# JP-HOLDINGS,INC.: 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34期(2025/04/01－2026/03/31) (S100YF75)
> Page: https://vizora.meequs.com/en/company/jp-holdings
> Retrieved: 2026-09-30T22:12:56.543Z

## Company

Jp-Holdings, founded in 1993, is a company in Childcare listed on TSE Prime. It has 4,209 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JP-HOLDINGS,INC. |
| Ticker | 2749 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2749.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南一丁目2番70号(2025年7月1日より愛知県名古屋市中村区名駅二丁目38番2号から上記住所に本店を移転しております。) |
| Representative (per filing) | 代表取締役社長 坂井徹 |
| Founded | Mar 1993 |
| Share capital | ¥1.6B |
| Employees (consolidated) | 4,209 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | March |
| Website | www.jp-holdings.co.jp (https://www.jp-holdings.co.jp/) |
| Corporate number | 2180001043359 |
| EDINET | E05306 |
| Industries (Vizora) | Childcare |

> Profile source: annual securities report (S100YF75, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Childcare (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 10 |
| Profitability | 95.8 | 12 |
| Cash conversion | 37.5 | 12 |
| Efficiency | 37.5 | 12 |

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)

- Jp-Holdings brought in ¥43.3B in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +5.3% from the prior year, operating profit +12.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥43325923000 → ¥4283762000
- Net income → operating cash flow: ¥4283762000 → ¥6268023000（difference ¥1984261000）
- Main uses of operating cash flow: CapEx ¥265438000 / dividends ¥1021848000 / buybacks —
- Change in cash: ¥1875847000
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 | ¥43.3B |  |
| Operating income | ¥6.53B | Margin 15.1% |
| Net income | ¥4.28B | Margin 9.9% |
| Free cash flow | ¥6B |  |
| Employees (consolidated) | 4,209 |  |
| EPS | ¥24.2 |  |
| Book value per share | ¥129.03 |  |
| Equity ratio | 60.0% |  |
| Shares outstanding | 87,849,400 |  |
| Treasury shares | 2,210,900 |  |
| Shareholders | 37,320 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 59.2% | Cash ÷ revenue 52.2% |
| Vs. industry median margin | +11.1 pp | Childcare |
| ROE | 20.2% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 59% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥33500908000 | ¥43325923000 | +29.3% |
| Operating income | ¥2857352000 | ¥6533894000 | +128.7% |
| Operating margin | 8.5% | 15.1% | +6.6 pp |
| Employees | 3,916 people | 4,209 people | +7.5% |
| Cash and equivalents | ¥11020922000 | ¥22619318000 | +105.2% |

### 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 | 43,326 | 100.0% | S100YF75 |
| Cost of revenue | 33,767 | 77.9% | S100YF75 |
| Gross profit | 9,559 | 22.1% | S100YF75 |
| SG&A | 3,025 | 7.0% | S100YF75 |
| Operating income | 6,534 | 15.1% | S100YF75 |
| Ordinary income | 6,617 | 15.3% | S100YF75 |
| Pretax income | 6,598 | 15.2% | S100YF75 |
| Income tax | 2,315 | 5.3% | S100YF75 |
| Net income | 4,284 | 9.9% | S100YF75 |
| Net income attributable to owners | 4,285 | 9.9% | S100YF75 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 7 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 22.1% → Operating margin 15.1% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.3%; Core profit growth: +12.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.36×
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 | 41,147 | 43,326 | 2,179 | +5.3% |
| Gross profit | 8,686 | 9,559 | 873 | +10.0% |
| Operating income | 5,809 | 6,534 | 725 | +12.5% |
| Net income attributable to owners | 3,921 | 4,285 | 364 | +9.3% |
| Operating cash flow | 4,206 | 6,268 | 2,062 | +49.0% |
| Free cash flow | 3,769 | 6,003 | 2,233 | +59.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,719 | 1,539 | 4.9% | 1,123 | 2,321 | 1,421 | S100LNOQ |
| FY ending Mar 2021 | 33,501 | 2,857 | 8.5% | 538 | 2,469 | 1,825 | S100OJLR |
| FY ending Mar 2022 | 34,374 | 3,345 | 9.7% | 2,280 | 3,884 | 3,193 | S100R9NU |
| FY ending Mar 2023 | 35,508 | 3,667 | 10.3% | 2,698 | 2,735 | 1,852 | S100TTMQ |
| FY ending Mar 2024 | 37,856 | 4,585 | 12.1% | 2,929 | 5,598 | 5,305 | S100W55M |
| FY ending Mar 2025 | 41,147 | 5,809 | 14.1% | 3,921 | 4,206 | 3,769 | S100YF75 |
| FY ending Mar 2026 | 43,326 | 6,534 | 15.1% | 4,285 | 6,268 | 6,003 | S100YF75 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥10.3M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1M |

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) | 3,976 | 4,020 | 4,023 | 4,157 | 4,209 |
| Average salary (parent company) | ¥4.8M | ¥4.8M | ¥4.9M | ¥5M | ¥5.2M |
| Average age (parent company) | 42.6 years | 40.4 years | 41.7 years | 40.2 years | 41.1 years |
| Average tenure (parent company) | 4.3 years | 4.8 years | 5.0 years | 5.4 years | 5.4 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +5.3%

## 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 | 6,268 | 14.5% | S100YF75 |
| Capital expenditure | 265 | 0.6% | S100YF75 |
| Free cash flow | 6,003 | 13.9% | 算出 |
| Investing cash flow | 50 | 0.1% | S100YF75 |
| Financing cash flow | -4,442 | -10.3% | S100YF75 |
| Dividends paid | 1,022 | 2.4% | S100YF75 |
| Change in cash | 1,876 | 4.3% | S100YF75 |
| Cash and equivalents | 22,619 | 52.2% | S100YF75 |

## 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 | 17,297 | 19,331 | 20,944 | 20,743 | 22,619 | S100TTMQ, S100W55M, S100YF75 |
| Total assets | 34,275 | 35,695 | 36,890 | 37,623 | 38,209 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Net assets | 11,975 | 13,584 | 16,108 | 19,509 | 22,936 | S100TTMQ, S100W55M, S100YF75 |
| Share capital | 1,604 | 1,604 | 1,604 | 1,604 | 1,604 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Inventories | 64 | 55 | 47 | 46 | 56 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Property, plant and equipment | 5,735 | 4,985 | 4,666 | 4,208 | 3,857 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Intangible assets excluding goodwill | 175 | 146 | 106 | 67 | 28 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Goodwill | 137 | 106 | 76 | 46 | 15 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Investment securities | 453 | 407 | 474 | 547 | 706 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Current assets | 20,931 | 23,613 | 25,374 | 26,862 | 27,963 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Current liabilities | 7,892 | 8,294 | 10,409 | 11,176 | 10,815 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Trade payables | 166 | 186 | 197 | 198 | 186 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Long-term borrowings | 12,816 | 12,226 | 8,761 | 5,300 | 2,798 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Total liabilities | 22,299 | 22,111 | 20,781 | 18,114 | 15,273 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Non-controlling interests | — | — | — | — | 4 | S100YF75 |
| Equity attributable to owners of parent | 12,063 | 13,698 | 16,203 | 19,554 | 22,876 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Retained earnings | 9,117 | 11,422 | 13,841 | 17,079 | 20,337 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |
| Treasury stock | -108 | -784 | -724 | -671 | -643 | S100R9NU, S100TTMQ, S100W55M, S100YF75 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 59% | S100YF75 |
| Inventories | 0% | S100YF75 |
| Property, plant and equipment | 10% | S100YF75 |
| Intangibles and goodwill | 0% | S100YF75 |
| Investment securities | 2% | S100YF75 |
| Other assets | 29% | S100YF75 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 0% | S100YF75 |
| Other liabilities | 40% | S100YF75 |
| Equity | 60% | S100YF75 |

### 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 | 34,275 | 35,695 | 36,890 | 37,623 | 38,209 |
| Equity | 11,975 | 13,584 | 16,108 | 19,509 | 22,936 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,297 | 19,331 | 20,944 | 20,743 | 22,619 |

## 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) | 8.9% | S100YF75 |
| Fixed assets ÷ total assets | 10.1% | S100YF75 |
| Goodwill ÷ parent equity | 0.1% | S100YF75 |

Goodwill over 4 years: 137 → 15 JPY; total investing cash flow: 705 JPY. This does not imply causation.

### 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) | 59.2% |
| Cash ÷ revenue | 52.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.9% |
| Cash vs. profit gap | 1,983 JPY mn (of net income 46.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 17.0% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 0.8% |

## 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 | 6.6% | 1.00× | 6.7% | 2.84× | 18.9% | S100R9NU |
| 2023 | 7.6% | 1.01× | 7.7% | 2.72× | 20.9% | S100TTMQ |
| 2024 | 7.7% | 1.04× | 8.1% | 2.43× | 19.6% | S100W55M |
| 2025 | 9.5% | 1.10× | 10.5% | 2.08× | 21.9% | S100YF75 |
| 2026 | 9.9% | 1.14× | 11.3% | 1.79× | 20.2% | S100YF75 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ダスキン | Major shareholder | 31.5% | 2026-03-31 |
| ジェイ・ピー従業員持株会 | Major shareholder | 6.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| ほがらか信託株式会社信託口Ａ－１ | Major shareholder | 3.8% | 2026-03-31 |
| 王 厚龍 | Major shareholder | 2.7% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| 山口 洋 | Major shareholder | 1.8% | 2026-03-31 |
| 守屋八潮建設株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/04/01－2026/03/31) | S100YF75 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF75,, |
| 有価証券報告書－第33期(2024/04/01－2025/03/31) | S100W55M | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W55M,, |
| 有価証券報告書－第32期(2023/04/01－2024/03/31) | S100TTMQ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTMQ,, |
| 訂正有価証券報告書－第31期(2022/04/01－2023/03/31) | S100R9NU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9NU,, |
| 有価証券報告書－第30期(令和3年4月1日－令和4年3月31日) | S100OJLR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJLR,, |
| 有価証券報告書－第29期(令和2年4月1日－令和3年3月31日) | S100LNOQ | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNOQ,, |

## 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).