# Next Generation Technology Group Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第8期(2025/01/01－2025/12/31) (S100XV9V)
> Page: https://vizora.meequs.com/en/company/ngt-g
> Retrieved: 2026-09-30T21:36:14.660Z

## Company

Next Generation Technology Group, founded in 2018, is a company in Investment Funds listed on TSE Growth. It has 1,208 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Next Generation Technology Group Inc. |
| Ticker | 319A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/319A.T) |
| Listing | TSE Growth |
| Head office | 東京都渋谷区渋谷一丁目3番地18号ビラ・モデルナA402 |
| Representative (per filing) | 代表取締役社長 新居 英一 |
| Founded | Jul 2018 |
| Share capital | ¥10M |
| Employees (consolidated) | 1,208 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | December |
| Website | ngt-g.com (https://ngt-g.com/) |
| Corporate number | 8010001193280 |
| EDINET | E40269 |
| Industries (Vizora) | Investment Funds |

> Profile source: annual securities report (S100XV9V, filed 2026-03-30). As of filing

## Key points (generated from figures)

- Next Generation Technology Group brought in ¥15B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +35.4% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥14961000000 → ¥3091000000
- Net income → operating cash flow: ¥3091000000 → ¥147000000（difference ¥-2944000000）
- Main uses of operating cash flow: CapEx ¥287000000 / dividends — / buybacks ¥0
- Change in cash: ¥3393000000
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 | ¥15B |  |
| Operating income | ¥1.43B | Margin 9.6% |
| Net income | ¥3.09B | Margin 20.7% |
| Free cash flow | -¥140M |  |
| Employees (consolidated) | 1,208 |  |
| EPS | ¥-0.61 |  |
| Book value per share | ¥192.01 |  |
| Equity ratio | 29.5% |  |
| Shares outstanding | 8,845,978 |  |
| Shareholders | 1,671 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 29.1% | Net cash -¥4.78B · Cash ÷ revenue 59.9% |
| Vs. industry median margin | -0.2 pp | Investment Funds |
| ROE | 49.5% | Derived from disclosed figures |
| ROA | 13.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 29% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9327000000 | ¥14961000000 | +60.4% |
| Operating income | ¥879000000 | ¥1432000000 | +62.9% |
| Operating margin | 9.4% | 9.6% | +0.1 pp |
| Employees | 523 people | 1,208 people | +131.0% |
| Cash and equivalents | ¥4399000000 | ¥8958000000 | +103.6% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 14,961 | 100.0% | S100XV9V |
| Cost of revenue | 10,722 | 71.7% | S100XV9V |
| Gross profit | 4,238 | 28.3% | S100XV9V |
| SG&A | 2,806 | 18.8% | S100XV9V |
| Operating income | 1,432 | 9.6% | S100XV9V |
| Ordinary income | 1,416 | 9.5% | S100XV9V |
| Pretax income | 3,730 | 24.9% | S100XV9V |
| Income tax | 639 | 4.3% | S100XV9V |
| Net income | 3,091 | 20.7% | S100XV9V |
| Net income attributable to owners | 3,091 | 20.7% | S100XV9V |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 21 |

### Margin funnel

Gross margin 28.3% → Operating margin 9.6% → Net margin 20.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +35.4%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.16×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,051 | 14,961 | 3,910 | +35.4% |
| Gross profit | 3,141 | 4,238 | 1,097 | +34.9% |
| Operating income | 1,517 | 1,432 | -85 | -5.6% |
| Net income attributable to owners | 901 | 3,091 | 2,190 | +243.1% |
| Operating cash flow | 1,893 | 147 | -1,746 | -92.2% |
| Free cash flow | 1,459 | -140 | -1,599 | -109.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 9,327 | 879 | 9.4% | 1,613 | 1,189 | 1,023 | S100VG4Y |
| FY ending Dec 2024 | 11,051 | 1,517 | 13.7% | 901 | 1,893 | 1,459 | S100XV9V |
| FY ending Dec 2025 | 14,961 | 1,432 | 9.6% | 3,091 | 147 | -140 | S100XV9V |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥2.6M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 523 | 558 | 1,208 |
| Average salary (parent company) | — | ¥11M | ¥9M |
| Average age (parent company) | — | 37.3 years | 40.5 years |
| Average tenure (parent company) | — | 1.6 years | 2.3 years |

Year over year: Employees (consolidated) +116.5% · Revenue (consolidated) +35.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 147 | 1.0% | S100XV9V |
| Capital expenditure | 287 | 1.9% | S100XV9V |
| Free cash flow | -140 | -0.9% | 算出 |
| Investing cash flow | -3,445 | -23.0% | S100XV9V |
| Financing cash flow | 6,590 | 44.0% | S100XV9V |
| Share buyback | 0 | 0.0% | S100XV9V |
| Change in cash | 3,393 | 22.7% | S100XV9V |
| Cash and equivalents | 8,958 | 59.9% | S100XV9V |

## 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 Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,399 | 5,565 | 8,958 | S100XV9V |
| Total assets | 14,749 | 15,416 | 30,826 | S100VG4Y, S100XV9V |
| Net assets | 3,113 | 4,002 | 9,211 | S100XV9V |
| Share capital | 55 | 55 | 10 | S100VG4Y, S100XV9V |
| Property, plant and equipment | 4,945 | 4,955 | 8,399 | S100VG4Y, S100XV9V |
| Intangible assets excluding goodwill | 1,082 | 859 | 3,085 | S100VG4Y, S100XV9V |
| Goodwill | 1,057 | 835 | 3,008 | S100VG4Y, S100XV9V |
| Investment securities | 400 | 296 | 720 | S100VG4Y, S100XV9V |
| Current assets | 7,635 | 8,799 | 16,941 | S100VG4Y, S100XV9V |
| Current liabilities | 5,082 | 5,043 | 9,312 | S100VG4Y, S100XV9V |
| Trade payables | 471 | 645 | 1,023 | S100VG4Y, S100XV9V |
| Short-term borrowings | 1,805 | 1,975 | 3,406 | S100VG4Y, S100XV9V |
| Long-term borrowings | 5,685 | 5,243 | 10,307 | S100VG4Y, S100XV9V |
| Bonds | — | 41 | 26 | S100XV9V |
| Interest-bearing debt | — | 7,259 | 13,739 | 算出 |
| Total liabilities | 11,637 | 11,414 | 21,615 | S100VG4Y, S100XV9V |
| Non-controlling interests | 100 | 100 | 100 | S100VG4Y, S100XV9V |
| Equity attributable to owners of parent | 2,968 | 3,818 | 8,681 | S100VG4Y, S100XV9V |
| Retained earnings | 2,726 | 3,576 | 6,667 | S100VG4Y, S100XV9V |
| Treasury stock | — | — | 0 | S100XV9V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100XV9V |
| Property, plant and equipment | 27% | S100XV9V |
| Intangibles and goodwill | 20% | S100XV9V |
| Investment securities | 2% | S100XV9V |
| Other assets | 22% | S100XV9V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XV9V |
| Interest-bearing debt | 45% | 算出 |
| Other liabilities | 22% | S100XV9V |
| Equity | 30% | S100XV9V |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 14,749 | 15,416 | 30,826 |
| Equity | 3,113 | 4,002 | 9,211 |
| Interest-bearing debt | — | 7,259 | 13,739 |
| Cash | 4,399 | 5,565 | 8,958 |

## 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) | 56.1% | S100XV9V |
| Fixed assets ÷ total assets | 27.2% | S100XV9V |
| Goodwill ÷ parent equity | 34.7% | S100XV9V |

### 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) | 29.1% |
| Cash ÷ revenue | 59.9% |
| Net cash (cash − interest-bearing debt) | -¥4.78B |
| Net debt ÷ operating cash flow | 32.52× |
| Cash conversion (operating CF ÷ operating income) | 10.3% |
| Cash vs. profit gap | -2,944 JPY mn (of net income -95.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 2343.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 17.3% | 0.63× | 10.9% | 4.97× | 54.3% | S100VG4Y |
| 2024 | 8.2% | 0.73× | 6.0% | 4.45× | 26.6% | S100XV9V |
| 2025 | 20.7% | 0.65× | 13.4% | 3.70× | 49.5% | S100XV9V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新居 英一 | Major shareholder | 65.5% | 2025-12-31 |
| 藤井 陽介 | Major shareholder | 5.8% | 2025-12-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.5% | 2025-12-31 |
| PERSHING-DIV.OF DLJ SECS. CORP（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.4% | 2025-12-31 |
| BANQUE DE LUXEMBOURG -CLIENT ACCOUNT（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2025-12-31 |
| 佐藤 大央 | Major shareholder | 1.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2025-12-31 |
| BBH CO FOR GRANDEUR PEAK INTERNATIONAL STALWARTS FUND（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2025-12-31 |
| 亀田 藍子 | Major shareholder | 1.3% | 2025-12-31 |
| GOLDMAN, SACHS ＆ CO. REG（常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 1.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第8期(2025/01/01－2025/12/31) | S100XV9V | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV9V,, |
| 有価証券報告書－第7期(2024/01/01－2024/12/31) | S100VG4Y | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG4Y,, |

## 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).