# Japan Ecosystem 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28期(2024/10/01－2025/09/30) (S100XCE0)
> Page: https://vizora.meequs.com/en/company/jp-eco
> Retrieved: 2026-09-30T19:49:40.698Z

## Company

Japan Ecosystem, founded in 1998, is a company in Electric Power & Gas listed on TSE Standard. It has 429 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Ecosystem Co., Ltd. |
| Ticker | 9249 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9249.T) |
| Listing | TSE Standard |
| Head office | 愛知県一宮市本町二丁目2番2号 JES一宮ビル |
| Representative (per filing) | 代表取締役社長 松島 穣 |
| Founded | Nov 1998 |
| Share capital | ¥1.01B |
| Employees (consolidated) | 429 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | September |
| Website | www.jp-eco.co.jp (https://www.jp-eco.co.jp/) |
| Corporate number | 8180001084777 |
| EDINET | E36968 |
| Industries (Vizora) | Electric Power & Gas, Plant Engineering & Building Services, Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XCE0, filed 2025-12-23). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.6 | 72 |
| Profitability | 11.2 | 76 |
| Cash conversion | 88.5 | 74 |
| Efficiency | 48 | 76 |

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 46% of Japan Ecosystem's sales come from Public service business, with Transport infrastructure business and Environment business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +21.1% from the prior year, operating profit -42.5%.

## Company structure

- Segment revenue mix: Public service business 46.1%、Transport infrastructure business 38.8%、Environment business 11.6%、Other 3.5%
- Revenue → net income: ¥11261332000 → ¥319978000
- Net income → operating cash flow: ¥319978000 → ¥640398000（difference ¥320420000）
- Main uses of operating cash flow: CapEx ¥3392078000 / dividends ¥150776000 / buybacks ¥198000
- Change in cash: ¥-378688000
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 | ¥11.3B |  |
| Operating income | ¥437.2M | Margin 3.9% |
| Net income | ¥302M | Margin 2.7% |
| Free cash flow | -¥2.75B |  |
| Largest business | Public service business | of segment revenue 46.1% |
| Employees (consolidated) | 429 |  |
| EPS | ¥39.28 |  |
| Diluted EPS | ¥38.81 |  |
| Book value per share | ¥506.59 |  |
| Equity ratio | 40.1% |  |
| Shares outstanding | 8,713,200 |  |
| Shareholders | 3,701 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 3.0% | Cash ÷ revenue 3.8% |
| Vs. industry median margin | -5.2 pp | Plant Engineering & Building Services |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.1× net income
- FY2025, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6122590000 | ¥11261332000 | +83.9% |
| Operating income | ¥411921000 | ¥437204000 | +6.1% |
| Operating margin | 6.7% | 3.9% | -2.8 pp |
| Employees | 179 people | 429 people | +139.7% |
| Cash and equivalents | ¥552995000 | ¥423654000 | -23.4% |

### 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 |
| --- | ---: |
| 公共サービス事業 → 公共サービス事業 | 46.1% |
| 公共サービス事業 → 事業再編・廃止 | 5.6% |
| 環境事業 → 環境事業 | 9.1% |
| 交通インフラ事業 → 交通インフラ事業 | 30.2% |
| その他 → その他 | 3.5% |
| その他 → 事業再編・廃止 | 5.5% |
| 新設・再編 → 環境事業 | 2.5% |
| 新設・再編 → 交通インフラ事業 | 8.6% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Public service business | 5 years | +10.4% | ¥5194160000 | 9.7% | 2 |
| Transport infrastructure business | 5 years | +18.8% | ¥4368298000 | 16.4% | 2 |
| Environment business | 5 years | +18.5% | ¥1307326000 | 22.5% | 2 |
| Other | 5 years | -6.6% | ¥391546000 | -5.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,261 | 100.0% | S100XCE0 |
| Cost of revenue | 8,283 | 73.6% | S100XCE0 |
| Gross profit | 2,978 | 26.4% | S100XCE0 |
| SG&A | 2,541 | 22.6% | S100XCE0 |
| Operating income | 437 | 3.9% | S100XCE0 |
| Ordinary income | 468 | 4.2% | S100XCE0 |
| Pretax income | 762 | 6.8% | S100XCE0 |
| Income tax | 442 | 3.9% | S100XCE0 |
| Net income | 320 | 2.8% | S100XCE0 |
| Net income attributable to owners | 302 | 2.7% | S100XCE0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 23 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.4% → Operating margin 3.9% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +21.1%; Core profit growth: -42.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.02×
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 | 9,302 | 11,261 | 1,959 | +21.1% |
| Gross profit | 2,562 | 2,978 | 416 | +16.2% |
| Operating income | 760 | 437 | -323 | -42.5% |
| Net income attributable to owners | 620 | 302 | -318 | -51.3% |
| Operating cash flow | 510 | 640 | 131 | +25.6% |
| Free cash flow | -1,326 | -2,752 | -1,426 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 6,123 | 412 | 6.7% | 226 | 550 | -183 | S100N4L8 |
| FY ending Sep 2021 | 6,986 | 771 | 11.0% | 572 | 1,475 | 1,277 | S100PVT7 |
| FY ending Sep 2022 | 7,221 | 799 | 11.1% | 408 | 884 | 364 | S100SJZ4 |
| FY ending Sep 2023 | 7,578 | 636 | 8.4% | 875 | 766 | 291 | S100V0W8 |
| FY ending Sep 2024 | 9,302 | 760 | 8.2% | 620 | 510 | -1,326 | S100XCE0 |
| FY ending Sep 2025 | 11,261 | 437 | 3.9% | 302 | 640 | -2,752 | S100XCE0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.3M |
| Operating income per employee (consolidated) | ¥1M |
| Net income per employee (consolidated) | ¥703.9K |

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) | 190 | 213 | 274 | 276 | 429 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.3M | ¥5.7M |
| Average age (parent company) | 40.1 years | 40.0 years | 39.9 years | 39.6 years | 40.5 years |
| Average tenure (parent company) | 4.9 years | 5.8 years | 6.0 years | 6.5 years | 6.6 years |

Year over year: Employees (consolidated) +55.4% · Revenue (consolidated) +21.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Public service business | 5,194 | 46.1% | 506 | 9.7% |
| Environment business | 1,307 | 11.6% | 294 | 22.5% |
| Transport infrastructure business | 4,368 | 38.8% | 718 | 16.4% |
| Other | 392 | 3.5% | -20 | -5.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Public service business | 46.1% | 33.3% | -12.8 | 9.7% |
| Environment business | 11.6% | 19.4% | 7.8 | 22.5% |
| Transport infrastructure business | 38.8% | 47.3% | 8.5 | 16.4% |
| Other | 3.5% | — | — | -5.1% |

Loss-making segment (excluded from profit shares): Other -20 JPY mn

Segment → industry: Environment business → Electric Power & Gas / Environment business → Plant Engineering & Building Services / Public service business → Plant Engineering & Building Services / Transport infrastructure business → Disaster Prevention & Infrastructure Maintenance

## 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 | 640 | 5.7% | S100XCE0 |
| Capital expenditure | 3,392 | 30.1% | S100XCE0 |
| Free cash flow | -2,752 | -24.4% | 算出 |
| Investing cash flow | -4,493 | -39.9% | S100XCE0 |
| Financing cash flow | 3,474 | 30.8% | S100XCE0 |
| Dividends paid | 151 | 1.3% | S100XCE0 |
| Share buyback | 0 | 0.0% | S100XCE0 |
| Change in cash | -379 | -3.4% | S100XCE0 |
| Cash and equivalents | 424 | 3.8% | S100XCE0 |

## 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 | 692 | 1,096 | 1,855 | 802 | 424 | S100SJZ4, S100V0W8, S100XCE0 |
| Total assets | 6,021 | 6,487 | 8,383 | 9,259 | 13,922 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Net assets | 2,115 | 3,795 | 4,538 | 5,474 | 5,677 | S100SJZ4, S100V0W8, S100XCE0 |
| Share capital | 89 | 761 | 762 | 1,000 | 1,005 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Inventories | 339 | 353 | 390 | 337 | 1,050 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Property, plant and equipment | 3,318 | 3,312 | 3,758 | 5,122 | 8,484 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Intangible assets excluding goodwill | 96 | 108 | 199 | 184 | 359 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Investment securities | 74 | 223 | 228 | 182 | 297 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Current assets | 2,327 | 2,576 | 3,824 | 3,256 | 4,218 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Current liabilities | 2,037 | 1,376 | 2,379 | 2,295 | 2,645 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Trade payables | — | 172 | 301 | 539 | 573 | S100SJZ4, S100V0W8, S100XCE0 |
| Short-term borrowings | 350 | 10 | 310 | 400 | 300 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Long-term borrowings | 1,459 | 975 | 1,081 | 912 | 4,869 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Bonds | 229 | 172 | 115 | 58 | — | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Interest-bearing debt | 2,038 | 1,157 | 1,506 | 1,370 | — | 算出 |
| Total liabilities | 3,905 | 2,692 | 3,845 | 3,786 | 8,245 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Non-controlling interests | 52 | 57 | 80 | 79 | 97 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Equity attributable to owners of parent | 2,060 | 3,736 | 4,438 | 5,390 | 5,550 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Retained earnings | 1,971 | 2,303 | 3,002 | 3,478 | 3,629 | S100PVT7, S100SJZ4, S100V0W8, S100XCE0 |
| Treasury stock | — | — | — | -0 | -1 | S100XCE0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100XCE0 |
| Inventories | 7% | S100XCE0 |
| Property, plant and equipment | 61% | S100XCE0 |
| Intangibles and goodwill | 3% | S100XCE0 |
| Investment securities | 2% | S100XCE0 |
| Other assets | 24% | S100XCE0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XCE0 |
| Other liabilities | 55% | S100XCE0 |
| Equity | 41% | S100XCE0 |

### 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 | 6,021 | 6,487 | 8,383 | 9,259 | 13,922 |
| Equity | 2,115 | 3,795 | 4,538 | 5,474 | 5,677 |
| Interest-bearing debt | 2,038 | 1,157 | 1,506 | 1,370 | — |
| Cash | 692 | 1,096 | 1,855 | 802 | 424 |

## 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) | 75.3% | S100XCE0 |
| Fixed assets ÷ total assets | 60.9% | S100XCE0 |
| Goodwill ÷ parent equity | — | —, S100XCE0 |

### 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) | 3.0% |
| Cash ÷ revenue | 3.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 146.5% |
| Cash vs. profit gap | 338 JPY mn (of net income 112.1%) |
| Shareholder returns / net income | 50.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 49.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 30.1% |
| Investing CF relative to operating CF | 701.6% |

## 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 | 8.2% | 1.16× | 9.5% | 2.92× | 27.8% | S100PVT7 |
| 2022 | 5.7% | 1.15× | 6.5% | 2.16× | 14.1% | S100SJZ4 |
| 2023 | 11.5% | 1.02× | 11.8% | 1.82× | 21.4% | S100V0W8 |
| 2024 | 6.7% | 1.05× | 7.0% | 1.80× | 12.6% | S100XCE0 |
| 2025 | 2.7% | 0.97× | 2.6% | 2.12× | 5.5% | S100XCE0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松福株式会社 | Major shareholder | 37.9% | 2025-09-30 |
| オクヤホールディングス株式会社 | Major shareholder | 22.4% | 2025-09-30 |
| 松島 穣 | Major shareholder | 7.0% | 2025-09-30 |
| 太洋基礎工業株式会社 | Major shareholder | 2.0% | 2025-09-30 |
| 松島 啓晃 | Major shareholder | 1.3% | 2025-09-30 |
| ＪＥＳ社員持株会 | Major shareholder | 1.0% | 2025-09-30 |
| 中村 成一 | Major shareholder | 0.5% | 2025-09-30 |
| 内田 敦 | Major shareholder | 0.5% | 2025-09-30 |
| 株式会社アジオカ | Major shareholder | 0.5% | 2025-09-30 |
| 奥村 泰典 | Major shareholder | 0.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2024/10/01－2025/09/30) | S100XCE0 | 2025-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCE0,, |
| 有価証券報告書－第27期(2023/10/01－2024/09/30) | S100V0W8 | 2024-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V0W8,, |
| 有価証券報告書－第26期(2022/10/01－2023/09/30) | S100SJZ4 | 2023-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJZ4,, |
| 有価証券報告書－第25期(令和3年10月1日－令和4年9月30日) | S100PVT7 | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PVT7,, |
| 有価証券報告書－第24期(令和2年10月1日－令和3年9月30日) | S100N4L8 | 2021-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4L8,, |

## 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).