# JRC CO.,LTD.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/03/01－2026/02/28) (S100Y688)
> Page: https://vizora.meequs.com/en/company/jrc
> Retrieved: 2026-09-30T20:23:57.392Z

## Company

JRC, founded in 1965, is a company in Robots & Factory Automation listed on TSE Growth. It has 470 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JRC Co.,Ltd. |
| Ticker | 6224 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6224.T) |
| Listing | TSE Growth |
| Head office | 大阪府大阪市西区阿波座二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 浜口 稔 |
| Founded | Apr 1965 |
| Share capital | ¥182.7M |
| Employees (consolidated) | 470 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | February |
| Website | corp.jrcnet.co.jp (https://corp.jrcnet.co.jp/) |
| Corporate number | 2120001044197 |
| EDINET | E38780 |
| Industries (Vizora) | Robots & Factory Automation, Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100Y688, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.1 | 110 |
| Profitability | 82.4 | 122 |
| Cash conversion | 15.9 | 116 |
| Efficiency | 90.6 | 122 |

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 74% of JRC's sales come from Conveyor business, with Environmental Plants and Robot SI business making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +24.2% from the prior year, operating profit +42.8%.

## Company structure

- Segment revenue mix: Conveyor business 74.1%、Environmental Plants 15.6%、Robot SI business 10.3%
- Revenue → net income: ¥13746885000 → ¥1423009000
- Net income → operating cash flow: ¥1423009000 → ¥824671000（difference ¥-598338000）
- Main uses of operating cash flow: CapEx ¥612608000 / dividends ¥341944000 / buybacks ¥134272000
- Change in cash: ¥153948000
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 | ¥13.7B |  |
| Operating income | ¥1.96B | Margin 14.3% |
| Net income | ¥1.42B | Margin 10.4% |
| Free cash flow | ¥212.1M |  |
| Largest business | Conveyor business | of segment revenue 74.1% |
| Employees (consolidated) | 470 |  |
| EPS | ¥79.94 |  |
| Diluted EPS | ¥74.95 |  |
| Book value per share | ¥331.68 |  |
| Equity ratio | 43.9% |  |
| Shares outstanding | 13,117,620 |  |
| Treasury shares | 197,800 |  |
| Shareholders | 6,123 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 18.8% |
| Vs. industry median margin | +6.7 pp | Industrial Machinery |
| ROE | 27.7% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit

## What changed in 3 years

| Metric | FY ending Feb 2023 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8961165000 | ¥13746885000 | +53.4% |
| Operating income | ¥1252327000 | ¥1964063000 | +56.8% |
| Operating margin | 14.0% | 14.3% | +0.3 pp |
| Employees | 331 people | 470 people | +42.0% |
| Cash and equivalents | ¥1590160000 | ¥2583887000 | +62.5% |

### Change in segment revenue mix

Span: FY ending Feb 2023 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| コンベヤ事業 → コンベヤ事業 | 74.1% |
| コンベヤ事業 → 事業再編・廃止 | 20.3% |
| ロボットSI事業 → ロボットSI事業 | 5.6% |
| 新設・再編 → 環境プラント事業 | 15.6% |
| 新設・再編 → ロボットSI事業 | 4.7% |

Segment revenue source references: 5 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Conveyor business | 3 years | +6.4% | ¥10185985000 | 25.3% | 2 |
| Environmental Plants | 2 years | +18.6% | ¥2141079000 | 9.2% | 2 |
| Robot SI business | 3 years | +41.3% | ¥1419820000 | 5.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 13,747 | 100.0% | S100Y688 |
| Cost of revenue | 8,868 | 64.5% | S100Y688 |
| Gross profit | 4,879 | 35.5% | S100Y688 |
| SG&A | 2,915 | 21.2% | S100Y688 |
| Operating income | 1,964 | 14.3% | S100Y688 |
| Ordinary income | 1,905 | 13.9% | S100Y688 |
| Pretax income | 1,956 | 14.2% | S100Y688 |
| Income tax | 533 | 3.9% | S100Y688 |
| Net income | 1,423 | 10.4% | S100Y688 |
| Net income attributable to owners | 1,423 | 10.4% | S100Y688 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 21 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 35.5% → Operating margin 14.3% → Net margin 10.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +24.2%; Core profit growth: +42.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.76×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,065 | 13,747 | 2,682 | +24.2% |
| Gross profit | 3,999 | 4,879 | 880 | +22.0% |
| Operating income | 1,376 | 1,964 | 588 | +42.8% |
| Net income attributable to owners | 1,079 | 1,423 | 344 | +31.9% |
| Operating cash flow | 1,677 | 825 | -852 | -50.8% |
| Free cash flow | 1,366 | 212 | -1,154 | -84.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2023 | 8,961 | 1,252 | 14.0% | 831 | 1,031 | 924 | S100THY0 |
| FY ending Feb 2024 | 9,473 | 1,271 | 13.4% | 847 | 576 | 410 | S100VSRD |
| FY ending Feb 2025 | 11,065 | 1,376 | 12.4% | 1,079 | 1,677 | 1,366 | S100Y688 |
| FY ending Feb 2026 | 13,747 | 1,964 | 14.3% | 1,423 | 825 | 212 | S100Y688 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.2M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3M |

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

| History | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 331 | 368 | 459 | 470 |
| Average salary (parent company) | — | ¥5.7M | ¥5.8M | ¥5.6M |
| Average age (parent company) | — | 42.2 years | 41.1 years | 43.6 years |
| Average tenure (parent company) | — | 11.0 years | 9.9 years | 10.5 years |

Year over year: Employees (consolidated) +2.4% · Revenue (consolidated) +24.2%

## Segments（FY ending Feb 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Conveyor business | 10,186 | 74.1% | 2,577 | 25.3% |
| Environmental Plants | 2,141 | 15.6% | 196 | 9.2% |
| Robot SI business | 1,420 | 10.3% | 79 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Conveyor business | 74.1% | 90.4% | 16.3 | 25.3% |
| Environmental Plants | 15.6% | 6.9% | -8.7 | 9.2% |
| Robot SI business | 10.3% | 2.8% | -7.6 | 5.5% |

Segment → industry: Robot SI business → Robots & Factory Automation / Environmental Plants → Plant Engineering & Building Services / Conveyor business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 825 | 6.0% | S100Y688 |
| Capital expenditure | 613 | 4.5% | S100Y688 |
| Free cash flow | 212 | 1.5% | 算出 |
| Investing cash flow | -113 | -0.8% | S100Y688 |
| Financing cash flow | -558 | -4.1% | S100Y688 |
| Dividends paid | 342 | 2.5% | S100Y688 |
| Share buyback | 134 | 1.0% | S100Y688 |
| Change in cash | 154 | 1.1% | S100Y688 |
| Cash and equivalents | 2,584 | 18.8% | S100Y688 |

## 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 Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,590 | 1,402 | 2,430 | 2,584 | S100VSRD, S100Y688 |
| Total assets | 9,962 | 10,055 | 13,102 | 13,310 | S100THY0, S100VSRD, S100Y688 |
| Net assets | 3,450 | 3,797 | 4,614 | 5,839 | S100VSRD, S100Y688 |
| Share capital | 80 | 131 | 131 | 183 | S100THY0, S100VSRD, S100Y688 |
| Property, plant and equipment | 3,070 | 2,971 | 3,547 | 3,593 | S100THY0, S100VSRD, S100Y688 |
| Intangible assets excluding goodwill | 50 | 152 | 799 | 860 | S100THY0, S100VSRD, S100Y688 |
| Goodwill | — | 47 | 430 | 522 | S100VSRD, S100Y688 |
| Investment securities | 85 | 115 | 217 | 191 | S100THY0, S100VSRD, S100Y688 |
| Current assets | 5,940 | 6,332 | 7,456 | 8,076 | S100THY0, S100VSRD, S100Y688 |
| Current liabilities | 2,968 | 2,914 | 5,658 | 3,773 | S100THY0, S100VSRD, S100Y688 |
| Trade payables | 1,585 | 1,639 | 1,480 | 999 | S100THY0, S100VSRD, S100Y688 |
| Short-term borrowings | — | 182 | 1,800 | 250 | S100VSRD, S100Y688 |
| Long-term borrowings | 3,296 | 3,010 | 2,357 | 3,350 | S100THY0, S100VSRD, S100Y688 |
| Total liabilities | 6,512 | 6,258 | 8,488 | 7,472 | S100THY0, S100VSRD, S100Y688 |
| Equity attributable to owners of parent | 3,427 | 3,721 | 4,520 | 5,767 | S100THY0, S100VSRD, S100Y688 |
| Retained earnings | 3,490 | 4,237 | 4,692 | 5,713 | S100THY0, S100VSRD, S100Y688 |
| Treasury stock | -143 | -698 | -354 | -231 | S100THY0, S100VSRD, S100Y688 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100Y688 |
| Property, plant and equipment | 27% | S100Y688 |
| Intangibles and goodwill | 10% | S100Y688 |
| Investment securities | 2% | S100Y688 |
| Other assets | 42% | S100Y688 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y688 |
| Other liabilities | 49% | S100Y688 |
| Equity | 44% | S100Y688 |
| Other liabilities | 0% | S100Y688 |

### Balance sheet history

| Metric | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 9,962 | 10,055 | 13,102 | 13,310 |
| Equity | 3,450 | 3,797 | 4,614 | 5,839 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,590 | 1,402 | 2,430 | 2,584 |

## 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) | 26.1% | S100Y688 |
| Fixed assets ÷ total assets | 27.0% | S100Y688 |
| Goodwill ÷ parent equity | 9.0% | S100Y688 |

### 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) | 19.4% |
| Cash ÷ revenue | 18.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 42.0% |
| Cash vs. profit gap | -598 JPY mn (of net income -42.0%) |
| Shareholder returns / net income | 33.5% |
| Shareholder returns / FCF | 224.6% |
| Shareholder payments — dividends / net income | 24.0% |
| Shareholder payments — dividends / FCF | 161.2% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 13.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 9.3% | 0.90× | 8.3% | 2.91× | 24.2% | S100THY0 |
| 2024 | 8.9% | 0.95× | 8.5% | 2.80× | 23.7% | S100VSRD |
| 2025 | 9.7% | 0.96× | 9.3% | 2.81× | 26.2% | S100Y688 |
| 2026 | 10.4% | 1.04× | 10.8% | 2.57× | 27.7% | S100Y688 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＹＳホールディングス株式会社 | Major shareholder | 20.6% | 2026-02-28 |
| 株式会社エムワイエフ | Major shareholder | 15.1% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.5% | 2026-02-28 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-02-28 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 4.4% | 2026-02-28 |
| 浜口佳宏 | Major shareholder | 2.2% | 2026-02-28 |
| インテグラル株式会社 | Major shareholder | 1.6% | 2026-02-28 |
| 上田八木短資株式会社 | Major shareholder | 1.5% | 2026-02-28 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.4% | 2026-02-28 |
| 常川陽介 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/03/01－2026/02/28) | S100Y688 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y688,, |
| 有価証券報告書－第34期(2024/03/01－2025/02/28) | S100VSRD | 2025-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VSRD,, |
| 有価証券報告書－第33期(2023/03/01－2024/02/29) | S100THY0 | 2024-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100THY0,, |

## 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).