# JIG-SAW INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第25期(2025/01/01－2025/12/31) (S100XSVD)
> Page: https://vizora.meequs.com/en/company/jig-saw
> Retrieved: 2026-09-30T19:50:20.864Z

## Company

Jig-Saw, founded in 2001, is a company in IT Services & System Integration listed on TSE Growth. It has 171 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JIG-SAW INC. |
| Ticker | 3914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3914.T) |
| Listing | TSE Growth |
| Head office | 北海道札幌市北区北八条西三丁目32番(上記は登記上の本店所在地であり、実際の管理業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 山川 真考 |
| Founded | Nov 2001 |
| Share capital | ¥351.1M |
| Employees (consolidated) | 171 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.jig-saw.com (https://www.jig-saw.com/) |
| Corporate number | 3430001027574 |
| EDINET | E31436 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XSVD, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.3 | 157 |
| Profitability | 83.9 | 196 |
| Cash conversion | 53.2 | 185 |
| Efficiency | 8.9 | 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)

- Jig-Saw brought in ¥3.63B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit -1.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3625500000 → ¥418233000
- Net income → operating cash flow: ¥418233000 → ¥458511000（difference ¥40278000）
- Main uses of operating cash flow: CapEx ¥217250000 / dividends — / buybacks ¥232722000
- Change in cash: ¥387950000
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 | ¥3.63B |  |
| Operating income | ¥549.8M | Margin 15.2% |
| Net income | ¥418.2M | Margin 11.5% |
| Free cash flow | ¥241.3M |  |
| Employees (consolidated) | 171 |  |
| EPS | ¥58.65 |  |
| Diluted EPS | ¥58.52 |  |
| Book value per share | ¥454.86 |  |
| Equity ratio | 61.5% |  |
| Shares outstanding | 6,751,000 |  |
| Treasury shares | 174,600 |  |
| Shareholders | 4,493 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 44.9% | Cash ÷ revenue 65.5% |
| Vs. industry median margin | +6.2 pp | IT Services & System Integration |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 45% of total assets
- FY2025, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2192768000 | ¥3625500000 | +65.3% |
| Operating income | ¥313764000 | ¥549776000 | +75.2% |
| Operating margin | 14.3% | 15.2% | +0.9 pp |
| Employees | 158 people | 171 people | +8.2% |
| Cash and equivalents | ¥890290000 | ¥2375218000 | +166.8% |

### Change in segment revenue mix

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

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,626 | 100.0% | S100XSVD |
| Cost of revenue | 1,081 | 29.8% | S100XSVD |
| Gross profit | 2,544 | 70.2% | S100XSVD |
| SG&A | 1,995 | 55.0% | S100XSVD |
| Operating income | 550 | 15.2% | S100XSVD |
| Ordinary income | 601 | 16.6% | S100XSVD |
| Pretax income | 606 | 16.7% | S100XSVD |
| Income tax | 188 | 5.2% | S100XSVD |
| Net income | 418 | 11.5% | S100XSVD |
| Net income attributable to owners | 418 | 11.5% | S100XSVD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 30 |
| SG&A | 55 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 70.2% → Operating margin 15.2% → Net margin 11.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.4%; Core profit growth: -1.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,473 | 3,626 | 153 | +4.4% |
| Gross profit | 2,443 | 2,544 | 101 | +4.1% |
| Operating income | 557 | 550 | -7 | -1.2% |
| Net income attributable to owners | 479 | 418 | -60 | -12.6% |
| Operating cash flow | 619 | 459 | -160 | -25.9% |
| Free cash flow | 407 | 241 | -166 | -40.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 1,798 | 315 | 17.5% | 446 | 177 | 108 | S100L1K9 |
| FY ending Dec 2020 | 2,193 | 314 | 14.3% | 327 | -19 | -198 | S100NSSV |
| FY ending Dec 2021 | 2,690 | 488 | 18.2% | 336 | 450 | 337 | S100QI14 |
| FY ending Dec 2022 | 3,052 | 580 | 19.0% | 408 | 507 | 492 | S100T5KX |
| FY ending Dec 2023 | 3,241 | 625 | 19.3% | 460 | 474 | 463 | S100VHMW |
| FY ending Dec 2024 | 3,473 | 557 | 16.0% | 479 | 619 | 407 | S100XSVD |
| FY ending Dec 2025 | 3,626 | 550 | 15.2% | 418 | 459 | 241 | S100XSVD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.2M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 166 | 160 | 175 | 178 | 171 |
| Average salary (parent company) | ¥5.5M | ¥5.9M | ¥6.3M | ¥6.7M | ¥7M |
| Average age (parent company) | 31.5 years | 32.3 years | 32.6 years | 32.0 years | 31.4 years |
| Average tenure (parent company) | 3.2 years | 3.8 years | 4.4 years | 4.7 years | 5.5 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +4.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 459 | 12.6% | S100XSVD |
| Capital expenditure | 217 | 6.0% | S100XSVD |
| Free cash flow | 241 | 6.7% | 算出 |
| Investing cash flow | -89 | -2.4% | S100XSVD |
| Financing cash flow | 14 | 0.4% | S100XSVD |
| Share buyback | 233 | 6.4% | S100XSVD |
| Change in cash | 388 | 10.7% | S100XSVD |
| Cash and equivalents | 2,375 | 65.5% | S100XSVD |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,121 | 1,359 | 1,475 | 1,987 | 2,375 | S100T5KX, S100VHMW, S100XSVD |
| Total assets | 2,641 | 3,119 | 3,493 | 4,855 | 5,293 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Net assets | 1,968 | 2,269 | 2,590 | 3,154 | 3,368 | S100T5KX, S100VHMW, S100XSVD |
| Share capital | 351 | 351 | 351 | 351 | 351 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Property, plant and equipment | 306 | 255 | 213 | 367 | 412 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Intangible assets excluding goodwill | 45 | 39 | 37 | 43 | 43 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Investment securities | 118 | 125 | 139 | 212 | 219 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Current assets | 1,791 | 2,313 | 2,613 | 3,393 | 3,956 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Current liabilities | 561 | 800 | 901 | 1,333 | 1,339 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Long-term borrowings | 105 | 45 | — | 350 | 530 | S100QI14, S100T5KX, S100XSVD |
| Total liabilities | 673 | 850 | 903 | 1,702 | 1,925 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Equity attributable to owners of parent | 1,939 | 2,166 | 2,431 | 2,930 | 3,129 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Retained earnings | 1,850 | 2,070 | 2,435 | 2,752 | 3,170 | S100QI14, S100T5KX, S100VHMW, S100XSVD |
| Treasury stock | -573 | -566 | -666 | -483 | -709 | S100QI14, S100T5KX, S100VHMW, S100XSVD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100XSVD |
| Property, plant and equipment | 8% | S100XSVD |
| Intangibles and goodwill | 1% | S100XSVD |
| Investment securities | 4% | S100XSVD |
| Other assets | 42% | S100XSVD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 36% | S100XSVD |
| Equity | 64% | S100XSVD |
| Other liabilities | 0% | S100XSVD |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,641 | 3,119 | 3,493 | 4,855 | 5,293 |
| Equity | 1,968 | 2,269 | 2,590 | 3,154 | 3,368 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,121 | 1,359 | 1,475 | 1,987 | 2,375 |

## 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) | 11.4% | S100XSVD |
| Fixed assets ÷ total assets | 7.8% | S100XSVD |
| Goodwill ÷ parent equity | — | —, S100XSVD |

### 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) | 44.9% |
| Cash ÷ revenue | 65.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.4% |
| Cash vs. profit gap | 40 JPY mn (of net income 9.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 19.3% |

## 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 | 12.5% | 1.02× | 12.7% | 1.36× | 17.3% | S100QI14 |
| 2022 | 13.4% | 1.06× | 14.2% | 1.40× | 19.9% | S100T5KX |
| 2023 | 14.2% | 0.98× | 13.9% | 1.44× | 20.0% | S100VHMW |
| 2024 | 13.8% | 0.83× | 11.5% | 1.56× | 17.9% | S100XSVD |
| 2025 | 11.5% | 0.71× | 8.2% | 1.67× | 13.8% | S100XSVD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| UNION BANCAIRE PRIVEE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 16.7% | 2025-12-31 |
| 山川 真考 | Major shareholder | 13.8% | 2025-12-31 |
| DEUTSCHE BANK AG, SINGAPORE A/C CLIENTS (TREATY)（常任代理人 株式会社みずほ銀行） | Major shareholder | 6.9% | 2025-12-31 |
| 斉藤 誠 | Major shareholder | 5.0% | 2025-12-31 |
| 田中 龍平 | Major shareholder | 4.7% | 2025-12-31 |
| DAIWA CM SINGAPORE LTD (TRUST A/C)（常任代理人 大和証券株式会社） | Major shareholder | 3.1% | 2025-12-31 |
| PBG CLIENTS SG（常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 2.0% | 2025-12-31 |
| 水谷 量材 | Major shareholder | 1.9% | 2025-12-31 |
| 斉藤 享子 | Major shareholder | 1.5% | 2025-12-31 |
| BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/01/01－2025/12/31) | S100XSVD | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSVD,, |
| 有価証券報告書－第24期(2024/01/01－2024/12/31) | S100VHMW | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHMW,, |
| 有価証券報告書－第23期(2023/01/01－2023/12/31) | S100T5KX | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5KX,, |
| 有価証券報告書－第22期(2022/01/01－2022/12/31) | S100QI14 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI14,, |
| 有価証券報告書－第21期(令和3年1月1日－令和3年12月31日) | S100NSSV | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSSV,, |
| 有価証券報告書－第20期(令和2年1月1日－令和2年12月31日) | S100L1K9 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1K9,, |

## 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).