# J Trust Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第50期(2025/01/01－2025/12/31) (S100XSDT)
> Page: https://vizora.meequs.com/en/company/j-trust
> Retrieved: 2026-09-30T17:49:18.435Z

## Company

J Trust, founded in 1977, is a company in Credit Cards & Consumer Credit listed on TSE Standard. It has 3,100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | J Trust Co.,Ltd. |
| Ticker | 8508 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8508.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 藤澤 信義 |
| Founded | Mar 1977 |
| Share capital | ¥90M |
| Employees (consolidated) | 3,100 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | December |
| Website | www.jt-corp.co.jp (https://www.jt-corp.co.jp/) |
| Corporate number | 2010401094729 |
| EDINET | E03724 |
| Industries (Vizora) | Credit Cards & Consumer Credit, Consumer Finance, Investment Funds, Major Banks, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XSDT, filed 2026-03-24). As of filing

## Key points (generated from figures)

- About 37% of J Trust's sales come from Financial Business in Southeast Asia, with Financial Business in South Korea and Financial Business in Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -2.5% from the prior year, operating profit +71.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥124.3B |  |
| Operating income | ¥10.9B | Margin 8.8% |
| Net income | ¥7.94B | Margin 6.4% |
| Free cash flow | — |  |
| Largest business | Financial Business in Southeast Asia | of segment revenue 36.9% |
| Employees (consolidated) | 3,100 |  |
| EPS | ¥59.69 |  |
| Diluted EPS | ¥59.69 |  |
| Book value per share | ¥892.88 |  |
| Equity ratio | 12.3% | Derived from disclosed figures |
| Shares outstanding | 133,515,000 |  |
| Treasury shares | 371,400 |  |
| Shareholders | 21,731 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 11.7% | Cash ÷ revenue 124.3% |
| ROE | 5.0% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.9× its level five years ago
- FY2025, one segment accounts for 62% of positive segment profit
- FY2025, segment profit share differs by 46 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39387000000 | ¥124265000000 | +215.5% |
| Operating income | ¥-2403000000 | ¥10902000000 | — |
| Operating margin | -6.1% | 8.8% | +14.9 pp |
| Employees | 2,946 people | 3,100 people | +5.2% |
| Cash and equivalents | ¥60593000000 | ¥154515000000 | +155.0% |

### 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 |
| --- | ---: |
| 日本金融事業 → 日本金融事業 | 15.3% |
| 日本金融事業 → 事業再編・廃止 | 10.2% |
| 韓国及びモンゴル金融事業 → 事業再編・廃止 | 31.5% |
| 東南アジア金融事業 → 東南アジア金融事業 | 36.9% |
| 東南アジア金融事業 → 事業再編・廃止 | 3.5% |
| 投資事業 → 投資事業 | 0.0% |
| 投資事業 → 事業再編・廃止 | 1.9% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 韓国金融事業 | 35.0% |
| 新設・再編 → 不動産事業 | 12.7% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial Business in Southeast Asia | 5 years | +23.6% | ¥45804000000 | 2.3% | 2 |
| Financial Business in South Korea | — | — | ¥43508000000 | 5.6% | 2 |
| Financial Business in Japan | 5 years | +13.6% | ¥18981000000 | 41.5% | 2 |
| Real Estate Business | 3 years | +75.8% | ¥15719000000 | 3.8% | 2 |
| Other | 5 years | -5.7% | ¥238000000 | -11.3% | 2 |
| Investment Business | 5 years | -62.0% | ¥6000000 | 13650.0% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 124,265 | 100.0% | S100XSDT |
| SG&A | 36,912 | 29.7% | S100XSDT |
| Operating income | 10,902 | 8.8% | S100XSDT |
| Pretax income | 11,633 | 9.4% | S100XSDT |
| Income tax | 1,215 | 1.0% | S100XSDT |
| Net income | 8,744 | 7.0% | S100XSDT |
| Net income attributable to owners | 7,939 | 6.4% | S100XSDT |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 8.8% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.5%; Core profit growth: +71.7%
Operating leverage (core profit growth ÷ revenue growth): -29.17×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 127,395 | 124,265 | -3,130 | -2.5% |
| Operating income | 6,351 | 10,902 | 4,551 | +71.7% |
| Net income attributable to owners | 6,040 | 7,939 | 1,899 | +31.4% |
| Operating cash flow | 17,124 | 10,624 | -6,500 | -38.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 85,031 | — | — | -1,270 | -12,413 | — | S100L2D0 |
| FY ending Mar 2018 | 89,228 | — | — | -731 | 4,581 | — | S100NRY6 |
| FY ending Mar 2019 | 74,935 | — | — | -36,107 | 18,831 | — | S100QH80 |
| FY ending Dec 2019 | 24,728 | -5,130 | -20.7% | -3,260 | -20,829 | — | S100T3YK |
| FY ending Dec 2020 | 39,387 | -2,403 | -6.1% | -5,342 | 6,813 | — | S100VGB0 |
| FY ending Dec 2021 | 42,325 | 5,260 | 12.4% | 1,123 | 15,408 | — | S100XSDT |
| FY ending Dec 2022 | 82,038 | 14,589 | 17.8% | 12,632 | 49,518 | — | S100XSDT |
| FY ending Dec 2023 | 114,279 | 8,059 | 7.1% | 16,310 | -47,079 | — | S100XSDT |
| FY ending Dec 2024 | 127,395 | 6,351 | 5.0% | 6,040 | 17,124 | — | S100XSDT |
| FY ending Dec 2025 | 124,265 | 10,902 | 8.8% | 7,939 | 10,624 | — | S100XSDT |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.1M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 2,425 | 2,998 | 3,082 | 3,097 | 3,100 |
| Average salary (parent company) | ¥9M | ¥8.8M | ¥7.6M | ¥7.5M | ¥9.9M |
| Average age (parent company) | 46.0 years | 47.0 years | 45.0 years | 42.0 years | 45.0 years |
| Average tenure (parent company) | 4.0 years | 5.0 years | 3.0 years | 3.0 years | 4.0 years |

Year over year: Employees (consolidated) +0.1% · Revenue (consolidated) -2.5%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Financial Business in Japan | 18,981 | 15.3% | 7,880 | 41.5% |
| Financial Business in South Korea | 43,508 | 35.0% | 2,442 | 5.6% |
| Financial Business in Southeast Asia | 45,804 | 36.9% | 1,036 | 2.3% |
| Real Estate Business | 15,719 | 12.7% | 591 | 3.8% |
| Investment Business | 6 | 0.0% | 819 | 13650.0% |
| Other | 238 | 0.2% | -27 | -11.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Financial Business in Japan | 15.3% | 61.7% | 46.4 | 41.5% |
| Financial Business in South Korea | 35.0% | 19.1% | -15.9 | 5.6% |
| Financial Business in Southeast Asia | 36.9% | 8.1% | -28.7 | 2.3% |
| Real Estate Business | 12.7% | 4.6% | -8.0 | 3.8% |
| Investment Business | 0.0% | 6.4% | 6.4 | 13650.0% |
| Other | 0.2% | — | — | -11.3% |

Loss-making segment (excluded from profit shares): Other -27 JPY mn

Segment → industry: Financial Business in Japan → Credit Cards & Consumer Credit / Financial Business in South Korea → Consumer Finance / Investment Business → Investment Funds / Financial Business in Southeast Asia → Major Banks / Real Estate Business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,624 | 8.5% | S100XSDT |
| Investing cash flow | 9,090 | 7.3% | S100XSDT |
| Financing cash flow | 9,097 | 7.3% | S100XSDT |
| Dividends paid | 1,858 | 1.5% | S100XSDT |
| Share buyback | 0 | 0.0% | S100XSDT |
| Change in cash | 29,187 | 23.5% | S100XSDT |
| Cash and equivalents | 154,515 | 124.3% | S100XSDT |

## 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 | 74,648 | 131,960 | 105,740 | 125,327 | 154,515 | S100T3YK, S100VGB0, S100XSDT |
| Total assets | 610,631 | 1,115,943 | 1,214,714 | 1,270,467 | 1,319,072 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Net assets | 107,945 | 132,349 | 168,215 | 176,656 | 182,143 | S100T3YK, S100VGB0, S100XSDT |
| Share capital | 90 | 90 | 90 | 90 | 90 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Property, plant and equipment | 7,708 | 10,592 | 8,617 | 9,655 | 12,489 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Goodwill | 30,260 | 30,839 | 33,507 | 35,685 | 33,977 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Total liabilities | 502,685 | 983,593 | 1,046,499 | 1,093,811 | 1,136,929 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Equity attributable to owners of parent | 95,670 | 117,268 | 151,588 | 157,270 | 161,828 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Retained earnings | 8,459 | 21,077 | 36,552 | 40,808 | 46,889 | S100QH80, S100T3YK, S100VGB0, S100XSDT |
| Treasury stock | -7,685 | -7,690 | -7,709 | -2,120 | -210 | S100QH80, S100T3YK, S100VGB0, S100XSDT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XSDT |
| Property, plant and equipment | 1% | S100XSDT |
| Intangibles and goodwill | 2% | — |
| Other assets | 85% | S100XSDT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100XSDT |
| Equity | 14% | S100XSDT |

### 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 | 610,631 | 1,115,943 | 1,214,714 | 1,270,467 | 1,319,072 |
| Equity | 107,945 | 132,349 | 168,215 | 176,656 | 182,143 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 74,648 | 131,960 | 105,740 | 125,327 | 154,515 |

## 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) | 10.1% | S100XSDT |
| Fixed assets ÷ total assets | 0.9% | S100XSDT |
| Goodwill ÷ parent equity | 21.0% | S100XSDT |

Goodwill over 4 years: 30,260 → 33,977 JPY; total investing cash flow: -17,995 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) | 11.7% |
| Cash ÷ revenue | 124.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.5% |
| Cash vs. profit gap | 2,685 JPY mn (of net income 33.8%) |
| Shareholder returns / net income | 23.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 85.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.7% | 0.07× | 0.2% | 6.38× | 1.2% | S100QH80, S100XSDT |
| 2022 | 15.4% | 0.10× | 1.5% | 8.11× | 11.9% | S100T3YK, S100XSDT |
| 2023 | 14.3% | 0.10× | 1.4% | 8.67× | 12.1% | S100VGB0, S100XSDT |
| 2024 | 4.7% | 0.10× | 0.5% | 8.05× | 3.9% | S100XSDT |
| 2025 | 6.4% | 0.10× | 0.6% | 8.12× | 5.0% | S100XSDT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＬＨＤ株式会社 | Major shareholder | 30.4% | 2025-12-31 |
| ＫＯＲＥＡ ＳＥＣＵＲＩＴＩＥＳ ＤＥＰＯＳＩＴＯＲＹ－ＳＨＩＮＨＡＮ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 シティバンク、 エヌ・エイ東京支店） | Major shareholder | 6.1% | 2025-12-31 |
| 藤澤 信義 | Major shareholder | 4.7% | 2025-12-31 |
| ジャパンポケット株式会社 | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社エスファイナンス | Major shareholder | 2.2% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３ （常任代理人 株式会社みずほ 銀行） | Major shareholder | 1.2% | 2025-12-31 |
| 株式会社表参道キャピタル | Major shareholder | 1.1% | 2025-12-31 |
| 公益財団法人藤澤記念財団 | Major shareholder | 1.1% | 2025-12-31 |
| 松浦 一夫 | Major shareholder | 0.8% | 2025-12-31 |
| 千葉 信育 | Major shareholder | 0.8% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第50期(2025/01/01－2025/12/31) | S100XSDT | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSDT,, |
| 有価証券報告書－第49期(2024/01/01－2024/12/31) | S100VGB0 | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGB0,, |
| 有価証券報告書－第48期(2023/01/01－2023/12/31) | S100T3YK | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3YK,, |
| 有価証券報告書－第47期(2022/01/01－2022/12/31) | S100QH80 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH80,, |
| 有価証券報告書－第46期(令和3年1月1日－令和3年12月31日) | S100NRY6 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRY6,, |
| 有価証券報告書－第45期(令和2年1月1日－令和2年12月31日) | S100L2D0 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2D0,, |

## 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).