# Japan Process Development Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第59期(2025/06/01－2026/05/31) (S100YYEW)
> Page: https://vizora.meequs.com/en/company/japan-process-development
> Retrieved: 2026-09-30T18:17:55.448Z

## Company

Japan Process Development, founded in 1967, is a company in IT Services & System Integration listed on TSE Standard. It has 780 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Process Development Co.,Ltd. |
| Ticker | 9651 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9651.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区大崎一丁目11番1号 |
| Representative (per filing) | 代表取締役社長 東智 |
| Founded | Jun 1967 |
| Share capital | ¥1.49B |
| Employees (consolidated) | 780 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | May |
| Website | www.jpd.co.jp (https://www.jpd.co.jp/) |
| Corporate number | 2010401055029 |
| EDINET | E04873 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YYEW, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.2 | 157 |
| Profitability | 77.3 | 196 |
| Cash conversion | 6.8 | 185 |
| Efficiency | 16.6 | 196 |

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 30% of Japan Process Development's sales come from Industry and ICT Solutions, with Automotive Systems and Particular Information Systems making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +15.7% from the prior year, operating profit +31.8%.

## Company structure

- Segment revenue mix: Industry and ICT Solutions 30.4%、Automotive Systems 21.7%、Particular Information Systems 16.6%、Control Systems 16.1%、Embedded Systems 15.2%
- Revenue → net income: ¥12119440000 → ¥1138492000
- Net income → operating cash flow: ¥1138492000 → ¥191165000（difference ¥-947327000）
- Main uses of operating cash flow: CapEx ¥29015000 / dividends ¥665792000 / buybacks —
- Change in cash: ¥-21963000
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 | ¥12.1B |  |
| Operating income | ¥1.51B | Margin 12.5% |
| Net income | ¥1.14B | Margin 9.4% |
| Free cash flow | ¥162.2M |  |
| Largest business | Industry and ICT Solutions | of segment revenue 30.4% |
| Employees (consolidated) | 780 |  |
| EPS | ¥115.36 |  |
| Book value per share | ¥1170.1 |  |
| Equity ratio | 79.7% |  |
| Shares outstanding | 10,645,020 |  |
| Treasury shares | 950,500 |  |
| Shareholders | 3,621 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 38.7% | Cash ÷ revenue 46.6% |
| Vs. industry median margin | +3.5 pp | IT Services & System Integration |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.8% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +27% over five years
- FY2026, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7643334000 | ¥12119440000 | +58.6% |
| Operating income | ¥701426000 | ¥1509034000 | +115.1% |
| Operating margin | 9.2% | 12.5% | +3.3 pp |
| Employees | 676 people | 780 people | +15.4% |
| Cash and equivalents | ¥3290238000 | ¥5642373000 | +71.5% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 制御システム → 制御システム | 16.1% |
| 制御システム → 事業再編・廃止 | 2.9% |
| 自動車システム → 自動車システム | 21.7% |
| 自動車システム → 事業再編・廃止 | 1.9% |
| 特定情報システム → 特定情報システム | 8.9% |
| 組込システム → 組込システム | 14.1% |
| 産業・ICTソリューション → 産業・ICTソリューション | 30.4% |
| 産業・ICTソリューション → 事業再編・廃止 | 3.9% |
| 新設・再編 → 特定情報システム | 7.7% |
| 新設・再編 → 組込システム | 1.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industry and ICT Solutions | 5 years | +7.1% | ¥3689399000 | 20.7% | 2 |
| Automotive Systems | 5 years | +7.8% | ¥2632044000 | 24.7% | 2 |
| Particular Information Systems | 5 years | +24.1% | ¥2013953000 | 26.0% | 2 |
| Control Systems | 5 years | +6.0% | ¥1945212000 | 25.1% | 2 |
| Embedded Systems | 5 years | +11.3% | ¥1838829000 | 20.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,119 | 100.0% | S100YYEW |
| Cost of revenue | 9,409 | 77.6% | S100YYEW |
| Gross profit | 2,711 | 22.4% | S100YYEW |
| SG&A | 1,202 | 9.9% | S100YYEW |
| Operating income | 1,509 | 12.5% | S100YYEW |
| Ordinary income | 1,525 | 12.6% | S100YYEW |
| Pretax income | 1,523 | 12.6% | S100YYEW |
| Income tax | 384 | 3.2% | S100YYEW |
| Net income | 1,138 | 9.4% | S100YYEW |
| Net income attributable to owners | 1,138 | 9.4% | S100YYEW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 10 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 22.4% → Operating margin 12.5% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.7%; Core profit growth: +31.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,473 | 12,119 | 1,646 | +15.7% |
| Gross profit | 2,285 | 2,711 | 426 | +18.6% |
| Operating income | 1,145 | 1,509 | 364 | +31.8% |
| Net income attributable to owners | 1,478 | 1,138 | -340 | -23.0% |
| Operating cash flow | 499 | 191 | -308 | -61.7% |
| Free cash flow | 475 | 162 | -312 | -65.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 7,771 | 728 | 9.4% | 559 | 247 | 149 | S100MC74 |
| FY ending May 2021 | 7,643 | 701 | 9.2% | 544 | 841 | 808 | S100P2SO |
| FY ending May 2022 | 7,947 | 775 | 9.8% | 533 | 572 | 536 | S100RR0E |
| FY ending May 2023 | 8,924 | 908 | 10.2% | 683 | 312 | 291 | S100UA1Z |
| FY ending May 2024 | 9,469 | 956 | 10.1% | 731 | 1,051 | 968 | S100WL4H |
| FY ending May 2025 | 10,473 | 1,145 | 10.9% | 1,478 | 499 | 475 | S100YYEW |
| FY ending May 2026 | 12,119 | 1,509 | 12.5% | 1,138 | 191 | 162 | S100YYEW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.5M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 674 | 691 | 698 | 729 | 780 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥7.5M | ¥7.7M | ¥8.9M |
| Average age (parent company) | 38.0 years | 38.1 years | 38.5 years | 38.2 years | 37.6 years |
| Average tenure (parent company) | 13.4 years | 13.5 years | 13.6 years | 13.0 years | 12.8 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +15.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Control Systems | 1,945 | 16.1% | 488 | 25.1% |
| Automotive Systems | 2,632 | 21.7% | 649 | 24.7% |
| Particular Information Systems | 2,014 | 16.6% | 523 | 26.0% |
| Embedded Systems | 1,839 | 15.2% | 371 | 20.2% |
| Industry and ICT Solutions | 3,689 | 30.4% | 765 | 20.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Control Systems | 16.1% | 17.4% | 1.4 | 25.1% |
| Automotive Systems | 21.7% | 23.2% | 1.5 | 24.7% |
| Particular Information Systems | 16.6% | 18.7% | 2.1 | 26.0% |
| Embedded Systems | 15.2% | 13.3% | -1.9 | 20.2% |
| Industry and ICT Solutions | 30.4% | 27.4% | -3.1 | 20.7% |

Segment → industry: Industry and ICT Solutions → IT Services & System Integration / Embedded Systems → IT Services & System Integration / Particular Information Systems → IT Services & System Integration / Automotive Systems → IT Services & System Integration / Control Systems → IT Services & System Integration

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 191 | 1.6% | S100YYEW |
| Capital expenditure | 29 | 0.2% | S100YYEW |
| Free cash flow | 162 | 1.3% | 算出 |
| Investing cash flow | 426 | 3.5% | S100YYEW |
| Financing cash flow | -666 | -5.5% | S100YYEW |
| Dividends paid | 666 | 5.5% | S100YYEW |
| Change in cash | -22 | -0.2% | S100YYEW |
| Cash and equivalents | 5,642 | 46.6% | S100YYEW |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,755 | 4,157 | 4,582 | 5,664 | 5,642 | S100UA1Z, S100WL4H, S100YYEW |
| Total assets | 11,736 | 12,312 | 12,803 | 14,474 | 14,594 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Net assets | 9,672 | 10,078 | 10,457 | 11,089 | 11,626 | S100UA1Z, S100WL4H, S100YYEW |
| Share capital | 1,487 | 1,487 | 1,487 | 1,487 | 1,487 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Property, plant and equipment | 218 | 162 | 195 | 127 | 109 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Intangible assets excluding goodwill | 49 | 41 | 27 | 21 | 22 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Investment securities | 2,360 | 2,537 | 2,644 | 1,587 | 650 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Current assets | 8,522 | 9,001 | 9,306 | 11,909 | 12,938 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Current liabilities | 1,997 | 2,176 | 2,299 | 3,352 | 2,935 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Total liabilities | 2,064 | 2,234 | 2,347 | 3,385 | 2,968 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Equity attributable to owners of parent | 9,210 | 9,559 | 9,956 | 11,001 | 11,497 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Retained earnings | 6,085 | 6,420 | 6,803 | 7,836 | 8,306 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |
| Treasury stock | -630 | -619 | -609 | -603 | -593 | S100RR0E, S100UA1Z, S100WL4H, S100YYEW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YYEW |
| Property, plant and equipment | 1% | S100YYEW |
| Intangibles and goodwill | 0% | S100YYEW |
| Investment securities | 4% | S100YYEW |
| Other assets | 56% | S100YYEW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YYEW |
| Equity | 80% | S100YYEW |
| Other liabilities | 0% | S100YYEW |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,736 | 12,312 | 12,803 | 14,474 | 14,594 |
| Equity | 9,672 | 10,078 | 10,457 | 11,089 | 11,626 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,755 | 4,157 | 4,582 | 5,664 | 5,642 |

## 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) | 0.9% | S100YYEW |
| Fixed assets ÷ total assets | 0.7% | S100YYEW |
| Goodwill ÷ parent equity | — | —, S100YYEW |

### 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) | 38.7% |
| Cash ÷ revenue | 46.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 12.7% |
| Cash vs. profit gap | -947 JPY mn (of net income -83.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 58.5% |
| Shareholder payments — dividends / FCF | 410.6% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 222.6% |

## 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 | 6.7% | 0.68× | 4.5% | 1.27× | 5.8% | S100RR0E |
| 2023 | 7.6% | 0.74× | 5.7% | 1.28× | 7.3% | S100UA1Z |
| 2024 | 7.7% | 0.75× | 5.8% | 1.29× | 7.5% | S100WL4H |
| 2025 | 14.1% | 0.77× | 10.8% | 1.30× | 14.1% | S100YYEW |
| 2026 | 9.4% | 0.83× | 7.8% | 1.29× | 10.1% | S100YYEW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＳＣＳＫ株式会社 | Major shareholder | 20.7% | 2026-05-31 |
| 大部 仁 | Major shareholder | 7.6% | 2026-05-31 |
| 日本プロセス社員持株会 | Major shareholder | 7.6% | 2026-05-31 |
| 大部 力 | Major shareholder | 7.3% | 2026-05-31 |
| アドソル日進株式会社 | Major shareholder | 6.4% | 2026-05-31 |
| 吉川 豁彦 | Major shareholder | 4.4% | 2026-05-31 |
| 第一生命保険株式会社 | Major shareholder | 3.5% | 2026-05-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 1.6% | 2026-05-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 1.1% | 2026-05-31 |
| 萩野 正彦 | Major shareholder | 1.0% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/06/01－2026/05/31) | S100YYEW | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYEW,, |
| 有価証券報告書－第58期(2024/06/01－2025/05/31) | S100WL4H | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL4H,, |
| 有価証券報告書－第57期(2023/06/01－2024/05/31) | S100UA1Z | 2024-08-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA1Z,, |
| 有価証券報告書－第56期(2022/06/01－2023/05/31) | S100RR0E | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR0E,, |
| 有価証券報告書－第55期(令和3年6月1日－令和4年5月31日) | S100P2SO | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2SO,, |
| 有価証券報告書－第54期(令和2年6月1日－令和3年5月31日) | S100MC74 | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MC74,, |

## 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).