# NAC CO .,LTD.: 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55期(2025/04/01－2026/03/31) (S100YKSL)
> Page: https://vizora.meequs.com/en/company/nac-co
> Retrieved: 2026-09-30T20:25:55.284Z

## Company

NAC Co ., founded in 1971, is a company in Consulting listed on TSE Prime. It has 1,699 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAC CO.,LTD. |
| Ticker | 9788 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9788.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区西新宿一丁目25番1号 |
| Representative (per filing) | 代表取締役社長 吉村 寛 |
| Founded | May 1971 |
| Share capital | ¥6.73B |
| Employees (consolidated) | 1,699 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.nacoo.com (https://www.nacoo.com/) |
| Corporate number | 9011101015480 |
| EDINET | E04934 |
| Industries (Vizora) | Consulting, Beverages & Dairy, Homebuilders, Housing Equipment & Building Materials, Home & Lifestyle Services, Cosmetics |

> Profile source: annual securities report (S100YKSL, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Home & Lifestyle Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.8 | 9 |
| Profitability | 45 | 10 |
| Cash conversion | 35 | 10 |
| Efficiency | 75 | 10 |

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 30% of NAC Co .'s sales come from Rental, with CreCla and Housing Sales making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -17.4%.

## Company structure

- Segment revenue mix: Rental 30.4%、CreCla 27.2%、Housing Sales 19.8%、Beauty and Health 11.3%、Construction Consulting 8.0%
- Revenue → net income: ¥58919000000 → ¥1631000000
- Net income → operating cash flow: ¥1631000000 → ¥1323000000（difference ¥-308000000）
- Main uses of operating cash flow: CapEx ¥512000000 / dividends ¥924000000 / buybacks —
- Change in cash: ¥-105000000
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 | ¥58.9B |  |
| Operating income | ¥2.48B | Margin 4.2% |
| Net income | ¥1.63B | Margin 2.8% |
| Free cash flow | ¥811M |  |
| Largest business | Rental | of segment revenue 30.4% |
| Employees (consolidated) | 1,699 |  |
| EPS | ¥21.13 |  |
| Book value per share | ¥563.51 |  |
| Equity ratio | 59.5% |  |
| Shares outstanding | 46,613,500 |  |
| Treasury shares | 4,517,000 |  |
| Shareholders | 39,069 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 21.7% | Cash ÷ revenue 14.3% |
| Vs. industry median margin | -0.1 pp | Home & Lifestyle Services |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55513000000 | ¥58919000000 | +6.1% |
| Operating income | ¥2782000000 | ¥2483000000 | -10.7% |
| Operating margin | 5.0% | 4.2% | -0.8 pp |
| Employees | 1,583 people | 1,699 people | +7.3% |
| Cash and equivalents | ¥14188000000 | ¥8454000000 | -40.4% |

### 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 |
| --- | ---: |
| クリクラ事業 → クリクラ事業 | 26.8% |
| レンタル事業 → レンタル事業 | 26.3% |
| 建築コンサルティング事業 → 建築コンサルティング事業 | 8.0% |
| 建築コンサルティング事業 → 事業再編・廃止 | 7.3% |
| 住宅事業 → 住宅事業 | 18.6% |
| 美容・健康事業 → 美容・健康事業 | 11.3% |
| 美容・健康事業 → 事業再編・廃止 | 1.7% |
| 新設・再編 → クリクラ事業 | 0.4% |
| 新設・再編 → レンタル事業 | 4.1% |
| 新設・再編 → 住宅事業 | 1.2% |
| 新設・再編 → その他 | 3.3% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Rental | 5 years | +4.2% | ¥17932000000 | 8.3% | 2 |
| CreCla | 5 years | +1.5% | ¥16046000000 | 11.5% | 2 |
| Housing Sales | 5 years | +2.5% | ¥11681000000 | 2.4% | 2 |
| Beauty and Health | 5 years | -1.5% | ¥6642000000 | 3.7% | 2 |
| Construction Consulting | 5 years | -11.2% | ¥4698000000 | 2.0% | 2 |
| Other | — | — | ¥1916000000 | -12.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,919 | 100.0% | S100YKSL |
| Cost of revenue | 30,539 | 51.8% | S100YKSL |
| Gross profit | 28,380 | 48.2% | S100YKSL |
| SG&A | 25,896 | 44.0% | S100YKSL |
| Operating income | 2,483 | 4.2% | S100YKSL |
| Ordinary income | 2,485 | 4.2% | S100YKSL |
| Pretax income | 2,440 | 4.1% | S100YKSL |
| Income tax | 808 | 1.4% | S100YKSL |
| Net income | 1,631 | 2.8% | S100YKSL |
| Net income attributable to owners | 1,631 | 2.8% | S100YKSL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 44 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 48.2% → Operating margin 4.2% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -17.4%
Operating leverage (core profit growth ÷ revenue growth): 11.95×
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 | 59,791 | 58,919 | -872 | -1.5% |
| Gross profit | 28,137 | 28,380 | 243 | +0.9% |
| Operating income | 3,007 | 2,483 | -524 | -17.4% |
| Net income attributable to owners | 1,365 | 1,631 | 266 | +19.5% |
| Operating cash flow | 4,136 | 1,323 | -2,813 | -68.0% |
| Free cash flow | 3,651 | 811 | -2,840 | -77.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 88,222 | 2,118 | 2.4% | 514 | 2,488 | 1,726 | S100LVUN |
| FY ending Mar 2021 | 55,513 | 2,782 | 5.0% | 1,837 | 6,454 | 5,850 | S100OM4N |
| FY ending Mar 2022 | 54,924 | 2,760 | 5.0% | 1,708 | 2,847 | 2,195 | S100RAC1 |
| FY ending Mar 2023 | 57,068 | 3,232 | 5.7% | 2,002 | 1,709 | 1,395 | S100TVPF |
| FY ending Mar 2024 | 54,433 | 2,298 | 4.2% | 1,436 | -10 | -447 | S100W6TK |
| FY ending Mar 2025 | 59,791 | 3,007 | 5.0% | 1,365 | 4,136 | 3,651 | S100YKSL |
| FY ending Mar 2026 | 58,919 | 2,483 | 4.2% | 1,631 | 1,323 | 811 | S100YKSL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.7M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥960K |

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) | 1,633 | 1,591 | 1,636 | 1,717 | 1,699 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥5.3M | ¥4.8M | ¥5.4M |
| Average age (parent company) | 37.8 years | 38.6 years | 39.2 years | 39.7 years | 39.7 years |
| Average tenure (parent company) | 9.6 years | 9.4 years | 9.8 years | 10.4 years | 10.4 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -1.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| CreCla | 16,046 | 27.2% | 1,846 | 11.5% |
| Rental | 17,932 | 30.4% | 1,483 | 8.3% |
| Construction Consulting | 4,698 | 8.0% | 92 | 2.0% |
| Housing Sales | 11,681 | 19.8% | 278 | 2.4% |
| Beauty and Health | 6,642 | 11.3% | 247 | 3.7% |
| Other | 1,916 | 3.3% | -231 | -12.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| CreCla | 27.2% | 46.8% | 19.5 | 11.5% |
| Rental | 30.4% | 37.6% | 7.1 | 8.3% |
| Construction Consulting | 8.0% | 2.3% | -5.6 | 2.0% |
| Housing Sales | 19.8% | 7.0% | -12.8 | 2.4% |
| Beauty and Health | 11.3% | 6.3% | -5.0 | 3.7% |
| Other | 3.3% | — | — | -12.1% |

Loss-making segment (excluded from profit shares): Other -231 JPY mn

Segment → industry: Construction Consulting → Consulting / CreCla → Beverages & Dairy / Housing Sales → Homebuilders / Construction Consulting → Housing Equipment & Building Materials / Rental → Home & Lifestyle Services / Beauty and Health → Cosmetics

## 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 | 1,323 | 2.2% | S100YKSL |
| Capital expenditure | 512 | 0.9% | S100YKSL |
| Free cash flow | 811 | 1.4% | 算出 |
| Investing cash flow | -425 | -0.7% | S100YKSL |
| Financing cash flow | -1,002 | -1.7% | S100YKSL |
| Dividends paid | 924 | 1.6% | S100YKSL |
| Change in cash | -105 | -0.2% | S100YKSL |
| Cash and equivalents | 8,454 | 14.3% | S100YKSL |

## 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 | 12,187 | 11,029 | 8,056 | 8,560 | 8,454 | S100TVPF, S100W6TK, S100YKSL |
| Total assets | 39,724 | 38,735 | 37,615 | 38,191 | 38,878 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Net assets | 22,138 | 23,204 | 22,715 | 22,394 | 23,115 | S100TVPF, S100W6TK, S100YKSL |
| Share capital | 6,729 | 6,729 | 6,729 | 6,729 | 6,729 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Trade receivables | 4,557 | 5,393 | 5,767 | 5,431 | 5,663 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Property, plant and equipment | 8,720 | 8,225 | 7,848 | 8,697 | 8,386 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Intangible assets excluding goodwill | 1,890 | 1,477 | 1,263 | 1,516 | 1,451 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Goodwill | 624 | 452 | 436 | 891 | 713 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Investment securities | 1,107 | 1,218 | 1,409 | 1,096 | 1,031 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Current assets | 25,091 | 24,875 | 24,007 | 23,736 | 24,891 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Current liabilities | 12,576 | 11,470 | 11,226 | 11,623 | 11,825 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Short-term borrowings | 2,800 | 2,400 | 3,000 | 2,700 | 2,700 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Long-term borrowings | 2,843 | 2,195 | 1,993 | 2,505 | 2,596 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Total liabilities | 17,585 | 15,531 | 14,899 | 15,796 | 15,762 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Non-controlling interests | 74 | — | — | — | — | S100RAC1 |
| Equity attributable to owners of parent | 22,627 | 23,775 | 23,384 | 23,064 | 23,817 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Retained earnings | 13,297 | 14,414 | 14,685 | 15,141 | 15,852 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |
| Treasury stock | -1,284 | -1,262 | -1,409 | -2,199 | -2,165 | S100RAC1, S100TVPF, S100W6TK, S100YKSL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YKSL |
| Receivables | 14% | S100YKSL |
| Property, plant and equipment | 22% | S100YKSL |
| Intangibles and goodwill | 5% | S100YKSL |
| Investment securities | 3% | S100YKSL |
| Other assets | 34% | S100YKSL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100YKSL |
| Equity | 59% | S100YKSL |
| Other liabilities | 0% | S100YKSL |

### 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 | 39,724 | 38,735 | 37,615 | 38,191 | 38,878 |
| Equity | 22,138 | 23,204 | 22,715 | 22,394 | 23,115 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,187 | 11,029 | 8,056 | 8,560 | 8,454 |

## 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) | 14.2% | S100YKSL |
| Fixed assets ÷ total assets | 21.6% | S100YKSL |
| Goodwill ÷ parent equity | 3.0% | S100YKSL |

Goodwill over 4 years: 624 → 713 JPY; total investing cash flow: -3,547 JPY. This does not imply causation.

### 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) | 21.7% |
| Cash ÷ revenue | 14.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.3% |
| Cash vs. profit gap | -308 JPY mn (of net income -18.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 56.7% |
| Shareholder payments — dividends / FCF | 113.9% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 32.1% |

## 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 | 3.1% | 1.38× | 4.3% | 1.76× | 7.5% | S100RAC1 |
| 2023 | 3.5% | 1.45× | 5.1% | 1.69× | 8.6% | S100TVPF |
| 2024 | 2.6% | 1.43× | 3.8% | 1.62× | 6.1% | S100W6TK |
| 2025 | 2.3% | 1.58× | 3.6% | 1.63× | 5.9% | S100YKSL |
| 2026 | 2.8% | 1.53× | 4.2% | 1.64× | 7.0% | S100YKSL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ダスキン | Major shareholder | 27.9% | 2026-03-31 |
| 株式会社ヤマダホールディングス | Major shareholder | 10.6% | 2026-03-31 |
| 株式会社キャピタル | Major shareholder | 7.7% | 2026-03-31 |
| 日本マスタートラスト 信託銀行株式会社(信託口) | Major shareholder | 3.7% | 2026-03-31 |
| ナック従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| レモンガス株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| エクセレント株主会 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ブリリアントフューチャー | Major shareholder | 1.7% | 2026-03-31 |
| 西山 文江 | Major shareholder | 1.4% | 2026-03-31 |
| 西山 由之 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YKSL | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKSL,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100W6TK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6TK,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TVPF | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVPF,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100RAC1 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAC1,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100OM4N | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM4N,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LVUN | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVUN,, |

## 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).