# JK Holdings Co.,Ltd.: 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80期(2025/04/01－2026/03/31) (S100YJ4A)
> Page: https://vizora.meequs.com/en/company/jk-holdings
> Retrieved: 2026-09-30T17:57:00.233Z

## Company

JK Holdings, founded in 1949, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 3,438 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JK Holdings Co., Ltd. |
| Ticker | 9896 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9896.T) |
| Listing | TSE Standard |
| Head office | 東京都江東区新木場一丁目7番22号 |
| Representative (per filing) | 代表取締役社長 青木 慶一郎 |
| Founded | Feb 1949 |
| Share capital | ¥3.19B |
| Employees (consolidated) | 3,438 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.jkhd.co.jp (https://www.jkhd.co.jp/) |
| Corporate number | 4010601027156 |
| EDINET | E02732 |
| Industries (Vizora) | Housing Equipment & Building Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJ4A, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.4 | 179 |
| Profitability | 26.2 | 185 |
| Cash conversion | 34.9 | 179 |
| Efficiency | 63.5 | 185 |

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 83% of JK Holdings's sales come from General building materials wholesale business, with General building materials retail business and Plywood manufacturing and wood processing business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit -12.6%.

## Company structure

- Segment revenue mix: General building materials wholesale business 83.0%、General building materials retail business 12.8%、Plywood manufacturing and wood processing business 2.8%、Other 1.3%
- Revenue → net income: ¥398820000000 → ¥4115000000
- Net income → operating cash flow: ¥4115000000 → ¥4926000000（difference ¥811000000）
- Main uses of operating cash flow: CapEx ¥1777000000 / dividends ¥1403000000 / buybacks ¥2937000000
- Change in cash: ¥-6364000000
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 | ¥398.8B |  |
| Operating income | ¥6.43B | Margin 1.6% |
| Net income | ¥4.03B | Margin 1.0% |
| Free cash flow | ¥3.15B |  |
| Largest business | General building materials wholesale business | of segment revenue 83.0% |
| Employees (consolidated) | 3,438 |  |
| EPS | ¥56.08 |  |
| Book value per share | ¥943.73 |  |
| Equity ratio | 29.5% |  |
| Shares outstanding | 31,040,000 |  |
| Treasury shares | 4,849,200 |  |
| Shareholders | 6,333 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | -1.3 pp | Specialty Trading & Wholesale |
| ROE | 6.6% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.1× dividends
- FY2026, one segment accounts for 89% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥343254000000 | ¥398820000000 | +16.2% |
| Operating income | ¥5430000000 | ¥6434000000 | +18.5% |
| Operating margin | 1.6% | 1.6% | 0 pp |
| Employees | 3,201 people | 3,438 people | +7.4% |
| Cash and equivalents | ¥36058000000 | ¥43954000000 | +21.9% |

### 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 |
| --- | ---: |
| 総合建材卸売事業 → 総合建材卸売事業 | 83.0% |
| 総合建材卸売事業 → 事業再編・廃止 | 1.8% |
| 合板製造・木材加工事業 → 合板製造・木材加工事業 | 2.8% |
| 合板製造・木材加工事業 → 事業再編・廃止 | 0.5% |
| 総合建材小売事業 → 総合建材小売事業 | 11.0% |
| その他 → その他 | 0.8% |
| 新設・再編 → 総合建材小売事業 | 1.9% |
| 新設・再編 → その他 | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| General building materials wholesale business | 5 years | +2.6% | ¥331072000000 | 1.9% | 2 |
| General building materials retail business | 5 years | +6.3% | ¥51241000000 | 1.6% | 2 |
| Plywood manufacturing and wood processing business | 5 years | -0.5% | ¥11342000000 | -5.5% | 2 |
| Other | 5 years | +13.0% | ¥5163000000 | -5.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 398,820 | 100.0% | S100YJ4A |
| Cost of revenue | 350,797 | 88.0% | S100YJ4A |
| Gross profit | 48,023 | 12.0% | S100YJ4A |
| SG&A | 41,588 | 10.4% | S100YJ4A |
| Operating income | 6,434 | 1.6% | S100YJ4A |
| Ordinary income | 7,151 | 1.8% | S100YJ4A |
| Pretax income | 7,150 | 1.8% | S100YJ4A |
| Income tax | 3,034 | 0.8% | S100YJ4A |
| Net income | 4,115 | 1.0% | S100YJ4A |
| Net income attributable to owners | 4,033 | 1.0% | S100YJ4A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 10 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 12.0% → Operating margin 1.6% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.4%; Core profit growth: -12.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.88×
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 | 393,258 | 398,820 | 5,562 | +1.4% |
| Gross profit | 47,457 | 48,023 | 566 | +1.2% |
| Operating income | 7,358 | 6,434 | -924 | -12.6% |
| Net income attributable to owners | 4,283 | 4,033 | -250 | -5.8% |
| Operating cash flow | 5,128 | 4,926 | -202 | -3.9% |
| Free cash flow | 3,317 | 3,149 | -168 | -5.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 368,479 | 5,111 | 1.4% | 2,780 | 6,858 | 869 | S100LPJZ |
| FY ending Mar 2021 | 343,254 | 5,430 | 1.6% | 2,949 | 8,846 | 6,017 | S100OODJ |
| FY ending Mar 2022 | 376,120 | 12,475 | 3.3% | 8,907 | 8,182 | 6,362 | S100R5FW |
| FY ending Mar 2023 | 407,022 | 9,723 | 2.4% | 6,686 | 8,725 | 6,257 | S100TSC2 |
| FY ending Mar 2024 | 388,910 | 7,871 | 2.0% | 5,049 | 22,059 | 19,224 | S100W1Y4 |
| FY ending Mar 2025 | 393,258 | 7,358 | 1.9% | 4,283 | 5,128 | 3,317 | S100YJ4A |
| FY ending Mar 2026 | 398,820 | 6,434 | 1.6% | 4,033 | 4,926 | 3,149 | S100YJ4A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥116M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 3,011 | 3,114 | 3,368 | 3,442 | 3,438 |
| Average salary (parent company) | ¥6.1M | ¥6.9M | ¥6.6M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 41.0 years | 41.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 14.0 years | 14.0 years | 14.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| General building materials wholesale business | 331,072 | 83.0% | 6,362 | 1.9% |
| Plywood manufacturing and wood processing business | 11,342 | 2.8% | -621 | -5.5% |
| General building materials retail business | 51,241 | 12.8% | 808 | 1.6% |
| Other | 5,163 | 1.3% | -289 | -5.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| General building materials wholesale business | 83.0% | 88.7% | 5.7 | 1.9% |
| Plywood manufacturing and wood processing business | 2.8% | — | — | -5.5% |
| General building materials retail business | 12.8% | 11.3% | -1.6 | 1.6% |
| Other | 1.3% | — | — | -5.6% |

Loss-making segment (excluded from profit shares): Plywood manufacturing and wood processing business -621 JPY mn

Loss-making segment (excluded from profit shares): Other -289 JPY mn

Segment → industry: Plywood manufacturing and wood processing business → Housing Equipment & Building Materials / General building materials retail business → Specialty Trading & Wholesale / General building materials wholesale business → Specialty Trading & Wholesale

## 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 | 4,926 | 1.2% | S100YJ4A |
| Capital expenditure | 1,777 | 0.4% | S100YJ4A |
| Free cash flow | 3,149 | 0.8% | 算出 |
| Investing cash flow | -2,202 | -0.6% | S100YJ4A |
| Financing cash flow | -9,088 | -2.3% | S100YJ4A |
| Dividends paid | 1,403 | 0.4% | S100YJ4A |
| Share buyback | 2,937 | 0.7% | S100YJ4A |
| Change in cash | -6,364 | -1.6% | S100YJ4A |
| Cash and equivalents | 43,954 | 11.0% | S100YJ4A |

## 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 | 38,794 | 42,378 | 56,168 | 50,319 | 43,954 | S100TSC2, S100W1Y4, S100YJ4A |
| Total assets | 224,932 | 225,408 | 234,564 | 222,968 | 217,677 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Net assets | 53,279 | 57,897 | 63,107 | 65,707 | 66,280 | S100TSC2, S100W1Y4, S100YJ4A |
| Share capital | 3,195 | 3,195 | 3,195 | 3,195 | 3,195 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Property, plant and equipment | 60,075 | 59,303 | 60,693 | 61,359 | 60,936 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Intangible assets excluding goodwill | 1,283 | 1,280 | 1,474 | 2,013 | 1,752 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Goodwill | 209 | 192 | 138 | 675 | 506 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Investment securities | 4,796 | 3,999 | 4,832 | 4,454 | 5,568 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Current assets | 153,708 | 155,605 | 162,167 | 149,625 | 143,433 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Current liabilities | 145,849 | 143,473 | 148,621 | 136,150 | 132,012 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Trade payables | 55,810 | 53,547 | 52,565 | 51,891 | 44,476 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Short-term borrowings | 11,739 | 12,486 | 11,680 | 8,718 | 6,765 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Long-term borrowings | 17,073 | 15,620 | 14,328 | 12,635 | 10,700 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Total liabilities | 171,652 | 167,510 | 171,456 | 157,261 | 151,397 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Non-controlling interests | 1,613 | 1,860 | 2,064 | 2,096 | 2,146 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Equity attributable to owners of parent | 50,356 | 54,453 | 58,380 | 61,325 | 61,073 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Retained earnings | 41,555 | 46,352 | 50,297 | 53,219 | 55,849 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |
| Treasury stock | -1,173 | -1,767 | -1,780 | -1,780 | -4,697 | S100R5FW, S100TSC2, S100W1Y4, S100YJ4A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJ4A |
| Property, plant and equipment | 28% | S100YJ4A |
| Intangibles and goodwill | 1% | S100YJ4A |
| Investment securities | 3% | S100YJ4A |
| Other assets | 48% | S100YJ4A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 20% | S100YJ4A |
| Other liabilities | 49% | S100YJ4A |
| Equity | 31% | S100YJ4A |

### 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 | 224,932 | 225,408 | 234,564 | 222,968 | 217,677 |
| Equity | 53,279 | 57,897 | 63,107 | 65,707 | 66,280 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,794 | 42,378 | 56,168 | 50,319 | 43,954 |

## 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) | 15.3% | S100YJ4A |
| Fixed assets ÷ total assets | 28.0% | S100YJ4A |
| Goodwill ÷ parent equity | 0.8% | S100YJ4A |

Goodwill over 4 years: 209 → 506 JPY; total investing cash flow: -9,616 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) | 20.2% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.6% |
| Cash vs. profit gap | 893 JPY mn (of net income 22.1%) |
| Shareholder returns / net income | 107.6% |
| Shareholder returns / FCF | 137.8% |
| Shareholder payments — dividends / net income | 34.8% |
| Shareholder payments — dividends / FCF | 44.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 44.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.4% | 1.67× | 4.0% | 4.47× | 17.7% | S100R5FW |
| 2023 | 1.6% | 1.81× | 3.0% | 4.30× | 12.8% | S100TSC2 |
| 2024 | 1.3% | 1.69× | 2.2% | 4.08× | 8.9% | S100W1Y4 |
| 2025 | 1.1% | 1.72× | 1.9% | 3.82× | 7.2% | S100YJ4A |
| 2026 | 1.0% | 1.81× | 1.8% | 3.60× | 6.6% | S100YJ4A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉野石膏株式会社 | Major shareholder | 12.6% | 2026-03-31 |
| 吉田 繁 | Major shareholder | 8.7% | 2026-03-31 |
| ＪＫホールディングス従業員持株会 | Major shareholder | 7.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.9% | 2026-03-31 |
| ＳＭＢ建材株式会社 | Major shareholder | 5.8% | 2026-03-31 |
| 伊藤忠建材株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 公益財団法人ＰＨＯＥＮＩＸ | Major shareholder | 3.9% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ （常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| 吉田 隆 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.7% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥398.8B, up +1.4% from ¥393.3B.
- Gross profit also grew +1.2% to ¥48B, yet operating income dropped -12.6% from ¥7.36B to ¥6.43B.
- Net income slipped -5.8% to ¥4.03B, and free cash flow fell -5.1% to ¥3.15B.

### Drivers

- The core wholesale business won new customers and kept its gross margin roughly flat, but higher labor and freight costs pushed its profit down
- The retail business saw both sales and profit decline
- The plywood and wood processing business narrowed its loss as its LVL (laminated veneer lumber) line recovered

### Risks

- A sharp drop in new wooden owner-occupied homes would hit results directly
- Plywood is a commodity, so sudden swings in market prices or exchange rates can move profits
- Many customers are under cash pressure from higher material costs and interest rates, and a wave of bankruptcies could leave bad debts

Cited: Annual Securities Report (80th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (80th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YJ4A | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ4A,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W1Y4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Y4,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TSC2 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSC2,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R5FW | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5FW,, |
| 訂正有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OODJ | 2022-07-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OODJ,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LPJZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPJZ,, |

## 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).