# JSH: 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10期(2025/04/01－2026/03/31) (S100YFUO)
> Page: https://vizora.meequs.com/en/company/jsh
> Retrieved: 2026-09-30T22:08:10.012Z

## Company

JSH, founded in 2016, is a company in HR & Staffing listed on TSE Growth. It has 579 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JSH Co.,Ltd. |
| Ticker | 150A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/150A.T) |
| Listing | TSE Growth |
| Head office | 東京都中央区京橋一丁目1番5号 セントラルビル |
| Representative (per filing) | 代表取締役会長兼社長 野口 和輝 |
| Founded | Apr 2016 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 579 |
| Average salary (parent only) | ¥3.5M |
| Fiscal year end | March |
| Website | www.jsh-japan.jp (https://www.jsh-japan.jp/) |
| Corporate number | 9010001174841 |
| EDINET | E39184 |
| Industries (Vizora) | HR & Staffing, Hospitals & Medical Services |

> Profile source: annual securities report (S100YFUO, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 6.3 | 88 |
| Efficiency | 58.5 | 88 |

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 68% of JSH's sales come from Regional revitalization business, with Home care medicine business and Other making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +19.5% from the prior year, operating profit -160.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥4.74B |  |
| Operating income | -¥106M | Margin -2.2% |
| Net income | -¥121.4M | Margin -2.6% |
| Free cash flow | -¥641.9M |  |
| Largest business | Regional revitalization business | of segment revenue 67.6% |
| Employees (consolidated) | 579 |  |
| EPS | ¥-13.79 |  |
| Book value per share | ¥350.74 |  |
| Equity ratio | 51.2% |  |
| Shares outstanding | 5,666,100 |  |
| Shareholders | 1,711 |  |
| Average salary (parent only) | ¥3.5M | Filing company only |
| Cash ratio | 23.3% | Cash ÷ revenue 18.7% |
| Vs. industry median margin | -10.8 pp | HR & Staffing |
| ROA | -3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 32 points

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2967671000 | ¥4740202000 | — |
| Operating income | ¥164687000 | ¥-105980000 | — |
| Operating margin | 5.5% | -2.2% | -7.8 pp |
| Employees | 383 people | 579 people | — |
| Cash and equivalents | ¥803465000 | ¥884610000 | — |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 地方創生事業 → 地方創生事業 | 54.3% |
| 在宅医療事業 → 在宅医療事業 | 30.4% |
| 在宅医療事業 → 事業再編・廃止 | 15.3% |
| 新設・再編 → 地方創生事業 | 13.3% |
| 新設・再編 → その他 | 2.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Regional revitalization business | — | — | ¥3205411000 | 24.2% | 2 |
| Home care medicine business | — | — | ¥1440338000 | -13.6% | 2 |
| Other | — | — | ¥94451000 | -66.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,740 | 100.0% | S100YFUO |
| Cost of revenue | 3,319 | 70.0% | S100YFUO |
| Gross profit | 1,422 | 30.0% | S100YFUO |
| SG&A | 1,528 | 32.2% | S100YFUO |
| Operating income | -106 | -2.2% | S100YFUO |
| Ordinary income | -108 | -2.3% | S100YFUO |
| Pretax income | -126 | -2.7% | S100YFUO |
| Income tax | 20 | 0.4% | S100YFUO |
| Net income | -146 | -3.1% | S100YFUO |
| Net income attributable to owners | -121 | -2.6% | S100YFUO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 32 |
| Operating income | -2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 30.0% → Operating margin -2.2% → Net margin -2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned to a loss
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 | 3,967 | 4,740 | 773 | +19.5% |
| Gross profit | 1,450 | 1,422 | -28 | -1.9% |
| Operating income | 176 | -106 | -282 | -160.1% |
| Net income attributable to owners | 144 | -121 | -266 | -184.2% |
| Operating cash flow | 138 | -39 | -177 | -128.6% |
| Free cash flow | -507 | -642 | -134 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 2,968 | 165 | 5.5% | 188 | 225 | 53 | S100TPOV |
| FY ending Mar 2024 | 3,482 | 208 | 6.0% | 145 | 300 | 185 | S100TPOV |
| FY ending Mar 2025 | 3,967 | 176 | 4.4% | 144 | 138 | -507 | S100YFUO |
| FY ending Mar 2026 | 4,740 | -106 | -2.2% | -121 | -39 | -642 | S100YFUO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥8.2M |
| Operating income per employee (consolidated) | -¥183K |
| Net income per employee (consolidated) | -¥209.7K |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 383 | 427 | 488 | 579 |
| Average salary (parent company) | — | ¥3.6M | ¥3.6M | ¥3.5M |
| Average age (parent company) | — | 44.8 years | 44.8 years | 41.6 years |
| Average tenure (parent company) | — | 2.4 years | 2.6 years | 2.6 years |

Year over year: Employees (consolidated) +18.6% · Revenue (consolidated) +19.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Regional revitalization business | 3,205 | 67.6% | 776 | 24.2% |
| Home care medicine business | 1,440 | 30.4% | -196 | -13.6% |
| Other | 94 | 2.0% | -63 | -66.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Regional revitalization business | 67.6% | 100.0% | 32.4 | 24.2% |
| Home care medicine business | 30.4% | — | — | -13.6% |
| Other | 2.0% | — | — | -66.6% |

Loss-making segment (excluded from profit shares): Home care medicine business -196 JPY mn

Loss-making segment (excluded from profit shares): Other -63 JPY mn

Segment → industry: Regional revitalization business → HR & Staffing / Home care medicine business → Hospitals & Medical Services

## 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 | -39 | -0.8% | S100YFUO |
| Capital expenditure | 603 | 12.7% | S100YFUO |
| Free cash flow | -642 | -13.5% | 算出 |
| Investing cash flow | -653 | -13.8% | S100YFUO |
| Financing cash flow | 766 | 16.2% | S100YFUO |
| Change in cash | 74 | 1.6% | S100YFUO |
| Cash and equivalents | 885 | 18.7% | S100YFUO |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 803 | 1,197 | 811 | 885 | S100TPOV, S100YFUO |
| Total assets | 1,993 | 2,540 | 2,983 | 3,790 | S100TPOV, S100YFUO |
| Net assets | 1,333 | 1,835 | 2,039 | 1,945 | S100TPOV, S100YFUO |
| Share capital | 985 | 1,163 | 1,193 | 1,202 | S100TPOV, S100YFUO |
| Property, plant and equipment | 541 | 587 | 1,245 | 1,755 | S100TPOV, S100YFUO |
| Intangible assets excluding goodwill | 7 | 3 | 47 | 43 | S100TPOV, S100YFUO |
| Goodwill | 2 | — | 47 | 37 | S100TPOV, S100YFUO |
| Investment securities | 2 | 2 | 2 | 2 | S100TPOV, S100YFUO |
| Current assets | 1,258 | 1,770 | 1,450 | 1,695 | S100TPOV, S100YFUO |
| Current liabilities | 405 | 529 | 657 | 788 | S100TPOV, S100YFUO |
| Short-term borrowings | — | — | 176 | 100 | S100YFUO |
| Long-term borrowings | 145 | 64 | 91 | 791 | S100TPOV, S100YFUO |
| Total liabilities | 661 | 705 | 944 | 1,846 | S100TPOV, S100YFUO |
| Non-controlling interests | — | — | — | 5 | S100YFUO |
| Equity attributable to owners of parent | 1,333 | 1,835 | 2,038 | 1,937 | S100TPOV, S100YFUO |
| Retained earnings | -578 | -432 | -288 | -409 | S100TPOV, S100YFUO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YFUO |
| Property, plant and equipment | 46% | S100YFUO |
| Intangibles and goodwill | 2% | S100YFUO |
| Investment securities | 0% | S100YFUO |
| Other assets | 28% | S100YFUO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YFUO |
| Equity | 51% | S100YFUO |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 1,993 | 2,540 | 2,983 | 3,790 |
| Equity | 1,333 | 1,835 | 2,039 | 1,945 |
| Interest-bearing debt | — | — | — | — |
| Cash | 803 | 1,197 | 811 | 885 |

## 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) | 37.0% | S100YFUO |
| Fixed assets ÷ total assets | 46.3% | S100YFUO |
| Goodwill ÷ parent equity | 1.9% | S100YFUO |

### 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) | 23.3% |
| Cash ÷ revenue | 18.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 82 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 12.7% |
| Investing CF relative to operating CF | — |

## 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 | 6.3% | 1.49× | 9.4% | 1.50× | 14.1% | S100TPOV |
| 2024 | 4.2% | 1.54× | 6.4% | 1.43× | 9.2% | S100TPOV |
| 2025 | 3.6% | 1.33× | 4.8% | 1.46× | 7.1% | S100YFUO |
| 2026 | — | —× | -3.6% | —× | — | S100YFUO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野口 和輝 | Major shareholder | 34.9% | 2026-03-31 |
| ジャフコSV５共有投資事業有限責任組合 | Major shareholder | 17.3% | 2026-03-31 |
| ジャフコSV５スター投資事業有限責任組合 | Major shareholder | 4.3% | 2026-03-31 |
| 東京センチュリー株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社はじめカンパニー | Major shareholder | 3.0% | 2026-03-31 |
| 速水 裕 | Major shareholder | 1.9% | 2026-03-31 |
| Ariake Secondary Fund Ⅲ LP Bergen Jon（常任代理人あいざわアセットマネジメント株式会社） | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社ホテル・アルファ・ワン事業本社 | Major shareholder | 1.8% | 2026-03-31 |
| ホテル・アルファーワン事業共同組合 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ホテルアルファ―ワン・ディベロップメント | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第10期(2025/04/01－2026/03/31) | S100YFUO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFUO,, |
| 有価証券報告書－第9期(2024/04/01－2025/03/31) | S100W21B | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W21B,, |
| 有価証券報告書－第8期(2023/04/01－2024/03/31) | S100TPOV | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPOV,, |

## 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).