# Nano Holdings, 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30期(2025/04/01－2026/03/31) (S100YLFM)
> Page: https://vizora.meequs.com/en/company/nano-holdings
> Retrieved: 2026-09-30T23:28:03.013Z

## Company

Nano Holdings, founded in 1996, is a company in Biotech & Regenerative Medicine listed on TSE Growth. It has 23 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nano Holdings, Inc. (旧英訳名 NANO MRNA Co., Ltd.) (注)2025年12月11日開催の臨時株主総会の決議により、2025年12月11日から会社名及び英訳名を上記のとおり変更いたしました。 |
| Ticker | 4571 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4571.T) |
| Listing | TSE Growth |
| Head office | 東京都港区愛宕二丁目5番1号 |
| Representative (per filing) | 代表取締役会長兼社長CEO 松村 淳 |
| Founded | Jun 1996 |
| Share capital | ¥979M |
| Employees (consolidated) | 23 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | March |
| Website | www.nano-hd.com (https://www.nano-hd.com/) |
| Corporate number | 5040001067344 |
| EDINET | E05728 |
| Industries (Vizora) | Biotech & Regenerative Medicine |

> Profile source: annual securities report (S100YLFM, filed 2026-06-26). As of filing

## Key points (generated from figures)

- Nano Holdings brought in ¥174.5M in revenue.
- It lost about ¥554 for every ¥100 of sales at the operating level.
- Revenue changed +60.8% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥174.5M |  |
| Operating income | -¥966M | Margin -553.6% |
| Net income | -¥943.9M | Margin -540.9% |
| Free cash flow | — |  |
| Employees (consolidated) | 23 |  |
| EPS | ¥-11.81 |  |
| Book value per share | ¥45.75 |  |
| Equity ratio | 59.9% |  |
| Shares outstanding | 82,100,758 |  |
| Treasury shares | 32,300 |  |
| Shareholders | 30,248 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 83.1% | Cash ÷ revenue 2814.0% |
| Vs. industry median margin | -560.6 pp | Biotech & Regenerative Medicine |
| ROA | -19.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating loss is 554 per ¥100 of revenue
- FY2026, cash is 83% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥313264000 | ¥174498000 | — |
| Operating income | ¥-1302882000 | ¥-965988000 | — |
| Operating margin | -415.9% | -553.6% | -137.7 pp |
| Employees | 27 people | 23 people | — |
| Cash and equivalents | ¥1891799000 | ¥4910354000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 174 | 100.0% | S100YLFM |
| Cost of revenue | 21 | 12.2% | S100YLFM |
| Gross profit | 153 | 87.8% | S100YLFM |
| SG&A | 1,119 | 641.4% | S100YLFM |
| Operating income | -966 | -553.6% | S100YLFM |
| Ordinary income | -867 | -496.8% | S100YLFM |
| Pretax income | -941 | -539.1% | S100YLFM |
| Income tax | 3 | 1.8% | S100YLFM |
| Net income | -944 | -540.9% | S100YLFM |
| Net income attributable to owners | -944 | -540.9% | S100YLFM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 12 |
| SG&A | 642 |
| Operating income | -554 |
| (Ref.) Net income | -541 |

### Margin funnel

Gross margin 87.8% → Operating margin -553.6% → Net margin -540.9%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 109 | 174 | 66 | +60.8% |
| Gross profit | 78 | 153 | 75 | +96.1% |
| Operating income | -755 | -966 | -211 | — |
| Net income attributable to owners | -835 | -944 | -108 | — |
| Operating cash flow | -402 | -817 | -415 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 553 | -1,106 | -200.0% | -2,010 | -1,139 | -1,139 | S100LR45 |
| FY ending Mar 2021 | 313 | -1,303 | -415.9% | -2,836 | -1,247 | — | S100OIP4 |
| FY ending Mar 2022 | 264 | -2,061 | -780.6% | -1,882 | -1,753 | -1,759 | S100OIP4 |
| FY ending Mar 2023 | 202 | -1,246 | -616.3% | -1,311 | -1,087 | — | S100TY47 |
| FY ending Mar 2024 | 136 | -864 | -637.9% | -780 | -585 | — | S100W8XP |
| FY ending Mar 2025 | 109 | -755 | -696.1% | -835 | -402 | — | S100YLFM |
| FY ending Mar 2026 | 174 | -966 | -553.6% | -944 | -817 | — | S100YLFM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥7.6M |
| Operating income per employee (consolidated) | -¥42M |
| Net income per employee (consolidated) | -¥41M |

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) | 24 | 17 | 18 | 20 | 23 |
| Average salary (parent company) | ¥6.8M | ¥7.1M | ¥7.7M | ¥7.3M | ¥8.8M |
| Average age (parent company) | 48.8 years | 50.0 years | 50.9 years | 48.9 years | 52.3 years |
| Average tenure (parent company) | 6.7 years | 8.7 years | 7.0 years | 5.6 years | 5.5 years |

Year over year: Employees (consolidated) +15.0% · Revenue (consolidated) +60.8%

## 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 | -817 | -468.0% | S100YLFM |
| Investing cash flow | 2,262 | 1296.0% | S100YLFM |
| Financing cash flow | 2,222 | 1273.6% | S100YLFM |
| Change in cash | 3,713 | 2127.9% | S100YLFM |
| Cash and equivalents | 4,910 | 2814.0% | S100YLFM |

## 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 | 1,097 | 1,310 | 1,575 | 1,197 | 4,910 | S100OIP4, S100W8XP, S100YLFM |
| Total assets | 7,136 | 5,784 | 5,071 | 3,997 | 5,906 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Net assets | 5,567 | 4,253 | 3,421 | 2,740 | 3,566 | S100OIP4, S100W8XP, S100YLFM |
| Share capital | 348 | 119 | 142 | 166 | 979 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Property, plant and equipment | 7 | 0 | 0 | 0 | 0 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Investment securities | 597 | 886 | 358 | 222 | 336 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Current assets | 6,304 | 4,669 | 4,462 | 3,622 | 5,199 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Current liabilities | 361 | 364 | 487 | 1,203 | 984 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Bonds | — | — | — | — | 1,300 | S100YLFM |
| Total liabilities | 1,569 | 1,531 | 1,650 | 1,257 | 2,341 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Non-controlling interests | — | — | — | — | 0 | S100YLFM |
| Equity attributable to owners of parent | 5,580 | 4,247 | 3,514 | 2,726 | 3,408 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Retained earnings | -4,717 | -1,372 | -2,152 | -2,987 | -3,931 | S100OIP4, S100TY47, S100W8XP, S100YLFM |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100OIP4, S100TY47, S100W8XP, S100YLFM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 83% | S100YLFM |
| Investment securities | 6% | S100YLFM |
| Other assets | 11% | S100YLFM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YLFM |
| Equity | 60% | S100YLFM |

### 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 | 7,136 | 5,784 | 5,071 | 3,997 | 5,906 |
| Equity | 5,567 | 4,253 | 3,421 | 2,740 | 3,566 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,097 | 1,310 | 1,575 | 1,197 | 4,910 |

## 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) | 0.0% | S100YLFM |
| Fixed assets ÷ total assets | 0.0% | S100YLFM |
| Goodwill ÷ parent equity | — | —, S100YLFM |

### 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) | 83.1% |
| Cash ÷ revenue | 2814.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 127 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | — |

## 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 | — | —× | -26.4% | —× | — | S100OIP4 |
| 2023 | — | —× | -22.7% | —× | — | S100TY47 |
| 2024 | — | —× | -14.4% | —× | — | S100W8XP |
| 2025 | — | —× | -18.4% | —× | — | S100YLFM |
| 2026 | — | —× | -19.1% | —× | — | S100YLFM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| セントラル短資株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.0% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 中冨 一郎 | Major shareholder | 1.2% | 2026-03-31 |
| 楽天証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| ノーリツ鋼機株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 京滋建設株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 信越化学工業株式会社 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第30期(2025/04/01－2026/03/31) | S100YLFM | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLFM,, |
| 有価証券報告書－第29期(2024/04/01－2025/03/31) | S100W8XP | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8XP,, |
| 有価証券報告書－第28期(2023/04/01－2024/03/31) | S100TY47 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TY47,, |
| 有価証券報告書－第27期(2022/04/01－2023/03/31) | S100RA2O | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA2O,, |
| 有価証券報告書－第26期(令和3年4月1日－令和4年3月31日) | S100OIP4 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIP4,, |
| 有価証券報告書－第25期(令和2年4月1日－令和3年3月31日) | S100LR45 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR45,, |

## 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).