# Net Protections Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/04/01－2026/03/31) (S100YM27)
> Page: https://vizora.meequs.com/en/company/net-protections-holdings
> Retrieved: 2026-09-30T23:32:58.558Z

## Company

Net Protections Holdings, founded in 2000, is a company in Cashless Payments listed on TSE Prime. It has 377 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Net Protections Holdings, Inc. |
| Ticker | 7383 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7383.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町四丁目2番地6 |
| Representative (per filing) | 代表取締役社長 柴田 紳 |
| Founded | Jan 2000 |
| Share capital | ¥4.23B |
| Employees (consolidated) | 377 |
| Average salary (parent only) | ¥11.7M |
| Fiscal year end | March |
| Website | corp.netprotections.com (https://corp.netprotections.com/) |
| Corporate number | 1010001193056 |
| EDINET | E37194 |
| Industries (Vizora) | Cashless Payments |

> Profile source: annual securities report (S100YM27, filed 2026-06-26). As of filing

## Key points (generated from figures)

- Net Protections Holdings brought in ¥24.6B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +9.6% from the prior year, operating profit +35.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥24589000000 → ¥1724000000
- Net income → operating cash flow: ¥1724000000 → ¥8971000000（difference ¥7247000000）
- Main uses of operating cash flow: CapEx ¥1661000000 / dividends — / buybacks —
- Change in cash: ¥3176000000
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 | ¥24.6B |  |
| Operating income | ¥2.85B | Margin 11.6% |
| Net income | ¥1.73B | Margin 7.0% |
| Free cash flow | ¥7.31B |  |
| Employees (consolidated) | 377 |  |
| EPS | ¥17.44 |  |
| Diluted EPS | ¥17.29 |  |
| Book value per share | ¥177.53 |  |
| Equity ratio | 24.7% | Derived from disclosed figures |
| Shares outstanding | 99,480,999 |  |
| Shareholders | 13,347 |  |
| Average salary (parent only) | ¥11.7M | Filing company only |
| Cash ratio | 23.8% | Cash ÷ revenue 82.2% |
| Vs. industry median margin | -1.7 pp | Cashless Payments |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17579000000 | ¥24589000000 | +39.9% |
| Operating income | ¥1374000000 | ¥2848000000 | +107.3% |
| Operating margin | 7.8% | 11.6% | +3.8 pp |
| Employees | 190 people | 377 people | +98.4% |
| Cash and equivalents | ¥8304000000 | ¥20216000000 | +143.4% |

### 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.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,589 | 100.0% | S100YM27 |
| Operating income | 2,848 | 11.6% | S100YM27 |
| Pretax income | 2,853 | 11.6% | S100YM27 |
| Income tax | 1,129 | 4.6% | S100YM27 |
| Net income | 1,724 | 7.0% | S100YM27 |
| Net income attributable to owners | 1,732 | 7.0% | S100YM27 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 88 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Operating margin 11.6% → Net margin 7.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.6%; Core profit growth: +35.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.70×
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 | 22,438 | 24,589 | 2,151 | +9.6% |
| Operating income | 2,103 | 2,848 | 745 | +35.4% |
| Net income attributable to owners | 1,350 | 1,732 | 382 | +28.3% |
| Operating cash flow | 6,567 | 8,971 | 2,404 | +36.6% |
| Free cash flow | 5,020 | 7,310 | 2,290 | +45.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,183 | — | — | -612 | 778 | — | S100TWXW |
| FY ending Mar 2021 | 17,579 | 1,374 | 7.8% | 574 | 6,349 | 5,655 | S100Q7M9 |
| FY ending Mar 2022 | 18,224 | 897 | 4.9% | 235 | 951 | 143 | S100R9DL |
| FY ending Mar 2023 | 18,840 | -404 | -2.1% | -443 | -2,629 | -4,074 | S100TWXW |
| FY ending Mar 2024 | 20,313 | -627 | -3.1% | -828 | 1,931 | 191 | S100W8HG |
| FY ending Mar 2025 | 22,438 | 2,103 | 9.4% | 1,350 | 6,567 | 5,020 | S100YM27 |
| FY ending Mar 2026 | 24,589 | 2,848 | 11.6% | 1,732 | 8,971 | 7,310 | S100YM27 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.2M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | ¥4.6M |

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) | 221 | 291 | 333 | 336 | 377 |
| Average salary (parent company) | ¥13M | ¥9.8M | ¥8.6M | ¥10.2M | ¥11.7M |
| Average age (parent company) | 41.6 years | 36.9 years | 37.6 years | 37.4 years | 38.4 years |
| Average tenure (parent company) | 2.6 years | 1.9 years | 2.3 years | 1.9 years | 2.6 years |

Year over year: Employees (consolidated) +12.2% · Revenue (consolidated) +9.6%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,971 | 36.5% | S100YM27 |
| Capital expenditure | 1,661 | 6.8% | S100YM27 |
| Free cash flow | 7,310 | 29.7% | 算出 |
| Investing cash flow | -1,749 | -7.1% | S100YM27 |
| Financing cash flow | -4,124 | -16.8% | S100YM27 |
| Change in cash | 3,176 | 12.9% | S100YM27 |
| Cash and equivalents | 20,216 | 82.2% | S100YM27 |

## 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 | 12,119 | 10,564 | 10,810 | 17,039 | 20,216 | S100TWXW, S100W8HG, S100YM27 |
| Total assets | 53,037 | 55,404 | 60,279 | 70,848 | 85,063 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Net assets | 18,642 | 18,467 | 17,780 | 19,229 | 21,077 | S100TWXW, S100W8HG, S100YM27 |
| Share capital | 4,095 | 4,113 | 4,134 | 4,213 | 4,230 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Property, plant and equipment | 982 | 743 | 354 | 686 | 394 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Goodwill | 11,608 | 11,608 | 11,608 | 11,608 | 11,608 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Current assets | 34,631 | 36,228 | 40,698 | 50,540 | 64,787 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Total liabilities | 34,394 | 36,936 | 42,498 | 51,618 | 63,986 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Equity attributable to owners of parent | 18,642 | 18,369 | 17,704 | 19,169 | 21,019 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |
| Retained earnings | 466 | 22 | -805 | 544 | 2,277 | S100R9DL, S100TWXW, S100W8HG, S100YM27 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YM27 |
| Property, plant and equipment | 0% | S100YM27 |
| Intangibles and goodwill | 14% | — |
| Other assets | 62% | S100YM27 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 75% | S100YM27 |
| Equity | 25% | S100YM27 |

### 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 | 53,037 | 55,404 | 60,279 | 70,848 | 85,063 |
| Equity | 18,642 | 18,467 | 17,780 | 19,229 | 21,077 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,119 | 10,564 | 10,810 | 17,039 | 20,216 |

## 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) | 1.6% | S100YM27 |
| Fixed assets ÷ total assets | 0.5% | S100YM27 |
| Goodwill ÷ parent equity | 55.2% | S100YM27 |

Goodwill over 4 years: 11,608 → 11,608 JPY; total investing cash flow: -7,547 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) | 23.8% |
| Cash ÷ revenue | 82.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 315.0% |
| Cash vs. profit gap | 7,239 JPY mn (of net income 418.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 19.5% |

## 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 | 1.3% | 0.34× | 0.4% | 2.85× | 1.3% | S100R9DL |
| 2023 | — | —× | -0.8% | —× | — | S100TWXW |
| 2024 | — | —× | -1.4% | —× | — | S100W8HG |
| 2025 | 6.0% | 0.34× | 2.1% | 3.56× | 7.3% | S100YM27 |
| 2026 | 7.0% | 0.32× | 2.2% | 3.88× | 8.6% | S100YM27 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| リコーリース株式会社 | Major shareholder | 10.9% | 2026-03-31 |
| 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 | 10.6% | 2026-03-31 |
| 株式会社ジェーシービー | Major shareholder | 8.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| AP CAYMAN PARTNERS Ⅲ－Ⅰ，L．P．（常任代理人 SMBC日興証券株式会社） | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 5.5% | 2026-03-31 |
| AP CAYMAN PARTNERS Ⅲ, L．P．（常任代理人 SMBC日興証券株式会社） | Major shareholder | 3.6% | 2026-03-31 |
| 柴田 紳 | Major shareholder | 3.3% | 2026-03-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/04/01－2026/03/31) | S100YM27 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM27,, |
| 有価証券報告書－第7期(2024/04/01－2025/03/31) | S100W8HG | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8HG,, |
| 有価証券報告書－第6期(2023/04/01－2024/03/31) | S100TWXW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWXW,, |
| 有価証券報告書－第5期(2022/04/01－2023/03/31) | S100R9DL | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9DL,, |
| 訂正有価証券報告書－第4期(2021/04/01－2022/03/31) | S100Q7M9 | 2023-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q7M9,, |

## 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).