# Nihon Office Automation Research Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第44期(2025/01/01－2025/12/31) (S100XTGF)
> Page: https://vizora.meequs.com/en/company/nihon-office-automation-research
> Retrieved: 2026-09-30T20:34:09.894Z

## Company

Nihon Office Automation Research, founded in 1983, is a company in IT Services & System Integration listed on Nagoya. It has 239 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon Office Automation Research Co.,Ltd. |
| Ticker | 5241 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5241.T) |
| Listing | Nagoya |
| Head office | 東京都千代田区西神田三丁目2番1号住友不動産千代田ファーストビル南館4階 |
| Representative (per filing) | 代表取締役社長 奥山 宏昭 |
| Founded | May 1983 |
| Share capital | ¥120.4M |
| Employees (consolidated) | 239 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | December |
| Website | www.noar.co.jp (https://www.noar.co.jp/) |
| Corporate number | 7010001006022 |
| EDINET | E38373 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XTGF, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.2 | 157 |
| Profitability | 24.2 | 196 |
| Cash conversion | 13.2 | 185 |
| Efficiency | 95.7 | 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)

- Nihon Office Automation Research brought in ¥2.99B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +31.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2990619000 → ¥108108000
- Net income → operating cash flow: ¥108108000 → ¥66377000（difference ¥-41731000）
- Main uses of operating cash flow: CapEx ¥1513000 / dividends ¥14472000 / buybacks —
- Change in cash: ¥-70509000
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 | ¥2.99B |  |
| Operating income | ¥154.5M | Margin 5.2% |
| Net income | ¥108.1M | Margin 3.6% |
| Free cash flow | ¥64.9M |  |
| Employees (consolidated) | 239 |  |
| EPS | ¥67.23 |  |
| Book value per share | ¥483.27 |  |
| Equity ratio | 61.8% |  |
| Shares outstanding | 804,000 |  |
| Shareholders | 409 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 46.7% | Cash ÷ revenue 19.7% |
| Vs. industry median margin | -3.7 pp | IT Services & System Integration |
| ROE | 14.9% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 47% of total assets

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2731001000 | ¥2990619000 | +9.5% |
| Operating income | ¥41466000 | ¥154499000 | +272.6% |
| Operating margin | 1.5% | 5.2% | +3.6 pp |
| Employees | 226 people | 239 people | +5.8% |
| Cash and equivalents | ¥745042000 | ¥587721000 | -21.1% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,991 | 100.0% | S100XTGF |
| Cost of revenue | 2,431 | 81.3% | S100XTGF |
| Gross profit | 559 | 18.7% | S100XTGF |
| SG&A | 405 | 13.5% | S100XTGF |
| Operating income | 154 | 5.2% | S100XTGF |
| Ordinary income | 159 | 5.3% | S100XTGF |
| Pretax income | 164 | 5.5% | S100XTGF |
| Income tax | 56 | 1.9% | S100XTGF |
| Net income | 108 | 3.6% | S100XTGF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.7% → Operating margin 5.2% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +31.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 22.69×
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 | 2,950 | 2,991 | 41 | +1.4% |
| Gross profit | 510 | 559 | 50 | +9.7% |
| Operating income | 118 | 154 | 37 | +31.2% |
| Operating cash flow | 128 | 66 | -61 | -48.0% |
| Free cash flow | 124 | 65 | -60 | -47.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 2,731 | 41 | 1.5% | 27 | 94 | 70 | S100VI61 |
| FY ending Dec 2024 | 2,950 | 118 | 4.0% | 73 | 128 | 124 | S100XTGF |
| FY ending Dec 2025 | 2,991 | 154 | 5.2% | 108 | 66 | 65 | S100XTGF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥12.5M |
| Operating income per employee (consolidated) | ¥646.4K |
| Net income per employee (consolidated) | ¥452.3K |

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) | 226 | 222 | 239 |
| Average salary (parent company) | — | ¥5M | ¥5.5M |
| Average age (parent company) | — | 37.5 years | 37.5 years |
| Average tenure (parent company) | — | 9.1 years | 9.0 years |

Year over year: Employees (consolidated) +7.7% · Revenue (consolidated) +1.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 66 | 2.2% | S100XTGF |
| Capital expenditure | 2 | 0.1% | S100XTGF |
| Free cash flow | 65 | 2.2% | 算出 |
| Investing cash flow | 18 | 0.6% | S100XTGF |
| Financing cash flow | -154 | -5.2% | S100XTGF |
| Dividends paid | 14 | 0.5% | S100XTGF |
| Change in cash | -71 | -2.4% | S100XTGF |
| Cash and equivalents | 588 | 19.7% | S100XTGF |

## 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 | 745 | 658 | 588 | S100XTGF |
| Total assets | 1,388 | 1,336 | 1,258 | S100VI61, S100XTGF |
| Net assets | 557 | 685 | 777 | S100XTGF |
| Share capital | 90 | 120 | 120 | S100VI61, S100XTGF |
| Property, plant and equipment | 22 | 20 | 18 | S100VI61, S100XTGF |
| Intangible assets excluding goodwill | 4 | 3 | 2 | S100VI61, S100XTGF |
| Investment securities | 13 | 16 | 12 | S100VI61, S100XTGF |
| Current assets | 1,227 | 1,168 | 1,106 | S100VI61, S100XTGF |
| Current liabilities | 496 | 457 | 377 | S100VI61, S100XTGF |
| Short-term borrowings | 66 | — | — | S100VI61 |
| Long-term borrowings | 334 | 194 | 104 | S100VI61, S100XTGF |
| Total liabilities | 830 | 651 | 481 | S100VI61, S100XTGF |
| Equity attributable to owners of parent | 551 | 677 | 770 | S100VI61, S100XTGF |
| Retained earnings | 461 | 526 | 620 | S100VI61, S100XTGF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XTGF |
| Property, plant and equipment | 1% | S100XTGF |
| Intangibles and goodwill | 0% | S100XTGF |
| Investment securities | 1% | S100XTGF |
| Other assets | 51% | S100XTGF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XTGF |
| Equity | 62% | S100XTGF |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 1,388 | 1,336 | 1,258 |
| Equity | 557 | 685 | 777 |
| Interest-bearing debt | — | — | — |
| Cash | 745 | 658 | 588 |

## 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) | 0.6% | S100XTGF |
| Fixed assets ÷ total assets | 1.4% | S100XTGF |
| Goodwill ÷ parent equity | — | —, S100XTGF |

### 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) | 46.7% |
| Cash ÷ revenue | 19.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 43.0% |
| Cash vs. profit gap | -42 JPY mn (of net income -38.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 13.4% |
| Shareholder payments — dividends / FCF | 22.3% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 26.5% |

## 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 | 1.0% | 1.97× | 1.9% | 2.52× | 4.9% | S100VI61 |
| 2024 | 2.5% | 2.17× | 5.4% | 2.22× | 12.0% | S100XTGF |
| 2025 | 3.6% | 2.31× | 8.3% | 1.79× | 14.9% | S100XTGF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 奥山 宏昭 | Major shareholder | 57.7% | 2025-12-31 |
| 奥山 伸子 | Major shareholder | 12.2% | 2025-12-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2025-12-31 |
| 田村 信裕 | Major shareholder | 2.4% | 2025-12-31 |
| ＵＨ Ｐａｒｔｎｅｒｓ ２投資事業有限責任組合 | Major shareholder | 1.4% | 2025-12-31 |
| 光通信株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 株式会社ＵＨ５ | Major shareholder | 0.8% | 2025-12-31 |
| 梶沼 佑輔 | Major shareholder | 0.6% | 2025-12-31 |
| 佐野 恒男 | Major shareholder | 0.6% | 2025-12-31 |
| 日比 新 | Major shareholder | 0.5% | 2025-12-31 |
| 高嶋 友子 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/01/01－2025/12/31) | S100XTGF | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTGF,, |
| 有価証券報告書－第43期(2024/01/01－2024/12/31) | S100VI61 | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI61,, |

## 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).