# JM HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Jul 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2024/08/01－2025/07/31) (S100WWAM)
> Page: https://vizora.meequs.com/en/company/jm-holdings
> Retrieved: 2026-09-30T22:19:14.514Z

## Company

JM Holdings, founded in 1975, is a company in Supermarkets listed on TSE Prime. It has 1,525 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JM HOLDINGS CO.,LTD. |
| Ticker | 3539 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3539.T) |
| Listing | TSE Prime |
| Head office | 茨城県土浦市卸町二丁目3番30号 |
| Representative (per filing) | 代表取締役社長 境 正博 |
| Founded | Dec 1975 |
| Share capital | ¥2.23B |
| Employees (consolidated) | 1,525 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | July |
| Website | www.jm-holdings.co.jp (https://www.jm-holdings.co.jp/) |
| Corporate number | 1050001011577 |
| EDINET | E32254 |
| Industries (Vizora) | Supermarkets |

> Profile source: annual securities report (S100WWAM, filed 2025-10-30). As of filing

## Five-axis industry profile

Primary industry: Supermarkets (2025-07-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.1 | 45 |
| Profitability | 82.7 | 49 |
| Cash conversion | 5.3 | 47 |
| Efficiency | 78.6 | 49 |

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 97% of JM Holdings's sales come from Supermarket, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +8.1% from the prior year, operating profit +9.8%.

## Company structure

- Segment revenue mix: Supermarket 97.0%、Other 3.0%
- Revenue → net income: ¥186207000000 → ¥6489000000
- Net income → operating cash flow: ¥6489000000 → ¥6641000000（difference ¥152000000）
- Main uses of operating cash flow: CapEx ¥4026000000 / dividends ¥1147000000 / buybacks ¥3666000000
- Change in cash: ¥-5500000000
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 | ¥186.2B |  |
| Operating income | ¥10B | Margin 5.4% |
| Net income | ¥6.46B | Margin 3.5% |
| Free cash flow | ¥2.62B |  |
| Largest business | Supermarket | of segment revenue 97.0% |
| Employees (consolidated) | 1,525 |  |
| EPS | ¥111.88 |  |
| Book value per share | ¥530.87 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 25,479,500 |  |
| Treasury shares | 500 |  |
| Shareholders | 32,302 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 6.7% |
| Vs. industry median margin | +2.6 pp | Supermarkets |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 9.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 3.2× dividends
- FY2025, one segment accounts for 94% of positive segment profit

## What changed in 5 years

| Metric | FY ending Jul 2020 | FY ending Jul 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥126958000000 | ¥186207000000 | +46.7% |
| Operating income | ¥6717000000 | ¥10048000000 | +49.6% |
| Operating margin | 5.3% | 5.4% | +0.1 pp |
| Employees | 1,152 people | 1,525 people | +32.4% |
| Cash and equivalents | ¥14629000000 | ¥12396000000 | -15.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| スーパーマーケット事業 → スーパーマーケット事業 | 96.5% |
| その他 → その他 | 3.0% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → スーパーマーケット事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 186,207 | 100.0% | S100WWAM |
| Cost of revenue | 132,767 | 71.3% | S100WWAM |
| Gross profit | 53,440 | 28.7% | S100WWAM |
| SG&A | 43,391 | 23.3% | S100WWAM |
| Operating income | 10,048 | 5.4% | S100WWAM |
| Ordinary income | 10,144 | 5.4% | S100WWAM |
| Pretax income | 9,866 | 5.3% | S100WWAM |
| Income tax | 3,376 | 1.8% | S100WWAM |
| Net income | 6,489 | 3.5% | S100WWAM |
| Net income attributable to owners | 6,457 | 3.5% | S100WWAM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 23 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.7% → Operating margin 5.4% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.1%; Core profit growth: +9.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.22×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 172,331 | 186,207 | 13,876 | +8.1% |
| Gross profit | 49,209 | 53,440 | 4,231 | +8.6% |
| Operating income | 9,149 | 10,048 | 899 | +9.8% |
| Net income attributable to owners | 5,465 | 6,457 | 992 | +18.2% |
| Operating cash flow | 9,660 | 6,641 | -3,019 | -31.3% |
| Free cash flow | 6,857 | 2,615 | -4,242 | -61.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jul 2019 | 113,278 | 4,600 | 4.1% | 2,813 | 4,562 | 3,813 | S100JXU5 |
| FY ending Jul 2020 | 126,958 | 6,717 | 5.3% | 3,654 | 6,203 | 5,439 | S100MM3H |
| FY ending Jul 2021 | 129,823 | 6,575 | 5.1% | 4,246 | 7,272 | 3,895 | S100PDWA |
| FY ending Jul 2022 | 140,845 | 6,675 | 4.7% | 4,266 | 5,179 | 926 | S100S3L8 |
| FY ending Jul 2023 | 154,815 | 7,242 | 4.7% | 4,416 | 4,222 | -194 | S100UI86 |
| FY ending Jul 2024 | 172,331 | 9,149 | 5.3% | 5,465 | 9,660 | 6,857 | S100WWAM |
| FY ending Jul 2025 | 186,207 | 10,048 | 5.4% | 6,457 | 6,641 | 2,615 | S100WWAM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥122.1M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.2M |

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

| History | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,203 | 1,236 | 1,487 | 1,444 | 1,525 |
| Average salary (parent company) | ¥5M | ¥4.9M | ¥4.9M | ¥5M | ¥5.3M |
| Average age (parent company) | 37.6 years | 37.0 years | 37.4 years | 37.4 years | 38.5 years |
| Average tenure (parent company) | 4.6 years | 5.1 years | 5.7 years | 6.0 years | 6.1 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +8.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 180,558 | 97.0% | 9,568 | 5.3% |
| Other | 5,649 | 3.0% | 596 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Supermarket | 97.0% | 94.1% | -2.8 | 5.3% |
| Other | 3.0% | 5.9% | 2.8 | 10.6% |

Segment → industry: Supermarket → Supermarkets

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,641 | 3.6% | S100WWAM |
| Capital expenditure | 4,026 | 2.2% | S100WWAM |
| Free cash flow | 2,615 | 1.4% | 算出 |
| Investing cash flow | -6,424 | -3.4% | S100WWAM |
| Financing cash flow | -5,718 | -3.1% | S100WWAM |
| Dividends paid | 1,147 | 0.6% | S100WWAM |
| Share buyback | 3,666 | 2.0% | S100WWAM |
| Change in cash | -5,500 | -3.0% | S100WWAM |
| Cash and equivalents | 12,396 | 6.7% | S100WWAM |

## 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 Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,227 | 15,619 | 15,819 | 17,897 | 12,396 | S100S3L8, S100UI86, S100WWAM |
| Total assets | 55,391 | 58,874 | 65,571 | 71,359 | 72,721 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Net assets | 32,348 | 35,898 | 39,416 | 43,768 | 45,347 | S100S3L8, S100UI86, S100WWAM |
| Share capital | 2,229 | 2,229 | 2,229 | 2,229 | 2,229 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Inventories | 5,271 | 5,951 | 7,260 | 7,631 | 9,841 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Property, plant and equipment | 16,471 | 19,161 | 23,231 | 24,539 | 26,706 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Intangible assets excluding goodwill | 1,928 | 1,530 | 2,624 | 2,270 | 2,611 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Goodwill | 1,621 | 1,181 | 1,756 | 1,487 | 1,282 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Investment securities | 465 | 1,060 | 1,043 | 1,201 | 1,020 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Current assets | 30,810 | 31,154 | 31,808 | 36,002 | 34,923 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Current liabilities | 19,395 | 20,023 | 18,964 | 21,063 | 20,676 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Short-term borrowings | 3,146 | 3,936 | 3,536 | 3,753 | 3,553 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Long-term borrowings | 1,254 | 616 | 4,320 | 3,625 | 3,330 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Total liabilities | 23,042 | 22,975 | 26,154 | 27,590 | 27,374 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Non-controlling interests | 131 | 198 | 385 | 185 | 217 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Equity attributable to owners of parent | 32,066 | 35,531 | 38,881 | 43,301 | 44,946 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Retained earnings | 27,460 | 30,925 | 34,275 | 38,674 | 40,318 | S100PDWA, S100S3L8, S100UI86, S100WWAM |
| Treasury stock | 0 | 0 | 0 | -1 | -1 | S100PDWA, S100S3L8, S100UI86, S100WWAM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100WWAM |
| Inventories | 14% | S100WWAM |
| Property, plant and equipment | 37% | S100WWAM |
| Intangibles and goodwill | 5% | S100WWAM |
| Investment securities | 1% | S100WWAM |
| Other assets | 26% | S100WWAM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100WWAM |
| Equity | 62% | S100WWAM |

### Balance sheet history

| Metric | FY ending Jul 2021 | FY ending Jul 2022 | FY ending Jul 2023 | FY ending Jul 2024 | FY ending Jul 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 55,391 | 58,874 | 65,571 | 71,359 | 72,721 |
| Equity | 32,348 | 35,898 | 39,416 | 43,768 | 45,347 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,227 | 15,619 | 15,819 | 17,897 | 12,396 |

## 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) | 14.3% | S100WWAM |
| Fixed assets ÷ total assets | 36.7% | S100WWAM |
| Goodwill ÷ parent equity | 2.9% | S100WWAM |

Goodwill over 4 years: 1,621 → 1,282 JPY; total investing cash flow: -22,740 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) | 17.0% |
| Cash ÷ revenue | 6.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.1% |
| Cash vs. profit gap | 184 JPY mn (of net income 2.8%) |
| Shareholder returns / net income | 74.5% |
| Shareholder returns / FCF | 184.1% |
| Shareholder payments — dividends / net income | 17.8% |
| Shareholder payments — dividends / FCF | 43.9% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 96.7% |

## 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 | 3.3% | 2.34× | 7.7% | 1.73× | 13.2% | S100PDWA |
| 2022 | 3.0% | 2.47× | 7.5% | 1.69× | 12.6% | S100S3L8 |
| 2023 | 2.9% | 2.49× | 7.1% | 1.67× | 11.9% | S100UI86 |
| 2024 | 3.2% | 2.52× | 8.0% | 1.67× | 13.3% | S100WWAM |
| 2025 | 3.5% | 2.58× | 9.0% | 1.63× | 14.6% | S100WWAM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 境 正博 | Major shareholder | 20.1% | 2025-07-31 |
| 境 和弘 | Major shareholder | 9.7% | 2025-07-31 |
| 境 弘治 | Major shareholder | 8.7% | 2025-07-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.8% | 2025-07-31 |
| 藤原 ひろみ | Major shareholder | 3.2% | 2025-07-31 |
| ㈱ジョイフル本田 | Major shareholder | 3.1% | 2025-07-31 |
| ＪＭホールディングス従業員持株会 | Major shareholder | 3.0% | 2025-07-31 |
| 境 和美 | Major shareholder | 2.8% | 2025-07-31 |
| 藤原 克朗 | Major shareholder | 1.5% | 2025-07-31 |
| BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZAT ION FUND 620065（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-07-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/08/01－2025/07/31) | S100WWAM | 2025-10-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WWAM,, |
| 有価証券報告書－第46期(2023/08/01－2024/07/31) | S100UI86 | 2024-10-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UI86,, |
| 有価証券報告書－第45期(2022/08/01－2023/07/31) | S100S3L8 | 2023-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S3L8,, |
| 有価証券報告書－第44期(令和3年8月1日－令和4年7月31日) | S100PDWA | 2022-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PDWA,, |
| 有価証券報告書 | S100MM3H | 2021-10-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MM3H,, |
| 有価証券報告書－第42期(令和1年8月1日－令和2年7月31日) | S100JXU5 | 2020-10-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JXU5,, |

## 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).