# JMC CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/01/01－2025/12/31) (S100XSBE)
> Page: https://vizora.meequs.com/en/company/jmc
> Retrieved: 2026-09-30T21:03:32.238Z

## Company

JMC, founded in 2020, is a company in Robots & Factory Automation listed on TSE Growth. It has 138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JMC Corporation |
| Ticker | 5704 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5704.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市港北区新横浜二丁目5番5号 |
| Representative (per filing) | 代表取締役社長兼CEO 渡邊 大知 |
| Founded | Feb 2020 |
| Share capital | ¥817.7M |
| Employees (consolidated) | 138 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | www.jmc-rp.co.jp (https://www.jmc-rp.co.jp/) |
| Corporate number | 2020001035875 |
| EDINET | E32770 |
| Industries (Vizora) | Robots & Factory Automation, Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100XSBE, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14 | 25 |
| Profitability | 17.3 | 26 |
| Cash conversion | 98 | 25 |
| Efficiency | 38.9 | 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)

- About 65% of JMC's sales come from Sand casting services, with 3D printing services and CT machine sales and scanning services making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +17.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.22B |  |
| Operating income | ¥103.6M | Margin 3.2% |
| Net income | -¥1.26B | Margin -39.2% |
| Free cash flow | ¥496.6M |  |
| Largest business | Sand casting services | of segment revenue 64.6% |
| Employees (consolidated) | 138 |  |
| EPS | ¥-227.76 |  |
| Book value per share | ¥296.64 |  |
| Equity ratio | 57.5% |  |
| Shares outstanding | 5,598,500 |  |
| Treasury shares | 44,800 |  |
| Shareholders | 3,621 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 14.8% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | -2.4 pp | Non-ferrous Metals & Wires |
| ROA | -33.4% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -49 points
- FY2025, employees -3% while operating income rose 18%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2458957000 | ¥3223030000 | +31.1% |
| Operating income | ¥-220459000 | ¥103588000 | — |
| Operating margin | -9.0% | 3.2% | +12.2 pp |
| Employees | 140 people | 138 people | -1.4% |
| Cash and equivalents | ¥222072000 | ¥425004000 | +91.4% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ３Ｄプリンター事業 → ３Ｄプリンター事業 | 18.8% |
| 鋳造事業 → 事業再編・廃止 | 39.7% |
| ＣＴ事業 → ＣＴ事業 | 11.6% |
| ＣＴ事業 → 事業再編・廃止 | 29.8% |
| 新設・再編 → ３Ｄプリンター事業 | 4.9% |
| 新設・再編 → 鋳造事業 | 64.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sand casting services | 3 years | +2.0% | ¥2083683000 | 4.2% | 2 |
| 3D printing services | 5 years | +10.6% | ¥764482000 | 31.6% | 2 |
| CT machine sales and scanning services | 5 years | -18.1% | ¥374864000 | 66.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,223 | 100.0% | S100XSBE |
| Cost of revenue | 2,186 | 67.8% | S100XSBE |
| Gross profit | 1,037 | 32.2% | S100XSBE |
| SG&A | 933 | 28.9% | S100XSBE |
| Operating income | 104 | 3.2% | S100XSBE |
| Ordinary income | 101 | 3.1% | S100XSBE |
| Pretax income | -1,221 | -37.9% | S100XSBE |
| Income tax | 43 | 1.3% | S100XSBE |
| Net income | -1,264 | -39.2% | S100XSBE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 29 |
| Operating income | 3 |
| (Ref.) Net income | -39 |

### Margin funnel

Gross margin 32.2% → Operating margin 3.2% → Net margin -39.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +17.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.59×
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 | 3,072 | 3,223 | 151 | +4.9% |
| Gross profit | 1,025 | 1,037 | 12 | +1.2% |
| Operating income | 88 | 104 | 15 | +17.6% |
| Operating cash flow | 529 | 667 | 138 | +26.1% |
| Free cash flow | 288 | 497 | 209 | +72.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,809 | 265 | 9.4% | 164 | 302 | -1,096 | S100L02E |
| FY ending Dec 2020 | 2,459 | -220 | -9.0% | -173 | -29 | -280 | S100NPLJ |
| FY ending Dec 2021 | 2,417 | 102 | 4.2% | 114 | 456 | 316 | S100QG9I |
| FY ending Dec 2022 | 2,955 | 351 | 11.9% | 248 | 600 | -32 | S100T3YA |
| FY ending Dec 2023 | 3,640 | 537 | 14.7% | 364 | 390 | -316 | S100VGRT |
| FY ending Dec 2024 | 3,072 | 88 | 2.9% | 51 | 529 | 288 | S100XSBE |
| FY ending Dec 2025 | 3,223 | 104 | 3.2% | -1,264 | 667 | 497 | S100XSBE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥23.4M |
| Operating income per employee (consolidated) | ¥750.6K |
| Net income per employee (consolidated) | -¥9.2M |

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) | 128 | 129 | 148 | 142 | 138 |
| Average salary (parent company) | ¥4.4M | ¥4.6M | ¥5M | ¥5.3M | ¥4.8M |
| Average age (parent company) | 35.1 years | 36.6 years | 36.6 years | 37.5 years | 38.9 years |
| Average tenure (parent company) | 4.5 years | 4.1 years | 4.1 years | 5.1 years | 5.6 years |

Year over year: Employees (consolidated) -2.8% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| 3D printing services | 764 | 23.7% | 241 | 31.6% |
| Sand casting services | 2,084 | 64.6% | 88 | 4.2% |
| CT machine sales and scanning services | 375 | 11.6% | 248 | 66.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| 3D printing services | 23.7% | 41.8% | 18.1 | 31.6% |
| Sand casting services | 64.6% | 15.2% | -49.4 | 4.2% |
| CT machine sales and scanning services | 11.6% | 43.0% | 31.3 | 66.1% |

Segment → industry: CT machine sales and scanning services → Robots & Factory Automation / Sand casting services → Non-ferrous Metals & Wires

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 667 | 20.7% | S100XSBE |
| Capital expenditure | 171 | 5.3% | S100XSBE |
| Free cash flow | 497 | 15.4% | 算出 |
| Investing cash flow | -168 | -5.2% | S100XSBE |
| Financing cash flow | -494 | -15.3% | S100XSBE |
| Change in cash | 5 | 0.2% | S100XSBE |
| Cash and equivalents | 425 | 13.2% | S100XSBE |

## 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 | 306 | 307 | 303 | 420 | 425 | S100T3YA, S100VGRT, S100XSBE |
| Total assets | 3,808 | 4,332 | 4,981 | 4,701 | 2,863 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Net assets | 2,200 | 2,457 | 2,861 | 2,902 | 1,647 | S100T3YA, S100VGRT, S100XSBE |
| Share capital | 783 | 788 | 808 | 818 | 818 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Property, plant and equipment | 2,388 | 2,796 | 3,278 | 3,053 | 1,462 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Intangible assets excluding goodwill | 49 | 44 | 41 | 38 | 32 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Current assets | 1,281 | 1,388 | 1,563 | 1,536 | 1,296 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Current liabilities | 970 | 1,039 | 1,129 | 1,011 | 788 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Short-term borrowings | 300 | 100 | 200 | 250 | 50 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Long-term borrowings | 230 | 519 | 739 | 613 | 287 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Total liabilities | 1,608 | 1,875 | 2,119 | 1,800 | 1,216 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Equity attributable to owners of parent | 2,200 | 2,457 | 2,861 | 2,902 | 1,647 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Retained earnings | 648 | 896 | 1,259 | 1,310 | 46 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |
| Treasury stock | -0 | -0 | -0 | -30 | -22 | S100QG9I, S100T3YA, S100VGRT, S100XSBE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XSBE |
| Property, plant and equipment | 51% | S100XSBE |
| Intangibles and goodwill | 1% | S100XSBE |
| Other assets | 33% | S100XSBE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100XSBE |
| Equity | 58% | S100XSBE |

### 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 | 3,808 | 4,332 | 4,981 | 4,701 | 2,863 |
| Equity | 2,200 | 2,457 | 2,861 | 2,902 | 1,647 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 306 | 307 | 303 | 420 | 425 |

## 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) | 45.4% | S100XSBE |
| Fixed assets ÷ total assets | 51.1% | S100XSBE |
| Goodwill ÷ parent equity | — | —, S100XSBE |

### 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) | 14.8% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 644.1% |
| Cash vs. profit gap | 1,931 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 25.2% |

## 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 | 4.7% | 0.63× | 3.0% | 1.73× | 5.2% | S100QG9I |
| 2022 | 8.4% | 0.73× | 6.1% | 1.75× | 10.6% | S100T3YA |
| 2023 | 10.0% | 0.78× | 7.8% | 1.75× | 13.7% | S100VGRT |
| 2024 | 1.6% | 0.63× | 1.0% | 1.68× | 1.8% | S100XSBE |
| 2025 | — | —× | -33.4% | —× | — | S100XSBE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 渡邊 大知 | Major shareholder | 22.9% | 2025-12-31 |
| 鈴木 浩之 | Major shareholder | 7.3% | 2025-12-31 |
| 渡邊商事株式会社 | Major shareholder | 3.9% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.9% | 2025-12-31 |
| 楽天証券株式会社 | Major shareholder | 2.5% | 2025-12-31 |
| ＪＭＣ役員持株会 | Major shareholder | 1.4% | 2025-12-31 |
| 山﨑 晴太郎 | Major shareholder | 1.4% | 2025-12-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| ＪＭＣ従業員持株会 | Major shareholder | 1.3% | 2025-12-31 |
| 山田 智則 | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/01/01－2025/12/31) | S100XSBE | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSBE,, |
| 有価証券報告書－第33期(2024/01/01－2024/12/31) | S100VGRT | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGRT,, |
| 有価証券報告書－第32期(2023/01/01－2023/12/31) | S100T3YA | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3YA,, |
| 有価証券報告書－第31期(2022/01/01－2022/12/31) | S100QG9I | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG9I,, |
| 有価証券報告書－第30期(令和3年1月1日－令和3年12月31日) | S100NPLJ | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPLJ,, |
| 有価証券報告書－第29期(令和2年1月1日－令和2年12月31日) | S100L02E | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L02E,, |

## 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).