Earnings quality
Compare earnings and operating cash flow for earnings quality.
JAC Recruitment Co., Ltd.
Ticker 2124 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-26 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 25.3%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin25.3%
Equity ratio—
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
株式会社ジェイエイシーリクルートメント is a Japanese listed company. Its reportable segments include Local Recruitment Advertising Business, Local Recruitment Business, Overseas Business, Total Of.
- Local Recruitment Advertising Business
- Local Recruitment Business
- Overseas Business
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
- Description Of Nature And Amounts Of Differences Between
Segments Local Recruitment Advertising Business · Local Recruitment Business · Overseas Business · Total Of · Description Of · Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Compare trends
No phone/email found in this filing · Filing date 2026-03-26
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | ¥39.2B | ¥46.1B |
| Cost of sales* | ¥2.9B | ¥3.4B |
| Gross profit | ¥36.2B | ¥42.7B |
| Operating profit (loss) | ¥9.1B | ¥11.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥2.7B | ¥3.1B |
| Profit (loss) | ¥5.6B | ¥8.4B |
| Profit (loss) attributable to owners | ¥5.6B | ¥8.4B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥19.1B | ¥15.3B |
| Current assets | ¥22.3B | ¥26.8B |
| Non-current assets | ¥3.7B | ¥4.1B |
| Total assets | ¥26.0B | ¥30.9B |
| Short-term borrowings | — | — |
| Current liabilities | ¥7.7B | ¥8.4B |
| Non-current liabilities* | ¥191.0M | ¥190.0M |
| Total liabilities | ¥7.9B | ¥8.5B |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥8.1B | ¥9.6B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥5.3B | -¥4.6B |
| Net increase (decrease) in cash | ¥2.3B | -¥3.7B |
| Cash at end of period | ¥19.1B | ¥15.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥24.9B | ¥30.4B | ¥34.5B | ¥39.2B | ¥46.1B | |
| Operating profit | ¥5.8B | ¥7.1B | ¥8.2B | ¥9.1B | ¥11.7B | |
| Profit to owners | — | — | — | ¥5.6B | ¥8.4B | |
| Total assets | ¥18.9B | ¥22.1B | ¥23.5B | ¥26.0B | ¥30.9B | |
| Cash & equivalents | — | — | ¥16.8B | ¥19.1B | ¥15.3B | |
| Owners’ equity | ¥13.4B | ¥15.6B | ¥17.2B | ¥18.1B | ¥22.3B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from ¥39.2B to ¥46.1B (▲ +17.7%), so the top line did not break. Gross profit only slipped from ¥36.2B to ¥42.7B, while operating profit swung from ¥9.1B to ¥11.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥9.6B (prior ¥8.1B), and cash on the balance sheet rose to ¥15.3B from ¥19.1B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥8.5B while owners’ equity fell to —. ROE moved from 31.8% to 41.5%, and the equity ratio from 69.6% to 72.3%. Employee count is 2,398 vs 2,063 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100XU6Z
(株式会社ジェイエイシーリクルートメント), period end 2025-12-31.