# JBCC Holdings Inc.: 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62期(2025/04/01－2026/03/31) (S100YE6B)
> Page: https://vizora.meequs.com/en/company/jbcc-holdings
> Retrieved: 2026-09-30T22:01:30.914Z

## Company

JBCC Holdings, founded in 1964, is a company in IT Services & System Integration listed on TSE Prime. It has 1,604 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JBCC Holdings Inc. |
| Ticker | 9889 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9889.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八重洲二丁目2番1号 (東京ミッドタウン八重洲 八重洲セントラルタワー) |
| Representative (per filing) | 代表取締役社長 東上 征司 |
| Founded | Apr 1964 |
| Share capital | ¥4.71B |
| Employees (consolidated) | 1,604 |
| Average salary (parent only) | ¥12.4M |
| Fiscal year end | March |
| Website | www.jbcchd.co.jp (https://www.jbcchd.co.jp/) |
| Corporate number | 6010801009068 |
| EDINET | E02729 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Printers & Office Equipment |

> Profile source: annual securities report (S100YE6B, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.8 | 157 |
| Profitability | 54.8 | 196 |
| Cash conversion | 51.1 | 185 |
| Efficiency | 76.3 | 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)

- About 97% of JBCC Holdings's sales come from Information Solutions, with Products Development and Manufacturing making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +8.8% from the prior year, operating profit +18.7%.

## Company structure

- Segment revenue mix: Information Solutions 97.2%、Products Development and Manufacturing 2.8%
- Revenue → net income: ¥76019000000 → ¥5353000000
- Net income → operating cash flow: ¥5353000000 → ¥6034000000（difference ¥681000000）
- Main uses of operating cash flow: CapEx ¥238000000 / dividends ¥2406000000 / buybacks ¥3000000000
- Change in cash: ¥834000000
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 | ¥76B |  |
| Operating income | ¥7.31B | Margin 9.6% |
| Net income | ¥5.35B | Margin 7.0% |
| Free cash flow | ¥5.8B |  |
| Largest business | Information Solutions | of segment revenue 97.2% |
| Employees (consolidated) | 1,604 |  |
| EPS | ¥79.33 |  |
| Book value per share | ¥316.57 |  |
| Equity ratio | 52.5% |  |
| Shares outstanding | 71,094,972 |  |
| Treasury shares | 8,460,200 |  |
| Shareholders | 8,531 |  |
| Average salary (parent only) | ¥12.4M | Filing company only |
| Cash ratio | 39.3% | Cash ÷ revenue 24.5% |
| Vs. industry median margin | +0.7 pp | IT Services & System Integration |
| ROE | 22.5% | Derived from disclosed figures |
| ROA | 11.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, parent-company salary changed +41% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥60042000000 | ¥76019000000 | +26.6% |
| Operating income | ¥2603000000 | ¥7308000000 | +180.8% |
| Operating margin | 4.3% | 9.6% | +5.3 pp |
| Employees | 1,826 people | 1,604 people | -12.2% |
| Cash and equivalents | ¥10753000000 | ¥18619000000 | +73.2% |

### 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 |
| --- | ---: |
| 情報ソリューション → 情報ソリューション | 96.3% |
| 製品開発製造 → 製品開発製造 | 2.8% |
| 製品開発製造 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 情報ソリューション | 0.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,019 | 100.0% | S100YE6B |
| Cost of revenue | 51,827 | 68.2% | S100YE6B |
| Gross profit | 24,192 | 31.8% | S100YE6B |
| SG&A | 16,883 | 22.2% | S100YE6B |
| Operating income | 7,308 | 9.6% | S100YE6B |
| Ordinary income | 7,469 | 9.8% | S100YE6B |
| Pretax income | 7,792 | 10.3% | S100YE6B |
| Income tax | 2,439 | 3.2% | S100YE6B |
| Net income | 5,353 | 7.0% | S100YE6B |
| Net income attributable to owners | 5,353 | 7.0% | S100YE6B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 22 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 31.8% → Operating margin 9.6% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.8%; Core profit growth: +18.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.13×
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 | 69,868 | 76,019 | 6,151 | +8.8% |
| Gross profit | 20,971 | 24,192 | 3,221 | +15.4% |
| Operating income | 6,155 | 7,308 | 1,153 | +18.7% |
| Net income attributable to owners | 4,603 | 5,353 | 750 | +16.3% |
| Operating cash flow | 6,639 | 6,034 | -605 | -9.1% |
| Free cash flow | 6,498 | 5,796 | -702 | -10.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,618 | 3,461 | 5.3% | 1,951 | 3,216 | 3,037 | S100LL8R |
| FY ending Mar 2021 | 60,042 | 2,603 | 4.3% | 1,931 | 2,553 | 2,302 | S100OBZ5 |
| FY ending Mar 2022 | 55,934 | 3,083 | 5.5% | 2,245 | 3,562 | 3,344 | S100R0NE |
| FY ending Mar 2023 | 58,144 | 3,764 | 6.5% | 2,679 | 910 | 129 | S100TNI0 |
| FY ending Mar 2024 | 65,194 | 4,422 | 6.8% | 3,187 | 1,235 | 1,131 | S100VY2R |
| FY ending Mar 2025 | 69,868 | 6,155 | 8.8% | 4,603 | 6,639 | 6,498 | S100YE6B |
| FY ending Mar 2026 | 76,019 | 7,308 | 9.6% | 5,353 | 6,034 | 5,796 | S100YE6B |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 1,763 | 1,691 | 1,626 | 1,592 | 1,604 |
| Average salary (parent company) | ¥8.8M | ¥8.4M | ¥9.2M | ¥10.3M | ¥12.4M |
| Average age (parent company) | 43.9 years | 40.7 years | 41.9 years | 42.4 years | 48.9 years |
| Average tenure (parent company) | 15.9 years | 11.9 years | 11.6 years | 11.6 years | 16.3 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +8.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information Solutions | 73,879 | 97.2% | 8,638 | 11.7% |
| Products Development and Manufacturing | 2,140 | 2.8% | 149 | 7.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information Solutions | 97.2% | 98.3% | 1.1 | 11.7% |
| Products Development and Manufacturing | 2.8% | 1.7% | -1.1 | 7.0% |

Segment → industry: Information Solutions → IT Services & System Integration / Products Development and Manufacturing → Software & SaaS / Products Development and Manufacturing → Printers & Office Equipment

## 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 | 6,034 | 7.9% | S100YE6B |
| Capital expenditure | 238 | 0.3% | S100YE6B |
| Free cash flow | 5,796 | 7.6% | 算出 |
| Investing cash flow | 340 | 0.4% | S100YE6B |
| Financing cash flow | -5,517 | -7.3% | S100YE6B |
| Dividends paid | 2,406 | 3.2% | S100YE6B |
| Share buyback | 3,000 | 3.9% | S100YE6B |
| Change in cash | 834 | 1.1% | S100YE6B |
| Cash and equivalents | 18,619 | 24.5% | S100YE6B |

## 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 | 12,111 | 10,654 | 9,902 | 17,784 | 18,619 | S100TNI0, S100VY2R, S100YE6B |
| Total assets | 33,259 | 35,950 | 37,207 | 44,466 | 47,394 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Net assets | 18,016 | 19,882 | 21,178 | 24,182 | 24,883 | S100TNI0, S100VY2R, S100YE6B |
| Share capital | 4,713 | 4,713 | 4,713 | 4,713 | 4,713 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Property, plant and equipment | 1,095 | 1,864 | 1,645 | 1,691 | 1,374 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Intangible assets excluding goodwill | 531 | 456 | 378 | 330 | 360 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Goodwill | 99 | 66 | 33 | — | — | S100R0NE, S100TNI0, S100VY2R |
| Investment securities | 2,690 | 2,590 | 2,646 | 2,226 | 2,256 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Current assets | 25,596 | 27,806 | 29,737 | 37,532 | 40,707 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Current liabilities | 13,381 | 15,263 | 15,238 | 16,551 | 19,557 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Trade payables | 3,720 | 4,838 | 4,912 | 5,285 | 6,259 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Short-term borrowings | 210 | — | — | — | — | S100R0NE |
| Long-term borrowings | — | — | — | 2,588 | 1,903 | S100YE6B |
| Total liabilities | 15,243 | 16,068 | 16,028 | 20,284 | 22,511 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Equity attributable to owners of parent | 17,368 | 19,232 | 20,325 | 23,484 | 24,102 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Retained earnings | 10,424 | 12,114 | 14,027 | 16,977 | 19,921 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |
| Treasury stock | -2,750 | -2,610 | -3,518 | -5,075 | -7,518 | S100R0NE, S100TNI0, S100VY2R, S100YE6B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100YE6B |
| Property, plant and equipment | 3% | S100YE6B |
| Intangibles and goodwill | 1% | S100YE6B |
| Investment securities | 5% | S100YE6B |
| Other assets | 52% | S100YE6B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YE6B |
| Other liabilities | 34% | S100YE6B |
| Equity | 53% | S100YE6B |

### 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 | 33,259 | 35,950 | 37,207 | 44,466 | 47,394 |
| Equity | 18,016 | 19,882 | 21,178 | 24,182 | 24,883 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,111 | 10,654 | 9,902 | 17,784 | 18,619 |

## 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) | 1.8% | S100YE6B |
| Fixed assets ÷ total assets | 2.9% | S100YE6B |
| Goodwill ÷ parent equity | — | —, S100YE6B |

### 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) | 39.3% |
| Cash ÷ revenue | 24.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.6% |
| Cash vs. profit gap | 681 JPY mn (of net income 12.7%) |
| Shareholder returns / net income | 101.0% |
| Shareholder returns / FCF | 93.3% |
| Shareholder payments — dividends / net income | 44.9% |
| Shareholder payments — dividends / FCF | 41.5% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 5.6% |

## 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 | 4.0% | 1.68× | 6.8% | 1.91× | 12.9% | S100R0NE |
| 2023 | 4.6% | 1.68× | 7.7% | 1.89× | 14.6% | S100TNI0 |
| 2024 | 4.9% | 1.78× | 8.7% | 1.85× | 16.1% | S100VY2R |
| 2025 | 6.6% | 1.71× | 11.3% | 1.86× | 21.0% | S100YE6B |
| 2026 | 7.0% | 1.66× | 11.7% | 1.93× | 22.5% | S100YE6B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.4% | 2026-03-31 |
| ＪＢＣＣグループ社員持株会 | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 富国生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| 野村信託銀行株式会社（ＪＢＣＣグループ社員持株会専用信託口） | Major shareholder | 3.1% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| 明治電機工業株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 谷口 君代 | Major shareholder | 1.3% | 2026-03-31 |
| 安田倉庫株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YE6B | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE6B,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100VY2R | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY2R,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TNI0 | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNI0,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R0NE | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0NE,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OBZ5 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBZ5,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LL8R | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL8R,, |

## 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).