Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
12541
¥ million (increase from actual revenue for the fiscal year ending March 2026 to the target for the fiscal year ending March 2029)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+38.6%
基準 32,459Target45,000million
Operating profit+50.9%
基準 3,911Target5,900million
Operating profit margin+1.1pt
基準 12Target13.1%
ROE+3.4pt
基準 16.6Target20%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
ROIC18 % → Not disclosed
Only the target level is shown because the current level for comparison was not provided.Total investment plan¥8.5 billion in growth investment (three years from the fiscal year ending March 2027 through the fiscal year ending March 2029, approximately 1.3x)
Investment amount by sectorField Research and development / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed, Field M&A / Amount Not disclosed, Field Generative AI / Amount Not disclosed
Statements about the use of capital
Payout ratio / DOE policyRaise the dividend payout ratio to 50% and target a DOE of 10.0% for the fiscal year ending March 2029. Total payout ratio is expected to be at least 50% on a cumulative basis over the plan period. The applicable period is from the fiscal year ending March 2027 through the fiscal year ending March 2029.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policyContinue share buybacks, using ¥1 billion or more as a benchmark, as part of the growth investment and shareholder return policy for the fiscal years ending March 2027 through March 2029.
Cost of capitalWACC and the cost of equity based on the CAPM are 7.0–8.0%. The Company’s benchmark, taking into account premiums for factors such as market capitalization and liquidity, is 9.0–10.0%.The cost of capital is the minimum rate of return expected by shareholders and banks from the company.
Self-assessment of PBR and share pricePBR improved from 0.6x for the fiscal year ended March 2016 to 2.9x for the fiscal year ending March 2026. The Company assesses that its corporate value metrics improved and that its market capitalization at fiscal year-end increased from ¥3.4 billion to ¥48.9 billion.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Optimizing the Business Portfolio
02Expand the offering business
03Improve productivity and value-added through the use of AI and data
04Strengthening the Human-Resource and Organizational Foundation
05Promote growth investment and capital policy
06Define the core business portfolio
07Shift the business structure toward industry and solution-oriented businesses
08Concentrate and optimally allocate resources to growth areas
09Create assets by converting the value of SI assets
10Establish an offering cycle
11Develop personnel capable of leveraging offerings
12Advance the conversion of data into assets
13Automate the circular model
14Enhance value creation through people and AI
15Concentrate investment in human resources and R&D
16Realize VMS through M&A
17Strengthen branding
18Create innovation through research and collaboration
19Release QOL services
20Clarify priority target markets and strengthen areas of expertise
21Build a solution sales organization driven by customer challenges
22Strengthen marketing to develop new markets
23Improve organizational agility and strengthen leadership
24Develop and implement hiring strategies aligned with the human resources portfolio
25Rebuild the organization and systems in line with the management strategy
26Upgrade the operational foundation through the use of generative AI and data
27Improve management precision through data integration and visualization
28Improve efficiency and quality by consolidating back-office functions
29Establish a scalable business operating structure
Plan assumptionsThe plan assumes a business environment characterized by a declining working-age population, increasingly sophisticated customer needs, the promotion of DX across industries, the growing adoption of generative AI, and a shortage of advanced IT professionals. Numerical assumptions for exchange rates, raw material prices, market growth rates and other factors are not disclosed.
Segment targetCategory DX&SI / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥21,301 million / Target for the fiscal year ending March 2029 ¥28,000 million, Category DX & SI (contract development and DX support) / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥18,301 million / Target for the fiscal year ending March 2029 ¥19,500 million, Category DX & SI (offering) / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥730 million / Target for the fiscal year ending March 2029 ¥4,500 million, Category DX & SI (recurring) / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥2,270 million / Target for the fiscal year ending March 2029 ¥4,000 million, Category Education / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥7,654 million / Target for the fiscal year ending March 2029 ¥11,500 million, Category Health and medical care / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥3,503 million / Target for the fiscal year ending March 2029 ¥5,500 million, Category DX&SI / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥2,948 million / Target for the fiscal year ending March 2029 ¥5,680 million, Category DX & SI (contract development and DX support) / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥2,158 million / Target for the fiscal year ending March 2029 ¥3,130 million, Category DX & SI (offering) / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥220 million / Target for the fiscal year ending March 2029 ¥1,350 million, Category DX & SI (recurring) / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥570 million / Target for the fiscal year ending March 2029 ¥1,200 million, Category Education / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥2,130 million / Target for the fiscal year ending March 2029 ¥3,000 million, Category Health and medical care / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥886 million / Target for the fiscal year ending March 2029 ¥1,380 million
Non-financial targetsIndicator Number of employees / Target 1,850 / Timing FY2028, Indicator Engagement score / Target At least 72 points / Timing Not disclosed, Indicator Employee turnover rate / Target No more than 5% / Timing Not disclosed, Indicator Reskilling participation rate / Target 100% / Timing Not disclosed, Indicator Next-generation leadership coverage rate / Target 25% or higher / Timing Not disclosed, Indicator Percentage of Female Managers / Target At least 30% / Timing Not disclosed, Indicator BI dashboard utilization rate / Target At least 90% / Timing Not disclosed, Indicator Number of internal knowledge-sharing instances / Target 100 per year / Timing Not disclosed, Indicator AI and automation tool utilization rate / Target At least 70% / Timing Not disclosed, Indicator Number of proprietary assets developed / Target 20 per year / Timing Not disclosed, Indicator Completion rate for remediation of internal audit findings / Target 100% / Timing Not disclosed, Indicator Subsidiary governance review completion rate / Target 100% / Timing Not disclosed, Indicator Data governance compliance rate / Target 95% or higher / Timing Not disclosed, Indicator Number of industry-academia-government collaborations and joint development projects / Target 10 per year / Timing Not disclosed, Indicator CO₂ emissions reduction rate / Target Scope 3 visualization / Timing Not disclosed
Size of the Target MarketMarket Universities / Market Size ¥60,336 million (2025 forecast) / SAM ¥24,350 million / SOM ¥5,728 million / Source “Comprehensive Survey of the Education DX/ICT Solutions Market 2025,” Fuji Chimera Research Institute, Inc., Market Healthcare / Market Size ¥77,260 million (2025 forecast) / SAM ¥43,310 million / SOM ¥3,503 million / Source “Current Status and Future Outlook of the Medical, Healthcare and Pharmaceutical DX-Related Markets, 2025 Edition,” Fuji Keizai Co., Ltd.; “Current Status and Future Outlook of the Data Health Plan, Health Management and PHR-Related Markets 2025,” Fuji Keizai Co., Ltd.
Risks identified by the company
Labor shortages due to a declining working-age population
Shortage of advanced and cutting-edge IT professionals and rising acquisition costs
Polarization of human resources and growing demand for reskilling
Prolonged geopolitical risks
Disruption of international supply chains
Increase in Cyberattacks
Food and energy self-sufficiency rates and soaring energy prices
Need to adapt IT product and service design to a generative AI-first environment
Short-term fluctuations in technological progress and market valuations
Increasing difficulty and risk in technology selection and overall system design
Heightened requirements for security and reliability
Risk of generative AI replacing SaaS services (the death of SaaS)
Changes in the business environment and economic conditions
Possibility that actual results may differ materially from forecasts and plans
Reason for revision or withdrawal
In response to changes in the business environment, including a declining working-age population and increasingly sophisticated customer needs, the Company intends this to serve as the starting point for transformation toward realizing its long-term vision, “JAST VISION 2035,” for 2035.
| Item | Details |
|---|---|
| Plan name | JAST Group Medium-Term Management Plan FY2026-FY2028 |
| Plan period | Three years from the fiscal year ending March 2027 through the fiscal year ending March 2029 (shown in the accompanying materials as FY2026-FY2028) |
| Progress against the plan | Formulated |
| Sales Target | ¥32,459 million → ¥45,000 million（+11.5%（CAGR）） |
| Operating profit target | ¥3,911 million → ¥5,900 million（+14.7%（CAGR）） |
| Operating profit margin target | 12 % → 13.1 % |
| ROE target | 16.6 % → 20 % |
| ROIC target | 18 % → Not disclosed |
| Payout ratio / DOE policy | Raise the dividend payout ratio to 50% and target a DOE of 10.0% for the fiscal year ending March 2029. Total payout ratio is expected to be at least 50% on a cumulative basis over the plan period. The applicable period is from the fiscal year ending March 2027 through the fiscal year ending March 2029. |
| Treasury share acquisition policy | Continue share buybacks, using ¥1 billion or more as a benchmark, as part of the growth investment and shareholder return policy for the fiscal years ending March 2027 through March 2029. |
| Cost of capital | WACC and the cost of equity based on the CAPM are 7.0–8.0%. The Company’s benchmark, taking into account premiums for factors such as market capitalization and liquidity, is 9.0–10.0%. |
| Self-assessment of PBR and share price | PBR improved from 0.6x for the fiscal year ended March 2016 to 2.9x for the fiscal year ending March 2026. The Company assesses that its corporate value metrics improved and that its market capitalization at fiscal year-end increased from ¥3.4 billion to ¥48.9 billion. |
| Total investment plan | ¥8.5 billion in growth investment (three years from the fiscal year ending March 2027 through the fiscal year ending March 2029, approximately 1.3x) |
| Investment amount by sector | Field Research and development / Amount Not disclosed, Field Investment in Human Resources / Amount Not disclosed, Field M&A / Amount Not disclosed, Field Generative AI / Amount Not disclosed |
| Segment target | Category DX&SI / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥21,301 million / Target for the fiscal year ending March 2029 ¥28,000 million, Category DX & SI (contract development and DX support) / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥18,301 million / Target for the fiscal year ending March 2029 ¥19,500 million, Category DX & SI (offering) / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥730 million / Target for the fiscal year ending March 2029 ¥4,500 million, Category DX & SI (recurring) / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥2,270 million / Target for the fiscal year ending March 2029 ¥4,000 million, Category Education / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥7,654 million / Target for the fiscal year ending March 2029 ¥11,500 million, Category Health and medical care / Indicator Revenue / Actual results for the fiscal year ending March 2026 ¥3,503 million / Target for the fiscal year ending March 2029 ¥5,500 million, Category DX&SI / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥2,948 million / Target for the fiscal year ending March 2029 ¥5,680 million, Category DX & SI (contract development and DX support) / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥2,158 million / Target for the fiscal year ending March 2029 ¥3,130 million, Category DX & SI (offering) / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥220 million / Target for the fiscal year ending March 2029 ¥1,350 million, Category DX & SI (recurring) / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥570 million / Target for the fiscal year ending March 2029 ¥1,200 million, Category Education / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥2,130 million / Target for the fiscal year ending March 2029 ¥3,000 million, Category Health and medical care / Indicator Operating profit / Actual results for the fiscal year ending March 2026 ¥886 million / Target for the fiscal year ending March 2029 ¥1,380 million |
| Non-financial targets | Indicator Number of employees / Target 1,850 / Timing FY2028, Indicator Engagement score / Target At least 72 points / Timing Not disclosed, Indicator Employee turnover rate / Target No more than 5% / Timing Not disclosed, Indicator Reskilling participation rate / Target 100% / Timing Not disclosed, Indicator Next-generation leadership coverage rate / Target 25% or higher / Timing Not disclosed, Indicator Percentage of Female Managers / Target At least 30% / Timing Not disclosed, Indicator BI dashboard utilization rate / Target At least 90% / Timing Not disclosed, Indicator Number of internal knowledge-sharing instances / Target 100 per year / Timing Not disclosed, Indicator AI and automation tool utilization rate / Target At least 70% / Timing Not disclosed, Indicator Number of proprietary assets developed / Target 20 per year / Timing Not disclosed, Indicator Completion rate for remediation of internal audit findings / Target 100% / Timing Not disclosed, Indicator Subsidiary governance review completion rate / Target 100% / Timing Not disclosed, Indicator Data governance compliance rate / Target 95% or higher / Timing Not disclosed, Indicator Number of industry-academia-government collaborations and joint development projects / Target 10 per year / Timing Not disclosed, Indicator CO₂ emissions reduction rate / Target Scope 3 visualization / Timing Not disclosed |
| Plan assumptions | The plan assumes a business environment characterized by a declining working-age population, increasingly sophisticated customer needs, the promotion of DX across industries, the growing adoption of generative AI, and a shortage of advanced IT professionals. Numerical assumptions for exchange rates, raw material prices, market growth rates and other factors are not disclosed. |
| Key initiatives | Optimizing the Business Portfolio, Expand the offering business, Improve productivity and value-added through the use of AI and data, Strengthening the Human-Resource and Organizational Foundation, Promote growth investment and capital policy, Define the core business portfolio, Shift the business structure toward industry and solution-oriented businesses, Concentrate and optimally allocate resources to growth areas, Create assets by converting the value of SI assets, Establish an offering cycle, Develop personnel capable of leveraging offerings, Advance the conversion of data into assets, Automate the circular model, Enhance value creation through people and AI, Concentrate investment in human resources and R&D, Realize VMS through M&A, Strengthen branding, Create innovation through research and collaboration, Release QOL services, Clarify priority target markets and strengthen areas of expertise, Build a solution sales organization driven by customer challenges, Strengthen marketing to develop new markets, Improve organizational agility and strengthen leadership, Develop and implement hiring strategies aligned with the human resources portfolio, Rebuild the organization and systems in line with the management strategy, Upgrade the operational foundation through the use of generative AI and data, Improve management precision through data integration and visualization, Improve efficiency and quality by consolidating back-office functions, Establish a scalable business operating structure |
| Reason for revision or withdrawal | In response to changes in the business environment, including a declining working-age population and increasingly sophisticated customer needs, the Company intends this to serve as the starting point for transformation toward realizing its long-term vision, “JAST VISION 2035,” for 2035. |
| Size of the Target Market | Market Universities / Market Size ¥60,336 million (2025 forecast) / SAM ¥24,350 million / SOM ¥5,728 million / Source “Comprehensive Survey of the Education DX/ICT Solutions Market 2025,” Fuji Chimera Research Institute, Inc., Market Healthcare / Market Size ¥77,260 million (2025 forecast) / SAM ¥43,310 million / SOM ¥3,503 million / Source “Current Status and Future Outlook of the Medical, Healthcare and Pharmaceutical DX-Related Markets, 2025 Edition,” Fuji Keizai Co., Ltd.; “Current Status and Future Outlook of the Data Health Plan, Health Management and PHR-Related Markets 2025,” Fuji Keizai Co., Ltd. |
| Risks identified | Labor shortages due to a declining working-age population, Shortage of advanced and cutting-edge IT professionals and rising acquisition costs, Polarization of human resources and growing demand for reskilling, Prolonged geopolitical risks, Disruption of international supply chains, Increase in Cyberattacks, Food and energy self-sufficiency rates and soaring energy prices, Need to adapt IT product and service design to a generative AI-first environment, Short-term fluctuations in technological progress and market valuations, Increasing difficulty and risk in technology selection and overall system design, Heightened requirements for security and reliability, Risk of generative AI replacing SaaS services (the death of SaaS), Changes in the business environment and economic conditions, Possibility that actual results may differ materially from forecasts and plans |
| Publication date | 14 May 2026 |
Items this document does not state (3)
Net income targetResults under the previous planDate of board resolution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In response to changes in the business environment, including a declining working-age population and increasingly sophisticated customer needs, the Company will transform its business structure, make growth investments, strengthen its management foundation, and improve capital efficiency to realize its long-term vision, “JAST VISION 2035,” for 2035.
How to read this page
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