# JAPAN RELIANCE SERVICE CORPORATION: 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56期(2025/04/01－2026/03/31) (S100YIKA)
> Page: https://vizora.meequs.com/en/company/japan-reliance-service
> Retrieved: 2026-09-30T21:50:40.806Z

## Company

Japan Reliance Service, founded in 1971, is a company in HR & Staffing listed on TSE Standard. It has 418 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN RELIANCE SERVICE CORPORATION |
| Ticker | 4664 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4664.T) |
| Listing | TSE Standard |
| Head office | 東京都豊島区東池袋三丁目1番3号 サンシャインシティ |
| Representative (per filing) | 代表取締役社長 金井宏夫 |
| Founded | Sep 1971 |
| Share capital | ¥360.8M |
| Employees (consolidated) | 418 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | March |
| Website | www.trsc.co.jp (https://www.trsc.co.jp/) |
| Corporate number | 8013301006491 |
| EDINET | E04978 |
| Industries (Vizora) | HR & Staffing, Real Estate Brokerage & Management, Security Services |

> Profile source: annual securities report (S100YIKA, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 25 |
| Profitability | 5.8 | 26 |
| Cash conversion | 59.6 | 26 |
| Efficiency | 86.5 | 26 |

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 92% of Japan Reliance Service's sales come from Building total management service, with Human resource service making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -6.9% from the prior year, operating profit -27.8%.

## Company structure

- Segment revenue mix: Building total management service 92.0%、Human resource service 8.0%
- Revenue → net income: ¥8231728000 → ¥140054000
- Net income → operating cash flow: ¥140054000 → ¥199699000（difference ¥59645000）
- Main uses of operating cash flow: CapEx ¥60950000 / dividends ¥68035000 / buybacks —
- Change in cash: ¥47440000
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 | ¥8.23B |  |
| Operating income | ¥217.4M | Margin 2.6% |
| Net income | ¥140.1M | Margin 1.7% |
| Free cash flow | ¥138.7M |  |
| Largest business | Building total management service | of segment revenue 92.0% |
| Employees (consolidated) | 418 |  |
| EPS | ¥43.79 |  |
| Book value per share | ¥636.09 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 3,120,000 |  |
| Treasury shares | 65,300 |  |
| Shareholders | 2,473 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 34.1% | Cash ÷ revenue 16.8% |
| Vs. industry median margin | -6.3 pp | Real Estate Brokerage & Management |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5935746000 | ¥8231728000 | +38.7% |
| Operating income | ¥202471000 | ¥217439000 | +7.4% |
| Operating margin | 3.4% | 2.6% | -0.8 pp |
| Employees | 380 people | 418 people | +10.0% |
| Cash and equivalents | ¥1171053000 | ¥1380042000 | +17.8% |

### 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 |
| --- | ---: |
| 建物総合管理サービス事業 → 建物総合管理サービス事業 | 81.7% |
| 人材サービス事業 → 人材サービス事業 | 8.0% |
| 人材サービス事業 → 事業再編・廃止 | 9.1% |
| 介護サービス事業 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 建物総合管理サービス事業 | 10.3% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,232 | 100.0% | S100YIKA |
| Cost of revenue | 6,725 | 81.7% | S100YIKA |
| Gross profit | 1,507 | 18.3% | S100YIKA |
| SG&A | 1,289 | 15.7% | S100YIKA |
| Operating income | 217 | 2.6% | S100YIKA |
| Ordinary income | 234 | 2.8% | S100YIKA |
| Pretax income | 234 | 2.8% | S100YIKA |
| Income tax | 94 | 1.1% | S100YIKA |
| Net income | 140 | 1.7% | S100YIKA |
| Net income attributable to owners | 140 | 1.7% | S100YIKA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 16 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 18.3% → Operating margin 2.6% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.9%; Core profit growth: -27.8%
Operating leverage (core profit growth ÷ revenue growth): 4.01×
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 | 8,845 | 8,232 | -613 | -6.9% |
| Gross profit | 1,520 | 1,507 | -14 | -0.9% |
| Operating income | 301 | 217 | -84 | -27.8% |
| Net income attributable to owners | 187 | 140 | -47 | -25.1% |
| Operating cash flow | 22 | 200 | 178 | +804.1% |
| Free cash flow | 11 | 139 | 128 | +1138.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,988 | 138 | 2.3% | 101 | 176 | 176 | S100LUPQ |
| FY ending Mar 2021 | 5,936 | 202 | 3.4% | 147 | 193 | 171 | S100PTXQ |
| FY ending Mar 2022 | 5,743 | 217 | 3.8% | 164 | 83 | -22 | S100RW52 |
| FY ending Mar 2023 | 6,028 | 191 | 3.2% | 128 | 251 | 246 | S100TUWV |
| FY ending Mar 2024 | 8,097 | 284 | 3.5% | 245 | 325 | 318 | S100W6Q8 |
| FY ending Mar 2025 | 8,845 | 301 | 3.4% | 187 | 22 | 11 | S100YIKA |
| FY ending Mar 2026 | 8,232 | 217 | 2.6% | 140 | 200 | 139 | S100YIKA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.7M |
| Operating income per employee (consolidated) | ¥520.2K |
| Net income per employee (consolidated) | ¥335.1K |

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) | 375 | 392 | 401 | 411 | 418 |
| Average salary (parent company) | ¥4.2M | ¥4.2M | ¥4.3M | ¥4.3M | ¥4.3M |
| Average age (parent company) | 45.4 years | 46.2 years | 46.0 years | 47.2 years | 48.0 years |
| Average tenure (parent company) | 12.4 years | 12.8 years | 13.4 years | 13.5 years | 14.6 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) -6.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building total management service | 7,569 | 92.0% | 669 | 8.8% |
| Human resource service | 663 | 8.0% | 13 | 2.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building total management service | 92.0% | 98.1% | 6.1 | 8.8% |
| Human resource service | 8.0% | 1.9% | -6.1 | 2.0% |

Segment → industry: Human resource service → HR & Staffing / Building total management service → Real Estate Brokerage & Management / Building total management service → Security 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 | 200 | 2.4% | S100YIKA |
| Capital expenditure | 61 | 0.7% | S100YIKA |
| Free cash flow | 139 | 1.7% | 算出 |
| Investing cash flow | -56 | -0.7% | S100YIKA |
| Financing cash flow | -96 | -1.2% | S100YIKA |
| Dividends paid | 68 | 0.8% | S100YIKA |
| Change in cash | 47 | 0.6% | S100YIKA |
| Cash and equivalents | 1,380 | 16.8% | S100YIKA |

## 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 | 953 | 1,241 | 1,452 | 1,333 | 1,380 | S100TUWV, S100W6Q8, S100YIKA |
| Total assets | 3,454 | 4,251 | 4,201 | 4,160 | 4,052 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Net assets | 1,774 | 1,899 | 2,057 | 2,178 | 2,399 | S100TUWV, S100W6Q8, S100YIKA |
| Share capital | 302 | 302 | 302 | 302 | 361 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Trade receivables | 814 | 1,031 | 925 | — | — | S100RW52, S100TUWV |
| Property, plant and equipment | 505 | 501 | 484 | 483 | 531 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Intangible assets excluding goodwill | 113 | 255 | 212 | 178 | 135 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Goodwill | — | 153 | 122 | 115 | 80 | S100TUWV, S100W6Q8, S100YIKA |
| Investment securities | 219 | 233 | 149 | 155 | 175 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Current assets | 2,294 | 2,836 | 2,920 | 2,928 | 2,834 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Current liabilities | 892 | 1,365 | 1,234 | 1,238 | 1,056 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Trade payables | 173 | 445 | 360 | 391 | 283 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Short-term borrowings | — | 70 | 70 | 89 | 70 | S100TUWV, S100W6Q8, S100YIKA |
| Long-term borrowings | 152 | 296 | 222 | 169 | 71 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Total liabilities | 1,680 | 2,353 | 2,144 | 1,982 | 1,653 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Equity attributable to owners of parent | 1,684 | 1,780 | 1,986 | 2,087 | 2,288 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Retained earnings | 1,172 | 1,257 | 1,452 | 1,581 | 1,653 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |
| Treasury stock | -39 | -22 | -13 | -42 | -32 | S100RW52, S100TUWV, S100W6Q8, S100YIKA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YIKA |
| Property, plant and equipment | 13% | S100YIKA |
| Intangibles and goodwill | 6% | S100YIKA |
| Investment securities | 4% | S100YIKA |
| Other assets | 43% | S100YIKA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIKA |
| Other liabilities | 34% | S100YIKA |
| Equity | 59% | S100YIKA |

### 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 | 3,454 | 4,251 | 4,201 | 4,160 | 4,052 |
| Equity | 1,774 | 1,899 | 2,057 | 2,178 | 2,399 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 953 | 1,241 | 1,452 | 1,333 | 1,380 |

## 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) | 6.5% | S100YIKA |
| Fixed assets ÷ total assets | 13.1% | S100YIKA |
| Goodwill ÷ parent equity | 3.5% | S100YIKA |

### 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) | 34.1% |
| Cash ÷ revenue | 16.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.8% |
| Cash vs. profit gap | 60 JPY mn (of net income 42.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.6% |
| Shareholder payments — dividends / FCF | 49.0% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 28.0% |

## 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 | 2.9% | 1.66× | 4.8% | 2.05× | 9.8% | S100RW52 |
| 2023 | 2.1% | 1.56× | 3.3% | 2.22× | 7.4% | S100TUWV |
| 2024 | 3.0% | 1.92× | 5.8% | 2.24× | 13.0% | S100W6Q8 |
| 2025 | 2.1% | 2.12× | 4.5% | 2.05× | 9.2% | S100YIKA |
| 2026 | 1.7% | 2.00× | 3.4% | 1.88× | 6.4% | S100YIKA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社サンシャインシティ | Major shareholder | 23.7% | 2026-03-31 |
| 三菱地所株式会社 | Major shareholder | 6.0% | 2026-03-31 |
| ソフトバンクロボティクス株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社テーオーシー | Major shareholder | 3.3% | 2026-03-31 |
| 東宝ファシリティーズ株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社アール・エス・シー協力会社持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 2.3% | 2026-03-31 |
| 金井 宏夫 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社アール・エス・シー従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YIKA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIKA,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W6Q8 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6Q8,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TUWV | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUWV,, |
| 訂正有価証券報告書－第53期(2022/04/01－2023/03/31) | S100RW52 | 2023-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RW52,, |
| 訂正有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100PTXQ | 2022-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTXQ,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LUPQ | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUPQ,, |

## 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).