# JINS 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38期(2024/09/01－2025/08/31) (S100X74E)
> Page: https://vizora.meequs.com/en/company/jins-holdings
> Retrieved: 2026-09-30T20:00:03.069Z

## Company

Jins Holdings, founded in 1988, is a company in Watches, Jewelry & Eyewear listed on TSE Prime. It has 3,671 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JINS HOLDINGS Inc. |
| Ticker | 3046 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3046.T) |
| Listing | TSE Prime |
| Head office | 群馬県前橋市川原町二丁目26番地4(同所は登記上の本店所在地であり、実際の業務は「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COO 田中 亮 |
| Founded | Jul 1988 |
| Share capital | ¥3.2B |
| Employees (consolidated) | 3,671 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | August |
| Website | jinsholdings.com (https://jinsholdings.com/) |
| Corporate number | 7070001001538 |
| EDINET | E03471 |
| Industries (Vizora) | Watches, Jewelry & Eyewear |

> Profile source: annual securities report (S100X74E, filed 2025-11-27). As of filing

## Five-axis industry profile

Primary industry: Watches, Jewelry & Eyewear (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 20 |
| Profitability | 82.5 | 20 |
| Cash conversion | 44.7 | 19 |
| Efficiency | 97.6 | 21 |

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 79% of Jins Holdings's sales come from Domestic eyewear business, with Overseas eyewear business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +17.1% from the prior year, operating profit +54.3%.

## Company structure

- Segment revenue mix: Domestic eyewear business 78.9%、Overseas eyewear business 21.1%
- Revenue → net income: ¥97215000000 → ¥8330000000
- Net income → operating cash flow: ¥8330000000 → ¥10533000000（difference ¥2203000000）
- Main uses of operating cash flow: CapEx ¥5437000000 / dividends ¥2149000000 / buybacks ¥0
- Change in cash: ¥-6695000000
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 | ¥97.2B |  |
| Operating income | ¥12.1B | Margin 12.4% |
| Net income | ¥8.33B | Margin 8.6% |
| Free cash flow | ¥5.1B |  |
| Largest business | Domestic eyewear business | of segment revenue 78.9% |
| Employees (consolidated) | 3,671 |  |
| EPS | ¥159.24 |  |
| Book value per share | ¥459.03 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 23,980,000 |  |
| Treasury shares | 340,100 |  |
| Shareholders | 30,369 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 12.3% |
| Vs. industry median margin | +5.8 pp | Watches, Jewelry & Eyewear |
| ROE | 29.5% | Derived from disclosed figures |
| ROA | 14.9% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 94% of positive segment profit
- FY2025, parent-company salary changed +33% over five years

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥60258000000 | ¥97215000000 | +61.3% |
| Operating income | ¥5617000000 | ¥12093000000 | +115.3% |
| Operating margin | 9.3% | 12.4% | +3.1 pp |
| Employees | 3,707 people | 3,671 people | -1.0% |
| Cash and equivalents | ¥24667000000 | ¥11977000000 | -51.4% |

### 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 |
| --- | ---: |
| 国内アイウエア事業 → 国内アイウエア事業 | 78.5% |
| 海外アイウエア事業 → 海外アイウエア事業 | 18.0% |
| 雑貨事業 → 事業再編・廃止 | 3.4% |
| 新設・再編 → 国内アイウエア事業 | 0.3% |
| 新設・再編 → 海外アイウエア事業 | 3.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 97,215 | 100.0% | S100X74E |
| Cost of revenue | 21,400 | 22.0% | S100X74E |
| Gross profit | 75,814 | 78.0% | S100X74E |
| SG&A | 63,720 | 65.5% | S100X74E |
| Operating income | 12,093 | 12.4% | S100X74E |
| Ordinary income | 12,121 | 12.5% | S100X74E |
| Pretax income | 11,628 | 12.0% | S100X74E |
| Income tax | 3,297 | 3.4% | S100X74E |
| Net income | 8,330 | 8.6% | S100X74E |
| Net income attributable to owners | 8,330 | 8.6% | S100X74E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 22 |
| SG&A | 66 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 78.0% → Operating margin 12.4% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.1%; Core profit growth: +54.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.17×
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 | 82,999 | 97,215 | 14,216 | +17.1% |
| Gross profit | 64,444 | 75,814 | 11,370 | +17.6% |
| Operating income | 7,836 | 12,093 | 4,257 | +54.3% |
| Net income attributable to owners | 4,671 | 8,330 | 3,659 | +78.3% |
| Operating cash flow | 10,989 | 10,533 | -456 | -4.1% |
| Free cash flow | 8,364 | 5,096 | -3,268 | -39.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 61,893 | 7,459 | 12.1% | 3,869 | 6,877 | 4,586 | S100K971 |
| FY ending Aug 2020 | 60,258 | 5,617 | 9.3% | 1,687 | 7,749 | 5,163 | S100NACT |
| FY ending Aug 2021 | 63,898 | 5,049 | 7.9% | 3,292 | 5,058 | 3,127 | S100PPUE |
| FY ending Aug 2022 | 66,901 | 3,315 | 5.0% | 750 | 4,391 | 1,181 | S100SDCO |
| FY ending Aug 2023 | 73,264 | 4,847 | 6.6% | 1,762 | 6,054 | 2,460 | S100V2F5 |
| FY ending Aug 2024 | 82,999 | 7,836 | 9.4% | 4,671 | 10,989 | 8,364 | S100X74E |
| FY ending Aug 2025 | 97,215 | 12,093 | 12.4% | 8,330 | 10,533 | 5,096 | S100X74E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.5M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 3,641 | 3,599 | 3,486 | 3,485 | 3,671 |
| Average salary (parent company) | ¥7.6M | ¥7.7M | ¥8.5M | ¥9.9M | ¥10.1M |
| Average age (parent company) | 40.1 years | 40.3 years | 42.4 years | 43.1 years | 42.4 years |
| Average tenure (parent company) | 6.9 years | 6.1 years | 5.8 years | 7.3 years | 7.0 years |

Year over year: Employees (consolidated) +5.3% · Revenue (consolidated) +17.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic eyewear business | 76,659 | 78.9% | 11,348 | 14.8% |
| Overseas eyewear business | 20,556 | 21.1% | 745 | 3.6% |

### 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 eyewear business | 78.9% | 93.8% | 15.0 | 14.8% |
| Overseas eyewear business | 21.1% | 6.2% | -15.0 | 3.6% |

Segment → industry: Overseas eyewear business → Watches, Jewelry & Eyewear / Domestic eyewear business → Watches, Jewelry & Eyewear

## 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 | 10,533 | 10.8% | S100X74E |
| Capital expenditure | 5,437 | 5.6% | S100X74E |
| Free cash flow | 5,096 | 5.2% | 算出 |
| Investing cash flow | -7,864 | -8.1% | S100X74E |
| Financing cash flow | -9,425 | -9.7% | S100X74E |
| Dividends paid | 2,149 | 2.2% | S100X74E |
| Share buyback | 0 | 0.0% | S100X74E |
| Change in cash | -6,695 | -6.9% | S100X74E |
| Cash and equivalents | 11,977 | 12.3% | S100X74E |

## 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 | 23,206 | 21,430 | 12,202 | 18,673 | 11,977 | S100SDCO, S100V2F5, S100X74E |
| Total assets | 53,007 | 54,721 | 44,863 | 54,045 | 57,866 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Net assets | 20,219 | 20,406 | 21,779 | 25,593 | 31,742 | S100SDCO, S100V2F5, S100X74E |
| Share capital | 3,202 | 3,202 | 3,202 | 3,202 | 3,202 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Trade receivables | 3,794 | — | — | — | — | S100PPUE |
| Property, plant and equipment | 8,892 | 9,750 | 11,122 | 11,133 | 12,731 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Intangible assets excluding goodwill | 2,244 | 2,196 | 1,991 | 2,538 | 5,677 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Goodwill | 71 | — | — | — | — | S100PPUE |
| Investment securities | 1,840 | 2,166 | 1,012 | 952 | 1,623 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Current assets | 33,205 | 33,174 | 23,757 | 32,254 | 28,650 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Current liabilities | 10,501 | 22,699 | 11,270 | 25,663 | 21,717 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Short-term borrowings | 2,121 | 1,869 | 1,887 | 1,909 | 5,449 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Long-term borrowings | 217 | 131 | 11 | 24 | 14 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Total liabilities | 32,787 | 34,314 | 23,083 | 28,451 | 26,124 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Equity attributable to owners of parent | 20,176 | 20,051 | 21,509 | 25,180 | 31,367 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Retained earnings | 18,747 | 18,623 | 20,081 | 22,818 | 28,996 | S100PPUE, S100SDCO, S100V2F5, S100X74E |
| Treasury stock | -5,002 | -5,003 | -5,003 | -4,041 | -4,033 | S100PPUE, S100SDCO, S100V2F5, S100X74E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100X74E |
| Property, plant and equipment | 22% | S100X74E |
| Intangibles and goodwill | 10% | S100X74E |
| Investment securities | 3% | S100X74E |
| Other assets | 44% | S100X74E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100X74E |
| Equity | 55% | S100X74E |

### 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 | 53,007 | 54,721 | 44,863 | 54,045 | 57,866 |
| Equity | 20,219 | 20,406 | 21,779 | 25,593 | 31,742 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,206 | 21,430 | 12,202 | 18,673 | 11,977 |

## 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) | 13.1% | S100X74E |
| Fixed assets ÷ total assets | 22.0% | S100X74E |
| Goodwill ÷ parent equity | — | —, S100X74E |

### 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) | 20.7% |
| Cash ÷ revenue | 12.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.1% |
| Cash vs. profit gap | 2,203 JPY mn (of net income 26.4%) |
| Shareholder returns / net income | 25.8% |
| Shareholder returns / FCF | 42.2% |
| Shareholder payments — dividends / net income | 25.8% |
| Shareholder payments — dividends / FCF | 42.2% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 74.7% |

## 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 | 5.2% | 1.21× | 6.2% | 2.63× | 16.3% | S100PPUE |
| 2022 | 1.1% | 1.24× | 1.4% | 2.68× | 3.7% | S100SDCO |
| 2023 | 2.4% | 1.47× | 3.5% | 2.40× | 8.5% | S100V2F5 |
| 2024 | 5.6% | 1.68× | 9.4% | 2.12× | 20.0% | S100X74E |
| 2025 | 8.6% | 1.74× | 14.9% | 1.98× | 29.5% | S100X74E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 田中 仁 | Major shareholder | 34.3% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.3% | 2025-08-31 |
| 合同会社マーズ | Major shareholder | 5.1% | 2025-08-31 |
| 株式会社ジュピター | Major shareholder | 2.5% | 2025-08-31 |
| 株式会社ヴィーナス | Major shareholder | 2.5% | 2025-08-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.8% | 2025-08-31 |
| THE BANK OF NEW YORK MELLON 140044（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-08-31 |
| 上遠野 俊一 | Major shareholder | 1.5% | 2025-08-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.3% | 2025-08-31 |
| MORGAN STANLEY & CO. LLC（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.2% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2024/09/01－2025/08/31) | S100X74E | 2025-11-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X74E,, |
| 訂正有価証券報告書－第37期(2023/09/01－2024/08/31) | S100V2F5 | 2025-01-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V2F5,, |
| 有価証券報告書－第36期(2022/09/01－2023/08/31) | S100SDCO | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDCO,, |
| 有価証券報告書－第35期(令和3年9月1日－令和4年8月31日) | S100PPUE | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPUE,, |
| 訂正有価証券報告書－第34期(令和2年9月1日－令和3年8月31日) | S100NACT | 2022-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NACT,, |
| 有価証券報告書－第33期(令和1年9月1日－令和2年8月31日) | S100K971 | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K971,, |

## 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).