# Nalnet Communications Inc.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2025/04/01－2026/03/31) (S100YGEJ)
> Page: https://vizora.meequs.com/en/company/nal-mt
> Retrieved: 2026-09-30T19:49:44.421Z

## Company

Nalnet Communications, founded in 2019, is a company in Business Process Outsourcing listed on TSE Growth. It has 108 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nalnet Communications Inc. |
| Ticker | 5870 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5870.T) |
| Listing | TSE Growth |
| Head office | 愛知県春日井市下市場町五丁目1番地16 |
| Representative (per filing) | 代表取締役社長 鈴木 隆志 |
| Founded | Jul 2019 |
| Share capital | ¥76.8M |
| Employees (consolidated) | 108 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.nal-mt.co.jp (https://www.nal-mt.co.jp/) |
| Corporate number | 9010401147034 |
| EDINET | E39158 |
| Industries (Vizora) | Business Process Outsourcing |

> Profile source: annual securities report (S100YGEJ, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Business Process Outsourcing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 18 |
| Profitability | 73.8 | 21 |
| Cash conversion | 38.2 | 17 |
| Efficiency | 31 | 21 |

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)

- Nalnet Communications brought in ¥9.93B in revenue.
- 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%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9925390000 → ¥501865000
- Net income → operating cash flow: ¥501865000 → ¥838871000（difference ¥337006000）
- Main uses of operating cash flow: CapEx ¥83729000 / dividends ¥79952000 / buybacks —
- Change in cash: ¥165701000
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 | ¥9.93B |  |
| Operating income | ¥811.8M | Margin 8.2% |
| Net income | ¥501.9M | Margin 5.1% |
| Free cash flow | ¥755.1M |  |
| Employees (consolidated) | 108 |  |
| EPS | ¥94.12 |  |
| Book value per share | ¥722.74 |  |
| Equity ratio | 38.6% |  |
| Shares outstanding | 5,332,100 |  |
| Shareholders | 2,266 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 10.0% |
| Vs. industry median margin | +4.3 pp | Business Process Outsourcing |
| ROE | 13.8% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## What changed in 3 years

| Metric | FY ending Mar 2023 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7027722000 | ¥9925390000 | +41.2% |
| Operating income | ¥514773000 | ¥811763000 | +57.7% |
| Operating margin | 7.3% | 8.2% | +0.9 pp |
| Employees | 97 people | 108 people | +11.3% |
| Cash and equivalents | ¥572219000 | ¥995180000 | +73.9% |

### Change in segment revenue mix

Span: FY ending Mar 2023 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,925 | 100.0% | S100YGEJ |
| Cost of revenue | 7,022 | 70.7% | S100YGEJ |
| Gross profit | 2,904 | 29.3% | S100YGEJ |
| SG&A | 2,092 | 21.1% | S100YGEJ |
| Operating income | 812 | 8.2% | S100YGEJ |
| Ordinary income | 800 | 8.1% | S100YGEJ |
| Pretax income | 797 | 8.0% | S100YGEJ |
| Income tax | 295 | 3.0% | S100YGEJ |
| Net income | 502 | 5.1% | S100YGEJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 29.3% → Operating margin 8.2% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.2%; Core profit growth: +83.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.17×
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 | 8,543 | 9,925 | 1,383 | +16.2% |
| Gross profit | 2,377 | 2,904 | 527 | +22.2% |
| Operating income | 442 | 812 | 370 | +83.6% |
| Operating cash flow | 428 | 839 | 411 | +96.2% |
| Free cash flow | 337 | 755 | 418 | +124.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2023 | 7,028 | 515 | 7.3% | 622 | 374 | 262 | S100TT2D |
| FY ending Mar 2024 | 7,672 | 527 | 6.9% | 305 | 827 | 670 | S100W8LA |
| FY ending Mar 2025 | 8,543 | 442 | 5.2% | 238 | 428 | 337 | S100YGEJ |
| FY ending Mar 2026 | 9,925 | 812 | 8.2% | 502 | 839 | 755 | S100YGEJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.9M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥4.6M |

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

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 97 | 106 | 108 | 108 |
| Average salary (parent company) | — | ¥5.6M | ¥5.7M | ¥6M |
| Average age (parent company) | — | 40.0 years | 40.6 years | 41.0 years |
| Average tenure (parent company) | — | 8.0 years | 8.4 years | 9.1 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +16.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 839 | 8.5% | S100YGEJ |
| Capital expenditure | 84 | 0.8% | S100YGEJ |
| Free cash flow | 755 | 7.6% | 算出 |
| Investing cash flow | -84 | -0.9% | S100YGEJ |
| Financing cash flow | -589 | -5.9% | S100YGEJ |
| Dividends paid | 80 | 0.8% | S100YGEJ |
| Change in cash | 166 | 1.7% | S100YGEJ |
| Cash and equivalents | 995 | 10.0% | S100YGEJ |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 572 | 997 | 829 | 995 | S100W8LA, S100YGEJ |
| Total assets | 9,600 | 9,574 | 9,916 | 9,995 | S100TT2D, S100W8LA, S100YGEJ |
| Net assets | 2,911 | 3,271 | 3,429 | 3,854 | S100W8LA, S100YGEJ |
| Share capital | 50 | 77 | 77 | 77 | S100TT2D, S100W8LA, S100YGEJ |
| Property, plant and equipment | 736 | 698 | 665 | 641 | S100TT2D, S100W8LA, S100YGEJ |
| Intangible assets excluding goodwill | 5,036 | 4,841 | 4,557 | 4,253 | S100TT2D, S100W8LA, S100YGEJ |
| Goodwill | 1,696 | 1,593 | 1,490 | 1,387 | S100TT2D, S100W8LA, S100YGEJ |
| Investment securities | 12 | 15 | 14 | 20 | S100TT2D, S100W8LA, S100YGEJ |
| Current assets | 3,781 | 3,984 | 4,647 | 5,048 | S100TT2D, S100W8LA, S100YGEJ |
| Current liabilities | 4,223 | 4,043 | 4,837 | 5,166 | S100TT2D, S100W8LA, S100YGEJ |
| Short-term borrowings | 580 | 580 | 750 | 750 | S100TT2D, S100W8LA, S100YGEJ |
| Long-term borrowings | 1,333 | 1,227 | 651 | 50 | S100TT2D, S100W8LA, S100YGEJ |
| Total liabilities | 6,688 | 6,302 | 6,487 | 6,142 | S100TT2D, S100W8LA, S100YGEJ |
| Equity attributable to owners of parent | 2,910 | 3,269 | 3,427 | 3,849 | S100TT2D, S100W8LA, S100YGEJ |
| Retained earnings | 272 | 577 | 736 | 1,157 | S100TT2D, S100W8LA, S100YGEJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGEJ |
| Property, plant and equipment | 6% | S100YGEJ |
| Intangibles and goodwill | 57% | S100YGEJ |
| Investment securities | 0% | S100YGEJ |
| Other assets | 27% | S100YGEJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YGEJ |
| Equity | 39% | S100YGEJ |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 9,600 | 9,574 | 9,916 | 9,995 |
| Equity | 2,911 | 3,271 | 3,429 | 3,854 |
| Interest-bearing debt | — | — | — | — |
| Cash | 572 | 997 | 829 | 995 |

## 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) | 6.5% | S100YGEJ |
| Fixed assets ÷ total assets | 6.4% | S100YGEJ |
| Goodwill ÷ parent equity | 36.0% | S100YGEJ |

### 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) | 10.0% |
| Cash ÷ revenue | 10.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 103.3% |
| Cash vs. profit gap | 337 JPY mn (of net income 67.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.9% |
| Shareholder payments — dividends / FCF | 10.6% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 10.1% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 8.9% | 0.73× | 6.5% | 3.30× | 21.4% | S100TT2D |
| 2024 | 4.0% | 0.80× | 3.2% | 3.10× | 9.9% | S100W8LA |
| 2025 | 2.8% | 0.88× | 2.4% | 2.91× | 7.1% | S100YGEJ |
| 2026 | 5.1% | 1.00× | 5.0% | 2.74× | 13.8% | S100YGEJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Mobility＆Maintenance Japan株式会社 | Major shareholder | 35.6% | 2026-03-31 |
| 株式会社イエローハット | Major shareholder | 20.0% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 谷口 孝雄 | Major shareholder | 1.2% | 2026-03-31 |
| あいぎんベンチャーファンド２号投資事業有限責任組合 | Major shareholder | 1.2% | 2026-03-31 |
| ＪＩＡ１号投資事業有限責任組合 | Major shareholder | 1.2% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 大原 和剛 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2025/04/01－2026/03/31) | S100YGEJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGEJ,, |
| 有価証券報告書－第6期(2024/04/01－2025/03/31) | S100W8LA | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8LA,, |
| 有価証券報告書－第5期(2023/04/01－2024/03/31) | S100TT2D | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT2D,, |

## 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).