# NEOJAPAN Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第34期(2025/02/01－2026/01/31) (S100Y0W0)
> Page: https://vizora.meequs.com/en/company/neojapan
> Retrieved: 2026-09-30T19:01:59.970Z

## Company

Neojapan, founded in 1992, is a company in IT Services & System Integration listed on TSE Prime. It has 322 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEOJAPAN Inc. |
| Ticker | 3921 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3921.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市西区みなとみらい二丁目2番1号 横浜ランドマークタワー10階 |
| Representative (per filing) | 代表取締役社長 齋藤 晶議(戸籍名:齊藤 章浩) |
| Founded | Feb 1992 |
| Share capital | ¥299M |
| Employees (consolidated) | 322 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | January |
| Website | www.neo.co.jp (https://www.neo.co.jp/) |
| Corporate number | 6020001009165 |
| EDINET | E31902 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100Y0W0, filed 2026-04-27). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49 | 105 |
| Profitability | 85.9 | 145 |
| Cash conversion | 41 | 128 |
| Efficiency | 41 | 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 76% of Neojapan's sales come from Software, with System Development Service and Overseas Operations making up much of the rest.
- Out of every ¥100 of sales, about ¥30 is left as operating profit.
- Revenue changed +13.3% from the prior year, operating profit +28.0%.

## Company structure

- Segment revenue mix: Software 75.5%、System Development Service 23.5%、Overseas Operations 0.9%
- Revenue → net income: ¥8230230000 → ¥1809529000
- Net income → operating cash flow: ¥1809529000 → ¥2245350000（difference ¥435821000）
- Main uses of operating cash flow: CapEx ¥384432000 / dividends ¥658108000 / buybacks ¥79000
- Change in cash: ¥1052320000
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 | ¥8.23B |  |
| Operating income | ¥2.5B | Margin 30.3% |
| Net income | ¥1.81B | Margin 22.0% |
| Free cash flow | ¥1.86B |  |
| Largest business | Software | of segment revenue 75.5% |
| Employees (consolidated) | 322 |  |
| EPS | ¥125.08 |  |
| Book value per share | ¥500.91 |  |
| Equity ratio | 69.9% |  |
| Shares outstanding | 14,087,600 |  |
| Treasury shares | 69,700 |  |
| Shareholders | 3,442 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 60.1% | Cash ÷ revenue 78.2% |
| Vs. industry median margin | +17.9 pp | Software & SaaS |
| ROE | 26.7% | Derived from disclosed figures |
| ROA | 18.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, cash is 60% of total assets
- FY2026, operating income keeps 30 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5325021000 | ¥8230230000 | +54.6% |
| Operating income | ¥920649000 | ¥2497767000 | +171.3% |
| Operating margin | 17.3% | 30.3% | +13.1 pp |
| Employees | 256 people | 322 people | +25.8% |
| Cash and equivalents | ¥3418613000 | ¥6431981000 | +88.1% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ソフトウェア事業 → ソフトウェア事業 | 65.0% |
| システム開発サービス事業 → システム開発サービス事業 | 23.5% |
| システム開発サービス事業 → 事業再編・廃止 | 11.4% |
| 海外事業 → 海外事業 | 0.1% |
| 新設・再編 → ソフトウェア事業 | 10.6% |
| 新設・再編 → 海外事業 | 0.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Software | 5 years | +12.4% | ¥6217645000 | 40.5% | 2 |
| System Development Service | 5 years | +0.8% | ¥1935820000 | 3.8% | 2 |
| Overseas Operations | 5 years | +90.4% | ¥76764000 | -119.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,230 | 100.0% | S100Y0W0 |
| Cost of revenue | 3,494 | 42.4% | S100Y0W0 |
| Gross profit | 4,737 | 57.6% | S100Y0W0 |
| SG&A | 2,239 | 27.2% | S100Y0W0 |
| Operating income | 2,498 | 30.3% | S100Y0W0 |
| Ordinary income | 2,610 | 31.7% | S100Y0W0 |
| Pretax income | 2,609 | 31.7% | S100Y0W0 |
| Income tax | 799 | 9.7% | S100Y0W0 |
| Net income | 1,810 | 22.0% | S100Y0W0 |
| Net income attributable to owners | 1,810 | 22.0% | S100Y0W0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 27 |
| Operating income | 30 |
| (Ref.) Net income | 22 |

### Margin funnel

Gross margin 57.6% → Operating margin 30.3% → Net margin 22.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.3%; Core profit growth: +28.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.10×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 7,263 | 8,230 | 967 | +13.3% |
| Gross profit | 4,032 | 4,737 | 705 | +17.5% |
| Operating income | 1,951 | 2,498 | 547 | +28.0% |
| Net income attributable to owners | 1,414 | 1,810 | 395 | +28.0% |
| Operating cash flow | 2,062 | 2,245 | 184 | +8.9% |
| Free cash flow | 1,748 | 1,861 | 113 | +6.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 3,743 | 699 | 18.7% | 495 | 764 | 560 | S100L8PS |
| FY ending Jan 2021 | 5,325 | 921 | 17.3% | 677 | 990 | 798 | S100NYDZ |
| FY ending Jan 2022 | 5,920 | 1,247 | 21.1% | 866 | 1,107 | 815 | S100SZ78 |
| FY ending Jan 2023 | 6,007 | 1,241 | 20.7% | 813 | 1,190 | 957 | S100TBH1 |
| FY ending Jan 2024 | 6,616 | 1,297 | 19.6% | 956 | 1,027 | 753 | S100VOCE |
| FY ending Jan 2025 | 7,263 | 1,951 | 26.9% | 1,414 | 2,062 | 1,748 | S100Y0W0 |
| FY ending Jan 2026 | 8,230 | 2,498 | 30.3% | 1,810 | 2,245 | 1,861 | S100Y0W0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.6M |
| Operating income per employee (consolidated) | ¥7.8M |
| Net income per employee (consolidated) | ¥5.6M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 265 | 269 | 285 | 305 | 322 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.6M | ¥5.8M | ¥6.2M |
| Average age (parent company) | 36.6 years | 36.7 years | 35.9 years | 36.3 years | 36.3 years |
| Average tenure (parent company) | 7.8 years | 8.4 years | 8.5 years | 8.7 years | 9.0 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +13.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Software | 6,218 | 75.5% | 2,517 | 40.5% |
| System Development Service | 1,936 | 23.5% | 74 | 3.8% |
| Overseas Operations | 77 | 0.9% | -92 | -119.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Software | 75.5% | 97.1% | 21.6 | 40.5% |
| System Development Service | 23.5% | 2.9% | -20.7 | 3.8% |
| Overseas Operations | 0.9% | — | — | -119.5% |

Loss-making segment (excluded from profit shares): Overseas Operations -92 JPY mn

Segment → industry: System Development Service → IT Services & System Integration / Overseas Operations → Software & SaaS / Software → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,245 | 27.3% | S100Y0W0 |
| Capital expenditure | 384 | 4.7% | S100Y0W0 |
| Free cash flow | 1,861 | 22.6% | 算出 |
| Investing cash flow | -528 | -6.4% | S100Y0W0 |
| Financing cash flow | -659 | -8.0% | S100Y0W0 |
| Dividends paid | 658 | 8.0% | S100Y0W0 |
| Share buyback | 0 | 0.0% | S100Y0W0 |
| Change in cash | 1,052 | 12.8% | S100Y0W0 |
| Cash and equivalents | 6,432 | 78.2% | S100Y0W0 |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,059 | 4,917 | 5,240 | 5,380 | 6,432 | S100TBH1, S100VOCE, S100Y0W0 |
| Total assets | 7,287 | 8,026 | 8,623 | 9,240 | 10,694 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Net assets | 5,165 | 5,728 | 6,340 | 6,314 | 7,482 | S100TBH1, S100VOCE, S100Y0W0 |
| Share capital | 297 | 297 | 297 | 298 | 299 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Property, plant and equipment | 59 | 48 | 48 | 89 | 185 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Intangible assets excluding goodwill | 372 | 345 | 381 | 390 | 320 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Goodwill | 106 | 92 | 78 | 65 | 51 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Investment securities | 1,237 | 1,119 | 1,027 | 1,541 | 1,716 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Current assets | 5,087 | 5,989 | 6,595 | 6,570 | 7,747 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Current liabilities | 1,541 | 1,902 | 1,884 | 2,515 | 2,778 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Total liabilities | 2,122 | 2,298 | 2,283 | 2,926 | 3,211 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Non-controlling interests | 14 | 10 | 7 | 7 | 7 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Equity attributable to owners of parent | 5,079 | 5,678 | 6,260 | 6,197 | 7,367 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Retained earnings | 4,450 | 5,048 | 5,706 | 5,699 | 6,850 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |
| Treasury stock | -0 | -0 | -77 | -88 | -76 | S100SZ78, S100TBH1, S100VOCE, S100Y0W0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 60% | S100Y0W0 |
| Property, plant and equipment | 2% | S100Y0W0 |
| Intangibles and goodwill | 3% | S100Y0W0 |
| Investment securities | 16% | S100Y0W0 |
| Other assets | 19% | S100Y0W0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100Y0W0 |
| Equity | 70% | S100Y0W0 |
| Other liabilities | 0% | S100Y0W0 |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,287 | 8,026 | 8,623 | 9,240 | 10,694 |
| Equity | 5,165 | 5,728 | 6,340 | 6,314 | 7,482 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,059 | 4,917 | 5,240 | 5,380 | 6,432 |

## 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) | 2.2% | S100Y0W0 |
| Fixed assets ÷ total assets | 1.7% | S100Y0W0 |
| Goodwill ÷ parent equity | 0.7% | S100Y0W0 |

Goodwill over 4 years: 106 → 51 JPY; total investing cash flow: -1,840 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) | 60.1% |
| Cash ÷ revenue | 78.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 89.9% |
| Cash vs. profit gap | 436 JPY mn (of net income 24.1%) |
| Shareholder returns / net income | 36.4% |
| Shareholder returns / FCF | 35.4% |
| Shareholder payments — dividends / net income | 36.4% |
| Shareholder payments — dividends / FCF | 35.4% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 23.5% |

## 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 | 14.6% | 0.81× | 11.9% | 1.43× | 17.1% | S100SZ78 |
| 2023 | 13.5% | 0.78× | 10.6% | 1.42× | 15.1% | S100TBH1 |
| 2024 | 14.5% | 0.79× | 11.5% | 1.39× | 16.0% | S100VOCE |
| 2025 | 19.5% | 0.81× | 15.8% | 1.43× | 22.7% | S100Y0W0 |
| 2026 | 22.0% | 0.83× | 18.2% | 1.47× | 26.7% | S100Y0W0 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社プロシードゥス | Major shareholder | 37.1% | 2026-01-31 |
| 大坪 克也 | Major shareholder | 9.8% | 2026-01-31 |
| 齋藤 晶議（戸籍名：齊藤 章浩） | Major shareholder | 8.8% | 2026-01-31 |
| 松倉 二美 | Major shareholder | 7.1% | 2026-01-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.7% | 2026-01-31 |
| JAPAN ABSOLUTE VALUE FUND (常任代理人 立花証券株式会社) | Major shareholder | 2.8% | 2026-01-31 |
| PERSHING-DIV.OF DLJ SECS.CORP. (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 1.8% | 2026-01-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-01-31 |
| CACEIS BK ES IICS CLIENTS （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.4% | 2026-01-31 |
| ネオジャパン従業員持株会 | Major shareholder | 1.3% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第34期(2025/02/01－2026/01/31) | S100Y0W0 | 2026-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y0W0,, |
| 有価証券報告書－第33期(2024/02/01－2025/01/31) | S100VOCE | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VOCE,, |
| 有価証券報告書－第32期(2023/02/01－2024/01/31) | S100TBH1 | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TBH1,, |
| 訂正有価証券報告書－第31期(2022/02/01－2023/01/31) | S100SZ78 | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SZ78,, |
| 有価証券報告書－第30期(令和3年2月1日－令和4年1月31日) | S100NYDZ | 2022-04-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NYDZ,, |
| 有価証券報告書－第29期(令和2年2月1日－令和3年1月31日) | S100L8PS | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L8PS,, |

## 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).