# JESCO Holdings, Inc.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第56期(2024/09/01－2025/08/31) (S100X6GM)
> Page: https://vizora.meequs.com/en/company/jesco-holdings
> Retrieved: 2026-09-30T22:19:51.352Z

## Company

JESCO Holdings, founded in 1970, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 642 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JESCO Holdings, Inc. |
| Ticker | 1434 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1434.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂四丁目8番18号 |
| Representative (per filing) | 代表取締役社長 唐澤 光子 |
| Founded | Aug 1970 |
| Share capital | ¥1.06B |
| Employees (consolidated) | 642 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | August |
| Website | www.jesco.co.jp (https://www.jesco.co.jp/) |
| Corporate number | 1011101008616 |
| EDINET | E31741 |
| Industries (Vizora) | Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100X6GM, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.8 | 72 |
| Profitability | 49.3 | 76 |
| Cash conversion | 33.1 | 74 |
| Efficiency | 58.6 | 76 |

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 67% of JESCO Holdings's sales come from Domestic EPC business, with Real estate business and ASEAN EPC business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +28.8% from the prior year, operating profit +50.6%.

## Company structure

- Segment revenue mix: Domestic EPC business 67.2%、Real estate business 25.5%、ASEAN EPC business 7.3%
- Revenue → net income: ¥19067640000 → ¥1075383000
- Net income → operating cash flow: ¥1075383000 → ¥896261000（difference ¥-179122000）
- Main uses of operating cash flow: CapEx ¥445923000 / dividends ¥207534000 / buybacks ¥4658000
- Change in cash: ¥662040000
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 | ¥19.1B |  |
| Operating income | ¥1.72B | Margin 9.0% |
| Net income | ¥1.08B | Margin 5.6% |
| Free cash flow | ¥450.3M |  |
| Largest business | Domestic EPC business | of segment revenue 67.2% |
| Employees (consolidated) | 642 |  |
| EPS | ¥52.36 |  |
| Book value per share | ¥745.22 |  |
| Equity ratio | 42.4% |  |
| Shares outstanding | 6,954,000 |  |
| Treasury shares | 16,800 |  |
| Shareholders | 4,126 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | 0 pp | Plant Engineering & Building Services |
| ROE | 15.4% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.1× its level five years ago
- FY2025, employees -15% while operating income rose 51%

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8993284000 | ¥19067640000 | +112.0% |
| Operating income | ¥340830000 | ¥1721775000 | +405.2% |
| Operating margin | 3.8% | 9.0% | +5.2 pp |
| Employees | 584 people | 642 people | +9.9% |
| Cash and equivalents | ¥1015569000 | ¥3012672000 | +196.6% |

### Change in segment revenue mix

Span: FY ending Aug 2020 → FY ending Aug 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内EPC事業 → 国内EPC事業 | 67.2% |
| 国内EPC事業 → 事業再編・廃止 | 7.2% |
| アセアンEPC事業 → アセアンEPC事業 | 7.3% |
| アセアンEPC事業 → 事業再編・廃止 | 12.1% |
| 不動産事業 → 不動産事業 | 1.5% |
| その他 → 事業再編・廃止 | 4.6% |
| 新設・再編 → 不動産事業 | 24.0% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic EPC business | 5 years | +12.8% | ¥12820690000 | 9.2% | 2 |
| Real estate business | 5 years | +102.3% | ¥4859191000 | 16.7% | 2 |
| ASEAN EPC business | 5 years | -5.3% | ¥1387758000 | -12.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,068 | 100.0% | S100X6GM |
| Cost of revenue | 15,927 | 83.5% | S100X6GM |
| Gross profit | 3,141 | 16.5% | S100X6GM |
| SG&A | 1,419 | 7.4% | S100X6GM |
| Operating income | 1,722 | 9.0% | S100X6GM |
| Ordinary income | 1,693 | 8.9% | S100X6GM |
| Pretax income | 1,729 | 9.1% | S100X6GM |
| Income tax | 653 | 3.4% | S100X6GM |
| Net income | 1,075 | 5.6% | S100X6GM |
| Net income attributable to owners | 1,076 | 5.6% | S100X6GM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 7 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 16.5% → Operating margin 9.0% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +28.8%; Core profit growth: +50.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.76×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 14,805 | 19,068 | 4,263 | +28.8% |
| Gross profit | 2,731 | 3,141 | 410 | +15.0% |
| Operating income | 1,144 | 1,722 | 578 | +50.6% |
| Net income attributable to owners | 1,012 | 1,076 | 64 | +6.3% |
| Operating cash flow | -852 | 896 | 1,748 | — |
| Free cash flow | -932 | 450 | 1,382 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 10,371 | -88 | -0.9% | -125 | 562 | 549 | S100K90G |
| FY ending Aug 2020 | 8,993 | 341 | 3.8% | 315 | -147 | -1,723 | S100MXKN |
| FY ending Aug 2021 | 9,269 | 560 | 6.0% | 463 | 1,158 | -1,442 | S100PON9 |
| FY ending Aug 2022 | 10,381 | 776 | 7.5% | 513 | 697 | 652 | S100SCKR |
| FY ending Aug 2023 | 11,104 | 425 | 3.8% | 1,182 | -2,403 | -2,454 | S100UUQG |
| FY ending Aug 2024 | 14,805 | 1,144 | 7.7% | 1,012 | -852 | -932 | S100X6GM |
| FY ending Aug 2025 | 19,068 | 1,722 | 9.0% | 1,076 | 896 | 450 | S100X6GM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.7M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 574 | 642 | 743 | 754 | 642 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥6M | ¥5.6M | ¥6.2M |
| Average age (parent company) | 43.2 years | 44.6 years | 40.8 years | 39.3 years | 40.2 years |
| Average tenure (parent company) | 8.9 years | 9.5 years | 9.0 years | 9.3 years | 10.2 years |

Year over year: Employees (consolidated) -14.9% · Revenue (consolidated) +28.8%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic EPC business | 12,821 | 67.2% | 1,180 | 9.2% |
| ASEAN EPC business | 1,388 | 7.3% | -168 | -12.1% |
| Real estate business | 4,859 | 25.5% | 812 | 16.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic EPC business | 67.2% | 59.2% | -8.0 | 9.2% |
| ASEAN EPC business | 7.3% | — | — | -12.1% |
| Real estate business | 25.5% | 40.8% | 15.3 | 16.7% |

Loss-making segment (excluded from profit shares): ASEAN EPC business -168 JPY mn

Segment → industry: ASEAN EPC business → Plant Engineering & Building Services / Domestic EPC business → Plant Engineering & Building Services / Real estate business → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 896 | 4.7% | S100X6GM |
| Capital expenditure | 446 | 2.3% | S100X6GM |
| Free cash flow | 450 | 2.4% | 算出 |
| Investing cash flow | 17 | 0.1% | S100X6GM |
| Financing cash flow | -211 | -1.1% | S100X6GM |
| Dividends paid | 208 | 1.1% | S100X6GM |
| Share buyback | 5 | 0.0% | S100X6GM |
| Change in cash | 662 | 3.5% | S100X6GM |
| Cash and equivalents | 3,013 | 15.8% | S100X6GM |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,356 | 1,558 | 2,284 | 2,351 | 3,013 | S100SCKR, S100UUQG, S100X6GM |
| Total assets | 11,796 | 13,467 | 16,771 | 17,735 | 17,648 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Net assets | 3,994 | 4,766 | 6,528 | 6,747 | 7,561 | S100SCKR, S100UUQG, S100X6GM |
| Share capital | 988 | 1,007 | 1,028 | 1,046 | 1,056 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Property, plant and equipment | 7,295 | 7,249 | 6,065 | 3,634 | 2,309 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Intangible assets excluding goodwill | 28 | 216 | 283 | 265 | 198 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Goodwill | 6 | 194 | 255 | 145 | 79 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Investment securities | 107 | 129 | 545 | 240 | 255 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Current assets | 4,228 | 5,578 | 9,447 | 12,999 | 14,206 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Current liabilities | 3,809 | 4,788 | 5,004 | 6,347 | 5,479 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Short-term borrowings | 1,387 | 1,431 | 1,201 | 1,595 | 1,325 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Long-term borrowings | 2,857 | 2,772 | 3,992 | 3,756 | 3,803 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Bonds | 275 | 225 | 185 | — | — | S100PON9, S100SCKR, S100UUQG |
| Interest-bearing debt | 4,519 | 4,427 | 5,378 | — | — | 算出 |
| Total liabilities | 7,802 | 8,701 | 10,243 | 10,988 | 10,086 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Non-controlling interests | 204 | 348 | 920 | 113 | 86 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Equity attributable to owners of parent | 3,839 | 4,314 | 5,438 | 6,558 | 7,429 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Retained earnings | 1,943 | 2,381 | 3,462 | 4,269 | 5,138 | S100PON9, S100SCKR, S100UUQG, S100X6GM |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PON9, S100SCKR, S100UUQG, S100X6GM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100X6GM |
| Property, plant and equipment | 13% | S100X6GM |
| Intangibles and goodwill | 2% | S100X6GM |
| Investment securities | 1% | S100X6GM |
| Other assets | 67% | S100X6GM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100X6GM |
| Equity | 43% | S100X6GM |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,796 | 13,467 | 16,771 | 17,735 | 17,648 |
| Equity | 3,994 | 4,766 | 6,528 | 6,747 | 7,561 |
| Interest-bearing debt | 4,519 | 4,427 | 5,378 | — | — |
| Cash | 1,356 | 1,558 | 2,284 | 2,351 | 3,013 |

## 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) | 12.1% | S100X6GM |
| Fixed assets ÷ total assets | 13.1% | S100X6GM |
| Goodwill ÷ parent equity | 1.1% | S100X6GM |

Goodwill over 4 years: 6 → 79 JPY; total investing cash flow: 1,814 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) | 17.1% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.1% |
| Cash vs. profit gap | -180 JPY mn (of net income -16.7%) |
| Shareholder returns / net income | 19.7% |
| Shareholder returns / FCF | 47.1% |
| Shareholder payments — dividends / net income | 19.3% |
| Shareholder payments — dividends / FCF | 46.1% |
| CapEx intensity (capex ÷ revenue) | 2.3% |
| Investing CF relative to operating CF | 1.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.0% | 0.79× | 3.9% | 3.07× | 12.1% | S100PON9 |
| 2022 | 4.9% | 0.82× | 4.1% | 3.10× | 12.6% | S100SCKR |
| 2023 | 10.6% | 0.73× | 7.8% | 3.10× | 24.2% | S100UUQG |
| 2024 | 6.8% | 0.86× | 5.9% | 2.88× | 16.9% | S100X6GM |
| 2025 | 5.6% | 1.08× | 6.1% | 2.53× | 15.4% | S100X6GM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本コムシス株式会社 （注）１ | Major shareholder | 18.4% | 2025-08-31 |
| 京セラコミュニケーションシステム株式会社 | Major shareholder | 5.8% | 2025-08-31 |
| JESCO従業員持株会 | Major shareholder | 4.9% | 2025-08-31 |
| 唐澤光子 | Major shareholder | 3.4% | 2025-08-31 |
| ＪＥＳＣＯ取引先持株会 | Major shareholder | 2.2% | 2025-08-31 |
| 松下彰利 | Major shareholder | 2.1% | 2025-08-31 |
| 西武信用金庫 | Major shareholder | 1.9% | 2025-08-31 |
| DAIWA CM SINGAPORE LTD. （注）３（常任代理人 大和証券株式会社） | Major shareholder | 1.4% | 2025-08-31 |
| 茶谷雅裕 | Major shareholder | 1.3% | 2025-08-31 |
| 功刀幸寛 | Major shareholder | 1.3% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2024/09/01－2025/08/31) | S100X6GM | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6GM,, |
| 有価証券報告書－第55期(2023/09/01－2024/08/31) | S100UUQG | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUQG,, |
| 有価証券報告書－第54期(2022/09/01－2023/08/31) | S100SCKR | 2023-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SCKR,, |
| 有価証券報告書－第53期(令和3年9月1日－令和4年8月31日) | S100PON9 | 2022-11-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PON9,, |
| 有価証券報告書－第52期(令和2年9月1日－令和3年8月31日) | S100MXKN | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXKN,, |
| 有価証券報告書－第51期(令和1年9月1日－令和2年8月31日) | S100K90G | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K90G,, |

## 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).