# Nareru Group Inc.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第7期(2024/11/01－2025/10/31) (S100XGYG)
> Page: https://vizora.meequs.com/en/company/nareru-group
> Retrieved: 2026-09-30T21:37:52.596Z

## Company

Nareru Group, founded in 2008, is a company in IT Services & System Integration listed on TSE Growth. It has 4,283 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nareru Group Inc. |
| Ticker | 9163 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9163.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区二番町3番地5 |
| Representative (per filing) | 代表取締役 小林 良 |
| Founded | Nov 2008 |
| Share capital | ¥420M |
| Employees (consolidated) | 4,283 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | October |
| Website | nareru-group.co.jp (https://nareru-group.co.jp/) |
| Corporate number | 1010401145895 |
| EDINET | E38728 |
| Industries (Vizora) | IT Services & System Integration, HR & Staffing |

> Profile source: annual securities report (S100XGYG, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.9 | 68 |
| Profitability | 65.3 | 88 |
| Cash conversion | 34.4 | 80 |
| Efficiency | 22.2 | 88 |

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)

- About 90% of Nareru Group's sales come from Construction solution, with IT solution making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Construction solution 89.6%、IT solution 10.4%
- Revenue → net income: ¥24158934000 → ¥2086906000
- Net income → operating cash flow: ¥2086906000 → ¥2298494000（difference ¥211588000）
- Main uses of operating cash flow: CapEx ¥95669000 / dividends ¥1004077000 / buybacks —
- Change in cash: ¥177646000
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 | ¥24.2B |  |
| Operating income | ¥2.83B | Margin 11.7% |
| Net income | ¥2.09B | Margin 8.6% |
| Free cash flow | ¥2.2B |  |
| Largest business | Construction solution | of segment revenue 89.6% |
| Employees (consolidated) | 4,283 |  |
| EPS | ¥238.74 |  |
| Diluted EPS | ¥237.54 |  |
| Book value per share | ¥1665.34 |  |
| Equity ratio | 58.9% | Derived from disclosed figures |
| Shares outstanding | 8,749,349 |  |
| Shareholders | 7,189 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 19.6% | Cash ÷ revenue 20.0% |
| Vs. industry median margin | +3.1 pp | HR & Staffing |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 8.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 94% of positive segment profit

## What changed in 4 years

| Metric | FY ending Oct 2021 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥12125351000 | ¥24158934000 | +99.2% |
| Employees | 2,138 people | 4,283 people | +100.3% |
| Cash and equivalents | ¥2155457000 | ¥4822364000 | +123.7% |

### Change in segment revenue mix

Span: FY ending Oct 2021 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → 建設ソリューション | 89.6% |
| 新設・再編 → ＩＴソリューション | 10.4% |

Segment revenue source references: 2 (derived)

## Income statement（FY ending Oct 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,159 | 100.0% | S100XGYG |
| Cost of revenue | 17,921 | 74.2% | S100XGYG |
| Gross profit | 6,238 | 25.8% | S100XGYG |
| SG&A | 3,370 | 13.9% | S100XGYG |
| Operating income | 2,827 | 11.7% | S100XGYG |
| Pretax income | 2,759 | 11.4% | S100XGYG |
| Income tax | 672 | 2.8% | S100XGYG |
| Net income | 2,087 | 8.6% | S100XGYG |
| Net income attributable to owners | 2,087 | 8.6% | S100XGYG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 14 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 25.8% → Operating margin 11.7% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +11.8%; Core profit growth: -9.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 21,609 | 24,159 | 2,550 | +11.8% |
| Gross profit | 5,941 | 6,238 | 297 | +5.0% |
| Operating income | 3,111 | 2,827 | -283 | -9.1% |
| Net income attributable to owners | 2,188 | 2,087 | -101 | -4.6% |
| Operating cash flow | 2,310 | 2,298 | -12 | -0.5% |
| Free cash flow | 2,292 | 2,203 | -90 | -3.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2021 | 12,125 | — | — | 1,044 | 1,080 | — | S100XGYG |
| FY ending Oct 2022 | 14,541 | 2,040 | 14.0% | 1,243 | 1,554 | 1,480 | S100SOLW |
| FY ending Oct 2023 | 17,995 | 2,469 | 13.7% | 1,741 | 2,314 | 2,257 | S100V4E1 |
| FY ending Oct 2024 | 21,609 | 3,111 | 14.4% | 2,188 | 2,310 | 2,292 | S100XGYG |
| FY ending Oct 2025 | 24,159 | 2,827 | 11.7% | 2,087 | 2,298 | 2,203 | S100XGYG |

## People and productivity（FY ending Oct 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥5.6M |
| Operating income per employee (consolidated) | ¥660.2K |
| Net income per employee (consolidated) | ¥487.3K |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,138 | 2,653 | 3,219 | 3,812 | 4,283 |
| Average salary (parent company) | — | — | ¥10.5M | ¥9.9M | ¥8.4M |
| Average age (parent company) | — | — | 42.3 years | 40.2 years | 39.3 years |
| Average tenure (parent company) | — | — | 4.4 years | 3.2 years | 3.1 years |

Year over year: Employees (consolidated) +12.4% · Revenue (consolidated) +11.8%

## Segments（FY ending Oct 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction solution | 21,643 | 89.6% | 2,247 | 10.4% |
| IT solution | 2,516 | 10.4% | 136 | 5.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction solution | 89.6% | 94.3% | 4.7 | 10.4% |
| IT solution | 10.4% | 5.7% | -4.7 | 5.4% |

Segment → industry: IT solution → IT Services & System Integration / IT solution → HR & Staffing / Construction solution → HR & Staffing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,298 | 9.5% | S100XGYG |
| Capital expenditure | 96 | 0.4% | S100XGYG |
| Free cash flow | 2,203 | 9.1% | 算出 |
| Investing cash flow | -198 | -0.8% | S100XGYG |
| Financing cash flow | -1,923 | -8.0% | S100XGYG |
| Dividends paid | 1,004 | 4.2% | S100XGYG |
| Change in cash | 178 | 0.7% | S100XGYG |
| Cash and equivalents | 4,822 | 20.0% | S100XGYG |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,155 | 2,284 | 4,083 | 4,517 | 4,822 | S100SOLW, S100V4E1, S100XGYG |
| Total assets | 19,246 | 20,156 | 22,505 | 23,617 | 24,562 | S100XGYG, S100SOLW, S100V4E1 |
| Net assets | 8,634 | 9,933 | 12,177 | 13,441 | 14,479 | S100SOLW, S100V4E1, S100XGYG |
| Share capital | — | 50 | 248 | 403 | 420 | S100SOLW, S100V4E1, S100XGYG |
| Property, plant and equipment | — | 165 | 171 | 179 | 212 | S100SOLW, S100V4E1, S100XGYG |
| Goodwill | — | 14,075 | 14,075 | 14,075 | 14,075 | S100SOLW, S100V4E1, S100XGYG |
| Current assets | — | 4,877 | 7,061 | 7,927 | 8,469 | S100SOLW, S100V4E1, S100XGYG |
| Total liabilities | — | 10,223 | 10,328 | 10,177 | 10,083 | S100SOLW, S100V4E1, S100XGYG |
| Equity attributable to owners of parent | — | 9,933 | 12,177 | 13,441 | 14,479 | S100SOLW, S100V4E1, S100XGYG |
| Retained earnings | — | 1,557 | 3,320 | 4,432 | 5,453 | S100SOLW, S100V4E1, S100XGYG |
| Treasury stock | — | — | — | — | -0 | S100XGYG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100XGYG |
| Property, plant and equipment | 1% | S100XGYG |
| Intangibles and goodwill | 57% | — |
| Other assets | 22% | S100XGYG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 41% | S100XGYG |
| Equity | 59% | S100XGYG |
| Other liabilities | 0% | S100XGYG |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 19,246 | 20,156 | 22,505 | 23,617 | 24,562 |
| Equity | 8,634 | 9,933 | 12,177 | 13,441 | 14,479 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,155 | 2,284 | 4,083 | 4,517 | 4,822 |

## 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) | 0.9% | S100XGYG |
| Fixed assets ÷ total assets | 0.9% | S100XGYG |
| Goodwill ÷ parent equity | 97.2% | S100XGYG |

### 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) | 19.6% |
| Cash ÷ revenue | 20.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.3% |
| Cash vs. profit gap | 212 JPY mn (of net income 10.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 48.1% |
| Shareholder payments — dividends / FCF | 45.6% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 8.6% |

## 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 | 8.6% | 0.63× | 5.4% | 2.23× | 12.1% | S100XGYG, S100SOLW |
| 2022 | 8.5% | 0.74× | 6.3% | 1.98× | 12.5% | S100SOLW |
| 2023 | 9.7% | 0.84× | 8.2% | 1.93× | 15.8% | S100V4E1 |
| 2024 | 10.1% | 0.94× | 9.5% | 1.80× | 17.1% | S100XGYG |
| 2025 | 8.6% | 1.00× | 8.7% | 1.73× | 14.9% | S100XGYG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社村松屋商店 | Major shareholder | 33.8% | 2025-10-31 |
| 投資事業有限責任組合アドバンテッジパートナーズＶ号 | Major shareholder | 12.0% | 2025-10-31 |
| ＡＰ ＣＡＹＭＡＮ ＰＡＲＴＮＥＲＳ Ⅲ，Ｌ．Ｐ．(常任代理人 大和証券株式会社) | Major shareholder | 4.1% | 2025-10-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 1.8% | 2025-10-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.7% | 2025-10-31 |
| 柴田 直樹 | Major shareholder | 1.4% | 2025-10-31 |
| ＪＡＰＡＮ ＦＵＮＤ Ｖ，Ｌ．Ｐ(常任代理人 大和証券株式会社) | Major shareholder | 1.1% | 2025-10-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 1.0% | 2025-10-31 |
| 岩崎 泰次 | Major shareholder | 0.9% | 2025-10-31 |
| 田中 幸夫 | Major shareholder | 0.9% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第7期(2024/11/01－2025/10/31) | S100XGYG | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XGYG,, |
| 有価証券報告書－第6期(2023/11/01－2024/10/31) | S100V4E1 | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4E1,, |
| 有価証券報告書－第5期(2022/11/01－2023/10/31) | S100SOLW | 2024-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOLW,, |

## 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).