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

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第52期(2025/07/01－2026/06/30) (S100Z1WR)
> Page: https://vizora.meequs.com/en/company/joyfull
> Retrieved: 2026-09-30T21:31:00.078Z

## Company

Joyfull, founded in 1976, is a company in Restaurants & Pubs listed on Fukuoka. It has 1,037 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Joyfull Co.,Ltd. |
| Ticker | 9942 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9942.T) |
| Listing | Fukuoka |
| Head office | 大分県大分市三川新町1丁目1番45号 |
| Representative (per filing) | 代表取締役社長 穴見 くるみ |
| Founded | May 1976 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,037 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | June |
| Website | www.joyfull.co.jp (https://www.joyfull.co.jp/) |
| Corporate number | 3320001001417 |
| EDINET | E03196 |
| Industries (Vizora) | Restaurants & Pubs |

> Profile source: annual securities report (S100Z1WR, filed 2026-09-14). As of filing

## Five-axis industry profile

Primary industry: Restaurants & Pubs (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.1 | 56 |
| Profitability | 75 | 66 |
| Cash conversion | 48.2 | 55 |
| Efficiency | 84.1 | 66 |

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)

- Joyfull brought in ¥72.7B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +44.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥72726000000 → ¥3204000000
- Net income → operating cash flow: ¥3204000000 → ¥6909000000（difference ¥3705000000）
- Main uses of operating cash flow: CapEx ¥3671000000 / dividends ¥308000000 / buybacks —
- Change in cash: ¥416000000
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 | ¥72.7B |  |
| Operating income | ¥4.61B | Margin 6.3% |
| Net income | ¥3.19B | Margin 4.4% |
| Free cash flow | ¥3.24B |  |
| Employees (consolidated) | 1,037 |  |
| EPS | ¥86.24 |  |
| Book value per share | ¥446.5 |  |
| Equity ratio | 45.3% |  |
| Shares outstanding | 31,931,900 |  |
| Treasury shares | 991,700 |  |
| Shareholders | 17,810 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 6.4% | Cash ÷ revenue 3.0% |
| Vs. industry median margin | +2.4 pp | Restaurants & Pubs |
| ROE | 23.3% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47645000000 | ¥72726000000 | +52.6% |
| Operating income | ¥-3373000000 | ¥4610000000 | — |
| Operating margin | -7.1% | 6.3% | +13.4 pp |
| Employees | 1,233 people | 1,037 people | -15.9% |
| Cash and equivalents | ¥2611000000 | ¥2195000000 | -15.9% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,726 | 100.0% | S100Z1WR |
| Cost of revenue | 30,338 | 41.7% | S100Z1WR |
| Gross profit | 42,387 | 58.3% | S100Z1WR |
| SG&A | 37,777 | 51.9% | S100Z1WR |
| Operating income | 4,610 | 6.3% | S100Z1WR |
| Ordinary income | 4,730 | 6.5% | S100Z1WR |
| Pretax income | 4,620 | 6.4% | S100Z1WR |
| Income tax | 1,415 | 1.9% | S100Z1WR |
| Net income | 3,204 | 4.4% | S100Z1WR |
| Net income attributable to owners | 3,193 | 4.4% | S100Z1WR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 42 |
| SG&A | 52 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 58.3% → Operating margin 6.3% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +44.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.63×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2025 → FY ending Jun 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 69,551 | 72,726 | 3,175 | +4.6% |
| Gross profit | 43,295 | 42,387 | -908 | -2.1% |
| Operating income | 3,202 | 4,610 | 1,408 | +44.0% |
| Net income attributable to owners | 2,299 | 3,193 | 894 | +38.9% |
| Operating cash flow | 3,717 | 6,909 | 3,192 | +85.9% |
| Free cash flow | 699 | 3,238 | 2,539 | +363.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2020 | 62,324 | -3,785 | -6.1% | -9,323 | -3,115 | -5,295 | S100MEZ7 |
| FY ending Jun 2021 | 47,645 | -3,373 | -7.1% | 1,799 | -1,699 | -2,113 | S100P7JH |
| FY ending Jun 2022 | 46,615 | -3,104 | -6.7% | 2,533 | 5,571 | 4,987 | S100RTVD |
| FY ending Jun 2023 | 59,097 | 1,733 | 2.9% | 1,610 | 3,625 | 2,214 | S100UDMF |
| FY ending Jun 2024 | 65,957 | 3,936 | 6.0% | 3,319 | 6,166 | 4,216 | S100WOVG |
| FY ending Jun 2025 | 69,551 | 3,202 | 4.6% | 2,299 | 3,717 | 699 | S100Z1WR |
| FY ending Jun 2026 | 72,726 | 4,610 | 6.3% | 3,193 | 6,909 | 3,238 | S100Z1WR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.1M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.1M |

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

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,124 | 1,126 | 1,059 | 1,024 | 1,037 |
| Average salary (parent company) | ¥5.2M | ¥5.6M | ¥5.8M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 43.7 years | 44.5 years | 44.7 years | 45.7 years | 45.1 years |
| Average tenure (parent company) | 16.1 years | 16.6 years | 16.3 years | 16.5 years | 16.1 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +4.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 6,909 | 9.5% | S100Z1WR |
| Capital expenditure | 3,671 | 5.0% | S100Z1WR |
| Free cash flow | 3,238 | 4.5% | 算出 |
| Investing cash flow | -3,661 | -5.0% | S100Z1WR |
| Financing cash flow | -2,854 | -3.9% | S100Z1WR |
| Dividends paid | 308 | 0.4% | S100Z1WR |
| Change in cash | 416 | 0.6% | S100Z1WR |
| Cash and equivalents | 2,195 | 3.0% | S100Z1WR |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,401 | 2,204 | 3,476 | 1,779 | 2,195 | S100UDMF, S100WOVG, S100Z1WR |
| Total assets | 29,584 | 29,107 | 30,422 | 31,618 | 34,189 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Net assets | 5,820 | 7,374 | 10,427 | 12,403 | 15,601 | S100UDMF, S100WOVG, S100Z1WR |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Property, plant and equipment | 18,627 | 18,848 | 19,010 | 20,602 | 21,467 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Intangible assets excluding goodwill | 424 | 362 | 362 | 392 | 670 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Investment securities | 70 | 131 | 116 | 1,064 | 1,371 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Current assets | 6,150 | 5,580 | 7,006 | 6,175 | 7,144 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Current liabilities | 9,103 | 9,356 | 10,079 | 10,891 | 11,660 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Short-term borrowings | 500 | — | 10 | 1,290 | 400 | S100RTVD, S100WOVG, S100Z1WR |
| Long-term borrowings | 10,089 | 7,592 | 5,115 | 3,700 | 2,497 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Total liabilities | 23,763 | 21,733 | 19,994 | 19,215 | 18,588 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Non-controlling interests | 65 | 67 | 84 | 91 | 109 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Equity attributable to owners of parent | 5,703 | 7,182 | 10,214 | 12,226 | 15,132 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Retained earnings | 2,950 | 4,406 | 7,417 | 9,407 | 12,291 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |
| Treasury stock | -1,613 | -1,573 | -1,540 | -1,510 | -1,482 | S100RTVD, S100UDMF, S100WOVG, S100Z1WR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Z1WR |
| Property, plant and equipment | 63% | S100Z1WR |
| Intangibles and goodwill | 2% | S100Z1WR |
| Investment securities | 4% | S100Z1WR |
| Other assets | 25% | S100Z1WR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100Z1WR |
| Equity | 46% | S100Z1WR |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,584 | 29,107 | 30,422 | 31,618 | 34,189 |
| Equity | 5,820 | 7,374 | 10,427 | 12,403 | 15,601 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,401 | 2,204 | 3,476 | 1,779 | 2,195 |

## 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) | 29.5% | S100Z1WR |
| Fixed assets ÷ total assets | 62.8% | S100Z1WR |
| Goodwill ÷ parent equity | — | —, S100Z1WR |

### 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) | 6.4% |
| Cash ÷ revenue | 3.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.9% |
| Cash vs. profit gap | 3,716 JPY mn (of net income 116.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.6% |
| Shareholder payments — dividends / FCF | 9.5% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 53.0% |

## 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 | 5.4% | 1.58× | 8.6% | 5.19× | 44.4% | S100RTVD |
| 2023 | 2.7% | 2.01× | 5.5% | 4.55× | 25.0% | S100UDMF |
| 2024 | 5.0% | 2.22× | 11.2% | 3.42× | 38.2% | S100WOVG |
| 2025 | 3.3% | 2.24× | 7.4% | 2.76× | 20.5% | S100Z1WR |
| 2026 | 4.4% | 2.21× | 9.7% | 2.41× | 23.3% | S100Z1WR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ジョイ開発有限会社 | Major shareholder | 39.9% | 2026-06-30 |
| 公益財団法人穴見保雄財団 | Major shareholder | 12.6% | 2026-06-30 |
| 株式会社アナミアセット | Major shareholder | 4.8% | 2026-06-30 |
| 穴見 陽一 | Major shareholder | 3.2% | 2026-06-30 |
| ジョイフル従業員持株会 | Major shareholder | 1.3% | 2026-06-30 |
| 株式会社商工組合中央金庫 | Major shareholder | 1.1% | 2026-06-30 |
| 株式会社SBI証券 | Major shareholder | 0.8% | 2026-06-30 |
| UAゼンセンジョイフル労働組合 | Major shareholder | 0.3% | 2026-06-30 |
| マネックス証券株式会社 | Major shareholder | 0.3% | 2026-06-30 |
| 穴見くるみ | Major shareholder | 0.2% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/07/01－2026/06/30) | S100Z1WR | 2026-09-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z1WR,, |
| 有価証券報告書－第51期(2024/07/01－2025/06/30) | S100WOVG | 2025-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WOVG,, |
| 有価証券報告書－第50期(2023/07/01－2024/06/30) | S100UDMF | 2024-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UDMF,, |
| 有価証券報告書－第49期(2022/07/01－2023/06/30) | S100RTVD | 2023-09-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RTVD,, |
| 訂正有価証券報告書－第48期(令和3年7月1日－令和4年6月30日) | S100P7JH | 2022-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P7JH,, |
| 有価証券報告書－第47期(令和2年7月1日－令和3年6月30日) | S100MEZ7 | 2021-09-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MEZ7,, |

## 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).