# JMS 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61期(2025/04/01－2026/03/31) (S100YF50)
> Page: https://vizora.meequs.com/en/company/jms
> Retrieved: 2026-09-30T21:34:30.848Z

## Company

JMS, founded in 1965, is a company in Medical Devices listed on TSE Standard. It has 4,887 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JMS CO.,LTD. |
| Ticker | 7702 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7702.T) |
| Listing | TSE Standard |
| Head office | 広島市中区加古町12番17号 |
| Representative (per filing) | 代表取締役社長 桂龍司 |
| Founded | Jun 1965 |
| Share capital | ¥7.41B |
| Employees (consolidated) | 4,887 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.jms.cc (https://www.jms.cc/) |
| Corporate number | 5240001004384 |
| EDINET | E02303 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YF50, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.5 | 38 |
| Profitability | 3.8 | 39 |
| Cash conversion | 98.7 | 38 |
| Efficiency | 75.6 | 39 |

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 63% of JMS's sales come from Japan, with Singapore and Other making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -5.6% from the prior year, operating profit -56.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥65.8B |  |
| Operating income | ¥381M | Margin 0.6% |
| Net income | -¥783M | Margin -1.2% |
| Free cash flow | -¥1.07B |  |
| Largest business | Japan | of segment revenue 63.4% |
| Employees (consolidated) | 4,887 |  |
| EPS | ¥43.82 |  |
| Book value per share | ¥1121.71 |  |
| Equity ratio | 50.2% |  |
| Shares outstanding | 24,733,466 |  |
| Treasury shares | 202,900 |  |
| Shareholders | 7,723 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 9.3% | Cash ÷ revenue 11.7% |
| Vs. industry median margin | -10.5 pp | Medical Devices |
| ROA | -1.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57578000000 | ¥65845000000 | +14.4% |
| Operating income | ¥2127000000 | ¥381000000 | -82.1% |
| Operating margin | 3.7% | 0.6% | -3.1 pp |
| Employees | 5,604 people | 4,887 people | -12.8% |
| Cash and equivalents | ¥6222000000 | ¥7717000000 | +24.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 63.4% |
| 日本 → 事業再編・廃止 | 2.8% |
| シンガポール → シンガポール | 18.4% |
| シンガポール → 事業再編・廃止 | 0.3% |
| 中国 → 中国 | 2.6% |
| フィリピン → フィリピン | 0.0% |
| ドイツ → ドイツ | 5.4% |
| その他 → その他 | 7.0% |
| 新設・再編 → 中国 | 0.4% |
| 新設・再編 → フィリピン | 0.1% |
| 新設・再編 → ドイツ | 0.6% |
| 新設・再編 → その他 | 2.0% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +1.8% | ¥41748000000 | 2.3% | 2 |
| Singapore | 5 years | +2.4% | ¥12117000000 | -0.4% | 2 |
| Other | 5 years | +8.0% | ¥5929000000 | 0.4% | 2 |
| Germany | 5 years | +4.8% | ¥3955000000 | 12.0% | 2 |
| China | 5 years | +6.0% | ¥2030000000 | 4.3% | 2 |
| Philippines | 5 years | +32.8% | ¥62000000 | -1172.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,845 | 100.0% | S100YF50 |
| Cost of revenue | 50,489 | 76.7% | S100YF50 |
| Gross profit | 15,355 | 23.3% | S100YF50 |
| SG&A | 14,973 | 22.7% | S100YF50 |
| Operating income | 381 | 0.6% | S100YF50 |
| Ordinary income | 356 | 0.5% | S100YF50 |
| Pretax income | -368 | -0.6% | S100YF50 |
| Income tax | 450 | 0.7% | S100YF50 |
| Net income | -819 | -1.2% | S100YF50 |
| Net income attributable to owners | -783 | -1.2% | S100YF50 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 23 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 23.3% → Operating margin 0.6% → Net margin -1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.6%; Core profit growth: -56.3%
Operating leverage (core profit growth ÷ revenue growth): 10.06×
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 | 69,749 | 65,845 | -3,904 | -5.6% |
| Gross profit | 15,924 | 15,355 | -569 | -3.6% |
| Operating income | 872 | 381 | -491 | -56.3% |
| Net income attributable to owners | 89 | -783 | -872 | -979.8% |
| Operating cash flow | 1,467 | 1,584 | 117 | +8.0% |
| Free cash flow | -1,573 | -1,075 | 498 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 58,569 | 2,314 | 4.0% | 1,977 | 3,565 | 263 | S100LO17 |
| FY ending Mar 2021 | 57,578 | 2,127 | 3.7% | 1,736 | 3,739 | 481 | S100ODB5 |
| FY ending Mar 2022 | 58,169 | 980 | 1.7% | 826 | 4,399 | 1,138 | S100R71X |
| FY ending Mar 2023 | 63,740 | 724 | 1.1% | 281 | 2,485 | -1,071 | S100TREA |
| FY ending Mar 2024 | 65,292 | -268 | -0.4% | -36 | 3,140 | 498 | S100W4ZL |
| FY ending Mar 2025 | 69,749 | 872 | 1.3% | 89 | 1,467 | -1,573 | S100YF50 |
| FY ending Mar 2026 | 65,845 | 381 | 0.6% | -783 | 1,584 | -1,075 | S100YF50 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.5M |
| Operating income per employee (consolidated) | ¥78K |
| Net income per employee (consolidated) | -¥160.2K |

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) | 5,359 | 5,650 | 5,283 | 5,469 | 4,887 |
| Average salary (parent company) | ¥4.7M | ¥4.8M | ¥4.8M | ¥4.8M | ¥4.9M |
| Average age (parent company) | 40.2 years | 40.4 years | 40.5 years | 40.5 years | 40.7 years |
| Average tenure (parent company) | 15.4 years | 15.6 years | 15.8 years | 16.1 years | 16.3 years |

Year over year: Employees (consolidated) -10.6% · Revenue (consolidated) -5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 41,748 | 63.4% | 949 | 2.3% |
| Singapore | 12,117 | 18.4% | -47 | -0.4% |
| China | 2,030 | 3.1% | 87 | 4.3% |
| Philippines | 62 | 0.1% | -727 | -1172.6% |
| Germany | 3,955 | 6.0% | 473 | 12.0% |
| Other | 5,929 | 9.0% | 24 | 0.4% |

### 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 |
| --- | ---: |
| Japan | 63.4% |
| Singapore | 18.4% |
| China | 3.1% |
| Philippines | 0.1% |
| Germany | 6.0% |
| Other | 9.0% |

Segment → industry: Other → Medical Devices / Germany → Medical Devices / Philippines → Medical Devices / China → Medical Devices / Singapore → Medical Devices / Japan → Medical Devices

## 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 | 1,584 | 2.4% | S100YF50 |
| Capital expenditure | 2,659 | 4.0% | S100YF50 |
| Free cash flow | -1,075 | -1.6% | 算出 |
| Investing cash flow | -2,250 | -3.4% | S100YF50 |
| Financing cash flow | 2,687 | 4.1% | S100YF50 |
| Dividends paid | 416 | 0.6% | S100YF50 |
| Share buyback | 0 | 0.0% | S100YF50 |
| Change in cash | 2,209 | 3.4% | S100YF50 |
| Cash and equivalents | 7,717 | 11.7% | S100YF50 |

## 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 | 6,810 | 6,325 | 10,304 | 5,507 | 7,717 | S100TREA, S100W4ZL, S100YF50 |
| Total assets | 71,971 | 74,407 | 84,709 | 81,432 | 83,067 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Net assets | 37,093 | 38,700 | 40,747 | 40,927 | 41,791 | S100TREA, S100W4ZL, S100YF50 |
| Share capital | 7,411 | 7,411 | 7,411 | 7,411 | 7,411 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Property, plant and equipment | 25,460 | 26,008 | 29,079 | 28,291 | 27,698 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Intangible assets excluding goodwill | 1,035 | 847 | 995 | 943 | 982 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Goodwill | 134 | 119 | 315 | 296 | 264 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Investment securities | 4,168 | 4,099 | 4,834 | 5,437 | 6,122 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Current assets | 40,042 | 42,263 | 48,665 | 45,773 | 47,385 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Current liabilities | 22,847 | 22,437 | 29,929 | 25,629 | 26,682 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Trade payables | 8,482 | 8,699 | 8,774 | 7,951 | 5,704 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Short-term borrowings | 3,450 | 4,002 | 6,396 | 5,072 | 8,330 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Long-term borrowings | 10,112 | 11,599 | 11,067 | 11,793 | 12,005 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Total liabilities | 34,878 | 35,707 | 43,961 | 40,504 | 41,276 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Non-controlling interests | 133 | 169 | 174 | 91 | 60 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Equity attributable to owners of parent | 35,182 | 35,057 | 34,623 | 34,308 | 33,119 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Retained earnings | 17,652 | 17,514 | 17,055 | 16,723 | 15,513 | S100R71X, S100TREA, S100W4ZL, S100YF50 |
| Treasury stock | -233 | -219 | -194 | -177 | -156 | S100R71X, S100TREA, S100W4ZL, S100YF50 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YF50 |
| Property, plant and equipment | 33% | S100YF50 |
| Intangibles and goodwill | 2% | S100YF50 |
| Investment securities | 7% | S100YF50 |
| Other assets | 49% | S100YF50 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YF50 |
| Other liabilities | 43% | S100YF50 |
| Equity | 50% | S100YF50 |

### 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 | 71,971 | 74,407 | 84,709 | 81,432 | 83,067 |
| Equity | 37,093 | 38,700 | 40,747 | 40,927 | 41,791 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,810 | 6,325 | 10,304 | 5,507 | 7,717 |

## 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) | 42.1% | S100YF50 |
| Fixed assets ÷ total assets | 33.3% | S100YF50 |
| Goodwill ÷ parent equity | 0.8% | S100YF50 |

Goodwill over 4 years: 134 → 264 JPY; total investing cash flow: -16,989 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) | 9.3% |
| Cash ÷ revenue | 11.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 415.7% |
| Cash vs. profit gap | 2,367 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 142.0% |

## 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 | 1.4% | 0.81× | 1.1% | 2.05× | 2.3% | S100R71X |
| 2023 | 0.4% | 0.87× | 0.4% | 2.08× | 0.8% | S100TREA |
| 2024 | — | —× | -0.0% | —× | — | S100W4ZL |
| 2025 | 0.1% | 0.84× | 0.1% | 2.41× | 0.3% | S100YF50 |
| 2026 | — | —× | -1.0% | —× | — | S100YF50 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社カネカ | Major shareholder | 10.3% | 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 | 8.4% | 2026-03-31 |
| 一般財団法人土谷記念医学振興基金 | Major shareholder | 7.7% | 2026-03-31 |
| 土谷佐枝子 | Major shareholder | 4.1% | 2026-03-31 |
| 社会福祉法人千寿会 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 3.6% | 2026-03-31 |
| ＪＭＳ共栄会 | Major shareholder | 3.1% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 大下産業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 合同会社センス | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YF50 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF50,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100W4ZL | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZL,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TREA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TREA,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R71X | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R71X,, |
| 有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100ODB5 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODB5,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LO17 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO17,, |

## 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).