# J-Stream Inc.: 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29期(2025/04/01－2026/03/31) (S100YH2T)
> Page: https://vizora.meequs.com/en/company/j-stream
> Retrieved: 2026-09-30T19:39:59.097Z

## Company

J-Stream, founded in 1997, is a company in Streaming listed on TSE Growth. It has 695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J-Stream Inc. |
| Ticker | 4308 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4308.T) |
| Listing | TSE Growth |
| Head office | 東京都港区芝二丁目5番6号 |
| Representative (per filing) | 代表取締役社長 石松 俊雄 |
| Founded | May 1997 |
| Share capital | ¥2.18B |
| Employees (consolidated) | 695 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.stream.co.jp (https://www.stream.co.jp/) |
| Corporate number | 4010401089388 |
| EDINET | E05211 |
| Industries (Vizora) | Streaming |

> Profile source: annual securities report (S100YH2T, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Streaming (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 6 |
| Profitability | 35.7 | 7 |
| Cash conversion | 78.6 | 7 |
| Efficiency | 7.1 | 7 |

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-Stream brought in ¥12B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit -9.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11997825000 → ¥543366000
- Net income → operating cash flow: ¥543366000 → ¥1039861000（difference ¥496495000）
- Main uses of operating cash flow: CapEx ¥511449000 / dividends ¥347661000 / buybacks —
- Change in cash: ¥-58760000
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 | ¥12B |  |
| Operating income | ¥826.1M | Margin 6.9% |
| Net income | ¥485.4M | Margin 4.0% |
| Free cash flow | ¥528.4M |  |
| Employees (consolidated) | 695 |  |
| EPS | ¥17.63 |  |
| Book value per share | ¥392.49 |  |
| Equity ratio | 81.5% |  |
| Shares outstanding | 28,057,400 |  |
| Treasury shares | 3,191,000 |  |
| Shareholders | 10,844 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 59.2% | Cash ÷ revenue 64.8% |
| Vs. industry median margin | -3 pp | Streaming |
| ROE | 4.6% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12970352000 | ¥11997825000 | -7.5% |
| Operating income | ¥2342376000 | ¥826115000 | -64.7% |
| Operating margin | 18.1% | 6.9% | -11.2 pp |
| Employees | 594 people | 695 people | +17.0% |
| Cash and equivalents | ¥6525595000 | ¥7773939000 | +19.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,998 | 100.0% | S100YH2T |
| Cost of revenue | 7,319 | 61.0% | S100YH2T |
| Gross profit | 4,678 | 39.0% | S100YH2T |
| SG&A | 3,852 | 32.1% | S100YH2T |
| Operating income | 826 | 6.9% | S100YH2T |
| Ordinary income | 867 | 7.2% | S100YH2T |
| Pretax income | 864 | 7.2% | S100YH2T |
| Income tax | 320 | 2.7% | S100YH2T |
| Net income | 543 | 4.5% | S100YH2T |
| Net income attributable to owners | 485 | 4.0% | S100YH2T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 32 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 39.0% → Operating margin 6.9% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.7%; Core profit growth: -9.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.89×
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 | 11,800 | 11,998 | 198 | +1.7% |
| Gross profit | 4,541 | 4,678 | 138 | +3.0% |
| Operating income | 916 | 826 | -90 | -9.9% |
| Net income attributable to owners | 551 | 485 | -65 | -11.9% |
| Operating cash flow | 2,089 | 1,040 | -1,049 | -50.2% |
| Free cash flow | 1,459 | 528 | -930 | -63.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,443 | 547 | 6.5% | 249 | 617 | 344 | S100MDWN |
| FY ending Mar 2021 | 12,970 | 2,342 | 18.1% | 1,549 | 2,067 | 1,616 | S100OE1B |
| FY ending Mar 2022 | 12,409 | 2,055 | 16.6% | 1,309 | 1,851 | 1,181 | S100R178 |
| FY ending Mar 2023 | 12,501 | 1,663 | 13.3% | 873 | 1,804 | 1,161 | S100TRL0 |
| FY ending Mar 2024 | 11,266 | 567 | 5.0% | 298 | 812 | -29 | S100W35I |
| FY ending Mar 2025 | 11,800 | 916 | 7.8% | 551 | 2,089 | 1,459 | S100YH2T |
| FY ending Mar 2026 | 11,998 | 826 | 6.9% | 485 | 1,040 | 528 | S100YH2T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.3M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥698.5K |

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) | 641 | 670 | 678 | 671 | 695 |
| Average salary (parent company) | ¥5.3M | ¥6M | ¥6M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 37.1 years | 36.8 years | 36.4 years | 37.2 years | 37.3 years |
| Average tenure (parent company) | 6.6 years | 6.3 years | 6.3 years | 7.2 years | 7.9 years |

Year over year: Employees (consolidated) +3.6% · Revenue (consolidated) +1.7%

## 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 | 1,040 | 8.7% | S100YH2T |
| Capital expenditure | 511 | 4.3% | S100YH2T |
| Free cash flow | 528 | 4.4% | 算出 |
| Investing cash flow | -589 | -4.9% | S100YH2T |
| Financing cash flow | -510 | -4.3% | S100YH2T |
| Dividends paid | 348 | 2.9% | S100YH2T |
| Change in cash | -59 | -0.5% | S100YH2T |
| Cash and equivalents | 7,774 | 64.8% | S100YH2T |

## 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 | 7,290 | 7,851 | 6,861 | 7,833 | 7,774 | S100TRL0, S100W35I, S100YH2T |
| Total assets | 12,440 | 12,964 | 12,503 | 13,185 | 13,135 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Net assets | 10,372 | 10,931 | 10,871 | 11,058 | 11,196 | S100TRL0, S100W35I, S100YH2T |
| Share capital | 2,182 | 2,182 | 2,182 | 2,182 | 2,182 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Property, plant and equipment | 562 | 543 | 486 | 399 | 398 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Intangible assets excluding goodwill | 1,230 | 1,374 | 1,935 | 1,837 | 1,828 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Goodwill | 222 | 143 | 490 | 365 | 403 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Investment securities | 105 | 4 | 5 | 9 | 13 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Current assets | 10,204 | 10,561 | 9,646 | 10,439 | 10,348 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Current liabilities | 1,826 | 1,819 | 1,485 | 1,978 | 1,724 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Long-term borrowings | — | — | 6 | 4 | 3 | S100W35I, S100YH2T |
| Total liabilities | 2,068 | 2,033 | 1,631 | 2,127 | 1,939 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Non-controlling interests | 362 | 422 | 461 | 494 | 493 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Equity attributable to owners of parent | 10,009 | 10,509 | 10,409 | 10,562 | 10,699 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Retained earnings | 4,233 | 4,733 | 4,633 | 4,786 | 4,924 | S100R178, S100TRL0, S100W35I, S100YH2T |
| Treasury stock | -306 | -306 | -306 | -306 | -306 | S100R178, S100TRL0, S100W35I, S100YH2T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YH2T |
| Property, plant and equipment | 3% | S100YH2T |
| Intangibles and goodwill | 17% | S100YH2T |
| Investment securities | 0% | S100YH2T |
| Other assets | 21% | S100YH2T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YH2T |
| Equity | 85% | S100YH2T |

### 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 | 12,440 | 12,964 | 12,503 | 13,185 | 13,135 |
| Equity | 10,372 | 10,931 | 10,871 | 11,058 | 11,196 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,290 | 7,851 | 6,861 | 7,833 | 7,774 |

## 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) | 3.3% | S100YH2T |
| Fixed assets ÷ total assets | 3.0% | S100YH2T |
| Goodwill ÷ parent equity | 3.8% | S100YH2T |

Goodwill over 4 years: 222 → 403 JPY; total investing cash flow: -4,046 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) | 59.2% |
| Cash ÷ revenue | 64.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.9% |
| Cash vs. profit gap | 554 JPY mn (of net income 114.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 71.6% |
| Shareholder payments — dividends / FCF | 65.8% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 56.6% |

## 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 | 10.6% | 1.00× | 10.5% | 1.24× | 13.1% | S100R178 |
| 2023 | 7.0% | 0.98× | 6.9% | 1.24× | 8.5% | S100TRL0 |
| 2024 | 2.6% | 0.88× | 2.3% | 1.22× | 2.9% | S100W35I |
| 2025 | 4.7% | 0.92× | 4.3% | 1.22× | 5.3% | S100YH2T |
| 2026 | 4.0% | 0.91× | 3.7% | 1.24× | 4.6% | S100YH2T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トランス・コスモス株式会社 | Major shareholder | 50.3% | 2026-03-31 |
| ＫＤＤＩ株式会社 | Major shareholder | 12.3% | 2026-03-31 |
| 川上 英之 | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| 後藤 秀彰 | Major shareholder | 0.7% | 2026-03-31 |
| 永井 詳二 | Major shareholder | 0.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.6% | 2026-03-31 |
| Ｊストリーム従業員持株会 | Major shareholder | 0.5% | 2026-03-31 |
| 加藤 秀和 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YH2T | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH2T,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W35I | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W35I,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TRL0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRL0,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R178 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R178,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OE1B | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE1B,, |
| 訂正有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100MDWN | 2021-09-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MDWN,, |

## 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).