# NEXYZ.Group Corporation: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第36期(2024/10/01－2025/09/30) (S100XBEF)
> Page: https://vizora.meequs.com/en/company/nexyz-group
> Retrieved: 2026-09-30T18:27:12.015Z

## Company

NEXYZ.Group, founded in 1990, is a company in Electric Power & Gas listed on TSE Standard. It has 1,066 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NEXYZ. Group Corporation |
| Ticker | 4346 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4346.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区桜丘町20番4号 |
| Representative (per filing) | 代表取締役社長 近藤 太香巳 |
| Founded | Feb 1990 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,066 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | September |
| Website | www.nexyzgroup.jp (https://www.nexyzgroup.jp/) |
| Corporate number | 1011001017948 |
| EDINET | E05268 |
| Industries (Vizora) | Electric Power & Gas, Leasing, Advertising |

> Profile source: annual securities report (S100XBEF, filed 2025-12-18). As of filing

## Key points (generated from figures)

- About 82% of NEXYZ.Group's sales come from Embedded Finance, with Media promotion and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +16.1% from the prior year, operating profit +53.1%.

## Company structure

- Segment revenue mix: Embedded Finance 81.7%、Media promotion 18.2%、Other 0.1%
- Revenue → net income: ¥28433000000 → ¥1299000000
- Net income → operating cash flow: ¥1299000000 → ¥1740000000（difference ¥441000000）
- Main uses of operating cash flow: CapEx ¥123000000 / dividends ¥260000000 / buybacks —
- Change in cash: ¥2397000000
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 | ¥28.4B |  |
| Operating income | ¥1.82B | Margin 6.4% |
| Net income | ¥922M | Margin 3.2% |
| Free cash flow | ¥1.62B |  |
| Largest business | Embedded Finance | of segment revenue 81.7% |
| Employees (consolidated) | 1,066 |  |
| EPS | ¥7.12 |  |
| Book value per share | ¥212.87 |  |
| Equity ratio | 17.8% |  |
| Shares outstanding | 13,471,240 |  |
| Treasury shares | 463,000 |  |
| Shareholders | 5,200 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 34.6% | Cash ÷ revenue 29.7% |
| Vs. industry median margin | -0.6 pp | Electric Power & Gas |
| ROE | 44.6% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by -23 points
- FY2025, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15728000000 | ¥28433000000 | +80.8% |
| Operating income | ¥-1627000000 | ¥1820000000 | — |
| Operating margin | -10.3% | 6.4% | +16.7 pp |
| Employees | 825 people | 1,066 people | +29.2% |
| Cash and equivalents | ¥3841000000 | ¥8447000000 | +119.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ネクシィーズ・ゼロ事業 → 事業再編・廃止 | 73.7% |
| 電力小売事業 → 事業再編・廃止 | 10.3% |
| 電子メディア事業 → 事業再編・廃止 | 16.0% |
| 新設・再編 → エンベデッド・ファイナンス事業 | 81.7% |
| 新設・再編 → メディア・プロモーション事業 | 18.2% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Embedded Finance | — | — | ¥23233000000 | 7.2% | 2 |
| Media promotion | — | — | ¥5167000000 | 22.2% | 2 |
| Other | — | — | ¥31000000 | 90.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,433 | 100.0% | S100XBEF |
| Cost of revenue | 14,613 | 51.4% | S100XBEF |
| Gross profit | 13,819 | 48.6% | S100XBEF |
| SG&A | 11,998 | 42.2% | S100XBEF |
| Operating income | 1,820 | 6.4% | S100XBEF |
| Ordinary income | 1,742 | 6.1% | S100XBEF |
| Pretax income | 2,134 | 7.5% | S100XBEF |
| Income tax | 835 | 2.9% | S100XBEF |
| Net income | 1,299 | 4.6% | S100XBEF |
| Net income attributable to owners | 922 | 3.2% | S100XBEF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 42 |
| Operating income | 7 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 48.6% → Operating margin 6.4% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.1%; Core profit growth: +53.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 24,497 | 28,433 | 3,936 | +16.1% |
| Gross profit | 12,745 | 13,819 | 1,074 | +8.4% |
| Operating income | 1,189 | 1,820 | 631 | +53.1% |
| Net income attributable to owners | 611 | 922 | 311 | +50.9% |
| Operating cash flow | 1,028 | 1,740 | 712 | +69.3% |
| Free cash flow | 941 | 1,617 | 676 | +71.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 18,412 | 2,064 | 11.2% | 1,516 | 896 | 338 | S100KDIO |
| FY ending Sep 2020 | 15,728 | -1,627 | -10.3% | -2,136 | -3,491 | -3,665 | S100N2F3 |
| FY ending Sep 2021 | 18,763 | -351 | -1.9% | -1,153 | 1,558 | 1,487 | S100PT3I |
| FY ending Sep 2022 | 19,214 | 382 | 2.0% | 185 | -365 | -433 | S100SI0P |
| FY ending Sep 2023 | 21,953 | 766 | 3.5% | 748 | 2,747 | 2,666 | S100UZIM |
| FY ending Sep 2024 | 24,497 | 1,189 | 4.9% | 611 | 1,028 | 941 | S100XBEF |
| FY ending Sep 2025 | 28,433 | 1,820 | 6.4% | 922 | 1,740 | 1,617 | S100XBEF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.7M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥864.9K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 895 | 913 | 927 | 1,005 | 1,066 |
| Average salary (parent company) | ¥5M | ¥4.5M | ¥5M | ¥5M | ¥5.4M |
| Average age (parent company) | 34.0 years | 35.1 years | 35.8 years | 33.7 years | 36.1 years |
| Average tenure (parent company) | 7.4 years | 8.1 years | 7.6 years | 7.2 years | 9.3 years |

Year over year: Employees (consolidated) +6.1% · Revenue (consolidated) +16.1%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Embedded Finance | 23,233 | 81.7% | 1,663 | 7.2% |
| Media promotion | 5,167 | 18.2% | 1,146 | 22.2% |
| Other | 31 | 0.1% | 28 | 90.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Embedded Finance | 81.7% | 58.6% | -23.1 | 7.2% |
| Media promotion | 18.2% | 40.4% | 22.2 | 22.2% |
| Other | 0.1% | 1.0% | 0.9 | 90.3% |

Segment → industry: Embedded Finance → Electric Power & Gas / Embedded Finance → Leasing / Media promotion → Advertising

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,740 | 6.1% | S100XBEF |
| Capital expenditure | 123 | 0.4% | S100XBEF |
| Free cash flow | 1,617 | 5.7% | 算出 |
| Investing cash flow | 282 | 1.0% | S100XBEF |
| Financing cash flow | 373 | 1.3% | S100XBEF |
| Dividends paid | 260 | 0.9% | S100XBEF |
| Change in cash | 2,397 | 8.4% | S100XBEF |
| Cash and equivalents | 8,447 | 29.7% | S100XBEF |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,427 | 2,831 | 4,982 | 5,849 | 8,447 | S100SI0P, S100UZIM, S100XBEF |
| Total assets | 14,606 | 13,615 | 15,445 | 18,342 | 24,387 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Net assets | 3,978 | 2,867 | 3,701 | 5,218 | 8,028 | S100SI0P, S100UZIM, S100XBEF |
| Share capital | 1,198 | 1,210 | 100 | 100 | 100 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Trade receivables | 3,460 | 2,055 | 2,520 | — | — | S100PT3I, S100SI0P |
| Property, plant and equipment | 1,163 | 1,106 | 1,077 | 1,056 | 1,080 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Intangible assets excluding goodwill | 75 | 68 | 98 | 101 | 121 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Goodwill | 1 | 0 | 0 | 0 | 0 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Investment securities | 890 | 937 | 1,027 | 2,746 | 5,832 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Current assets | 10,906 | 9,574 | 11,142 | 12,578 | 15,914 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Current liabilities | 7,473 | 8,774 | 9,469 | 10,464 | 11,062 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Short-term borrowings | 1,200 | 2,200 | 1,700 | 2,100 | 1,100 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Long-term borrowings | 2,870 | 1,673 | 1,928 | 1,993 | 3,907 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Total liabilities | 10,627 | 10,748 | 11,743 | 13,124 | 16,359 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Non-controlling interests | 2,168 | 1,672 | 2,023 | 2,667 | 3,699 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Equity attributable to owners of parent | 1,611 | 999 | 1,487 | 1,759 | 2,371 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Retained earnings | 1,302 | 667 | 1,155 | 1,507 | 2,170 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |
| Treasury stock | -899 | -898 | -898 | -899 | -900 | S100PT3I, S100SI0P, S100UZIM, S100XBEF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XBEF |
| Property, plant and equipment | 4% | S100XBEF |
| Intangibles and goodwill | 0% | S100XBEF |
| Investment securities | 24% | S100XBEF |
| Other assets | 37% | S100XBEF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 67% | S100XBEF |
| Equity | 33% | S100XBEF |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 14,606 | 13,615 | 15,445 | 18,342 | 24,387 |
| Equity | 3,978 | 2,867 | 3,701 | 5,218 | 8,028 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,427 | 2,831 | 4,982 | 5,849 | 8,447 |

## 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) | 3.8% | S100XBEF |
| Fixed assets ÷ total assets | 4.4% | S100XBEF |
| Goodwill ÷ parent equity | 0.0% | S100XBEF |

Goodwill over 4 years: 1 → 0 JPY; total investing cash flow: 334 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) | 34.6% |
| Cash ÷ revenue | 29.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.6% |
| Cash vs. profit gap | 818 JPY mn (of net income 88.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.2% |
| Shareholder payments — dividends / FCF | 16.1% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 16.2% |

## 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 | — | —× | -7.9% | —× | — | S100PT3I |
| 2022 | 1.0% | 1.36× | 1.3% | 10.81× | 14.2% | S100SI0P |
| 2023 | 3.4% | 1.51× | 5.1% | 11.69× | 60.2% | S100UZIM |
| 2024 | 2.5% | 1.45× | 3.6% | 10.41× | 37.6% | S100XBEF |
| 2025 | 3.2% | 1.33× | 4.3% | 10.35× | 44.6% | S100XBEF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 近藤 太香巳 | Major shareholder | 25.3% | 2025-09-30 |
| 株式会社近藤太香巳事務所 | Major shareholder | 9.8% | 2025-09-30 |
| NEXYZ.従業員持株会 | Major shareholder | 8.2% | 2025-09-30 |
| 伊藤 智之 | Major shareholder | 6.1% | 2025-09-30 |
| 株式会社SBI証券 | Major shareholder | 5.5% | 2025-09-30 |
| 一般社団法人HDP | Major shareholder | 5.4% | 2025-09-30 |
| 渡辺 崇 | Major shareholder | 2.2% | 2025-09-30 |
| 大前 成平 | Major shareholder | 1.7% | 2025-09-30 |
| ベル投資事業有限責任組合１ | Major shareholder | 1.7% | 2025-09-30 |
| 山本 司 | Major shareholder | 1.4% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第36期(2024/10/01－2025/09/30) | S100XBEF | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XBEF,, |
| 有価証券報告書－第35期(2023/10/01－2024/09/30) | S100UZIM | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZIM,, |
| 有価証券報告書－第34期(2022/10/01－2023/09/30) | S100SI0P | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SI0P,, |
| 有価証券報告書－第33期(令和3年10月1日－令和4年9月30日) | S100PT3I | 2022-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PT3I,, |
| 有価証券報告書－第32期(令和2年10月1日－令和3年9月30日) | S100N2F3 | 2021-12-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2F3,, |
| 有価証券報告書－第31期(令和1年10月1日－令和2年9月30日) | S100KDIO | 2020-12-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDIO,, |

## 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).