# Japan Cash Machine co.,ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第73期(2025/04/01－2026/03/31) (S100YRPE)
> Page: https://vizora.meequs.com/en/company/japan-cash-machine
> Retrieved: 2026-09-30T20:00:00.121Z

## Company

Japan Cash Machine, founded in 1955, is a company in Pachinko listed on TSE Prime. It has 572 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN CASH MACHINE CO.,LTD. |
| Ticker | 6418 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6418.T) |
| Listing | TSE Prime |
| Head office | 大阪市浪速区難波中二丁目11番18号 |
| Representative (per filing) | 代表取締役社長 上東 洋次郎 |
| Founded | Jan 1955 |
| Share capital | ¥2.22B |
| Employees (consolidated) | 572 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.jcm-hq.co.jp (https://www.jcm-hq.co.jp/) |
| Corporate number | 7120001022181 |
| EDINET | E01698 |
| Industries (Vizora) | Pachinko, Industrial Machinery |

> Profile source: annual securities report (S100YRPE, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.5 | 110 |
| Profitability | 51.2 | 122 |
| Cash conversion | 84.9 | 116 |
| Efficiency | 22.5 | 122 |

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 68% of Japan Cash Machine's sales come from Global gaming, with Overseas commercial and Equipment for amusement industry making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -16.6% from the prior year, operating profit -49.1%.

## Company structure

- Segment revenue mix: Global gaming 68.0%、Overseas commercial 14.9%、Equipment for amusement industry 10.4%、Domestic commercial 6.6%
- Revenue → net income: ¥31557095000 → ¥4692309000
- Net income → operating cash flow: ¥4692309000 → ¥5876384000（difference ¥1184075000）
- Main uses of operating cash flow: CapEx ¥948473000 / dividends ¥1507400000 / buybacks ¥190000
- Change in cash: ¥4280716000
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 | ¥31.6B |  |
| Operating income | ¥2.5B | Margin 7.9% |
| Net income | ¥4.69B | Margin 14.9% |
| Free cash flow | ¥4.93B |  |
| Largest business | Global gaming | of segment revenue 68.0% |
| Employees (consolidated) | 572 |  |
| EPS | ¥117.15 |  |
| Book value per share | ¥743.68 |  |
| Equity ratio | 68.6% |  |
| Shares outstanding | 29,672,651 |  |
| Treasury shares | 2,547,600 |  |
| Shareholders | 21,758 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 41.6% | Cash ÷ revenue 68.9% |
| Vs. industry median margin | +0.3 pp | Industrial Machinery |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 9.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 32 points
- FY2026, parent-company salary changed +31% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17010972000 | ¥31557095000 | +85.5% |
| Operating income | ¥-2589337000 | ¥2497095000 | — |
| Operating margin | -15.2% | 7.9% | +23.1 pp |
| Employees | 581 people | 572 people | -1.5% |
| Cash and equivalents | ¥12413846000 | ¥21738192000 | +75.1% |

### 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 |
| --- | ---: |
| グローバルゲーミング → グローバルゲーミング | 47.5% |
| 海外コマーシャル → 海外コマーシャル | 14.9% |
| 海外コマーシャル → 事業再編・廃止 | 1.2% |
| 国内コマーシャル → 国内コマーシャル | 6.6% |
| 国内コマーシャル → 事業再編・廃止 | 3.4% |
| 遊技場向機器 → 遊技場向機器 | 10.4% |
| 遊技場向機器 → 事業再編・廃止 | 16.0% |
| 新設・再編 → グローバルゲーミング | 20.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Global gaming | 5 years | +21.6% | ¥21471850000 | 23.4% | 2 |
| Overseas commercial | 5 years | +11.4% | ¥4716621000 | -5.8% | 2 |
| Equipment for amusement industry | 5 years | -6.1% | ¥3278856000 | -20.3% | 2 |
| Domestic commercial | 5 years | +4.2% | ¥2089767000 | -4.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,557 | 100.0% | S100YRPE |
| Cost of revenue | 18,684 | 59.2% | S100YRPE |
| Gross profit | 12,873 | 40.8% | S100YRPE |
| SG&A | 10,376 | 32.9% | S100YRPE |
| Operating income | 2,497 | 7.9% | S100YRPE |
| Ordinary income | 3,525 | 11.2% | S100YRPE |
| Pretax income | 6,805 | 21.6% | S100YRPE |
| Income tax | 2,113 | 6.7% | S100YRPE |
| Net income | 4,692 | 14.9% | S100YRPE |
| Net income attributable to owners | 4,692 | 14.9% | S100YRPE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 33 |
| Operating income | 8 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 40.8% → Operating margin 7.9% → Net margin 14.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -16.6%; Core profit growth: -49.1%
Operating leverage (core profit growth ÷ revenue growth): 2.97×
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 | 37,816 | 31,557 | -6,259 | -16.6% |
| Gross profit | 15,341 | 12,873 | -2,468 | -16.1% |
| Operating income | 4,911 | 2,497 | -2,413 | -49.1% |
| Net income attributable to owners | 3,810 | 4,692 | 882 | +23.1% |
| Operating cash flow | 7,637 | 5,876 | -1,761 | -23.1% |
| Free cash flow | 7,178 | 4,928 | -2,250 | -31.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,109 | -731 | -2.8% | -1,796 | -659 | -1,266 | S100LO67 |
| FY ending Mar 2021 | 17,011 | -2,589 | -15.2% | -7,558 | -844 | -1,272 | S100OFFL |
| FY ending Mar 2022 | 20,040 | 569 | 2.8% | 605 | 1,333 | 1,079 | S100R5EP |
| FY ending Mar 2023 | 25,259 | 623 | 2.5% | 3,146 | -800 | -1,378 | S100TSQH |
| FY ending Mar 2024 | 31,611 | 2,839 | 9.0% | 3,282 | -4,925 | -5,848 | S100W33L |
| FY ending Mar 2025 | 37,816 | 4,911 | 13.0% | 3,810 | 7,637 | 7,178 | S100YRPE |
| FY ending Mar 2026 | 31,557 | 2,497 | 7.9% | 4,692 | 5,876 | 4,928 | S100YRPE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.2M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥8.2M |

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) | 528 | 526 | 564 | 570 | 572 |
| Average salary (parent company) | ¥6M | ¥6.9M | ¥7.1M | ¥7.7M | ¥7.9M |
| Average age (parent company) | 42.4 years | 42.2 years | 42.7 years | 43.3 years | 43.1 years |
| Average tenure (parent company) | 15.3 years | 15.4 years | 15.5 years | 15.6 years | 15.8 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -16.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Global gaming | 21,472 | 68.0% | 5,017 | 23.4% |
| Overseas commercial | 4,717 | 14.9% | -274 | -5.8% |
| Domestic commercial | 2,090 | 6.6% | -86 | -4.1% |
| Equipment for amusement industry | 3,279 | 10.4% | -667 | -20.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Global gaming | 68.0% | 100.0% | 32.0 | 23.4% |
| Overseas commercial | 14.9% | — | — | -5.8% |
| Domestic commercial | 6.6% | — | — | -4.1% |
| Equipment for amusement industry | 10.4% | — | — | -20.3% |

Loss-making segment (excluded from profit shares): Overseas commercial -274 JPY mn

Loss-making segment (excluded from profit shares): Domestic commercial -86 JPY mn

Loss-making segment (excluded from profit shares): Equipment for amusement industry -667 JPY mn

Segment → industry: Equipment for amusement industry → Pachinko / Domestic commercial → Industrial Machinery / Overseas commercial → Industrial Machinery / Global gaming → 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 | 5,876 | 18.6% | S100YRPE |
| Capital expenditure | 948 | 3.0% | S100YRPE |
| Free cash flow | 4,928 | 15.6% | 算出 |
| Investing cash flow | 743 | 2.4% | S100YRPE |
| Financing cash flow | -3,143 | -10.0% | S100YRPE |
| Dividends paid | 1,507 | 4.8% | S100YRPE |
| Share buyback | 0 | 0.0% | S100YRPE |
| Change in cash | 4,281 | 13.6% | S100YRPE |
| Cash and equivalents | 21,738 | 68.9% | S100YRPE |

## 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 | 14,242 | 13,204 | 12,523 | 17,457 | 21,738 | S100TSQH, S100W33L, S100YRPE |
| Total assets | 33,144 | 38,817 | 47,698 | 49,385 | 52,223 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Net assets | 23,169 | 27,163 | 28,655 | 32,031 | 35,845 | S100TSQH, S100W33L, S100YRPE |
| Share capital | 2,217 | 2,220 | 2,220 | 2,220 | 2,220 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Property, plant and equipment | 3,233 | 3,339 | 3,950 | 4,081 | 2,628 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Intangible assets excluding goodwill | 96 | 144 | 220 | 196 | 410 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Investment securities | 876 | 1,169 | 1,010 | 951 | 3,633 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Current assets | 28,077 | 32,273 | 40,144 | 41,466 | 43,319 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Current liabilities | 5,406 | 7,625 | 9,261 | 8,068 | 7,546 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Trade payables | 2,133 | 3,559 | 4,584 | 2,202 | 1,435 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Short-term borrowings | 120 | — | — | — | — | S100R5EP |
| Long-term borrowings | 2,100 | 1,500 | 3,540 | 3,120 | 1,920 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Bonds | 2,000 | 2,000 | 6,000 | 6,000 | 6,000 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Interest-bearing debt | 4,220 | — | — | — | — | 算出 |
| Total liabilities | 9,975 | 11,653 | 19,043 | 17,354 | 16,377 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Equity attributable to owners of parent | 23,768 | 26,284 | 27,202 | 28,537 | 31,939 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Retained earnings | 18,791 | 21,700 | 24,571 | 27,470 | 30,650 | S100R5EP, S100TSQH, S100W33L, S100YRPE |
| Treasury stock | -2 | -402 | -2,354 | -3,913 | -3,631 | S100R5EP, S100TSQH, S100W33L, S100YRPE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 42% | S100YRPE |
| Property, plant and equipment | 5% | S100YRPE |
| Intangibles and goodwill | 1% | S100YRPE |
| Investment securities | 7% | S100YRPE |
| Other assets | 45% | S100YRPE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YRPE |
| Other liabilities | 28% | S100YRPE |
| Equity | 69% | S100YRPE |
| Other liabilities | 0% | S100YRPE |

### 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 | 33,144 | 38,817 | 47,698 | 49,385 | 52,223 |
| Equity | 23,169 | 27,163 | 28,655 | 32,031 | 35,845 |
| Interest-bearing debt | 4,220 | — | — | — | — |
| Cash | 14,242 | 13,204 | 12,523 | 17,457 | 21,738 |

## 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) | 8.3% | S100YRPE |
| Fixed assets ÷ total assets | 5.0% | S100YRPE |
| Goodwill ÷ parent equity | — | —, S100YRPE |

### 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) | 41.6% |
| Cash ÷ revenue | 68.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 235.3% |
| Cash vs. profit gap | 1,184 JPY mn (of net income 25.2%) |
| Shareholder returns / net income | 32.1% |
| Shareholder returns / FCF | 30.6% |
| Shareholder payments — dividends / net income | 32.1% |
| Shareholder payments — dividends / FCF | 30.6% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 12.6% |

## 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 | 3.0% | 0.60× | 1.8% | 1.39× | 2.5% | S100R5EP |
| 2023 | 12.5% | 0.70× | 8.7% | 1.44× | 12.6% | S100TSQH |
| 2024 | 10.4% | 0.73× | 7.6% | 1.62× | 12.3% | S100W33L |
| 2025 | 10.1% | 0.78× | 7.8% | 1.74× | 13.7% | S100YRPE |
| 2026 | 14.9% | 0.62× | 9.2% | 1.68× | 15.5% | S100YRPE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 上東興産株式会社 | Major shareholder | 17.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口) | Major shareholder | 10.5% | 2026-03-31 |
| 上東 洋次郎 | Major shareholder | 5.4% | 2026-03-31 |
| 上東 好子 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 日本金銭機械従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| トーターエンジニアリング株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YRPE | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRPE,, |
| 有価証券報告書－第72期(2024/04/01－2025/03/31) | S100W33L | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W33L,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TSQH | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSQH,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100R5EP | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5EP,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OFFL | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFFL,, |
| 有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100LO67 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO67,, |

## 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).