# JTEC CORPORATION: business model and financials

> Latest period: FY ending Jun 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2024/07/01－2025/06/30) (S100WRL1)
> Page: https://vizora.meequs.com/en/company/jtec-3446
> Retrieved: 2026-09-30T19:05:00.280Z

## Company

Jtec, founded in 1993, is a company in Cameras & Optics listed on TSE Standard. It has 76 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JTEC CORPORATION |
| Ticker | 3446 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3446.T) |
| Listing | TSE Standard |
| Head office | 大阪府茨木市彩都やまぶき2丁目5番38号 |
| Representative (per filing) | 代表取締役社長 津村 尚史 |
| Founded | Dec 1993 |
| Share capital | ¥847.1M |
| Employees (consolidated) | 76 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | June |
| Website | www.j-tec.co.jp (https://www.j-tec.co.jp/) |
| Corporate number | 5140001023717 |
| EDINET | E33777 |
| Industries (Vizora) | Cameras & Optics, Medical Devices |

> Profile source: annual securities report (S100WRL1, filed 2025-09-26). As of filing

## Five-axis industry profile

Primary industry: Cameras & Optics (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 50 | 7 |
| Cash conversion | 75 | 6 |
| Efficiency | 6.3 | 8 |

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 85% of Jtec's sales come from Optical Business, with Development of Automatic System for Life-Science Devices making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -4.2% from the prior year, operating profit -60.2%.

## Company structure

- Segment revenue mix: Optical Business 84.8%、Development of Automatic System for Life-Science Devices 15.2%
- Revenue → net income: ¥1925592000 → ¥60348000
- Net income → operating cash flow: ¥60348000 → ¥286478000（difference ¥226130000）
- Main uses of operating cash flow: CapEx ¥103659000 / dividends — / buybacks —
- Change in cash: ¥102149000
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 | ¥1.93B |  |
| Operating income | ¥113.8M | Margin 5.9% |
| Net income | ¥60.3M | Margin 3.1% |
| Free cash flow | ¥182.8M |  |
| Largest business | Optical Business | of segment revenue 84.8% |
| Employees (consolidated) | 76 |  |
| EPS | ¥5.89 |  |
| Book value per share | ¥483.66 |  |
| Equity ratio | 75.3% |  |
| Shares outstanding | 5,890,600 |  |
| Treasury shares | 900 |  |
| Shareholders | 6,881 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 19.3% | Cash ÷ revenue 37.0% |
| Vs. industry median margin | 0 pp | Cameras & Optics |
| ROE | 2.2% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 4.7× net income
- FY2025, one segment accounts for 100% of positive segment profit

## What changed in 6 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Jun 2019 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1285560000 | ¥1925592000 | — |
| Operating income | ¥436507000 | ¥113823000 | — |
| Operating margin | 34.0% | 5.9% | -28 pp |
| Employees | 38 people | 76 people | — |
| Cash and equivalents | ¥839190000 | ¥712379000 | — |

### Change in segment revenue mix

Span: FY ending Jun 2019 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| オプティカル事業 → オプティカル事業 | 84.8% |
| オプティカル事業 → 事業再編・廃止 | 7.5% |
| ライフサイエンス・機器開発事業 → ライフサイエンス・機器開発事業 | 7.7% |
| 新設・再編 → ライフサイエンス・機器開発事業 | 7.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,926 | 100.0% | S100WRL1 |
| Cost of revenue | 747 | 38.8% | S100WRL1 |
| Gross profit | 1,179 | 61.2% | S100WRL1 |
| SG&A | 1,065 | 55.3% | S100WRL1 |
| Operating income | 114 | 5.9% | S100WRL1 |
| Ordinary income | 102 | 5.3% | S100WRL1 |
| Pretax income | 101 | 5.3% | S100WRL1 |
| Income tax | 41 | 2.1% | S100WRL1 |
| Net income | 60 | 3.1% | S100WRL1 |
| Net income attributable to owners | 60 | 3.1% | S100WRL1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 39 |
| SG&A | 55 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 61.2% → Operating margin 5.9% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.2%; Core profit growth: -60.2%
Operating leverage (core profit growth ÷ revenue growth): 14.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,010 | 1,926 | -85 | -4.2% |
| Gross profit | 1,253 | 1,179 | -74 | -5.9% |
| Operating income | 286 | 114 | -172 | -60.2% |
| Net income attributable to owners | 200 | 60 | -139 | -69.8% |
| Operating cash flow | 63 | 286 | 224 | +357.3% |
| Free cash flow | -80 | 183 | 262 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 1,286 | 437 | 34.0% | 332 | 61 | -670 | S100JVXV |
| FY ending Jun 2020 | 1,027 | 6 | 0.6% | 16 | 67 | -202 | S100JVXV |
| FY ending Jun 2022 | 1,151 | -71 | -6.2% | -32 | 284 | 171 | S100RXVO |
| FY ending Jun 2023 | 1,908 | 307 | 16.1% | 238 | 210 | 128 | S100UGCE |
| FY ending Jun 2024 | 2,010 | 286 | 14.2% | 200 | 63 | -80 | S100WRL1 |
| FY ending Jun 2025 | 1,926 | 114 | 5.9% | 60 | 286 | 183 | S100WRL1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.3M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥794.1K |

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

| History | FY ending Jun 2020 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 42 | 58 | 64 | 64 | 76 |
| Average salary (parent company) | ¥5.6M | ¥5.3M | ¥5.6M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 40.6 years | 41.8 years | 43.5 years | 42.7 years | 44.6 years |
| Average tenure (parent company) | 3.6 years | 4.4 years | 4.9 years | 5.3 years | 4.6 years |

Year over year: Employees (consolidated) +18.8% · Revenue (consolidated) -4.2%

## Segments（FY ending Jun 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Optical Business | 1,234 | 84.8% | 527 | 42.7% |
| Development of Automatic System for Life-Science Devices | 221 | 15.2% | -52 | -23.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Optical Business | 84.8% | 100.0% | 15.2 | 42.7% |
| Development of Automatic System for Life-Science Devices | 15.2% | — | — | -23.6% |

Loss-making segment (excluded from profit shares): Development of Automatic System for Life-Science Devices -52 JPY mn

Segment → industry: Optical Business → Cameras & Optics / Development of Automatic System for Life-Science Devices → Medical Devices

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 286 | 14.9% | S100WRL1 |
| Capital expenditure | 104 | 5.4% | S100WRL1 |
| Free cash flow | 183 | 9.5% | 算出 |
| Investing cash flow | -104 | -5.4% | S100WRL1 |
| Financing cash flow | -80 | -4.1% | S100WRL1 |
| Change in cash | 102 | 5.3% | S100WRL1 |
| Cash and equivalents | 712 | 37.0% | S100WRL1 |

## 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 Jun 2020 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 573 | 732 | 783 | 610 | 712 | S100JVXV, S100UGCE, S100WRL1 |
| Total assets | 2,637 | 3,227 | 3,465 | 3,568 | 3,688 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Net assets | 2,472 | 2,228 | 2,479 | 2,697 | 2,776 | S100JVXV, S100UGCE, S100WRL1 |
| Share capital | 821 | 822 | 829 | 838 | 847 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Property, plant and equipment | 1,398 | 1,363 | 1,329 | 1,339 | 1,378 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Intangible assets excluding goodwill | 14 | 403 | 357 | 312 | 268 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Goodwill | — | 392 | 350 | 307 | 265 | S100RXVO, S100UGCE, S100WRL1 |
| Investment securities | — | 20 | 17 | 31 | 28 | S100RXVO, S100UGCE, S100WRL1 |
| Current assets | 1,212 | 1,301 | 1,677 | 1,816 | 1,940 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Current liabilities | 163 | 386 | 451 | 413 | 493 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Long-term borrowings | — | 597 | 522 | 447 | 371 | S100RXVO, S100UGCE, S100WRL1 |
| Total liabilities | 165 | 999 | 986 | 871 | 913 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Equity attributable to owners of parent | 2,472 | 2,228 | 2,479 | 2,697 | 2,776 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Retained earnings | 869 | 624 | 862 | 1,062 | 1,122 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |
| Treasury stock | -0 | -1 | -1 | -1 | -1 | S100JVXV, S100RXVO, S100UGCE, S100WRL1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100WRL1 |
| Property, plant and equipment | 37% | S100WRL1 |
| Intangibles and goodwill | 15% | S100WRL1 |
| Investment securities | 1% | S100WRL1 |
| Other assets | 28% | S100WRL1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100WRL1 |
| Equity | 75% | S100WRL1 |

### Balance sheet history

| Metric | FY ending Jun 2020 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,637 | 3,227 | 3,465 | 3,568 | 3,688 |
| Equity | 2,472 | 2,228 | 2,479 | 2,697 | 2,776 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 573 | 732 | 783 | 610 | 712 |

## 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) | 71.6% | S100WRL1 |
| Fixed assets ÷ total assets | 37.4% | S100WRL1 |
| Goodwill ÷ parent equity | 9.5% | S100WRL1 |

### 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) | 19.3% |
| Cash ÷ revenue | 37.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 251.7% |
| Cash vs. profit gap | 226 JPY mn (of net income 374.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 36.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 1.6% | 0.39× | 0.6% | 1.07× | 0.7% | S100JVXV |
| 2022 | — | —× | -1.0% | —× | — | S100RXVO |
| 2023 | 12.5% | 0.57× | 7.1% | 1.42× | 10.1% | S100UGCE |
| 2024 | 9.9% | 0.57× | 5.7% | 1.36× | 7.7% | S100WRL1 |
| 2025 | 3.1% | 0.53× | 1.7% | 1.33× | 2.2% | S100WRL1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 津村 尚史 | Major shareholder | 42.2% | 2025-06-30 |
| 大阪コンピュータ工業株式会社 | Major shareholder | 6.1% | 2025-06-30 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.4% | 2025-06-30 |
| 株式会社SBI証券 | Major shareholder | 1.2% | 2025-06-30 |
| 有馬 誠 | Major shareholder | 0.9% | 2025-06-30 |
| 内山 孝教 | Major shareholder | 0.8% | 2025-06-30 |
| 大西 隆幸 | Major shareholder | 0.6% | 2025-06-30 |
| J．P．Morgan Securities plc （常任代理人 JPモルガン証券株式会社） | Major shareholder | 0.5% | 2025-06-30 |
| 上田 葉子 | Major shareholder | 0.4% | 2025-06-30 |
| JPモルガン証券株式会社 | Major shareholder | 0.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2024/07/01－2025/06/30) | S100WRL1 | 2025-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WRL1,, |
| 有価証券報告書－第31期(2023/07/01－2024/06/30) | S100UGCE | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UGCE,, |
| 有価証券報告書－第30期(2022/07/01－2023/06/30) | S100RXVO | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXVO,, |
| 訂正有価証券報告書－第29期(令和3年7月1日－令和4年6月30日) | S100PFNO | 2022-10-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PFNO,, |
| 訂正有価証券報告書－第27期(令和1年7月1日－令和2年6月30日) | S100JVXV | 2020-10-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JVXV,, |

## 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).