# JTEC 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30期(2025/04/01－2026/03/31) (S100YN23)
> Page: https://vizora.meequs.com/en/company/jtec
> Retrieved: 2026-09-30T22:22:22.077Z

## Company

Jtec, founded in 1996, is a company in HR & Staffing listed on TSE Standard. It has 430 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JTEC CORPORATION |
| Ticker | 2479 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2479.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋一丁目10番7号 KPP八重洲ビル |
| Representative (per filing) | 代表取締役社長 藤本 彰 |
| Founded | Aug 1996 |
| Share capital | ¥261.8M |
| Employees (consolidated) | 430 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.j-tec-cor.co.jp (https://www.j-tec-cor.co.jp/) |
| Corporate number | 9010001065586 |
| EDINET | E05569 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YN23, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12.5 | 68 |
| Profitability | 43.8 | 88 |
| Cash conversion | 14.4 | 80 |
| Efficiency | 66.5 | 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)

- Jtec brought in ¥3.36B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -1.0% from the prior year, operating profit -28.4%.

## Company structure

- Segment revenue mix: Technical outsourcing business 100.0%
- Revenue → net income: ¥3358223000 → ¥147075000
- Net income → operating cash flow: ¥147075000 → ¥123682000（difference ¥-23393000）
- Main uses of operating cash flow: CapEx ¥7477000 / dividends ¥79819000 / buybacks —
- Change in cash: ¥-31057000
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 | ¥3.36B |  |
| Operating income | ¥235.6M | Margin 7.0% |
| Net income | ¥147.1M | Margin 4.4% |
| Free cash flow | ¥116.2M |  |
| Largest business | Technical outsourcing business | of segment revenue 100.0% |
| Employees (consolidated) | 430 |  |
| EPS | ¥12.63 |  |
| Book value per share | ¥124.88 |  |
| Equity ratio | 69.0% |  |
| Shares outstanding | 8,572,400 |  |
| Treasury shares | 545,300 |  |
| Shareholders | 6,635 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 68.7% | Cash ÷ revenue 43.7% |
| Vs. industry median margin | -1.6 pp | HR & Staffing |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 6.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 69% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2771844000 | ¥3358223000 | +21.2% |
| Operating income | ¥-56260000 | ¥235598000 | — |
| Operating margin | -2.0% | 7.0% | +9 pp |
| Employees | 388 people | 430 people | +10.8% |
| Cash and equivalents | ¥1363429000 | ¥1469016000 | +7.7% |

### 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 |
| --- | ---: |
| 技術職知財リース事業 → 技術職知財リース事業 | 97.9% |
| 一般派遣及びエンジニア派遣事業 → 事業再編・廃止 | 2.1% |
| 新設・再編 → 技術職知財リース事業 | 2.1% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,358 | 100.0% | S100YN23 |
| Cost of revenue | 2,282 | 68.0% | S100YN23 |
| Gross profit | 1,076 | 32.0% | S100YN23 |
| SG&A | 840 | 25.0% | S100YN23 |
| Operating income | 236 | 7.0% | S100YN23 |
| Ordinary income | 212 | 6.3% | S100YN23 |
| Pretax income | 212 | 6.3% | S100YN23 |
| Income tax | 65 | 1.9% | S100YN23 |
| Net income | 147 | 4.4% | S100YN23 |
| Net income attributable to owners | 147 | 4.4% | S100YN23 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 32.0% → Operating margin 7.0% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.0%; Core profit growth: -28.4%
Operating leverage (core profit growth ÷ revenue growth): 27.74×
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 | 3,393 | 3,358 | -35 | -1.0% |
| Gross profit | 1,150 | 1,076 | -74 | -6.5% |
| Operating income | 329 | 236 | -94 | -28.4% |
| Net income attributable to owners | 228 | 147 | -81 | -35.5% |
| Operating cash flow | 251 | 124 | -127 | -50.7% |
| Free cash flow | 251 | 116 | -134 | -53.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,034 | 141 | 4.7% | 90 | -83 | -98 | S100LUFC |
| FY ending Mar 2021 | 2,772 | -56 | -2.0% | 40 | 109 | 92 | S100OLIX |
| FY ending Mar 2022 | 2,992 | -118 | -4.0% | 60 | 63 | 39 | S100RAG9 |
| FY ending Mar 2023 | 3,178 | 179 | 5.6% | 132 | 155 | 151 | S100TXXM |
| FY ending Mar 2024 | 3,243 | 229 | 7.1% | 164 | 159 | 159 | S100WFFJ |
| FY ending Mar 2025 | 3,393 | 329 | 9.7% | 228 | 251 | 251 | S100YN23 |
| FY ending Mar 2026 | 3,358 | 236 | 7.0% | 147 | 124 | 116 | S100YN23 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.8M |
| Operating income per employee (consolidated) | ¥547.9K |
| Net income per employee (consolidated) | ¥342K |

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) | 417 | 474 | 434 | 428 | 430 |
| Average salary (parent company) | ¥4.4M | ¥4.2M | ¥4.4M | ¥4.8M | ¥5.1M |
| Average age (parent company) | 38.6 years | 38.0 years | 37.2 years | 34.8 years | 36.6 years |
| Average tenure (parent company) | 8.5 years | 9.7 years | 9.4 years | 10.3 years | 10.8 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -1.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Technical outsourcing business | 3,358 | 100.0% | 712 | 21.2% |

## 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 | 124 | 3.7% | S100YN23 |
| Capital expenditure | 7 | 0.2% | S100YN23 |
| Free cash flow | 116 | 3.5% | 算出 |
| Investing cash flow | -12 | -0.4% | S100YN23 |
| Financing cash flow | -143 | -4.3% | S100YN23 |
| Dividends paid | 80 | 2.4% | S100YN23 |
| Change in cash | -31 | -0.9% | S100YN23 |
| Cash and equivalents | 1,469 | 43.7% | S100YN23 |

## 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 | 1,285 | 1,333 | 1,359 | 1,500 | 1,469 | S100TXXM, S100WFFJ, S100YN23 |
| Total assets | 1,982 | 2,013 | 2,061 | 2,218 | 2,139 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Net assets | 933 | 1,068 | 1,203 | 1,419 | 1,476 | S100TXXM, S100WFFJ, S100YN23 |
| Share capital | 262 | 262 | 262 | 262 | 262 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Property, plant and equipment | 54 | 45 | 39 | 34 | 35 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Intangible assets excluding goodwill | 1 | 2 | 1 | 1 | 1 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Investment securities | 6 | 6 | 6 | 5 | 7 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Current assets | 1,795 | 1,852 | 1,910 | 2,071 | 1,988 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Current liabilities | 559 | 545 | 522 | 535 | 398 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Long-term borrowings | 260 | 161 | 83 | 20 | — | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Total liabilities | 1,049 | 945 | 858 | 799 | 663 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Equity attributable to owners of parent | 948 | 1,078 | 1,208 | 1,402 | 1,469 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Retained earnings | 534 | 658 | 782 | 970 | 1,037 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |
| Treasury stock | -97 | -92 | -89 | -86 | -83 | S100RAG9, S100TXXM, S100WFFJ, S100YN23 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 69% | S100YN23 |
| Property, plant and equipment | 2% | S100YN23 |
| Intangibles and goodwill | 0% | S100YN23 |
| Investment securities | 0% | S100YN23 |
| Other assets | 29% | S100YN23 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YN23 |
| Equity | 69% | S100YN23 |

### 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 | 1,982 | 2,013 | 2,061 | 2,218 | 2,139 |
| Equity | 933 | 1,068 | 1,203 | 1,419 | 1,476 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,285 | 1,333 | 1,359 | 1,500 | 1,469 |

## 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) | 1.1% | S100YN23 |
| Fixed assets ÷ total assets | 1.7% | S100YN23 |
| Goodwill ÷ parent equity | — | —, S100YN23 |

### 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) | 68.7% |
| Cash ÷ revenue | 43.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.5% |
| Cash vs. profit gap | -23 JPY mn (of net income -15.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.3% |
| Shareholder payments — dividends / FCF | 68.7% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 9.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.0% | 1.51× | 3.0% | 2.09× | 6.4% | S100RAG9 |
| 2023 | 4.1% | 1.59× | 6.6% | 1.97× | 13.0% | S100TXXM |
| 2024 | 5.1% | 1.59× | 8.0% | 1.78× | 14.3% | S100WFFJ |
| 2025 | 6.7% | 1.59× | 10.7% | 1.64× | 17.5% | S100YN23 |
| 2026 | 4.4% | 1.54× | 6.8% | 1.52× | 10.2% | S100YN23 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 藤本 彰 | Major shareholder | 20.0% | 2026-03-31 |
| ジェイテック従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 堀江 耕治 | Major shareholder | 2.2% | 2026-03-31 |
| 黒米 克巳 | Major shareholder | 2.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.8% | 2026-03-31 |
| 遠藤 裕三 | Major shareholder | 1.7% | 2026-03-31 |
| 仲西 啓 | Major shareholder | 1.5% | 2026-03-31 |
| 藤本 信 | Major shareholder | 1.4% | 2026-03-31 |
| 佐伯 高史 | Major shareholder | 1.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YN23 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN23,, |
| 訂正有価証券報告書－第29期(2024/04/01－2025/03/31) | S100WFFJ | 2025-07-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WFFJ,, |
| 有価証券報告書－第28期(2023/04/01－2024/03/31) | S100TXXM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXXM,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100RAG9 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAG9,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OLIX | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLIX,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LUFC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUFC,, |

## 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).