# JANOME Corporation: 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100期(2025/04/01－2026/03/31) (S100YCOS)
> Page: https://vizora.meequs.com/en/company/janome
> Retrieved: 2026-09-30T17:54:09.382Z

## Company

Janome, founded in 1950, is a company in Robots & Factory Automation listed on TSE Prime. It has 2,424 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JANOME Corporation |
| Ticker | 6445 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6445.T) |
| Listing | TSE Prime |
| Head office | 東京都八王子市狭間町1463番地 |
| Representative (per filing) | 代表取締役社長 齋藤 真 |
| Founded | Jun 1950 |
| Share capital | ¥11.4B |
| Employees (consolidated) | 2,424 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.janome.co.jp (https://www.janome.co.jp/) |
| Corporate number | 7010101008876 |
| EDINET | E01595 |
| Industries (Vizora) | Robots & Factory Automation, IT Services & System Integration, Home Appliances, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YCOS, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.7 | 7 |
| Profitability | 45 | 10 |
| Cash conversion | 21.4 | 7 |
| Efficiency | 45 | 10 |

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 76% of Janome's sales come from Household machine, with Industrial machine and Information Technology making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +7.2% from the prior year, operating profit -14.1%.

## Company structure

- Segment revenue mix: Household machine 76.4%、Industrial machine 15.8%、Information Technology 7.4%、Other 0.3%
- Revenue → net income: ¥38968000000 → ¥651000000
- Net income → operating cash flow: ¥651000000 → ¥1780000000（difference ¥1129000000）
- Main uses of operating cash flow: CapEx ¥464000000 / dividends ¥812000000 / buybacks ¥1406000000
- Change in cash: ¥1069000000
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 | ¥39B |  |
| Operating income | ¥1.91B | Margin 4.9% |
| Net income | ¥590M | Margin 1.5% |
| Free cash flow | ¥1.32B |  |
| Largest business | Household machine | of segment revenue 76.4% |
| Employees (consolidated) | 2,424 |  |
| EPS | ¥18.61 |  |
| Book value per share | ¥1394.55 |  |
| Equity ratio | 68.4% |  |
| Shares outstanding | 18,108,605 |  |
| Treasury shares | 1,314,700 |  |
| Shareholders | 10,108 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | -0.8 pp | Home Appliances |
| ROE | 2.5% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, buybacks were 1.7× dividends
- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43839000000 | ¥38968000000 | -11.1% |
| Operating income | ¥4931000000 | ¥1910000000 | -61.3% |
| Operating margin | 11.2% | 4.9% | -6.3 pp |
| Employees | 3,445 people | 2,424 people | -29.6% |
| Cash and equivalents | ¥9985000000 | ¥8150000000 | -18.4% |

### 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 |
| --- | ---: |
| 家庭用機器 → 家庭用機器 | 76.4% |
| 家庭用機器 → 事業再編・廃止 | 6.3% |
| 産業機器 → 産業機器 | 10.9% |
| IT関連 → IT関連 | 4.8% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 産業機器 | 4.9% |
| 新設・再編 → IT関連 | 2.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Household machine | 5 years | -3.9% | ¥29787000000 | 6.2% | 2 |
| Industrial machine | 5 years | +5.1% | ¥6155000000 | -8.8% | 2 |
| Information Technology | 5 years | +6.6% | ¥2896000000 | 18.5% | 2 |
| Other | 5 years | -28.0% | ¥128000000 | 48.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,968 | 100.0% | S100YCOS |
| Cost of revenue | 23,857 | 61.2% | S100YCOS |
| Gross profit | 15,110 | 38.8% | S100YCOS |
| SG&A | 13,199 | 33.9% | S100YCOS |
| Operating income | 1,910 | 4.9% | S100YCOS |
| Ordinary income | 2,097 | 5.4% | S100YCOS |
| Pretax income | 1,367 | 3.5% | S100YCOS |
| Income tax | 716 | 1.8% | S100YCOS |
| Net income | 651 | 1.7% | S100YCOS |
| Net income attributable to owners | 590 | 1.5% | S100YCOS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 34 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 38.8% → Operating margin 4.9% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.2%; Core profit growth: -14.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.95×
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 | 36,340 | 38,968 | 2,628 | +7.2% |
| Gross profit | 15,040 | 15,110 | 70 | +0.5% |
| Operating income | 2,224 | 1,910 | -314 | -14.1% |
| Net income attributable to owners | 1,794 | 590 | -1,204 | -67.1% |
| Operating cash flow | 2,625 | 1,780 | -845 | -32.2% |
| Free cash flow | 1,423 | 1,316 | -107 | -7.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,521 | 1,158 | 3.3% | 424 | 1,512 | 630 | S100LRSU |
| FY ending Mar 2021 | 43,839 | 4,931 | 11.2% | 3,945 | 6,475 | 5,944 | S100OG45 |
| FY ending Mar 2022 | 42,916 | 3,659 | 8.5% | 2,549 | 219 | -615 | S100R3J5 |
| FY ending Mar 2023 | 38,571 | 2,120 | 5.5% | -393 | 3,361 | 2,699 | S100TQ2N |
| FY ending Mar 2024 | 36,476 | 1,716 | 4.7% | 1,131 | 2,068 | 1,538 | S100W2GY |
| FY ending Mar 2025 | 36,340 | 2,224 | 6.1% | 1,794 | 2,625 | 1,423 | S100YCOS |
| FY ending Mar 2026 | 38,968 | 1,910 | 4.9% | 590 | 1,780 | 1,316 | S100YCOS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.1M |
| Operating income per employee (consolidated) | ¥788K |
| Net income per employee (consolidated) | ¥243.4K |

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) | 2,971 | 2,522 | 2,422 | 2,388 | 2,424 |
| Average salary (parent company) | ¥6.3M | ¥6.3M | ¥6.1M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 44.0 years | 43.8 years | 41.3 years | 40.9 years | 41.0 years |
| Average tenure (parent company) | 12.9 years | 14.3 years | 14.2 years | 14.1 years | 14.3 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +7.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Household machine | 29,787 | 76.4% | 1,854 | 6.2% |
| Industrial machine | 6,155 | 15.8% | -543 | -8.8% |
| Information Technology | 2,896 | 7.4% | 537 | 18.5% |
| Other | 128 | 0.3% | 62 | 48.4% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Household machine | 76.4% | 75.6% | -0.9 | 6.2% |
| Industrial machine | 15.8% | — | — | -8.8% |
| Information Technology | 7.4% | 21.9% | 14.5 | 18.5% |
| Other | 0.3% | 2.5% | 2.2 | 48.4% |

Loss-making segment (excluded from profit shares): Industrial machine -543 JPY mn

Segment → industry: Industrial machine → Robots & Factory Automation / Information Technology → IT Services & System Integration / Household machine → Home Appliances / Other → Real Estate Development & Leasing / Industrial machine → Industrial Machinery

## 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 | 1,780 | 4.6% | S100YCOS |
| Capital expenditure | 464 | 1.2% | S100YCOS |
| Free cash flow | 1,316 | 3.4% | 算出 |
| Investing cash flow | 170 | 0.4% | S100YCOS |
| Financing cash flow | -1,423 | -3.7% | S100YCOS |
| Dividends paid | 812 | 2.1% | S100YCOS |
| Share buyback | 1,406 | 3.6% | S100YCOS |
| Change in cash | 1,069 | 2.7% | S100YCOS |
| Cash and equivalents | 8,150 | 20.9% | S100YCOS |

## 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 | 7,037 | 7,265 | 7,457 | 7,081 | 8,150 | S100TQ2N, S100W2GY, S100YCOS |
| Total assets | 54,572 | 51,118 | 50,821 | 49,629 | 50,621 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Net assets | 33,428 | 33,364 | 34,996 | 35,442 | 35,632 | S100TQ2N, S100W2GY, S100YCOS |
| Share capital | 11,372 | 11,372 | 11,372 | 11,372 | 11,372 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Property, plant and equipment | 21,593 | 20,602 | 19,331 | 18,577 | 16,380 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Intangible assets excluding goodwill | 684 | 644 | 626 | 644 | 633 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Investment securities | 1,444 | 1,504 | 1,750 | 1,808 | 2,289 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Current assets | 27,771 | 25,710 | 26,570 | 25,860 | 29,066 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Current liabilities | 12,897 | 9,809 | 8,375 | 7,146 | 8,453 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Trade payables | 2,492 | 1,836 | 2,005 | 1,594 | 2,023 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Short-term borrowings | 5,862 | 3,984 | 3,149 | 1,786 | 2,669 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Total liabilities | 21,144 | 17,754 | 15,825 | 14,187 | 14,988 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Non-controlling interests | 952 | 747 | 793 | 882 | 983 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Equity attributable to owners of parent | 24,495 | 23,204 | 23,581 | 24,396 | 23,247 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Retained earnings | 13,447 | 12,156 | 13,234 | 13,219 | 13,475 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |
| Treasury stock | -325 | -325 | -1,025 | -195 | -1,602 | S100R3J5, S100TQ2N, S100W2GY, S100YCOS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YCOS |
| Property, plant and equipment | 32% | S100YCOS |
| Intangibles and goodwill | 1% | S100YCOS |
| Investment securities | 5% | S100YCOS |
| Other assets | 46% | S100YCOS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YCOS |
| Other liabilities | 26% | S100YCOS |
| Equity | 70% | S100YCOS |
| Other liabilities | 0% | S100YCOS |

### 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 | 54,572 | 51,118 | 50,821 | 49,629 | 50,621 |
| Equity | 33,428 | 33,364 | 34,996 | 35,442 | 35,632 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,037 | 7,265 | 7,457 | 7,081 | 8,150 |

## 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) | 42.0% | S100YCOS |
| Fixed assets ÷ total assets | 32.4% | S100YCOS |
| Goodwill ÷ parent equity | — | —, S100YCOS |

### 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) | 16.1% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 93.2% |
| Cash vs. profit gap | 1,190 JPY mn (of net income 201.7%) |
| Shareholder returns / net income | 375.9% |
| Shareholder returns / FCF | 168.5% |
| Shareholder payments — dividends / net income | 137.6% |
| Shareholder payments — dividends / FCF | 61.7% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 9.6% |

## 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 | 5.9% | 0.79× | 4.7% | 2.23× | 10.4% | S100R3J5 |
| 2023 | — | —× | -0.7% | —× | — | S100TQ2N |
| 2024 | 3.1% | 0.72× | 2.2% | 2.18× | 4.8% | S100W2GY |
| 2025 | 4.9% | 0.72× | 3.6% | 2.09× | 7.5% | S100YCOS |
| 2026 | 1.5% | 0.78× | 1.2% | 2.10× | 2.5% | S100YCOS |

## 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 | 10.1% | 2026-03-31 |
| MM Investments株式会社 | Major shareholder | 9.9% | 2026-03-31 |
| 大栄不動産株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.3% | 2026-03-31 |
| 大栄不動産投資顧問株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| ジャノメ協力会持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社埼玉りそな銀行 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002(常任代理人 株式会社みずほ銀行 決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラティブ・ブローカーズ証券株式会社) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YCOS | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCOS,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W2GY | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GY,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TQ2N | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ2N,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R3J5 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3J5,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OG45 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG45,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LRSU | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRSU,, |

## 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).