# NCD Co., Ltd.: 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61期(2025/04/01－2026/03/31) (S100YEMH)
> Page: https://vizora.meequs.com/en/company/ncd
> Retrieved: 2026-09-30T19:48:53.530Z

## Company

NCD, founded in 1967, is a company in IT Services & System Integration listed on TSE Standard. It has 1,529 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NCD Co., Ltd. |
| Ticker | 4783 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4783.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田四丁目32番1号 |
| Representative (per filing) | 代表取締役社長 下條治 |
| Founded | Mar 1967 |
| Share capital | ¥438.8M |
| Employees (consolidated) | 1,529 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.ncd.co.jp (https://www.ncd.co.jp/) |
| Corporate number | 2010701007869 |
| EDINET | E05120 |
| Industries (Vizora) | IT Services & System Integration, Real Estate Brokerage & Management |

> Profile source: annual securities report (S100YEMH, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 72.9 | 157 |
| Profitability | 46.2 | 196 |
| Cash conversion | 28.9 | 185 |
| Efficiency | 86 | 196 |

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 41% of NCD's sales come from System development, with Support and service and Parking system making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit -6.1%.

## Company structure

- Segment revenue mix: System development 41.2%、Support and service 32.3%、Parking system 26.3%、Other 0.2%
- Revenue → net income: ¥30867394000 → ¥1876303000
- Net income → operating cash flow: ¥1876303000 → ¥1785961000（difference ¥-90342000）
- Main uses of operating cash flow: CapEx ¥374628000 / dividends ¥779371000 / buybacks ¥295892000
- Change in cash: ¥268768000
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 | ¥30.9B |  |
| Operating income | ¥2.64B | Margin 8.5% |
| Net income | ¥1.86B | Margin 6.0% |
| Free cash flow | ¥1.41B |  |
| Largest business | System development | of segment revenue 41.2% |
| Employees (consolidated) | 1,529 |  |
| EPS | ¥179.19 |  |
| Book value per share | ¥792.51 |  |
| Equity ratio | 50.1% |  |
| Shares outstanding | 8,300,000 |  |
| Treasury shares | 211,800 |  |
| Shareholders | 2,077 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 45.7% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | -0.4 pp | IT Services & System Integration |
| ROE | 23.3% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17563151000 | ¥30867394000 | +75.8% |
| Operating income | ¥242508000 | ¥2638931000 | +988.2% |
| Operating margin | 1.4% | 8.5% | +7.2 pp |
| Employees | 981 people | 1,529 people | +55.9% |
| Cash and equivalents | ¥2721112000 | ¥7723993000 | +183.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| システム開発事業 → システム開発事業 | 41.2% |
| システム開発事業 → 事業再編・廃止 | 0.9% |
| サポート＆サービス事業 → サポート＆サービス事業 | 28.9% |
| パーキングシステム事業 → パーキングシステム事業 | 26.3% |
| パーキングシステム事業 → 事業再編・廃止 | 2.5% |
| その他 → その他 | 0.1% |
| 新設・再編 → サポート＆サービス事業 | 3.4% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| System development | 5 years | +11.4% | ¥12729259000 | 7.4% | 2 |
| Support and service | 5 years | +14.4% | ¥9961364000 | 6.3% | 2 |
| Parking system | 5 years | +9.9% | ¥8128447000 | 14.1% | 2 |
| Other | 5 years | +15.3% | ¥48322000 | -160.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,867 | 100.0% | S100YEMH |
| Cost of revenue | 24,123 | 78.2% | S100YEMH |
| Gross profit | 6,744 | 21.8% | S100YEMH |
| SG&A | 4,105 | 13.3% | S100YEMH |
| Operating income | 2,639 | 8.5% | S100YEMH |
| Ordinary income | 2,673 | 8.7% | S100YEMH |
| Pretax income | 2,723 | 8.8% | S100YEMH |
| Income tax | 847 | 2.7% | S100YEMH |
| Net income | 1,876 | 6.1% | S100YEMH |
| Net income attributable to owners | 1,861 | 6.0% | S100YEMH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.8% → Operating margin 8.5% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.5%; Core profit growth: -6.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.40×
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 | 30,107 | 30,867 | 761 | +2.5% |
| Gross profit | 6,565 | 6,744 | 179 | +2.7% |
| Operating income | 2,810 | 2,639 | -171 | -6.1% |
| Net income attributable to owners | 1,906 | 1,861 | -44 | -2.3% |
| Operating cash flow | 2,270 | 1,786 | -484 | -21.3% |
| Free cash flow | 1,966 | 1,411 | -555 | -28.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,390 | 936 | 5.1% | 648 | 376 | -53 | S100LSBF |
| FY ending Mar 2021 | 17,563 | 243 | 1.4% | 146 | 218 | -89 | S100P5AC |
| FY ending Mar 2022 | 20,550 | 903 | 4.4% | 458 | 1,918 | 1,373 | S100R6PR |
| FY ending Mar 2023 | 22,854 | 1,196 | 5.2% | 672 | 568 | -69 | S100TSN3 |
| FY ending Mar 2024 | 25,482 | 2,115 | 8.3% | 1,388 | 2,574 | 2,349 | S100VZQZ |
| FY ending Mar 2025 | 30,107 | 2,810 | 9.3% | 1,906 | 2,270 | 1,966 | S100YEMH |
| FY ending Mar 2026 | 30,867 | 2,639 | 8.5% | 1,861 | 1,786 | 1,411 | S100YEMH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.2M |

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) | 993 | 1,033 | 1,348 | 1,439 | 1,529 |
| Average salary (parent company) | ¥5.8M | ¥6.1M | ¥6.2M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 38.9 years | 39.1 years | 38.5 years | 38.1 years | 37.9 years |
| Average tenure (parent company) | 12.3 years | 12.1 years | 11.6 years | 11.0 years | 10.6 years |

Year over year: Employees (consolidated) +6.3% · Revenue (consolidated) +2.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System development | 12,729 | 41.2% | 943 | 7.4% |
| Support and service | 9,961 | 32.3% | 631 | 6.3% |
| Parking system | 8,128 | 26.3% | 1,143 | 14.1% |
| Other | 48 | 0.2% | -78 | -160.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System development | 41.2% | 34.7% | -6.5 | 7.4% |
| Support and service | 32.3% | 23.2% | -9.0 | 6.3% |
| Parking system | 26.3% | 42.1% | 15.7 | 14.1% |
| Other | 0.2% | — | — | -160.4% |

Loss-making segment (excluded from profit shares): Other -78 JPY mn

Segment → industry: Support and service → IT Services & System Integration / System development → IT Services & System Integration / Parking system → Real Estate Brokerage & Management

## 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 | 1,786 | 5.8% | S100YEMH |
| Capital expenditure | 375 | 1.2% | S100YEMH |
| Free cash flow | 1,411 | 4.6% | 算出 |
| Investing cash flow | -138 | -0.4% | S100YEMH |
| Financing cash flow | -1,382 | -4.5% | S100YEMH |
| Dividends paid | 779 | 2.5% | S100YEMH |
| Share buyback | 296 | 1.0% | S100YEMH |
| Change in cash | 269 | 0.9% | S100YEMH |
| Cash and equivalents | 7,724 | 25.0% | S100YEMH |

## 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 | 3,815 | 3,799 | 5,768 | 7,455 | 7,724 | S100TSN3, S100VZQZ, S100YEMH |
| Total assets | 11,891 | 12,388 | 14,899 | 16,096 | 16,887 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Net assets | 4,468 | 5,045 | 6,404 | 7,854 | 8,550 | S100TSN3, S100VZQZ, S100YEMH |
| Share capital | 439 | 439 | 439 | 439 | 439 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Property, plant and equipment | 1,422 | 1,486 | 1,509 | 1,293 | 1,351 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Intangible assets excluding goodwill | 224 | 239 | 324 | 271 | 250 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Goodwill | 11 | — | 115 | 73 | 31 | S100R6PR, S100VZQZ, S100YEMH |
| Investment securities | 331 | 346 | 204 | 236 | 208 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Current assets | 7,950 | 8,579 | 11,045 | 12,586 | 13,252 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Current liabilities | 4,721 | 4,886 | 5,791 | 5,741 | 5,911 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Short-term borrowings | 807 | 807 | 833 | 800 | 800 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Long-term borrowings | — | — | 56 | — | — | S100VZQZ |
| Total liabilities | 7,423 | 7,342 | 8,496 | 8,242 | 8,337 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Non-controlling interests | 36 | 44 | 57 | 68 | 83 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Equity attributable to owners of parent | 4,407 | 4,966 | 6,237 | 7,594 | 8,366 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Retained earnings | 3,283 | 3,842 | 5,008 | 6,365 | 7,433 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |
| Treasury stock | -270 | -270 | -229 | -229 | -326 | S100R6PR, S100TSN3, S100VZQZ, S100YEMH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100YEMH |
| Property, plant and equipment | 8% | S100YEMH |
| Intangibles and goodwill | 2% | S100YEMH |
| Investment securities | 1% | S100YEMH |
| Other assets | 43% | S100YEMH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 49% | S100YEMH |
| Equity | 51% | S100YEMH |
| Other liabilities | 0% | S100YEMH |

### 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 | 11,891 | 12,388 | 14,899 | 16,096 | 16,887 |
| Equity | 4,468 | 5,045 | 6,404 | 7,854 | 8,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,815 | 3,799 | 5,768 | 7,455 | 7,724 |

## 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) | 4.4% | S100YEMH |
| Fixed assets ÷ total assets | 8.0% | S100YEMH |
| Goodwill ÷ parent equity | 0.4% | S100YEMH |

Goodwill over 4 years: 11 → 31 JPY; total investing cash flow: -97 JPY. This does not imply causation.

### 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) | 45.7% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 67.7% |
| Cash vs. profit gap | -75 JPY mn (of net income -4.1%) |
| Shareholder returns / net income | 57.8% |
| Shareholder returns / FCF | 76.2% |
| Shareholder payments — dividends / net income | 41.9% |
| Shareholder payments — dividends / FCF | 55.2% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 7.8% |

## 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 | 2.2% | 1.73× | 3.9% | 2.70× | 10.4% | S100R6PR |
| 2023 | 2.9% | 1.88× | 5.5% | 2.59× | 14.3% | S100TSN3 |
| 2024 | 5.4% | 1.87× | 10.2% | 2.44× | 24.8% | S100VZQZ |
| 2025 | 6.3% | 1.94× | 12.3% | 2.24× | 27.6% | S100YEMH |
| 2026 | 6.0% | 1.87× | 11.3% | 2.07× | 23.3% | S100YEMH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| US BANK NATIONAL ASSOCIATION JPACCTS TS（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 10.7% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.4% | 2026-03-31 |
| 株式会社北斗 | Major shareholder | 5.3% | 2026-03-31 |
| ＮＣＤ社員持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 下 條 治 | Major shareholder | 3.5% | 2026-03-31 |
| 小 黒 節 子 | Major shareholder | 3.5% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人 香港上海銀行） | Major shareholder | 2.4% | 2026-03-31 |
| STICHTING DEPOSITARY ASCENDER GLOBAL VALUE FUND（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 山 田 正 勝 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YEMH | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEMH,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100VZQZ | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZQZ,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TSN3 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSN3,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R6PR | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6PR,, |
| 訂正有価証券報告書－第57期(令和3年4月1日－令和4年3月31日) | S100P5AC | 2022-09-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P5AC,, |
| 有価証券報告書－第56期(令和2年4月1日－令和3年3月31日) | S100LSBF | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSBF,, |

## 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).