Nagase BrothersNagase Brothers Inc.9733東証スタンダードサービス業FY ending Mar 2026, consolidated, J-GAAP

Nagase Brothers revenue and profit

Out of every ¥100 of sales, about ¥9 is left as operating profit. Revenue changed +16.2% from the prior year, operating profit +22.9%.

Five-year trend

Revenue¥64.2B
FY ending Mar 2022: ¥49.4B¥49.4BFY ending Mar 2023: ¥52.4B¥52.4BFY ending Mar 2024: ¥53B¥53BFY ending Mar 2025: ¥55.3B¥55.3BFY ending Mar 2026: ¥64.2B¥64.2BFY22FY23FY24FY25FY26
Operating income¥5.98B
FY ending Mar 2022: ¥5.59B¥5.59BFY ending Mar 2023: ¥5.37B¥5.37BFY ending Mar 2024: ¥4.54B¥4.54BFY ending Mar 2025: ¥4.86B¥4.86BFY ending Mar 2026: ¥5.98B¥5.98BFY22FY23FY24FY25FY26
Operating margin9.3%
FY ending Mar 2022: 11.3%11.3%FY ending Mar 2023: 10.3%10.3%FY ending Mar 2024: 8.6%8.6%FY ending Mar 2025: 8.8%8.8%FY ending Mar 2026: 9.3%9.3%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin6.2%
Asset turnover0.68×
ROA4.2%
ROA4.2%
Financial leverage4.22×
ROE17.9%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin6.2%
2022: 7.0%7.0%2023: 7.6%7.6%2024: 4.9%4.9%2025: 3.5%3.5%2026: 6.2%6.2%2223242526
Asset turnover0.68×
2022: 0.65×0.65×2023: 0.68×0.68×2024: 0.64×0.64×2025: 0.62×0.62×2026: 0.68×0.68×2223242526
ROA4.2%
2022: 4.5%4.5%2023: 5.2%5.2%2024: 3.1%3.1%2025: 2.2%2.2%2026: 4.2%4.2%2223242526
Financial leverage4.22×
2022: 3.82×3.82×2023: 3.65×3.65×2024: 3.73×3.73×2025: 4.07×4.07×2026: 4.22×4.22×2223242526
ROE17.9%
2022: 17.1%17.1%2023: 18.9%18.9%2024: 11.7%11.7%2025: 8.9%8.9%2026: 17.9%17.9%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20227.0%0.65×4.5%3.82×17.1%
20237.6%0.68×5.2%3.65×18.9%
20244.9%0.64×3.1%3.73×11.7%
20253.5%0.62×2.2%4.07×8.9%
20266.2%0.68×4.2%4.22×17.9%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue49.1%
2021: 59.7%59.7%2022: 59.5%59.5%2023: 54.1%54.1%2024: 53.2%53.2%2025: 55.9%55.9%2026: 49.1%49.1%212223242526
PPE ÷ total assets32.2%
2021: 38.2%38.2%2022: 38.4%38.4%2023: 36.2%36.2%2024: 31.9%31.9%2025: 34.3%34.3%2026: 32.2%32.2%212223242526
Goodwill ÷ parent equity11.4%
2022: 5.0%5.0%2023: 14.2%14.2%2024: 12.6%12.6%2025: 14.5%14.5%2026: 11.4%11.4%212223242526
Goodwill balance¥2.62B
2022: ¥1.01B¥1.01B2023: ¥3.16B¥3.16B2024: ¥2.8B¥2.8B2025: ¥3.13B¥3.13B2026: ¥2.62B¥2.62B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue49,40652,35452,98655,25564,183
Cost of revenue—————
Gross profit—————
SG&A9,9549,6359,7959,57510,668
Operating income5,5905,3694,5384,8645,979
Pretax income5,0586,0004,1283,4306,011
Income tax1,6181,9991,5261,4732,027
Net income attributable to owners3,4404,0002,6021,9563,983
Operating margin11.3%10.3%8.6%8.8%9.3%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 16%
Property, plant and equipment 32%
Intangibles and goodwill 9%
Investment securities 26%
Other assets 17%

Funding

Other liabilities 62%
Equity 38%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥18.9B¥16.9B¥23.8B¥15.9B¥15.8B
Total assets¥76.6B¥78.1B¥88.3B¥90.1B¥97.9B
Net assets¥23.1B¥26.4B¥28.8B¥31.2B¥36.9B
Share capital¥2.14B¥2.14B¥2.14B¥2.14B¥2.14B
Property, plant and equipment¥29.4B¥28.3B¥28.2B¥30.9B¥31.5B
Intangible assets excluding goodwill¥3.74B¥5.88B¥5.24B¥6.5B¥6.17B
Goodwill¥1.01B¥3.16B¥2.8B¥3.13B¥2.62B
Investment securities¥10.5B¥12.3B¥15.5B¥19.4B¥25.4B
Current assets¥26.3B¥24.6B¥32.6B¥25.4B¥26.9B
Current liabilities¥20.2B¥20.1B¥26B¥20.8B¥23.4B
Short-term borrowings¥649M¥642M¥1.94B¥792M—
Long-term borrowings¥12.6B¥11.9B¥20B¥22.6B¥20.8B
Bonds¥15.7B¥13.7B¥6.56B¥6.03B¥5.5B
Interest-bearing debt¥28.9Bderived¥26.3Bderived¥28.5Bderived¥29.4Bderived—
Total liabilities¥53.5B¥51.7B¥59.5B¥58.9B¥60.9B
Equity attributable to owners of parent¥20.1B¥22.3B¥22.3B¥21.6B¥22.9B
Retained earnings¥20.6B¥22.9B¥22.9B¥22.2B¥23.5B
Treasury stock-¥4.86B-¥4.86B-¥4.86B-¥4.86B-¥4.86B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第51期(2025/04/01-2026/03/31)

    ID S100YK8I2026-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第50期(2024/04/01-2025/03/31)

    ID S100W3FI2025-06-26Open
  • EDINET (FSA Japan)

    有価証券報告書-第49期(2023/04/01-2024/03/31)

    ID S100TSOJ2024-06-27Open
  • EDINET (FSA Japan)

    有価証券報告書-第48期(2022/04/01-2023/03/31)

    ID S100R7FZ2023-06-29Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第47期(2021/04/01-2022/03/31)

    ID S100QILW2023-03-31Open
  • EDINET (FSA Japan)

    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)

    ID S100LUCS2021-06-29Open

Extracted from XBRL: 47 / Derived from other figures: 1

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