# Nagase Brothers Inc.: 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) (S100YK8I)
> Page: https://vizora.meequs.com/en/company/nagase-brothers
> Retrieved: 2026-09-30T21:55:53.402Z

## Company

Nagase Brothers, founded in 1971, is a company in Sporting Goods & Fitness listed on TSE Standard. It has 1,628 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nagase Brothers Inc. |
| Ticker | 9733 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9733.T) |
| Listing | TSE Standard |
| Head office | 東京都武蔵野市吉祥寺南町一丁目29番2号 |
| Representative (per filing) | 代表取締役社長 永瀬 昭幸 |
| Founded | Mar 1971 |
| Share capital | ¥2.14B |
| Employees (consolidated) | 1,628 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.toshin.com (https://www.toshin.com/) |
| Corporate number | 9012401011590 |
| EDINET | E04824 |
| Industries (Vizora) | Sporting Goods & Fitness, Education |

> Profile source: annual securities report (S100YK8I, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Education (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.8 | 26 |
| Profitability | 61.7 | 30 |
| Cash conversion | 83.9 | 28 |
| Efficiency | 15 | 30 |

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 46% of Nagase Brothers's sales come from High school student section, with Sports business section and Primary and secondary student section making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: High school student section 45.9%、Sports business section 27.7%、Primary and secondary student section 20.8%、Business school section 3.1%、Other 2.4%
- Revenue → net income: ¥64183000000 → ¥3983000000
- Net income → operating cash flow: ¥3983000000 → ¥10546000000（difference ¥6563000000）
- Main uses of operating cash flow: CapEx ¥3780000000 / dividends ¥2631000000 / buybacks —
- Change in cash: ¥-177000000
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 | ¥64.2B |  |
| Operating income | ¥5.98B | Margin 9.3% |
| Net income | ¥3.98B | Margin 6.2% |
| Free cash flow | ¥6.77B |  |
| Largest business | High school student section | of segment revenue 45.9% |
| Employees (consolidated) | 1,628 |  |
| EPS | ¥148.86 |  |
| Book value per share | ¥1230.45 |  |
| Equity ratio | 37.7% |  |
| Shares outstanding | 30,445,227 |  |
| Treasury shares | 4,119,100 |  |
| Shareholders | 10,051 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 16.1% | Cash ÷ revenue 24.5% |
| Vs. industry median margin | +2 pp | Education |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.6× net income
- FY2026, segment profit share differs by -22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45853000000 | ¥64183000000 | +40.0% |
| Operating income | ¥4592000000 | ¥5979000000 | +30.2% |
| Operating margin | 10.0% | 9.3% | -0.7 pp |
| Employees | 1,233 people | 1,628 people | +32.0% |
| Cash and equivalents | ¥19374000000 | ¥15755000000 | -18.7% |

### 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 |
| --- | ---: |
| 高校生部門 → 高校生部門 | 45.9% |
| 高校生部門 → 事業再編・廃止 | 16.2% |
| 小・中学生部門 → 小・中学生部門 | 20.3% |
| スイミングスクール部門 → 事業再編・廃止 | 12.3% |
| ビジネススクール部門 → ビジネススクール部門 | 3.1% |
| ビジネススクール部門 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 1.8% |
| 新設・再編 → 小・中学生部門 | 0.5% |
| 新設・再編 → スポーツ事業部門 | 27.7% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| High school student section | 5 years | +0.7% | ¥29487000000 | 19.5% | 2 |
| Sports business section | 2 years | +34.0% | ¥17798000000 | 3.1% | 2 |
| Primary and secondary student section | 5 years | +7.5% | ¥13351000000 | 20.2% | 2 |
| Business school section | 5 years | +5.1% | ¥2000000000 | 25.3% | 2 |
| Other | 5 years | +13.1% | ¥1545000000 | 23.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 64,183 | 100.0% | S100YK8I |
| SG&A | 10,668 | 16.6% | S100YK8I |
| Operating income | 5,979 | 9.3% | S100YK8I |
| Ordinary income | 5,825 | 9.1% | S100YK8I |
| Pretax income | 6,011 | 9.4% | S100YK8I |
| Income tax | 2,027 | 3.2% | S100YK8I |
| Net income | 3,983 | 6.2% | S100YK8I |
| Net income attributable to owners | 3,983 | 6.2% | S100YK8I |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Operating margin 9.3% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.2%; Core profit growth: +22.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.42×
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 | 55,255 | 64,183 | 8,928 | +16.2% |
| Operating income | 4,864 | 5,979 | 1,115 | +22.9% |
| Net income attributable to owners | 1,956 | 3,983 | 2,027 | +103.6% |
| Operating cash flow | 8,183 | 10,546 | 2,363 | +28.9% |
| Free cash flow | 5,892 | 6,766 | 874 | +14.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,182 | 4,575 | 10.1% | 2,926 | 7,409 | 2,847 | S100LUCS |
| FY ending Mar 2021 | 45,853 | 4,592 | 10.0% | 2,427 | 6,344 | 4,499 | S100QILW |
| FY ending Mar 2022 | 49,406 | 5,590 | 11.3% | 3,440 | 5,775 | 3,727 | S100R7FZ |
| FY ending Mar 2023 | 52,354 | 5,369 | 10.3% | 4,000 | 4,680 | 2,085 | S100TSOJ |
| FY ending Mar 2024 | 52,986 | 4,538 | 8.6% | 2,602 | 4,067 | 1,994 | S100W3FI |
| FY ending Mar 2025 | 55,255 | 4,864 | 8.8% | 1,956 | 8,183 | 5,892 | S100YK8I |
| FY ending Mar 2026 | 64,183 | 5,979 | 9.3% | 3,983 | 10,546 | 6,766 | S100YK8I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.4M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 1,391 | 1,483 | 1,398 | 1,607 | 1,628 |
| Average salary (parent company) | ¥7.7M | ¥7.9M | ¥8.2M | ¥8.6M | ¥8.9M |
| Average age (parent company) | 37.5 years | 38.0 years | 38.3 years | 38.3 years | 38.3 years |
| Average tenure (parent company) | 10.7 years | 11.2 years | 11.4 years | 11.6 years | 12.0 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +16.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| High school student section | 29,487 | 45.9% | 5,747 | 19.5% |
| Primary and secondary student section | 13,351 | 20.8% | 2,694 | 20.2% |
| Sports business section | 17,798 | 27.7% | 548 | 3.1% |
| Business school section | 2,000 | 3.1% | 505 | 25.3% |
| Other | 1,545 | 2.4% | 363 | 23.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| High school student section | 45.9% | 58.3% | 12.4 | 19.5% |
| Primary and secondary student section | 20.8% | 27.3% | 6.5 | 20.2% |
| Sports business section | 27.7% | 5.6% | -22.2 | 3.1% |
| Business school section | 3.1% | 5.1% | 2.0 | 25.3% |
| Other | 2.4% | 3.7% | 1.3 | 23.5% |

Segment → industry: Sports business section → Sporting Goods & Fitness / Business school section → Education / Primary and secondary student section → Education / High school student section → Education

## 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 | 10,546 | 16.4% | S100YK8I |
| Capital expenditure | 3,780 | 5.9% | S100YK8I |
| Free cash flow | 6,766 | 10.5% | 算出 |
| Investing cash flow | -6,779 | -10.6% | S100YK8I |
| Financing cash flow | -3,980 | -6.2% | S100YK8I |
| Dividends paid | 2,631 | 4.1% | S100YK8I |
| Change in cash | -177 | -0.3% | S100YK8I |
| Cash and equivalents | 15,755 | 24.5% | S100YK8I |

## 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 | 18,921 | 16,945 | 23,827 | 15,932 | 15,755 | S100TSOJ, S100W3FI, S100YK8I |
| Total assets | 76,564 | 78,104 | 88,286 | 90,107 | 97,882 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Net assets | 23,110 | 26,447 | 28,766 | 31,172 | 36,946 | S100TSOJ, S100W3FI, S100YK8I |
| Share capital | 2,138 | 2,138 | 2,138 | 2,138 | 2,138 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Property, plant and equipment | 29,416 | 28,299 | 28,168 | 30,885 | 31,507 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Intangible assets excluding goodwill | 3,739 | 5,885 | 5,240 | 6,496 | 6,173 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Goodwill | 1,010 | 3,158 | 2,799 | 3,126 | 2,622 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Investment securities | 10,511 | 12,253 | 15,480 | 19,360 | 25,417 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Current assets | 26,295 | 24,571 | 32,617 | 25,396 | 26,883 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Current liabilities | 20,178 | 20,093 | 25,955 | 20,750 | 23,450 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Short-term borrowings | 649 | 642 | 1,942 | 792 | — | S100R7FZ, S100TSOJ, S100W3FI |
| Long-term borrowings | 12,590 | 11,948 | 20,006 | 22,626 | 20,834 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Bonds | 15,709 | 13,692 | 6,560 | 6,028 | 5,496 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Interest-bearing debt | 28,948 | 26,282 | 28,508 | 29,446 | — | 算出 |
| Total liabilities | 53,454 | 51,657 | 59,520 | 58,934 | 60,936 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Equity attributable to owners of parent | 20,059 | 22,305 | 22,275 | 21,599 | 22,950 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Retained earnings | 20,639 | 22,884 | 22,854 | 22,178 | 23,529 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |
| Treasury stock | -4,858 | -4,858 | -4,858 | -4,858 | -4,858 | S100R7FZ, S100TSOJ, S100W3FI, S100YK8I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YK8I |
| Property, plant and equipment | 32% | S100YK8I |
| Intangibles and goodwill | 9% | S100YK8I |
| Investment securities | 26% | S100YK8I |
| Other assets | 17% | S100YK8I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YK8I |
| Equity | 38% | S100YK8I |

### 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 | 76,564 | 78,104 | 88,286 | 90,107 | 97,882 |
| Equity | 23,110 | 26,447 | 28,766 | 31,172 | 36,946 |
| Interest-bearing debt | 28,948 | 26,282 | 28,508 | 29,446 | — |
| Cash | 18,921 | 16,945 | 23,827 | 15,932 | 15,755 |

## 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) | 49.1% | S100YK8I |
| Fixed assets ÷ total assets | 32.2% | S100YK8I |
| Goodwill ÷ parent equity | 11.4% | S100YK8I |

Goodwill over 4 years: 1,010 → 2,622 JPY; total investing cash flow: -24,885 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) | 16.1% |
| Cash ÷ revenue | 24.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 176.4% |
| Cash vs. profit gap | 6,563 JPY mn (of net income 164.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 66.1% |
| Shareholder payments — dividends / FCF | 38.9% |
| CapEx intensity (capex ÷ revenue) | 5.9% |
| Investing CF relative to operating CF | 64.3% |

## 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 | 7.0% | 0.65× | 4.5% | 3.82× | 17.1% | S100R7FZ |
| 2023 | 7.6% | 0.68× | 5.2% | 3.65× | 18.9% | S100TSOJ |
| 2024 | 4.9% | 0.64× | 3.1% | 3.73× | 11.7% | S100W3FI |
| 2025 | 3.5% | 0.62× | 2.2% | 4.07× | 8.9% | S100YK8I |
| 2026 | 6.2% | 0.68× | 4.2% | 4.22× | 17.9% | S100YK8I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社昭学社 | Major shareholder | 37.0% | 2026-03-31 |
| 永瀬 昭幸 | Major shareholder | 17.9% | 2026-03-31 |
| 株式会社Ｎ，ａｐｐｌｅ | Major shareholder | 9.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 永瀬 昭典 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.7% | 2026-03-31 |
| ナガセ従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 永瀬 照久 | Major shareholder | 0.7% | 2026-03-31 |
| 黒田 茂夫 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第51期(2025/04/01－2026/03/31) | S100YK8I | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK8I,, |
| 有価証券報告書－第50期(2024/04/01－2025/03/31) | S100W3FI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3FI,, |
| 有価証券報告書－第49期(2023/04/01－2024/03/31) | S100TSOJ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSOJ,, |
| 有価証券報告書－第48期(2022/04/01－2023/03/31) | S100R7FZ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7FZ,, |
| 訂正有価証券報告書－第47期(2021/04/01－2022/03/31) | S100QILW | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QILW,, |
| 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) | S100LUCS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUCS,, |

## 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).