# JSS 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51期(2025/04/01－2026/03/31) (S100YGXC)
> Page: https://vizora.meequs.com/en/company/jss
> Retrieved: 2026-09-30T21:32:51.941Z

## Company

JSS, founded in 1976, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 467 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JSS CORPORATION |
| Ticker | 6074 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6074.T) |
| Listing | TSE Standard |
| Head office | 大阪市西区土佐堀一丁目4番11号 |
| Representative (per filing) | 代表取締役社長 藤木 孝夫 |
| Founded | Jul 1976 |
| Share capital | ¥330.7M |
| Employees (consolidated) | 467 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.jss-group.co.jp (https://www.jss-group.co.jp/) |
| Corporate number | 1120001064799 |
| EDINET | E27506 |
| Industries (Vizora) | Sporting Goods & Fitness |

> Profile source: annual securities report (S100YGXC, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Sporting Goods & Fitness (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 37.5 | 20 |
| Cash conversion | 85.3 | 17 |
| Efficiency | 42.5 | 20 |

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)

- JSS brought in ¥8.54B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +72.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8541251000 → ¥242547000
- Net income → operating cash flow: ¥242547000 → ¥686071000（difference ¥443524000）
- Main uses of operating cash flow: CapEx ¥102548000 / dividends ¥80513000 / buybacks —
- Change in cash: ¥65024000
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 | ¥8.54B |  |
| Operating income | ¥433.8M | Margin 5.1% |
| Net income | ¥242.5M | Margin 2.8% |
| Free cash flow | ¥583.5M |  |
| Employees (consolidated) | 467 |  |
| EPS | ¥45.63 |  |
| Book value per share | ¥753.37 |  |
| Equity ratio | 43.4% |  |
| Shares outstanding | 4,026,056 |  |
| Treasury shares | 400 |  |
| Shareholders | 1,404 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 13.2% |
| Vs. industry median margin | -0.5 pp | Sporting Goods & Fitness |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, employees -6% while operating income rose 72%

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6494492000 | ¥8541251000 | — |
| Operating income | ¥81462000 | ¥433843000 | — |
| Operating margin | 1.3% | 5.1% | +3.8 pp |
| Employees | 511 people | 467 people | — |
| Cash and equivalents | ¥948026000 | ¥1127063000 | — |

### 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 | 8,541 | 100.0% | S100YGXC |
| Cost of revenue | 7,083 | 82.9% | S100YGXC |
| Gross profit | 1,458 | 17.1% | S100YGXC |
| SG&A | 1,024 | 12.0% | S100YGXC |
| Operating income | 434 | 5.1% | S100YGXC |
| Ordinary income | 427 | 5.0% | S100YGXC |
| Pretax income | 349 | 4.1% | S100YGXC |
| Income tax | 106 | 1.2% | S100YGXC |
| Net income | 243 | 2.8% | S100YGXC |
| Net income attributable to owners | 243 | 2.8% | S100YGXC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 12 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.1% → Operating margin 5.1% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +72.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 37.90×
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 | 8,382 | 8,541 | 159 | +1.9% |
| Gross profit | 1,241 | 1,458 | 217 | +17.5% |
| Operating income | 252 | 434 | 182 | +72.0% |
| Net income attributable to owners | 193 | 243 | 50 | +25.9% |
| Operating cash flow | 124 | 686 | 562 | +453.0% |
| Free cash flow | 23 | 584 | 561 | +2435.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,480 | 374 | 4.4% | 186 | 631 | 317 | S100LRD4 |
| FY ending Mar 2021 | 6,494 | 81 | 1.3% | -441 | -438 | -820 | S100OLK5 |
| FY ending Mar 2022 | 7,550 | 290 | 3.8% | 112 | 720 | 492 | S100R8IF |
| FY ending Mar 2023 | 8,073 | 425 | 5.3% | 235 | 803 | 770 | S100TR1T |
| FY ending Mar 2024 | 8,132 | 390 | 4.8% | 219 | 238 | 168 | S100TR1T |
| FY ending Mar 2025 | 8,382 | 252 | 3.0% | 193 | 124 | 23 | S100YGXC |
| FY ending Mar 2026 | 8,541 | 434 | 5.1% | 243 | 686 | 584 | S100YGXC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥18.3M |
| Operating income per employee (consolidated) | ¥929K |
| Net income per employee (consolidated) | ¥519.4K |

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) | 514 | 496 | 483 | 498 | 467 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.7M | ¥4.5M | ¥4.7M |
| Average age (parent company) | 39.3 years | 39.7 years | 39.7 years | 40.0 years | 40.9 years |
| Average tenure (parent company) | 14.0 years | 14.4 years | 14.6 years | 14.7 years | 15.1 years |

Year over year: Employees (consolidated) -6.2% · Revenue (consolidated) +1.9%

## 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 | 686 | 8.0% | S100YGXC |
| Capital expenditure | 103 | 1.2% | S100YGXC |
| Free cash flow | 584 | 6.8% | 算出 |
| Investing cash flow | -68 | -0.8% | S100YGXC |
| Financing cash flow | -553 | -6.5% | S100YGXC |
| Dividends paid | 81 | 0.9% | S100YGXC |
| Change in cash | 65 | 0.8% | S100YGXC |
| Cash and equivalents | 1,127 | 13.2% | S100YGXC |

## 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 | 1,304 | 1,277 | 862 | 1,062 | 1,127 | S100TR1T, S100YGXC |
| Total assets | 7,257 | 6,998 | 6,347 | 7,521 | 7,340 | S100R8IF, S100TR1T, S100YGXC |
| Net assets | 2,461 | 2,649 | 2,817 | 3,011 | 3,183 | S100TR1T, S100YGXC |
| Share capital | 331 | 331 | 331 | 331 | 331 | S100R8IF, S100TR1T, S100YGXC |
| Property, plant and equipment | 4,790 | 4,536 | 4,311 | 4,922 | 4,718 | S100R8IF, S100TR1T, S100YGXC |
| Intangible assets excluding goodwill | 17 | 12 | 14 | 82 | 69 | S100R8IF, S100TR1T, S100YGXC |
| Goodwill | — | — | — | 26 | 22 | S100YGXC |
| Investment securities | 2 | 2 | 2 | 27 | 42 | S100R8IF, S100TR1T, S100YGXC |
| Current assets | 1,577 | 1,584 | 1,179 | 1,450 | 1,535 | S100R8IF, S100TR1T, S100YGXC |
| Current liabilities | 2,239 | 2,352 | 1,974 | 2,000 | 2,504 | S100R8IF, S100TR1T, S100YGXC |
| Short-term borrowings | 150 | — | — | — | 330 | S100R8IF, S100YGXC |
| Long-term borrowings | 2,167 | 1,616 | 1,183 | 1,912 | 1,084 | S100R8IF, S100TR1T, S100YGXC |
| Total liabilities | 4,796 | 4,349 | 3,530 | 4,510 | 4,158 | S100R8IF, S100TR1T, S100YGXC |
| Equity attributable to owners of parent | 2,461 | 2,649 | 2,817 | 3,008 | 3,170 | S100R8IF, S100TR1T, S100YGXC |
| Retained earnings | 2,105 | 2,293 | 2,461 | 2,598 | 2,760 | S100R8IF, S100TR1T, S100YGXC |
| Treasury stock | -100 | -100 | -100 | -46 | -46 | S100R8IF, S100TR1T, S100YGXC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YGXC |
| Property, plant and equipment | 64% | S100YGXC |
| Intangibles and goodwill | 1% | S100YGXC |
| Investment securities | 1% | S100YGXC |
| Other assets | 19% | S100YGXC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YGXC |
| Equity | 43% | S100YGXC |
| Other liabilities | 0% | S100YGXC |

### 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 | 7,257 | 6,998 | 6,347 | 7,521 | 7,340 |
| Equity | 2,461 | 2,649 | 2,817 | 3,011 | 3,183 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,304 | 1,277 | 862 | 1,062 | 1,127 |

## 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) | 55.2% | S100YGXC |
| Fixed assets ÷ total assets | 64.3% | S100YGXC |
| Goodwill ÷ parent equity | 0.7% | S100YGXC |

### 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) | 15.4% |
| Cash ÷ revenue | 13.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 158.1% |
| Cash vs. profit gap | 444 JPY mn (of net income 182.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.2% |
| Shareholder payments — dividends / FCF | 13.8% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 9.8% |

## 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 | 1.5% | 1.04× | 1.5% | 2.95× | 4.6% | S100R8IF |
| 2023 | 2.9% | 1.13× | 3.3% | 2.79× | 9.2% | S100TR1T |
| 2024 | 2.7% | 1.22× | 3.3% | 2.44× | 8.0% | S100TR1T |
| 2025 | 2.3% | 1.11× | 2.6% | 2.50× | 6.4% | S100YGXC |
| 2026 | 2.8% | 1.15× | 3.3% | 2.41× | 7.9% | S100YGXC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本テレビホールディングス 株式会社 | Major shareholder | 24.8% | 2026-03-31 |
| 江崎グリコ株式会社 | Major shareholder | 9.2% | 2026-03-31 |
| 関 健二 | Major shareholder | 4.3% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2026-03-31 |
| 柿沼 佑一 | Major shareholder | 2.7% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 2.6% | 2026-03-31 |
| 奥村 征照 | Major shareholder | 2.5% | 2026-03-31 |
| 藤木 孝夫 | Major shareholder | 2.3% | 2026-03-31 |
| 浜本 憲至 | Major shareholder | 2.2% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YGXC | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGXC,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W2X7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2X7,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TR1T | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1T,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R8IF | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8IF,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OLK5 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLK5,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LRD4 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRD4,, |

## 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).