# NEC Capital Solutions Limited: 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56期(2025/04/01－2026/03/31) (S100YEUV)
> Page: https://vizora.meequs.com/en/company/nec-capital-solutions
> Retrieved: 2026-09-30T19:52:19.877Z

## Company

NEC Capital Solutions is a company in Leasing listed on TSE Prime. It has 924 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEC Capital Solutions Limited |
| Ticker | 8793 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8793.T) |
| Listing | TSE Prime |
| Head office | 東京都港区港南二丁目15番3号 |
| Representative (per filing) | 代表取締役社長 菅沼 正明 |
| Share capital | ¥3.8B |
| Employees (consolidated) | 924 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.necap.co.jp (https://www.necap.co.jp/) |
| Corporate number | 8010401021784 |
| EDINET | E05462 |
| Industries (Vizora) | Leasing, Investment Funds, Venture Capital |

> Profile source: annual securities report (S100YEUV, filed 2026-06-22). As of filing

## Key points (generated from figures)

- About 88% of NEC Capital Solutions's sales come from Leasing, with Investment and Finance making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +20.1% from the prior year, operating profit +36.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥306.2B |  |
| Operating income | ¥10.6B | Margin 3.5% |
| Net income | ¥9.18B | Margin 3.0% |
| Free cash flow | — |  |
| Largest business | Leasing | of segment revenue 88.0% |
| Employees (consolidated) | 924 |  |
| EPS | ¥168.01 |  |
| Book value per share | ¥5094.07 |  |
| Equity ratio | 9.7% |  |
| Shares outstanding | 21,549,000 |  |
| Treasury shares | 800 |  |
| Shareholders | 27,916 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 5.1% | Net cash -¥571.2B · Cash ÷ revenue 22.5% |
| Vs. industry median margin | -3.6 pp | Leasing |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 0.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥221255000000 | ¥306155000000 | +38.4% |
| Operating income | ¥5965000000 | ¥10617000000 | +78.0% |
| Operating margin | 2.7% | 3.5% | +0.8 pp |
| Employees | 811 people | 924 people | +13.9% |
| Cash and equivalents | ¥38828000000 | ¥68886000000 | +77.4% |

### 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 |
| --- | ---: |
| リース事業 → リース事業 | 49.2% |
| 賃貸・割賦事業 → 事業再編・廃止 | 46.0% |
| ファイナンス事業 → ファイナンス事業 | 1.6% |
| インベストメント事業 → インベストメント事業 | 1.6% |
| リサ事業 → 事業再編・廃止 | 1.6% |
| 新設・再編 → リース事業 | 38.8% |
| 新設・再編 → ファイナンス事業 | 1.6% |
| 新設・再編 → インベストメント事業 | 7.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Leasing | 5 years | +3.2% | ¥241618000000 | 2.6% | 2 |
| Investment | 5 years | +29.1% | ¥24305000000 | 9.7% | 2 |
| Finance | 5 years | +5.5% | ¥8701000000 | 21.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 306,155 | 100.0% | S100YEUV |
| Cost of revenue | 269,566 | 88.0% | S100YEUV |
| Gross profit | 36,589 | 12.0% | S100YEUV |
| SG&A | 25,971 | 8.5% | S100YEUV |
| Operating income | 10,617 | 3.5% | S100YEUV |
| Ordinary income | 11,427 | 3.7% | S100YEUV |
| Pretax income | 11,646 | 3.8% | S100YEUV |
| Income tax | 4,225 | 1.4% | S100YEUV |
| Net income | 7,420 | 2.4% | S100YEUV |
| Net income attributable to owners | 9,180 | 3.0% | S100YEUV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 9 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 12.0% → Operating margin 3.5% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +20.1%; Core profit growth: +36.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.81×
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 | 254,879 | 306,155 | 51,276 | +20.1% |
| Gross profit | 29,660 | 36,589 | 6,929 | +23.4% |
| Operating income | 7,782 | 10,617 | 2,835 | +36.4% |
| Net income attributable to owners | 6,611 | 9,180 | 2,569 | +38.9% |
| Operating cash flow | -34,005 | -66,070 | -32,065 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 220,716 | 8,292 | 3.8% | 5,117 | -69,902 | — | S100LSUY |
| FY ending Mar 2021 | 221,255 | 5,965 | 2.7% | 4,118 | -28,770 | — | S100OI89 |
| FY ending Mar 2022 | 249,907 | 10,447 | 4.2% | 6,939 | 46,815 | — | S100R3Y0 |
| FY ending Mar 2023 | 258,107 | 11,715 | 4.5% | 6,418 | 29 | — | S100TVYX |
| FY ending Mar 2024 | 255,857 | 11,694 | 4.6% | 7,034 | -21,344 | — | S100W5B4 |
| FY ending Mar 2025 | 254,879 | 7,782 | 3.1% | 6,611 | -34,005 | — | S100YEUV |
| FY ending Mar 2026 | 306,155 | 10,617 | 3.5% | 9,180 | -66,070 | — | S100YEUV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥331.3M |
| Operating income per employee (consolidated) | ¥11.5M |
| Net income per employee (consolidated) | ¥9.9M |

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) | 812 | 866 | 880 | 860 | 924 |
| Average salary (parent company) | ¥7M | ¥7.7M | ¥7.6M | ¥7.8M | ¥8.3M |
| Average age (parent company) | 41.7 years | 43.1 years | 43.5 years | 43.8 years | 44.3 years |
| Average tenure (parent company) | 12.8 years | 13.4 years | 13.8 years | 14.4 years | 14.6 years |

Year over year: Employees (consolidated) +7.4% · Revenue (consolidated) +20.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Leasing | 241,618 | 88.0% | 6,231 | 2.6% |
| Finance | 8,701 | 3.2% | 1,907 | 21.9% |
| Investment | 24,305 | 8.9% | 2,367 | 9.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Leasing | 88.0% | 59.3% | -28.7 | 2.6% |
| Finance | 3.2% | 18.2% | 15.0 | 21.9% |
| Investment | 8.9% | 22.5% | 13.7 | 9.7% |

Segment → industry: Finance → Leasing / Leasing → Leasing / Investment → Investment Funds / Investment → Venture Capital

## 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 | -66,070 | -21.6% | S100YEUV |
| Investing cash flow | -29,502 | -9.6% | S100YEUV |
| Financing cash flow | 55,512 | 18.1% | S100YEUV |
| Dividends paid | 3,030 | 1.0% | S100YEUV |
| Change in cash | -41,211 | -13.5% | S100YEUV |
| Cash and equivalents | 68,886 | 22.5% | S100YEUV |

## 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 | 37,467 | 35,557 | 53,722 | 110,097 | 68,886 | S100TVYX, S100W5B4, S100YEUV |
| Total assets | 1,030,617 | 1,055,875 | 1,117,363 | 1,224,797 | 1,341,752 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Net assets | 121,740 | 128,815 | 136,790 | 142,385 | 153,604 | S100TVYX, S100W5B4, S100YEUV |
| Share capital | 3,776 | 3,776 | 3,783 | 3,794 | 3,803 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Property, plant and equipment | 61,216 | 63,381 | 92,953 | 110,542 | 114,469 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Intangible assets excluding goodwill | 5,868 | 9,173 | 11,149 | 12,966 | 16,573 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Goodwill | 1,625 | 1,559 | 1,521 | 1,304 | 4,634 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Investment securities | 48,921 | 61,737 | 71,113 | 85,090 | 95,083 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Current assets | 898,983 | 908,292 | 929,587 | 1,002,303 | 1,091,753 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Current liabilities | 497,925 | 496,394 | 486,101 | 571,751 | 593,369 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Short-term borrowings | 24,581 | 27,090 | 40,366 | 88,520 | 60,577 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Long-term borrowings | 313,665 | 335,636 | 392,982 | 402,613 | 477,045 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Bonds | 80,150 | 80,150 | 85,750 | 93,600 | 102,500 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Interest-bearing debt | 418,396 | 442,876 | 519,098 | 584,733 | 640,122 | 算出 |
| Total liabilities | 908,876 | 927,060 | 980,573 | 1,082,412 | 1,188,147 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Non-controlling interests | 18,526 | 19,325 | 21,047 | 21,382 | 23,287 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Equity attributable to owners of parent | 100,827 | 105,545 | 109,620 | 113,237 | 119,172 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Retained earnings | 92,414 | 97,131 | 101,192 | 104,788 | 110,704 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |
| Treasury stock | -9 | -9 | -9 | -10 | -10 | S100R3Y0, S100TVYX, S100W5B4, S100YEUV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YEUV |
| Property, plant and equipment | 8% | S100YEUV |
| Intangibles and goodwill | 2% | S100YEUV |
| Investment securities | 7% | S100YEUV |
| Other assets | 78% | S100YEUV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 48% | 算出 |
| Other liabilities | 41% | S100YEUV |
| Equity | 11% | S100YEUV |
| Other liabilities | 0% | S100YEUV |

### 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 | 1,030,617 | 1,055,875 | 1,117,363 | 1,224,797 | 1,341,752 |
| Equity | 121,740 | 128,815 | 136,790 | 142,385 | 153,604 |
| Interest-bearing debt | 418,396 | 442,876 | 519,098 | 584,733 | 640,122 |
| Cash | 37,467 | 35,557 | 53,722 | 110,097 | 68,886 |

## 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) | 37.4% | S100YEUV |
| Fixed assets ÷ total assets | 8.5% | S100YEUV |
| Goodwill ÷ parent equity | 3.9% | S100YEUV |

Goodwill over 4 years: 1,625 → 4,634 JPY; total investing cash flow: -62,907 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) | 5.1% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | -¥571.2B |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -622.3% |
| Cash vs. profit gap | -75,250 JPY mn (of net income -819.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.0% |
| 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 | 2.8% | 0.24× | 0.7% | 10.22× | 6.9% | S100R3Y0 |
| 2023 | 2.5% | 0.25× | 0.6% | 10.11× | 6.2% | S100TVYX |
| 2024 | 2.7% | 0.24× | 0.6% | 10.10× | 6.5% | S100W5B4 |
| 2025 | 2.6% | 0.22× | 0.6% | 10.51× | 5.9% | S100YEUV |
| 2026 | 3.0% | 0.24× | 0.7% | 11.04× | 7.9% | S100YEUV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＢＩ新生銀行 | Major shareholder | 43.5% | 2026-03-31 |
| 日本電気株式会社 | Major shareholder | 11.8% | 2026-03-31 |
| 三井住友ファイナンス＆リース株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（投資信託組入株数分および年金信託組入分を除く） | Major shareholder | 3.2% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（投資信託組入株数分） | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（投資信託組入株数分） | Major shareholder | 0.9% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO(常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY505223(常任代理人 株式会社みずほ銀行） | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（投資信託組入株数分および年金信託組入分を除く） | Major shareholder | 0.5% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行） | Major shareholder | 0.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥306.2B, up +20.1% from ¥254.9B.
- Operating income rose +36.4% to ¥10.6B, and net income attributable to owners rose +38.9% to ¥9.18B, a record high.
- Operating cash flow was -¥66.1B, a larger outflow than the prior year's -¥34B, because the company added lease receivables and rental assets.

### Drivers

- Leasing contracts grew on large government deals and school IT equipment under the GIGA School program
- Other businesses booked gains from selling real estate held for sale and solar power facilities
- The finance segment's profit fell on higher loan-loss provisions, offsetting part of the gain

### Risks

- Leases and loans are repaid over long periods, so a weaker economy could raise credit losses
- The company relies heavily on borrowing, so a sharp rise in interest rates would raise funding costs
- A large share of its business involves NEC products, so NEC's performance affects results

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第56期(2025/04/01－2026/03/31) | S100YEUV | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEUV,, |
| 有価証券報告書－第55期(2024/04/01－2025/03/31) | S100W5B4 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5B4,, |
| 有価証券報告書－第54期(2023/04/01－2024/03/31) | S100TVYX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVYX,, |
| 有価証券報告書－第53期(2022/04/01－2023/03/31) | S100R3Y0 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3Y0,, |
| 有価証券報告書－第52期(令和3年4月1日－令和4年3月31日) | S100OI89 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI89,, |
| 有価証券報告書－第51期(令和2年4月1日－令和3年3月31日) | S100LSUY | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSUY,, |

## 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).