# JOHNAN ACADEMIC PREPARATORY INSTITUTE,INC.: 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44期(2025/04/01－2026/03/31) (S100YKMH)
> Page: https://vizora.meequs.com/en/company/johnan-academic-preparatory-institute
> Retrieved: 2026-09-30T21:52:58.226Z

## Company

Johnan Academic Preparatory Institute, founded in 1982, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 394 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JOHNAN ACADEMIC PREPARATORY INSTITUTE,INC. |
| Ticker | 4720 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4720.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市川崎区駅前本町22番地2 |
| Representative (per filing) | 代表取締役社長CEO 千島克哉 |
| Founded | Sep 1982 |
| Share capital | ¥655.7M |
| Employees (consolidated) | 394 |
| Average salary (parent only) | ¥4.4M |
| Fiscal year end | March |
| Corporate number | 8020001073184 |
| EDINET | E05030 |
| Industries (Vizora) | Sporting Goods & Fitness, Education, Childcare |

> Profile source: annual securities report (S100YKMH, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.6 | 26 |
| Profitability | 11.7 | 30 |
| Cash conversion | 76.8 | 28 |
| Efficiency | 45 | 30 |

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 93% of Johnan Academic Preparatory Institute's sales come from Education business, with Sports business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -0.1% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Education business 93.5%、Sports business 6.5%
- Revenue → net income: ¥5621013000 → ¥4844000
- Net income → operating cash flow: ¥4844000 → ¥123227000（difference ¥118383000）
- Main uses of operating cash flow: CapEx ¥26971000 / dividends ¥104000 / buybacks ¥25000
- Change in cash: ¥202198000
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 | ¥5.62B |  |
| Operating income | ¥77.8M | Margin 1.4% |
| Net income | ¥4.9M | Margin 0.1% |
| Free cash flow | ¥96.3M |  |
| Largest business | Education business | of segment revenue 93.5% |
| Employees (consolidated) | 394 |  |
| EPS | ¥12.66 |  |
| Book value per share | ¥122.93 |  |
| Equity ratio | 27.2% |  |
| Shares outstanding | 8,937,840 |  |
| Treasury shares | 626,300 |  |
| Shareholders | 18,450 |  |
| Average salary (parent only) | ¥4.4M | Filing company only |
| Cash ratio | 34.5% | Cash ÷ revenue 31.4% |
| Vs. industry median margin | -6 pp | Education |
| ROE | 0.3% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 25.2× net income
- FY2026, segment profit share differs by -50 points
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5709663000 | ¥5621013000 | -1.6% |
| Operating income | ¥-637368000 | ¥77764000 | — |
| Operating margin | -11.2% | 1.4% | +12.5 pp |
| Employees | 389 people | 394 people | +1.3% |
| Cash and equivalents | ¥1312612000 | ¥1762292000 | +34.3% |

### 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 |
| --- | ---: |
| 教育事業 → 教育事業 | 93.5% |
| 教育事業 → 事業再編・廃止 | 2.4% |
| スポーツ事業 → スポーツ事業 | 4.1% |
| 新設・再編 → スポーツ事業 | 2.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 5,621 | 100.0% | S100YKMH |
| Cost of revenue | 4,269 | 75.9% | S100YKMH |
| Gross profit | 1,352 | 24.1% | S100YKMH |
| SG&A | 1,274 | 22.7% | S100YKMH |
| Operating income | 78 | 1.4% | S100YKMH |
| Ordinary income | 81 | 1.4% | S100YKMH |
| Pretax income | 66 | 1.2% | S100YKMH |
| Income tax | 61 | 1.1% | S100YKMH |
| Net income | 5 | 0.1% | S100YKMH |
| Net income attributable to owners | 5 | 0.1% | S100YKMH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 23 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 24.1% → Operating margin 1.4% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 5,624 | 5,621 | -3 | -0.1% |
| Gross profit | 1,170 | 1,352 | 182 | +15.5% |
| Operating income | -231 | 78 | 308 | — |
| Net income attributable to owners | -421 | 5 | 426 | — |
| Operating cash flow | -55 | 123 | 179 | — |
| Free cash flow | -198 | 96 | 294 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,746 | -679 | -10.1% | 299 | -168 | -651 | S100LUOI |
| FY ending Mar 2021 | 5,710 | -637 | -11.2% | -1,056 | -743 | -874 | S100OGHT |
| FY ending Mar 2022 | 6,254 | 78 | 1.2% | -637 | 446 | 322 | S100R1NP |
| FY ending Mar 2023 | 5,946 | -33 | -0.6% | -135 | 49 | -35 | S100TW4U |
| FY ending Mar 2024 | 5,852 | 30 | 0.5% | -122 | 70 | 23 | S100W6QR |
| FY ending Mar 2025 | 5,624 | -231 | -4.1% | -421 | -55 | -198 | S100YKMH |
| FY ending Mar 2026 | 5,621 | 78 | 1.4% | 5 | 123 | 96 | S100YKMH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥14.3M |
| Operating income per employee (consolidated) | ¥197.4K |
| Net income per employee (consolidated) | ¥12.4K |

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) | 380 | 393 | 392 | 391 | 394 |
| Average salary (parent company) | ¥4.5M | ¥4.4M | ¥4.5M | ¥4.4M | ¥4.4M |
| Average age (parent company) | 40.3 years | 41.1 years | 41.0 years | 41.7 years | 39.6 years |
| Average tenure (parent company) | 12.3 years | 13.2 years | 12.7 years | 13.0 years | 10.3 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Education business | 5,253 | 93.5% | 33 | 0.6% |
| Sports business | 368 | 6.5% | 44 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Education business | 93.5% | 43.0% | -50.5 | 0.6% |
| Sports business | 6.5% | 57.0% | 50.5 | 12.0% |

Segment → industry: Sports business → Sporting Goods & Fitness / Education business → Education / Education business → Childcare

## 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 | 123 | 2.2% | S100YKMH |
| Capital expenditure | 27 | 0.5% | S100YKMH |
| Free cash flow | 96 | 1.7% | 算出 |
| Investing cash flow | 123 | 2.2% | S100YKMH |
| Financing cash flow | -44 | -0.8% | S100YKMH |
| Dividends paid | 0 | 0.0% | S100YKMH |
| Share buyback | 0 | 0.0% | S100YKMH |
| Change in cash | 202 | 3.6% | S100YKMH |
| Cash and equivalents | 1,762 | 31.4% | S100YKMH |

## 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 | 1,602 | 1,553 | 1,392 | 1,560 | 1,762 | S100TW4U, S100W6QR, S100YKMH |
| Total assets | 5,436 | 5,146 | 4,876 | 5,230 | 5,108 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Net assets | 2,110 | 2,027 | 1,882 | 1,438 | 1,393 | S100TW4U, S100W6QR, S100YKMH |
| Share capital | 656 | 656 | 656 | 656 | 656 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Property, plant and equipment | 2,230 | 2,139 | 2,105 | 2,298 | 2,206 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Intangible assets excluding goodwill | 144 | 114 | 88 | 36 | 26 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Goodwill | 55 | 41 | 26 | 12 | 1 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Investment securities | 172 | 159 | 111 | 136 | 31 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Current assets | 2,259 | 2,097 | 1,996 | 2,192 | 2,289 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Current liabilities | 1,667 | 1,611 | 1,557 | 1,843 | 1,734 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Long-term borrowings | 679 | 506 | 375 | 739 | 807 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Total liabilities | 3,326 | 3,119 | 2,994 | 3,792 | 3,715 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Non-controlling interests | — | 1 | 2 | 2 | 2 | S100TW4U, S100W6QR, S100YKMH |
| Equity attributable to owners of parent | 2,444 | 2,356 | 2,192 | 1,730 | 1,735 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Retained earnings | 1,536 | 1,361 | 1,197 | 735 | 739 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |
| Treasury stock | -443 | -356 | -356 | -356 | -356 | S100R1NP, S100TW4U, S100W6QR, S100YKMH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YKMH |
| Property, plant and equipment | 43% | S100YKMH |
| Intangibles and goodwill | 1% | S100YKMH |
| Investment securities | 1% | S100YKMH |
| Other assets | 21% | S100YKMH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 73% | S100YKMH |
| Equity | 27% | S100YKMH |
| Other liabilities | 0% | S100YKMH |

### 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 | 5,436 | 5,146 | 4,876 | 5,230 | 5,108 |
| Equity | 2,110 | 2,027 | 1,882 | 1,438 | 1,393 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,602 | 1,553 | 1,392 | 1,560 | 1,762 |

## 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) | 39.3% | S100YKMH |
| Fixed assets ÷ total assets | 43.2% | S100YKMH |
| Goodwill ÷ parent equity | 0.1% | S100YKMH |

Goodwill over 4 years: 55 → 1 JPY; total investing cash flow: -151 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) | 34.5% |
| Cash ÷ revenue | 31.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.5% |
| Cash vs. profit gap | 118 JPY mn (of net income 2418.4%) |
| Shareholder returns / net income | 2.6% |
| Shareholder returns / FCF | 0.1% |
| Shareholder payments — dividends / net income | 2.1% |
| Shareholder payments — dividends / FCF | 0.1% |
| CapEx intensity (capex ÷ revenue) | 0.5% |
| Investing CF relative to operating CF | 99.5% |

## 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 | — | —× | -11.7% | —× | — | S100R1NP |
| 2023 | — | —× | -2.6% | —× | — | S100TW4U |
| 2024 | — | —× | -2.4% | —× | — | S100W6QR |
| 2025 | — | —× | -8.3% | —× | — | S100YKMH |
| 2026 | 0.1% | 1.09× | 0.1% | 2.98× | 0.3% | S100YKMH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社シモムラ | Major shareholder | 32.4% | 2026-03-31 |
| 株式会社学研ホールディングス | Major shareholder | 4.8% | 2026-03-31 |
| 下村 友里 | Major shareholder | 4.6% | 2026-03-31 |
| 山崎 杏里 | Major shareholder | 4.6% | 2026-03-31 |
| 深堀 和子 | Major shareholder | 3.9% | 2026-03-31 |
| 下村 勝己 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.4% | 2026-03-31 |
| みずほ信託銀行株式会社（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| 小川 由晃 | Major shareholder | 2.5% | 2026-03-31 |
| 深堀 泰弘 | Major shareholder | 1.4% | 2026-03-31 |
| 深堀 雄一郎 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YKMH | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKMH,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W6QR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6QR,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TW4U | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW4U,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R1NP | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1NP,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OGHT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGHT,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LUOI | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUOI,, |

## 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).