# Ad-Sol Nissin Corporation: 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51期(2025/04/01－2026/03/31) (S100YFRS)
> Page: https://vizora.meequs.com/en/company/ad-sol-nissin
> Retrieved: 2026-09-30T22:16:47.616Z

## Company

Ad-Sol Nissin, founded in 1976, is a company in IT Services & System Integration listed on TSE Prime. It has 645 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ad-Sol Nissin Corporation |
| Ticker | 3837 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3837.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南四丁目1番8号 |
| Representative (per filing) | 代表取締役社長 篠﨑 俊明 |
| Founded | Mar 1976 |
| Share capital | ¥575.7M |
| Employees (consolidated) | 645 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.adniss.jp (https://www.adniss.jp/) |
| Corporate number | 8010401052268 |
| EDINET | E05664 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YFRS, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.4 | 157 |
| Profitability | 78.3 | 196 |
| Cash conversion | 60.3 | 185 |
| Efficiency | 78.3 | 196 |

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 65% of Ad-Sol Nissin's sales come from Social infrastructure business, with Advanced Industry business making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +25.4%.

## Company structure

- Segment revenue mix: Social infrastructure business 65.2%、Advanced Industry business 34.8%
- Revenue → net income: ¥17151415000 → ¥1511117000
- Net income → operating cash flow: ¥1511117000 → ¥1890507000（difference ¥379390000）
- Main uses of operating cash flow: CapEx ¥6111000 / dividends ¥618966000 / buybacks ¥1201955000
- Change in cash: ¥53951000
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 | ¥17.2B |  |
| Operating income | ¥2.15B | Margin 12.5% |
| Net income | ¥1.51B | Margin 8.8% |
| Free cash flow | ¥1.88B |  |
| Largest business | Social infrastructure business | of segment revenue 65.2% |
| Employees (consolidated) | 645 |  |
| EPS | ¥85.88 |  |
| Diluted EPS | ¥84.27 |  |
| Book value per share | ¥398.81 |  |
| Equity ratio | 65.6% |  |
| Shares outstanding | 17,289,000 |  |
| Treasury shares | 451,100 |  |
| Shareholders | 9,310 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 28.6% | Cash ÷ revenue 17.1% |
| Vs. industry median margin | +3.6 pp | IT Services & System Integration |
| ROE | 24.9% | Derived from disclosed figures |
| ROA | 15.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends
- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, parent-company salary changed +21% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥13518744000 | ¥17151415000 | +26.9% |
| Operating income | ¥1285318000 | ¥2145099000 | +66.9% |
| Operating margin | 9.5% | 12.5% | +3 pp |
| Employees | 571 people | 645 people | +13.0% |
| Cash and equivalents | ¥1675955000 | ¥2941405000 | +75.5% |

### 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 |
| --- | ---: |
| 社会インフラ事業 → 社会インフラ事業 | 63.5% |
| 先進インダストリー事業 → 先進インダストリー事業 | 34.8% |
| 先進インダストリー事業 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 社会インフラ事業 | 1.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,151 | 100.0% | S100YFRS |
| Cost of revenue | 12,179 | 71.0% | S100YFRS |
| Gross profit | 4,972 | 29.0% | S100YFRS |
| SG&A | 2,827 | 16.5% | S100YFRS |
| Operating income | 2,145 | 12.5% | S100YFRS |
| Ordinary income | 2,216 | 12.9% | S100YFRS |
| Pretax income | 2,216 | 12.9% | S100YFRS |
| Income tax | 704 | 4.1% | S100YFRS |
| Net income | 1,511 | 8.8% | S100YFRS |
| Net income attributable to owners | 1,511 | 8.8% | S100YFRS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 16 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 29.0% → Operating margin 12.5% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +25.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.32×
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 | 15,463 | 17,151 | 1,688 | +10.9% |
| Gross profit | 4,305 | 4,972 | 667 | +15.5% |
| Operating income | 1,711 | 2,145 | 434 | +25.4% |
| Net income attributable to owners | 1,210 | 1,511 | 302 | +24.9% |
| Operating cash flow | 1,028 | 1,891 | 863 | +83.9% |
| Free cash flow | 890 | 1,884 | 994 | +111.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 13,519 | 1,285 | 9.5% | 899 | 187 | 164 | S100OH7E |
| FY ending Mar 2022 | 12,248 | 1,088 | 8.9% | 785 | 1,782 | 1,609 | S100R4JX |
| FY ending Mar 2023 | 12,842 | 1,211 | 9.4% | 841 | 1,020 | 891 | S100TNB4 |
| FY ending Mar 2024 | 14,078 | 1,438 | 10.2% | 979 | 805 | 773 | S100W0GJ |
| FY ending Mar 2025 | 15,463 | 1,711 | 11.1% | 1,210 | 1,028 | 890 | S100YFRS |
| FY ending Mar 2026 | 17,151 | 2,145 | 12.5% | 1,511 | 1,891 | 1,884 | S100YFRS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.6M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 592 | 603 | 606 | 623 | 645 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.9M | ¥6.1M | ¥6.6M |
| Average age (parent company) | 39.0 years | 38.8 years | 39.1 years | 39.5 years | 39.2 years |
| Average tenure (parent company) | 11.8 years | 11.9 years | 12.3 years | 12.4 years | 12.4 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Social infrastructure business | 11,183 | 65.2% | 2,708 | 24.2% |
| Advanced Industry business | 5,968 | 34.8% | 1,554 | 26.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Social infrastructure business | 65.2% | 63.5% | -1.7 | 24.2% |
| Advanced Industry business | 34.8% | 36.5% | 1.7 | 26.0% |

Segment → industry: Advanced Industry business → IT Services & System Integration / Social infrastructure business → IT Services & System Integration

## 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 | 1,891 | 11.0% | S100YFRS |
| Capital expenditure | 6 | 0.0% | S100YFRS |
| Free cash flow | 1,884 | 11.0% | 算出 |
| Investing cash flow | -14 | -0.1% | S100YFRS |
| Financing cash flow | -1,822 | -10.6% | S100YFRS |
| Dividends paid | 619 | 3.6% | S100YFRS |
| Share buyback | 1,202 | 7.0% | S100YFRS |
| Change in cash | 54 | 0.3% | S100YFRS |
| Cash and equivalents | 2,941 | 17.1% | S100YFRS |

## 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 | 2,807 | 3,391 | 3,760 | 2,887 | 2,941 | S100TNB4, S100W0GJ, S100YFRS |
| Total assets | 8,070 | 9,338 | 10,201 | 9,885 | 10,274 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Net assets | 5,969 | 6,676 | 7,291 | 7,075 | 6,948 | S100TNB4, S100W0GJ, S100YFRS |
| Share capital | 572 | 572 | 576 | 576 | 576 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Property, plant and equipment | 626 | 612 | 634 | 705 | 679 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Intangible assets excluding goodwill | 511 | 534 | 429 | 314 | 200 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Investment securities | 1,255 | 1,509 | 1,420 | 1,764 | 1,969 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Current assets | 5,155 | 6,244 | 7,241 | 6,680 | 6,990 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Current liabilities | 1,351 | 1,946 | 2,299 | 2,215 | 2,751 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Total liabilities | 2,101 | 2,662 | 2,910 | 2,810 | 3,326 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Equity attributable to owners of parent | 5,514 | 6,049 | 6,689 | 6,213 | 5,914 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Retained earnings | 4,579 | 5,086 | 5,717 | 5,769 | 5,746 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |
| Treasury stock | -56 | -42 | -42 | -413 | -688 | S100R4JX, S100TNB4, S100W0GJ, S100YFRS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YFRS |
| Property, plant and equipment | 6% | S100YFRS |
| Intangibles and goodwill | 2% | S100YFRS |
| Investment securities | 19% | S100YFRS |
| Other assets | 44% | S100YFRS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YFRS |
| Equity | 68% | S100YFRS |
| Other liabilities | 0% | S100YFRS |

### 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 | 8,070 | 9,338 | 10,201 | 9,885 | 10,274 |
| Equity | 5,969 | 6,676 | 7,291 | 7,075 | 6,948 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,807 | 3,391 | 3,760 | 2,887 | 2,941 |

## 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) | 4.0% | S100YFRS |
| Fixed assets ÷ total assets | 6.6% | S100YFRS |
| Goodwill ÷ parent equity | — | —, S100YFRS |

### 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) | 28.6% |
| Cash ÷ revenue | 17.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.1% |
| Cash vs. profit gap | 379 JPY mn (of net income 25.1%) |
| Shareholder returns / net income | 120.5% |
| Shareholder returns / FCF | 96.6% |
| Shareholder payments — dividends / net income | 41.0% |
| Shareholder payments — dividends / FCF | 32.8% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 0.8% |

## 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 | 6.4% | 1.52× | 9.7% | 1.46× | 14.2% | S100R4JX |
| 2023 | 6.6% | 1.48× | 9.7% | 1.51× | 14.6% | S100TNB4 |
| 2024 | 7.0% | 1.44× | 10.0% | 1.53× | 15.4% | S100W0GJ |
| 2025 | 7.8% | 1.54× | 12.0% | 1.56× | 18.7% | S100YFRS |
| 2026 | 8.8% | 1.70× | 15.0% | 1.66× | 24.9% | S100YFRS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 14.3% | 2026-03-31 |
| アドソル日進従業員持株会 | Major shareholder | 7.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社バリューＨＲ | Major shareholder | 2.0% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS SEC LENDING (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 (常任代理人 株式会社みずほ銀行) | Major shareholder | 1.7% | 2026-03-31 |
| 上田 富三 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YFRS | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRS,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W0GJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0GJ,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TNB4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNB4,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R4JX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4JX,, |
| 有価証券報告書－第47期(令和3年4月1日－令和4年3月31日) | S100OH7E | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH7E,, |
| 有価証券報告書－第46期(令和2年4月1日－令和3年3月31日) | S100LPA7 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPA7,, |

## 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).