# JUSTPLANNING INC.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第32期(2025/02/01－2026/01/31) (S100Y0NF)
> Page: https://vizora.meequs.com/en/company/justplanning
> Retrieved: 2026-09-30T18:47:32.287Z

## Company

Justplanning, founded in 1994, is a company in IT Services & System Integration listed on TSE Standard. It has 69 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JUSTPLANNING INC. |
| Ticker | 4287 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4287.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区西蒲田七丁目35番1号 宝栄ビル |
| Representative (per filing) | 代表取締役社長 村井 芸典 |
| Founded | Mar 1994 |
| Share capital | ¥410.5M |
| Employees (consolidated) | 69 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | January |
| Corporate number | 7010801005818 |
| EDINET | E05204 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS, Electric Power & Gas, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100Y0NF, filed 2026-04-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.5 | 105 |
| Profitability | 78.3 | 145 |
| Cash conversion | 59.8 | 128 |
| Efficiency | 21 | 145 |

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 48% of Justplanning's sales come from Application Service Provider Business, with Logistics solution Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +15.0% from the prior year, operating profit +23.8%.

## Company structure

- Segment revenue mix: Application Service Provider Business 48.3%、Logistics solution Business 39.3%、Other 5.2%、Solar power business 3.9%、System solution Business 3.3%
- Revenue → net income: ¥2533784000 → ¥508199000
- Net income → operating cash flow: ¥508199000 → ¥694299000（difference ¥186100000）
- Main uses of operating cash flow: CapEx ¥28538000 / dividends ¥120802000 / buybacks ¥139263000
- Change in cash: ¥376595000
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 | ¥2.53B |  |
| Operating income | ¥607.2M | Margin 24.0% |
| Net income | ¥508.2M | Margin 20.1% |
| Free cash flow | ¥665.8M |  |
| Largest business | Application Service Provider Business | of segment revenue 48.3% |
| Employees (consolidated) | 69 |  |
| EPS | ¥28.69 |  |
| Book value per share | ¥310.54 |  |
| Equity ratio | 90.4% |  |
| Shares outstanding | 12,229,888 |  |
| Treasury shares | 506,800 |  |
| Shareholders | 2,707 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 40.2% | Cash ÷ revenue 69.0% |
| Vs. industry median margin | +11.5 pp | Software & SaaS |
| ROE | 13.4% | Derived from disclosed figures |
| ROA | 12.2% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by -27 points

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2103153000 | ¥2533784000 | +20.5% |
| Operating income | ¥185089000 | ¥607190000 | +228.1% |
| Operating margin | 8.8% | 24.0% | +15.2 pp |
| Employees | 66 people | 69 people | +4.5% |
| Cash and equivalents | ¥1630775000 | ¥1747454000 | +7.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ASP事業 → ASP事業 | 39.8% |
| システムソリューション事業 → システムソリューション事業 | 3.3% |
| システムソリューション事業 → 事業再編・廃止 | 0.1% |
| 物流ソリューション事業 → 物流ソリューション事業 | 39.3% |
| 物流ソリューション事業 → 事業再編・廃止 | 9.8% |
| 太陽光発電事業 → 太陽光発電事業 | 3.9% |
| 太陽光発電事業 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 3.0% |
| 新設・再編 → ASP事業 | 8.5% |
| 新設・再編 → その他 | 2.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Application Service Provider Business | 5 years | +7.9% | ¥1222976000 | 75.6% | 2 |
| Logistics solution Business | 5 years | -0.7% | ¥995760000 | 15.1% | 2 |
| Other | 5 years | +16.0% | ¥132256000 | 75.9% | 2 |
| Solar power business | 5 years | -0.2% | ¥99322000 | 59.8% | 2 |
| System solution Business | 5 years | +3.3% | ¥83468000 | 28.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,534 | 100.0% | S100Y0NF |
| Cost of revenue | 1,276 | 50.4% | S100Y0NF |
| Gross profit | 1,258 | 49.6% | S100Y0NF |
| SG&A | 651 | 25.7% | S100Y0NF |
| Operating income | 607 | 24.0% | S100Y0NF |
| Ordinary income | 616 | 24.3% | S100Y0NF |
| Pretax income | 683 | 26.9% | S100Y0NF |
| Income tax | 174 | 6.9% | S100Y0NF |
| Net income | 508 | 20.1% | S100Y0NF |
| Net income attributable to owners | 508 | 20.1% | S100Y0NF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 50 |
| SG&A | 26 |
| Operating income | 24 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 49.6% → Operating margin 24.0% → Net margin 20.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.0%; Core profit growth: +23.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.59×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,203 | 2,534 | 331 | +15.0% |
| Gross profit | 1,123 | 1,258 | 135 | +12.0% |
| Operating income | 490 | 607 | 117 | +23.8% |
| Net income attributable to owners | 364 | 508 | 144 | +39.5% |
| Operating cash flow | 308 | 694 | 386 | +125.3% |
| Free cash flow | 285 | 666 | 381 | +134.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 2,427 | 248 | 10.2% | 108 | 320 | 223 | S100L88G |
| FY ending Jan 2021 | 2,103 | 185 | 8.8% | 76 | 186 | 153 | S100NYAT |
| FY ending Jan 2022 | 2,108 | 283 | 13.4% | 249 | 465 | 417 | S100QXY6 |
| FY ending Jan 2023 | 2,007 | 393 | 19.6% | 206 | 400 | 384 | S100TBJJ |
| FY ending Jan 2024 | 2,072 | 493 | 23.8% | 355 | 350 | 341 | S100VOCB |
| FY ending Jan 2025 | 2,203 | 490 | 22.3% | 364 | 308 | 285 | S100Y0NF |
| FY ending Jan 2026 | 2,534 | 607 | 24.0% | 508 | 694 | 666 | S100Y0NF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥7.4M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 66 | 65 | 67 | 65 | 69 |
| Average salary (parent company) | ¥4.9M | ¥5.2M | ¥4.9M | ¥5.2M | ¥5.4M |
| Average age (parent company) | 35.0 years | 37.0 years | 39.0 years | 39.5 years | 39.5 years |
| Average tenure (parent company) | 8.1 years | 7.2 years | 8.3 years | 9.1 years | 9.1 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +15.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Application Service Provider Business | 1,223 | 48.3% | 924 | 75.6% |
| System solution Business | 83 | 3.3% | 24 | 28.7% |
| Logistics solution Business | 996 | 39.3% | 150 | 15.1% |
| Solar power business | 99 | 3.9% | 59 | 59.8% |
| Other | 132 | 5.2% | 100 | 75.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Application Service Provider Business | 48.3% | 73.5% | 25.2 | 75.6% |
| System solution Business | 3.3% | 1.9% | -1.4 | 28.7% |
| Logistics solution Business | 39.3% | 11.9% | -27.4 | 15.1% |
| Solar power business | 3.9% | 4.7% | 0.8 | 59.8% |
| Other | 5.2% | 8.0% | 2.8 | 75.9% |

Segment → industry: System solution Business → IT Services & System Integration / Application Service Provider Business → Software & SaaS / Solar power business → Electric Power & Gas / Logistics solution Business → Warehouses & Logistics Facilities

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 694 | 27.4% | S100Y0NF |
| Capital expenditure | 29 | 1.1% | S100Y0NF |
| Free cash flow | 666 | 26.3% | 算出 |
| Investing cash flow | -58 | -2.3% | S100Y0NF |
| Financing cash flow | -260 | -10.3% | S100Y0NF |
| Dividends paid | 121 | 4.8% | S100Y0NF |
| Share buyback | 139 | 5.5% | S100Y0NF |
| Change in cash | 377 | 14.9% | S100Y0NF |
| Cash and equivalents | 1,747 | 69.0% | S100Y0NF |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,585 | 1,171 | 1,355 | 1,371 | 1,747 | S100TBJJ, S100VOCB, S100Y0NF |
| Total assets | 3,565 | 3,737 | 3,878 | 4,020 | 4,342 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Net assets | 3,291 | 3,386 | 3,582 | 3,677 | 3,927 | S100TBJJ, S100VOCB, S100Y0NF |
| Share capital | 411 | 411 | 411 | 411 | 411 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Property, plant and equipment | 375 | 337 | 299 | 274 | 243 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Intangible assets excluding goodwill | 145 | 36 | 25 | 15 | 20 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Investment securities | 9 | 11 | 11 | 10 | 12 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Current assets | 2,834 | 3,146 | 3,250 | 3,343 | 3,781 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Current liabilities | 267 | 333 | 279 | 325 | 397 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Total liabilities | 274 | 351 | 296 | 343 | 415 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Non-controlling interests | 3 | — | — | — | — | S100QXY6 |
| Equity attributable to owners of parent | 3,288 | 3,384 | 3,579 | 3,675 | 3,924 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Retained earnings | 2,656 | 2,752 | 3,012 | 3,175 | 3,480 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |
| Treasury stock | -0 | -0 | -65 | -132 | -188 | S100QXY6, S100TBJJ, S100VOCB, S100Y0NF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100Y0NF |
| Property, plant and equipment | 6% | S100Y0NF |
| Intangibles and goodwill | 1% | S100Y0NF |
| Investment securities | 0% | S100Y0NF |
| Other assets | 53% | S100Y0NF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 10% | S100Y0NF |
| Equity | 90% | S100Y0NF |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,565 | 3,737 | 3,878 | 4,020 | 4,342 |
| Equity | 3,291 | 3,386 | 3,582 | 3,677 | 3,927 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,585 | 1,171 | 1,355 | 1,371 | 1,747 |

## 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) | 9.6% | S100Y0NF |
| Fixed assets ÷ total assets | 5.6% | S100Y0NF |
| Goodwill ÷ parent equity | — | —, S100Y0NF |

### 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) | 40.2% |
| Cash ÷ revenue | 69.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.3% |
| Cash vs. profit gap | 186 JPY mn (of net income 36.6%) |
| Shareholder returns / net income | 51.2% |
| Shareholder returns / FCF | 39.1% |
| Shareholder payments — dividends / net income | 23.8% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 1.1% |
| Investing CF relative to operating CF | 8.3% |

## 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 | 11.8% | 0.59× | 7.0% | 1.08× | 7.6% | S100QXY6 |
| 2023 | 10.3% | 0.55× | 5.6% | 1.09× | 6.2% | S100TBJJ |
| 2024 | 17.1% | 0.54× | 9.3% | 1.09× | 10.2% | S100VOCB |
| 2025 | 16.5% | 0.56× | 9.2% | 1.09× | 10.0% | S100Y0NF |
| 2026 | 20.1% | 0.61× | 12.2% | 1.10× | 13.4% | S100Y0NF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社MYホールディングス | Major shareholder | 37.2% | 2026-01-31 |
| 株式会社オージス総研 | Major shareholder | 10.9% | 2026-01-31 |
| 鈴木 崇宏 | Major shareholder | 3.1% | 2026-01-31 |
| 内藤 征吾 | Major shareholder | 3.1% | 2026-01-31 |
| 株式会社オービック | Major shareholder | 2.8% | 2026-01-31 |
| 岡本 茂 | Major shareholder | 1.9% | 2026-01-31 |
| 株式会社EPARK | Major shareholder | 1.8% | 2026-01-31 |
| 佐久間 宏 | Major shareholder | 1.5% | 2026-01-31 |
| 吉田 雅年 | Major shareholder | 1.4% | 2026-01-31 |
| 山本 望 | Major shareholder | 1.2% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第32期(2025/02/01－2026/01/31) | S100Y0NF | 2026-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0NF,, |
| 有価証券報告書－第31期(2024/02/01－2025/01/31) | S100VOCB | 2025-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOCB,, |
| 有価証券報告書－第30期(2023/02/01－2024/01/31) | S100TBJJ | 2024-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBJJ,, |
| 訂正有価証券報告書－第29期(2022/02/01－2023/01/31) | S100QXY6 | 2023-06-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXY6,, |
| 有価証券報告書－第28期(令和3年2月1日－令和4年1月31日) | S100NYAT | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYAT,, |
| 有価証券報告書－第27期(令和2年2月1日－令和3年1月31日) | S100L88G | 2021-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L88G,, |

## 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).