# Japaniace Co.,Ltd.: business model and financials

> Latest period: FY ending Nov 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第26期(2024/12/01－2025/11/30) (S100XN61)
> Page: https://vizora.meequs.com/en/company/japaniace
> Retrieved: 2026-09-30T19:01:59.715Z

## Company

Japaniace, founded in 1999, is a company in IT Services & System Integration listed on TSE Growth. It has 1,805 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japaniace Co., Ltd. |
| Ticker | 9558 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9558.T) |
| Listing | TSE Growth |
| Head office | 横浜市西区みなとみらい二丁目2番1号横浜ランドマークタワー18F |
| Representative (per filing) | 代表取締役会長兼社長 西川 三郎 |
| Founded | Dec 1999 |
| Share capital | ¥23.2M |
| Employees (consolidated) | 1,805 |
| Average salary (parent only) | ¥4.3M |
| Fiscal year end | November |
| Website | jna.co.jp (https://jna.co.jp/) |
| Corporate number | 6020001036275 |
| EDINET | E37911 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XN61, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.2 | 157 |
| Profitability | 42.6 | 196 |
| Cash conversion | 52.7 | 185 |
| Efficiency | 94.6 | 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)

- Japaniace brought in ¥12.1B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +7.8% from the prior year, operating profit +3.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥12084720000 → ¥765152000
- Net income → operating cash flow: ¥765152000 → ¥819385000（difference ¥54233000）
- Main uses of operating cash flow: CapEx ¥19384000 / dividends ¥384136000 / buybacks —
- Change in cash: ¥692141000
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 | ¥982.7M | Margin 8.1% |
| Net income | ¥765.2M | Margin 6.3% |
| Free cash flow | ¥800M |  |
| Employees (consolidated) | 1,805 |  |
| EPS | ¥193.09 |  |
| Diluted EPS | ¥191.37 |  |
| Book value per share | ¥852.64 |  |
| Equity ratio | 58.4% |  |
| Shares outstanding | 4,012,600 |  |
| Treasury shares | 49,000 |  |
| Shareholders | 2,478 |  |
| Average salary (parent only) | ¥4.3M | Filing company only |
| Cash ratio | 63.8% | Cash ÷ revenue 30.5% |
| Vs. industry median margin | -0.8 pp | IT Services & System Integration |
| ROE | 24.0% | Derived from disclosed figures |
| ROA | 14.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 64% of total assets

## What changed in 4 years

| Metric | FY ending Nov 2021 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7243666000 | ¥12084720000 | +66.8% |
| Operating income | ¥341780000 | ¥982692000 | +187.5% |
| Operating margin | 4.7% | 8.1% | +3.4 pp |
| Employees | 1,090 people | 1,805 people | +65.6% |
| Cash and equivalents | ¥1719471000 | ¥3691706000 | +114.7% |

### Change in segment revenue mix

Span: FY ending Nov 2021 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Nov 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,085 | 100.0% | S100XN61 |
| Cost of revenue | 9,185 | 76.0% | S100XN61 |
| Gross profit | 2,900 | 24.0% | S100XN61 |
| SG&A | 1,917 | 15.9% | S100XN61 |
| Operating income | 983 | 8.1% | S100XN61 |
| Ordinary income | 1,078 | 8.9% | S100XN61 |
| Pretax income | 1,078 | 8.9% | S100XN61 |
| Income tax | 313 | 2.6% | S100XN61 |
| Net income | 765 | 6.3% | S100XN61 |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.0% → Operating margin 8.1% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.8%; Core profit growth: +3.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.50×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,211 | 12,085 | 873 | +7.8% |
| Gross profit | 2,899 | 2,900 | 1 | +0.0% |
| Operating income | 946 | 983 | 37 | +3.9% |
| Operating cash flow | 938 | 819 | -119 | -12.7% |
| Free cash flow | 917 | 800 | -117 | -12.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2021 | 7,244 | 342 | 4.7% | 276 | 64 | 51 | S100QBE5 |
| FY ending Nov 2022 | 8,325 | 611 | 7.3% | 442 | 600 | 596 | S100SYOA |
| FY ending Nov 2023 | 9,885 | 837 | 8.5% | 616 | 567 | 545 | S100VAQ1 |
| FY ending Nov 2024 | 11,211 | 946 | 8.4% | 723 | 938 | 917 | S100XN61 |
| FY ending Nov 2025 | 12,085 | 983 | 8.1% | 765 | 819 | 800 | S100XN61 |

## People and productivity（FY ending Nov 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥6.7M |
| Operating income per employee (consolidated) | ¥544.4K |
| Net income per employee (consolidated) | ¥423.9K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,090 | 1,314 | 1,572 | 1,704 | 1,805 |
| Average salary (parent company) | — | ¥4.3M | ¥4.2M | ¥4.1M | ¥4.3M |
| Average age (parent company) | — | 33.0 years | 33.2 years | 33.6 years | 35.3 years |
| Average tenure (parent company) | — | 3.4 years | 3.4 years | 3.5 years | 3.8 years |

Year over year: Employees (consolidated) +5.9% · Revenue (consolidated) +7.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 819 | 6.8% | S100XN61 |
| Capital expenditure | 19 | 0.2% | S100XN61 |
| Free cash flow | 800 | 6.6% | 算出 |
| Investing cash flow | -45 | -0.4% | S100XN61 |
| Financing cash flow | -82 | -0.7% | S100XN61 |
| Dividends paid | 384 | 3.2% | S100XN61 |
| Change in cash | 692 | 5.7% | S100XN61 |
| Cash and equivalents | 3,692 | 30.5% | S100XN61 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,719 | 2,362 | 2,676 | 3,000 | 3,692 | S100SYOA, S100VAQ1, S100XN61 |
| Total assets | 3,160 | 3,942 | 4,585 | 4,950 | 5,786 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Net assets | 1,956 | 2,448 | 2,858 | 2,997 | 3,380 | S100SYOA, S100VAQ1, S100XN61 |
| Share capital | 20 | 20 | 20 | 22 | 23 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Property, plant and equipment | 53 | 48 | 61 | 57 | 67 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Intangible assets excluding goodwill | 12 | 9 | 5 | 15 | 11 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Investment securities | — | — | 10 | 20 | 30 | S100VAQ1, S100XN61 |
| Current assets | 2,871 | 3,632 | 4,227 | 4,568 | 5,357 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Current liabilities | 997 | 1,272 | 1,516 | 1,741 | 2,195 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Short-term borrowings | — | — | — | — | 300 | S100XN61 |
| Total liabilities | 1,205 | 1,494 | 1,728 | 1,953 | 2,407 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Equity attributable to owners of parent | 1,956 | 2,448 | 2,858 | 2,997 | 3,380 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Retained earnings | 2,058 | 2,363 | 2,761 | 2,989 | 3,370 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |
| Treasury stock | -123 | -20 | -9 | -102 | -102 | S100QBE5, S100SYOA, S100VAQ1, S100XN61 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100XN61 |
| Property, plant and equipment | 1% | S100XN61 |
| Intangibles and goodwill | 0% | S100XN61 |
| Investment securities | 1% | S100XN61 |
| Other assets | 34% | S100XN61 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XN61 |
| Equity | 58% | S100XN61 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,160 | 3,942 | 4,585 | 4,950 | 5,786 |
| Equity | 1,956 | 2,448 | 2,858 | 2,997 | 3,380 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,719 | 2,362 | 2,676 | 3,000 | 3,692 |

## 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) | 0.6% | S100XN61 |
| Fixed assets ÷ total assets | 1.2% | S100XN61 |
| Goodwill ÷ parent equity | — | —, S100XN61 |

### 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) | 63.8% |
| Cash ÷ revenue | 30.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 54 JPY mn (of net income 7.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.2% |
| Shareholder payments — dividends / FCF | 48.0% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 5.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.8% | 2.29× | 8.7% | 1.62× | 14.1% | S100QBE5 |
| 2022 | 5.3% | 2.34× | 12.5% | 1.61× | 20.1% | S100SYOA |
| 2023 | 6.2% | 2.32× | 14.5% | 1.61× | 23.2% | S100VAQ1 |
| 2024 | 6.4% | 2.35× | 15.2% | 1.63× | 24.7% | S100XN61 |
| 2025 | 6.3% | 2.25× | 14.3% | 1.68× | 24.0% | S100XN61 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ウェストリバー | Major shareholder | 40.3% | 2025-11-30 |
| 西 川 三 郎 | Major shareholder | 15.6% | 2025-11-30 |
| PERSHING SECURITIES LTD CLIENT SAFE CUSTODY ASSET ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.8% | 2025-11-30 |
| 松 島 亮 太 | Major shareholder | 3.0% | 2025-11-30 |
| 西 川 優 | Major shareholder | 2.6% | 2025-11-30 |
| 西 川 明 宏 | Major shareholder | 2.6% | 2025-11-30 |
| 西 川 香代子 | Major shareholder | 2.5% | 2025-11-30 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.8% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.7% | 2025-11-30 |
| 丸 山 憲 一 | Major shareholder | 0.7% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第26期(2024/12/01－2025/11/30) | S100XN61 | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN61,, |
| 有価証券報告書－第25期(2023/12/01－2024/11/30) | S100VAQ1 | 2025-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAQ1,, |
| 有価証券報告書－第24期(2022/12/01－2023/11/30) | S100SYOA | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYOA,, |
| 訂正有価証券報告書－第23期(2021/12/01－2022/11/30) | S100QBE5 | 2023-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QBE5,, |

## 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).