# JAPAN INSULATION CO.,LTD.: 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81期(2025/04/01－2026/03/31) (S100YG71)
> Page: https://vizora.meequs.com/en/company/xj-storage
> Retrieved: 2026-09-30T21:00:40.729Z

## Company

Japan Insulation, founded in 1914, is a company in Plant Engineering & Building Services listed on TSE Standard. It has 352 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN INSULATION CO.,LTD. |
| Ticker | 5368 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5368.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市中央区南船場一丁目18番17号 |
| Representative (per filing) | 代表取締役社長執行役員 中野 強 |
| Founded | Apr 1914 |
| Share capital | ¥1.2B |
| Employees (consolidated) | 352 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | xj-storage.jp (https://xj-storage.jp/) |
| Corporate number | 1120001040610 |
| EDINET | E35497 |
| Industries (Vizora) | Plant Engineering & Building Services, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YG71, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.6 | 72 |
| Profitability | 66.4 | 76 |
| Cash conversion | 25 | 74 |
| Efficiency | 19.1 | 76 |

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 64% of Japan Insulation's sales come from Plant related, with Construction related making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +17.8% from the prior year, operating profit +56.9%.

## Company structure

- Segment revenue mix: Plant related 64.5%、Construction related 35.5%
- Revenue → net income: ¥14393820000 → ¥1177863000
- Net income → operating cash flow: ¥1177863000 → ¥639230000（difference ¥-538633000）
- Main uses of operating cash flow: CapEx ¥320234000 / dividends ¥320147000 / buybacks ¥11000
- Change in cash: ¥-83470000
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 | ¥14.4B |  |
| Operating income | ¥1.61B | Margin 11.2% |
| Net income | ¥1.18B | Margin 8.2% |
| Free cash flow | ¥319M |  |
| Largest business | Plant related | of segment revenue 64.5% |
| Employees (consolidated) | 352 |  |
| EPS | ¥138.72 |  |
| Book value per share | ¥1718.15 |  |
| Equity ratio | 78.6% |  |
| Shares outstanding | 8,707,200 |  |
| Treasury shares | 39,900 |  |
| Shareholders | 3,901 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 25.6% | Cash ÷ revenue 33.5% |
| Vs. industry median margin | +2.1 pp | Plant Engineering & Building Services |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 60% of positive segment profit
- FY2026, employees -2% while operating income rose 57%
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14301239000 | ¥14393820000 | +0.6% |
| Operating income | ¥2270517000 | ¥1611668000 | -29.0% |
| Operating margin | 15.9% | 11.2% | -4.7 pp |
| Employees | 364 people | 352 people | -3.3% |
| Cash and equivalents | ¥1582636000 | ¥4816120000 | +204.3% |

### 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 |
| --- | ---: |
| 建築関連 → 建築関連 | 35.5% |
| 建築関連 → 事業再編・廃止 | 0.6% |
| プラント関連 → プラント関連 | 63.9% |
| 新設・再編 → プラント関連 | 0.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,394 | 100.0% | S100YG71 |
| Cost of revenue | 10,310 | 71.6% | S100YG71 |
| Gross profit | 4,084 | 28.4% | S100YG71 |
| SG&A | 2,472 | 17.2% | S100YG71 |
| Operating income | 1,612 | 11.2% | S100YG71 |
| Ordinary income | 1,604 | 11.1% | S100YG71 |
| Pretax income | 1,595 | 11.1% | S100YG71 |
| Income tax | 418 | 2.9% | S100YG71 |
| Net income | 1,178 | 8.2% | S100YG71 |
| Net income attributable to owners | 1,178 | 8.2% | S100YG71 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 17 |
| Operating income | 11 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.4% → Operating margin 11.2% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.8%; Core profit growth: +56.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.20×
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 | 12,223 | 14,394 | 2,171 | +17.8% |
| Gross profit | 3,301 | 4,084 | 782 | +23.7% |
| Operating income | 1,027 | 1,612 | 584 | +56.9% |
| Net income attributable to owners | 777 | 1,178 | 401 | +51.7% |
| Operating cash flow | 897 | 639 | -258 | -28.7% |
| Free cash flow | 508 | 319 | -189 | -37.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 14,196 | 2,075 | 14.6% | 1,464 | 964 | 334 | S100LTTF |
| FY ending Mar 2021 | 14,301 | 2,271 | 15.9% | 1,023 | 1,461 | 1,067 | S100OEW1 |
| FY ending Mar 2022 | 14,119 | 1,861 | 13.2% | 1,146 | 1,524 | 1,134 | S100R3MS |
| FY ending Mar 2023 | 12,320 | 1,145 | 9.3% | 724 | 1,933 | 1,462 | S100TTZ8 |
| FY ending Mar 2024 | 12,538 | 1,458 | 11.6% | 975 | 1,916 | 1,698 | S100W1NE |
| FY ending Mar 2025 | 12,223 | 1,027 | 8.4% | 777 | 897 | 508 | S100YG71 |
| FY ending Mar 2026 | 14,394 | 1,612 | 11.2% | 1,178 | 639 | 319 | S100YG71 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.9M |
| Operating income per employee (consolidated) | ¥4.6M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 357 | 354 | 355 | 359 | 352 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥5.4M | ¥6M | ¥6.3M |
| Average age (parent company) | 42.6 years | 42.6 years | 42.2 years | 42.1 years | 42.1 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 14.2 years | 14.4 years | 13.9 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +17.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction related | 5,115 | 35.5% | 1,098 | 21.5% |
| Plant related | 9,279 | 64.5% | 1,668 | 18.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction related | 35.5% | 39.7% | 4.2 | 21.5% |
| Plant related | 64.5% | 60.3% | -4.2 | 18.0% |

Segment → industry: Plant related → Plant Engineering & Building Services / Construction related → Housing Equipment & Building Materials

## 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 | 639 | 4.4% | S100YG71 |
| Capital expenditure | 320 | 2.2% | S100YG71 |
| Free cash flow | 319 | 2.2% | 算出 |
| Investing cash flow | -431 | -3.0% | S100YG71 |
| Financing cash flow | -298 | -2.1% | S100YG71 |
| Dividends paid | 320 | 2.2% | S100YG71 |
| Share buyback | 0 | 0.0% | S100YG71 |
| Change in cash | -83 | -0.6% | S100YG71 |
| Cash and equivalents | 4,816 | 33.5% | S100YG71 |

## 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 | 2,503 | 3,452 | 4,647 | 4,900 | 4,816 | S100TTZ8, S100W1NE, S100YG71 |
| Total assets | 16,451 | 16,324 | 18,117 | 17,810 | 18,840 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Net assets | 12,081 | 12,470 | 13,331 | 13,698 | 14,801 | S100TTZ8, S100W1NE, S100YG71 |
| Share capital | 1,200 | 1,200 | 1,200 | 1,200 | 1,200 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Trade receivables | 1,386 | — | — | — | — | S100OEW1 |
| Property, plant and equipment | 5,247 | 5,359 | 5,248 | 5,281 | 5,294 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Intangible assets excluding goodwill | 88 | 70 | 51 | 118 | 75 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Investment securities | 368 | 471 | 757 | 662 | 996 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Current assets | 10,525 | 10,234 | 11,879 | 11,543 | 12,323 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Current liabilities | 3,094 | 2,701 | 3,507 | 2,972 | 2,805 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Trade payables | 889 | 901 | 1,045 | 959 | 485 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Short-term borrowings | 50 | 50 | 50 | 50 | 100 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Long-term borrowings | 550 | 381 | 529 | 351 | 488 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Total liabilities | 4,370 | 3,854 | 4,786 | 4,112 | 4,040 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Equity attributable to owners of parent | 11,248 | 11,606 | 12,274 | 12,703 | 13,576 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Retained earnings | 9,112 | 9,514 | 10,169 | 10,600 | 11,457 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |
| Treasury stock | -3 | -50 | -38 | -47 | -33 | S100R3MS, S100TTZ8, S100W1NE, S100YG71 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YG71 |
| Property, plant and equipment | 28% | S100YG71 |
| Intangibles and goodwill | 0% | S100YG71 |
| Investment securities | 5% | S100YG71 |
| Other assets | 41% | S100YG71 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YG71 |
| Other liabilities | 19% | S100YG71 |
| Equity | 78% | S100YG71 |
| Other liabilities | 0% | S100YG71 |

### 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 | 16,451 | 16,324 | 18,117 | 17,810 | 18,840 |
| Equity | 12,081 | 12,470 | 13,331 | 13,698 | 14,801 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,503 | 3,452 | 4,647 | 4,900 | 4,816 |

## 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) | 36.8% | S100YG71 |
| Fixed assets ÷ total assets | 28.1% | S100YG71 |
| Goodwill ÷ parent equity | — | —, S100YG71 |

### 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) | 25.6% |
| Cash ÷ revenue | 33.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 39.7% |
| Cash vs. profit gap | -539 JPY mn (of net income -45.7%) |
| Shareholder returns / net income | 27.2% |
| Shareholder returns / FCF | 100.4% |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 100.4% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 67.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.1% | 0.86× | 7.0% | 1.46× | 10.2% | S100R3MS |
| 2023 | 5.9% | 0.75× | 4.4% | 1.43× | 6.3% | S100TTZ8 |
| 2024 | 7.8% | 0.73× | 5.7% | 1.44× | 8.2% | S100W1NE |
| 2025 | 6.4% | 0.68× | 4.3% | 1.44× | 6.2% | S100YG71 |
| 2026 | 8.2% | 0.79× | 6.4% | 1.39× | 9.0% | S100YG71 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大阪中小企業投資育成株式会社 | Major shareholder | 10.1% | 2026-03-31 |
| 大橋 ゆふみ | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社日本政策投資銀行 | Major shareholder | 5.8% | 2026-03-31 |
| 大橋 健一 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社大垣共立銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 大橋 睦 | Major shareholder | 2.0% | 2026-03-31 |
| 鈴木 可奈子 | Major shareholder | 2.0% | 2026-03-31 |
| 三菱ＵＦＪキャピタル株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 共友リース株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YG71 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG71,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W1NE | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1NE,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TTZ8 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTZ8,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R3MS | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3MS,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OEW1 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEW1,, |
| 訂正有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LTTF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTTF,, |

## 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).