# JSP Corporation: 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68期(2025/04/01－2026/03/31) (S100YEL0)
> Page: https://vizora.meequs.com/en/company/jsp
> Retrieved: 2026-09-30T19:05:57.516Z

## Company

JSP, founded in 1962, is a company in Chemicals listed on TSE Prime. It has 3,096 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JSP Corporation |
| Ticker | 7942 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7942.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 大久保 知彦 |
| Founded | Jan 1962 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 3,096 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.co-jsp.co.jp (https://www.co-jsp.co.jp/) |
| Corporate number | 9010001019484 |
| EDINET | E00858 |
| Industries (Vizora) | Chemicals, Food Packaging |

> Profile source: annual securities report (S100YEL0, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.1 | 96 |
| Profitability | 31.5 | 100 |
| Cash conversion | 71.4 | 96 |
| Efficiency | 84.5 | 100 |

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 66% of JSP's sales come from Beads, with Extrusion making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Beads 65.9%、Extrusion 34.1%
- Revenue → net income: ¥145456000000 → ¥6634000000
- Net income → operating cash flow: ¥6634000000 → ¥16349000000（difference ¥9715000000）
- Main uses of operating cash flow: CapEx ¥10359000000 / dividends ¥2096000000 / buybacks ¥0
- Change in cash: ¥4640000000
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 | ¥145.5B |  |
| Operating income | ¥7.76B | Margin 5.3% |
| Net income | ¥6.6B | Margin 4.5% |
| Free cash flow | ¥5.99B |  |
| Largest business | Beads | of segment revenue 65.9% |
| Employees (consolidated) | 3,096 |  |
| EPS | ¥151.51 |  |
| Book value per share | ¥2016.41 |  |
| Equity ratio | 65.9% |  |
| Shares outstanding | 26,207,073 |  |
| Shareholders | 33,991 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 11.4% |
| Vs. industry median margin | -2.2 pp | Chemicals |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 76% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥102668000000 | ¥145456000000 | +41.7% |
| Operating income | ¥5185000000 | ¥7765000000 | +49.8% |
| Operating margin | 5.1% | 5.3% | +0.3 pp |
| Employees | 2,996 people | 3,096 people | +3.3% |
| Cash and equivalents | ¥12278000000 | ¥16567000000 | +34.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 押出事業 → 押出事業 | 34.1% |
| 押出事業 → 事業再編・廃止 | 2.6% |
| ビーズ事業 → ビーズ事業 | 58.3% |
| その他 → 事業再編・廃止 | 5.0% |
| 新設・再編 → ビーズ事業 | 7.6% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 145,456 | 100.0% | S100YEL0 |
| Cost of revenue | 107,043 | 73.6% | S100YEL0 |
| Gross profit | 38,413 | 26.4% | S100YEL0 |
| SG&A | 30,647 | 21.1% | S100YEL0 |
| Operating income | 7,765 | 5.3% | S100YEL0 |
| Ordinary income | 8,092 | 5.6% | S100YEL0 |
| Pretax income | 8,641 | 5.9% | S100YEL0 |
| Income tax | 2,007 | 1.4% | S100YEL0 |
| Net income | 6,634 | 4.6% | S100YEL0 |
| Net income attributable to owners | 6,602 | 4.5% | S100YEL0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 21 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.4% → Operating margin 5.3% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +12.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.65×
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 | 142,250 | 145,456 | 3,206 | +2.3% |
| Gross profit | 36,527 | 38,413 | 1,886 | +5.2% |
| Operating income | 6,888 | 7,765 | 877 | +12.7% |
| Net income attributable to owners | 5,066 | 6,602 | 1,536 | +30.3% |
| Operating cash flow | 8,896 | 16,349 | 7,453 | +83.8% |
| Free cash flow | 749 | 5,990 | 5,241 | +699.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 113,375 | 5,083 | 4.5% | 3,638 | 11,484 | -716 | S100LM1W |
| FY ending Mar 2021 | 102,668 | 5,185 | 5.1% | 3,017 | 12,211 | 6,543 | S100OGXG |
| FY ending Mar 2022 | 114,125 | 4,589 | 4.0% | 2,893 | 5,972 | 314 | S100R1F5 |
| FY ending Mar 2023 | 131,714 | 2,956 | 2.2% | 2,531 | 8,725 | 525 | S100TVB8 |
| FY ending Mar 2024 | 135,051 | 7,563 | 5.6% | 6,391 | 15,665 | 8,916 | S100W6DX |
| FY ending Mar 2025 | 142,250 | 6,888 | 4.8% | 5,066 | 8,896 | 749 | S100YEL0 |
| FY ending Mar 2026 | 145,456 | 7,765 | 5.3% | 6,602 | 16,349 | 5,990 | S100YEL0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 2,966 | 2,966 | 3,053 | 3,053 | 3,096 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.3M | ¥7.5M | ¥7.7M |
| Average age (parent company) | 41.3 years | 41.5 years | 41.4 years | 41.5 years | 41.2 years |
| Average tenure (parent company) | 15.1 years | 15.3 years | 15.2 years | 15.1 years | 14.8 years |

Year over year: Employees (consolidated) +1.4% · Revenue (consolidated) +2.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Extrusion | 49,550 | 34.1% | 2,058 | 4.2% |
| Beads | 95,905 | 65.9% | 6,633 | 6.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Extrusion | 34.1% | 23.7% | -10.4 | 4.2% |
| Beads | 65.9% | 76.3% | 10.4 | 6.9% |

Segment → industry: Beads → Chemicals / Extrusion → Chemicals / Extrusion → Food Packaging

## 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 | 16,349 | 11.2% | S100YEL0 |
| Capital expenditure | 10,359 | 7.1% | S100YEL0 |
| Free cash flow | 5,990 | 4.1% | 算出 |
| Investing cash flow | -8,574 | -5.9% | S100YEL0 |
| Financing cash flow | -3,745 | -2.6% | S100YEL0 |
| Dividends paid | 2,096 | 1.4% | S100YEL0 |
| Share buyback | 0 | 0.0% | S100YEL0 |
| Change in cash | 4,640 | 3.2% | S100YEL0 |
| Cash and equivalents | 16,567 | 11.4% | S100YEL0 |

## 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 | 10,520 | 14,696 | 14,653 | 11,927 | 16,567 | S100TVB8, S100W6DX, S100YEL0 |
| Total assets | 134,527 | 144,528 | 151,605 | 153,936 | 164,848 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Net assets | 90,231 | 96,123 | 100,069 | 105,855 | 113,514 | S100TVB8, S100W6DX, S100YEL0 |
| Share capital | 10,128 | 10,128 | 10,128 | 10,128 | 10,128 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Trade receivables | 28,877 | 30,443 | 31,216 | 30,655 | 32,810 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Property, plant and equipment | 60,338 | 64,124 | 65,665 | 68,704 | 74,637 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Intangible assets excluding goodwill | 1,135 | 1,189 | 1,627 | 1,193 | 1,544 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Investment securities | 1,641 | 1,597 | 1,870 | 1,728 | 1,743 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Current assets | 68,503 | 73,822 | 78,155 | 78,694 | 81,938 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Current liabilities | 33,098 | 36,443 | 35,765 | 33,993 | 36,901 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Trade payables | 10,162 | 10,131 | 11,167 | 9,953 | 10,391 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Short-term borrowings | 7,578 | 10,678 | 6,300 | 7,566 | 8,040 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Long-term borrowings | 7,870 | 7,920 | 10,964 | 8,940 | 7,889 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Total liabilities | 44,295 | 48,404 | 51,536 | 48,080 | 51,334 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Non-controlling interests | 4,236 | 4,412 | 4,788 | 4,820 | 4,884 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Equity attributable to owners of parent | 85,726 | 86,766 | 85,688 | 88,656 | 93,146 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Retained earnings | 63,580 | 64,621 | 69,523 | 72,492 | 69,627 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |
| Treasury stock | -1,388 | -1,388 | -7,369 | -7,370 | 0 | S100R1F5, S100TVB8, S100W6DX, S100YEL0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YEL0 |
| Receivables | 20% | S100YEL0 |
| Property, plant and equipment | 45% | S100YEL0 |
| Intangibles and goodwill | 1% | S100YEL0 |
| Investment securities | 1% | S100YEL0 |
| Other assets | 23% | S100YEL0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEL0 |
| Other liabilities | 25% | S100YEL0 |
| Equity | 69% | S100YEL0 |

### 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 | 134,527 | 144,528 | 151,605 | 153,936 | 164,848 |
| Equity | 90,231 | 96,123 | 100,069 | 105,855 | 113,514 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,520 | 14,696 | 14,653 | 11,927 | 16,567 |

## 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) | 51.3% | S100YEL0 |
| Fixed assets ÷ total assets | 45.3% | S100YEL0 |
| Goodwill ÷ parent equity | — | —, S100YEL0 |

### 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) | 10.0% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.5% |
| Cash vs. profit gap | 9,747 JPY mn (of net income 147.6%) |
| Shareholder returns / net income | 31.7% |
| Shareholder returns / FCF | 35.0% |
| Shareholder payments — dividends / net income | 31.7% |
| Shareholder payments — dividends / FCF | 35.0% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 52.4% |

## 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 | 2.5% | 0.85× | 2.2% | 1.57× | 3.4% | S100R1F5 |
| 2023 | 1.9% | 0.94× | 1.8% | 1.62× | 2.9% | S100TVB8 |
| 2024 | 4.7% | 0.91× | 4.3% | 1.72× | 7.4% | S100W6DX |
| 2025 | 3.6% | 0.93× | 3.3% | 1.75× | 5.8% | S100YEL0 |
| 2026 | 4.5% | 0.91× | 4.1% | 1.75× | 7.3% | S100YEL0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱瓦斯化学株式会社 | Major shareholder | 47.4% | 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 | 5.6% | 2026-03-31 |
| ＪＳＰ取引先持株会 | Major shareholder | 4.9% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ 東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・ スタンレーMUFG証券株式会社） | Major shareholder | 1.1% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.0% | 2026-03-31 |
| ＪＳＰ従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| GOLDMAN SACHS BANK EUROPE SE （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 0.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/04/01－2026/03/31) | S100YEL0 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEL0,, |
| 有価証券報告書－第67期(2024/04/01－2025/03/31) | S100W6DX | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6DX,, |
| 有価証券報告書－第66期(2023/04/01－2024/03/31) | S100TVB8 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVB8,, |
| 有価証券報告書－第65期(2022/04/01－2023/03/31) | S100R1F5 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1F5,, |
| 有価証券報告書－第64期(令和3年4月1日－令和4年3月31日) | S100OGXG | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGXG,, |
| 有価証券報告書－第63期(令和2年4月1日－令和3年3月31日) | S100LM1W | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM1W,, |

## 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).