# Japan Communications 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30期(2025/04/01－2026/03/31) (S100YBU3)
> Page: https://vizora.meequs.com/en/company/japan-communications
> Retrieved: 2026-09-30T21:40:37.262Z

## Company

Japan Communications, founded in 1996, is a company in Telecom Carriers listed on TSE Prime. It has 156 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Communications Inc. |
| Ticker | 9424 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9424.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門四丁目1番28号 |
| Representative (per filing) | 代表取締役社長兼CEO 福田 尚久 |
| Founded | May 1996 |
| Share capital | ¥653.9M |
| Employees (consolidated) | 156 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.j-com.co.jp (https://www.j-com.co.jp/) |
| Corporate number | 4010701007776 |
| EDINET | E04473 |
| Industries (Vizora) | Telecom Carriers |

> Profile source: annual securities report (S100YBU3, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Telecom Carriers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 8 |
| Profitability | 31.8 | 11 |
| Cash conversion | 45 | 10 |
| Efficiency | 77.3 | 11 |

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)

- Japan Communications brought in ¥11.6B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +25.9% from the prior year, operating profit +17.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥11633829000 → ¥652746000
- Net income → operating cash flow: ¥652746000 → ¥1321514000（difference ¥668768000）
- Main uses of operating cash flow: CapEx ¥2032974000 / dividends — / buybacks —
- Change in cash: ¥2806959000
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 | ¥11.6B |  |
| Operating income | ¥1.13B | Margin 9.7% |
| Net income | ¥763.8M | Margin 6.6% |
| Free cash flow | -¥711.5M |  |
| Employees (consolidated) | 156 |  |
| EPS | ¥2.36 |  |
| Book value per share | ¥25.76 |  |
| Equity ratio | 37.6% |  |
| Shares outstanding | 166,838,739 |  |
| Treasury shares | 29,500 |  |
| Shareholders | 31,512 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 59.3% | Cash ÷ revenue 61.1% |
| Vs. industry median margin | -2.1 pp | Telecom Carriers |
| ROE | 19.0% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.5× its level five years ago
- FY2026, cash is 59% of total assets
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3497933000 | ¥11633829000 | +232.6% |
| Operating income | ¥-248980000 | ¥1134037000 | — |
| Operating margin | -7.1% | 9.7% | +16.9 pp |
| Employees | 107 people | 156 people | +45.8% |
| Cash and equivalents | ¥1025466000 | ¥7107324000 | +593.1% |

### 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 |
| --- | ---: |
| 日本事業 → 事業再編・廃止 | 96.4% |
| 海外事業 → 事業再編・廃止 | 3.6% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,634 | 100.0% | S100YBU3 |
| Cost of revenue | 7,220 | 62.1% | S100YBU3 |
| Gross profit | 4,414 | 37.9% | S100YBU3 |
| SG&A | 3,280 | 28.2% | S100YBU3 |
| Operating income | 1,134 | 9.7% | S100YBU3 |
| Ordinary income | 1,118 | 9.6% | S100YBU3 |
| Pretax income | 862 | 7.4% | S100YBU3 |
| Income tax | 209 | 1.8% | S100YBU3 |
| Net income | 653 | 5.6% | S100YBU3 |
| Net income attributable to owners | 764 | 6.6% | S100YBU3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 28 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 37.9% → Operating margin 9.7% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +25.9%; Core profit growth: +17.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.69×
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 | 9,239 | 11,634 | 2,395 | +25.9% |
| Gross profit | 3,843 | 4,414 | 571 | +14.9% |
| Operating income | 962 | 1,134 | 172 | +17.8% |
| Net income attributable to owners | 849 | 764 | -86 | -10.1% |
| Operating cash flow | 930 | 1,322 | 391 | +42.1% |
| Free cash flow | 127 | -711 | -839 | -659.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,511 | -670 | -19.1% | -841 | -633 | -692 | S100LQG3 |
| FY ending Mar 2021 | 3,498 | -249 | -7.1% | -274 | 420 | 364 | S100OE3I |
| FY ending Mar 2022 | 4,634 | 280 | 6.0% | 294 | 22 | -247 | S100R42I |
| FY ending Mar 2023 | 6,075 | 741 | 12.2% | 691 | 851 | 701 | S100U02S |
| FY ending Mar 2024 | 7,401 | 1,139 | 15.4% | 1,365 | 1,072 | 855 | S100W51C |
| FY ending Mar 2025 | 9,239 | 962 | 10.4% | 849 | 930 | 127 | S100YBU3 |
| FY ending Mar 2026 | 11,634 | 1,134 | 9.7% | 764 | 1,322 | -711 | S100YBU3 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥74.6M |
| Operating income per employee (consolidated) | ¥7.3M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 118 | 124 | 131 | 143 | 156 |
| Average salary (parent company) | ¥6.6M | ¥7M | ¥7.2M | ¥7.9M | ¥8M |
| Average age (parent company) | 38.7 years | 39.2 years | 39.8 years | 40.5 years | 39.4 years |
| Average tenure (parent company) | 8.5 years | 9.1 years | 9.6 years | 9.3 years | 8.9 years |

Year over year: Employees (consolidated) +9.1% · Revenue (consolidated) +25.9%

## 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 | 1,322 | 11.4% | S100YBU3 |
| Capital expenditure | 2,033 | 17.5% | S100YBU3 |
| Free cash flow | -711 | -6.1% | 算出 |
| Investing cash flow | -2,156 | -18.5% | S100YBU3 |
| Financing cash flow | 3,636 | 31.3% | S100YBU3 |
| Change in cash | 2,807 | 24.1% | S100YBU3 |
| Cash and equivalents | 7,107 | 61.1% | S100YBU3 |

## 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 | 929 | 1,581 | 2,518 | 4,300 | 7,107 | S100U02S, S100W51C, S100YBU3 |
| Total assets | 1,944 | 3,041 | 4,410 | 7,341 | 11,995 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Net assets | 785 | 1,534 | 2,980 | 3,871 | 4,642 | S100U02S, S100W51C, S100YBU3 |
| Share capital | 4,528 | 536 | 546 | 600 | 654 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Property, plant and equipment | 122 | 144 | 231 | 370 | 532 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Intangible assets excluding goodwill | 206 | 282 | 335 | 815 | 2,243 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Investment securities | 63 | 129 | 150 | 166 | 191 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Current assets | 1,410 | 2,312 | 3,553 | 5,507 | 8,454 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Current liabilities | 1,106 | 1,426 | 1,302 | 1,673 | 2,443 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Bonds | — | — | — | 1,714 | 4,862 | S100YBU3 |
| Total liabilities | 1,159 | 1,506 | 1,430 | 3,470 | 7,353 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Non-controlling interests | 65 | 36 | 95 | 52 | 21 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Equity attributable to owners of parent | 526 | 1,288 | 2,673 | 3,632 | 4,422 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Retained earnings | -6,978 | 530 | 1,896 | 2,745 | 3,509 | S100R42I, S100U02S, S100W51C, S100YBU3 |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100R42I, S100U02S, S100W51C, S100YBU3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YBU3 |
| Property, plant and equipment | 4% | S100YBU3 |
| Intangibles and goodwill | 19% | S100YBU3 |
| Investment securities | 2% | S100YBU3 |
| Other assets | 16% | S100YBU3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YBU3 |
| Equity | 39% | S100YBU3 |
| Other liabilities | 0% | S100YBU3 |

### 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 | 1,944 | 3,041 | 4,410 | 7,341 | 11,995 |
| Equity | 785 | 1,534 | 2,980 | 3,871 | 4,642 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 929 | 1,581 | 2,518 | 4,300 | 7,107 |

## 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) | 4.6% | S100YBU3 |
| Fixed assets ÷ total assets | 4.4% | S100YBU3 |
| Goodwill ÷ parent equity | — | —, S100YBU3 |

### 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) | 59.3% |
| Cash ÷ revenue | 61.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.5% |
| Cash vs. profit gap | 558 JPY mn (of net income 73.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.5% |
| Investing CF relative to operating CF | 163.1% |

## 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 | 6.3% | 2.38× | 15.1% | 3.70× | 55.9% | S100R42I |
| 2023 | 11.4% | 2.44× | 27.7% | 2.75× | 76.2% | S100U02S |
| 2024 | 18.4% | 1.99× | 36.7% | 1.88× | 68.9% | S100W51C |
| 2025 | 9.2% | 1.57× | 14.5% | 1.86× | 26.9% | S100YBU3 |
| 2026 | 6.6% | 1.20× | 7.9% | 2.40× | 19.0% | S100YBU3 |

## 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）（注２、３） | Major shareholder | 8.9% | 2026-03-31 |
| NATIONAL FINANCIAL SERVICES LLC（注４） （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 7.8% | 2026-03-31 |
| MLPFS CUSTODY ACCOUNT（注５） （常任代理人 ＢＯＦＡ証券株式会社） | Major shareholder | 7.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口）（注２） | Major shareholder | 2.4% | 2026-03-31 |
| JP JPMSE LUX RE SOCIETE GENERALE EQ CO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.1% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 和田 佳一郎 | Major shareholder | 1.0% | 2026-03-31 |
| 安原 幹雄 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YBU3 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBU3,, |
| 有価証券報告書－第29期(2024/04/01－2025/03/31) | S100W51C | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W51C,, |
| 訂正有価証券報告書－第28期(2023/04/01－2024/03/31) | S100U02S | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U02S,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100R42I | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R42I,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OE3I | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE3I,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LQG3 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQG3,, |

## 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).