# Nakamichi Leasing Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第54期(2025/01/01－2025/12/31) (S100XSCO)
> Page: https://vizora.meequs.com/en/company/nakamichi-leasing
> Retrieved: 2026-09-30T17:57:01.850Z

## Company

Nakamichi Leasing, founded in 1980, is a company in Leasing listed on Sapporo. It has 180 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nakamichi Leasing Co., Ltd. |
| Ticker | 8594 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8594.T) |
| Listing | Sapporo |
| Head office | 札幌市中央区北1条東3丁目3番地 |
| Representative (per filing) | 代表取締役社長 関崇博 |
| Founded | Jan 1980 |
| Share capital | ¥2.3B |
| Employees (consolidated) | 180 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | December |
| Website | www.nakamichi-leasing.co.jp (https://www.nakamichi-leasing.co.jp/) |
| Corporate number | 1430001024094 |
| EDINET | E04801 |
| Industries (Vizora) | Leasing, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XSCO, filed 2026-03-23). As of filing

## Key points (generated from figures)

- About 91% of Nakamichi Leasing's sales come from Lease, installment, operating loans, with Real estate rent and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +9.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥51.2B |  |
| Operating income | ¥1.67B | Margin 3.3% |
| Net income | ¥1.11B | Margin 2.2% |
| Free cash flow | — |  |
| Largest business | Lease, installment, operating loans | of segment revenue 91.4% |
| Employees (consolidated) | 180 |  |
| EPS | ¥149.26 |  |
| Book value per share | ¥1830.82 |  |
| Equity ratio | 8.6% |  |
| Shares outstanding | 8,680,000 |  |
| Treasury shares | 1,466,800 |  |
| Shareholders | 604 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 8.0% | Net cash -¥59.2B · Cash ÷ revenue 24.0% |
| Vs. industry median margin | -3.8 pp | Leasing |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.1× net income
- FY2025, buybacks were 1.5× dividends
- FY2025, one segment accounts for 64% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40302110000 | ¥51233507000 | +27.1% |
| Operating income | ¥687543000 | ¥1670497000 | +143.0% |
| Operating margin | 1.7% | 3.3% | +1.6 pp |
| Employees | 160 people | 180 people | +12.5% |
| Cash and equivalents | ¥8579865000 | ¥12281192000 | +43.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| リース・割賦・営業貸付 → リース・割賦・営業貸付 | 91.2% |
| 不動産賃貸 → 不動産賃貸 | 8.5% |
| 不動産賃貸 → 事業再編・廃止 | 0.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → リース・割賦・営業貸付 | 0.2% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Lease, installment, operating loans | 5 years | +5.0% | ¥46823478000 | 3.5% | 2 |
| Real estate rent | 5 years | +4.3% | ¥4336330000 | 20.2% | 2 |
| Other | 5 years | +17.0% | ¥73699000 | 26.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,234 | 100.0% | S100XSCO |
| Cost of revenue | 46,579 | 90.9% | S100XSCO |
| Gross profit | 4,655 | 9.1% | S100XSCO |
| SG&A | 2,984 | 5.8% | S100XSCO |
| Operating income | 1,670 | 3.3% | S100XSCO |
| Ordinary income | 1,887 | 3.7% | S100XSCO |
| Pretax income | 1,621 | 3.2% | S100XSCO |
| Income tax | 512 | 1.0% | S100XSCO |
| Net income | 1,109 | 2.2% | S100XSCO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.1% → Operating margin 3.3% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +9.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.65×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 49,540 | 51,234 | 1,693 | +3.4% |
| Gross profit | 4,021 | 4,655 | 634 | +15.8% |
| Operating income | 1,532 | 1,670 | 139 | +9.1% |
| Operating cash flow | 821 | 3,400 | 2,579 | +313.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 39,537 | 907 | 2.3% | 619 | -5,422 | — | S100KZBM |
| FY ending Dec 2020 | 40,302 | 688 | 1.7% | 477 | -3,348 | — | S100NO20 |
| FY ending Dec 2021 | 39,293 | 669 | 1.7% | 492 | -12,403 | — | S100QEZM |
| FY ending Dec 2022 | 43,568 | 744 | 1.7% | 567 | -7,141 | — | S100T3WJ |
| FY ending Dec 2023 | 43,177 | 1,044 | 2.4% | 748 | -5,198 | — | S100VG4Q |
| FY ending Dec 2024 | 49,540 | 1,532 | 3.1% | 1,234 | 821 | — | S100XSCO |
| FY ending Dec 2025 | 51,234 | 1,670 | 3.3% | 1,109 | 3,400 | — | S100XSCO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥284.6M |
| Operating income per employee (consolidated) | ¥9.3M |
| Net income per employee (consolidated) | ¥6.2M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 168 | 169 | 172 | 175 | 180 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 39.4 years | 39.4 years | 39.5 years | 39.7 years | 40.0 years |
| Average tenure (parent company) | 13.8 years | 13.8 years | 14.1 years | 14.1 years | 14.2 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Lease, installment, operating loans | 46,823 | 91.4% | 1,628 | 3.5% |
| Real estate rent | 4,336 | 8.5% | 878 | 20.2% |
| Other | 74 | 0.1% | 19 | 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 |
| --- | ---: | ---: | ---: | ---: |
| Lease, installment, operating loans | 91.4% | 64.5% | -26.9 | 3.5% |
| Real estate rent | 8.5% | 34.8% | 26.3 | 20.2% |
| Other | 0.1% | 0.8% | 0.6 | 26.0% |

Segment → industry: Lease, installment, operating loans → Leasing / Real estate rent → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,400 | 6.6% | S100XSCO |
| Investing cash flow | 274 | 0.5% | S100XSCO |
| Financing cash flow | -4,538 | -8.9% | S100XSCO |
| Dividends paid | 134 | 0.3% | S100XSCO |
| Share buyback | 207 | 0.4% | S100XSCO |
| Change in cash | -865 | -1.7% | S100XSCO |
| Cash and equivalents | 12,281 | 24.0% | S100XSCO |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,927 | 6,730 | 7,207 | 13,146 | 12,281 | S100T3WJ, S100VG4Q, S100XSCO |
| Total assets | 136,449 | 144,194 | 151,447 | 158,623 | 153,398 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Net assets | 8,804 | 9,878 | 10,750 | 12,033 | 13,206 | S100T3WJ, S100VG4Q, S100XSCO |
| Share capital | 2,297 | 2,297 | 2,297 | 2,297 | 2,297 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Property, plant and equipment | 17,940 | 18,228 | 18,200 | 18,428 | 17,673 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Intangible assets excluding goodwill | 68 | 90 | 99 | 93 | 256 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Investment securities | 3,848 | 4,568 | 5,580 | 5,745 | 5,842 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Current assets | 110,395 | 117,190 | 123,370 | 130,219 | 125,737 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Current liabilities | 46,647 | 46,043 | 46,115 | 47,501 | 50,145 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Short-term borrowings | 4,470 | 2,770 | 2,570 | 3,542 | 2,597 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Long-term borrowings | 62,615 | 66,062 | 67,826 | 69,945 | 67,233 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Bonds | 5,859 | 5,949 | 5,409 | 6,579 | 1,680 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Interest-bearing debt | 72,944 | 74,780 | 75,805 | 80,065 | 71,510 | 算出 |
| Total liabilities | 127,645 | 134,316 | 140,697 | 146,590 | 140,193 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Equity attributable to owners of parent | 8,674 | 9,720 | 10,411 | 11,558 | 12,331 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Retained earnings | 4,456 | 5,500 | 6,189 | 7,334 | 8,309 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |
| Treasury stock | -217 | -215 | -213 | -211 | -413 | S100QEZM, S100T3WJ, S100VG4Q, S100XSCO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XSCO |
| Property, plant and equipment | 12% | S100XSCO |
| Intangibles and goodwill | 0% | S100XSCO |
| Investment securities | 4% | S100XSCO |
| Other assets | 76% | S100XSCO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 47% | 算出 |
| Other liabilities | 45% | S100XSCO |
| Equity | 8% | S100XSCO |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 136,449 | 144,194 | 151,447 | 158,623 | 153,398 |
| Equity | 8,804 | 9,878 | 10,750 | 12,033 | 13,206 |
| Interest-bearing debt | 72,944 | 74,780 | 75,805 | 80,065 | 71,510 |
| Cash | 6,927 | 6,730 | 7,207 | 13,146 | 12,281 |

## 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) | 34.5% | S100XSCO |
| Fixed assets ÷ total assets | 11.5% | S100XSCO |
| Goodwill ÷ parent equity | — | —, S100XSCO |

### 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) | 8.0% |
| Cash ÷ revenue | 24.0% |
| Net cash (cash − interest-bearing debt) | -¥59.2B |
| Net debt ÷ operating cash flow | 17.42× |
| Cash conversion (operating CF ÷ operating income) | 203.5% |
| Cash vs. profit gap | 2,291 JPY mn (of net income 206.6%) |
| Shareholder returns / net income | 30.8% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 8.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 1.3% | 0.29× | 0.4% | 15.73× | 5.7% | S100QEZM |
| 2022 | 1.3% | 0.31× | 0.4% | 15.26× | 6.2% | S100T3WJ |
| 2023 | 1.7% | 0.29× | 0.5% | 14.69× | 7.4% | S100VG4Q |
| 2024 | 2.5% | 0.32× | 0.8% | 14.11× | 11.2% | S100XSCO |
| 2025 | 2.2% | 0.33× | 0.7% | 13.06× | 9.3% | S100XSCO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 関 寛 | Major shareholder | 19.1% | 2025-12-31 |
| 芙蓉総合リース株式会社 | Major shareholder | 11.5% | 2025-12-31 |
| ノースパシフィック株式会社 | Major shareholder | 11.4% | 2025-12-31 |
| 関 崇博 | Major shareholder | 5.9% | 2025-12-31 |
| 株式会社北洋銀行 | Major shareholder | 5.7% | 2025-12-31 |
| 株式会社北海道銀行 | Major shareholder | 4.0% | 2025-12-31 |
| 野村證券株式会社 | Major shareholder | 3.9% | 2025-12-31 |
| 北海道信用金庫 | Major shareholder | 1.9% | 2025-12-31 |
| 今福 洋介 | Major shareholder | 1.8% | 2025-12-31 |
| 株式会社リアライズコーポレーション | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/01/01－2025/12/31) | S100XSCO | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSCO,, |
| 有価証券報告書－第53期(2024/01/01－2024/12/31) | S100VG4Q | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG4Q,, |
| 有価証券報告書－第52期(2023/01/01－2023/12/31) | S100T3WJ | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3WJ,, |
| 有価証券報告書－第51期(2022/01/01－2022/12/31) | S100QEZM | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QEZM,, |
| 有価証券報告書－第50期(令和3年1月1日－令和3年12月31日) | S100NO20 | 2022-03-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NO20,, |
| 有価証券報告書－第49期(令和2年1月1日－令和2年12月31日) | S100KZBM | 2021-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZBM,, |

## 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).