# Jorudan Co.,Ltd.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2024/10/01－2025/09/30) (S100XDG9)
> Page: https://vizora.meequs.com/en/company/jorudan
> Retrieved: 2026-09-30T21:02:06.718Z

## Company

Jorudan is a company in IT Services & System Integration listed on TSE Standard. It has 178 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Jorudan Co.,Ltd. |
| Ticker | 3710 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3710.T) |
| Listing | TSE Standard |
| Head office | 東京都新宿区新宿二丁目5番10号 |
| Representative (per filing) | 代表取締役社長 佐藤俊和 |
| Share capital | ¥277.4M |
| Employees (consolidated) | 178 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | September |
| Website | www.jorudan.co.jp (https://www.jorudan.co.jp/) |
| Corporate number | 2011101009695 |
| EDINET | E05336 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps |

> Profile source: annual securities report (S100XDG9, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Internet Services & Apps (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.3 | 40 |
| Profitability | 18.6 | 51 |
| Cash conversion | 98.8 | 43 |
| Efficiency | 14.4 | 52 |

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 83% of Jorudan's sales come from Transfer guide, with Software and Hardware making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -3.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Transfer guide 82.7%、Software 10.6%、Hardware 6.2%、Other 0.4%、Multimedia 0.1%
- Revenue → net income: ¥2834256000 → ¥262787000
- Net income → operating cash flow: ¥262787000 → ¥322270000（difference ¥59483000）
- Main uses of operating cash flow: CapEx ¥73672000 / dividends ¥30508000 / buybacks —
- Change in cash: ¥255055000
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 | ¥2.83B |  |
| Operating income | ¥45.7M | Margin 1.6% |
| Net income | ¥261.7M | Margin 9.2% |
| Free cash flow | ¥248.6M |  |
| Largest business | Transfer guide | of segment revenue 82.7% |
| Employees (consolidated) | 178 |  |
| EPS | ¥51.36 |  |
| Book value per share | ¥861.12 |  |
| Equity ratio | 83.3% |  |
| Shares outstanding | 5,255,000 |  |
| Treasury shares | 154,200 |  |
| Shareholders | 5,538 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 58.6% | Cash ÷ revenue 113.7% |
| Vs. industry median margin | -6 pp | Internet Services & Apps |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 94% of positive segment profit
- FY2025, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3474514000 | ¥2834256000 | -18.4% |
| Operating income | ¥198803000 | ¥45658000 | -77.0% |
| Operating margin | 5.7% | 1.6% | -4.1 pp |
| Employees | 180 people | 178 people | -1.1% |
| Cash and equivalents | ¥3567002000 | ¥3222306000 | -9.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 乗換案内事業 → 乗換案内事業 | 82.7% |
| 乗換案内事業 → 事業再編・廃止 | 9.3% |
| マルチメディア事業 → マルチメディア事業 | 0.1% |
| マルチメディア事業 → 事業再編・廃止 | 1.3% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 6.3% |
| 新設・再編 → ソフトウエア事業 | 10.6% |
| 新設・再編 → ハードウエア事業 | 6.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transfer guide | 5 years | -6.0% | ¥2343077000 | 15.3% | 2 |
| Software | 4 years | +4.5% | ¥301119000 | -8.9% | 2 |
| Hardware | 4 years | +46.2% | ¥176668000 | 12.1% | 2 |
| Other | 5 years | -45.3% | ¥11317000 | -5.8% | 2 |
| Multimedia | 5 years | -46.6% | ¥2073000 | -502.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,834 | 100.0% | S100XDG9 |
| Cost of revenue | 1,576 | 55.6% | S100XDG9 |
| Gross profit | 1,259 | 44.4% | S100XDG9 |
| SG&A | 1,213 | 42.8% | S100XDG9 |
| Operating income | 46 | 1.6% | S100XDG9 |
| Ordinary income | 258 | 9.1% | S100XDG9 |
| Pretax income | 310 | 10.9% | S100XDG9 |
| Income tax | 47 | 1.7% | S100XDG9 |
| Net income | 263 | 9.3% | S100XDG9 |
| Net income attributable to owners | 262 | 9.2% | S100XDG9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 43 |
| Operating income | 2 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 44.4% → Operating margin 1.6% → Net margin 9.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,928 | 2,834 | -94 | -3.2% |
| Gross profit | 1,180 | 1,259 | 79 | +6.7% |
| Operating income | -190 | 46 | 235 | — |
| Net income attributable to owners | -119 | 262 | 380 | — |
| Operating cash flow | 29 | 322 | 293 | +997.5% |
| Free cash flow | -135 | 249 | 384 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,332 | 275 | 6.3% | 128 | 146 | 32 | S100KG90 |
| FY ending Sep 2020 | 3,475 | 199 | 5.7% | 52 | 88 | 17 | S100N54C |
| FY ending Sep 2021 | 2,610 | 89 | 3.4% | 49 | 133 | -337 | S100PW40 |
| FY ending Sep 2022 | 2,652 | -35 | -1.3% | 65 | 256 | 124 | S100SJZ8 |
| FY ending Sep 2023 | 3,005 | 0 | 0.0% | -196 | 158 | -274 | S100V174 |
| FY ending Sep 2024 | 2,928 | -190 | -6.5% | -119 | 29 | -135 | S100XDG9 |
| FY ending Sep 2025 | 2,834 | 46 | 1.6% | 262 | 322 | 249 | S100XDG9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.9M |
| Operating income per employee (consolidated) | ¥256.5K |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 199 | 199 | 207 | 186 | 178 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.2M | — | ¥5.1M |
| Average age (parent company) | 40.5 years | 41.6 years | 41.6 years | 42.5 years | 43.3 years |
| Average tenure (parent company) | 10.7 years | 11.3 years | 12.0 years | 12.8 years | 12.8 years |

Year over year: Employees (consolidated) -4.3% · Revenue (consolidated) -3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transfer guide | 2,343 | 82.7% | 358 | 15.3% |
| Multimedia | 2 | 0.1% | -10 | -502.1% |
| Software | 301 | 10.6% | -27 | -8.9% |
| Hardware | 177 | 6.2% | 21 | 12.1% |
| Other | 11 | 0.4% | -1 | -5.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transfer guide | 82.7% | 94.3% | 11.7 | 15.3% |
| Multimedia | 0.1% | — | — | -502.1% |
| Software | 10.6% | — | — | -8.9% |
| Hardware | 6.2% | 5.7% | -0.6 | 12.1% |
| Other | 0.4% | — | — | -5.8% |

Loss-making segment (excluded from profit shares): Multimedia -10 JPY mn

Loss-making segment (excluded from profit shares): Software -27 JPY mn

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Software → IT Services & System Integration / Multimedia → Internet Services & Apps / Transfer guide → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 322 | 11.4% | S100XDG9 |
| Capital expenditure | 74 | 2.6% | S100XDG9 |
| Free cash flow | 249 | 8.8% | 算出 |
| Investing cash flow | -83 | -2.9% | S100XDG9 |
| Financing cash flow | -41 | -1.4% | S100XDG9 |
| Dividends paid | 31 | 1.1% | S100XDG9 |
| Change in cash | 255 | 9.0% | S100XDG9 |
| Cash and equivalents | 3,222 | 113.7% | S100XDG9 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,606 | 3,603 | 3,272 | 2,967 | 3,222 | S100SJZ8, S100V174, S100XDG9 |
| Total assets | 5,616 | 5,822 | 5,705 | 5,296 | 5,502 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Net assets | 4,935 | 4,969 | 4,660 | 4,423 | 4,603 | S100SJZ8, S100V174, S100XDG9 |
| Share capital | 277 | 277 | 277 | 277 | 277 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Trade receivables | 557 | — | — | — | — | S100N54C |
| Property, plant and equipment | 511 | 531 | 763 | 813 | 728 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Intangible assets excluding goodwill | 148 | 133 | 117 | 98 | 101 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Investment securities | 251 | 435 | 423 | 402 | 408 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Current assets | 4,366 | 4,456 | 4,134 | 3,777 | 4,044 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Current liabilities | 648 | 830 | 993 | 850 | 897 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Trade payables | 140 | 165 | 243 | — | — | S100PW40, S100SJZ8 |
| Long-term borrowings | 30 | 20 | 33 | — | — | S100PW40, S100SJZ8, S100V174 |
| Total liabilities | 681 | 853 | 1,044 | 874 | 900 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Non-controlling interests | 50 | 37 | 29 | 18 | 20 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Equity attributable to owners of parent | 4,849 | 4,854 | 4,569 | 4,350 | 4,581 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Retained earnings | 4,151 | 4,186 | 3,959 | 3,810 | 4,041 | S100PW40, S100SJZ8, S100V174, S100XDG9 |
| Treasury stock | -92 | -122 | -122 | -122 | -122 | S100PW40, S100SJZ8, S100V174, S100XDG9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100XDG9 |
| Property, plant and equipment | 13% | S100XDG9 |
| Intangibles and goodwill | 2% | S100XDG9 |
| Investment securities | 7% | S100XDG9 |
| Other assets | 19% | S100XDG9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100XDG9 |
| Equity | 84% | S100XDG9 |
| Other liabilities | 0% | S100XDG9 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,616 | 5,822 | 5,705 | 5,296 | 5,502 |
| Equity | 4,935 | 4,969 | 4,660 | 4,423 | 4,603 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,606 | 3,603 | 3,272 | 2,967 | 3,222 |

## 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) | 25.7% | S100XDG9 |
| Fixed assets ÷ total assets | 13.2% | S100XDG9 |
| Goodwill ÷ parent equity | — | —, S100XDG9 |

### 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) | 58.6% |
| Cash ÷ revenue | 113.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 705.8% |
| Cash vs. profit gap | 61 JPY mn (of net income 23.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 11.7% |
| Shareholder payments — dividends / FCF | 12.3% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 25.7% |

## 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 | 1.9% | 0.46× | 0.9% | 1.16× | 1.0% | S100PW40 |
| 2022 | 2.5% | 0.46× | 1.1% | 1.18× | 1.3% | S100SJZ8 |
| 2023 | — | —× | -3.4% | —× | — | S100V174 |
| 2024 | — | —× | -2.2% | —× | — | S100XDG9 |
| 2025 | 9.2% | 0.52× | 4.8% | 1.21× | 5.9% | S100XDG9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 佐 藤 俊 和 | Major shareholder | 51.5% | 2025-09-30 |
| 坂 口 京 | Major shareholder | 6.6% | 2025-09-30 |
| ジョルダン従業員持株会 | Major shareholder | 4.5% | 2025-09-30 |
| 岩 田 和 也 | Major shareholder | 2.4% | 2025-09-30 |
| 吉 川 直 樹 | Major shareholder | 1.8% | 2025-09-30 |
| 佐 藤 照 子 | Major shareholder | 1.8% | 2025-09-30 |
| 小 田 恭 司 | Major shareholder | 1.5% | 2025-09-30 |
| 山野井 さち子 | Major shareholder | 1.2% | 2025-09-30 |
| 若 杉 精三郎 | Major shareholder | 1.2% | 2025-09-30 |
| 株式会社センター・オブ・エクセレンス・グループ | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2024/10/01－2025/09/30) | S100XDG9 | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDG9,, |
| 有価証券報告書－第45期(2023/10/01－2024/09/30) | S100V174 | 2024-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V174,, |
| 有価証券報告書－第44期(2022/10/01－2023/09/30) | S100SJZ8 | 2023-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJZ8,, |
| 有価証券報告書－第43期(令和3年10月1日－令和4年9月30日) | S100PW40 | 2022-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PW40,, |
| 有価証券報告書－第42期(令和2年10月1日－令和3年9月30日) | S100N54C | 2021-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N54C,, |
| 有価証券報告書－第41期(令和1年10月1日－令和2年9月30日) | S100KG90 | 2020-12-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KG90,, |

## 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).