# JAPAN MATERIAL 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29期(2025/04/01－2026/03/31) (S100YHDN)
> Page: https://vizora.meequs.com/en/company/japan-material
> Retrieved: 2026-09-30T22:40:21.238Z

## Company

Japan Material, founded in 1997, is a company in PCs & Peripherals listed on TSE Prime. It has 1,646 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN MATERIAL Co.,Ltd. |
| Ticker | 6055 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6055.T) |
| Listing | TSE Prime |
| Head office | 三重県三重郡菰野町永井3098番22 |
| Representative (per filing) | 代表取締役社長執行役員 田中 宏典 |
| Founded | Apr 1997 |
| Share capital | ¥1.32B |
| Employees (consolidated) | 1,646 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.j-materials.jp (https://www.j-materials.jp/) |
| Corporate number | 2190001015191 |
| EDINET | E26124 |
| Industries (Vizora) | PCs & Peripherals, Electric Power & Gas, Semiconductor Equipment, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YHDN, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.9 | 72 |
| Profitability | 98 | 76 |
| Cash conversion | 42.6 | 74 |
| Efficiency | 21.7 | 76 |

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 97% of Japan Material's sales come from Electronics related, with Graphics solution and Solar power business making up much of the rest.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +10.1% from the prior year, operating profit +30.9%.

## Company structure

- Segment revenue mix: Electronics related 96.7%、Graphics solution 3.0%、Solar power business 0.4%
- Revenue → net income: ¥57976000000 → ¥10711000000
- Net income → operating cash flow: ¥10711000000 → ¥9605000000（difference ¥-1106000000）
- Main uses of operating cash flow: CapEx ¥728000000 / dividends ¥2466000000 / buybacks —
- Change in cash: ¥702000000
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 | ¥58B |  |
| Operating income | ¥14.6B | Margin 25.3% |
| Net income | ¥10.6B | Margin 18.3% |
| Free cash flow | ¥8.88B |  |
| Largest business | Electronics related | of segment revenue 96.7% |
| Employees (consolidated) | 1,646 |  |
| EPS | ¥82.07 |  |
| Book value per share | ¥482.76 |  |
| Equity ratio | 83.1% |  |
| Shares outstanding | 105,149,520 |  |
| Treasury shares | 2,375,300 |  |
| Shareholders | 14,170 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 27.0% |
| Vs. industry median margin | +10.8 pp | Semiconductor Equipment |
| ROE | 18.6% | Derived from disclosed figures |
| ROA | 15.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, employees 0% while operating income rose 31%
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35247158000 | ¥57976000000 | +64.5% |
| Operating income | ¥8758446000 | ¥14640000000 | +67.2% |
| Operating margin | 24.8% | 25.3% | +0.4 pp |
| Employees | 1,104 people | 1,646 people | +49.1% |
| Cash and equivalents | ¥9514588000 | ¥15648000000 | +64.5% |

### 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 |
| --- | ---: |
| エレクトロニクス関連事業 → エレクトロニクス関連事業 | 96.2% |
| グラフィックスソリューション事業 → グラフィックスソリューション事業 | 3.0% |
| グラフィックスソリューション事業 → 事業再編・廃止 | 0.3% |
| 太陽光発電事業 → 太陽光発電事業 | 0.4% |
| 太陽光発電事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → エレクトロニクス関連事業 | 0.5% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics related | 5 years | +10.6% | ¥56047000000 | 27.9% | 2 |
| Graphics solution | 5 years | +8.7% | ¥1719000000 | 19.5% | 2 |
| Solar power business | 5 years | -0.1% | ¥209000000 | 59.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,976 | 100.0% | S100YHDN |
| Cost of revenue | 38,220 | 65.9% | S100YHDN |
| Gross profit | 19,755 | 34.1% | S100YHDN |
| SG&A | 5,115 | 8.8% | S100YHDN |
| Operating income | 14,640 | 25.3% | S100YHDN |
| Ordinary income | 15,123 | 26.1% | S100YHDN |
| Pretax income | 15,091 | 26.0% | S100YHDN |
| Income tax | 4,380 | 7.6% | S100YHDN |
| Net income | 10,711 | 18.5% | S100YHDN |
| Net income attributable to owners | 10,592 | 18.3% | S100YHDN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 9 |
| Operating income | 25 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 34.1% → Operating margin 25.3% → Net margin 18.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.1%; Core profit growth: +30.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.07×
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 | 52,678 | 57,976 | 5,298 | +10.1% |
| Gross profit | 16,160 | 19,755 | 3,595 | +22.2% |
| Operating income | 11,188 | 14,640 | 3,452 | +30.9% |
| Net income attributable to owners | 7,872 | 10,592 | 2,720 | +34.6% |
| Operating cash flow | 14,195 | 9,605 | -4,590 | -32.3% |
| Free cash flow | 12,026 | 8,877 | -3,149 | -26.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,234 | 8,103 | 23.7% | 5,597 | 8,880 | 8,510 | S100LLVL |
| FY ending Mar 2021 | 35,247 | 8,758 | 24.8% | 6,140 | 5,940 | 5,822 | S100OINM |
| FY ending Mar 2022 | 37,989 | 9,331 | 24.6% | 6,735 | 4,454 | 1,116 | S100R593 |
| FY ending Mar 2023 | 46,534 | 11,097 | 23.8% | 7,904 | 4,741 | 1,917 | S100TUMT |
| FY ending Mar 2024 | 48,592 | 7,759 | 16.0% | 5,681 | 4,227 | 350 | S100W2YW |
| FY ending Mar 2025 | 52,678 | 11,188 | 21.2% | 7,872 | 14,195 | 12,026 | S100YHDN |
| FY ending Mar 2026 | 57,976 | 14,640 | 25.3% | 10,592 | 9,605 | 8,877 | S100YHDN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.2M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥6.4M |

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) | 1,241 | 1,346 | 1,540 | 1,653 | 1,646 |
| Average salary (parent company) | ¥5.8M | ¥5.7M | ¥5.8M | ¥5.9M | ¥6.4M |
| Average age (parent company) | 39.4 years | 39.0 years | 39.2 years | 39.4 years | 39.5 years |
| Average tenure (parent company) | 7.0 years | 6.4 years | 6.6 years | 7.0 years | 7.2 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics related | 56,047 | 96.7% | 15,616 | 27.9% |
| Graphics solution | 1,719 | 3.0% | 336 | 19.5% |
| Solar power business | 209 | 0.4% | 124 | 59.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics related | 96.7% | 97.1% | 0.5 | 27.9% |
| Graphics solution | 3.0% | 2.1% | -0.9 | 19.5% |
| Solar power business | 0.4% | 0.8% | 0.4 | 59.3% |

Segment → industry: Graphics solution → PCs & Peripherals / Solar power business → Electric Power & Gas / Electronics related → Semiconductor Equipment / Electronics related → Plant Engineering & Building Services

## 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 | 9,605 | 16.6% | S100YHDN |
| Capital expenditure | 728 | 1.3% | S100YHDN |
| Free cash flow | 8,877 | 15.3% | 算出 |
| Investing cash flow | -6,419 | -11.1% | S100YHDN |
| Financing cash flow | -2,560 | -4.4% | S100YHDN |
| Dividends paid | 2,466 | 4.3% | S100YHDN |
| Change in cash | 702 | 1.2% | S100YHDN |
| Cash and equivalents | 15,648 | 27.0% | S100YHDN |

## 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 | 8,983 | 8,287 | 5,367 | 14,945 | 15,648 | S100TUMT, S100W2YW, S100YHDN |
| Total assets | 45,502 | 52,433 | 56,427 | 65,702 | 75,373 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Net assets | 37,202 | 43,541 | 47,920 | 54,583 | 63,217 | S100TUMT, S100W2YW, S100YHDN |
| Share capital | 1,318 | 1,317 | 1,317 | 1,317 | 1,317 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Property, plant and equipment | 9,171 | 11,214 | 14,104 | 15,038 | 14,984 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Intangible assets excluding goodwill | 44 | 43 | 1,880 | 1,831 | 1,536 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Goodwill | — | — | 864 | 818 | 664 | S100W2YW, S100YHDN |
| Investment securities | 181 | 172 | 311 | 413 | 1,877 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Current assets | 33,366 | 38,433 | 38,409 | 46,990 | 55,882 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Current liabilities | 7,045 | 7,132 | 6,809 | 9,694 | 10,624 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Trade payables | 3,659 | 2,588 | 2,686 | 3,772 | 4,090 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Short-term borrowings | 134 | — | — | — | — | S100R593 |
| Total liabilities | 8,300 | 8,891 | 8,506 | 11,118 | 12,155 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Non-controlling interests | — | — | 315 | 453 | 573 | S100W2YW, S100YHDN |
| Equity attributable to owners of parent | 36,967 | 43,054 | 46,897 | 52,855 | 61,009 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Retained earnings | 35,091 | 41,147 | 44,776 | 50,698 | 58,824 | S100R593, S100TUMT, S100W2YW, S100YHDN |
| Treasury stock | -1,060 | -1,053 | -1,017 | -1,010 | -1,002 | S100R593, S100TUMT, S100W2YW, S100YHDN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YHDN |
| Property, plant and equipment | 20% | S100YHDN |
| Intangibles and goodwill | 3% | S100YHDN |
| Investment securities | 2% | S100YHDN |
| Other assets | 54% | S100YHDN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YHDN |
| Other liabilities | 11% | S100YHDN |
| Equity | 84% | S100YHDN |
| Other liabilities | 0% | S100YHDN |

### 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 | 45,502 | 52,433 | 56,427 | 65,702 | 75,373 |
| Equity | 37,202 | 43,541 | 47,920 | 54,583 | 63,217 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,983 | 8,287 | 5,367 | 14,945 | 15,648 |

## 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) | 25.8% | S100YHDN |
| Fixed assets ÷ total assets | 19.9% | S100YHDN |
| Goodwill ÷ parent equity | 1.1% | S100YHDN |

### 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) | 20.8% |
| Cash ÷ revenue | 27.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.6% |
| Cash vs. profit gap | -987 JPY mn (of net income -9.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.3% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 66.8% |

## 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 | 17.7% | 0.83× | 14.8% | 1.23× | 18.2% | S100R593 |
| 2023 | 17.0% | 0.95× | 16.1% | 1.22× | 19.8% | S100TUMT |
| 2024 | 11.7% | 0.89× | 10.4% | 1.21× | 12.6% | S100W2YW |
| 2025 | 14.9% | 0.86× | 12.9% | 1.22× | 15.8% | S100YHDN |
| 2026 | 18.3% | 0.82× | 15.0% | 1.24× | 18.6% | S100YHDN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 久男 | Major shareholder | 10.2% | 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 | 8.7% | 2026-03-31 |
| 田中 智和 | Major shareholder | 8.6% | 2026-03-31 |
| 株式会社ＨＴ | Major shareholder | 7.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.8% | 2026-03-31 |
| Ｔ＆Ｔ株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385868 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.1% | 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 | 3.0% | 2026-03-31 |
| 喜多 照幸 | Major shareholder | 2.4% | 2026-03-31 |
| 公益財団法人ジャパンマテリアル国際奨学財団 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YHDN | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHDN,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W2YW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2YW,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TUMT | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUMT,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R593 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R593,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OINM | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OINM,, |
| 有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100LLVL | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLVL,, |

## 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).