# JADE GROUP, Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第16期(2025/03/01－2026/02/28) (S100Y6RE)
> Page: https://vizora.meequs.com/en/company/jade-group
> Retrieved: 2026-09-30T20:18:04.415Z

## Company

Jade Group, founded in 2010, is a company in E-commerce listed on TSE Growth. It has 336 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JADE GROUP, Inc. |
| Ticker | 3558 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3558.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区元代々木町30番13号 |
| Representative (per filing) | 代表取締役社長 田中 裕輔 |
| Founded | Oct 2010 |
| Share capital | ¥50M |
| Employees (consolidated) | 336 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | February |
| Website | jade-group.jp (https://jade-group.jp/) |
| Corporate number | 5010401097274 |
| EDINET | E32966 |
| Industries (Vizora) | E-commerce |

> Profile source: annual securities report (S100Y6RE, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: E-commerce (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 77.9 | 34 |
| Cash conversion | 35.2 | 27 |
| Efficiency | 51.5 | 34 |

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)

- Jade Group brought in ¥19.4B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +1.1% from the prior year, operating profit +56.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥19441498000 → ¥1625391000
- Net income → operating cash flow: ¥1625391000 → ¥1763190000（difference ¥137799000）
- Main uses of operating cash flow: CapEx ¥340661000 / dividends — / buybacks ¥77187000
- Change in cash: ¥-58599000
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 | ¥19.4B |  |
| Operating income | ¥2.4B | Margin 12.4% |
| Net income | ¥1.57B | Margin 8.1% |
| Free cash flow | ¥1.42B |  |
| Employees (consolidated) | 336 |  |
| EPS | ¥88.98 |  |
| Diluted EPS | ¥87.25 |  |
| Book value per share | ¥620.1 |  |
| Equity ratio | 48.2% |  |
| Shares outstanding | 11,487,360 |  |
| Treasury shares | 1,127,400 |  |
| Shareholders | 4,353 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 15.1% |
| Vs. industry median margin | +7.4 pp | E-commerce |
| ROE | 24.2% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10275245000 | ¥19441498000 | — |
| Operating income | ¥1438397000 | ¥2403672000 | — |
| Operating margin | 14.0% | 12.4% | -1.6 pp |
| Employees | 123 people | 336 people | — |
| Cash and equivalents | ¥2776277000 | ¥2934837000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,441 | 100.0% | S100Y6RE |
| Cost of revenue | 4,287 | 22.1% | S100Y6RE |
| Gross profit | 15,154 | 77.9% | S100Y6RE |
| SG&A | 12,750 | 65.6% | S100Y6RE |
| Operating income | 2,404 | 12.4% | S100Y6RE |
| Ordinary income | 2,562 | 13.2% | S100Y6RE |
| Pretax income | 2,552 | 13.1% | S100Y6RE |
| Income tax | 926 | 4.8% | S100Y6RE |
| Net income | 1,625 | 8.4% | S100Y6RE |
| Net income attributable to owners | 1,571 | 8.1% | S100Y6RE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 66 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 77.9% → Operating margin 12.4% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.1%; Core profit growth: +56.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 51.78×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 19,231 | 19,441 | 210 | +1.1% |
| Gross profit | 15,175 | 15,154 | -20 | -0.1% |
| Operating income | 1,535 | 2,404 | 869 | +56.6% |
| Net income attributable to owners | 565 | 1,571 | 1,006 | +178.0% |
| Operating cash flow | 2,939 | 1,763 | -1,176 | -40.0% |
| Free cash flow | 2,701 | 1,423 | -1,279 | -47.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 8,576 | -83 | -1.0% | -256 | 108 | 24 | S100LF7T |
| FY ending Feb 2021 | 10,275 | 1,438 | 14.0% | 1,250 | 2,082 | 1,863 | S100LF7T |
| FY ending Feb 2021 | 10,275 | 1,438 | 14.0% | 1,250 | 2,082 | — | S100O77H |
| FY ending Feb 2022 | 9,876 | 884 | 8.9% | 605 | 1,160 | 871 | S100O77H |
| FY ending Feb 2023 | 10,464 | 991 | 9.5% | 1,258 | 1,361 | 1,248 | S100TJB3 |
| FY ending Feb 2024 | 13,356 | 1,685 | 12.6% | 1,002 | 815 | 669 | S100VUP3 |
| FY ending Feb 2025 | 19,231 | 1,535 | 8.0% | 565 | 2,939 | 2,701 | S100Y6RE |
| FY ending Feb 2026 | 19,441 | 2,404 | 12.4% | 1,571 | 1,763 | 1,423 | S100Y6RE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.9M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 135 | 155 | 163 | 241 | 336 |
| Average salary (parent company) | ¥4.4M | ¥4.3M | ¥5M | ¥5.3M | ¥5.3M |
| Average age (parent company) | 32.9 years | 34.3 years | 35.9 years | 36.2 years | 36.9 years |
| Average tenure (parent company) | 4.6 years | 4.3 years | 5.0 years | 5.0 years | 4.9 years |

Year over year: Employees (consolidated) +39.4% · Revenue (consolidated) +1.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,763 | 9.1% | S100Y6RE |
| Capital expenditure | 341 | 1.8% | S100Y6RE |
| Free cash flow | 1,423 | 7.3% | 算出 |
| Investing cash flow | -1,363 | -7.0% | S100Y6RE |
| Financing cash flow | -490 | -2.5% | S100Y6RE |
| Share buyback | 77 | 0.4% | S100Y6RE |
| Change in cash | -59 | -0.3% | S100Y6RE |
| Cash and equivalents | 2,935 | 15.1% | S100Y6RE |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,271 | 3,612 | 1,809 | 2,993 | 2,935 | S100O77H, S100VUP3, S100Y6RE |
| Total assets | 6,973 | 9,972 | 11,782 | 12,122 | 15,586 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Net assets | 4,750 | 5,934 | 6,407 | 6,393 | 8,561 | S100O77H, S100VUP3, S100Y6RE |
| Share capital | 1,337 | 50 | 50 | 50 | 50 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Property, plant and equipment | 393 | 451 | 448 | 620 | 1,575 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Intangible assets excluding goodwill | 413 | 356 | 289 | 1,513 | 1,092 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Goodwill | 193 | 160 | 113 | 770 | 655 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Investment securities | 0 | — | 24 | 0 | 0 | S100O77H, S100VUP3, S100Y6RE |
| Current assets | 5,345 | 7,695 | 9,651 | 8,079 | 10,539 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Current liabilities | 2,223 | 3,488 | 4,720 | 5,024 | 6,239 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Trade payables | — | 989 | 764 | 427 | 1,227 | S100TJB3, S100VUP3, S100Y6RE |
| Short-term borrowings | — | — | 1,600 | — | — | S100VUP3 |
| Long-term borrowings | — | 544 | 646 | 663 | 442 | S100TJB3, S100VUP3, S100Y6RE |
| Total liabilities | 2,223 | 4,038 | 5,375 | 5,729 | 7,025 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Non-controlling interests | — | 62 | 175 | 914 | 1,041 | S100TJB3, S100VUP3, S100Y6RE |
| Equity attributable to owners of parent | 4,747 | 5,869 | 6,230 | 5,476 | 7,518 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Retained earnings | 1,494 | 2,752 | 3,754 | 4,319 | 5,890 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |
| Treasury stock | -183 | -319 | -934 | -2,207 | -1,515 | S100O77H, S100TJB3, S100VUP3, S100Y6RE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y6RE |
| Property, plant and equipment | 10% | S100Y6RE |
| Intangibles and goodwill | 11% | S100Y6RE |
| Other assets | 60% | S100Y6RE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y6RE |
| Other liabilities | 37% | S100Y6RE |
| Equity | 55% | S100Y6RE |
| Other liabilities | 0% | S100Y6RE |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 6,973 | 9,972 | 11,782 | 12,122 | 15,586 |
| Equity | 4,750 | 5,934 | 6,407 | 6,393 | 8,561 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,271 | 3,612 | 1,809 | 2,993 | 2,935 |

## 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) | 8.1% | S100Y6RE |
| Fixed assets ÷ total assets | 10.1% | S100Y6RE |
| Goodwill ÷ parent equity | 8.7% | S100Y6RE |

### 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) | 18.8% |
| Cash ÷ revenue | 15.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.4% |
| Cash vs. profit gap | 192 JPY mn (of net income 12.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 77.3% |

## 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 | 6.1% | 1.42× | 8.7% | 1.47× | 12.7% | S100O77H |
| 2023 | 12.0% | 1.05× | 12.6% | 1.70× | 21.4% | S100TJB3 |
| 2024 | 7.5% | 1.23× | 9.2% | 1.80× | 16.6% | S100VUP3 |
| 2025 | 2.9% | 1.61× | 4.7% | 2.04× | 9.7% | S100Y6RE |
| 2026 | 8.1% | 1.40× | 11.3% | 2.13× | 24.2% | S100Y6RE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 裕輔 | Major shareholder | 9.8% | 2026-02-28 |
| BBH CO FOR ARCUS JAPAN VALUE FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.8% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 4.6% | 2026-02-28 |
| 吉岡 裕之 | Major shareholder | 4.3% | 2026-02-28 |
| 時津 昭彦 | Major shareholder | 4.2% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 2.9% | 2026-02-28 |
| 株式会社ＳＨＩＮＤＯ | Major shareholder | 2.0% | 2026-02-28 |
| STATE STREET BANK AND TRUST COMPANY 505044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-02-28 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.2% | 2026-02-28 |
| 大和証券株式会社 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第16期(2025/03/01－2026/02/28) | S100Y6RE | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6RE,, |
| 有価証券報告書－第15期(2024/03/01－2025/02/28) | S100VUP3 | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VUP3,, |
| 有価証券報告書－第14期(2023/03/01－2024/02/29) | S100TJB3 | 2024-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJB3,, |
| 有価証券報告書－第13期(2022/03/01－2023/02/28) | S100QUJS | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUJS,, |
| 訂正有価証券報告書－第12期(令和3年3月1日－令和4年2月28日) | S100O77H | 2022-06-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O77H,, |
| 有価証券報告書－第11期(令和2年3月1日－令和3年2月28日) | S100LF7T | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF7T,, |

## 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).