# JAPAN ELEVATOR SERVICE HOLDINGS CO.,LTD.: 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32期(2025/04/01－2026/03/31) (S100YEZ8)
> Page: https://vizora.meequs.com/en/company/japan-elevator-service-holdings
> Retrieved: 2026-09-30T20:32:57.521Z

## Company

Japan Elevator Service Holdings, founded in 1994, is a company in Industrial Machinery listed on TSE Prime. It has 2,286 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN ELEVATOR SERVICE HOLDINGS CO.,LTD. |
| Ticker | 6544 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6544.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋一丁目3番13号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 石田 克史 |
| Founded | Oct 1994 |
| Share capital | ¥2.51B |
| Employees (consolidated) | 2,286 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.jes24.co.jp (https://www.jes24.co.jp/) |
| Corporate number | 5010001019182 |
| EDINET | E33034 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YEZ8, filed 2026-06-19). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.8 | 110 |
| Profitability | 93.9 | 122 |
| Cash conversion | 36.6 | 116 |
| Efficiency | 98 | 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)

- Japan Elevator Service Holdings brought in ¥57.6B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +16.7% from the prior year, operating profit +27.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥57601000000 → ¥7367000000
- Net income → operating cash flow: ¥7367000000 → ¥8801000000（difference ¥1434000000）
- Main uses of operating cash flow: CapEx ¥1988000000 / dividends ¥2760000000 / buybacks ¥61000000
- Change in cash: ¥1795000000
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 | ¥57.6B |  |
| Operating income | ¥11B | Margin 19.1% |
| Net income | ¥7.32B | Margin 12.7% |
| Free cash flow | ¥6.81B |  |
| Employees (consolidated) | 2,286 |  |
| EPS | ¥21.16 |  |
| Diluted EPS | ¥21.11 |  |
| Book value per share | ¥64.66 |  |
| Equity ratio | 61.3% |  |
| Shares outstanding | 178,784,000 |  |
| Treasury shares | 20,000 |  |
| Shareholders | 7,399 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | +11.5 pp | Industrial Machinery |
| ROE | 32.9% | Derived from disclosed figures |
| ROA | 19.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24521058000 | ¥57601000000 | +134.9% |
| Operating income | ¥3612223000 | ¥11010000000 | +204.8% |
| Operating margin | 14.7% | 19.1% | +4.4 pp |
| Employees | 1,398 people | 2,286 people | +63.5% |
| Cash and equivalents | ¥1660207000 | ¥3859000000 | +132.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,601 | 100.0% | S100YEZ8 |
| Cost of revenue | 35,303 | 61.3% | S100YEZ8 |
| Gross profit | 22,298 | 38.7% | S100YEZ8 |
| SG&A | 11,287 | 19.6% | S100YEZ8 |
| Operating income | 11,010 | 19.1% | S100YEZ8 |
| Ordinary income | 11,006 | 19.1% | S100YEZ8 |
| Pretax income | 10,662 | 18.5% | S100YEZ8 |
| Income tax | 3,294 | 5.7% | S100YEZ8 |
| Net income | 7,367 | 12.8% | S100YEZ8 |
| Net income attributable to owners | 7,319 | 12.7% | S100YEZ8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 20 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 38.7% → Operating margin 19.1% → Net margin 12.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.7%; Core profit growth: +27.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.66×
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 | 49,375 | 57,601 | 8,226 | +16.7% |
| Gross profit | 18,762 | 22,298 | 3,536 | +18.8% |
| Operating income | 8,624 | 11,010 | 2,386 | +27.7% |
| Net income attributable to owners | 5,530 | 7,319 | 1,789 | +32.4% |
| Operating cash flow | 5,643 | 8,801 | 3,158 | +56.0% |
| Free cash flow | 4,057 | 6,813 | 2,756 | +67.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,340 | 2,718 | 12.7% | 1,701 | 1,963 | -290 | S100LSL9 |
| FY ending Mar 2021 | 24,521 | 3,612 | 14.7% | 2,363 | 3,018 | 104 | S100OFDA |
| FY ending Mar 2022 | 29,752 | 4,113 | 13.8% | 2,727 | 3,006 | 311 | S100R482 |
| FY ending Mar 2023 | 34,907 | 5,011 | 14.4% | 3,153 | 4,254 | 749 | S100TQHA |
| FY ending Mar 2024 | 42,216 | 6,821 | 16.2% | 4,515 | 5,280 | 2,652 | S100W1YP |
| FY ending Mar 2025 | 49,375 | 8,624 | 17.5% | 5,530 | 5,643 | 4,057 | S100YEZ8 |
| FY ending Mar 2026 | 57,601 | 11,010 | 19.1% | 7,319 | 8,801 | 6,813 | S100YEZ8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.2M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 1,618 | 1,766 | 1,868 | 2,028 | 2,286 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.7M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 40.3 years | 40.8 years | 41.4 years | 41.8 years | 42.2 years |
| Average tenure (parent company) | 5.6 years | 7.0 years | 7.0 years | 7.6 years | 8.1 years |

Year over year: Employees (consolidated) +12.7% · Revenue (consolidated) +16.7%

## 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 | 8,801 | 15.3% | S100YEZ8 |
| Capital expenditure | 1,988 | 3.5% | S100YEZ8 |
| Free cash flow | 6,813 | 11.8% | 算出 |
| Investing cash flow | -2,179 | -3.8% | S100YEZ8 |
| Financing cash flow | -4,833 | -8.4% | S100YEZ8 |
| Dividends paid | 2,760 | 4.8% | S100YEZ8 |
| Share buyback | 61 | 0.1% | S100YEZ8 |
| Change in cash | 1,795 | 3.1% | S100YEZ8 |
| Cash and equivalents | 3,859 | 6.7% | S100YEZ8 |

## 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 | 2,162 | 1,955 | 1,875 | 2,063 | 3,859 | S100TQHA, S100W1YP, S100YEZ8 |
| Total assets | 25,339 | 29,002 | 32,539 | 35,407 | 40,126 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Net assets | 11,756 | 13,678 | 16,789 | 20,315 | 24,994 | S100TQHA, S100W1YP, S100YEZ8 |
| Share capital | 2,480 | 2,493 | 2,493 | 2,493 | 2,506 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Property, plant and equipment | 9,559 | 11,695 | 12,612 | 12,348 | 11,997 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Intangible assets excluding goodwill | 4,308 | 4,495 | 4,424 | 4,232 | 4,240 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Goodwill | 2,547 | 2,352 | 2,093 | 1,835 | 1,618 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Investment securities | 118 | 145 | 50 | 63 | 381 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Current assets | 9,823 | 10,972 | 13,575 | 16,717 | 21,160 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Current liabilities | 8,706 | 11,838 | 12,974 | 12,268 | 13,046 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Short-term borrowings | 2,199 | 4,527 | 3,535 | 2,220 | 1,963 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Long-term borrowings | 3,288 | 1,765 | 903 | 1,015 | 145 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Total liabilities | 13,583 | 15,324 | 15,749 | 15,091 | 15,132 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Non-controlling interests | 94 | 165 | 254 | 355 | 406 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Equity attributable to owners of parent | 11,786 | 13,646 | 16,647 | 19,944 | 24,529 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Retained earnings | 6,678 | 8,589 | 11,591 | 14,894 | 19,453 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |
| Treasury stock | -30 | -14 | -13 | -13 | -30 | S100R482, S100TQHA, S100W1YP, S100YEZ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YEZ8 |
| Property, plant and equipment | 30% | S100YEZ8 |
| Intangibles and goodwill | 14% | S100YEZ8 |
| Investment securities | 1% | S100YEZ8 |
| Other assets | 45% | S100YEZ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YEZ8 |
| Equity | 62% | S100YEZ8 |

### 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 | 25,339 | 29,002 | 32,539 | 35,407 | 40,126 |
| Equity | 11,756 | 13,678 | 16,789 | 20,315 | 24,994 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,162 | 1,955 | 1,875 | 2,063 | 3,859 |

## 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) | 20.8% | S100YEZ8 |
| Fixed assets ÷ total assets | 29.9% | S100YEZ8 |
| Goodwill ÷ parent equity | 6.6% | S100YEZ8 |

Goodwill over 4 years: 2,547 → 1,618 JPY; total investing cash flow: -13,329 JPY. This does not imply causation.

### 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) | 9.6% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.9% |
| Cash vs. profit gap | 1,482 JPY mn (of net income 20.2%) |
| Shareholder returns / net income | 38.5% |
| Shareholder returns / FCF | 41.4% |
| Shareholder payments — dividends / net income | 37.7% |
| Shareholder payments — dividends / FCF | 40.5% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 24.8% |

## 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 | 9.2% | 1.17× | 10.8% | 2.15× | 23.1% | S100R482 |
| 2023 | 9.0% | 1.28× | 11.6% | 2.14× | 24.8% | S100TQHA |
| 2024 | 10.7% | 1.37× | 14.7% | 2.03× | 29.8% | S100W1YP |
| 2025 | 11.2% | 1.45× | 16.3% | 1.86× | 30.2% | S100YEZ8 |
| 2026 | 12.7% | 1.53× | 19.4% | 1.70× | 32.9% | S100YEZ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社KI | Major shareholder | 19.8% | 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 | 12.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 10.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.7% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 3.2% | 2026-03-31 |
| BBH CO FOR GRANDEUR PEAK INTERNATIONAL STALWARTS FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/04/01－2026/03/31) | S100YEZ8 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEZ8,, |
| 有価証券報告書－第31期(2024/04/01－2025/03/31) | S100W1YP | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1YP,, |
| 有価証券報告書－第30期(2023/04/01－2024/03/31) | S100TQHA | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQHA,, |
| 有価証券報告書－第29期(2022/04/01－2023/03/31) | S100R482 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R482,, |
| 有価証券報告書－第28期(令和3年4月1日－令和4年3月31日) | S100OFDA | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFDA,, |
| 有価証券報告書－第27期(令和2年4月1日－令和3年3月31日) | S100LSL9 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSL9,, |

## 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).