# Japan Securities Finance 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116期(2025/04/01－2026/03/31) (S100YIQY)
> Page: https://vizora.meequs.com/en/company/japan-securities-finance
> Retrieved: 2026-09-30T21:52:56.096Z

## Company

Japan Securities Finance, founded in 1927, is a company in Securities & Asset Management listed on TSE Prime. It has 279 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN SECURITIES FINANCE CO., LTD. |
| Ticker | 8511 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8511.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋茅場町一丁目2番10号 |
| Representative (per filing) | 代表執行役社長 下山田 守邦 |
| Founded | Jul 1927 |
| Share capital | ¥10B |
| Employees (consolidated) | 279 |
| Average salary (parent only) | ¥10.2M |
| Fiscal year end | March |
| Website | www.jsf.co.jp (https://www.jsf.co.jp/) |
| Corporate number | 3010001034992 |
| EDINET | E03688 |
| Industries (Vizora) | Securities & Asset Management, Major Banks, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIQY, filed 2026-06-24). As of filing

## Key points (generated from figures)

- About 90% of Japan Securities Finance's sales come from Securities Finance Business, with Trust Banking Business and Real Estate Leasing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +92.0% from the prior year, operating profit +23.7%.

## Company structure

- Segment revenue mix: Securities Finance Business 90.1%、Trust Banking Business 9.2%、Real Estate Leasing Business 0.7%
- Revenue → net income: ¥114211000000 → ¥10611000000
- Net income → operating cash flow: ¥10611000000 → ¥135034000000（difference ¥124423000000）
- Main uses of operating cash flow: CapEx ¥281000000 / dividends ¥6804000000 / buybacks ¥3401000000
- Change in cash: ¥124425000000
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 | ¥114.2B |  |
| Operating income | ¥14B | Margin 12.3% |
| Net income | ¥10.6B | Margin 9.3% |
| Free cash flow | ¥134.8B |  |
| Largest business | Securities Finance Business | of segment revenue 90.1% |
| Employees (consolidated) | 279 |  |
| EPS | ¥129.09 |  |
| Book value per share | ¥1493.31 |  |
| Equity ratio | 0.9% |  |
| Shares outstanding | 83,000,000 |  |
| Treasury shares | 1,429,000 |  |
| Shareholders | 14,263 |  |
| Average salary (parent only) | ¥10.2M | Filing company only |
| Cash ratio | 10.1% | Cash ÷ revenue 1365.6% |
| Vs. industry median margin | -8.5 pp | Securities & Asset Management |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 12.7× net income
- FY2026, revenue is 3.8× its level five years ago

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30924000000 | ¥114211000000 | +269.3% |
| Operating income | ¥4777000000 | ¥14016000000 | +193.4% |
| Operating margin | 15.4% | 12.3% | -3.2 pp |
| Employees | 272 people | 279 people | +2.6% |
| Cash and equivalents | ¥1417543000000 | ¥1559712000000 | +10.0% |

### 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 |
| --- | ---: |
| 証券金融業 → 証券金融業 | 89.0% |
| 信託銀行業 → 信託銀行業 | 8.0% |
| 不動産賃貸業 → 不動産賃貸業 | 0.7% |
| 不動産賃貸業 → 事業再編・廃止 | 2.3% |
| 新設・再編 → 証券金融業 | 1.1% |
| 新設・再編 → 信託銀行業 | 1.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Securities Finance Business | 5 years | +30.2% | ¥102945000000 | 13.4% | 2 |
| Trust Banking Business | 5 years | +33.5% | ¥10520000000 | 26.5% | 2 |
| Real Estate Leasing Business | 5 years | -3.9% | ¥745000000 | 100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 114,211 | 100.0% | S100YIQY |
| Operating income | 14,016 | 12.3% | S100YIQY |
| Ordinary income | 14,996 | 13.1% | S100YIQY |
| Pretax income | 14,996 | 13.1% | S100YIQY |
| Income tax | 4,384 | 3.8% | S100YIQY |
| Net income | 10,611 | 9.3% | S100YIQY |
| Net income attributable to owners | 10,611 | 9.3% | S100YIQY |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 88 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Operating margin 12.3% → Net margin 9.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +92.0%; Core profit growth: +23.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.26×
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 | 59,486 | 114,211 | 54,725 | +92.0% |
| Operating income | 11,329 | 14,016 | 2,687 | +23.7% |
| Net income attributable to owners | 10,375 | 10,611 | 236 | +2.3% |
| Operating cash flow | -535,081 | 135,034 | 670,115 | — |
| Free cash flow | -535,338 | 134,753 | 670,091 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,101 | 4,129 | 14.2% | 3,556 | 275,039 | 274,779 | S100LMNP |
| FY ending Mar 2021 | 30,924 | 4,777 | 15.4% | 3,971 | 164,459 | 163,866 | S100OG2P |
| FY ending Mar 2022 | 30,138 | 6,235 | 20.7% | 5,174 | -122,304 | -123,098 | S100R9O6 |
| FY ending Mar 2023 | 42,518 | 6,354 | 14.9% | 5,966 | 303,546 | 302,908 | S100U03C |
| FY ending Mar 2024 | 50,259 | 10,180 | 20.3% | 8,030 | 383,411 | 383,271 | S100W2L0 |
| FY ending Mar 2025 | 59,486 | 11,329 | 19.0% | 10,375 | -535,081 | -535,338 | S100YIQY |
| FY ending Mar 2026 | 114,211 | 14,016 | 12.3% | 10,611 | 135,034 | 134,753 | S100YIQY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥409.4M |
| Operating income per employee (consolidated) | ¥50.2M |
| Net income per employee (consolidated) | ¥38M |

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) | 264 | 268 | 271 | 276 | 279 |
| Average salary (parent company) | ¥9.5M | ¥9.5M | ¥9.6M | ¥9.9M | ¥10.2M |
| Average age (parent company) | 43.9 years | 44.4 years | 44.6 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 20.9 years | 21.0 years | 20.9 years | 20.3 years | 20.0 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +92.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Securities Finance Business | 102,945 | 90.1% | 13,833 | 13.4% |
| Trust Banking Business | 10,520 | 9.2% | 2,783 | 26.5% |
| Real Estate Leasing Business | 745 | 0.7% | 745 | 100.0% |

### 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 |
| --- | ---: |
| Securities Finance Business | 90.1% |
| Trust Banking Business | 9.2% |
| Real Estate Leasing Business | 0.7% |

Segment → industry: Securities Finance Business → Securities & Asset Management / Trust Banking Business → Major Banks / Real Estate Leasing Business → Real Estate Development & Leasing

## 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 | 135,034 | 118.2% | S100YIQY |
| Capital expenditure | 281 | 0.2% | S100YIQY |
| Free cash flow | 134,753 | 118.0% | 算出 |
| Investing cash flow | -403 | -0.4% | S100YIQY |
| Financing cash flow | -10,206 | -8.9% | S100YIQY |
| Dividends paid | 6,804 | 6.0% | S100YIQY |
| Share buyback | 3,401 | 3.0% | S100YIQY |
| Change in cash | 124,425 | 108.9% | S100YIQY |
| Cash and equivalents | 1,559,712 | 1365.6% | S100YIQY |

## 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 | 1,295,058 | 1,596,264 | 1,977,628 | 1,435,287 | 1,559,712 | S100U03C, S100W2L0, S100YIQY |
| Total assets | 14,168,656 | 14,056,217 | 13,744,765 | 13,769,589 | 15,518,633 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Net assets | 137,996 | 135,728 | 144,606 | 134,346 | 137,494 | S100U03C, S100W2L0, S100YIQY |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Property, plant and equipment | 6,056 | 5,997 | 5,769 | 5,578 | 5,473 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Intangible assets excluding goodwill | 960 | 916 | 677 | 618 | 594 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Investment securities | 1,042,496 | 745,621 | 583,146 | 544,475 | 30,162 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Current assets | 13,083,009 | 13,261,853 | 13,113,382 | 13,178,942 | 15,475,735 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Current liabilities | 14,015,456 | 13,682,448 | 13,275,805 | 13,315,661 | 15,076,807 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Short-term borrowings | 239,210 | 92,010 | 92,010 | 92,005 | 92,000 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Long-term borrowings | 4,000 | 232,700 | 316,600 | 315,600 | 298,100 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Total liabilities | 14,030,659 | 13,920,489 | 13,600,158 | 13,635,242 | 15,381,139 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Equity attributable to owners of parent | 129,719 | 129,925 | 131,369 | 132,754 | 133,315 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Retained earnings | 115,521 | 118,702 | 121,036 | 125,323 | 120,941 | S100R9O6, S100U03C, S100W2L0, S100YIQY |
| Treasury stock | -4,680 | -7,655 | -4,847 | -7,764 | -2,807 | S100R9O6, S100U03C, S100W2L0, S100YIQY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIQY |
| Property, plant and equipment | 0% | S100YIQY |
| Intangibles and goodwill | 0% | S100YIQY |
| Investment securities | 0% | S100YIQY |
| Other assets | 90% | S100YIQY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 99% | S100YIQY |
| Equity | 1% | S100YIQY |

### 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 | 14,168,656 | 14,056,217 | 13,744,765 | 13,769,589 | 15,518,633 |
| Equity | 137,996 | 135,728 | 144,606 | 134,346 | 137,494 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,295,058 | 1,596,264 | 1,977,628 | 1,435,287 | 1,559,712 |

## 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) | 4.8% | S100YIQY |
| Fixed assets ÷ total assets | 0.0% | S100YIQY |
| Goodwill ÷ parent equity | — | —, S100YIQY |

### 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) | 10.1% |
| Cash ÷ revenue | 1365.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 963.4% |
| Cash vs. profit gap | 124,423 JPY mn (of net income 1172.6%) |
| Shareholder returns / net income | 96.2% |
| Shareholder returns / FCF | 7.6% |
| Shareholder payments — dividends / net income | 64.1% |
| Shareholder payments — dividends / FCF | 5.0% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 0.3% |

## 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 | 17.2% | 0.00× | 0.0% | 109.23× | 4.0% | S100R9O6 |
| 2023 | 14.0% | 0.00× | 0.0% | 108.71× | 4.6% | S100U03C |
| 2024 | 16.0% | 0.00× | 0.1% | 106.40× | 6.1% | S100W2L0 |
| 2025 | 17.4% | 0.00× | 0.1% | 104.17× | 7.9% | S100YIQY |
| 2026 | 9.3% | 0.01× | 0.1% | 110.08× | 8.0% | S100YIQY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| THE SFP VALUE REALIZATION MASTER FUND LTD. （常任代理人 立花証券株式会社） | Major shareholder | 16.7% | 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 | 11.0% | 2026-03-31 |
| 公益財団法人資本市場振興財団 | Major shareholder | 5.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.8% | 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 | 1.7% | 2026-03-31 |
| RBC IST 15 PCT LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第116期(2025/04/01－2026/03/31) | S100YIQY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIQY,, |
| 有価証券報告書－第115期(2024/04/01－2025/03/31) | S100W2L0 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2L0,, |
| 訂正有価証券報告書－第114期(2023/04/01－2024/03/31) | S100U03C | 2024-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U03C,, |
| 有価証券報告書－第113期(2022/04/01－2023/03/31) | S100R9O6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9O6,, |
| 有価証券報告書－第112期(令和3年4月1日－令和4年3月31日) | S100OG2P | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG2P,, |
| 有価証券報告書－第111期(令和2年4月1日－令和3年3月31日) | S100LMNP | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMNP,, |

## 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).