# JALCO Holdings Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第15期(2025/04/01－2026/03/31) (S100YKK9)
> Page: https://vizora.meequs.com/en/company/jalco-holdings
> Retrieved: 2026-09-30T20:33:36.560Z

## Company

JALCO Holdings, founded in 2011, is a company in M&A Advisory listed on TSE Standard. It has 21 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JALCO Holdings Inc. |
| Ticker | 6625 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6625.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋二丁目16番11号 |
| Representative (per filing) | 代表取締役社長 田辺 順一 |
| Founded | Oct 2011 |
| Share capital | ¥7.37B |
| Employees (consolidated) | 21 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | March |
| Website | jalco-hd.com (https://jalco-hd.com/) |
| Corporate number | 7010001142692 |
| EDINET | E25686 |
| Industries (Vizora) | M&A Advisory, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YKK9, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Development & Leasing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 90 | 75 |
| Profitability | 97.1 | 86 |
| Cash conversion | 81.1 | 82 |
| Efficiency | 9.9 | 86 |
| Financial strength | 1.4 | 37 |

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 86% of JALCO Holdings's sales come from Real estate business, with M and A Consulting Buisiness and Money lending business making up much of the rest.
- Out of every ¥100 of sales, about ¥29 is left as operating profit.
- Revenue changed +147.8% from the prior year, operating profit +92.8%.

## Company structure

- Segment revenue mix: Real estate business 86.5%、M and A Consulting Buisiness 11.8%、Money lending business 1.7%、Other 0.0%
- Revenue → net income: ¥16995997000 → ¥1800700000
- Net income → operating cash flow: ¥1800700000 → ¥8590289000（difference ¥6789589000）
- Main uses of operating cash flow: CapEx ¥17240864000 / dividends ¥1986209000 / buybacks ¥40000
- Change in cash: ¥3135476000
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 | ¥17B |  |
| Operating income | ¥4.88B | Margin 28.7% |
| Net income | ¥1.8B | Margin 10.6% |
| Free cash flow | -¥8.65B |  |
| Largest business | Real estate business | of segment revenue 86.5% |
| Employees (consolidated) | 21 |  |
| EPS | ¥1.5 |  |
| Book value per share | ¥150.28 |  |
| Equity ratio | 20.6% |  |
| Shares outstanding | 117,416,118 |  |
| Treasury shares | 6,848,300 |  |
| Shareholders | 11,512 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 6.9% | Net cash -¥54.6B · Cash ÷ revenue 37.2% |
| Vs. industry median margin | +18.2 pp | Real Estate Development & Leasing |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.8× net income
- FY2026, revenue is 6.1× its level five years ago
- FY2026, operating income keeps 29 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2717010000 | ¥16995997000 | +525.5% |
| Operating income | ¥1272859000 | ¥4875765000 | +283.1% |
| Operating margin | 46.8% | 28.7% | -18.2 pp |
| Employees | 54 people | 21 people | -61.1% |
| Cash and equivalents | ¥1584134000 | ¥6318444000 | +298.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 貸金事業 → 貸金事業 | 1.7% |
| 貸金事業 → 事業再編・廃止 | 9.0% |
| 不動産事業 → 不動産事業 | 66.8% |
| アミューズメントサービス機器関連事業 → 事業再編・廃止 | 20.2% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 不動産事業 | 19.7% |
| 新設・再編 → M＆Aコンサルティング事業 | 11.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Real estate business | 5 years | +52.0% | ¥14700813000 | 7.2% | 2 |
| M and A Consulting Buisiness | 3 years | +10.8% | ¥2010062000 | 85.2% | 2 |
| Money lending business | 5 years | -0.4% | ¥284897000 | 34.7% | 2 |
| Other | 5 years | -67.7% | ¥223000 | -472.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,996 | 100.0% | S100YKK9 |
| Cost of revenue | 10,896 | 64.1% | S100YKK9 |
| Gross profit | 6,100 | 35.9% | S100YKK9 |
| SG&A | 1,225 | 7.2% | S100YKK9 |
| Operating income | 4,876 | 28.7% | S100YKK9 |
| Ordinary income | 2,354 | 13.9% | S100YKK9 |
| Pretax income | 2,589 | 15.2% | S100YKK9 |
| Income tax | 788 | 4.6% | S100YKK9 |
| Net income | 1,801 | 10.6% | S100YKK9 |
| Net income attributable to owners | 1,801 | 10.6% | S100YKK9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 7 |
| Operating income | 29 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 35.9% → Operating margin 28.7% → Net margin 10.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +147.8%; Core profit growth: +92.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.63×
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 | 6,859 | 16,996 | 10,137 | +147.8% |
| Gross profit | 3,478 | 6,100 | 2,622 | +75.4% |
| Operating income | 2,529 | 4,876 | 2,347 | +92.8% |
| Net income attributable to owners | 66 | 1,801 | 1,735 | +2637.5% |
| Operating cash flow | 685 | 8,590 | 7,906 | +1154.9% |
| Free cash flow | -5,416 | -8,651 | -3,235 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,725 | 1,070 | 62.0% | 565 | -1,677 | -7,687 | S100LTHJ |
| FY ending Mar 2021 | 2,717 | 1,273 | 46.8% | 1,062 | 220 | -7,699 | S100OHWM |
| FY ending Mar 2022 | 2,783 | 1,651 | 59.3% | 907 | -2,429 | -13,433 | S100R4CL |
| FY ending Mar 2023 | 4,964 | 3,230 | 65.1% | 1,821 | 3,558 | -4,912 | S100TWY0 |
| FY ending Mar 2024 | 12,739 | 6,363 | 49.9% | 4,156 | 8,605 | -3,245 | S100W5IE |
| FY ending Mar 2025 | 6,859 | 2,529 | 36.9% | 66 | 685 | -5,416 | S100YKK9 |
| FY ending Mar 2026 | 16,996 | 4,876 | 28.7% | 1,801 | 8,590 | -8,651 | S100YKK9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥809.3M |
| Operating income per employee (consolidated) | ¥232.2M |
| Net income per employee (consolidated) | ¥85.7M |

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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 9 | 11 | 10 | 15 | 21 |
| Average salary (parent company) | ¥10.4M | ¥10.5M | ¥9.7M | ¥11.2M | ¥10.9M |
| Average age (parent company) | 55.3 years | 51.3 years | 50.4 years | 45.6 years | 45.5 years |
| Average tenure (parent company) | 4.0 years | 4.0 years | 5.5 years | 4.5 years | 4.9 years |

Year over year: Employees (consolidated) +40.0% · Revenue (consolidated) +147.8%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Money lending business | 285 | 1.7% | 99 | 34.7% |
| Real estate business | 14,701 | 86.5% | 1,060 | 7.2% |
| M and A Consulting Buisiness | 2,010 | 11.8% | 1,713 | 85.2% |
| Other | 0 | 0.0% | -1 | -472.2% |

### 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 |
| --- | ---: |
| Money lending business | 1.7% |
| Real estate business | 86.5% |
| M and A Consulting Buisiness | 11.8% |
| Other | 0.0% |

Segment → industry: M and A Consulting Buisiness → M&A Advisory / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,590 | 50.5% | S100YKK9 |
| Capital expenditure | 17,241 | 101.4% | S100YKK9 |
| Free cash flow | -8,651 | -50.9% | 算出 |
| Investing cash flow | -15,871 | -93.4% | S100YKK9 |
| Financing cash flow | 10,416 | 61.3% | S100YKK9 |
| Dividends paid | 1,986 | 11.7% | S100YKK9 |
| Share buyback | 0 | 0.0% | S100YKK9 |
| Change in cash | 3,135 | 18.4% | S100YKK9 |
| Cash and equivalents | 6,318 | 37.2% | S100YKK9 |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 747 | 2,564 | 1,927 | 3,183 | 6,318 | S100TWY0, S100W5IE, S100YKK9 |
| Total assets | 48,509 | 56,124 | 72,602 | 77,651 | 91,700 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Net assets | 14,007 | 15,622 | 19,147 | 19,044 | 18,954 | S100TWY0, S100W5IE, S100YKK9 |
| Share capital | 6,450 | 6,450 | 6,450 | 7,331 | 7,370 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Trade receivables | 0 | 186 | — | — | — | S100R4CL |
| Property, plant and equipment | 37,670 | 42,644 | 45,609 | 50,891 | 60,327 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Intangible assets excluding goodwill | 123 | 136 | 1,564 | 1,414 | 1,340 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Goodwill | — | — | 1,444 | 1,372 | 1,299 | S100W5IE, S100YKK9 |
| Investment securities | 224 | 431 | 664 | 605 | 664 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Current assets | 9,985 | 11,715 | 23,242 | 23,294 | 27,626 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Current liabilities | 6,359 | 6,948 | 7,683 | 12,454 | 11,688 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Short-term borrowings | 1,579 | 850 | 1,278 | 1,679 | 5,776 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Long-term borrowings | 26,226 | 31,362 | 40,757 | 38,750 | 52,787 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Bonds | — | — | — | 1,900 | 2,310 | S100YKK9 |
| Interest-bearing debt | — | — | — | 42,329 | 60,873 | 算出 |
| Total liabilities | 34,502 | 40,502 | 53,456 | 58,608 | 72,746 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Equity attributable to owners of parent | 14,061 | 15,636 | 19,157 | 19,083 | 18,974 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Retained earnings | 1,251 | 2,860 | 6,382 | 4,544 | 4,358 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |
| Treasury stock | -1,253 | -1,287 | -1,287 | -1,287 | -1,287 | S100R4CL, S100TWY0, S100W5IE, S100YKK9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YKK9 |
| Property, plant and equipment | 66% | S100YKK9 |
| Intangibles and goodwill | 3% | S100YKK9 |
| Investment securities | 1% | S100YKK9 |
| Other assets | 23% | S100YKK9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 66% | 算出 |
| Other liabilities | 13% | S100YKK9 |
| Equity | 21% | S100YKK9 |
| Other liabilities | 0% | S100YKK9 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 48,509 | 56,124 | 72,602 | 77,651 | 91,700 |
| Equity | 14,007 | 15,622 | 19,147 | 19,044 | 18,954 |
| Interest-bearing debt | — | — | — | 42,329 | 60,873 |
| Cash | 747 | 2,564 | 1,927 | 3,183 | 6,318 |

## 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) | 354.9% | S100YKK9 |
| Fixed assets ÷ total assets | 65.8% | S100YKK9 |
| Goodwill ÷ parent equity | 6.8% | S100YKK9 |

### 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) | 6.9% |
| Cash ÷ revenue | 37.2% |
| Net cash (cash − interest-bearing debt) | -¥54.6B |
| Net debt ÷ operating cash flow | 6.35× |
| Cash conversion (operating CF ÷ operating income) | 176.2% |
| Cash vs. profit gap | 6,790 JPY mn (of net income 377.1%) |
| Shareholder returns / net income | 110.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 110.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 101.4% |
| Investing CF relative to operating CF | 184.8% |

## 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 | 32.6% | 0.06× | 1.9% | 3.45× | 6.4% | S100R4CL |
| 2023 | 36.7% | 0.09× | 3.5% | 3.52× | 12.3% | S100TWY0 |
| 2024 | 32.6% | 0.20× | 6.5% | 3.70× | 23.9% | S100W5IE |
| 2025 | 1.0% | 0.09× | 0.1% | 3.93× | 0.3% | S100YKK9 |
| 2026 | 10.6% | 0.20× | 2.1% | 4.45× | 9.5% | S100YKK9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田辺 順一 | Major shareholder | 16.2% | 2026-03-31 |
| カタリスト株式会社 | Major shareholder | 15.9% | 2026-03-31 |
| 株式会社楽珠美 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社悠晴 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社スプラウト | Major shareholder | 3.6% | 2026-03-31 |
| 杉山 昌子 | Major shareholder | 3.0% | 2026-03-31 |
| 金 惠 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社ウォーターフィールド | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社中原商事 | Major shareholder | 2.5% | 2026-03-31 |
| 岩見 哲也 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第15期(2025/04/01－2026/03/31) | S100YKK9 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKK9,, |
| 有価証券報告書－第14期(2024/04/01－2025/03/31) | S100W5IE | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5IE,, |
| 有価証券報告書－第13期(2023/04/01－2024/03/31) | S100TWY0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWY0,, |
| 有価証券報告書－第12期(2022/04/01－2023/03/31) | S100R4CL | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4CL,, |
| 有価証券報告書－第11期(令和3年4月1日－令和4年3月31日) | S100OHWM | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHWM,, |
| 有価証券報告書－第10期(令和2年4月1日－令和3年3月31日) | S100LTHJ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTHJ,, |

## 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).