# JAC Recruitment Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/01/01－2025/12/31) (S100XU6Z)
> Page: https://vizora.meequs.com/en/company/jac-recruitment
> Retrieved: 2026-09-30T20:26:42.626Z

## Company

JAC Recruitment, founded in 1988, is a company in HR & Staffing listed on TSE Prime. It has 2,398 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAC Recruitment Co., Ltd. |
| Ticker | 2124 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2124.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田神保町一丁目105番地神保町三井ビルディング14階 |
| Representative (per filing) | 代表取締役会長兼社長 田崎 ひろみ |
| Founded | Mar 1988 |
| Share capital | ¥672M |
| Employees (consolidated) | 2,398 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | December |
| Website | corp.jac-recruitment.jp (https://corp.jac-recruitment.jp/) |
| Corporate number | 1010001019483 |
| EDINET | E05625 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100XU6Z, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.9 | 68 |
| Profitability | 93.8 | 88 |
| Cash conversion | 36.9 | 80 |
| Efficiency | 71 | 88 |

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 90% of JAC Recruitment's sales come from Local Recruitment Business, with Overseas Business and Local Recruitment Advertising Business making up much of the rest.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed +17.7% from the prior year, operating profit +28.5%.

## Company structure

- Segment revenue mix: Local Recruitment Business 90.4%、Overseas Business 8.7%、Local Recruitment Advertising Business 0.9%
- Revenue → net income: ¥46089000000 → ¥8400000000
- Net income → operating cash flow: ¥8400000000 → ¥9566000000（difference ¥1166000000）
- Main uses of operating cash flow: CapEx ¥394000000 / dividends ¥4146000000 / buybacks ¥592000000
- Change in cash: ¥-3738000000
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 | ¥46.1B |  |
| Operating income | ¥11.7B | Margin 25.3% |
| Net income | ¥8.4B | Margin 18.2% |
| Free cash flow | ¥9.17B |  |
| Largest business | Local Recruitment Business | of segment revenue 90.4% |
| Employees (consolidated) | 2,398 |  |
| EPS | ¥47.86 |  |
| Book value per share | ¥135.37 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 165,557,200 |  |
| Treasury shares | 5,837,500 |  |
| Shareholders | 21,815 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 49.6% | Cash ÷ revenue 33.2% |
| Vs. industry median margin | +16.7 pp | HR & Staffing |
| ROE | 42.4% | Derived from disclosed figures |
| ROA | 29.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 50% of total assets
- FY2025, operating income keeps 26 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21614000000 | ¥46089000000 | +113.2% |
| Operating income | ¥5138000000 | ¥11683000000 | +127.4% |
| Operating margin | 23.8% | 25.3% | +1.6 pp |
| Employees | 1,350 people | 2,398 people | +77.6% |
| Cash and equivalents | ¥13584000000 | ¥15312000000 | +12.7% |

### 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 |
| --- | ---: |
| 国内人材紹介事業 → 国内人材紹介事業 | 89.7% |
| 国内求人広告事業 → 国内求人広告事業 | 0.9% |
| 国内求人広告事業 → 事業再編・廃止 | 0.2% |
| 海外事業 → 海外事業 | 8.7% |
| 海外事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 国内人材紹介事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Local Recruitment Business | 5 years | +16.5% | ¥41660000000 | — | 2 |
| Overseas Business | 5 years | +15.2% | ¥4031000000 | — | 2 |
| Local Recruitment Advertising Business | 5 years | +11.7% | ¥397000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,089 | 100.0% | S100XU6Z |
| Cost of revenue | 3,369 | 7.3% | S100XU6Z |
| Gross profit | 42,720 | 92.7% | S100XU6Z |
| SG&A | 31,037 | 67.3% | S100XU6Z |
| Operating income | 11,683 | 25.3% | S100XU6Z |
| Ordinary income | 11,709 | 25.4% | S100XU6Z |
| Pretax income | 11,502 | 25.0% | S100XU6Z |
| Income tax | 3,102 | 6.7% | S100XU6Z |
| Net income | 8,400 | 18.2% | S100XU6Z |
| Net income attributable to owners | 8,400 | 18.2% | S100XU6Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 7 |
| SG&A | 67 |
| Operating income | 26 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 92.7% → Operating margin 25.3% → Net margin 18.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.7%; Core profit growth: +28.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.61×
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 | 39,156 | 46,089 | 6,933 | +17.7% |
| Gross profit | 36,248 | 42,720 | 6,472 | +17.9% |
| Operating income | 9,090 | 11,683 | 2,593 | +28.5% |
| Net income attributable to owners | 5,611 | 8,400 | 2,789 | +49.7% |
| Operating cash flow | 8,119 | 9,566 | 1,447 | +17.8% |
| Free cash flow | 7,675 | 9,172 | 1,497 | +19.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 24,170 | 6,087 | 25.2% | 4,354 | 4,692 | 4,208 | S100L071 |
| FY ending Dec 2020 | 21,614 | 5,138 | 23.8% | 1,834 | 4,532 | 4,218 | S100NPNR |
| FY ending Dec 2021 | 24,852 | 5,822 | 23.4% | 3,882 | 5,091 | 4,771 | S100QFJZ |
| FY ending Dec 2022 | 30,435 | 7,044 | 23.1% | 5,029 | 5,913 | 5,193 | S100T559 |
| FY ending Dec 2023 | 34,475 | 8,215 | 23.8% | 5,978 | 7,087 | 6,619 | S100VHJ6 |
| FY ending Dec 2024 | 39,156 | 9,090 | 23.2% | 5,611 | 8,119 | 7,675 | S100XU6Z |
| FY ending Dec 2025 | 46,089 | 11,683 | 25.3% | 8,400 | 9,566 | 9,172 | S100XU6Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.2M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 1,440 | 1,641 | 1,818 | 2,063 | 2,398 |
| Average salary (parent company) | ¥8M | ¥8.5M | ¥8.4M | ¥7.9M | ¥8.2M |
| Average age (parent company) | 35.5 years | 35.6 years | 35.4 years | 35.5 years | 35.0 years |
| Average tenure (parent company) | 4.5 years | 4.1 years | 3.9 years | 4.2 years | 3.9 years |

Year over year: Employees (consolidated) +16.2% · Revenue (consolidated) +17.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Local Recruitment Business | 41,660 | 90.4% | — | — |
| Local Recruitment Advertising Business | 397 | 0.9% | — | — |
| Overseas Business | 4,031 | 8.7% | — | — |

### 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 |
| --- | ---: |
| Local Recruitment Business | 90.4% |
| Local Recruitment Advertising Business | 0.9% |
| Overseas Business | 8.7% |

Segment → industry: Overseas Business → HR & Staffing / Local Recruitment Advertising Business → HR & Staffing / Local Recruitment Business → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,566 | 20.8% | S100XU6Z |
| Capital expenditure | 394 | 0.9% | S100XU6Z |
| Free cash flow | 9,172 | 19.9% | 算出 |
| Investing cash flow | -8,777 | -19.0% | S100XU6Z |
| Financing cash flow | -4,609 | -10.0% | S100XU6Z |
| Dividends paid | 4,146 | 9.0% | S100XU6Z |
| Share buyback | 592 | 1.3% | S100XU6Z |
| Change in cash | -3,738 | -8.1% | S100XU6Z |
| Cash and equivalents | 15,312 | 33.2% | S100XU6Z |

## 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 | 12,932 | 14,879 | 16,767 | 19,051 | 15,312 | S100T559, S100VHJ6, S100XU6Z |
| Total assets | 18,935 | 22,084 | 23,518 | 26,013 | 30,895 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Net assets | 13,365 | 15,585 | 17,217 | 18,095 | 22,345 | S100T559, S100VHJ6, S100XU6Z |
| Share capital | 672 | 672 | 672 | 672 | 672 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Property, plant and equipment | 418 | 745 | 788 | 518 | 656 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Intangible assets excluding goodwill | 1,617 | 1,532 | 1,426 | 834 | 756 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Goodwill | 887 | 814 | 721 | 113 | — | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Investment securities | 0 | 0 | 0 | 0 | 0 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Current assets | 15,242 | 17,820 | 19,370 | 22,349 | 26,790 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Current liabilities | 5,424 | 6,161 | 6,052 | 7,726 | 8,359 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Total liabilities | 5,569 | 6,498 | 6,301 | 7,917 | 8,549 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Equity attributable to owners of parent | 13,340 | 15,415 | 16,930 | 17,700 | 21,913 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Retained earnings | 12,982 | 15,022 | 17,722 | 19,698 | 23,949 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |
| Treasury stock | -1,829 | -1,793 | -2,980 | -4,210 | -4,348 | S100QFJZ, S100T559, S100VHJ6, S100XU6Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100XU6Z |
| Property, plant and equipment | 2% | S100XU6Z |
| Intangibles and goodwill | 2% | S100XU6Z |
| Other assets | 46% | S100XU6Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100XU6Z |
| Equity | 72% | S100XU6Z |
| Other liabilities | 0% | S100XU6Z |

### 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 | 18,935 | 22,084 | 23,518 | 26,013 | 30,895 |
| Equity | 13,365 | 15,585 | 17,217 | 18,095 | 22,345 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,932 | 14,879 | 16,767 | 19,051 | 15,312 |

## 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) | 1.4% | S100XU6Z |
| Fixed assets ÷ total assets | 2.1% | S100XU6Z |
| Goodwill ÷ parent equity | — | —, S100XU6Z |

### 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) | 49.6% |
| Cash ÷ revenue | 33.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.9% |
| Cash vs. profit gap | 1,166 JPY mn (of net income 13.9%) |
| Shareholder returns / net income | 56.4% |
| Shareholder returns / FCF | 51.7% |
| Shareholder payments — dividends / net income | 49.4% |
| Shareholder payments — dividends / FCF | 45.2% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 91.8% |

## 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 | 15.6% | 1.31× | 20.5% | 1.42× | 29.1% | S100QFJZ |
| 2022 | 16.5% | 1.48× | 24.5% | 1.43× | 35.0% | S100T559 |
| 2023 | 17.3% | 1.51× | 26.2% | 1.41× | 37.0% | S100VHJ6 |
| 2024 | 14.3% | 1.58× | 22.7% | 1.43× | 32.4% | S100XU6Z |
| 2025 | 18.2% | 1.62× | 29.5% | 1.44× | 42.4% | S100XU6Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田崎 忠良 | Major shareholder | 20.5% | 2025-12-31 |
| 田崎 ひろみ | Major shareholder | 13.0% | 2025-12-31 |
| 金親 晋午 | Major shareholder | 10.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.8% | 2025-12-31 |
| 公益財団法人Ｔａｚａｋｉ財団 | Major shareholder | 5.7% | 2025-12-31 |
| 公益財団法人ＪＡＣ環境動物保護財団 | Major shareholder | 5.0% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口４) | Major shareholder | 4.4% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.2% | 2025-12-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/01/01－2025/12/31) | S100XU6Z | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU6Z,, |
| 有価証券報告書－第38期(2024/01/01－2024/12/31) | S100VHJ6 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHJ6,, |
| 有価証券報告書－第37期(2023/01/01－2023/12/31) | S100T559 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T559,, |
| 有価証券報告書－第36期(2022/01/01－2022/12/31) | S100QFJZ | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFJZ,, |
| 有価証券報告書－第35期(令和3年1月1日－令和3年12月31日) | S100NPNR | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPNR,, |
| 有価証券報告書－第34期(令和2年1月1日－令和2年12月31日) | S100L071 | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L071,, |

## 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).