# JAIC Co., Ltd.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/02/01－2026/01/31) (S100Y1BL)
> Page: https://vizora.meequs.com/en/company/jaic
> Retrieved: 2026-09-30T20:48:15.861Z

## Company

Jaic, founded in 1991, is a company in HR & Staffing listed on TSE Growth. It has 289 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAIC Co., Ltd. |
| Ticker | 7073 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7073.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区神田神保町一丁目101番神保町101ビル7階 |
| Representative (per filing) | 代表取締役兼執行役員社長 佐藤 剛志 |
| Founded | Mar 1991 |
| Share capital | ¥263M |
| Employees (consolidated) | 289 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | January |
| Website | www.jaic-g.com (https://www.jaic-g.com/) |
| Corporate number | 1010001066022 |
| EDINET | E35187 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100Y1BL, filed 2026-04-28). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.4 | 68 |
| Profitability | 31.3 | 88 |
| Cash conversion | 91.9 | 80 |
| Efficiency | 64.2 | 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)

- Jaic brought in ¥4.48B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit -14.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4475801000 → ¥130027000
- Net income → operating cash flow: ¥130027000 → ¥369361000（difference ¥239334000）
- Main uses of operating cash flow: CapEx ¥77284000 / dividends ¥41584000 / buybacks —
- Change in cash: ¥360689000
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 | ¥4.48B |  |
| Operating income | ¥203.4M | Margin 4.5% |
| Net income | ¥130M | Margin 2.9% |
| Free cash flow | ¥292.1M |  |
| Employees (consolidated) | 289 |  |
| EPS | ¥174.91 |  |
| Diluted EPS | ¥168.56 |  |
| Book value per share | ¥1372.68 |  |
| Equity ratio | 34.2% |  |
| Shares outstanding | 934,200 |  |
| Treasury shares | 8,000 |  |
| Shareholders | 1,330 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 56.3% | Cash ÷ revenue 39.4% |
| Vs. industry median margin | -4.1 pp | HR & Staffing |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, cash is 56% of total assets
- FY2026, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2241304000 | ¥4475801000 | +99.7% |
| Operating income | ¥-281423000 | ¥203413000 | — |
| Operating margin | -12.6% | 4.5% | +17.1 pp |
| Employees | 218 people | 289 people | +32.6% |
| Cash and equivalents | ¥1145140000 | ¥1761856000 | +53.9% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,476 | 100.0% | S100Y1BL |
| Cost of revenue | 748 | 16.7% | S100Y1BL |
| Gross profit | 3,727 | 83.3% | S100Y1BL |
| SG&A | 3,524 | 78.7% | S100Y1BL |
| Operating income | 203 | 4.5% | S100Y1BL |
| Ordinary income | 194 | 4.3% | S100Y1BL |
| Pretax income | 207 | 4.6% | S100Y1BL |
| Income tax | 77 | 1.7% | S100Y1BL |
| Net income | 130 | 2.9% | S100Y1BL |
| Net income attributable to owners | 130 | 2.9% | S100Y1BL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 17 |
| SG&A | 79 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 83.3% → Operating margin 4.5% → Net margin 2.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.8%; Core profit growth: -14.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.14×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,190 | 4,476 | 286 | +6.8% |
| Gross profit | 3,608 | 3,727 | 119 | +3.3% |
| Operating income | 238 | 203 | -35 | -14.6% |
| Net income attributable to owners | 138 | 130 | -8 | -5.6% |
| Operating cash flow | 417 | 369 | -48 | -11.5% |
| Free cash flow | 330 | 292 | -38 | -11.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,031 | 341 | 11.3% | 214 | 385 | 225 | S100L8WF |
| FY ending Jan 2021 | 2,241 | -281 | -12.6% | -222 | -404 | -505 | S100NYPF |
| FY ending Jan 2022 | 2,593 | 91 | 3.5% | 91 | 369 | 298 | S100QNZ7 |
| FY ending Jan 2023 | 3,207 | 215 | 6.7% | 141 | 91 | -42 | S100TC3U |
| FY ending Jan 2024 | 3,676 | 52 | 1.4% | 6 | 139 | — | S100VOA1 |
| FY ending Jan 2025 | 4,190 | 238 | 5.7% | 138 | 417 | 330 | S100Y1BL |
| FY ending Jan 2026 | 4,476 | 203 | 4.5% | 130 | 369 | 292 | S100Y1BL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.5M |
| Operating income per employee (consolidated) | ¥703.9K |
| Net income per employee (consolidated) | ¥449.9K |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 218 | 273 | 277 | 287 | 289 |
| Average salary (parent company) | ¥4.3M | ¥4.5M | ¥4.6M | ¥5M | ¥5.2M |
| Average age (parent company) | 33.7 years | 34.0 years | 34.5 years | 34.9 years | 35.2 years |
| Average tenure (parent company) | 6.0 years | 6.0 years | 6.5 years | 7.3 years | 7.8 years |

Year over year: Employees (consolidated) +0.7% · Revenue (consolidated) +6.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 369 | 8.3% | S100Y1BL |
| Capital expenditure | 77 | 1.7% | S100Y1BL |
| Free cash flow | 292 | 6.5% | 算出 |
| Investing cash flow | -110 | -2.5% | S100Y1BL |
| Financing cash flow | 102 | 2.3% | S100Y1BL |
| Dividends paid | 42 | 0.9% | S100Y1BL |
| Change in cash | 361 | 8.1% | S100Y1BL |
| Cash and equivalents | 1,762 | 39.4% | S100Y1BL |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,265 | 1,238 | 1,094 | 1,401 | 1,762 | S100TC3U, S100VOA1, S100Y1BL |
| Total assets | 2,119 | 2,909 | 2,437 | 2,831 | 3,131 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Net assets | 826 | 925 | 874 | 963 | 1,061 | S100TC3U, S100VOA1, S100Y1BL |
| Share capital | 259 | 261 | 262 | 262 | 263 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Property, plant and equipment | 111 | 120 | 87 | 95 | 87 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Intangible assets excluding goodwill | 164 | 667 | 579 | 566 | 486 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Goodwill | — | 419 | 366 | 368 | 304 | S100TC3U, S100VOA1, S100Y1BL |
| Investment securities | 154 | 200 | 8 | 45 | 91 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Current assets | 1,497 | 1,676 | 1,524 | 1,904 | 2,226 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Current liabilities | 820 | 981 | 785 | 1,049 | 1,100 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Short-term borrowings | — | — | — | 64 | — | S100Y1BL |
| Long-term borrowings | 441 | 922 | 705 | 738 | 891 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Total liabilities | 1,292 | 1,984 | 1,564 | 1,868 | 2,070 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Non-controlling interests | -10 | -9 | -9 | -10 | -10 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Equity attributable to owners of parent | 831 | 924 | 889 | 982 | 1,072 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Retained earnings | 284 | 352 | 315 | 448 | 536 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |
| Treasury stock | -2 | -13 | -13 | -9 | -9 | S100QNZ7, S100TC3U, S100VOA1, S100Y1BL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100Y1BL |
| Property, plant and equipment | 3% | S100Y1BL |
| Intangibles and goodwill | 25% | S100Y1BL |
| Investment securities | 3% | S100Y1BL |
| Other assets | 13% | S100Y1BL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 66% | S100Y1BL |
| Equity | 34% | S100Y1BL |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,119 | 2,909 | 2,437 | 2,831 | 3,131 |
| Equity | 826 | 925 | 874 | 963 | 1,061 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,265 | 1,238 | 1,094 | 1,401 | 1,762 |

## 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) | 1.9% | S100Y1BL |
| Fixed assets ÷ total assets | 2.8% | S100Y1BL |
| Goodwill ÷ parent equity | 28.4% | S100Y1BL |

### 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) | 56.3% |
| Cash ÷ revenue | 39.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 181.6% |
| Cash vs. profit gap | 239 JPY mn (of net income 184.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 32.0% |
| Shareholder payments — dividends / FCF | 14.2% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 29.9% |

## 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 | 3.5% | 1.22× | 4.3% | 2.55× | 10.9% | S100QNZ7 |
| 2023 | 4.4% | 1.28× | 5.6% | 2.86× | 16.0% | S100TC3U |
| 2024 | 0.2% | 1.38× | 0.2% | 2.95× | 0.7% | S100VOA1 |
| 2025 | 3.3% | 1.59× | 5.2% | 2.82× | 14.7% | S100Y1BL |
| 2026 | 2.9% | 1.50× | 4.4% | 2.90× | 12.7% | S100Y1BL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社エンスー | Major shareholder | 53.0% | 2026-01-31 |
| 佐藤 剛志 | Major shareholder | 12.4% | 2026-01-31 |
| 山本 太 | Major shareholder | 2.4% | 2026-01-31 |
| ジェイック従業員持株会 | Major shareholder | 2.2% | 2026-01-31 |
| ポート株式会社 | Major shareholder | 1.8% | 2026-01-31 |
| 知見寺 直樹 | Major shareholder | 1.4% | 2026-01-31 |
| 近藤 浩充 | Major shareholder | 1.1% | 2026-01-31 |
| ファイブアイズ・ネットワークス株式会社 | Major shareholder | 1.1% | 2026-01-31 |
| 古庄 拓 | Major shareholder | 0.8% | 2026-01-31 |
| 黒津 隆広 | Major shareholder | 0.7% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/02/01－2026/01/31) | S100Y1BL | 2026-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1BL,, |
| 有価証券報告書－第34期(2024/02/01－2025/01/31) | S100VOA1 | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOA1,, |
| 有価証券報告書－第33期(2023/02/01－2024/01/31) | S100TC3U | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TC3U,, |
| 有価証券報告書－第32期(2022/02/01－2023/01/31) | S100QNZ7 | 2023-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QNZ7,, |
| 有価証券報告書－第31期(令和3年2月1日－令和4年1月31日) | S100NYPF | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYPF,, |
| 有価証券報告書－第30期(令和2年2月1日－令和3年1月31日) | S100L8WF | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8WF,, |

## 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).