月31日) | S100NA1T | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA1T,, |
| 訂正有価証券報告書－第32期(令和1年11月1日－令和2年10月31日) | S100M0TK | 2021-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0TK,, |

## 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).