# Nextware Ltd.: 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36期(2025/04/01－2026/03/31) (S100YN09)
> Page: https://vizora.meequs.com/en/company/nextware
> Retrieved: 2026-09-30T20:23:17.749Z

## Company

Nextware, founded in 1997, is a company in IT Services & System Integration listed on TSE Standard. It has 224 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nextware Ltd. |
| Ticker | 4814 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4814.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区北久宝寺町四丁目3番11号 |
| Representative (per filing) | 代表取締役社長 豊田 崇克 |
| Founded | Feb 1997 |
| Share capital | ¥1.31B |
| Employees (consolidated) | 224 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.nextware.co.jp (https://www.nextware.co.jp/) |
| Corporate number | 3120001086949 |
| EDINET | E05151 |
| Industries (Vizora) | IT Services & System Integration, Events & Ticketing |

> Profile source: annual securities report (S100YN09, filed 2026-06-29). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 5.4 | 157 |
| Profitability | 1.8 | 196 |
| Efficiency | 93.1 | 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)

- About 79% of Nextware's sales come from Solution business, with Entertainment business making up much of the rest.
- It lost about ¥10 for every ¥100 of sales at the operating level.
- Revenue changed -4.5% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.88B |  |
| Operating income | -¥282.2M | Margin -9.8% |
| Net income | -¥462.6M | Margin -16.1% |
| Free cash flow | -¥206.6M |  |
| Largest business | Solution business | of segment revenue 78.5% |
| Employees (consolidated) | 224 |  |
| EPS | ¥-35.79 |  |
| Book value per share | ¥63.38 |  |
| Equity ratio | 72.6% |  |
| Shares outstanding | 13,015,222 |  |
| Treasury shares | 308,700 |  |
| Shareholders | 6,652 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 27.6% | Cash ÷ revenue 10.1% |
| Vs. industry median margin | -18.7 pp | IT Services & System Integration |
| ROA | -35.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 28% of total assets
- FY2026, operating loss is 10 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3156137000 | ¥2875675000 | -8.9% |
| Operating income | ¥18271000 | ¥-282182000 | -1644.4% |
| Operating margin | 0.6% | -9.8% | -10.4 pp |
| Employees | 251 people | 224 people | -10.8% |
| Cash and equivalents | ¥204659000 | ¥289448000 | +41.4% |

### 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 |
| --- | ---: |
| ソリューション事業 → ソリューション事業 | 78.5% |
| ソリューション事業 → 事業再編・廃止 | 15.4% |
| エンターテインメント事業 → エンターテインメント事業 | 6.1% |
| 新設・再編 → エンターテインメント事業 | 15.4% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,876 | 100.0% | S100YN09 |
| Cost of revenue | 2,223 | 77.3% | S100YN09 |
| Gross profit | 652 | 22.7% | S100YN09 |
| SG&A | 935 | 32.5% | S100YN09 |
| Operating income | -282 | -9.8% | S100YN09 |
| Ordinary income | -269 | -9.3% | S100YN09 |
| Pretax income | -455 | -15.8% | S100YN09 |
| Income tax | 8 | 0.3% | S100YN09 |
| Net income | -463 | -16.1% | S100YN09 |
| Net income attributable to owners | -463 | -16.1% | S100YN09 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 33 |
| Operating income | -10 |
| (Ref.) Net income | -16 |

### Margin funnel

Gross margin 22.7% → Operating margin -9.8% → Net margin -16.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,010 | 2,876 | -134 | -4.5% |
| Gross profit | 782 | 652 | -130 | -16.6% |
| Operating income | -76 | -282 | -207 | — |
| Net income attributable to owners | -106 | -463 | -357 | — |
| Operating cash flow | 3 | -136 | -139 | -5173.8% |
| Free cash flow | -128 | -207 | -79 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,205 | -106 | -3.3% | -157 | -55 | -157 | S100LS12 |
| FY ending Mar 2021 | 3,156 | 18 | 0.6% | 24 | 72 | -24 | S100OG5L |
| FY ending Mar 2022 | 2,919 | 52 | 1.8% | 687 | 314 | 224 | S100RA8J |
| FY ending Mar 2023 | 2,891 | -26 | -0.9% | 12 | -346 | -381 | S100TX9V |
| FY ending Mar 2024 | 2,820 | -133 | -4.7% | -162 | 105 | 26 | S100W94E |
| FY ending Mar 2025 | 3,010 | -76 | -2.5% | -106 | 3 | -128 | S100YN09 |
| FY ending Mar 2026 | 2,876 | -282 | -9.8% | -463 | -136 | -207 | S100YN09 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.8M |
| Operating income per employee (consolidated) | -¥1.3M |
| Net income per employee (consolidated) | -¥2.1M |

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) | 216 | 214 | 209 | 201 | 224 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥4.9M | ¥5M | ¥5M |
| Average age (parent company) | 41.6 years | 42.2 years | 42.5 years | 42.8 years | 41.3 years |
| Average tenure (parent company) | 12.7 years | 13.6 years | 14.2 years | 14.8 years | 14.0 years |

Year over year: Employees (consolidated) +11.4% · Revenue (consolidated) -4.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Solution business | 2,258 | 78.5% | -209 | -9.2% |
| Entertainment business | 617 | 21.5% | -73 | -11.8% |

### 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 | Margin |
| --- | ---: | ---: |
| Solution business | 78.5% | -9.2% |
| Entertainment business | 21.5% | -11.8% |

Loss-making segment (excluded from profit shares): Solution business -209 JPY mn

Loss-making segment (excluded from profit shares): Entertainment business -73 JPY mn

Segment → industry: Solution business → IT Services & System Integration / Entertainment business → Events & Ticketing

## 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 | -136 | -4.7% | S100YN09 |
| Capital expenditure | 70 | 2.4% | S100YN09 |
| Free cash flow | -207 | -7.2% | 算出 |
| Investing cash flow | -16 | -0.5% | S100YN09 |
| Financing cash flow | -2 | -0.1% | S100YN09 |
| Change in cash | -154 | -5.4% | S100YN09 |
| Cash and equivalents | 289 | 10.1% | S100YN09 |

## 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 | 1,076 | 630 | 586 | 443 | 289 | S100TX9V, S100W94E, S100YN09 |
| Total assets | 2,098 | 1,838 | 1,688 | 1,546 | 1,047 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Net assets | 1,542 | 1,516 | 1,329 | 1,223 | 760 | S100TX9V, S100W94E, S100YN09 |
| Share capital | 1,311 | 1,311 | 1,311 | 1,311 | 1,311 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Property, plant and equipment | 102 | 101 | 108 | 120 | 64 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Intangible assets excluding goodwill | 50 | 44 | 51 | 105 | 54 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Goodwill | 24 | 20 | — | — | — | S100RA8J, S100TX9V |
| Investment securities | 155 | 155 | 155 | 140 | 16 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Current assets | 1,619 | 1,371 | 1,195 | 1,017 | 788 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Current liabilities | 496 | 277 | 346 | 314 | 276 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Long-term borrowings | 44 | 29 | 2 | — | — | S100RA8J, S100TX9V, S100W94E |
| Total liabilities | 555 | 322 | 359 | 324 | 287 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Equity attributable to owners of parent | 1,542 | 1,516 | 1,329 | 1,223 | 760 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Retained earnings | -42 | 80 | -107 | -213 | -675 | S100RA8J, S100TX9V, S100W94E, S100YN09 |
| Treasury stock | -105 | -105 | -105 | -105 | -105 | S100RA8J, S100TX9V, S100W94E, S100YN09 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YN09 |
| Property, plant and equipment | 6% | S100YN09 |
| Intangibles and goodwill | 5% | S100YN09 |
| Investment securities | 1% | S100YN09 |
| Other assets | 60% | S100YN09 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100YN09 |
| Equity | 73% | S100YN09 |
| Other liabilities | 0% | S100YN09 |

### 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 | 2,098 | 1,838 | 1,688 | 1,546 | 1,047 |
| Equity | 1,542 | 1,516 | 1,329 | 1,223 | 760 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,076 | 630 | 586 | 443 | 289 |

## 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% | S100YN09 |
| Fixed assets ÷ total assets | 6.1% | S100YN09 |
| Goodwill ÷ parent equity | — | —, S100YN09 |

### 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) | 27.6% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 326 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| 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 | 23.5% | 1.39× | 32.7% | 1.36× | 44.5% | S100RA8J |
| 2023 | 0.4% | 1.47× | 0.6% | 1.29× | 0.8% | S100TX9V |
| 2024 | — | —× | -9.2% | —× | — | S100W94E |
| 2025 | — | —× | -6.6% | —× | — | S100YN09 |
| 2026 | — | —× | -35.7% | —× | — | S100YN09 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 豊田 崇克 | Major shareholder | 8.2% | 2026-03-31 |
| 有限会社ティ・エヌ・ヴィ | Major shareholder | 6.9% | 2026-03-31 |
| ネクストウェア従業員持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社サンテック | Major shareholder | 3.9% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 2.7% | 2026-03-31 |
| 一般社団法人大阪歌劇振興協会 | Major shareholder | 2.0% | 2026-03-31 |
| アセットシステム株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 田 英樹 | Major shareholder | 1.6% | 2026-03-31 |
| ネクストウェア取引先持株会 | Major shareholder | 1.3% | 2026-03-31 |
| BARCLAYS CAPITAL SECURITIES LIMITED(常任代理人バークレイズ証券株式会社) | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2025/04/01－2026/03/31) | S100YN09 | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN09,, |
| 有価証券報告書－第35期(2024/04/01－2025/03/31) | S100W94E | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W94E,, |
| 有価証券報告書－第34期(2023/04/01－2024/03/31) | S100TX9V | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX9V,, |
| 有価証券報告書－第33期(2022/04/01－2023/03/31) | S100RA8J | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA8J,, |
| 有価証券報告書－第32期(令和3年4月1日－令和4年3月31日) | S100OG5L | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG5L,, |
| 有価証券報告書－第31期(令和2年4月1日－令和3年3月31日) | S100LS12 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS12,, |

## 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).