# JTP Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第39期(2025/04/01－2026/03/31) (S100YD1Z)
> Page: https://vizora.meequs.com/en/company/jtp
> Retrieved: 2026-09-30T18:18:04.457Z

## Company

JTP, founded in 1987, is a company in Medical Devices listed on TSE Standard. It has 459 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JTP CO.,LTD. |
| Ticker | 2488 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2488.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区北品川四丁目7番35号 |
| Representative (per filing) | 代表取締役社長 為田 光昭 |
| Founded | Oct 1987 |
| Share capital | ¥795.5M |
| Employees (consolidated) | 459 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.jtp.co.jp (https://www.jtp.co.jp/) |
| Corporate number | 6010701025248 |
| EDINET | E05593 |
| Industries (Vizora) | Medical Devices, IT Services & System Integration, HR & Staffing |

> Profile source: annual securities report (S100YD1Z, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 55.9 | 196 |
| Cash conversion | 39.7 | 185 |
| Efficiency | 71.2 | 196 |

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 53% of JTP's sales come from ICT business, with Digital innovation business and Life science business making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +17.4%.

## Company structure

- Segment revenue mix: ICT business 52.8%、Digital innovation business 26.9%、Life science business 19.7%、Other 0.6%
- Revenue → net income: ¥9897031000 → ¥686294000
- Net income → operating cash flow: ¥686294000 → ¥733102000（difference ¥46808000）
- Main uses of operating cash flow: CapEx ¥88399000 / dividends ¥226780000 / buybacks ¥98762000
- Change in cash: ¥305944000
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 | ¥9.9B |  |
| Operating income | ¥963.1M | Margin 9.7% |
| Net income | ¥686.3M | Margin 6.9% |
| Free cash flow | ¥644.7M |  |
| Largest business | ICT business | of segment revenue 52.8% |
| Employees (consolidated) | 459 |  |
| EPS | ¥120.65 |  |
| Book value per share | ¥720.21 |  |
| Equity ratio | 61.7% |  |
| Shares outstanding | 6,015,600 |  |
| Treasury shares | 395,000 |  |
| Shareholders | 4,055 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 54.8% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | +0.8 pp | IT Services & System Integration |
| ROE | 17.8% | Derived from disclosed figures |
| ROA | 11.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, cash is 55% of total assets
- FY2026, employees -1% while operating income rose 17%

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7040137000 | ¥9897031000 | — |
| Operating income | ¥435640000 | ¥963127000 | — |
| Operating margin | 6.2% | 9.7% | +3.5 pp |
| Employees | 400 people | 459 people | — |
| Cash and equivalents | ¥2228798000 | ¥3598806000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| デジタルイノベーション事業 → デジタルイノベーション事業 | 12.1% |
| 教育ソリューション事業 → 事業再編・廃止 | 8.5% |
| ICTソリューション事業 → 事業再編・廃止 | 45.1% |
| 西日本ソリューション事業 → 事業再編・廃止 | 14.6% |
| ライフサイエンスサービス事業 → 事業再編・廃止 | 19.7% |
| 新設・再編 → デジタルイノベーション事業 | 14.9% |
| 新設・再編 → ICT事業 | 52.8% |
| 新設・再編 → ライフサイエンス事業 | 19.7% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| ICT business | 2 years | +7.4% | ¥5225088000 | 22.0% | 2 |
| Digital innovation business | — | — | ¥2666089000 | 11.7% | 2 |
| Life science business | 2 years | +4.9% | ¥1947714000 | 18.2% | 2 |
| Other | 2 years | +71.0% | ¥58138000 | -0.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,897 | 100.0% | S100YD1Z |
| Cost of revenue | 7,890 | 79.7% | S100YD1Z |
| Gross profit | 2,007 | 20.3% | S100YD1Z |
| SG&A | 1,044 | 10.5% | S100YD1Z |
| Operating income | 963 | 9.7% | S100YD1Z |
| Ordinary income | 980 | 9.9% | S100YD1Z |
| Pretax income | 931 | 9.4% | S100YD1Z |
| Income tax | 245 | 2.5% | S100YD1Z |
| Net income | 686 | 6.9% | S100YD1Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 10 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.3% → Operating margin 9.7% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +17.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.34×
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 | 9,211 | 9,897 | 686 | +7.4% |
| Gross profit | 1,868 | 2,007 | 139 | +7.4% |
| Operating income | 820 | 963 | 143 | +17.4% |
| Operating cash flow | 776 | 733 | -43 | -5.6% |
| Free cash flow | 698 | 645 | -53 | -7.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,245 | 471 | 7.5% | 309 | 260 | 221 | S100LVHB |
| FY ending Mar 2021 | 6,310 | 351 | 5.6% | 267 | 200 | 174 | S100OLXB |
| FY ending Mar 2022 | 7,040 | 436 | 6.2% | 253 | 504 | 468 | S100RADG |
| FY ending Mar 2023 | 7,382 | 465 | 6.3% | 315 | 527 | 458 | S100RADG |
| FY ending Mar 2023 | 7,382 | 455 | 6.2% | 315 | 527 | — | S100TXQ8 |
| FY ending Mar 2024 | 8,120 | 631 | 7.8% | 483 | 548 | 439 | S100W1Z5 |
| FY ending Mar 2025 | 9,211 | 820 | 8.9% | 563 | 776 | 698 | S100YD1Z |
| FY ending Mar 2026 | 9,897 | 963 | 9.7% | 686 | 733 | 645 | S100YD1Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.6M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.5M |

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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 410 | 410 | 446 | 462 | 459 |
| Average salary (parent company) | ¥5.6M | — | ¥5.8M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 37.1 years | — | 36.6 years | 36.2 years | 36.3 years |
| Average tenure (parent company) | 10.7 years | — | 10.1 years | 10.4 years | 10.9 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Digital innovation business | 2,666 | 26.9% | 311 | 11.7% |
| ICT business | 5,225 | 52.8% | 1,148 | 22.0% |
| Life science business | 1,948 | 19.7% | 355 | 18.2% |
| Other | 58 | 0.6% | -0 | -0.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Digital innovation business | 26.9% | 17.1% | -9.8 | 11.7% |
| ICT business | 52.8% | 63.3% | 10.5 | 22.0% |
| Life science business | 19.7% | 19.6% | -0.1 | 18.2% |
| Other | 0.6% | — | — | -0.2% |

Loss-making segment (excluded from profit shares): Other -0 JPY mn

Segment → industry: Life science business → Medical Devices / ICT business → IT Services & System Integration / Digital innovation business → IT Services & System Integration / Other → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 733 | 7.4% | S100YD1Z |
| Capital expenditure | 88 | 0.9% | S100YD1Z |
| Free cash flow | 645 | 6.5% | 算出 |
| Investing cash flow | -101 | -1.0% | S100YD1Z |
| Financing cash flow | -326 | -3.3% | S100YD1Z |
| Dividends paid | 227 | 2.3% | S100YD1Z |
| Share buyback | 99 | 1.0% | S100YD1Z |
| Change in cash | 306 | 3.1% | S100YD1Z |
| Cash and equivalents | 3,599 | 36.4% | S100YD1Z |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,550 | 2,531 | 2,829 | 3,293 | 3,599 | S100RADG, S100W1Z5, S100YD1Z |
| Total assets | 4,793 | 4,795 | 5,365 | 5,911 | 6,565 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Net assets | 2,938 | 2,935 | 3,305 | 3,655 | 4,048 | S100RADG, S100W1Z5, S100YD1Z |
| Share capital | 795 | 795 | 795 | 795 | 795 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Property, plant and equipment | 106 | 106 | 113 | 106 | 106 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Intangible assets excluding goodwill | 56 | 56 | 112 | 54 | 34 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Current assets | 4,177 | 4,157 | 4,631 | 5,222 | 5,856 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Current liabilities | 1,195 | 1,195 | 1,347 | 1,507 | 1,736 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Total liabilities | 1,855 | 1,860 | 2,060 | 2,256 | 2,517 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Equity attributable to owners of parent | 2,943 | 2,935 | 3,305 | 3,655 | 4,048 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Retained earnings | 1,511 | 1,503 | 1,839 | 2,159 | 2,618 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |
| Treasury stock | -208 | -208 | -190 | -174 | -260 | S100RADG, S100TXQ8, S100W1Z5, S100YD1Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 55% | S100YD1Z |
| Property, plant and equipment | 2% | S100YD1Z |
| Intangibles and goodwill | 0% | S100YD1Z |
| Other assets | 43% | S100YD1Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YD1Z |
| Equity | 62% | S100YD1Z |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,793 | 4,795 | 5,365 | 5,911 | 6,565 |
| Equity | 2,938 | 2,935 | 3,305 | 3,655 | 4,048 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,550 | 2,531 | 2,829 | 3,293 | 3,599 |

## 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% | S100YD1Z |
| Fixed assets ÷ total assets | 1.6% | S100YD1Z |
| Goodwill ÷ parent equity | — | —, S100YD1Z |

### 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) | 54.8% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.1% |
| Cash vs. profit gap | 47 JPY mn (of net income 6.8%) |
| Shareholder returns / net income | 47.4% |
| Shareholder returns / FCF | 50.5% |
| Shareholder payments — dividends / net income | 33.0% |
| Shareholder payments — dividends / FCF | 35.2% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 13.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 4.3% | 1.54× | 6.6% | 1.63× | 10.7% | S100RADG |
| 2023 | 4.3% | 1.54× | 6.6% | 1.63× | 10.7% | S100YD1Z, S100TXQ8 |
| 2024 | 5.9% | 1.60× | 9.5% | 1.63× | 15.5% | S100W1Z5 |
| 2025 | 6.1% | 1.63× | 10.0% | 1.62× | 16.2% | S100YD1Z |
| 2026 | 6.9% | 1.59× | 11.0% | 1.62× | 17.8% | S100YD1Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森 豊 | Major shareholder | 8.8% | 2026-03-31 |
| 双日テックイノベーション株式会社 | Major shareholder | 8.4% | 2026-03-31 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 6.6% | 2026-03-31 |
| JTP従業員持株会 | Major shareholder | 5.6% | 2026-03-31 |
| UHPartners２投資事業有限責任組合無限責任組合員株式会社UHPartners２ | Major shareholder | 2.5% | 2026-03-31 |
| 櫛部 興喜 | Major shareholder | 1.9% | 2026-03-31 |
| 外池 榮一郎 | Major shareholder | 1.8% | 2026-03-31 |
| 金山 洋志 | Major shareholder | 1.8% | 2026-03-31 |
| 槇田 重夫 | Major shareholder | 1.8% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第39期(2025/04/01－2026/03/31) | S100YD1Z | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD1Z,, |
| 有価証券報告書－第38期(2024/04/01－2025/03/31) | S100W1Z5 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Z5,, |
| 有価証券報告書－第37期(2023/04/01－2024/03/31) | S100TXQ8 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXQ8,, |
| 有価証券報告書－第36期(2022/04/01－2023/03/31) | S100RADG | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RADG,, |
| 有価証券報告書－第35期(令和3年4月1日－令和4年3月31日) | S100OLXB | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLXB,, |
| 有価証券報告書－第34期(令和2年4月1日－令和3年3月31日) | S100LVHB | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVHB,, |

## 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).