# JPMC: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第24期(2025/01/01－2025/12/31) (S100XTQS)
> Page: https://vizora.meequs.com/en/company/jpmc
> Retrieved: 2026-09-30T21:32:52.861Z

## Company

Jpmc, founded in 2002, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Japan Property Management Center Co.,Ltd. |
| Ticker | 3276 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3276.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内三丁目4番2号 |
| Representative (per filing) | 代表取締役 社長執行役員 グループCEO 武藤 英明 |
| Founded | Jun 2002 |
| Share capital | ¥465.8M |
| Employees (consolidated) | 411 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | December |
| Website | www.jpmc.jp (https://www.jpmc.jp/) |
| Corporate number | 5010001083682 |
| EDINET | E25870 |
| Industries (Vizora) | Real Estate Brokerage & Management |

> Profile source: annual securities report (S100XTQS, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Real Estate Brokerage & Management (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26 | 25 |
| Profitability | 17.3 | 26 |
| Cash conversion | 67.3 | 26 |
| Efficiency | 98.1 | 26 |

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)

- Jpmc brought in ¥58.5B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -0.8% from the prior year, operating profit -3.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥58498097000 → ¥1800747000
- Net income → operating cash flow: ¥1800747000 → ¥2600128000（difference ¥799381000）
- Main uses of operating cash flow: CapEx ¥399056000 / dividends ¥968359000 / buybacks ¥1006200000
- Change in cash: ¥-710375000
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 | ¥58.5B |  |
| Operating income | ¥2.64B | Margin 4.5% |
| Net income | ¥1.8B | Margin 3.1% |
| Free cash flow | ¥2.2B |  |
| Employees (consolidated) | 411 |  |
| EPS | ¥152.04 |  |
| Book value per share | ¥472.88 |  |
| Equity ratio | 53.1% |  |
| Shares outstanding | 17,725,600 |  |
| Treasury shares | 1,014,100 |  |
| Shareholders | 7,176 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 39.0% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -4.5 pp | Real Estate Brokerage & Management |
| ROE | 19.4% | Derived from disclosed figures |
| ROA | 10.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.0× dividends
- FY2025, cash is 39% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47202957000 | ¥58498097000 | +23.9% |
| Operating income | ¥2063723000 | ¥2635286000 | +27.7% |
| Operating margin | 4.4% | 4.5% | +0.1 pp |
| Employees | 195 people | 411 people | +110.8% |
| Cash and equivalents | ¥5344976000 | ¥6795349000 | +27.1% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,498 | 100.0% | S100XTQS |
| Cost of revenue | 50,610 | 86.5% | S100XTQS |
| Gross profit | 7,888 | 13.5% | S100XTQS |
| SG&A | 5,253 | 9.0% | S100XTQS |
| Operating income | 2,635 | 4.5% | S100XTQS |
| Ordinary income | 2,646 | 4.5% | S100XTQS |
| Pretax income | 2,723 | 4.7% | S100XTQS |
| Income tax | 923 | 1.6% | S100XTQS |
| Net income | 1,801 | 3.1% | S100XTQS |
| Net income attributable to owners | 1,801 | 3.1% | S100XTQS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 9 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.5% → Operating margin 4.5% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.8%; Core profit growth: -3.2%
Operating leverage (core profit growth ÷ revenue growth): 3.85×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 58,988 | 58,498 | -490 | -0.8% |
| Gross profit | 7,877 | 7,888 | 11 | +0.1% |
| Operating income | 2,722 | 2,635 | -87 | -3.2% |
| Net income attributable to owners | 1,832 | 1,801 | -31 | -1.7% |
| Operating cash flow | 2,951 | 2,600 | -350 | -11.9% |
| Free cash flow | 2,690 | 2,201 | -489 | -18.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 43,302 | 2,203 | 5.1% | 1,506 | 1,038 | 955 | S100L27G |
| FY ending Dec 2020 | 47,203 | 2,064 | 4.4% | 1,081 | 2,060 | 1,325 | S100NR7P |
| FY ending Dec 2021 | 53,416 | 2,300 | 4.3% | 1,161 | 2,449 | 2,374 | S100QJCN |
| FY ending Dec 2022 | 56,228 | 2,387 | 4.2% | 1,590 | 2,366 | 1,945 | S100T4GY |
| FY ending Dec 2023 | 57,353 | 2,576 | 4.5% | 1,817 | 2,005 | 1,080 | S100VGME |
| FY ending Dec 2024 | 58,988 | 2,722 | 4.6% | 1,832 | 2,951 | 2,690 | S100XTQS |
| FY ending Dec 2025 | 58,498 | 2,635 | 4.5% | 1,801 | 2,600 | 2,201 | S100XTQS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥142.3M |
| Operating income per employee (consolidated) | ¥6.4M |
| Net income per employee (consolidated) | ¥4.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 268 | 316 | 374 | 406 | 411 |
| Average salary (parent company) | ¥4.5M | ¥4.7M | ¥5M | ¥5.2M | ¥5.3M |
| Average age (parent company) | 31.2 years | 32.2 years | 32.2 years | 32.0 years | 32.3 years |
| Average tenure (parent company) | 3.9 years | 4.1 years | 3.9 years | 4.1 years | 4.4 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -0.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,600 | 4.4% | S100XTQS |
| Capital expenditure | 399 | 0.7% | S100XTQS |
| Free cash flow | 2,201 | 3.8% | 算出 |
| Investing cash flow | -384 | -0.7% | S100XTQS |
| Financing cash flow | -2,927 | -5.0% | S100XTQS |
| Dividends paid | 968 | 1.7% | S100XTQS |
| Share buyback | 1,006 | 1.7% | S100XTQS |
| Change in cash | -710 | -1.2% | S100XTQS |
| Cash and equivalents | 6,795 | 11.6% | S100XTQS |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,229 | 7,374 | 6,850 | 7,506 | 6,795 | S100T4GY, S100VGME, S100XTQS |
| Total assets | 17,407 | 17,976 | 18,152 | 18,735 | 17,435 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Net assets | 6,762 | 7,603 | 8,643 | 9,335 | 9,255 | S100T4GY, S100VGME, S100XTQS |
| Share capital | 466 | 466 | 466 | 466 | 466 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Property, plant and equipment | 4,851 | 5,185 | 5,621 | 5,418 | 5,271 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Intangible assets excluding goodwill | 183 | 141 | 195 | 385 | 579 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Goodwill | 121 | 111 | 100 | 288 | 258 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Current assets | 11,233 | 11,270 | 10,927 | 11,833 | 10,506 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Current liabilities | 4,714 | 5,321 | 5,121 | 6,400 | 5,346 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Short-term borrowings | 125 | 47 | — | — | — | S100QJCN, S100T4GY |
| Long-term borrowings | 3,113 | 2,324 | 1,688 | 760 | 636 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Total liabilities | 10,645 | 10,373 | 9,509 | 9,400 | 8,180 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Equity attributable to owners of parent | 6,758 | 7,603 | 8,643 | 9,335 | 9,255 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Retained earnings | 7,684 | 8,451 | 9,380 | 10,268 | 9,595 | S100QJCN, S100T4GY, S100VGME, S100XTQS |
| Treasury stock | -1,759 | -1,680 | -1,569 | -1,766 | -1,171 | S100QJCN, S100T4GY, S100VGME, S100XTQS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 39% | S100XTQS |
| Property, plant and equipment | 30% | S100XTQS |
| Intangibles and goodwill | 5% | S100XTQS |
| Other assets | 26% | S100XTQS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100XTQS |
| Equity | 53% | S100XTQS |
| Other liabilities | 0% | S100XTQS |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 17,407 | 17,976 | 18,152 | 18,735 | 17,435 |
| Equity | 6,762 | 7,603 | 8,643 | 9,335 | 9,255 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,229 | 7,374 | 6,850 | 7,506 | 6,795 |

## 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) | 9.0% | S100XTQS |
| Fixed assets ÷ total assets | 30.2% | S100XTQS |
| Goodwill ÷ parent equity | 2.8% | S100XTQS |

Goodwill over 4 years: 121 → 258 JPY; total investing cash flow: -4,245 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) | 39.0% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.7% |
| Cash vs. profit gap | 799 JPY mn (of net income 44.4%) |
| Shareholder returns / net income | 109.7% |
| Shareholder returns / FCF | 89.7% |
| Shareholder payments — dividends / net income | 53.8% |
| Shareholder payments — dividends / FCF | 44.0% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 14.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 2.2% | 3.07× | 6.7% | 2.58× | 17.2% | S100QJCN |
| 2022 | 2.8% | 3.18× | 9.0% | 2.46× | 22.1% | S100T4GY |
| 2023 | 3.2% | 3.18× | 10.1% | 2.22× | 22.4% | S100VGME |
| 2024 | 3.1% | 3.20× | 9.9% | 2.05× | 20.4% | S100XTQS |
| 2025 | 3.1% | 3.23× | 10.0% | 1.95× | 19.4% | S100XTQS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ムトウエンタープライズ２ | Major shareholder | 26.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.6% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 7.0% | 2025-12-31 |
| 武藤 英明 | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2025-12-31 |
| ＪＰＭＣ従業員持株会 | Major shareholder | 2.2% | 2025-12-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２ 投資事業有限責任組合 | Major shareholder | 1.9% | 2025-12-31 |
| ＭＢＣ開発株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 十河 浩一 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社明和不動産 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第24期(2025/01/01－2025/12/31) | S100XTQS | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTQS,, |
| 有価証券報告書－第23期(2024/01/01－2024/12/31) | S100VGME | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGME,, |
| 有価証券報告書－第22期(2023/01/01－2023/12/31) | S100T4GY | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4GY,, |
| 訂正有価証券報告書－第21期(2022/01/01－2022/12/31) | S100QJCN | 2023-04-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJCN,, |
| 有価証券報告書－第20期(令和3年1月1日－令和3年12月31日) | S100NR7P | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR7P,, |
| 有価証券報告書－第19期(令和2年1月1日－令和2年12月31日) | S100L27G | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L27G,, |

## 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).