JoshinJoshin Corporation8173東証プライム小売業FY ending Mar 2026, consolidated, J-GAAP

Joshin revenue and profit

Out of every ¥100 of sales, about ¥1 is left as operating profit. Revenue changed +8.3% from the prior year, operating profit +47.0%.

Five-year trend

Revenue¥436.6B
FY ending Mar 2022: ¥409.5B¥409.5BFY ending Mar 2023: ¥408.5B¥408.5BFY ending Mar 2024: ¥403.7B¥403.7BFY ending Mar 2025: ¥403.3B¥403.3BFY ending Mar 2026: ¥436.6B¥436.6BFY22FY23FY24FY25FY26
Operating income¥5.42B
FY ending Mar 2022: ¥8.88B¥8.88BFY ending Mar 2023: ¥8.31B¥8.31BFY ending Mar 2024: ¥8.36B¥8.36BFY ending Mar 2025: ¥3.69B¥3.69BFY ending Mar 2026: ¥5.42B¥5.42BFY22FY23FY24FY25FY26
Operating margin1.2%
FY ending Mar 2022: 2.2%2.2%FY ending Mar 2023: 2.0%2.0%FY ending Mar 2024: 2.1%2.1%FY ending Mar 2025: 0.9%0.9%FY ending Mar 2026: 1.2%1.2%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin0.8%
Asset turnover1.90×
ROA1.4%
ROA1.4%
Financial leverage2.30×
ROE3.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin0.8%
2022: 1.6%1.6%2023: 1.2%1.2%2024: 1.2%1.2%2025: 0.8%0.8%2026: 0.8%0.8%2223242526
Asset turnover1.90×
2022: 1.88×1.88×2023: 1.85×1.85×2024: 1.77×1.77×2025: 1.74×1.74×2026: 1.90×1.90×2223242526
ROA1.4%
2022: 2.9%2.9%2023: 2.3%2.3%2024: 2.1%2.1%2025: 1.5%1.5%2026: 1.4%1.4%2223242526
Financial leverage2.30×
2022: 2.25×2.25×2023: 2.25×2.25×2024: 2.29×2.29×2025: 2.31×2.31×2026: 2.30×2.30×2223242526
ROE3.3%
2022: 6.6%6.6%2023: 5.1%5.1%2024: 4.9%4.9%2025: 3.4%3.4%2026: 3.3%3.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20221.6%1.88×2.9%2.25×6.6%
20231.2%1.85×2.3%2.25×5.1%
20241.2%1.77×2.1%2.29×4.9%
20250.8%1.74×1.5%2.31×3.4%
20260.8%1.90×1.4%2.30×3.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue16.2%
2021: 16.1%16.1%2022: 17.9%17.9%2023: 18.4%18.4%2024: 18.6%18.6%2025: 18.1%18.1%2026: 16.2%16.2%212223242526
PPE ÷ total assets30.9%
2021: 34.3%34.3%2022: 33.7%33.7%2023: 33.6%33.6%2024: 32.2%32.2%2025: 31.5%31.5%2026: 30.9%30.9%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Cash conversion cycle—
2021: 59d59d212223242526
Receivable days—
2021: 15d15d212223242526
Inventory days78d
2021: 77d77d2022: 84d84d2023: 91d91d2024: 96d96d2025: 85d85d2026: 78d78d212223242526
Payable days32d
2021: 34d34d2022: 33d33d2023: 34d34d2024: 30d30d2025: 35d35d2026: 32d32d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue409,508408,460403,692403,259436,650
Cost of revenue311,081304,657298,568301,047328,863
Gross profit98,427103,802105,124102,212107,787
SG&A89,54395,49196,75998,524102,365
Operating income8,8848,3118,3643,6885,422
Pretax income9,5527,6337,7245,6865,328
Income tax3,1602,6602,8332,2782,047
Net income attributable to owners6,3914,9724,8913,4073,280
Operating margin2.2%2.0%2.1%0.9%1.2%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

2%
Inventories 31%
Property, plant and equipment 31%
2%
2%
Other assets 32%

Funding

Trade payables 13%
Other liabilities 41%
Equity 46%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥2.36B¥2.77B¥3.89B¥7.71B¥4.53B
Total assets¥217.4B¥223.2B¥232.8B¥231.5B¥228.8B
Net assets¥98.6B¥100.7B¥104.6B¥104.7B¥105.4B
Share capital¥15.1B¥15.1B¥15.1B¥15.1B¥15.1B
Inventories¥71.7B¥76.2B¥78.4B¥70.3B¥69.9B
Property, plant and equipment¥73.3B¥75.1B¥74.9B¥73B¥70.7B
Intangible assets excluding goodwill¥2.4B¥2.47B¥2.54B¥3.61B¥4.99B
Investment securities¥6.81B¥7.6B¥8.02B¥6.03B¥5.74B
Current assets¥107.5B¥114.6B¥124B¥125.2B¥121.2B
Current liabilities¥78B¥84.4B¥84.6B¥80.6B¥78.1B
Trade payables¥28.3B¥28.2B¥24.5B¥29.2B¥28.7B
Short-term borrowings—¥2.2B¥4.8B——
Long-term borrowings¥18.6B¥17.6B¥23B¥25.1B¥22.4B
Total liabilities¥118.8B¥122.5B¥128.2B¥126.8B¥123.4B
Equity attributable to owners of parent¥96.7B¥98.8B¥100.7B¥100.6B¥100B
Retained earnings¥64.9B¥67.6B¥70.3B¥70.8B¥70.1B
Treasury stock-¥2.15B-¥2.81B-¥3.7B-¥4.63B-¥4.55B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第78期(2025/04/01-2026/03/31)

    ID S100YHVK2026-06-23Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第77期(2024/04/01-2025/03/31)

    ID S100W98D2025-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第76期(2023/04/01-2024/03/31)

    ID S100TUBN2024-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第75期(2022/04/01-2023/03/31)

    ID S100R62H2023-06-29Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第74期(令和3年4月1日-令和4年3月31日)

    ID S100P2PH2022-08-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第73期(令和2年4月1日-令和3年3月31日)

    ID S100LMMO2021-06-25Open

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