# JN Group Inc.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2024/12/01－2025/11/30) (S100XN0W)
> Page: https://vizora.meequs.com/en/company/jn-group
> Retrieved: 2026-09-30T20:25:49.005Z

## Company

JN Group, founded in 1984, is a company in IT Services & System Integration listed on TSE Standard. It has 99 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NCXX Group Inc. |
| Ticker | 6634 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6634.T) |
| Listing | TSE Standard |
| Head office | 岩手県花巻市椚ノ目第2地割32番地1 |
| Representative (per filing) | 代表取締役社長 石原 直樹 |
| Founded | Apr 1984 |
| Share capital | ¥10M |
| Employees (consolidated) | 99 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | November |
| Website | www.ncxxgroup.co.jp (https://www.ncxxgroup.co.jp/) |
| Corporate number | 8400001008341 |
| EDINET | E05702 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps, Crypto & Blockchain, Publishing & Bookstores, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XN0W, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.3 | 196 |
| Efficiency | 0.3 | 196 |
| Financial strength | 7.1 | 7 |

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 52% of JN Group's sales come from Solution Business, with CryptoAssetsBlockChainBusinessReportableSegmentsMember and Metaverse digital contents business making up much of the rest.
- It lost about ¥6 for every ¥100 of sales at the operating level.
- Revenue changed +67.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.56B |  |
| Operating income | -¥223.6M | Margin -6.3% |
| Net income | -¥728.1M | Margin -20.4% |
| Free cash flow | -¥48.7M |  |
| Largest business | Solution Business | of segment revenue 52.3% |
| Employees (consolidated) | 99 |  |
| EPS | ¥-49.34 |  |
| Book value per share | ¥59.01 |  |
| Equity ratio | 2.2% |  |
| Shares outstanding | 38,114,227 |  |
| Treasury shares | 5,004,800 |  |
| Shareholders | 9,207 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 1.1% | Net cash -¥2.65B · Cash ÷ revenue 41.2% |
| Vs. industry median margin | -15.2 pp | IT Services & System Integration |
| ROA | -1.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 68% of positive segment profit
- FY2025, segment profit share differs by 47 points
- FY2025, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6561011000 | ¥3562181000 | -45.7% |
| Operating income | ¥-620906000 | ¥-223579000 | — |
| Operating margin | -9.5% | -6.3% | +3.2 pp |
| Employees | 254 people | 99 people | -61.0% |
| Cash and equivalents | ¥1011323000 | ¥1467253000 | +45.1% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| IoT関連事業 → IoT関連事業 | 10.0% |
| IoT関連事業 → 事業再編・廃止 | 0.3% |
| IoT関連事業 → 事業再編・廃止 | 10.4% |
| インターネット旅行事業 → 事業再編・廃止 | 4.8% |
| インターネット旅行事業 → 事業再編・廃止 | 4.8% |
| 暗号資産・ブロックチェーン事業 → 暗号資産・ブロックチェーン事業 | 0.2% |
| ブランドリテールプラットフォーム事業 → 事業再編・廃止 | 34.6% |
| 仮想通貨・ブロックチェーン事業 → 事業再編・廃止 | 0.2% |
| ブランドリテールプラットフォーム事業 → 事業再編・廃止 | 34.6% |
| 新設・再編 → メタバース・デジタルコンテンツ事業 | 16.8% |
| 新設・再編 → 暗号資産・ブロックチェーン事業 | 20.7% |
| 新設・再編 → ソリューション事業 | 52.3% |

Segment revenue source references: 12 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solution Business | — | — | ¥1820066000 | 4.1% | 2 |
| CryptoAssetsBlockChainBusinessReportableSegmentsMember | 5 years | +88.0% | ¥727904000 | 21.6% | 2 |
| Metaverse digital contents business | 3 years | +83.9% | ¥583230000 | -2.6% | 2 |
| IoT Relateed Business | 5 years | -23.8% | ¥348773000 | -16.1% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,562 | 100.0% | S100XN0W |
| Cost of revenue | 2,079 | 58.4% | S100XN0W |
| Gross profit | 1,483 | 41.6% | S100XN0W |
| SG&A | 1,707 | 47.9% | S100XN0W |
| Operating income | -224 | -6.3% | S100XN0W |
| Ordinary income | -250 | -7.0% | S100XN0W |
| Pretax income | -966 | -27.1% | S100XN0W |
| Income tax | -238 | -6.7% | S100XN0W |
| Net income | -728 | -20.4% | S100XN0W |
| Net income attributable to owners | -728 | -20.4% | S100XN0W |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 48 |
| Operating income | -6 |
| (Ref.) Net income | -20 |

### Margin funnel

Gross margin 41.6% → Operating margin -6.3% → Net margin -20.4%
Derived from reported figures (DERIVED).

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,130 | 3,562 | 1,432 | +67.2% |
| Gross profit | 600 | 1,483 | 883 | +147.3% |
| Operating income | -247 | -224 | 23 | — |
| Net income attributable to owners | -290 | -728 | -438 | — |
| Operating cash flow | -353 | 60 | 412 | — |
| Free cash flow | -364 | -49 | 316 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 9,670 | -633 | -6.5% | -1,273 | -602 | -691 | S100KVL1 |
| FY ending Nov 2020 | 6,561 | -621 | -9.5% | -1,362 | -285 | -312 | S100NKIZ |
| FY ending Nov 2021 | 4,848 | -209 | -4.3% | 304 | -176 | -226 | S100QAJS |
| FY ending Nov 2022 | 2,758 | 427 | 15.5% | 807 | -293 | -309 | S100SYKE |
| FY ending Nov 2023 | 867 | -212 | -24.4% | -658 | -149 | -197 | S100VB26 |
| FY ending Nov 2024 | 2,130 | -247 | -11.6% | -290 | -353 | -364 | S100XN0W |
| FY ending Nov 2025 | 3,562 | -224 | -6.3% | -728 | 60 | -49 | S100XN0W |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36M |
| Operating income per employee (consolidated) | -¥2.3M |
| Net income per employee (consolidated) | -¥7.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 197 | 22 | 24 | 34 | 99 |
| Average salary (parent company) | ¥5.2M | ¥4M | ¥3.9M | ¥4M | ¥6.2M |
| Average age (parent company) | 44.3 years | 38.3 years | 37.5 years | 43.0 years | 51.0 years |
| Average tenure (parent company) | 4.1 years | 4.2 years | 4.3 years | 6.6 years | 0.7 years |

Year over year: Employees (consolidated) +191.2% · Revenue (consolidated) +67.2%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| IoT Relateed Business | 349 | 10.0% | -56 | -16.1% |
| Metaverse digital contents business | 583 | 16.8% | -15 | -2.6% |
| CryptoAssetsBlockChainBusinessReportableSegmentsMember | 728 | 20.9% | 158 | 21.6% |
| Solution Business | 1,820 | 52.3% | 74 | 4.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| IoT Relateed Business | 10.0% | — | — | -16.1% |
| Metaverse digital contents business | 16.8% | — | — | -2.6% |
| CryptoAssetsBlockChainBusinessReportableSegmentsMember | 20.9% | 68.0% | 47.1 | 21.6% |
| Solution Business | 52.3% | 32.0% | -20.3 | 4.1% |

Loss-making segment (excluded from profit shares): IoT Relateed Business -56 JPY mn

Loss-making segment (excluded from profit shares): Metaverse digital contents business -15 JPY mn

Segment → industry: Solution Business → IT Services & System Integration / IoT Relateed Business → IT Services & System Integration / Metaverse digital contents business → Internet Services & Apps / CryptoAssetsBlockChainBusinessReportableSegmentsMember → Crypto & Blockchain / Metaverse digital contents business → Publishing & Bookstores / Solution Business → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 60 | 1.7% | S100XN0W |
| Capital expenditure | 108 | 3.0% | S100XN0W |
| Free cash flow | -49 | -1.4% | 算出 |
| Investing cash flow | 392 | 11.0% | S100XN0W |
| Financing cash flow | -92 | -2.6% | S100XN0W |
| Change in cash | 357 | 10.0% | S100XN0W |
| Cash and equivalents | 1,467 | 41.2% | S100XN0W |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 737 | 509 | 484 | 1,145 | 1,467 | S100SYKE, S100VB26, S100XN0W |
| Total assets | 4,537 | 3,535 | 3,080 | 5,941 | 134,713 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Net assets | 946 | 3,307 | 2,961 | 4,331 | 3,028 | S100SYKE, S100VB26, S100XN0W |
| Share capital | 10 | 10 | 10 | 10 | 10 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Trade receivables | 362 | — | — | — | — | S100QAJS |
| Property, plant and equipment | 226 | 122 | 157 | 154 | 102 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Intangible assets excluding goodwill | 11 | 914 | 860 | 1,969 | 1,490 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Goodwill | — | 905 | 807 | 1,965 | 1,487 | S100SYKE, S100VB26, S100XN0W |
| Investment securities | 1,524 | 1,134 | 634 | 796 | 4,068 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Current assets | 2,345 | 1,321 | 1,396 | 2,903 | 128,817 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Current liabilities | 1,797 | 208 | 107 | 1,390 | 127,838 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Trade payables | 464 | 38 | 5 | — | — | S100QAJS, S100SYKE |
| Short-term borrowings | 351 | 50 | — | — | 366 | S100QAJS, S100SYKE, S100XN0W |
| Long-term borrowings | 681 | 11 | — | 179 | 3,729 | S100QAJS, S100SYKE, S100XN0W |
| Bonds | — | — | — | 29 | 20 | S100XN0W |
| Interest-bearing debt | — | — | — | — | 4,115 | 算出 |
| Total liabilities | 3,591 | 227 | 119 | 1,610 | 131,684 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Non-controlling interests | 101 | — | 0 | 0 | 107 | S100QAJS, S100VB26, S100XN0W |
| Equity attributable to owners of parent | 788 | 3,616 | 2,958 | 4,169 | 2,708 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Retained earnings | -1,911 | -1,105 | -1,762 | -2,051 | -3,088 | S100QAJS, S100SYKE, S100VB26, S100XN0W |
| Treasury stock | -67 | -67 | -67 | -67 | -533 | S100QAJS, S100SYKE, S100VB26, S100XN0W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100XN0W |
| Property, plant and equipment | 0% | S100XN0W |
| Intangibles and goodwill | 2% | S100XN0W |
| Investment securities | 3% | S100XN0W |
| Other assets | 94% | S100XN0W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 3% | 算出 |
| Other liabilities | 95% | S100XN0W |
| Equity | 2% | S100XN0W |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,537 | 3,535 | 3,080 | 5,941 | 134,713 |
| Equity | 946 | 3,307 | 2,961 | 4,331 | 3,028 |
| Interest-bearing debt | — | — | — | — | 4,115 |
| Cash | 737 | 509 | 484 | 1,145 | 1,467 |

## 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) | 2.9% | S100XN0W |
| Fixed assets ÷ total assets | 0.1% | S100XN0W |
| Goodwill ÷ parent equity | 54.9% | S100XN0W |

### 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) | 1.1% |
| Cash ÷ revenue | 41.2% |
| Net cash (cash − interest-bearing debt) | -¥2.65B |
| Net debt ÷ operating cash flow | 44.39× |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 788 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 656.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.3% | 1.07× | 6.7% | 5.76× | 38.6% | S100QAJS |
| 2022 | 29.2% | 0.68× | 20.0% | 1.83× | 36.6% | S100SYKE |
| 2023 | — | —× | -19.9% | —× | — | S100VB26 |
| 2024 | — | —× | -6.4% | —× | — | S100XN0W |
| 2025 | — | —× | -1.0% | —× | — | S100XN0W |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社スケブベンチャーズ | Major shareholder | 31.8% | 2025-11-30 |
| 株式会社実業之日本デジタル | Major shareholder | 6.6% | 2025-11-30 |
| 投資事業有限責任組合デジタルアセットファンド | Major shareholder | 6.3% | 2025-11-30 |
| 株式会社フィスコ | Major shareholder | 6.3% | 2025-11-30 |
| 株式会社實業之日本社 | Major shareholder | 4.3% | 2025-11-30 |
| 株式会社シークエッジ・ジャパン・ホールディングス | Major shareholder | 3.4% | 2025-11-30 |
| 駒田 一央 | Major shareholder | 2.0% | 2025-11-30 |
| 楽天証券株式会社共有口 | Major shareholder | 1.4% | 2025-11-30 |
| 株式会社ＤＭＭ．ｃｏｍ証券 | Major shareholder | 1.3% | 2025-11-30 |
| 水野 勝英 | Major shareholder | 0.9% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2024/12/01－2025/11/30) | S100XN0W | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XN0W,, |
| 有価証券報告書－第41期(2023/12/01－2024/11/30) | S100VB26 | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB26,, |
| 有価証券報告書－第40期(2022/12/01－2023/11/30) | S100SYKE | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYKE,, |
| 有価証券報告書－第39期(2021/12/01－2022/11/30) | S100QAJS | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAJS,, |
| 有価証券報告書－第38期(令和2年12月1日－令和3年11月30日) | S100NKIZ | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKIZ,, |
| 有価証券報告書－第37期(令和1年12月1日－令和2年11月30日) | S100KVL1 | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVL1,, |

## 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).