# NE Inc.: business model and financials

> Latest period: FY ending Apr 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第4期(2025/05/01－2026/04/30) (S100YRYV)
> Page: https://vizora.meequs.com/en/company/ne
> Retrieved: 2026-09-30T19:05:52.036Z

## Company

NE, founded in 2025, is a company in Software & SaaS listed on TSE Growth. It has 138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NE Inc. |
| Ticker | 441A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/441A.T) |
| Listing | TSE Growth |
| Head office | 神奈川県横浜市港北区新横浜三丁目2番3号 |
| Representative (per filing) | 代表取締役社長CEO 比護 則良 |
| Founded | Nov 2025 |
| Share capital | ¥276M |
| Employees (consolidated) | 138 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | April |
| Website | ne-inc.jp (https://ne-inc.jp/) |
| Corporate number | 2021001075886 |
| EDINET | E40979 |
| Industries (Vizora) | Software & SaaS, Consulting |

> Profile source: annual securities report (S100YRYV, filed 2026-07-23). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-04-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.6 | 105 |
| Profitability | 91.4 | 145 |
| Cash conversion | 27 | 128 |
| Efficiency | 45.9 | 145 |

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 77% of NE's sales come from NEXT ENGINE business, with LOCALCO business and Consulting making up much of the rest.
- Out of every ¥100 of sales, about ¥36 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit -3.7%.

## Company structure

- Segment revenue mix: NEXT ENGINE business 77.3%、LOCALCO business 13.5%、Consulting 9.2%、Other 0.0%
- Revenue → net income: ¥4068430000 → ¥1008426000
- Net income → operating cash flow: ¥1008426000 → ¥1175633000（difference ¥167207000）
- Main uses of operating cash flow: CapEx ¥154220000 / dividends ¥280000000 / buybacks ¥42000
- Change in cash: ¥1035964000
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 | ¥4.07B |  |
| Operating income | ¥1.46B | Margin 35.9% |
| Net income | ¥1.01B | Margin 24.8% |
| Free cash flow | ¥1.02B |  |
| Largest business | NEXT ENGINE business | of segment revenue 77.3% |
| Employees (consolidated) | 138 |  |
| EPS | ¥31.03 |  |
| Diluted EPS | ¥30.55 |  |
| Book value per share | ¥139.06 |  |
| Equity ratio | 89.3% |  |
| Shares outstanding | 16,532,001 |  |
| Shareholders | 6,632 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 70.5% | Cash ÷ revenue 89.3% |
| Vs. industry median margin | +23.5 pp | Software & SaaS |
| ROE | 24.9% | Derived from disclosed figures |
| ROA | 21.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 96% of positive segment profit
- FY2026, cash is 71% of total assets
- FY2026, operating income keeps 36 per ¥100 of revenue

## What changed in 1 years

| Metric | FY ending Apr 2025 | FY ending Apr 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3925256000 | ¥4068430000 | +3.6% |
| Operating income | ¥1517563000 | ¥1461233000 | -3.7% |
| Operating margin | 38.7% | 35.9% | -2.7 pp |
| Employees | 128 people | 138 people | +7.8% |
| Cash and equivalents | ¥2596507000 | ¥3632472000 | +39.9% |

### Change in segment revenue mix

Span: FY ending Apr 2025 → FY ending Apr 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ネクストエンジン事業 → ネクストエンジン事業 | 75.7% |
| ロカルコ事業 → ロカルコ事業 | 9.5% |
| コンサルティング事業 → コンサルティング事業 | 9.2% |
| コンサルティング事業 → 事業再編・廃止 | 5.6% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ネクストエンジン事業 | 1.6% |
| 新設・再編 → ロカルコ事業 | 4.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| NEXT ENGINE business | — | — | ¥3145487000 | 65.5% | 2 |
| LOCALCO business | — | — | ¥547538000 | 14.7% | 2 |
| Consulting | — | — | ¥375373000 | -4.4% | 2 |
| Other | — | — | ¥31000 | -53964.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,068 | 100.0% | S100YRYV |
| Cost of revenue | 1,108 | 27.2% | S100YRYV |
| Gross profit | 2,960 | 72.8% | S100YRYV |
| SG&A | 1,499 | 36.8% | S100YRYV |
| Operating income | 1,461 | 35.9% | S100YRYV |
| Ordinary income | 1,444 | 35.5% | S100YRYV |
| Pretax income | 1,444 | 35.5% | S100YRYV |
| Income tax | 436 | 10.7% | S100YRYV |
| Net income | 1,008 | 24.8% | S100YRYV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 27 |
| SG&A | 37 |
| Operating income | 36 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 72.8% → Operating margin 35.9% → Net margin 24.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.6%; Core profit growth: -3.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.02×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,925 | 4,068 | 143 | +3.6% |
| Gross profit | 2,801 | 2,960 | 159 | +5.7% |
| Operating income | 1,518 | 1,461 | -56 | -3.7% |
| Operating cash flow | 1,026 | 1,176 | 150 | +14.6% |
| Free cash flow | 665 | 1,021 | 357 | +53.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Apr 2025 | 3,925 | 1,518 | 38.7% | 940 | 1,026 | 665 | S100YRYV |
| FY ending Apr 2026 | 4,068 | 1,461 | 35.9% | 1,008 | 1,176 | 1,021 | S100YRYV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.5M |
| Operating income per employee (consolidated) | ¥10.6M |
| Net income per employee (consolidated) | ¥7.3M |

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

| History | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: |
| Employees (consolidated) | 128 | 138 |
| Average salary (parent company) | — | ¥6.4M |
| Average age (parent company) | — | 34.0 years |
| Average tenure (parent company) | — | 5.4 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +3.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| NEXT ENGINE business | 3,145 | 77.3% | 2,059 | 65.5% |
| LOCALCO business | 548 | 13.5% | 81 | 14.7% |
| Consulting | 375 | 9.2% | -17 | -4.4% |
| Other | 0 | 0.0% | -17 | -53964.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| NEXT ENGINE business | 77.3% | 96.2% | 18.9 | 65.5% |
| LOCALCO business | 13.5% | 3.8% | -9.7 | 14.7% |
| Consulting | 9.2% | — | — | -4.4% |
| Other | 0.0% | — | — | -53964.5% |

Loss-making segment (excluded from profit shares): Consulting -17 JPY mn

Loss-making segment (excluded from profit shares): Other -17 JPY mn

Segment → industry: NEXT ENGINE business → Software & SaaS / Consulting → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,176 | 28.9% | S100YRYV |
| Capital expenditure | 154 | 3.8% | S100YRYV |
| Free cash flow | 1,021 | 25.1% | 算出 |
| Investing cash flow | -188 | -4.6% | S100YRYV |
| Financing cash flow | 49 | 1.2% | S100YRYV |
| Dividends paid | 280 | 6.9% | S100YRYV |
| Share buyback | 0 | 0.0% | S100YRYV |
| Change in cash | 1,036 | 25.5% | S100YRYV |
| Cash and equivalents | 3,632 | 89.3% | S100YRYV |

## 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 Apr 2025 | FY ending Apr 2026 | Source |
| --- | ---: | ---: | ---: |
| Cash and equivalents | 2,597 | 3,632 | S100YRYV |
| Total assets | 4,224 | 5,150 | S100YRYV |
| Net assets | 3,518 | 4,598 | S100YRYV |
| Share capital | 100 | 276 | S100YRYV |
| Property, plant and equipment | 254 | 257 | S100YRYV |
| Intangible assets excluding goodwill | 203 | 185 | S100YRYV |
| Current assets | 3,559 | 4,549 | S100YRYV |
| Current liabilities | 669 | 513 | S100YRYV |
| Total liabilities | 707 | 552 | S100YRYV |
| Equity attributable to owners of parent | 3,518 | 4,598 | S100YRYV |
| Retained earnings | 2,039 | 2,767 | S100YRYV |
| Treasury stock | — | -0 | S100YRYV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 70% | S100YRYV |
| Property, plant and equipment | 5% | S100YRYV |
| Intangibles and goodwill | 4% | S100YRYV |
| Other assets | 21% | S100YRYV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100YRYV |
| Equity | 89% | S100YRYV |

### Balance sheet history

| Metric | FY ending Apr 2025 | FY ending Apr 2026 |
| --- | ---: | ---: |
| Total assets | 4,224 | 5,150 |
| Equity | 3,518 | 4,598 |
| Interest-bearing debt | — | — |
| Cash | 2,597 | 3,632 |

## 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) | 6.3% | S100YRYV |
| Fixed assets ÷ total assets | 5.0% | S100YRYV |
| Goodwill ÷ parent equity | — | —, S100YRYV |

### 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) | 70.5% |
| Cash ÷ revenue | 89.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.5% |
| Cash vs. profit gap | 167 JPY mn (of net income 16.6%) |
| Shareholder returns / net income | 27.8% |
| Shareholder returns / FCF | 27.4% |
| Shareholder payments — dividends / net income | 27.8% |
| Shareholder payments — dividends / FCF | 27.4% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 16.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 24.0% | 0.93× | 22.3% | 1.20× | 26.7% | S100YRYV |
| 2026 | 24.8% | 0.87× | 21.5% | 1.16× | 24.9% | S100YRYV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＯＩ株式会社 | Major shareholder | 32.1% | 2026-04-30 |
| 樋口 敦士 | Major shareholder | 15.3% | 2026-04-30 |
| ＧＯＬＤＭＡＮ ＳＡＣＨＳ ＩＮＴＥＲＮＡＴＩＯＮＡＬ | Major shareholder | 5.4% | 2026-04-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.9% | 2026-04-30 |
| ＢＢＨ ＦＯＲ ＦＩＤＥＬＩＴＹ ＬＯＷ－ＰＲＩＣＥＤ ＳＴＯＣＫ ＦＵＮＤ | Major shareholder | 3.6% | 2026-04-30 |
| 北村 和順 | Major shareholder | 2.9% | 2026-04-30 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ | Major shareholder | 2.5% | 2026-04-30 |
| ＮＯＲＴＨＥＲＮ ＴＲＵＳＴ ＣＯ．（ＡＶＦＣ） ＲＥ ＮＯＮ ＴＲＥＡＴＹ ＣＬＩＥＮＴＳ ＡＣＣＯＵＮＴ | Major shareholder | 2.4% | 2026-04-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-04-30 |
| 鈴木 淳也 | Major shareholder | 0.9% | 2026-04-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2025/05/01－2026/04/30) | S100YRYV | 2026-07-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YRYV,, |

## 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).