# JMACS Japan Co.,Ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第62期(2025/03/01－2026/02/28) (S100Y6GG)
> Page: https://vizora.meequs.com/en/company/jmacs-japan
> Retrieved: 2026-09-30T22:34:40.237Z

## Company

JMACS Japan, founded in 1965, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 112 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JMACS Japan Co., Ltd. |
| Ticker | 5817 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5817.T) |
| Listing | TSE Standard |
| Head office | 兵庫県加東市森尾127番1 |
| Representative (per filing) | 代表取締役社長 植村 剛嗣 |
| Founded | Mar 1965 |
| Share capital | ¥938.2M |
| Employees (consolidated) | 112 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | February |
| Website | www.jmacs-j.co.jp (https://www.jmacs-j.co.jp/) |
| Corporate number | 8122001015783 |
| EDINET | E01348 |
| Industries (Vizora) | Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100Y6GG, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 63.5 | 26 |
| Cash conversion | 94 | 25 |
| Efficiency | 16.7 | 27 |

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)

- JMACS Japan brought in ¥6.03B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +15.9% from the prior year, operating profit +642.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6028307000 → ¥400489000
- Net income → operating cash flow: ¥400489000 → ¥1338434000（difference ¥937945000）
- Main uses of operating cash flow: CapEx ¥106619000 / dividends ¥56122000 / buybacks ¥6000
- Change in cash: ¥471091000
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 | ¥6.03B |  |
| Operating income | ¥501.6M | Margin 8.3% |
| Net income | ¥400.5M | Margin 6.6% |
| Free cash flow | ¥1.23B |  |
| Employees (consolidated) | 112 |  |
| EPS | ¥71.19 |  |
| Book value per share | ¥1004.9 |  |
| Equity ratio | 55.0% |  |
| Shares outstanding | 5,791,000 |  |
| Treasury shares | 165,700 |  |
| Shareholders | 3,657 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 21.6% | Cash ÷ revenue 36.8% |
| Vs. industry median margin | +2.7 pp | Non-ferrous Metals & Wires |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4363953000 | ¥6028307000 | +38.1% |
| Operating income | ¥18359000 | ¥501624000 | +2632.3% |
| Operating margin | 0.4% | 8.3% | +7.9 pp |
| Employees | 161 people | 112 people | -30.4% |
| Cash and equivalents | ¥491882000 | ¥2217755000 | +350.9% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,028 | 100.0% | S100Y6GG |
| Cost of revenue | 4,362 | 72.4% | S100Y6GG |
| Gross profit | 1,667 | 27.6% | S100Y6GG |
| SG&A | 1,165 | 19.3% | S100Y6GG |
| Operating income | 502 | 8.3% | S100Y6GG |
| Ordinary income | 544 | 9.0% | S100Y6GG |
| Pretax income | 542 | 9.0% | S100Y6GG |
| Income tax | 141 | 2.3% | S100Y6GG |
| Net income | 400 | 6.6% | S100Y6GG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 19 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 27.6% → Operating margin 8.3% → Net margin 6.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.9%; Core profit growth: +642.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 40.39×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,201 | 6,028 | 828 | +15.9% |
| Gross profit | 1,103 | 1,667 | 564 | +51.1% |
| Operating income | 68 | 502 | 434 | +642.8% |
| Operating cash flow | 135 | 1,338 | 1,203 | +888.8% |
| Free cash flow | 59 | 1,232 | 1,173 | +1981.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 5,195 | 70 | 1.4% | 67 | -230 | -1,159 | S100LF6M |
| FY ending Feb 2021 | 4,378 | -12 | -0.3% | -25 | 318 | 272 | S100LF6M |
| FY ending Feb 2021 | 4,364 | 18 | 0.4% | -24 | 318 | — | S100O5GH |
| FY ending Feb 2022 | 4,784 | 169 | 3.5% | 37 | 177 | 149 | S100RC2W |
| FY ending Feb 2023 | 5,061 | 171 | 3.4% | 206 | -13 | -350 | S100TKKZ |
| FY ending Feb 2024 | 5,343 | 80 | 1.5% | 71 | -51 | -786 | S100VTRV |
| FY ending Feb 2025 | 5,201 | 68 | 1.3% | 116 | 135 | 59 | S100Y6GG |
| FY ending Feb 2026 | 6,028 | 502 | 8.3% | 400 | 1,338 | 1,232 | S100Y6GG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.8M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 135 | 128 | 95 | 100 | 112 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥5.3M | ¥5.7M | ¥5.8M |
| Average age (parent company) | 42.1 years | 43.2 years | 45.6 years | 46.7 years | 44.3 years |
| Average tenure (parent company) | 14.3 years | 14.6 years | 18.5 years | 17.8 years | 16.8 years |

Year over year: Employees (consolidated) +12.0% · Revenue (consolidated) +15.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,338 | 22.2% | S100Y6GG |
| Capital expenditure | 107 | 1.8% | S100Y6GG |
| Free cash flow | 1,232 | 20.4% | 算出 |
| Investing cash flow | -31 | -0.5% | S100Y6GG |
| Financing cash flow | -837 | -13.9% | S100Y6GG |
| Dividends paid | 56 | 0.9% | S100Y6GG |
| Share buyback | 0 | 0.0% | S100Y6GG |
| Change in cash | 471 | 7.8% | S100Y6GG |
| Cash and equivalents | 2,218 | 36.8% | S100Y6GG |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 527 | 527 | 644 | 1,747 | 2,218 | S100TKKZ, S100VTRV, S100Y6GG |
| Total assets | 8,543 | 8,057 | 9,149 | 10,276 | 10,285 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Net assets | 4,437 | 4,604 | 4,554 | 5,239 | 5,653 | S100TKKZ, S100VTRV, S100Y6GG |
| Share capital | 648 | 648 | 648 | 938 | 938 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Property, plant and equipment | 3,092 | 2,349 | 2,927 | 2,814 | 2,711 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Intangible assets excluding goodwill | 13 | 14 | 17 | 20 | 24 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Investment securities | 119 | 131 | 181 | 214 | 317 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Current assets | 3,641 | 3,916 | 4,402 | 5,499 | 5,545 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Current liabilities | 1,993 | 1,943 | 2,339 | 2,594 | 2,388 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Short-term borrowings | 700 | 700 | 900 | 1,200 | 600 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Long-term borrowings | 1,847 | 1,243 | 1,961 | 2,135 | 1,960 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Total liabilities | 4,105 | 3,453 | 4,595 | 5,036 | 4,631 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Equity attributable to owners of parent | 4,373 | 4,530 | 4,463 | 5,125 | 5,470 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Retained earnings | 3,083 | 3,240 | 3,265 | 3,336 | 3,680 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |
| Treasury stock | -3 | -3 | -94 | -85 | -85 | S100RC2W, S100TKKZ, S100VTRV, S100Y6GG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100Y6GG |
| Property, plant and equipment | 26% | S100Y6GG |
| Intangibles and goodwill | 0% | S100Y6GG |
| Investment securities | 3% | S100Y6GG |
| Other assets | 49% | S100Y6GG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 45% | S100Y6GG |
| Equity | 55% | S100Y6GG |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 8,543 | 8,057 | 9,149 | 10,276 | 10,285 |
| Equity | 4,437 | 4,604 | 4,554 | 5,239 | 5,653 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 527 | 527 | 644 | 1,747 | 2,218 |

## 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) | 45.0% | S100Y6GG |
| Fixed assets ÷ total assets | 26.4% | S100Y6GG |
| Goodwill ÷ parent equity | — | —, S100Y6GG |

### 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) | 21.6% |
| Cash ÷ revenue | 36.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 266.8% |
| Cash vs. profit gap | 938 JPY mn (of net income 234.2%) |
| Shareholder returns / net income | 14.0% |
| Shareholder returns / FCF | 4.6% |
| Shareholder payments — dividends / net income | 14.0% |
| Shareholder payments — dividends / FCF | 4.6% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 2.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 0.8% | 0.56× | 0.4% | 1.95× | 0.9% | S100RC2W |
| 2023 | 4.1% | 0.61× | 2.5% | 1.86× | 4.6% | S100TKKZ |
| 2024 | 1.3% | 0.62× | 0.8% | 1.91× | 1.6% | S100VTRV |
| 2025 | 2.2% | 0.54× | 1.2% | 2.03× | 2.4% | S100Y6GG |
| 2026 | 6.6% | 0.59× | 3.9% | 1.94× | 7.6% | S100Y6GG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日電ホールディングス株式会社 | Major shareholder | 29.1% | 2026-02-28 |
| 青木さち子 | Major shareholder | 5.5% | 2026-02-28 |
| 泉州電業株式会社 | Major shareholder | 4.1% | 2026-02-28 |
| 昭和化成工業株式会社 | Major shareholder | 3.0% | 2026-02-28 |
| リケンテクノス株式会社 | Major shareholder | 2.4% | 2026-02-28 |
| 因幡電機産業株式会社 | Major shareholder | 2.3% | 2026-02-28 |
| 植村瑠美 | Major shareholder | 2.3% | 2026-02-28 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 浦名榮次郎 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/03/01－2026/02/28) | S100Y6GG | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6GG,, |
| 有価証券報告書－第61期(2024/03/01－2025/02/28) | S100VTRV | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTRV,, |
| 訂正有価証券報告書－第60期(2023/03/01－2024/02/29) | S100TKKZ | 2024-06-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TKKZ,, |
| 訂正有価証券報告書－第59期(2022/03/01－2023/02/28) | S100RC2W | 2023-07-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RC2W,, |
| 有価証券報告書－第58期(令和3年3月1日－令和4年2月28日) | S100O5GH | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O5GH,, |
| 有価証券報告書－第57期(令和2年3月1日－令和3年2月28日) | S100LF6M | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF6M,, |

## 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).