# Japan Animal Referral Medical Center 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21期(2025/04/01－2026/03/31) (S100YGKM)
> Page: https://vizora.meequs.com/en/company/jarmec
> Retrieved: 2026-09-30T21:32:52.135Z

## Company

Japan Animal Referral Medical Center, founded in 2005, is a company in Pets listed on TSE Growth. It has 328 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Animal Referral Medical Center Co.,Ltd. |
| Ticker | 6039 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6039.T) |
| Listing | TSE Growth |
| Head office | 神奈川県川崎市高津区久地二丁目5番8号 |
| Representative (per filing) | 代表取締役社長 平尾 秀博 |
| Founded | Sep 2005 |
| Share capital | ¥801.6M |
| Employees (consolidated) | 328 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.jarmec.co.jp (https://www.jarmec.co.jp/) |
| Corporate number | 4020001077222 |
| EDINET | E31381 |
| Industries (Vizora) | Pets |

> Profile source: annual securities report (S100YGKM, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Pets (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 4 |
| Profitability | 87.5 | 4 |
| Cash conversion | 83.3 | 3 |
| Efficiency | 12.5 | 4 |

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)

- Japan Animal Referral Medical Center brought in ¥6.19B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +17.3% from the prior year, operating profit +59.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6192468000 → ¥833428000
- Net income → operating cash flow: ¥833428000 → ¥1395827000（difference ¥562399000）
- Main uses of operating cash flow: CapEx ¥2456678000 / dividends ¥100456000 / buybacks ¥38000
- Change in cash: ¥485282000
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 | ¥6.19B |  |
| Operating income | ¥1.15B | Margin 18.6% |
| Net income | ¥833.4M | Margin 13.5% |
| Free cash flow | -¥1.06B |  |
| Employees (consolidated) | 328 |  |
| EPS | ¥70.81 |  |
| Book value per share | ¥322.86 |  |
| Equity ratio | 43.1% |  |
| Shares outstanding | 14,391,000 |  |
| Treasury shares | 767,200 |  |
| Shareholders | 5,952 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 14.1% | Cash ÷ revenue 25.7% |
| Vs. industry median margin | +3.6 pp | Pets |
| ROE | 18.5% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, parent-company salary changed +23% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2847833000 | ¥6192468000 | +117.4% |
| Operating income | ¥405543000 | ¥1150238000 | +183.6% |
| Operating margin | 14.2% | 18.6% | +4.3 pp |
| Employees | 197 people | 328 people | +66.5% |
| Cash and equivalents | ¥1114671000 | ¥1592885000 | +42.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,192 | 100.0% | S100YGKM |
| Cost of revenue | 3,685 | 59.5% | S100YGKM |
| Gross profit | 2,507 | 40.5% | S100YGKM |
| SG&A | 1,357 | 21.9% | S100YGKM |
| Operating income | 1,150 | 18.6% | S100YGKM |
| Ordinary income | 1,142 | 18.4% | S100YGKM |
| Pretax income | 1,142 | 18.4% | S100YGKM |
| Income tax | 309 | 5.0% | S100YGKM |
| Net income | 833 | 13.5% | S100YGKM |
| Net income attributable to owners | 833 | 13.5% | S100YGKM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 22 |
| Operating income | 19 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 40.5% → Operating margin 18.6% → Net margin 13.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.3%; Core profit growth: +59.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.44×
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 | 5,278 | 6,192 | 915 | +17.3% |
| Gross profit | 1,833 | 2,507 | 675 | +36.8% |
| Operating income | 721 | 1,150 | 429 | +59.5% |
| Net income attributable to owners | 521 | 833 | 312 | +60.0% |
| Operating cash flow | 1,372 | 1,396 | 23 | +1.7% |
| Free cash flow | 409 | -1,061 | -1,470 | -359.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,734 | 431 | 15.8% | 313 | 538 | 450 | S100LOHH |
| FY ending Mar 2021 | 2,848 | 406 | 14.2% | 285 | 504 | 439 | S100PJH8 |
| FY ending Mar 2022 | 2,979 | 439 | 14.7% | 287 | 558 | -44 | S100R2IX |
| FY ending Mar 2023 | 3,873 | 581 | 15.0% | 381 | 811 | 69 | S100TVXA |
| FY ending Mar 2024 | 4,270 | 497 | 11.6% | 337 | 900 | -155 | S100W2CN |
| FY ending Mar 2025 | 5,278 | 721 | 13.7% | 521 | 1,372 | 409 | S100YGKM |
| FY ending Mar 2026 | 6,192 | 1,150 | 18.6% | 833 | 1,396 | -1,061 | S100YGKM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.9M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 224 | 229 | 256 | 294 | 328 |
| Average salary (parent company) | ¥5M | ¥5.3M | ¥5.5M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 34.7 years | 35.1 years | 34.9 years | 34.4 years | 34.7 years |
| Average tenure (parent company) | 5.0 years | 5.0 years | 5.0 years | 5.0 years | 5.0 years |

Year over year: Employees (consolidated) +11.6% · Revenue (consolidated) +17.3%

## 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 | 1,396 | 22.5% | S100YGKM |
| Capital expenditure | 2,457 | 39.7% | S100YGKM |
| Free cash flow | -1,061 | -17.1% | 算出 |
| Investing cash flow | -2,486 | -40.1% | S100YGKM |
| Financing cash flow | 1,575 | 25.4% | S100YGKM |
| Dividends paid | 100 | 1.6% | S100YGKM |
| Share buyback | 0 | 0.0% | S100YGKM |
| Change in cash | 485 | 7.8% | S100YGKM |
| Cash and equivalents | 1,593 | 25.7% | S100YGKM |

## 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 | 969 | 1,816 | 1,338 | 1,108 | 1,593 | S100TVXA, S100W2CN, S100YGKM |
| Total assets | 7,108 | 8,579 | 8,770 | 8,754 | 11,314 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Net assets | 2,510 | 3,706 | 3,811 | 4,149 | 4,881 | S100TVXA, S100W2CN, S100YGKM |
| Share capital | 386 | 791 | 797 | 802 | 802 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Property, plant and equipment | 4,709 | 5,333 | 6,152 | 6,317 | 8,219 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Intangible assets excluding goodwill | 665 | 608 | 548 | 479 | 555 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Goodwill | 204 | 183 | 163 | 143 | 122 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Current assets | 1,540 | 2,397 | 1,777 | 1,598 | 2,111 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Current liabilities | 966 | 1,270 | 1,539 | 1,554 | 3,738 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Short-term borrowings | — | — | — | — | 2,038 | S100YGKM |
| Long-term borrowings | 3,376 | 3,393 | 3,230 | 2,848 | 2,477 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Total liabilities | 4,598 | 4,873 | 4,959 | 4,605 | 6,433 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Equity attributable to owners of parent | 2,510 | 3,706 | 3,811 | 4,149 | 4,881 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Retained earnings | 1,995 | 2,375 | 2,713 | 3,180 | 3,912 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |
| Treasury stock | -186 | -172 | -410 | -553 | -553 | S100R2IX, S100TVXA, S100W2CN, S100YGKM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGKM |
| Property, plant and equipment | 73% | S100YGKM |
| Intangibles and goodwill | 6% | S100YGKM |
| Other assets | 7% | S100YGKM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YGKM |
| Equity | 43% | S100YGKM |
| Other liabilities | 0% | S100YGKM |

### 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 | 7,108 | 8,579 | 8,770 | 8,754 | 11,314 |
| Equity | 2,510 | 3,706 | 3,811 | 4,149 | 4,881 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 969 | 1,816 | 1,338 | 1,108 | 1,593 |

## 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) | 132.7% | S100YGKM |
| Fixed assets ÷ total assets | 72.6% | S100YGKM |
| Goodwill ÷ parent equity | 2.5% | S100YGKM |

Goodwill over 4 years: 204 → 122 JPY; total investing cash flow: -6,676 JPY. This does not imply causation.

### 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) | 14.1% |
| Cash ÷ revenue | 25.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 121.4% |
| Cash vs. profit gap | 562 JPY mn (of net income 67.5%) |
| Shareholder returns / net income | 12.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 39.7% |
| Investing CF relative to operating CF | 178.1% |

## 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 | 9.6% | 0.42× | 4.0% | 2.83× | 11.4% | S100R2IX |
| 2023 | 9.8% | 0.49× | 4.9% | 2.52× | 12.2% | S100TVXA |
| 2024 | 7.9% | 0.49× | 3.9% | 2.31× | 9.0% | S100W2CN |
| 2025 | 9.9% | 0.60× | 5.9% | 2.20× | 13.1% | S100YGKM |
| 2026 | 13.5% | 0.62× | 8.3% | 2.22× | 18.5% | S100YGKM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| KCPエクイティアシスト１号投資事業有限責任組合 | Major shareholder | 11.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 5.1% | 2026-03-31 |
| 風越建設株式会社 | Major shareholder | 4.4% | 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 | 4.2% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 3.4% | 2026-03-31 |
| 平尾 秀博 | Major shareholder | 3.3% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.2% | 2026-03-31 |
| サンリツサービス株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 小沼 滋紀 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YGKM | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGKM,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W2CN | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2CN,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TVXA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVXA,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R2IX | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2IX,, |
| 訂正有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100PJH8 | 2022-11-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PJH8,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LOHH | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOHH,, |

## 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).