# juntendo co.,ltd.: business model and financials

> Latest period: FY ending Feb 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第65期(2025/03/01－2026/02/28) (S100Y6C2)
> Page: https://vizora.meequs.com/en/company/juntendo
> Retrieved: 2026-09-30T21:36:57.765Z

## Company

juntendo, founded in 1894, is a company in Home Centers listed on TSE Standard. It has 555 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JUNTENDO CO.,LTD. |
| Ticker | 9835 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9835.T) |
| Listing | TSE Standard |
| Head office | 島根県益田市遠田町2179番地1 |
| Representative (per filing) | 代表取締役社長 飯塚正 |
| Founded | Oct 1894 |
| Share capital | ¥4.22B |
| Employees (consolidated) | 555 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | February |
| Website | www.juntendo.co.jp (https://www.juntendo.co.jp/) |
| Corporate number | 5280001005032 |
| EDINET | E03141 |
| Industries (Vizora) | Home Centers |

> Profile source: annual securities report (S100Y6C2, filed 2026-05-27). As of filing

## Five-axis industry profile

Primary industry: Home Centers (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.8 | 8 |
| Profitability | 5 | 10 |
| Cash conversion | 95 | 10 |
| Efficiency | 55 | 10 |

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)

- juntendo brought in ¥42.1B in revenue.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed -3.2% from the prior year, operating profit -49.6%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥42.1B |  |
| Operating income | ¥238.1M | Margin 0.6% |
| Net income | -¥361.3M | Margin -0.9% |
| Free cash flow | -¥880.7M |  |
| Employees (consolidated) | 555 |  |
| EPS | ¥-44.55 |  |
| Book value per share | ¥1552.5 |  |
| Equity ratio | 30.5% |  |
| Shares outstanding | 8,331,164 |  |
| Treasury shares | 221,400 |  |
| Shareholders | 11,984 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 4.5% | Cash ÷ revenue 4.4% |
| Vs. industry median margin | -2.7 pp | Home Centers |
| ROA | -0.9% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 4% of total assets

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥46370357000 | ¥42111179000 | -9.2% |
| Operating income | ¥2279894000 | ¥238051000 | -89.6% |
| Operating margin | 4.9% | 0.6% | -4.4 pp |
| Employees | 579 people | 555 people | -4.1% |
| Cash and equivalents | ¥1850488000 | ¥1853155000 | +0.1% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,111 | 100.0% | S100Y6C2 |
| Cost of revenue | 29,416 | 69.9% | S100Y6C2 |
| Gross profit | 12,696 | 30.1% | S100Y6C2 |
| SG&A | 13,387 | 31.8% | S100Y6C2 |
| Operating income | 238 | 0.6% | S100Y6C2 |
| Ordinary income | 209 | 0.5% | S100Y6C2 |
| Pretax income | -361 | -0.9% | S100Y6C2 |
| Income tax | 1 | 0.0% | S100Y6C2 |
| Net income | -361 | -0.9% | S100Y6C2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 32 |
| Other operating | -2 |
| Operating income | 0 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 30.1% → Operating margin 0.6% → Net margin -0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -49.6%
Operating leverage (core profit growth ÷ revenue growth): 15.74×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 43,483 | 42,111 | -1,371 | -3.2% |
| Gross profit | 12,906 | 12,696 | -211 | -1.6% |
| Operating income | 473 | 238 | -235 | -49.6% |
| Operating cash flow | 2,029 | 1,663 | -366 | -18.0% |
| Free cash flow | 523 | -881 | -1,404 | -268.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 40,715 | 291 | 0.7% | 87 | 1,931 | 1,056 | S100LF7J |
| FY ending Feb 2021 | 46,370 | 2,280 | 4.9% | 1,372 | 4,677 | 3,942 | S100O44V |
| FY ending Feb 2022 | 44,335 | 1,233 | 2.8% | 607 | 364 | -653 | S100QTZF |
| FY ending Feb 2023 | 44,058 | 907 | 2.1% | 383 | 800 | -2,053 | S100TH5Y |
| FY ending Feb 2024 | 43,765 | 319 | 0.7% | 189 | 624 | -798 | S100VT8U |
| FY ending Feb 2025 | 43,483 | 473 | 1.1% | 153 | 2,029 | 523 | S100Y6C2 |
| FY ending Feb 2026 | 42,111 | 238 | 0.6% | -361 | 1,663 | -881 | S100Y6C2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.9M |
| Operating income per employee (consolidated) | ¥428.9K |
| Net income per employee (consolidated) | -¥651K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 576 | 578 | 576 | 565 | 555 |
| Average salary (parent company) | ¥4.5M | ¥4.5M | ¥4.6M | ¥4.9M | ¥4.9M |
| Average age (parent company) | 42.5 years | 42.5 years | 42.8 years | 42.9 years | 43.1 years |
| Average tenure (parent company) | 19.2 years | 19.1 years | 19.2 years | 19.2 years | 19.5 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) -3.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,663 | 3.9% | S100Y6C2 |
| Capital expenditure | 2,544 | 6.0% | S100Y6C2 |
| Free cash flow | -881 | -2.1% | 算出 |
| Investing cash flow | -3,015 | -7.2% | S100Y6C2 |
| Financing cash flow | 1,926 | 4.6% | S100Y6C2 |
| Dividends paid | 81 | 0.2% | S100Y6C2 |
| Share buyback | 0 | 0.0% | S100Y6C2 |
| Change in cash | 574 | 1.4% | S100Y6C2 |
| Cash and equivalents | 1,853 | 4.4% | S100Y6C2 |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,399 | 1,301 | 1,213 | 1,279 | 1,853 | S100TH5Y, S100VT8U, S100Y6C2 |
| Total assets | 34,637 | 37,880 | 38,509 | 38,869 | 41,321 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Net assets | 12,455 | 12,725 | 12,829 | 12,925 | 12,590 | S100TH5Y, S100VT8U, S100Y6C2 |
| Share capital | 4,224 | 4,224 | 4,224 | 4,224 | 4,224 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Property, plant and equipment | 15,688 | 17,324 | 17,052 | 17,573 | 19,346 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Intangible assets excluding goodwill | 274 | 307 | 322 | 296 | 465 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Investment securities | 301 | 368 | 364 | 397 | 556 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Current assets | 14,582 | 15,934 | 16,477 | 15,940 | 16,157 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Current liabilities | 11,305 | 13,066 | 13,095 | 13,269 | 12,832 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Short-term borrowings | 300 | 1,100 | 1,600 | 500 | 1,200 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Long-term borrowings | 7,361 | 8,665 | 9,222 | 9,395 | 11,577 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Total liabilities | 22,183 | 25,155 | 25,681 | 25,944 | 28,731 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Equity attributable to owners of parent | 12,413 | 12,634 | 12,701 | 12,772 | 12,330 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Retained earnings | 4,273 | 4,494 | 4,561 | 4,633 | 4,190 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |
| Treasury stock | -96 | -96 | -96 | -96 | -96 | S100QTZF, S100TH5Y, S100VT8U, S100Y6C2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100Y6C2 |
| Property, plant and equipment | 47% | S100Y6C2 |
| Intangibles and goodwill | 1% | S100Y6C2 |
| Investment securities | 1% | S100Y6C2 |
| Other assets | 46% | S100Y6C2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 70% | S100Y6C2 |
| Equity | 30% | S100Y6C2 |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,637 | 37,880 | 38,509 | 38,869 | 41,321 |
| Equity | 12,455 | 12,725 | 12,829 | 12,925 | 12,590 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,399 | 1,301 | 1,213 | 1,279 | 1,853 |

## 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) | 45.9% | S100Y6C2 |
| Fixed assets ÷ total assets | 46.8% | S100Y6C2 |
| Goodwill ÷ parent equity | — | —, S100Y6C2 |

### 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) | 4.5% |
| Cash ÷ revenue | 4.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 698.7% |
| Cash vs. profit gap | 2,025 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.0% |
| Investing CF relative to operating CF | 181.3% |

## 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 | 1.4% | 1.28× | 1.8% | 2.79× | 4.9% | S100QTZF |
| 2023 | 0.9% | 1.22× | 1.1% | 2.90× | 3.1% | S100TH5Y |
| 2024 | 0.4% | 1.15× | 0.5% | 3.02× | 1.5% | S100VT8U |
| 2025 | 0.4% | 1.12× | 0.4% | 3.04× | 1.2% | S100Y6C2 |
| 2026 | — | —× | -0.9% | —× | — | S100Y6C2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 飯 塚 正 | Major shareholder | 27.8% | 2026-02-28 |
| 有限会社サンデーズ | Major shareholder | 13.2% | 2026-02-28 |
| 株式会社山陰合同銀行 | Major shareholder | 4.5% | 2026-02-28 |
| ジュンテンドー社員持株会 | Major shareholder | 4.5% | 2026-02-28 |
| アイリスオーヤマ株式会社 | Major shareholder | 2.8% | 2026-02-28 |
| J-NET株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 杣 山 令 子 | Major shareholder | 1.8% | 2026-02-28 |
| 大 田 圭 子 | Major shareholder | 1.7% | 2026-02-28 |
| 株式会社ドラッグストアモリ | Major shareholder | 1.2% | 2026-02-28 |
| 住友生命保険相互会社 | Major shareholder | 1.1% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第65期(2025/03/01－2026/02/28) | S100Y6C2 | 2026-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y6C2,, |
| 有価証券報告書－第64期(2024/03/01－2025/02/28) | S100VT8U | 2025-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VT8U,, |
| 有価証券報告書－第63期(2023/03/01－2024/02/29) | S100TH5Y | 2024-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TH5Y,, |
| 有価証券報告書－第62期(2022/03/01－2023/02/28) | S100QTZF | 2023-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QTZF,, |
| 有価証券報告書－第61期(令和3年3月1日－令和4年2月28日) | S100O44V | 2022-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O44V,, |
| 有価証券報告書－第60期(令和2年3月1日－令和3年2月28日) | S100LF7J | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LF7J,, |

## 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).