# NEXTAGE Co., Ltd.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第27期(2024/12/01－2025/11/30) (S100XM1X)
> Page: https://vizora.meequs.com/en/company/nextage
> Retrieved: 2026-09-30T19:09:22.533Z

## Company

Nextage, founded in 1998, is a company in Car Dealers & Used Cars listed on TSE Prime. It has 7,537 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEXTAGE Co., Ltd. |
| Ticker | 3186 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3186.T) |
| Listing | TSE Prime |
| Head office | 名古屋市中区栄四丁目1番1号 |
| Representative (per filing) | 代表取締役会長兼社長 広田 靖治 |
| Founded | Dec 1998 |
| Share capital | ¥8.18B |
| Employees (consolidated) | 7,537 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | November |
| Website | www.nextage.jp (https://www.nextage.jp/) |
| Corporate number | 3180001067712 |
| EDINET | E27693 |
| Industries (Vizora) | Car Dealers & Used Cars |

> Profile source: annual securities report (S100XM1X, filed 2026-02-19). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.2 | 18 |
| Profitability | 43.2 | 22 |
| Cash conversion | 27.5 | 20 |
| Efficiency | 93.2 | 22 |
| Financial strength | 50 | 3 |

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)

- Nextage brought in ¥652.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +18.0% from the prior year, operating profit +51.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥652072000000 → ¥12811000000
- Net income → operating cash flow: ¥12811000000 → ¥9187000000（difference ¥-3624000000）
- Main uses of operating cash flow: CapEx ¥6642000000 / dividends ¥2660000000 / buybacks ¥4399000000
- Change in cash: ¥-18024000000
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 | ¥652.1B |  |
| Operating income | ¥19.6B | Margin 3.0% |
| Net income | ¥12.8B | Margin 2.0% |
| Free cash flow | ¥2.54B |  |
| Employees (consolidated) | 7,537 |  |
| EPS | ¥159.73 |  |
| Book value per share | ¥989.84 |  |
| Equity ratio | 34.9% |  |
| Shares outstanding | 80,877,900 |  |
| Treasury shares | 194,500 |  |
| Shareholders | 5,032 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 7.7% | Net cash -¥56.6B · Cash ÷ revenue 2.7% |
| Vs. industry median margin | -0.2 pp | Car Dealers & Used Cars |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.7× dividends
- FY2025, revenue is 2.2× its level five years ago
- FY2025, employees -1% while operating income rose 51%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥241146000000 | ¥652072000000 | +170.4% |
| Operating income | ¥6825000000 | ¥19597000000 | +187.1% |
| Operating margin | 2.8% | 3.0% | +0.2 pp |
| Employees | 3,009 people | 7,537 people | +150.5% |
| Cash and equivalents | ¥27443000000 | ¥17543000000 | -36.1% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 652,072 | 100.0% | S100XM1X |
| Cost of revenue | 539,907 | 82.8% | S100XM1X |
| Gross profit | 112,165 | 17.2% | S100XM1X |
| SG&A | 92,567 | 14.2% | S100XM1X |
| Operating income | 19,597 | 3.0% | S100XM1X |
| Ordinary income | 18,485 | 2.8% | S100XM1X |
| Pretax income | 17,600 | 2.7% | S100XM1X |
| Income tax | 4,788 | 0.7% | S100XM1X |
| Net income | 12,811 | 2.0% | S100XM1X |
| Net income attributable to owners | 12,811 | 2.0% | S100XM1X |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.2% → Operating margin 3.0% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.0%; Core profit growth: +51.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.86×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 552,778 | 652,072 | 99,294 | +18.0% |
| Gross profit | 98,668 | 112,165 | 13,497 | +13.7% |
| Operating income | 12,943 | 19,597 | 6,654 | +51.4% |
| Net income attributable to owners | 8,006 | 12,811 | 4,805 | +60.0% |
| Operating cash flow | 3,024 | 9,187 | 6,163 | +203.8% |
| Free cash flow | -11,162 | 2,545 | 13,707 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 219,263 | 6,085 | 2.8% | 4,258 | -9,213 | -19,502 | S100KUO7 |
| FY ending Nov 2020 | 241,146 | 6,825 | 2.8% | 4,740 | 19,269 | 10,925 | S100NK2U |
| FY ending Nov 2021 | 291,263 | 13,637 | 4.7% | 9,663 | 3,214 | -4,225 | S100QA8W |
| FY ending Nov 2022 | 418,117 | 19,448 | 4.7% | 13,886 | -17,853 | -30,505 | S100SXY6 |
| FY ending Nov 2023 | 463,464 | 16,084 | 3.5% | 11,556 | 33,689 | 13,199 | S100V9S3 |
| FY ending Nov 2024 | 552,778 | 12,943 | 2.3% | 8,006 | 3,024 | -11,162 | S100XM1X |
| FY ending Nov 2025 | 652,072 | 19,597 | 3.0% | 12,811 | 9,187 | 2,545 | S100XM1X |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥86.5M |
| Operating income per employee (consolidated) | ¥2.6M |
| Net income per employee (consolidated) | ¥1.7M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 3,725 | 5,351 | 6,751 | 7,635 | 7,537 |
| Average salary (parent company) | ¥5.4M | ¥5.3M | ¥5.1M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 29.8 years | 29.3 years | 29.6 years | 30.0 years | 30.4 years |
| Average tenure (parent company) | 2.8 years | 2.6 years | 2.7 years | 3.1 years | 3.5 years |

Year over year: Employees (consolidated) -1.3% · Revenue (consolidated) +18.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,187 | 1.4% | S100XM1X |
| Capital expenditure | 6,642 | 1.0% | S100XM1X |
| Free cash flow | 2,545 | 0.4% | 算出 |
| Investing cash flow | -7,331 | -1.1% | S100XM1X |
| Financing cash flow | -19,881 | -3.0% | S100XM1X |
| Dividends paid | 2,660 | 0.4% | S100XM1X |
| Share buyback | 4,399 | 0.7% | S100XM1X |
| Change in cash | -18,024 | -2.8% | S100XM1X |
| Cash and equivalents | 17,543 | 2.7% | S100XM1X |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,718 | 19,845 | 29,630 | 35,567 | 17,543 | S100SXY6, S100V9S3, S100XM1X |
| Total assets | 111,032 | 161,259 | 177,497 | 222,266 | 226,777 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Net assets | 41,617 | 56,301 | 66,504 | 72,727 | 79,195 | S100SXY6, S100V9S3, S100XM1X |
| Share capital | 7,961 | 8,036 | 8,084 | 8,133 | 8,183 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Property, plant and equipment | 29,663 | 40,826 | 56,744 | 71,602 | 70,645 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Intangible assets excluding goodwill | 722 | 668 | 646 | 4,533 | 4,503 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Goodwill | — | — | 4 | 2,519 | 2,330 | S100V9S3, S100XM1X |
| Investment securities | 82 | 84 | 74 | 67 | 52 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Current assets | 74,865 | 111,157 | 108,589 | 132,457 | 136,347 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Current liabilities | 28,012 | 52,723 | 58,556 | 66,998 | 73,936 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Short-term borrowings | 6,455 | 20,923 | 22,129 | 19,701 | 7,973 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Long-term borrowings | 39,066 | 48,015 | 47,266 | 69,676 | 61,213 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Bonds | — | — | — | 5,000 | 5,000 | S100XM1X |
| Interest-bearing debt | — | — | — | 94,377 | 74,186 | 算出 |
| Total liabilities | 69,414 | 104,958 | 110,992 | 149,538 | 147,581 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Equity attributable to owners of parent | 41,712 | 56,456 | 66,691 | 72,860 | 79,313 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Retained earnings | 26,714 | 36,544 | 46,168 | 51,595 | 61,679 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |
| Treasury stock | -3,333 | -1,619 | -1,102 | -461 | -4,190 | S100QA8W, S100SXY6, S100V9S3, S100XM1X |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100XM1X |
| Property, plant and equipment | 31% | S100XM1X |
| Intangibles and goodwill | 3% | S100XM1X |
| Investment securities | 0% | S100XM1X |
| Other assets | 58% | S100XM1X |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 33% | 算出 |
| Other liabilities | 32% | S100XM1X |
| Equity | 35% | S100XM1X |
| Other liabilities | 0% | S100XM1X |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 111,032 | 161,259 | 177,497 | 222,266 | 226,777 |
| Equity | 41,617 | 56,301 | 66,504 | 72,727 | 79,195 |
| Interest-bearing debt | — | — | — | 94,377 | 74,186 |
| Cash | 22,718 | 19,845 | 29,630 | 35,567 | 17,543 |

## 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) | 10.8% | S100XM1X |
| Fixed assets ÷ total assets | 31.2% | S100XM1X |
| Goodwill ÷ parent equity | 2.9% | S100XM1X |

### 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) | 7.7% |
| Cash ÷ revenue | 2.7% |
| Net cash (cash − interest-bearing debt) | -¥56.6B |
| Net debt ÷ operating cash flow | 6.17× |
| Cash conversion (operating CF ÷ operating income) | 46.9% |
| Cash vs. profit gap | -3,624 JPY mn (of net income -28.3%) |
| Shareholder returns / net income | 55.1% |
| Shareholder returns / FCF | 277.4% |
| Shareholder payments — dividends / net income | 20.8% |
| Shareholder payments — dividends / FCF | 104.5% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 79.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.3% | 2.62× | 8.7% | 2.66× | 23.2% | S100QA8W |
| 2022 | 3.3% | 3.07× | 10.2% | 2.77× | 28.3% | S100SXY6 |
| 2023 | 2.5% | 2.74× | 6.8% | 2.75× | 18.8% | S100V9S3 |
| 2024 | 1.4% | 2.77× | 4.0% | 2.86× | 11.5% | S100XM1X |
| 2025 | 2.0% | 2.90× | 5.7% | 2.95× | 16.8% | S100XM1X |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＳＭＮ | Major shareholder | 35.1% | 2025-11-30 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.9% | 2025-11-30 |
| JP MORGAN CHASE BANK 385864常任代理人 株式会社みずほ銀行 | Major shareholder | 6.8% | 2025-11-30 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SECS LENDING OMNIBUS ACCOUNT常任代理人 株式会社みずほ銀行 | Major shareholder | 4.9% | 2025-11-30 |
| 損害保険ジャパン株式会社常任代理人 日本カストディ銀行 | Major shareholder | 4.4% | 2025-11-30 |
| 野村信託銀行株式会社（ネクステージ従業員専用信託口） | Major shareholder | 3.0% | 2025-11-30 |
| 広田 靖治 | Major shareholder | 2.2% | 2025-11-30 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2025-11-30 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 2.0% | 2025-11-30 |
| STATE STREET BANK AND TRUST COMPANY 505044 常任代理人 株式会社みずほ銀行 | Major shareholder | 1.7% | 2025-11-30 |

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

- Revenue for the FY ending Nov 2025 was ¥652.1B, up 18.0% from ¥552.8B.
- Gross profit grew more slowly, at 13.7%, yet operating income rose 51.4% to ¥19.6B and net income 60.0% to ¥12.8B.
- Operating cash flow climbed to ¥9.19B, and free cash flow turned positive at ¥2.54B after a negative prior year.

### Drivers

- Sales grew thanks to new store openings and more cars bought from customers.
- Gross margin slipped because higher selling prices and shifting purchase costs pushed up the cost ratio, even though profit per car went up.
- SG&A rose mainly on advertising and selling costs that came with higher sales and buying volumes.

### Risks

- Large stores need big roadside sites, so openings may not keep to plan.
- Part of the retail stock comes from dealer auctions; fewer auction listings would make good cars harder to source.
- A weaker economy could lower auction prices and force inventory write-downs, which would move margins.

Cited: Annual Securities Report (27th term) (Management's Analysis of Financial Position, Operating Results and Cash Flows); Annual Securities Report (27th term) (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第27期(2024/12/01－2025/11/30) | S100XM1X | 2026-02-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XM1X,, |
| 有価証券報告書－第26期(2023/12/01－2024/11/30) | S100V9S3 | 2025-02-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9S3,, |
| 有価証券報告書－第25期(2022/12/01－2023/11/30) | S100SXY6 | 2024-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXY6,, |
| 有価証券報告書－第24期(2021/12/01－2022/11/30) | S100QA8W | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA8W,, |
| 有価証券報告書－第23期(令和2年12月1日－令和3年11月30日) | S100NK2U | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NK2U,, |
| 有価証券報告書－第22期(令和1年12月1日－令和2年11月30日) | S100KUO7 | 2021-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUO7,, |

## 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).