# Jedat Inc.: 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24期(2025/04/01－2026/03/31) (S100YAUW)
> Page: https://vizora.meequs.com/en/company/jedat
> Retrieved: 2026-09-30T22:08:14.643Z

## Company

Jedat, founded in 2003, is a company in Software & SaaS listed on TSE Standard. It has 130 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Jedat Inc. |
| Ticker | 3841 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3841.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区湊一丁目1番12号 |
| Representative (per filing) | 代表取締役 社長執行役員 松尾和利 |
| Founded | Nov 2003 |
| Share capital | ¥762.5M |
| Employees (consolidated) | 130 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.jedat.co.jp (https://www.jedat.co.jp/) |
| Corporate number | 7010001085545 |
| EDINET | E05669 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YAUW, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.8 | 105 |
| Profitability | 51.4 | 145 |
| Cash conversion | 75.4 | 128 |
| Efficiency | 11.4 | 145 |

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)

- Jedat brought in ¥2.04B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit +1.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2041604000 → ¥172108000
- Net income → operating cash flow: ¥172108000 → ¥378483000（difference ¥206375000）
- Main uses of operating cash flow: CapEx ¥5306000 / dividends ¥153973000 / buybacks —
- Change in cash: ¥198544000
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 | ¥2.04B |  |
| Operating income | ¥260.6M | Margin 12.8% |
| Net income | ¥172.1M | Margin 8.4% |
| Free cash flow | ¥373.2M |  |
| Employees (consolidated) | 130 |  |
| EPS | ¥44.71 |  |
| Book value per share | ¥938.45 |  |
| Equity ratio | 83.5% |  |
| Shares outstanding | 3,909,800 |  |
| Treasury shares | 60,400 |  |
| Shareholders | 1,340 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 63.4% | Cash ÷ revenue 134.4% |
| Vs. industry median margin | +0.3 pp | Software & SaaS |
| ROE | 4.8% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, cash is 63% of total assets
- FY2026, employees -1% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1815440000 | ¥2041604000 | +12.5% |
| Operating income | ¥134210000 | ¥260562000 | +94.1% |
| Operating margin | 7.4% | 12.8% | +5.4 pp |
| Employees | 124 people | 130 people | +4.8% |
| Cash and equivalents | ¥1785860000 | ¥2744320000 | +53.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,042 | 100.0% | S100YAUW |
| Cost of revenue | 728 | 35.6% | S100YAUW |
| Gross profit | 1,314 | 64.4% | S100YAUW |
| SG&A | 1,053 | 51.6% | S100YAUW |
| Operating income | 261 | 12.8% | S100YAUW |
| Ordinary income | 251 | 12.3% | S100YAUW |
| Pretax income | 251 | 12.3% | S100YAUW |
| Income tax | 79 | 3.9% | S100YAUW |
| Net income | 172 | 8.4% | S100YAUW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 36 |
| SG&A | 51 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 64.4% → Operating margin 12.8% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.0%; Core profit growth: +1.4%
Operating leverage (core profit growth ÷ revenue growth): -1.35×
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 | 2,063 | 2,042 | -21 | -1.0% |
| Gross profit | 1,306 | 1,314 | 8 | +0.6% |
| Operating income | 257 | 261 | 4 | +1.4% |
| Operating cash flow | 138 | 378 | 241 | +174.5% |
| Free cash flow | 119 | 373 | 254 | +213.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,894 | 130 | 6.9% | 93 | 193 | 181 | S100LJG8 |
| FY ending Mar 2021 | 1,815 | 134 | 7.4% | 101 | 63 | 37 | S100O9AH |
| FY ending Mar 2022 | 1,973 | 219 | 11.1% | 169 | 796 | 786 | S100R0OT |
| FY ending Mar 2023 | 2,018 | 267 | 13.2% | 266 | 311 | 282 | S100TMV9 |
| FY ending Mar 2024 | 2,061 | 302 | 14.7% | 329 | -65 | -68 | S100VY2W |
| FY ending Mar 2025 | 2,063 | 257 | 12.5% | 213 | 138 | 119 | S100YAUW |
| FY ending Mar 2026 | 2,042 | 261 | 12.8% | 172 | 378 | 373 | S100YAUW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 124 | 128 | 125 | 131 | 130 |
| Average salary (parent company) | ¥6.7M | ¥6.5M | ¥6.3M | ¥6.4M | ¥6.5M |
| Average age (parent company) | 47.8 years | 47.9 years | 47.5 years | 47.3 years | 47.8 years |
| Average tenure (parent company) | 10.4 years | 10.9 years | 11.5 years | 11.6 years | 12.0 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -1.0%

## 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 | 378 | 18.5% | S100YAUW |
| Capital expenditure | 5 | 0.3% | S100YAUW |
| Free cash flow | 373 | 18.3% | 算出 |
| Investing cash flow | -26 | -1.3% | S100YAUW |
| Financing cash flow | -154 | -7.5% | S100YAUW |
| Dividends paid | 154 | 7.5% | S100YAUW |
| Change in cash | 199 | 9.7% | S100YAUW |
| Cash and equivalents | 2,744 | 134.4% | S100YAUW |

## 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 | 2,526 | 2,711 | 2,548 | 2,546 | 2,744 | S100TMV9, S100VY2W, S100YAUW |
| Total assets | 4,332 | 4,491 | 4,516 | 4,273 | 4,327 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Net assets | 3,111 | 3,302 | 3,535 | 3,594 | 3,612 | S100TMV9, S100VY2W, S100YAUW |
| Share capital | 761 | 763 | 763 | 763 | 763 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Property, plant and equipment | 45 | 32 | 23 | 23 | 16 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Intangible assets excluding goodwill | 6 | 22 | 18 | 15 | 9 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Investment securities | 108 | 125 | 139 | 132 | 113 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Current assets | 4,056 | 4,180 | 4,198 | 3,108 | 3,193 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Current liabilities | 1,214 | 1,185 | 978 | 675 | 711 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Total liabilities | 1,221 | 1,188 | 981 | 679 | 714 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Equity attributable to owners of parent | 3,111 | 3,302 | 3,535 | 3,594 | 3,612 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Retained earnings | 1,486 | 1,675 | 1,907 | 1,967 | 1,985 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |
| Treasury stock | -29 | -29 | -29 | -29 | -29 | S100R0OT, S100TMV9, S100VY2W, S100YAUW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 64% | S100YAUW |
| Property, plant and equipment | 0% | S100YAUW |
| Intangibles and goodwill | 0% | S100YAUW |
| Investment securities | 3% | S100YAUW |
| Other assets | 33% | S100YAUW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YAUW |
| Equity | 83% | S100YAUW |

### 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 | 4,332 | 4,491 | 4,516 | 4,273 | 4,327 |
| Equity | 3,111 | 3,302 | 3,535 | 3,594 | 3,612 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,526 | 2,711 | 2,548 | 2,546 | 2,744 |

## 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) | 0.8% | S100YAUW |
| Fixed assets ÷ total assets | 0.4% | S100YAUW |
| Goodwill ÷ parent equity | — | —, S100YAUW |

### 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) | 63.4% |
| Cash ÷ revenue | 134.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 145.3% |
| Cash vs. profit gap | 206 JPY mn (of net income 119.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 89.5% |
| Shareholder payments — dividends / FCF | 41.3% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 6.9% |

## 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 | 8.6% | 0.46× | 3.9% | 1.39× | 5.4% | S100R0OT |
| 2023 | 13.2% | 0.46× | 6.0% | 1.38× | 8.3% | S100TMV9 |
| 2024 | 15.9% | 0.46× | 7.3% | 1.32× | 9.6% | S100VY2W |
| 2025 | 10.3% | 0.47× | 4.9% | 1.23× | 6.0% | S100YAUW |
| 2026 | 8.4% | 0.47× | 4.0% | 1.19× | 4.8% | S100YAUW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社アルゴグラフィックス | Major shareholder | 51.4% | 2026-03-31 |
| セイコーインスツル株式会社 | Major shareholder | 21.2% | 2026-03-31 |
| ジーダット従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 秋山 義明 | Major shareholder | 0.9% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.9% | 2026-03-31 |
| 若林 敬三 | Major shareholder | 0.7% | 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 | 0.7% | 2026-03-31 |
| 久保田 正明 | Major shareholder | 0.5% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社エスケーエレクトロニクス | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/04/01－2026/03/31) | S100YAUW | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAUW,, |
| 有価証券報告書－第23期(2024/04/01－2025/03/31) | S100VY2W | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY2W,, |
| 有価証券報告書－第22期(2023/04/01－2024/03/31) | S100TMV9 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMV9,, |
| 有価証券報告書－第21期(2022/04/01－2023/03/31) | S100R0OT | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0OT,, |
| 有価証券報告書－第20期(令和3年4月1日－令和4年3月31日) | S100O9AH | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9AH,, |
| 有価証券報告書－第19期(令和2年4月1日－令和3年3月31日) | S100LJG8 | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJG8,, |

## 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).