# Nihon Enterprise Co.,Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/06/01－2026/05/31) (S100YZ0T)
> Page: https://vizora.meequs.com/en/company/nihon-enterprise
> Retrieved: 2026-09-30T21:01:00.206Z

## Company

Nihon Enterprise, founded in 1989, is a company in IT Services & System Integration listed on TSE Standard. It has 225 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon Enterprise Co.,Ltd. |
| Ticker | 4829 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4829.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区渋谷一丁目17番8号 |
| Representative (per filing) | 代表取締役会長兼社長 植田 勝典 |
| Founded | May 1989 |
| Share capital | ¥1.11B |
| Employees (consolidated) | 225 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | May |
| Website | www.nihon-e.co.jp (https://www.nihon-e.co.jp/) |
| Corporate number | 3011001033976 |
| EDINET | E05169 |
| Industries (Vizora) | IT Services & System Integration, Internet Services & Apps |

> Profile source: annual securities report (S100YZ0T, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.3 | 157 |
| Profitability | 11 | 196 |
| Cash conversion | 98.6 | 185 |
| Efficiency | 13.5 | 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 59% of Nihon Enterprise's sales come from Solution business, with Creation business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit +21.0%.

## Company structure

- Segment revenue mix: Solution business 59.1%、Creation business 40.9%
- Revenue → net income: ¥4466872000 → ¥82287000
- Net income → operating cash flow: ¥82287000 → ¥289936000（difference ¥207649000）
- Main uses of operating cash flow: CapEx ¥86015000 / dividends ¥116265000 / buybacks ¥9000
- Change in cash: ¥80252000
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 | ¥4.47B |  |
| Operating income | ¥82.1M | Margin 1.8% |
| Net income | ¥65.8M | Margin 1.5% |
| Free cash flow | ¥203.9M |  |
| Largest business | Solution business | of segment revenue 59.1% |
| Employees (consolidated) | 225 |  |
| EPS | ¥0.78 |  |
| Book value per share | ¥102.73 |  |
| Equity ratio | 83.7% |  |
| Shares outstanding | 38,534,900 |  |
| Shareholders | 9,270 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 69.7% | Cash ÷ revenue 88.0% |
| Vs. industry median margin | -7.1 pp | IT Services & System Integration |
| ROE | 1.4% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, cash is 70% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4346995000 | ¥4466872000 | +2.8% |
| Operating income | ¥338487000 | ¥82085000 | -75.7% |
| Operating margin | 7.8% | 1.8% | -5.9 pp |
| Employees | 199 people | 225 people | +13.1% |
| Cash and equivalents | ¥4708390000 | ¥3930962000 | -16.5% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| クリエーション事業 → クリエーション事業 | 40.9% |
| クリエーション事業 → 事業再編・廃止 | 8.7% |
| ソリューション事業 → ソリューション事業 | 50.4% |
| 新設・再編 → ソリューション事業 | 8.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,467 | 100.0% | S100YZ0T |
| Cost of revenue | 2,922 | 65.4% | S100YZ0T |
| Gross profit | 1,545 | 34.6% | S100YZ0T |
| SG&A | 1,463 | 32.7% | S100YZ0T |
| Operating income | 82 | 1.8% | S100YZ0T |
| Ordinary income | 107 | 2.4% | S100YZ0T |
| Pretax income | 137 | 3.1% | S100YZ0T |
| Income tax | 55 | 1.2% | S100YZ0T |
| Net income | 82 | 1.8% | S100YZ0T |
| Net income attributable to owners | 66 | 1.5% | S100YZ0T |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 65 |
| SG&A | 33 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 34.6% → Operating margin 1.8% → Net margin 1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.6%; Core profit growth: +21.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 37.97×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,442 | 4,467 | 25 | +0.6% |
| Gross profit | 1,637 | 1,545 | -92 | -5.6% |
| Operating income | 68 | 82 | 14 | +21.0% |
| Net income attributable to owners | 22 | 66 | 44 | +203.5% |
| Operating cash flow | 158 | 290 | 132 | +83.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 3,588 | 267 | 7.4% | 177 | 632 | 474 | S100MCLE |
| FY ending May 2021 | 4,347 | 338 | 7.8% | 135 | 484 | 353 | S100P34S |
| FY ending May 2022 | 4,019 | 103 | 2.6% | 72 | 12 | -83 | S100RR51 |
| FY ending May 2023 | 4,210 | 180 | 4.3% | 103 | 269 | 217 | S100UABS |
| FY ending May 2024 | 4,696 | 265 | 5.6% | 209 | 272 | 186 | S100WLO4 |
| FY ending May 2025 | 4,442 | 68 | 1.5% | 22 | 158 | — | S100YZ0T |
| FY ending May 2026 | 4,467 | 82 | 1.8% | 66 | 290 | 204 | S100YZ0T |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.9M |
| Operating income per employee (consolidated) | ¥364.8K |
| Net income per employee (consolidated) | ¥292.6K |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 220 | 218 | 220 | 230 | 225 |
| Average salary (parent company) | ¥6.2M | ¥5.8M | ¥6.6M | ¥6.7M | ¥6.6M |
| Average age (parent company) | 39.8 years | 40.3 years | 40.6 years | 41.1 years | 40.7 years |
| Average tenure (parent company) | 5.2 years | 6.2 years | 6.9 years | 7.4 years | 7.9 years |

Year over year: Employees (consolidated) -2.2% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Creation business | 1,828 | 40.9% | 405 | 22.1% |
| Solution business | 2,639 | 59.1% | 242 | 9.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Creation business | 40.9% | 62.6% | 21.7 | 22.1% |
| Solution business | 59.1% | 37.4% | -21.7 | 9.2% |

Segment → industry: Solution business → IT Services & System Integration / Creation business → Internet Services & Apps

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending May 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 290 | 6.5% | S100YZ0T |
| Capital expenditure | 86 | 1.9% | S100YZ0T |
| Free cash flow | 204 | 4.6% | 算出 |
| Investing cash flow | -82 | -1.8% | S100YZ0T |
| Financing cash flow | -128 | -2.9% | S100YZ0T |
| Dividends paid | 116 | 2.6% | S100YZ0T |
| Share buyback | 0 | 0.0% | S100YZ0T |
| Change in cash | 80 | 1.8% | S100YZ0T |
| Cash and equivalents | 3,931 | 88.0% | S100YZ0T |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,188 | 4,300 | 4,389 | 3,824 | 3,931 | S100UABS, S100WLO4, S100YZ0T |
| Total assets | 5,664 | 5,718 | 5,952 | 5,591 | 5,638 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Net assets | 4,893 | 4,927 | 5,069 | 4,897 | 4,894 | S100UABS, S100WLO4, S100YZ0T |
| Share capital | 1,108 | 1,108 | 1,108 | 1,108 | 1,108 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Property, plant and equipment | 312 | 284 | 284 | 249 | 219 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Intangible assets excluding goodwill | 220 | 180 | 182 | 235 | 230 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Investment securities | 52 | 52 | 65 | 280 | 311 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Current assets | 4,953 | 5,094 | 5,306 | 4,711 | 4,728 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Current liabilities | 533 | 569 | 659 | 608 | 660 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Long-term borrowings | 183 | 160 | 138 | — | — | S100RR51, S100UABS, S100WLO4 |
| Total liabilities | 771 | 791 | 883 | 695 | 745 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Non-controlling interests | 132 | 140 | 149 | 159 | 168 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Equity attributable to owners of parent | 4,759 | 4,785 | 4,917 | 4,824 | 4,754 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Retained earnings | 2,666 | 2,692 | 2,824 | 2,730 | 2,661 | S100RR51, S100UABS, S100WLO4, S100YZ0T |
| Treasury stock | — | — | — | — | -0 | S100YZ0T |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 70% | S100YZ0T |
| Property, plant and equipment | 4% | S100YZ0T |
| Intangibles and goodwill | 4% | S100YZ0T |
| Investment securities | 5% | S100YZ0T |
| Other assets | 17% | S100YZ0T |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 13% | S100YZ0T |
| Equity | 87% | S100YZ0T |
| Other liabilities | 0% | S100YZ0T |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,664 | 5,718 | 5,952 | 5,591 | 5,638 |
| Equity | 4,893 | 4,927 | 5,069 | 4,897 | 4,894 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,188 | 4,300 | 4,389 | 3,824 | 3,931 |

## 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) | 4.9% | S100YZ0T |
| Fixed assets ÷ total assets | 3.9% | S100YZ0T |
| Goodwill ÷ parent equity | — | —, S100YZ0T |

### 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) | 69.7% |
| Cash ÷ revenue | 88.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 353.2% |
| Cash vs. profit gap | 224 JPY mn (of net income 340.4%) |
| Shareholder returns / net income | 176.6% |
| Shareholder returns / FCF | 57.0% |
| Shareholder payments — dividends / net income | 176.6% |
| Shareholder payments — dividends / FCF | 57.0% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 28.3% |

## 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 | 1.8% | 0.71× | 1.3% | 1.19× | 1.5% | S100RR51 |
| 2023 | 2.5% | 0.74× | 1.8% | 1.19× | 2.2% | S100UABS |
| 2024 | 4.5% | 0.80× | 3.6% | 1.20× | 4.3% | S100WLO4 |
| 2025 | 0.5% | 0.77× | 0.4% | 1.19× | 0.4% | S100YZ0T |
| 2026 | 1.5% | 0.80× | 1.2% | 1.17× | 1.4% | S100YZ0T |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 植田 勝典 | Major shareholder | 28.8% | 2026-05-31 |
| プラントフィル株式会社 | Major shareholder | 25.0% | 2026-05-31 |
| 小松 秀輝 | Major shareholder | 1.3% | 2026-05-31 |
| 西本 誠治 | Major shareholder | 1.1% | 2026-05-31 |
| 多々良 師孝 | Major shareholder | 0.8% | 2026-05-31 |
| 増田 明彦 | Major shareholder | 0.7% | 2026-05-31 |
| 飯島 功市郎 | Major shareholder | 0.6% | 2026-05-31 |
| 酒井 一 | Major shareholder | 0.6% | 2026-05-31 |
| 今津 基茂 | Major shareholder | 0.5% | 2026-05-31 |
| 佐伯 高史 | Major shareholder | 0.5% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/06/01－2026/05/31) | S100YZ0T | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZ0T,, |
| 有価証券報告書－第37期(2024/06/01－2025/05/31) | S100WLO4 | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLO4,, |
| 有価証券報告書－第36期(2023/06/01－2024/05/31) | S100UABS | 2024-08-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UABS,, |
| 有価証券報告書－第35期(2022/06/01－2023/05/31) | S100RR51 | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RR51,, |
| 有価証券報告書－第34期(令和3年6月1日－令和4年5月31日) | S100P34S | 2022-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P34S,, |
| 有価証券報告書－第33期(令和2年6月1日－令和3年5月31日) | S100MCLE | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCLE,, |

## 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).