# Japan Tissue Engineering Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第28期(2025/04/01－2026/03/31) (S100YDBW)
> Page: https://vizora.meequs.com/en/company/japan-tissue-engineering
> Retrieved: 2026-09-30T19:49:46.134Z

## Company

Japan Tissue Engineering, founded in 1999, is a company in CRO & Clinical Testing listed on TSE Growth. It has 200 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Tissue Engineering Co., Ltd. |
| Ticker | 7774 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7774.T) |
| Listing | TSE Growth |
| Head office | 愛知県蒲郡市三谷北通6丁目209番地の1 |
| Representative (per filing) | 代表取締役 社長執行役員 山田 一登 |
| Founded | Feb 1999 |
| Share capital | ¥4B |
| Employees (consolidated) | 200 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.jpte.co.jp (https://www.jpte.co.jp/) |
| Corporate number | 4180301011063 |
| EDINET | E02357 |
| Industries (Vizora) | CRO & Clinical Testing, Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YDBW, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Biotech & Regenerative Medicine (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 8.3 | 6 |
| Efficiency | 35.7 | 7 |

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 62% of Japan Tissue Engineering's sales come from Regenerative Medicine Business, with Custom Development and Manufacturing Business and LabCyte Business making up much of the rest.
- It lost about ¥25 for every ¥100 of sales at the operating level.
- Revenue changed -11.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.18B |  |
| Operating income | -¥549.4M | Margin -25.2% |
| Net income | -¥734.8M | Margin -33.7% |
| Free cash flow | -¥565.7M |  |
| Largest business | Regenerative Medicine Business | of segment revenue 62.1% |
| Employees (consolidated) | 200 |  |
| EPS | ¥-18.09 |  |
| Book value per share | ¥125.35 |  |
| Equity ratio | 89.6% |  |
| Shares outstanding | 40,610,200 |  |
| Treasury shares | 200 |  |
| Shareholders | 11,353 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 25.5% | Cash ÷ revenue 66.5% |
| Vs. industry median margin | -32.2 pp | Biotech & Regenerative Medicine |
| ROA | -12.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 46 points
- FY2026, operating loss is 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2257609000 | ¥2182745000 | -3.3% |
| Operating income | ¥-466861000 | ¥-549445000 | — |
| Operating margin | -20.7% | -25.2% | -4.5 pp |
| Employees | 200 people | 200 people | 0.0% |
| Cash and equivalents | ¥1875871000 | ¥1450465000 | -22.7% |

### 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 |
| --- | ---: |
| 再生医療製品事業 → 再生医療製品事業 | 58.9% |
| 再生医療受託事業 → 再生医療受託事業 | 25.0% |
| 再生医療受託事業 → 事業再編・廃止 | 6.9% |
| 研究開発支援事業 → 事業再編・廃止 | 9.2% |
| 新設・再編 → 再生医療製品事業 | 3.2% |
| 新設・再編 → ラボサイト事業 | 12.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Regenerative Medicine Business | 5 years | +0.4% | ¥1354493000 | 5.8% | 2 |
| Custom Development and Manufacturing Business | 5 years | -5.4% | ¥546371000 | 59.9% | 2 |
| LabCyte Business | — | — | ¥281879000 | 18.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,183 | 100.0% | S100YDBW |
| Cost of revenue | 915 | 41.9% | S100YDBW |
| Gross profit | 1,267 | 58.1% | S100YDBW |
| SG&A | 1,817 | 83.2% | S100YDBW |
| Operating income | -549 | -25.2% | S100YDBW |
| Ordinary income | -537 | -24.6% | S100YDBW |
| Pretax income | -731 | -33.5% | S100YDBW |
| Income tax | 4 | 0.2% | S100YDBW |
| Net income | -735 | -33.7% | S100YDBW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 83 |
| Operating income | -25 |
| (Ref.) Net income | -34 |

### Margin funnel

Gross margin 58.1% → Operating margin -25.2% → Net margin -33.7%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,455 | 2,183 | -273 | -11.1% |
| Gross profit | 1,511 | 1,267 | -244 | -16.1% |
| Operating income | -238 | -549 | -311 | — |
| Operating cash flow | -148 | -488 | -340 | — |
| Free cash flow | -242 | -566 | -323 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,310 | -235 | -10.2% | -287 | -85 | -176 | S100LOU7 |
| FY ending Mar 2021 | 2,258 | -467 | -20.7% | -467 | -400 | -474 | S100Q2J8 |
| FY ending Mar 2022 | 2,103 | -498 | -23.7% | -498 | -225 | -342 | S100QY5M |
| FY ending Mar 2023 | 2,032 | -728 | -35.8% | -729 | -623 | -799 | S100TNDE |
| FY ending Mar 2024 | 2,514 | 145 | 5.7% | 143 | 274 | 1 | S100VZSY |
| FY ending Mar 2025 | 2,455 | -238 | -9.7% | -255 | -148 | -242 | S100YDBW |
| FY ending Mar 2026 | 2,183 | -549 | -25.2% | -735 | -488 | -566 | S100YDBW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.9M |
| Operating income per employee (consolidated) | -¥2.7M |
| Net income per employee (consolidated) | -¥3.7M |

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) | 207 | 215 | 211 | 204 | 200 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.7M | ¥6.1M | ¥6.1M |
| Average age (parent company) | 38.2 years | 38.0 years | 38.6 years | 39.4 years | 39.7 years |
| Average tenure (parent company) | 9.0 years | 9.4 years | 10.0 years | 11.3 years | 12.0 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) -11.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Regenerative Medicine Business | 1,354 | 62.1% | 78 | 5.8% |
| Custom Development and Manufacturing Business | 546 | 25.0% | 327 | 59.9% |
| LabCyte Business | 282 | 12.9% | 53 | 18.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Regenerative Medicine Business | 62.1% | 17.1% | -45.0 | 5.8% |
| Custom Development and Manufacturing Business | 25.0% | 71.4% | 46.4 | 59.9% |
| LabCyte Business | 12.9% | 11.5% | -1.4 | 18.7% |

Segment → industry: Custom Development and Manufacturing Business → CRO & Clinical Testing / LabCyte Business → Biotech & Regenerative Medicine / Custom Development and Manufacturing Business → Biotech & Regenerative Medicine / Regenerative Medicine Business → Biotech & Regenerative Medicine

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -488 | -22.4% | S100YDBW |
| Capital expenditure | 78 | 3.6% | S100YDBW |
| Free cash flow | -566 | -25.9% | 算出 |
| Investing cash flow | 253 | 11.6% | S100YDBW |
| Change in cash | -235 | -10.8% | S100YDBW |
| Cash and equivalents | 1,450 | 66.5% | S100YDBW |

## 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 | 1,533 | 2,035 | 2,066 | 1,685 | 1,450 | S100TNDE, S100VZSY, S100YDBW |
| Total assets | 7,598 | 6,883 | 6,989 | 6,513 | 5,683 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Net assets | 6,666 | 5,937 | 6,080 | 5,825 | 5,090 | S100TNDE, S100VZSY, S100YDBW |
| Share capital | 4,959 | 4,959 | 4,959 | 4,959 | 3,998 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Property, plant and equipment | 1,614 | 1,567 | 1,511 | 1,420 | 1,337 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Intangible assets excluding goodwill | 36 | 94 | 103 | 97 | 50 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Investment securities | — | — | — | 150 | 100 | S100YDBW |
| Current assets | 5,946 | 5,211 | 5,339 | 4,825 | 4,182 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Current liabilities | 897 | 911 | 874 | 637 | 561 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Total liabilities | 932 | 946 | 908 | 688 | 593 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Equity attributable to owners of parent | 6,666 | 5,937 | 6,080 | 5,825 | 5,090 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Retained earnings | -1,081 | -1,810 | -1,667 | -1,922 | -735 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100QY5M, S100TNDE, S100VZSY, S100YDBW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YDBW |
| Property, plant and equipment | 24% | S100YDBW |
| Intangibles and goodwill | 1% | S100YDBW |
| Investment securities | 2% | S100YDBW |
| Other assets | 48% | S100YDBW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100YDBW |
| Equity | 90% | S100YDBW |

### 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 | 7,598 | 6,883 | 6,989 | 6,513 | 5,683 |
| Equity | 6,666 | 5,937 | 6,080 | 5,825 | 5,090 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,533 | 2,035 | 2,066 | 1,685 | 1,450 |

## 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) | 61.2% | S100YDBW |
| Fixed assets ÷ total assets | 23.5% | S100YDBW |
| Goodwill ÷ parent equity | — | —, S100YDBW |

### 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) | 25.5% |
| Cash ÷ revenue | 66.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 247 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -6.6% | —× | — | S100QY5M |
| 2023 | — | —× | -10.1% | —× | — | S100TNDE |
| 2024 | 5.7% | 0.36× | 2.1% | 1.15× | 2.4% | S100VZSY |
| 2025 | — | —× | -3.8% | —× | — | S100YDBW |
| 2026 | — | —× | -12.0% | —× | — | S100YDBW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 帝人株式会社 | Major shareholder | 57.7% | 2026-03-31 |
| 株式会社ニデック | Major shareholder | 10.4% | 2026-03-31 |
| 前田 陽子 | Major shareholder | 0.8% | 2026-03-31 |
| 五味 大輔 | Major shareholder | 0.8% | 2026-03-31 |
| 小澤 洋介 | Major shareholder | 0.7% | 2026-03-31 |
| J-TEC従業員持株会 | Major shareholder | 0.6% | 2026-03-31 |
| サーラエナジー株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 0.4% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 0.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YDBW | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDBW,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100VZSY | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZSY,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TNDE | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNDE,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100QY5M | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY5M,, |
| 訂正有価証券報告書－第24期(2021/04/01－2022/03/31) | S100Q2J8 | 2023-02-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q2J8,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LOU7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOU7,, |

## 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).