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Nareru GroupNareru Group Inc.9163東証グロースサービス業FY ending Oct 2025, consolidated, IFRS

Nareru Group revenue and profit

Out of every ¥100 of sales, about ¥12 is left as operating profit. Revenue changed +11.8% from the prior year, operating profit -9.1%.

Five-year trend

Revenue¥24.2B
FY ending Oct 2021: ¥12.1B¥12.1BFY ending Oct 2022: ¥14.5B¥14.5BFY ending Oct 2023: ¥18B¥18BFY ending Oct 2024: ¥21.6B¥21.6BFY ending Oct 2025: ¥24.2B¥24.2BFY21FY22FY23FY24FY25
Operating income¥2.83B
FY ending Oct 2022: ¥2.04B¥2.04BFY ending Oct 2023: ¥2.47B¥2.47BFY ending Oct 2024: ¥3.11B¥3.11BFY ending Oct 2025: ¥2.83B¥2.83BFY21FY22FY23FY24FY25
Operating margin11.7%
FY ending Oct 2022: 14.0%14.0%FY ending Oct 2023: 13.7%13.7%FY ending Oct 2024: 14.4%14.4%FY ending Oct 2025: 11.7%11.7%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin8.6%
Asset turnover1.00×
ROA8.7%
ROA8.7%
Financial leverage1.73×
ROE14.9%

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

Net margin8.6%
2021: 8.6%8.6%2022: 8.5%8.5%2023: 9.7%9.7%2024: 10.1%10.1%2025: 8.6%8.6%2122232425
Asset turnover1.00×
2021: 0.63×0.63×2022: 0.74×0.74×2023: 0.84×0.84×2024: 0.94×0.94×2025: 1.00×1.00×2122232425
ROA8.7%
2021: 5.4%5.4%2022: 6.3%6.3%2023: 8.2%8.2%2024: 9.5%9.5%2025: 8.7%8.7%2122232425
Financial leverage1.73×
2021: 2.23×2.23×2022: 1.98×1.98×2023: 1.93×1.93×2024: 1.80×1.80×2025: 1.73×1.73×2122232425
ROE14.9%
2021: 12.1%12.1%2022: 12.5%12.5%2023: 15.8%15.8%2024: 17.1%17.1%2025: 14.9%14.9%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20218.6%0.63×5.4%2.23×12.1%
20228.5%0.74×6.3%1.98×12.5%
20239.7%0.84×8.2%1.93×15.8%
202410.1%0.94×9.5%1.80×17.1%
20258.6%1.00×8.7%1.73×14.9%

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 ÷ revenue0.9%
2022: 1.1%1.1%2023: 0.9%0.9%2024: 0.8%0.8%2025: 0.9%0.9%2122232425
PPE ÷ total assets0.9%
2022: 0.8%0.8%2023: 0.8%0.8%2024: 0.8%0.8%2025: 0.9%0.9%2122232425
Goodwill ÷ parent equity97.2%
2022: 141.7%141.7%2023: 115.6%115.6%2024: 104.7%104.7%2025: 97.2%97.2%2122232425
Goodwill balance¥14.1B
2022: ¥14.1B¥14.1B2023: ¥14.1B¥14.1B2024: ¥14.1B¥14.1B2025: ¥14.1B¥14.1B2122232425

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 Oct 2021FY ending Oct 2022FY ending Oct 2023FY ending Oct 2024FY ending Oct 2025
Revenue12,12514,54117,99521,60924,159
Cost of revenue—10,31112,82615,66817,921
Gross profit—4,2305,1695,9416,238
SG&A—2,2252,7102,8463,370
Operating income—2,0402,4693,1112,827
Pretax income1,5951,8522,4763,0602,759
Income tax—609735872672
Net income attributable to owners1,0441,2431,7412,1882,087
Operating margin—14.0%13.7%14.4%11.7%

Balance sheet (reported items)

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

Assets

Cash 20%
1%
Intangibles and goodwill 57%
Other assets 22%

Funding

Other liabilities 41%
Equity 59%
0%

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

ItemFY ending Oct 2021FY ending Oct 2022FY ending Oct 2023FY ending Oct 2024FY ending Oct 2025
Cash and equivalents¥2.16B¥2.28B¥4.08B¥4.52B¥4.82B
Total assets¥19.2B¥20.2B¥22.5B¥23.6B¥24.6B
Net assets¥8.63B¥9.93B¥12.2B¥13.4B¥14.5B
Share capital—¥50M¥248.4M¥403.3M¥420M
Property, plant and equipment—¥165.1M¥170.8M¥178.6M¥211.6M
Goodwill—¥14.1B¥14.1B¥14.1B¥14.1B
Current assets—¥4.88B¥7.06B¥7.93B¥8.47B
Total liabilities—¥10.2B¥10.3B¥10.2B¥10.1B
Equity attributable to owners of parent—¥9.93B¥12.2B¥13.4B¥14.5B
Retained earnings—¥1.56B¥3.32B¥4.43B¥5.45B
Treasury stock————-¥77K

Sources

Show source documents (3)

  • EDINET (FSA Japan)

    有価証券報告書－第7期(2024/11/01－2025/10/31)

    ID S100XGYG2026-01-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第6期(2023/11/01－2024/10/31)

    ID S100V4E12025-01-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第5期(2022/11/01－2023/10/31)

    ID S100SOLW2024-01-30Open

Extracted from XBRL: 41 / Derived from other figures: 1

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