# Joshin Corporation: 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78期(2025/04/01－2026/03/31) (S100YHVK)
> Page: https://vizora.meequs.com/en/company/joshin
> Retrieved: 2026-09-30T19:59:58.364Z

## Company

Joshin, founded in 1948, is a company in Electronics Retailers listed on TSE Prime. It has 4,362 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Joshin Corporation(旧英訳名 Joshin Denki Co.,Ltd.) |
| Ticker | 8173 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8173.T) |
| Listing | TSE Prime |
| Head office | 大阪市浪速区日本橋西一丁目6番5号 |
| Representative (per filing) | 代表取締役兼社長執行役員CEO 高橋徹也 |
| Founded | May 1948 |
| Share capital | ¥15.1B |
| Employees (consolidated) | 4,362 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | joshin.co.jp (https://joshin.co.jp/) |
| Corporate number | 9120001038564 |
| EDINET | E03052 |
| Industries (Vizora) | Electronics Retailers |

> Profile source: annual securities report (S100YHVK, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Electronics Retailers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.6 | 13 |
| Profitability | 10.7 | 14 |
| Cash conversion | 89.3 | 14 |
| Efficiency | 75 | 14 |

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)

- Joshin brought in ¥436.6B in revenue.
- 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%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥436650000000 → ¥3280000000
- Net income → operating cash flow: ¥3280000000 → ¥13085000000（difference ¥9805000000）
- Main uses of operating cash flow: CapEx ¥4444000000 / dividends ¥3979000000 / buybacks ¥0
- Change in cash: ¥-3178000000
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 | ¥436.6B |  |
| Operating income | ¥5.42B | Margin 1.2% |
| Net income | ¥3.28B | Margin 0.8% |
| Free cash flow | ¥8.64B |  |
| Employees (consolidated) | 4,362 |  |
| EPS | ¥83.99 |  |
| Book value per share | ¥3372.15 |  |
| Equity ratio | 46.0% |  |
| Shares outstanding | 28,000,000 |  |
| Treasury shares | 1,453,800 |  |
| Shareholders | 24,686 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 2.0% | Cash ÷ revenue 1.0% |
| Vs. industry median margin | -2.1 pp | Electronics Retailers |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.0× net income
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥449121000000 | ¥436650000000 | -2.8% |
| Operating income | ¥16550000000 | ¥5422000000 | -67.2% |
| Operating margin | 3.7% | 1.2% | -2.4 pp |
| Employees | 4,024 people | 4,362 people | +8.4% |
| Cash and equivalents | ¥8618000000 | ¥4529000000 | -47.4% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 436,650 | 100.0% | S100YHVK |
| Cost of revenue | 328,863 | 75.3% | S100YHVK |
| Gross profit | 107,787 | 24.7% | S100YHVK |
| SG&A | 102,365 | 23.4% | S100YHVK |
| Operating income | 5,422 | 1.2% | S100YHVK |
| Ordinary income | 5,113 | 1.2% | S100YHVK |
| Pretax income | 5,328 | 1.2% | S100YHVK |
| Income tax | 2,047 | 0.5% | S100YHVK |
| Net income | 3,280 | 0.8% | S100YHVK |
| Net income attributable to owners | 3,280 | 0.8% | S100YHVK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 24 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 24.7% → Operating margin 1.2% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +47.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.68×
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 | 403,259 | 436,650 | 33,391 | +8.3% |
| Gross profit | 102,212 | 107,787 | 5,575 | +5.5% |
| Operating income | 3,688 | 5,422 | 1,734 | +47.0% |
| Net income attributable to owners | 3,407 | 3,280 | -127 | -3.7% |
| Operating cash flow | 16,374 | 13,085 | -3,289 | -20.1% |
| Free cash flow | 10,065 | 8,641 | -1,424 | -14.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 415,643 | 8,979 | 2.2% | 5,418 | 13,022 | 5,581 | S100LMMO |
| FY ending Mar 2021 | 449,121 | 16,550 | 3.7% | 8,873 | 25,836 | 19,469 | S100P2PH |
| FY ending Mar 2022 | 409,508 | 8,884 | 2.2% | 6,391 | 1,442 | -7,344 | S100R62H |
| FY ending Mar 2023 | 408,460 | 8,311 | 2.0% | 4,972 | 7,119 | -2,170 | S100TUBN |
| FY ending Mar 2024 | 403,692 | 8,364 | 2.1% | 4,891 | 2,278 | -4,268 | S100W98D |
| FY ending Mar 2025 | 403,259 | 3,688 | 0.9% | 3,407 | 16,374 | 10,065 | S100YHVK |
| FY ending Mar 2026 | 436,650 | 5,422 | 1.2% | 3,280 | 13,085 | 8,641 | S100YHVK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.1M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥751.9K |

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) | 4,144 | 4,184 | 4,245 | 4,295 | 4,362 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.8M | ¥5.9M | ¥6.2M |
| Average age (parent company) | 43.2 years | 43.3 years | 43.6 years | 43.6 years | 44.0 years |
| Average tenure (parent company) | 18.8 years | 18.7 years | 18.8 years | 18.6 years | 19.0 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +8.3%

## 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 | 13,085 | 3.0% | S100YHVK |
| Capital expenditure | 4,444 | 1.0% | S100YHVK |
| Free cash flow | 8,641 | 2.0% | 算出 |
| Investing cash flow | -3,505 | -0.8% | S100YHVK |
| Financing cash flow | -12,758 | -2.9% | S100YHVK |
| Dividends paid | 3,979 | 0.9% | S100YHVK |
| Share buyback | 0 | 0.0% | S100YHVK |
| Change in cash | -3,178 | -0.7% | S100YHVK |
| Cash and equivalents | 4,529 | 1.0% | S100YHVK |

## 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 | 2,360 | 2,769 | 3,891 | 7,708 | 4,529 | S100TUBN, S100W98D, S100YHVK |
| Total assets | 217,417 | 223,218 | 232,775 | 231,503 | 228,813 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Net assets | 98,641 | 100,698 | 104,613 | 104,665 | 105,364 | S100TUBN, S100W98D, S100YHVK |
| Share capital | 15,121 | 15,121 | 15,121 | 15,121 | 15,121 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Inventories | 71,689 | 76,229 | 78,369 | 70,298 | 69,867 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Property, plant and equipment | 73,300 | 75,085 | 74,902 | 72,968 | 70,701 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Intangible assets excluding goodwill | 2,405 | 2,471 | 2,545 | 3,612 | 4,987 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Investment securities | 6,814 | 7,600 | 8,017 | 6,032 | 5,736 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Current assets | 107,515 | 114,560 | 124,006 | 125,169 | 121,201 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Current liabilities | 78,046 | 84,376 | 84,571 | 80,555 | 78,140 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Trade payables | 28,269 | 28,152 | 24,520 | 29,227 | 28,725 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Short-term borrowings | — | 2,200 | 4,800 | — | — | S100TUBN, S100W98D |
| Long-term borrowings | 18,572 | 17,608 | 23,003 | 25,072 | 22,404 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Total liabilities | 118,776 | 122,520 | 128,162 | 126,837 | 123,448 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Equity attributable to owners of parent | 96,662 | 98,760 | 100,677 | 100,587 | 99,970 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Retained earnings | 64,884 | 67,647 | 70,330 | 70,850 | 70,149 | S100R62H, S100TUBN, S100W98D, S100YHVK |
| Treasury stock | -2,145 | -2,810 | -3,701 | -4,630 | -4,546 | S100R62H, S100TUBN, S100W98D, S100YHVK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YHVK |
| Inventories | 31% | S100YHVK |
| Property, plant and equipment | 31% | S100YHVK |
| Intangibles and goodwill | 2% | S100YHVK |
| Investment securities | 2% | S100YHVK |
| Other assets | 32% | S100YHVK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YHVK |
| Other liabilities | 41% | S100YHVK |
| Equity | 46% | S100YHVK |
| Other liabilities | 0% | S100YHVK |

### 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 | 217,417 | 223,218 | 232,775 | 231,503 | 228,813 |
| Equity | 98,641 | 100,698 | 104,613 | 104,665 | 105,364 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,360 | 2,769 | 3,891 | 7,708 | 4,529 |

## 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) | 16.2% | S100YHVK |
| Fixed assets ÷ total assets | 30.9% | S100YHVK |
| Goodwill ÷ parent equity | — | —, S100YHVK |

### 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) | 2.0% |
| Cash ÷ revenue | 1.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 241.3% |
| Cash vs. profit gap | 9,805 JPY mn (of net income 298.9%) |
| Shareholder returns / net income | 121.3% |
| Shareholder returns / FCF | 46.0% |
| Shareholder payments — dividends / net income | 121.3% |
| Shareholder payments — dividends / FCF | 46.0% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 26.8% |

## 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 | 1.6% | 1.88× | 2.9% | 2.25× | 6.6% | S100R62H |
| 2023 | 1.2% | 1.85× | 2.3% | 2.25× | 5.1% | S100TUBN |
| 2024 | 1.2% | 1.77× | 2.1% | 2.29× | 4.9% | S100W98D |
| 2025 | 0.8% | 1.74× | 1.5% | 2.31× | 3.4% | S100YHVK |
| 2026 | 0.8% | 1.90× | 1.4% | 2.30× | 3.3% | S100YHVK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 7.4% | 2026-03-31 |
| 上新電機社員持株会 | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| シャープ株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUSTCOMPANY 505223（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社ケーズマネジメント | Major shareholder | 1.4% | 2026-03-31 |
| 上新電機取引先持株会 | Major shareholder | 1.3% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNY GCM CLIENT ACCOUNTS M LSCB RD（常任代理人 株式会社三菱 ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥436.6B, up from ¥403.3B (+8.3%).
- Gross profit rose +5.5%, lifting operating income from ¥3.69B to ¥5.42B (+47.0%); the operating margin is 1.2%.
- Net income attributable to owners, however, slipped to ¥3.28B (-3.7%).
- Operating cash flow came in at ¥13.1B, versus ¥16.4B a year earlier.

### Drivers

- A very hot summer boosted air conditioner sales, replacement demand lifted mobile phones and PCs, and new console releases helped games
- Sales events after the Hanshin Tigers, which Joshin sponsors, won the league title added to revenue
- SG&A rose on spending for staff and IT systems, but gross profit grew faster; net income fell mainly because gains on selling investment securities were smaller

### Risks

- Sales of air conditioners, refrigerators and heaters depend heavily on summer and winter weather
- The company expects tougher competition as high prices weigh on spending for durable goods
- Higher interest rates would raise its borrowing costs

Cited: Annual Securities Report, 78th fiscal period (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 78th fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YHVK | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHVK,, |
| 訂正有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W98D | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W98D,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TUBN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUBN,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R62H | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R62H,, |
| 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) | S100P2PH | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2PH,, |
| 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) | S100LMMO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMMO,, |

## 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).