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JAMCO

JAMCO CORPORATION

Company highlights

The largest segment by revenue is Aircraft interior equipment manufacturing related, at 65.2% of the total.

Key figures

Period Apr 2024 to Mar 2025ConsolidatedJapanese GAAP

RevenueDisclosed ¥79.0B
Operating marginCalculated 9.4%
Net assets to total assetsCalculated 16.3%

Company profile

Securities code 7408 / EDINET code E02254 / Transportation Equipment / Fiscal year end March 31

三鷹市大沢六丁目１１番２５号／Capital stock ¥5,359 million
Address, capital stock, fiscal year end and industry: the FSA’s EDINET code list.

Company details
7 Consolidated subsidiaries

Tables scroll sideways

Disclosed data

Source: Annual Securities Report (Apr 2024 to Mar 2025) · filed 2025-06-30

Profitability ★★★★☆position among all companies 9.4%
Growth (revenue, 4-year average) ★★★★☆position among all companies 12.1%
Capital efficiency ★★★★★position among all companies 25.3%

Business activities and revenue composition

JAMCO

Revenue and profit by business segment

Period Apr 2024 to Mar 2025Source Annual securities reportsConsolidated・Disclosed

SalesProfit Aircraft in…Aircraft interior equipment manufacturing related Sales 65.2% 65% Profit 86.5% 87% Aircraft ma…Aircraft maintenance related Sales 14.3% 14% Profit 10.1% 10% AircrftSeat…AircrftSeatManufacturingRelated Sales 12.3% 12% Profit 1.5% 1% Aircraft co…Aircraft components manufacturing related Sales 8.2% 8% Profit 1.9% 2%
BusinessNet sales to external customers Ordinary income
This yearShareLast year This yearShareMarginLast year
Aircraft interior equipment manufacturing related ¥51.5 billion 65.2% ¥41.0 billion ¥5.1 billion 86.5% 9.9% ¥5.0 billion
Aircraft maintenance related ¥11.3 billion 14.3% ¥8.2 billion ¥0.6 billion 10.1% 5.3% ¥0.2 billion
AircrftSeatManufacturingRelated ¥9.7 billion 12.3% ¥9.2 billion ¥86.21 million 1.5% 0.9% ¥-4.0 billion
Aircraft components manufacturing related ¥6.5 billion 8.2% ¥5.6 billion ¥0.1 billion 1.9% 1.7% ¥-0.2 billion
Total of the businesses ¥79.0 billion100.0% ¥5.9 billion 100.0%

Revenue and profit

JAMCO

Period Apr 2024 to Mar 2025Source Annual securities reports

Net sales and operating revenue ¥79.0B　100% Cost of sales ¥60.3B　76% Selling, general and administrative expenses ¥11.2B　14% Operating income ¥7.4B　9%
Amounts by account
GroupAccountAmountConsolidated / Non-consolidated
Selling, general and administrative expenses Salaries and allowances ¥2.2 billion Consolidated
Experiment and research expenses ¥0.5 billion Consolidated
Research and development expenses ¥0.5 billion Consolidated
Provision for bonuses ¥0.2 billion Consolidated
Depreciation ¥0.2 billion Parent only
Retirement benefit expenses ¥0.1 billion Consolidated
Provision of allowance for doubtful accounts ¥-5.01 million Consolidated
Profit by stage Gross profit (loss) ¥18.7 billion Consolidated
Operating income ¥7.4 billion Consolidated
Ordinary income ¥5.9 billion Consolidated
Net income ¥4.3 billion Consolidated

JAMCO

Selling, general and administrative expenses

Period Apr 2024 to Mar 2025Source Annual securities reports

Salaries and allowances ¥2.2 billion (19.2%)19%Experiment and research expenses ¥0.5 billion (4.6%)Research and development expenses ¥0.5 billion (4.6%)Provision for bonuses ¥0.2 billion (2.2%)Depreciation ¥0.2 billion (1.8%)Retirement benefit expenses ¥0.1 billion (1.1%)Other (not itemized) ¥7.5 billion (66.6%)67%¥11.2B
  • Salaries and allowances　¥2.2 billion
  • Experiment and research expenses　¥0.5 billion
  • Research and development expenses　¥0.5 billion
  • Provision for bonuses　¥0.2 billion
  • Depreciation　¥0.2 billion
  • Retirement benefit expenses　¥0.1 billion
  • Other (not itemized)　¥7.5 billion

Performance, financial position and capital allocation

Finance
16.3% Net assets to total assets Industry median 53.7% FY ending 3/2025 · consolidated / calculated
3.7% Return on assets (ROA)
¥701.68 Net assets per share
¥8.0 billion Free cash flow
¥115.6 billion Total assets
Capital allocation
129.8% Cash conversion Industry median 156.9% FY ending 3/2025 · consolidated / calculated
-1.9% Increase in working capital ★☆☆☆☆ position among all companies FY ending 3/2025 · consolidated / calculated
67.8% Property, plant and equipment purchases relative to depreciation ★★☆☆☆ position among all companies FY ending 3/2025 · consolidated / calculated
3.6% Extraordinary gains and losses relative to ordinary profit ★★★★☆ position among all companies FY ending 3/2025 · consolidated / calculated
5.6% Investment securities to net assets ★★☆☆☆ position among all companies FY ending 3/2025 · consolidated / calculated

Long-term changes in performance

Period 2013 to 2025Disclosed

Revenue ×1.53 from 2013 to 2025

JAMCO

Long-term revenue, profit and asset trends

Period 2013 to 2025Source Annual securities reportsDisclosed

Mark on the chart
92 57 23 -12 2013 2015 2017 2019 2021 2023 2025 Net sales and operating revenue Ordinary income 2014　Net sales year on year +26.1% 2015　Ordinary income (loss) as a share of revenue +3.2 points 2017　Ordinary income (loss) as a share of revenue -7.4 points 2018　Ordinary income (loss) as a share of revenue +2.9 points 2020　Ordinary income (loss) as a share of revenue -2.6 points 2021　Net sales year on year -45.3%, Ordinary income (loss) as a share of revenue -24.8 points, Ordinary income (loss) profit to loss 2022　Net sales year on year -21.9%, Ordinary income (loss) as a share of revenue +14.5 points 2023　Net sales year on year +20.8%, Ordinary income (loss) as a share of revenue +11.4 points, Ordinary income (loss) loss to profit 2024　Net sales year on year +35.5% 2025　Net sales year on year +23.4%, Ordinary income (loss) as a share of revenue +5.9 points 79Latest value 2025 79¥ billion 92Highest in the period shown 2016 92¥ billion 39Lowest in the period shown 2022 39¥ billion ¥ billion

JAMCO

Recent performance trends

Source Annual securities reports

79 49 18 -12 4 years ago 3 years ago 2 years ago Last year This year Net sales and operating revenue Ordinary income ¥ billion

Year-on-year comparison

Period 2013 to 2025Disclosed

Item20212022202320242025
Net sales ¥50.1B ¥39.1B ¥47.2B ¥64.0B ¥79.0B
Year on year (%) -45.3%◆ -21.9%◆ +20.8%◆ +35.5%◆ +23.4%◆
Ordinary income (loss) -¥11.8B -¥3.5B ¥1.1B ¥1.0B ¥5.9B
Change from prior year profit to loss◆ 0.30x loss to profit◆ -11.3% +488.6%
Ordinary income (loss) as a share of Net sales -23.5% -9.0% 2.4% 1.6% 7.5%
Change (percentage points) -24.8 points◆ +14.5 points◆ +11.4 points◆ -0.8 points +5.9 points◆

Fiscal periods marked for changes

Earlier fiscal periods (7)
  • 2014Net sales year on year +26.1%
  • 2015Ordinary income (loss) as a share of revenue +3.2 points
  • 2017Ordinary income (loss) as a share of revenue -7.4 points
  • 2018Ordinary income (loss) as a share of revenue +2.9 points
  • 2020Ordinary income (loss) as a share of revenue -2.6 points
  • 2021Net sales year on year -45.3%, Ordinary income (loss) as a share of revenue -24.8 points, Ordinary income (loss) profit to loss
  • 2022Net sales year on year -21.9%, Ordinary income (loss) as a share of revenue +14.5 points
  • 2023Net sales year on year +20.8%, Ordinary income (loss) as a share of revenue +11.4 points, Ordinary income (loss) loss to profit
  • 2024Net sales year on year +35.5%
  • 2025Net sales year on year +23.4%, Ordinary income (loss) as a share of revenue +5.9 points

JAMCO

Earnings and net assets per share over time

Unit yenSource Annual securities reports

160 -62 -284 -506 4 years ago 3 years ago 2 years ago Last year This year Earnings per share yen 702 468 234 0 4 years ago 3 years ago 2 years ago Last year This year Net assets per share yen

JAMCO

Return on equity over time

Unit %Source Annual securities reports

25 -3 -31 -59 4 years ago 3 years ago 2 years ago Last year This year Return on equity (ROE, %)
Consolidated indicators (14 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥50.1 billion ¥39.1 billion ¥47.2 billion ¥64.0 billion ¥79.0 billion
Ordinary income (loss) ¥-11.8 billion ¥-3.5 billion ¥1.1 billion ¥1.0 billion ¥5.9 billion
Net income (loss) attributable to owners of parent ¥-13.6 billion ¥-4.1 billion ¥2.2 billion ¥1.7 billion ¥4.3 billion
Comprehensive income ¥-13.1 billion ¥-3.8 billion ¥2.3 billion ¥2.1 billion ¥3.7 billion
Net assets ¥16.5 billion ¥11.1 billion ¥13.4 billion ¥15.1 billion ¥18.8 billion
Total assets ¥101.2 billion ¥93.7 billion ¥100.8 billion ¥108.2 billion ¥115.6 billion
Net assets per share 604.6 yen 401.26 yen 485.37 yen 561.57 yen 701.68 yen
Basic earnings (loss) per share -506.46 yen -152.15 yen 81.05 yen 63.75 yen 159.64 yen
Equity-to-asset ratio 16.0% 11.5% 12.9% 13.9% 16.3%
Return on equity -59.0% -30.3% 18.3% 12.2% 25.3%
Net cash provided by (used in) operating activities ¥-11.6 billion ¥6.8 billion ¥87.27 million ¥1.4 billion ¥9.6 billion
Net cash provided by (used in) investing activities ¥-1.1 billion ¥-0.6 billion ¥-1.0 billion ¥-1.7 billion ¥-1.7 billion
Net cash provided by (used in) financing activities ¥9.6 billion ¥-2.6 billion ¥-0.7 billion ¥-0.6 billion ¥1.3 billion
Cash and cash equivalents ¥3.9 billion ¥8.2 billion ¥7.0 billion ¥6.8 billion ¥16.0 billion
Parent only indicators (11 items)
Item4 years ago3 years ago2 years agoLast yearThis year
Net sales ¥46.7 billion ¥36.6 billion ¥42.4 billion ¥57.8 billion ¥72.6 billion
Ordinary income (loss) ¥-10.0 billion ¥-2.1 billion ¥2.7 billion ¥0.6 billion ¥5.5 billion
Net income (loss) ¥-11.6 billion ¥-5.4 billion ¥2.8 billion ¥1.4 billion ¥4.1 billion
Capital stock ¥5.4 billion ¥5.4 billion ¥5.4 billion ¥5.4 billion ¥5.4 billion
Total number of issued shares (common stock) 26,863,974 shares 26,863,974 shares 26,863,974 shares 26,863,974 shares 26,863,974 shares
Net assets ¥17.6 billion ¥10.6 billion ¥13.4 billion ¥14.9 billion ¥18.9 billion
Total assets ¥92.6 billion ¥85.8 billion ¥93.8 billion ¥102.0 billion ¥108.4 billion
Net assets per share 656.99 yen 394.78 yen 501.24 yen 555.82 yen 702.71 yen
Basic earnings (loss) per share -431.76 yen -201.8 yen 106.21 yen 53.41 yen 151.26 yen
Equity-to-asset ratio 19.0% 12.3% 14.3% 14.6% 17.4%
Return on equity -49.0% -38.4% 23.7% 10.1% 24.0%

Dividend history

Source: reporting company’s key figures, annual securities reports · 8 years (2013 to 2020)Parent-onlyDisclosed

0 periods Consecutive increases (own definition) through FY ending 3/2020
8 periods Consecutive periods with dividends (site definition) through FY ending 3/2020
+0.0% Dividend growth (year on year)
-10.6% Dividend growth (5-year annual rate)
Fiscal yearAnnual dividend per share Of which interimPayout ratio (as reported, parent only) Flag
FY ending 3/2020 ¥20 Could not be retrieved 51.6%
FY ending 3/2019 ¥20 Could not be retrieved 26.4%
FY ending 3/2018 ¥20 Could not be retrieved 34.0%
FY ending 3/2017 ¥10 Could not be retrieved 20.9%
FY ending 3/2016 ¥40 Could not be retrieved 25.9%
FY ending 3/2015 ¥35 Could not be retrieved 19.7%
FY ending 3/2014 ¥15 Could not be retrieved 10.4%
FY ending 3/2013 ¥10 Could not be retrieved 12.5%

Shareholder composition

As of 2025-03-31Disclosed

Share ownership by holder category

3,565 Shareholders
13.41% Foreign holders (total) Industry median 14.45%
13.14% Individuals and others Industry median 35.70%

JAMCO

Unit %Source Annual securities reports

  • Financial institutions7.27%
  • Securities firms4.90%
  • Other corporations61.28%
  • Foreign holders (institutions)13.41%
  • Foreign holders (individuals)0.00%
  • Individuals and others13.14%
  • Government and municipalities0.00%

Major shareholders

RankShareholderShareholding ratioShares held
1 伊藤忠商事株式会社 33.35% 8,956,000
2 ANAホールディングス株式会社 20.0% 5,373,000
3 昭和飛行機工業株式会社 7.45% 2,003,000
4 日本マスタートラスト信託銀行株式会社（信託口） 6.16% 1,655,000
5 NOMURA INTERNATIONAL PLC A/C JAPAN FLOW （常任代理人 野村證券株式会社） 2.49% 669,000
6 JPモルガン証券株式会社 2.01% 542,000
7 J.P.MORGAN SECURITIES PLC FOR AND ON BEHALF OF ITS CLIENTS JPMSP RE CLIENT ASSETS-SETT ACCT (常任代理人 シティバンク、エヌ・エイ東京支店） 1.46% 393,000
8 ジャムコ従業員持株会 1.38% 372,000
9 MORGAN STANLEY & CO. LLC（常任代理人 モルガン・スタンレーMUFG証券株式会社） 1.07% 289,000
10 モルガン・スタンレーMUFG証券株式会社 0.99% 266,000

Research and development expenses and capital expenditure

Source: R&D and capital expenditure sections, annual securities reports · 2 years (2021 to 2025)Disclosed

¥0.5 billion Research and development 0.7% of revenue (industry median 1.8%)
¥1.9 billion Capital expenditure 2.4% of revenue (industry median 4.4%)
Fiscal year Research and development Capital expenditure
FY ending 3/2025 ¥0.5 billion ¥1.9 billion
FY ending 3/2021 ¥0.6 billion ¥1.1 billion

Research and development expenses and capital expenditure by segment (FY ending 3/2025)

Segment Research and development Capital expenditure
Aircraft interior equipment manufacturing related ¥79.00 million ¥1.0 billion
Aircraft maintenance related ¥23.00 million ¥0.8 billion
AircrftSeatManufacturingRelated ¥43.00 million ¥62.00 million
Aircraft components manufacturing related ¥2.00 million ¥63.00 million

Revenue scale in the same industry

JAMCO

Source Annual securities reports of each company

Transportation Equipment: 86 companies · revenue · largest first・each company’s latest fiscal year・Consolidated・Disclosed

Workforce information

Source: Annual Securities Report (Apr 2024 to Mar 2025)Parent-onlyDisclosed

1,210 Employees (parent only) Industry median 1,003
45.1 Average age Industry median 42.4
19.5 years Average length of service Industry median 17.5 years
¥7.45 million Average annual salary Industry median ¥6.85 million
People and organisation
29.0¥ million Sales per employee Industry median 36.5¥ million FY ending 3/2025 · consolidated / calculated
¥2.72 million Operating income per employee
67.1% Wage gap between men and women
4.6% Women in managerial positions
93.3% Men taking childcare leave
106 Average temporary staff

Administrative filings and published information

Workplace information filings

Filed 2026-08-27Disclosed

ItemValue
Employees 1,200
Annual paid leave taken (all employees) 78.4%
Share of managers who are women 5.9%
Share of board members who are women 11.1%

Greenhouse gas emissions

Reported to the government for fiscal 2023Disclosed

CategoryEmissions
特定事業所排出者3,435 t-CO2

Audit and disclosure information

Annual securities report, year ended 2025-03-31Disclosed

ItemValue
Audit firm 太陽有限責任監査法人
Audit fees (this year, total) ¥57.00 million
Non-audit fees (this year, total) Not applicable
Audit fees (this year, network firms) ¥45.34 million
Non-audit fees (this year, network firms) ¥6.14 million
Going concern note Cannot be determined
Accounting standard Japanese GAAP

See the book series →

Sources and methodology

Retrieved disclosed figures

Accounts and values from the annual securities report, by section

Major management indicators (5 years) (25 items)

ItemValueConsolidated / Non-consolidated
Comprehensive income ¥3.7 billion Consolidated
Net cash provided by (used in) operating activities ¥9.6 billion Consolidated
Net sales ¥79.0 billion Consolidated
Net cash provided by (used in) investing activities ¥-1.7 billion Consolidated
Cash and cash equivalents ¥16.0 billion Consolidated
Net assets ¥18.8 billion Consolidated
Ordinary income (loss) ¥5.9 billion Consolidated
Total assets ¥115.6 billion Consolidated
Return on equity 25.3% Consolidated
Equity-to-asset ratio 16.3% Consolidated
Net income (loss) attributable to owners of parent ¥4.3 billion Consolidated
Net cash provided by (used in) financing activities ¥1.3 billion Consolidated
Basic earnings (loss) per share 159.64 yen Consolidated
Net assets per share 701.68 yen Consolidated
Net sales ¥72.6 billion Parent only
Net income (loss) ¥4.1 billion Parent only
Total number of issued shares (common stock) 26,863,974 shares Parent only
Net assets ¥18.9 billion Parent only
Ordinary income (loss) ¥5.5 billion Parent only
Total assets ¥108.4 billion Parent only
Return on equity 24.0% Parent only
Equity-to-asset ratio 17.4% Parent only
Capital stock ¥5.4 billion Parent only
Basic earnings (loss) per share 151.26 yen Parent only
Net assets per share 702.71 yen Parent only

Employees (11 items)

ItemValueConsolidated / Non-consolidated
Number of employees 2,723 people Consolidated
Number of employees 2,723 people Consolidated
Wage gap between men and women (all employees) 67.1% Parent only
Average length of service (years) 19.5 years Parent only
Average annual salary ¥7.45 million Parent only
Average age (years) 45.08 years old Parent only
Number of employees 1,210 people Parent only
Number of employees 1,210 people Parent only
Number of employees 1,210 people Parent only
Wage gap between men and women (regular employees) 73.8% Parent only
Wage gap between men and women (non-regular employees) 102.6% Parent only

Other disclosed items (11 items)

ItemValueConsolidated / Non-consolidated
Average number of temporary employees 106 people Consolidated
Average number of temporary employees 106 people Consolidated
Number of associates accounted for using equity method 2 companies Consolidated
Write-downs of inventories ¥-60.21 million Consolidated
Number of consolidated subsidiaries 7 companies Consolidated
Rate of male employees taking childcare leave (all employees) 93.3% Parent only
Average number of temporary employees 51 people Parent only
Average number of temporary employees 51 people Parent only
Average number of temporary employees 51 people Parent only
Total return on the share price index 213.4% Parent only
Ratio of female employees in managerial positions 4.6% Parent only

Shares (14 items)

ItemValueConsolidated / Non-consolidated
Number of shares held 20,522,000 shares Consolidated
Total number of shares held treasury shares etc 7,900 shares Consolidated
Number of issues whose number of shares increased shares other than those not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Number of issues whose number of shares decreased shares other than those not listed investment shares held for purposes other than pure investment reporting company 1 issues Consolidated
Total acquisition cost for increased shares shares other than those not listed investment shares held for purposes other than pure investment reporting company ¥1.26 million Consolidated
Total sale amount for decreased shares shares other than those not listed investment shares held for purposes other than pure investment reporting company ¥0.2 billion Consolidated
Number of shares 26,863,974 shares Consolidated
Shareholding ratio treasury shares etc 0.0% Consolidated
Shareholding ratio 76.4% Consolidated
Number of shares held in own name treasury shares etc 7,900 shares Consolidated
Number of voting rights 268,490 units Consolidated
Carrying amount on the balance sheet ¥94.07 million Consolidated
Number of issues 1 issues Consolidated
Total shareholder return 255.8% Parent only

Accounts unique to this company (15 items)

ItemValueConsolidated / Non-consolidated
Revenue ¥0.8 billion Consolidated
Revenue ¥0.3 billion Consolidated
Revenue ¥0.3 billion Consolidated
Revenue ¥0.1 billion Consolidated
Revenue ¥-0.3 billion Consolidated
Revenue ¥2.1 billion Consolidated
Revenue ¥1.6 billion Consolidated
Revenue 0.53 Parent only
Revenue ¥0.8 billion Parent only
Revenue ¥0.3 billion Parent only
Revenue ¥0.3 billion Parent only
Revenue ¥0.1 billion Parent only
Revenue ¥2.0 billion Parent only
Revenue ¥1.6 billion Parent only
Revenue ¥1.6 billion Parent only

Research and development (1 items)

ItemValueConsolidated / Non-consolidated
Research and development expenses ¥0.5 billion Consolidated

Property and facilities (1 items)

ItemValueConsolidated / Non-consolidated
Capital expenditures ¥1.9 billion Consolidated

Audit (6 items)

ItemValueConsolidated / Non-consolidated
Fees for audit and attestation services - reporting company ¥57.00 million Consolidated
Fees for audit and attestation services - total ¥45.34 million Consolidated
Fees for audit and attestation services - total ¥57.00 million Consolidated
Fees for audit and attestation services - consolidated subsidiaries ¥45.34 million Consolidated
Fees for non-audit services - reporting company ¥6.14 million Consolidated
Fees for non-audit services - total ¥6.14 million Consolidated

Balance sheet (147 items)

ItemValueConsolidated / Non-consolidated
Other ¥66.26 million Consolidated
Other ¥8.2 billion Consolidated
Other ¥4.7 billion Consolidated
Other ¥3.4 billion Consolidated
Other ¥0.4 billion Consolidated
Valuation difference on available-for-sale securities ¥62.45 million Consolidated
Other, net ¥0.5 billion Consolidated
Software ¥0.8 billion Consolidated
Lease obligations ¥1.8 billion Consolidated
Lease obligations ¥0.6 billion Consolidated
Lease assets ¥1.9 billion Consolidated
Lease assets ¥1.1 billion Consolidated
Lease assets, net ¥1.0 billion Consolidated
Work in process ¥26.7 billion Consolidated
Retained earnings ¥8.8 billion Consolidated
Advances received ¥7.8 billion Consolidated
Raw materials and supplies ¥22.1 billion Consolidated
Notes receivable - trade ¥77.50 million Consolidated
Notes receivable - trade ¥19.3 billion Consolidated
Merchandise and finished goods ¥2.5 billion Consolidated
Non-current liabilities ¥10.6 billion Consolidated
Non-current assets ¥25.0 billion Consolidated
Land ¥3.6 billion Consolidated
Accounts receivable - trade ¥19.1 billion Consolidated
Contract liabilities ¥7.8 billion Consolidated
Contract assets ¥0.1 billion Consolidated
Allowance for construction loss ¥5.0 billion Consolidated
Guarantee deposits ¥84.10 million Consolidated
Buildings and structures ¥19.2 billion Consolidated
Buildings and structures, net ¥5.2 billion Consolidated
Construction in progress ¥0.1 billion Consolidated
Investments and other assets ¥10.9 billion Consolidated
Investment securities ¥1.1 billion Consolidated
Notes and accounts payable - trade ¥6.3 billion Consolidated
Property, plant and equipment ¥11.7 billion Consolidated
Consumption taxes receivable ¥0.6 billion Consolidated
Income taxes payable ¥0.9 billion Consolidated
Accrued consumption taxes ¥47.24 million Consolidated
Accrued expenses ¥1.4 billion Consolidated
Shareholders' equity ¥18.5 billion Consolidated
Machinery, equipment and vehicles ¥10.3 billion Consolidated
Machinery, equipment and vehicles, net ¥1.3 billion Consolidated
Current liabilities ¥86.1 billion Consolidated
Current assets ¥90.6 billion Consolidated
Accumulated depreciation ¥-7.8 billion Consolidated
Accumulated depreciation ¥-0.8 billion Consolidated
Accumulated depreciation ¥-14.0 billion Consolidated
Accumulated depreciation ¥-9.1 billion Consolidated
Foreign currency translation adjustment ¥0.5 billion Consolidated
Intangible assets ¥2.4 billion Consolidated
Cash and cash equivalents ¥16.0 billion Consolidated
Cash and deposits ¥16.0 billion Consolidated
Short-term loans payable ¥52.1 billion Consolidated
Net assets ¥18.8 billion Consolidated
Net assets ¥18.8 billion Consolidated
Total assets ¥115.6 billion Consolidated
Deferred tax assets ¥9.6 billion Consolidated
Treasury stock ¥-6.51 million Consolidated
Provision for product warranties ¥0.2 billion Consolidated
Valuation and translation adjustments ¥0.3 billion Consolidated
Liabilities ¥96.7 billion Consolidated
Liabilities and net assets ¥115.6 billion Consolidated
Allowance for doubtful accounts ¥-13.75 million Consolidated
Capital surplus ¥4.3 billion Consolidated
Capital stock ¥5.4 billion Consolidated
Provision for bonuses ¥1.7 billion Consolidated
Remeasurements of defined benefit plans ¥-0.2 billion Consolidated
Net defined benefit liability ¥6.6 billion Consolidated
Long-term loans payable ¥1.1 billion Consolidated
Long-term prepaid expenses ¥82.49 million Consolidated
Long term accounts payable other ¥86.38 million Consolidated
Electronically recorded obligations - operating ¥4.5 billion Consolidated
Current portion of long-term loans payable ¥1.1 billion Consolidated
Other ¥0.1 billion Parent only
Other ¥0.19 million Parent only
Valuation difference on available-for-sale securities ¥62.45 million Parent only
Other capital surplus ¥21.12 million Parent only
Software ¥0.7 billion Parent only
Software in progress ¥0.4 billion Parent only
Lease obligations ¥1.5 billion Parent only
Lease obligations ¥0.4 billion Parent only
Lease assets ¥1.1 billion Parent only
Lease assets, net ¥0.6 billion Parent only
Work in process ¥24.2 billion Parent only
General reserve ¥1.9 billion Parent only
Retained earnings ¥9.1 billion Parent only
Legal retained earnings ¥0.3 billion Parent only
Advances received ¥6.9 billion Parent only
Prepaid expenses ¥0.7 billion Parent only
Advance payments trade ¥0.7 billion Parent only
Raw materials and supplies ¥19.2 billion Parent only
Notes receivable - trade ¥77.50 million Parent only
Merchandise and finished goods ¥2.4 billion Parent only
Non-current liabilities ¥8.2 billion Parent only
Non-current assets ¥21.9 billion Parent only
Land ¥2.4 billion Parent only
Accounts receivable - trade ¥17.4 billion Parent only
Allowance for construction loss ¥4.6 billion Parent only
Tools, furniture and fixtures ¥0.4 billion Parent only
Guarantee deposits ¥66.61 million Parent only
Buildings, net ¥3.3 billion Parent only
Construction in progress ¥49.72 million Parent only
Deposits received from employees ¥0.59 million Parent only
Investments and other assets ¥12.0 billion Parent only
Investment securities ¥94.07 million Parent only
Notes payable trade ¥11.09 million Parent only
Property, plant and equipment ¥7.5 billion Parent only
Accounts receivable - other ¥2.2 billion Parent only
Consumption taxes receivable ¥0.6 billion Parent only
Income taxes payable ¥0.9 billion Parent only
Accrued expenses ¥0.6 billion Parent only
Accounts payable - other ¥2.9 billion Parent only
Shareholders' equity ¥18.8 billion Parent only
Structures, net ¥55.09 million Parent only
Machinery and equipment, net ¥0.7 billion Parent only
Current liabilities ¥81.3 billion Parent only
Current assets ¥86.5 billion Parent only
Intangible assets ¥2.3 billion Parent only
Cash and deposits ¥12.9 billion Parent only
Short-term loans payable ¥49.9 billion Parent only
Short-term loans receivable with resale agreement ¥6.1 billion Parent only
Net assets ¥18.9 billion Parent only
Net assets ¥18.9 billion Parent only
Total assets ¥108.4 billion Parent only
Deferred tax assets ¥8.4 billion Parent only
Retained earnings brought forward ¥6.8 billion Parent only
Treasury stock ¥-6.51 million Parent only
Provision for product warranties ¥0.2 billion Parent only
Notes payable facilities ¥0.3 billion Parent only
Valuation and translation adjustments ¥62.45 million Parent only
Liabilities ¥89.5 billion Parent only
Liabilities and net assets ¥108.4 billion Parent only
Accounts payable - trade ¥7.0 billion Parent only
Allowance for doubtful accounts ¥-9.15 million Parent only
Capital surplus ¥4.4 billion Parent only
Legal capital surplus ¥4.4 billion Parent only
Capital stock ¥5.4 billion Parent only
Provision for bonuses ¥1.2 billion Parent only
Vehicles, net ¥0.68 million Parent only
Provision for retirement benefits ¥4.5 billion Parent only
Long-term loans payable ¥1.1 billion Parent only
Long-term prepaid expenses ¥82.19 million Parent only
Long term accounts payable other ¥86.38 million Parent only
Shares of subsidiaries and associates ¥3.4 billion Parent only
Electronically recorded obligations - operating ¥4.5 billion Parent only
Deposits received ¥1.1 billion Parent only
Current portion of long-term loans payable ¥1.1 billion Parent only

Statement of income (90 items)

ItemValueConsolidated / Non-consolidated
Other ¥71.01 million Consolidated
Other ¥78.44 million Consolidated
Other comprehensive income ¥-0.5 billion Consolidated
Valuation difference on available for sale securities net of tax ¥-0.1 billion Consolidated
Subsidy income ¥0.1 billion Consolidated
Comprehensive income ¥3.7 billion Consolidated
Insurance ¥11.36 million Consolidated
Interest income ¥87.93 million Consolidated
Dividend income ¥5.06 million Consolidated
Operating income ¥7.4 billion Consolidated
Non-operating income ¥0.9 billion Consolidated
Non-operating expenses ¥2.4 billion Consolidated
Net cash provided by (used in) operating activities ¥9.6 billion Consolidated
Loss on disposal of noncurrent assets ¥21.73 million Consolidated
Gain on sales of non-current assets ¥59.08 million Consolidated
Cost of sales ¥60.3 billion Consolidated
Gross profit (loss) ¥18.7 billion Consolidated
Net sales ¥79.0 billion Consolidated
Net income ¥4.3 billion Consolidated
Net income ¥4.3 billion Consolidated
Net income (loss) ¥4.3 billion Consolidated
Net income (loss) ¥4.3 billion Consolidated
Gain on sales of investment securities ¥0.2 billion Consolidated
Net cash provided by (used in) investing activities ¥-1.7 billion Consolidated
Share of profit of investments accounted for using equity method ¥76.52 million Consolidated
Share of other comprehensive income of investments accounted for using equity method ¥-5.58 million Consolidated
Interest expenses ¥1.8 billion Consolidated
Compensation expenses ¥0.3 billion Consolidated
Income taxes - current ¥0.8 billion Consolidated
Income taxes ¥1.8 billion Consolidated
Income taxes - deferred ¥1.0 billion Consolidated
Foreign exchange gains ¥0.2 billion Consolidated
Foreign currency translation adjustment net of tax ¥-20.89 million Consolidated
Extraordinary income ¥0.6 billion Consolidated
Extraordinary loss ¥0.4 billion Consolidated
Effect of exchange rate change on cash and cash equivalents ¥-49.98 million Consolidated
Net increase (decrease) in cash and cash equivalents ¥9.2 billion Consolidated
Research and development expenses ¥0.5 billion Consolidated
Income (loss) before income taxes ¥6.1 billion Consolidated
Income (loss) before income taxes ¥6.1 billion Consolidated
Ordinary income ¥5.9 billion Consolidated
Salaries and allowances ¥2.2 billion Consolidated
Disposal of treasury stock ¥25.31 million Consolidated
Purchase of treasury stock ¥-0.16 million Consolidated
Subsidy income ¥0.3 billion Consolidated
Comprehensive income attributable to owners of parent ¥3.7 billion Consolidated
Experiment and research expenses ¥0.5 billion Consolidated
Net cash provided by (used in) financing activities ¥1.3 billion Consolidated
Selling, general and administrative expenses ¥11.2 billion Consolidated
Provision of allowance for doubtful accounts ¥-5.01 million Consolidated
Provision for bonuses ¥0.2 billion Consolidated
Remeasurements of defined benefit plans net of tax ¥-0.4 billion Consolidated
Retirement benefit expenses ¥0.2 billion Consolidated
Retirement benefit expenses ¥0.1 billion Consolidated
Other ¥57.59 million Parent only
Other ¥74.21 million Parent only
Subsidy income ¥0.1 billion Parent only
Insurance ¥11.36 million Parent only
Interest income ¥0.4 billion Parent only
Dividend income ¥0.1 billion Parent only
Operating income ¥6.6 billion Parent only
Non-operating income ¥1.1 billion Parent only
Non-operating expenses ¥2.2 billion Parent only
Loss on disposal of noncurrent assets ¥20.35 million Parent only
Gain on sales of non-current assets ¥52.87 million Parent only
Cost of sales ¥57.2 billion Parent only
Gross profit (loss) ¥15.4 billion Parent only
Net sales ¥72.6 billion Parent only
Net income (loss) ¥4.1 billion Parent only
Net income (loss) ¥4.1 billion Parent only
Gain on sales of investment securities ¥0.2 billion Parent only
Interest expenses ¥1.6 billion Parent only
Compensation expenses ¥0.3 billion Parent only
Income taxes - current ¥0.7 billion Parent only
Income taxes ¥1.8 billion Parent only
Income taxes - deferred ¥1.1 billion Parent only
Depreciation ¥0.2 billion Parent only
Foreign exchange gains ¥84.58 million Parent only
Extraordinary income ¥0.6 billion Parent only
Extraordinary loss ¥0.2 billion Parent only
Income (loss) before income taxes ¥5.9 billion Parent only
Ordinary income ¥5.5 billion Parent only
Disposal of treasury stock ¥25.31 million Parent only
Purchase of treasury stock ¥-0.16 million Parent only
Subsidy income ¥0.3 billion Parent only
Experiment and research expenses ¥0.5 billion Parent only
Selling, general and administrative expenses ¥8.8 billion Parent only
Provision of allowance for doubtful accounts ¥-5.00 million Parent only
Provision for bonuses ¥0.2 billion Parent only
Retirement benefit expenses ¥71.31 million Parent only

Statement of changes in equity (4 items)

ItemValueConsolidated / Non-consolidated
Total changes during the period ¥3.8 billion Consolidated
Net changes in items other than shareholders' equity ¥-0.5 billion Consolidated
Total changes during the period ¥4.0 billion Parent only
Net changes in items other than shareholders' equity ¥-0.1 billion Parent only

Statement of cash flows (38 items)

ItemValueConsolidated / Non-consolidated
Other ¥2.1 billion Consolidated
Other proceeds ¥15.17 million Consolidated
Other non operating expenses income ¥0.1 billion Consolidated
Other payments ¥-41.55 million Consolidated
Proceeds from sale and leaseback ¥1.3 billion Consolidated
Repayment of lease liabilities-FinCF ¥-0.5 billion Consolidated
Increase decrease in notes and accounts payable trade ¥-1.2 billion Consolidated
Interest expenses paid ¥-1.9 billion Consolidated
Interest and dividends income received ¥94.79 million Consolidated
Increase (decrease) in advances received ¥85.83 million Consolidated
Interest and dividend income ¥-92.99 million Consolidated
Loss gain on sales and retirement of noncurrent assets ¥-37.35 million Consolidated
Decrease increase in notes and accounts receivable trade ¥1.0 billion Consolidated
Subtotal ¥11.1 billion Consolidated
Increase (decrease) in provision for loss on construction contracts ¥-0.2 billion Consolidated
Purchase of investment securities ¥-1.26 million Consolidated
Proceeds from sales of investment securities ¥0.2 billion Consolidated
Loss (gain) on sales of long-term investment securities ¥-0.2 billion Consolidated
Equity in earnings losses of affiliates ¥-76.52 million Consolidated
Interest expenses ¥1.8 billion Consolidated
Purchase of property plant and equipment ¥-1.4 billion Consolidated
Proceeds from sales of property plant and equipment ¥60.17 million Consolidated
Decrease (increase) in inventories ¥0.5 billion Consolidated
Income taxes paid ¥-55.29 million Consolidated
Depreciation ¥2.1 billion Consolidated
Foreign exchange loss (gain) ¥-0.2 billion Consolidated
Purchase of intangible assets ¥-0.5 billion Consolidated
Increase in short term loans payable ¥155.2 billion Consolidated
Decrease in short term loans payable ¥-155.6 billion Consolidated
Regarding purchase of treasury stock ¥-0.16 million Consolidated
Proceeds from subsidy income ¥0.3 billion Consolidated
Increase (decrease) in provisions for product warranties ¥-0.4 billion Consolidated
Collection of loans receivable ¥2.06 million Consolidated
Increase (decrease) in allowance for doubtful accounts ¥-5.11 million Consolidated
Increase (decrease) in provision for bonuses ¥0.4 billion Consolidated
Increase (decrease) in net defined benefit liability ¥-0.2 billion Consolidated
Proceeds from long term loans payable ¥1.7 billion Consolidated
Repayment of long term loans payable ¥-0.8 billion Consolidated
Basic indicators
ItemValueConsolidated / Non-consolidatedSource
Net cash provided by (used in) operating activities ¥9.6 billion ConsolidatedDisclosed
Number of employees 2,723 ConsolidatedDisclosed
Net assets ¥18.8 billion ConsolidatedDisclosed
Net sales ¥79.0 billion ConsolidatedDisclosed
Operating income ¥7.4 billion ConsolidatedDisclosed
Ordinary income ¥5.9 billion ConsolidatedDisclosed
Net income ¥4.3 billion ConsolidatedDisclosed
Total assets ¥115.6 billion ConsolidatedDisclosed
Operating margin 9.4%ConsolidatedCalculated
Net margin 5.4%ConsolidatedCalculated
Sales per employee 29010704 yenConsolidatedCalculated
Total asset turnover 0.68 timesConsolidatedCalculated
Net assets to total assets 16.3%ConsolidatedCalculated
How to read the figures, and caveats

Terms

  • Consolidated: the parent company together with the subsidiaries it consolidates
  • Parent-only: the single company that filed the annual securities report
  • Calculated: a disclosed figure put through the formula shown
  • Not disclosed: no such value in the filing (not treated as zero)
  • Not retrieved: a value this page could not extract, including values in the filing that could not be matched. The same item may appear in another table
  • Segment: a business division the company uses in its disclosures
  • Industry median: the middle value among companies in the same industry that disclose the item
  • ★: position when every company is lined up by value (not a judgement of the company)See the formulas
  • Source: document name, period covered, filing date and where it was obtained
  • Tables scroll sideways

Key figures

  • Operating margin 9.4%　Operating income ÷ net sales 　＝ ¥7.4 billion ÷ ¥79.0 billion
    Operating income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Net margin 5.4%　Net income ÷ net sales 　＝ ¥4.3 billion ÷ ¥79.0 billion
    Net income ÷ net sales. The denominator is Net sales (Consolidated, Japanese GAAP).
  • Sales per employee 29,010,704 yen　Sales or operating revenue ÷ employees 　＝ ¥79.0 billion ÷ 2,723 people
    Sales or operating revenue ÷ employees. The denominator is Number of employees (Consolidated, Japanese GAAP).
  • Total asset turnover 0.68 times　Sales or operating revenue ÷ total assets 　＝ ¥79.0 billion ÷ ¥115.6 billion
    Sales or operating revenue ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).
  • Net assets to total assets 16.3%　Net assets ÷ total assets 　＝ ¥18.8 billion ÷ ¥115.6 billion
    Net assets ÷ total assets. The denominator is Total assets (Consolidated, Japanese GAAP).

Company details

  • Consolidated subsidiaries　Annual Securities Report

Revenue and profit by business segment

  • Source: segment information, Annual Securities Report (Apr 2024 to Mar 2025) · Consolidated · Net sales to external customers · filed 2025-06-30
  • Share: against the total of Net sales to external customers disclosed by business (100%). Adjustments, corporate, eliminations and “other” left out as they are not businesses (so no match with company-wide Net sales to external customers). Margin: calculated against the Net sales to external customers on the same row“報告セグメント計” in the segment information of the annual securities report: ¥79.0 billion. Gap against this table’s total (the part not listed as a business, such as “other”) within 1%The account may differ from “Revenue” at the top of this page

Amounts by account

  • Totals and their component lines together; consolidated and parent-only figures mixed (right-hand column)

Selling, general and administrative expenses

  • Breakdown of selling, general and administrative expenses (costs of selling and running the company). Cost of sales not included
  • Each item: already inside the SG&A total (not added to it)

Finance

  • Net assets to total assets　Net assets ÷ total assets
  • Return on assets (ROA)　Net income ÷ total assets (consolidated)
  • Net assets per share　Consolidated
  • Free cash flow　Free cash flow: operating cash flow (cash generated by the business) plus investing cash flow (asset purchases, disposals and other investments), consolidated
  • Total assets　Consolidated

Capital allocation

  • ★: position when all companies are sorted by value and cut into fifths (a position, not a rating). The five items with ★: only where both numerator and denominator are available on a consolidated basisSee the formulas
  • Cash conversion　Net cash provided by (used in) operating activities ÷ operating income
  • Increase in working capital　(increase in trade receivables + increase in inventories) ÷ net sales (or operating revenue)。Trade receivables down ¥1.0 billion + inventories down ¥0.5 billion, over net sales ¥79.0 billion
  • Property, plant and equipment purchases relative to depreciation　Purchase of property, plant and equipment ÷ depreciation。Purchase of property, plant and equipment ¥1.4 billion, over depreciation ¥2.1 billion
  • Extraordinary gains and losses relative to ordinary profit　(extraordinary income − extraordinary loss) ÷ ordinary income。Extraordinary income ¥0.6 billion − extraordinary loss ¥0.4 billion, over ordinary income ¥5.9 billion
  • Investment securities to net assets　Investment securities ÷ net assets。Investment securities ¥1.1 billion, over net assets ¥18.8 billion

Long-term changes in performance

  • Revenue　Disclosed value for 2025 ÷ disclosed value for 2013

Year-on-year comparison

  • Year on year: calculated only where the item, reporting range and accounting standard match and the periods are consecutive
  • Comparison basis not confirmed: periods with a change of accounting standard or reporting range, a moved fiscal year end, or an unconfirmed period
  • ◆: a period where revenue moved 20% or more from the prior year, profit as a share of revenue moved 2.0 percentage points or more, or profit or loss changed sign. Item used named in the table and list. Not a ranking of companies

Earnings and net assets per share over time

  • Earnings per share = net profit ÷ shares; net assets per share = net assets ÷ shares. Disclosed values from the key financial indicators of the annual securities report. No share prices used

Return on equity over time

  • Return on equity (ROE): net profit as a proportion of equity. For Japanese companies, the disclosed value in the key financial indicators of the annual securities report (decimals converted to percentages)

Dividend history

  • Payout ratio: dividends as a proportion of net profit. Dividend amounts and payout ratios: the reporting company’s parent-only disclosed values (as written in the annual securities report, not recalculated from consolidated profit). Consecutive increases: years in a row, from the latest backwards, in which the annual dividend per share rose. Consecutive years with a dividend: years in a row with an annual dividend per share above zero. Both this site’s own count (not the criteria of any published index). A year with no disclosure not read as zero; counting stops there. Range limited to the years listed above.

Share ownership by holder category

  • Source: ownership table, annual securities report. Percentages as disclosed, calculated on trading units (some companies do not total exactly 100%). Foreign holders (total): institutions and individuals combined. “Individuals and others”: a register category (not necessarily the share actually held by individuals). Industry median: the middle value among companies in Transportation Equipment that disclose the item (industries with at least 5 companies only).

Major shareholders

  • Source: major shareholders table, annual securities report. Trust bank holdings as written (whose trust is not disclosed)

Research and development expenses and capital expenditure

  • Research and development: total in the R&D section of the annual securities report. Capital expenditure: this year’s actual spending in the capital expenditure overview (not a plan). Years: only those available in the annual securities reports on hand (one to four per company); no row for other years. Share of revenue: divided by consolidated revenue in the same annual securities report. Industry median: the middle value among companies in Transportation Equipment that disclose the item (industries with at least 5 companies only). Segment names and order: the same as the segment table above. Group-wide research and adjustments mean segment figures may not add up to the company-wide amount.

Revenue scale in the same industry

  • Revenue (disclosed values) of companies in the same industry, using the same grouping as the industry pages. Only the top three and the two companies either side of this one. Bar length relative to the largest company (100). An order of size, not a ranking of quality

Workforce information

  • All four: the reporting company (parent-only), as disclosed in the employee section of the annual securities report. Employees across the consolidated group: 2,723 (a different scope, kept apart from the four above). Industry median: the middle value among companies in Transportation Equipment that disclose the item (industries with at least 5 companies only).

People and organisation

  • Sales per employee　Net sales (or operating revenue) ÷ employees
  • Operating income per employee　Operating income ÷ employees
  • Wage gap between men and women　Women's pay with men's pay set to 100, reporting company
  • Women in managerial positions　Reporting company (parent only)
  • Men taking childcare leave　Reporting company (parent only)
  • Average temporary staff　Consolidated, average headcount other than regular employees

Workplace information filings

  • Source: processed from Shokuba-labo, the workplace information site of the Ministry of Health, Labour and Welfare. Items the company filed only Shokuba-labo

Greenhouse gas emissions

  • Source: processed from the Ministry of the Environment’s greenhouse gas calculation, reporting and disclosure system (EEGS). Companies required to report only Ministry of the Environment (EEGS)

Audit and disclosure information

  • Whether there is a going concern note (the accounting assumption that a company will continue operating), and audit information
  • Audit firm, audit fees, going concern note and accounting standard: facts written in the latest annual securities report and the audit report filed with it (not a judgement of the company). Going concern note: “note” when the note text is present, “not applicable” when the report states nothing to report, “cannot be determined” when neither appears. Note text not reproduced. Amended filings not shown (annual securities reports only)

Data sources and calculation methods

Primary source: the annual securities report of JAMCO CORPORATION on EDINET, the FSA’s disclosure system (free to read)
Corporate number: 6012401012609 / Accounting standard: Japanese GAAP

  • Amounts: machine transcription of EDINET XBRL (no manual re-keying). Long narrative notes are text and not in the account list. Identifiers: machine transcription of the EDINET code list (retrieved 2026-08-22)
  • ★: position of the value calculated from disclosed figures among the 4,240 companies on this site, on a five-step scale. Not a judgement of the company. No forecasts usedThe formulas and how they are counted
  • No rank: net assets as a share of total assets, cash conversion and revenue per employee (size alone does not show quality). Industry median shown for comparison. Cash conversion of 100%: operating cash flow equal to operating profit
  • Profit-and-loss chart: only where “sales − cost of sales − SG&A = operating income” holds between disclosed values. Cost breakdown: the six largest SG&A items
  • Trend charts: key financial indicators of the annual securities report. Amounts in billions of yen (dividend per share in yen). Long-run chart joins reports filed in different years (newer report for overlapping years). Some items stop part-way after a change of accounting standard. A stock split changes the weight of one share. Consolidated and parent-only in separate tables
  • Revenue scale in the same industry: bars of revenue (disclosed values) of companies in the same industry grouping as the industry pages, largest first. Only the top three and the two companies either side of this one. Each company’s latest fiscal year. An order of size, not a ranking of quality or an investment view
  • Share prices: not published (no data source allows redistribution). No share-price-based indicators (such as the price earnings ratio) and no extension of past growth into the future
  • Average age, average length of service and average annual salary: the reporting company alone (the parent). At a holding company, a small head-office staff. Payout ratio (basic facts): dividend per share ÷ consolidated earnings per share, calculated here (the payout ratio in the annual securities report is the reporting company’s figure, on a different basis). Representative and founding date: gBizINFO (Ministry of Economy, Trade and Industry), some companies only
  • “Retrieved disclosed figures”: every value readable as a number from the annual securities report. Company-wide values only (no segment or other breakdowns)
  • Segment table: machine transcription of the segment information in the annual securities report. Business names as labelled by the company in its XBRL. No table where segment sales differ from the disclosed total by more than 1%. Adjustments, corporate, eliminations and “other” left out of the table and the share denominator, as they are not businesses
  • Breakdowns of amounts, not diagrams of how the business works. Who pays whom, and for what, is not in the disclosed figures; no lines drawn from guesswork