# JAFCO Group Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/04/01－2026/03/31) (S100YCOQ)
> Page: https://vizora.meequs.com/en/company/jafco-group
> Retrieved: 2026-09-30T21:35:36.601Z

## Company

JAFCO Group, founded in 1973, is a company in Venture Capital listed on TSE Prime. It has 133 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAFCO Group Co., Ltd. |
| Ticker | 8595 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8595.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門一丁目23番1号 |
| Representative (per filing) | 取締役社長 三好 啓介 |
| Founded | Apr 1973 |
| Share capital | ¥33.3B |
| Employees (consolidated) | 133 |
| Average salary (parent only) | ¥13.7M |
| Fiscal year end | March |
| Website | jafco.co.jp (https://jafco.co.jp/) |
| Corporate number | 9010001019930 |
| EDINET | E04806 |
| Industries (Vizora) | Venture Capital |

> Profile source: annual securities report (S100YCOQ, filed 2026-06-17). As of filing

## Key points (generated from figures)

- JAFCO Group brought in ¥21.6B in revenue.
- Out of every ¥100 of sales, about ¥26 is left as operating profit.
- Revenue changed -23.3% from the prior year, operating profit -53.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21619000000 → ¥6576000000
- Net income → operating cash flow: ¥6576000000 → ¥5587000000（difference ¥-989000000）
- Main uses of operating cash flow: CapEx ¥23000000 / dividends ¥6567000000 / buybacks ¥5012000000
- Change in cash: ¥-2179000000
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 | ¥21.6B |  |
| Operating income | ¥5.61B | Margin 25.9% |
| Net income | ¥6.58B | Margin 30.4% |
| Free cash flow | ¥5.56B |  |
| Employees (consolidated) | 133 |  |
| EPS | ¥123.65 |  |
| Book value per share | ¥2548.7 |  |
| Equity ratio | 85.0% |  |
| Shares outstanding | 54,250,000 |  |
| Treasury shares | 1,629,900 |  |
| Shareholders | 13,865 |  |
| Average salary (parent only) | ¥13.7M | Filing company only |
| Cash ratio | 38.8% | Cash ÷ revenue 283.0% |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating income keeps 26 per ¥100 of revenue
- FY2026, cash is 39% of total assets

## What changed in 6 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2020 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29855000000 | ¥21619000000 | — |
| Operating income | ¥14970000000 | ¥5607000000 | — |
| Operating margin | 50.1% | 25.9% | -24.2 pp |
| Employees | 131 people | 133 people | — |
| Cash and equivalents | ¥72040000000 | ¥61183000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2020 → 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,619 | 100.0% | S100YCOQ |
| Cost of revenue | 11,041 | 51.1% | S100YCOQ |
| Gross profit | 10,578 | 48.9% | S100YCOQ |
| SG&A | 4,042 | 18.7% | S100YCOQ |
| Operating income | 5,607 | 25.9% | S100YCOQ |
| Ordinary income | 5,905 | 27.3% | S100YCOQ |
| Pretax income | 8,234 | 38.1% | S100YCOQ |
| Income tax | 1,658 | 7.7% | S100YCOQ |
| Net income | 6,576 | 30.4% | S100YCOQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 19 |
| Other operating | 4 |
| Operating income | 26 |
| (Ref.) Net income | 30 |

### Margin funnel

Gross margin 48.9% → Operating margin 25.9% → Net margin 30.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -23.3%; Core profit growth: -53.5%
Operating leverage (core profit growth ÷ revenue growth): 2.30×
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 | 28,192 | 21,619 | -6,573 | -23.3% |
| Gross profit | 15,847 | 10,578 | -5,269 | -33.2% |
| Operating income | 12,066 | 5,607 | -6,459 | -53.5% |
| Operating cash flow | 10,442 | 5,587 | -4,855 | -46.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,855 | 14,970 | 50.1% | 11,839 | 12,177 | 12,005 | S100LJ3Q |
| FY ending Mar 2022 | 27,677 | 16,876 | 61.0% | 15,080 | -12,958 | -13,034 | S100QZS1 |
| FY ending Mar 2024 | 24,443 | 8,175 | 33.4% | 7,494 | -9,570 | -9,875 | S100VYZC |
| FY ending Mar 2025 | 29,685 | 12,520 | 42.2% | 9,576 | 10,442 | 10,419 | S100VYZC |
| FY ending Mar 2025 | 28,192 | 12,066 | 42.8% | 9,576 | 10,442 | — | S100YCOQ |
| FY ending Mar 2026 | 21,619 | 5,607 | 25.9% | 6,576 | 5,587 | 5,564 | S100YCOQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥162.5M |
| Operating income per employee (consolidated) | ¥42.2M |
| Net income per employee (consolidated) | ¥49.4M |

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 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 135 | 159 | 163 | 131 | 133 |
| Average salary (parent company) | ¥12.5M | ¥12.8M | ¥12.7M | — | ¥13.7M |
| Average age (parent company) | 44.0 years | 42.0 years | 42.0 years | — | 43.0 years |
| Average tenure (parent company) | 16.0 years | 14.0 years | 13.0 years | — | 13.0 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -23.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,587 | 25.8% | S100YCOQ |
| Capital expenditure | 23 | 0.1% | S100YCOQ |
| Free cash flow | 5,564 | 25.7% | 算出 |
| Investing cash flow | 3,846 | 17.8% | S100YCOQ |
| Financing cash flow | -11,613 | -53.7% | S100YCOQ |
| Dividends paid | 6,567 | 30.4% | S100YCOQ |
| Share buyback | 5,012 | 23.2% | S100YCOQ |
| Change in cash | -2,179 | -10.1% | S100YCOQ |
| Cash and equivalents | 61,183 | 283.0% | S100YCOQ |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 52,603 | 67,606 | 72,486 | 66,095 | 61,183 | S100TNCY, S100VYZC, S100YCOQ |
| Total assets | 233,024 | 165,540 | 169,970 | 163,832 | 157,856 | S100QZS1, S100VYZC, S100YCOQ |
| Net assets | 197,390 | 137,639 | 141,126 | 137,540 | 134,113 | S100TNCY, S100VYZC, S100YCOQ |
| Share capital | 33,251 | 33,251 | 33,251 | 33,251 | 33,251 | S100QZS1, S100VYZC, S100YCOQ |
| Property, plant and equipment | 316 | 419 | 318 | 115 | 94 | S100QZS1, S100VYZC, S100YCOQ |
| Intangible assets excluding goodwill | 168 | 45 | 16 | 16 | 29 | S100QZS1, S100VYZC, S100YCOQ |
| Investment securities | 97,251 | 3,581 | 3,377 | 2,897 | 36,450 | S100QZS1, S100VYZC, S100YCOQ |
| Current assets | 134,407 | 160,489 | 165,355 | 157,449 | 120,472 | S100QZS1, S100VYZC, S100YCOQ |
| Current liabilities | 4,563 | 6,566 | 7,520 | 4,812 | 1,679 | S100QZS1, S100VYZC, S100YCOQ |
| Long-term borrowings | 49 | — | 149 | 149 | 15 | S100QZS1, S100VYZC, S100YCOQ |
| Total liabilities | 35,633 | 27,900 | 28,844 | 26,292 | 23,743 | S100QZS1, S100VYZC, S100YCOQ |
| Equity attributable to owners of parent | 122,368 | 116,611 | 120,849 | 120,213 | 115,373 | S100QZS1, S100VYZC, S100YCOQ |
| Retained earnings | 76,579 | 54,424 | 58,455 | 57,820 | 53,347 | S100QZS1, S100VYZC, S100YCOQ |
| Treasury stock | -20,268 | -3,871 | -3,664 | -3,664 | -4,031 | S100QZS1, S100VYZC, S100YCOQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YCOQ |
| Property, plant and equipment | 0% | S100YCOQ |
| Intangibles and goodwill | 0% | S100YCOQ |
| Investment securities | 23% | S100YCOQ |
| Other assets | 38% | S100YCOQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YCOQ |
| Equity | 85% | S100YCOQ |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 233,024 | 165,540 | 169,970 | 163,832 | 157,856 |
| Equity | 197,390 | 137,639 | 141,126 | 137,540 | 134,113 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 52,603 | 67,606 | 72,486 | 66,095 | 61,183 |

## 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) | 0.4% | S100YCOQ |
| Fixed assets ÷ total assets | 0.1% | S100YCOQ |
| Goodwill ÷ parent equity | — | —, S100YCOQ |

### 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) | 38.8% |
| Cash ÷ revenue | 283.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.6% |
| Cash vs. profit gap | -989 JPY mn (of net income -15.0%) |
| Shareholder returns / net income | 176.1% |
| Shareholder returns / FCF | 208.1% |
| Shareholder payments — dividends / net income | 99.9% |
| Shareholder payments — dividends / FCF | 118.0% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 68.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 54.5% | 0.12× | 6.5% | 1.90× | 12.3% | S100QZS1 |
| 2024 | 30.7% | 0.15× | 4.5% | 1.42× | 6.4% | S100VYZC |
| 2025 | 32.3% | 0.18× | 5.7% | 1.41× | 8.1% | S100VYZC |
| 2025 | 34.0% | 0.17× | 5.8% | 1.36× | 8.0% | S100YCOQ |
| 2026 | 30.4% | 0.13× | 4.1% | 1.37× | 5.6% | S100YCOQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505018 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 穐田 誉輝 | Major shareholder | 4.1% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 2.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.8% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 1.7% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE | Major shareholder | 1.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDU UCITS CLIENTS NON TREATY ACCOUNT 15．315 PCT | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YCOQ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCOQ,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100VYZC | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYZC,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TNCY | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNCY,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100QZS1 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZS1,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OBXF | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBXF,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LJ3Q | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ3Q,, |

## 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).