# Nextgen,Inc.: 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25期(2025/04/01－2026/03/31) (S100YD0G)
> Page: https://vizora.meequs.com/en/company/nextgen
> Retrieved: 2026-09-30T18:23:00.196Z

## Company

Nextgen, founded in 2001, is a company in IT Services & System Integration listed on TSE Standard. It has 148 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nextgen,Inc. |
| Ticker | 3842 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3842.T) |
| Listing | TSE Standard |
| Head office | 東京都港区白金一丁目27番6号 |
| Representative (per filing) | 代表取締役社長 執行役員 CEO 大西 新二 |
| Founded | Nov 2001 |
| Share capital | ¥1.15B |
| Employees (consolidated) | 148 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.nextgen.co.jp (https://www.nextgen.co.jp/) |
| Corporate number | 6010001097517 |
| EDINET | E05677 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YD0G, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.5 | 157 |
| Profitability | 38.5 | 196 |
| Cash conversion | 96.5 | 185 |
| Efficiency | 42.6 | 196 |

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)

- Nextgen brought in ¥4.26B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +17.6% from the prior year, operating profit +25.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4256981000 → ¥292312000
- Net income → operating cash flow: ¥292312000 → ¥740488000（difference ¥448176000）
- Main uses of operating cash flow: CapEx ¥282407000 / dividends ¥61339000 / buybacks —
- Change in cash: ¥202172000
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 | ¥4.26B |  |
| Operating income | ¥328.3M | Margin 7.7% |
| Net income | ¥292.3M | Margin 6.9% |
| Free cash flow | ¥458.1M |  |
| Employees (consolidated) | 148 |  |
| EPS | ¥83.89 |  |
| Diluted EPS | ¥83.7 |  |
| Book value per share | ¥776.11 |  |
| Equity ratio | 65.1% |  |
| Shares outstanding | 3,092,900 |  |
| Treasury shares | 200 |  |
| Shareholders | 3,292 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 54.5% | Cash ÷ revenue 47.3% |
| Vs. industry median margin | -1.2 pp | IT Services & System Integration |
| ROE | 12.8% | Derived from disclosed figures |
| ROA | 8.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, cash is 55% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3863565000 | ¥4256981000 | +10.2% |
| Operating income | ¥12771000 | ¥328297000 | +2470.6% |
| Operating margin | 0.3% | 7.7% | +7.4 pp |
| Employees | 158 people | 148 people | -6.3% |
| Cash and equivalents | ¥1177248000 | ¥2011993000 | +70.9% |

### 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,257 | 100.0% | S100YD0G |
| Cost of revenue | 2,679 | 62.9% | S100YD0G |
| Gross profit | 1,578 | 37.1% | S100YD0G |
| SG&A | 1,250 | 29.4% | S100YD0G |
| Operating income | 328 | 7.7% | S100YD0G |
| Ordinary income | 325 | 7.6% | S100YD0G |
| Pretax income | 325 | 7.6% | S100YD0G |
| Income tax | 32 | 0.8% | S100YD0G |
| Net income | 292 | 6.9% | S100YD0G |
| Net income attributable to owners | 292 | 6.9% | S100YD0G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 29 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 37.1% → Operating margin 7.7% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.6%; Core profit growth: +25.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.43×
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 | 3,621 | 4,257 | 636 | +17.6% |
| Gross profit | 1,418 | 1,578 | 160 | +11.3% |
| Operating income | 262 | 328 | 66 | +25.2% |
| Net income attributable to owners | 205 | 292 | 87 | +42.7% |
| Operating cash flow | 852 | 740 | -112 | -13.1% |
| Free cash flow | 587 | 458 | -129 | -22.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,879 | -574 | -14.8% | -543 | 258 | -302 | S100LPA8 |
| FY ending Mar 2021 | 3,864 | 13 | 0.3% | -174 | 646 | 475 | S100OFOB |
| FY ending Mar 2022 | 3,750 | 189 | 5.0% | 165 | 488 | 86 | S100R2UK |
| FY ending Mar 2023 | 3,053 | 31 | 1.0% | -454 | 414 | -194 | S100TTXY |
| FY ending Mar 2024 | 3,523 | 181 | 5.1% | 167 | 484 | 100 | S100W49X |
| FY ending Mar 2025 | 3,621 | 262 | 7.2% | 205 | 852 | 587 | S100YD0G |
| FY ending Mar 2026 | 4,257 | 328 | 7.7% | 292 | 740 | 458 | S100YD0G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.8M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥2M |

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) | 146 | 144 | 147 | 145 | 148 |
| Average salary (parent company) | ¥7.4M | ¥7.2M | ¥7M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 45.9 years | 45.9 years | 46.4 years | 46.7 years | 47.8 years |
| Average tenure (parent company) | 7.3 years | 7.5 years | 8.2 years | 8.7 years | 9.1 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) +17.6%

## 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 | 740 | 17.4% | S100YD0G |
| Capital expenditure | 282 | 6.6% | S100YD0G |
| Free cash flow | 458 | 10.8% | 算出 |
| Investing cash flow | -291 | -6.8% | S100YD0G |
| Financing cash flow | -248 | -5.8% | S100YD0G |
| Dividends paid | 61 | 1.4% | S100YD0G |
| Change in cash | 202 | 4.7% | S100YD0G |
| Cash and equivalents | 2,012 | 47.3% | S100YD0G |

## 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 | 1,246 | 1,208 | 1,262 | 1,810 | 2,012 | S100TTXY, S100W49X, S100YD0G |
| Total assets | 3,445 | 3,004 | 3,278 | 3,536 | 3,691 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Net assets | 2,010 | 1,796 | 1,960 | 2,173 | 2,405 | S100TTXY, S100W49X, S100YD0G |
| Share capital | 1,002 | 1,127 | 1,127 | 1,146 | 1,146 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Property, plant and equipment | 45 | 37 | 52 | 50 | 58 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Intangible assets excluding goodwill | 733 | 602 | 661 | 611 | 610 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Goodwill | 31 | 20 | 9 | — | — | S100R2UK, S100TTXY, S100W49X |
| Current assets | 2,540 | 2,256 | 2,456 | 2,754 | 2,921 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Current liabilities | 1,079 | 899 | 1,007 | 1,050 | 1,104 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Long-term borrowings | 332 | 286 | 286 | 289 | 162 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Total liabilities | 1,435 | 1,208 | 1,318 | 1,364 | 1,286 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Equity attributable to owners of parent | 2,010 | 1,797 | 1,959 | 2,170 | 2,401 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Retained earnings | 53 | -409 | 145 | 319 | 550 | S100R2UK, S100TTXY, S100W49X, S100YD0G |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R2UK, S100TTXY, S100W49X, S100YD0G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 54% | S100YD0G |
| Property, plant and equipment | 2% | S100YD0G |
| Intangibles and goodwill | 17% | S100YD0G |
| Other assets | 27% | S100YD0G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 35% | S100YD0G |
| Equity | 65% | S100YD0G |

### 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 | 3,445 | 3,004 | 3,278 | 3,536 | 3,691 |
| Equity | 2,010 | 1,796 | 1,960 | 2,173 | 2,405 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,246 | 1,208 | 1,262 | 1,810 | 2,012 |

## 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) | 1.4% | S100YD0G |
| Fixed assets ÷ total assets | 1.6% | S100YD0G |
| Goodwill ÷ parent equity | — | —, S100YD0G |

### 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) | 54.5% |
| Cash ÷ revenue | 47.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 225.6% |
| Cash vs. profit gap | 448 JPY mn (of net income 153.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 21.0% |
| Shareholder payments — dividends / FCF | 13.4% |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 39.3% |

## 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 | 4.4% | 1.09× | 4.8% | 1.71× | 8.2% | S100R2UK |
| 2023 | — | —× | -14.1% | —× | — | S100TTXY |
| 2024 | 4.7% | 1.12× | 5.3% | 1.67× | 8.9% | S100W49X |
| 2025 | 5.7% | 1.06× | 6.0% | 1.65× | 9.9% | S100YD0G |
| 2026 | 6.9% | 1.18× | 8.1% | 1.58× | 12.8% | S100YD0G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エクシオグループ株式会社 | Major shareholder | 21.3% | 2026-03-31 |
| サクサ株式会社 | Major shareholder | 14.5% | 2026-03-31 |
| ＮＥＣネッツエスアイ株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 岩崎通信機株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 大西新二 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社タカコム | Major shareholder | 2.7% | 2026-03-31 |
| 都築電気株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| ネクストジェン従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 渡辺俊一 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第25期(2025/04/01－2026/03/31) | S100YD0G | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD0G,, |
| 有価証券報告書－第24期(2024/04/01－2025/03/31) | S100W49X | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W49X,, |
| 有価証券報告書－第23期(2023/04/01－2024/03/31) | S100TTXY | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTXY,, |
| 有価証券報告書－第22期(2022/04/01－2023/03/31) | S100R2UK | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2UK,, |
| 有価証券報告書－第21期(令和3年4月1日－令和4年3月31日) | S100OFOB | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFOB,, |
| 有価証券報告書－第20期(令和2年4月1日－令和3年3月31日) | S100LPA8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPA8,, |

## 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).