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Nalnet CommunicationsNalnet Communications Inc.5870東証グロースサービス業FY ending Mar 2026, non-consolidated, J-GAAP

Nalnet Communications revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +16.2% from the prior year, operating profit +83.6%.

Five-year trend

Revenue¥9.93B
FY ending Mar 2023: ¥7.03B¥7.03BFY ending Mar 2024: ¥7.67B¥7.67BFY ending Mar 2025: ¥8.54B¥8.54BFY ending Mar 2026: ¥9.93B¥9.93BFY23FY24FY25FY26
Operating income¥811.8M
FY ending Mar 2023: ¥514.8M¥514.8MFY ending Mar 2024: ¥526.8M¥526.8MFY ending Mar 2025: ¥442.1M¥442.1MFY ending Mar 2026: ¥811.8M¥811.8MFY23FY24FY25FY26
Operating margin8.2%
FY ending Mar 2023: 7.3%7.3%FY ending Mar 2024: 6.9%6.9%FY ending Mar 2025: 5.2%5.2%FY ending Mar 2026: 8.2%8.2%FY23FY24FY25FY26

What drives ROE

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

Net margin5.1%
Asset turnover1.00×
ROA5.0%
ROA5.0%
Financial leverage2.74×
ROE13.8%

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

Net margin5.1%
2023: 8.9%8.9%2024: 4.0%4.0%2025: 2.8%2.8%2026: 5.1%5.1%23242526
Asset turnover1.00×
2023: 0.73×0.73×2024: 0.80×0.80×2025: 0.88×0.88×2026: 1.00×1.00×23242526
ROA5.0%
2023: 6.5%6.5%2024: 3.2%3.2%2025: 2.4%2.4%2026: 5.0%5.0%23242526
Financial leverage2.74×
2023: 3.30×3.30×2024: 3.10×3.10×2025: 2.91×2.91×2026: 2.74×2.74×23242526
ROE13.8%
2023: 21.4%21.4%2024: 9.9%9.9%2025: 7.1%7.1%2026: 13.8%13.8%23242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20238.9%0.73×6.5%3.30×21.4%
20244.0%0.80×3.2%3.10×9.9%
20252.8%0.88×2.4%2.91×7.1%
20265.1%1.00×5.0%2.74×13.8%

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 ÷ revenue6.5%
2023: 10.5%10.5%2024: 9.1%9.1%2025: 7.8%7.8%2026: 6.5%6.5%23242526
PPE ÷ total assets6.4%
2023: 7.7%7.7%2024: 7.3%7.3%2025: 6.7%6.7%2026: 6.4%6.4%23242526
Goodwill ÷ parent equity36.0%
2023: 58.3%58.3%2024: 48.7%48.7%2025: 43.5%43.5%2026: 36.0%36.0%23242526
Goodwill balance¥1.39B
2023: ¥1.7B¥1.7B2024: ¥1.59B¥1.59B2025: ¥1.49B¥1.49B2026: ¥1.39B¥1.39B23242526

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 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue7,0287,6728,5439,925
Cost of revenue4,8485,3616,1667,022
Gross profit2,1792,3112,3772,904
SG&A1,6651,7841,9352,092
Operating income515527442812
Pretax income684512431797
Income tax61207192295
Net income attributable to owners622305238502
Operating margin7.3%6.9%5.2%8.2%

Balance sheet (reported items)

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

Assets

Cash 10%
6%
Intangibles and goodwill 57%
0%
Other assets 27%

Funding

Other liabilities 61%
Equity 39%

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

ItemFY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥572.2M¥996.9M¥829.5M¥995.2M
Total assets¥9.6B¥9.57B¥9.92B¥10B
Net assets¥2.91B¥3.27B¥3.43B¥3.85B
Share capital¥50M¥76.8M¥76.8M¥76.8M
Property, plant and equipment¥736M¥697.8M¥664.7M¥640.5M
Intangible assets excluding goodwill¥5.04B¥4.84B¥4.56B¥4.25B
Goodwill¥1.7B¥1.59B¥1.49B¥1.39B
Investment securities¥12.2M¥14.6M¥13.9M¥19.6M
Current assets¥3.78B¥3.98B¥4.65B¥5.05B
Current liabilities¥4.22B¥4.04B¥4.84B¥5.17B
Short-term borrowings¥580M¥580M¥750M¥750M
Long-term borrowings¥1.33B¥1.23B¥651M¥50M
Total liabilities¥6.69B¥6.3B¥6.49B¥6.14B
Equity attributable to owners of parent¥2.91B¥3.27B¥3.43B¥3.85B
Retained earnings¥272M¥577.2M¥735.5M¥1.16B

Sources

Show source documents (3)

  • EDINET (FSA Japan)

    有価証券報告書－第7期(2025/04/01－2026/03/31)

    ID S100YGEJ2026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第6期(2024/04/01－2025/03/31)

    ID S100W8LA2025-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第5期(2023/04/01－2024/03/31)

    ID S100TT2D2024-06-27Open

Extracted from XBRL: 45 / Derived from other figures: 1

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