# Nintendo Co., 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86期(2025/04/01－2026/03/31) (S100Y9NX)
> Page: https://vizora.meequs.com/en/company/nintendo
> Retrieved: 2026-09-30T17:49:11.367Z

## Company

Nintendo, founded in 1980, is a company in Games listed on TSE Prime. It has 8,666 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nintendo Co., Ltd. |
| Ticker | 7974 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7974.T) |
| Listing | TSE Prime |
| Head office | 京都市南区上鳥羽鉾立町11番地1 |
| Representative (per filing) | 代表取締役社長 古川 俊太郎 |
| Founded | Apr 1980 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 8,666 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.nintendo.co.jp (https://www.nintendo.co.jp/) |
| Corporate number | 1130001011420 |
| EDINET | E02367 |
| Industries (Vizora) | Games |

> Profile source: annual securities report (S100Y9NX, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 36 |
| Profitability | 76.8 | 41 |
| Cash conversion | 43.5 | 31 |
| Efficiency | 37.8 | 41 |

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)

- Nintendo brought in ¥2.31T in revenue.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +98.6% from the prior year, operating profit +27.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥2313051000000 → ¥424092000000
- Net income → operating cash flow: ¥424092000000 → ¥289789000000（difference ¥-134303000000）
- Main uses of operating cash flow: CapEx ¥27169000000 / dividends ¥147858000000 / buybacks ¥99935000000
- Change in cash: ¥-97441000000
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 | ¥2.31T |  |
| Operating income | ¥360.1B | Margin 15.6% |
| Net income | ¥424.1B | Margin 18.3% |
| Free cash flow | ¥262.6B |  |
| Employees (consolidated) | 8,666 |  |
| EPS | ¥233.52 |  |
| Book value per share | ¥1559.66 |  |
| Equity ratio | 77.6% |  |
| Shares outstanding | 1,287,260,000 |  |
| Treasury shares | 134,431,200 |  |
| Shareholders | 270,068 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 34.6% | Cash ÷ revenue 56.9% |
| Vs. industry median margin | +10.1 pp | Games |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 11.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1758910000000 | ¥2313051000000 | +31.5% |
| Operating income | ¥640634000000 | ¥360117000000 | -43.8% |
| Operating margin | 36.4% | 15.6% | -20.9 pp |
| Employees | 6,574 people | 8,666 people | +31.8% |
| Cash and equivalents | ¥932079000000 | ¥1316680000000 | +41.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,313,051 | 100.0% | S100Y9NX |
| Cost of revenue | 1,404,094 | 60.7% | S100Y9NX |
| Gross profit | 908,956 | 39.3% | S100Y9NX |
| SG&A | 548,839 | 23.7% | S100Y9NX |
| Operating income | 360,117 | 15.6% | S100Y9NX |
| Ordinary income | 542,196 | 23.4% | S100Y9NX |
| Pretax income | 568,194 | 24.6% | S100Y9NX |
| Income tax | 144,101 | 6.2% | S100Y9NX |
| Net income | 424,092 | 18.3% | S100Y9NX |
| Net income attributable to owners | 424,056 | 18.3% | S100Y9NX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 24 |
| Operating income | 15 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 39.3% → Operating margin 15.6% → Net margin 18.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +98.6%; Core profit growth: +27.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,164,922 | 2,313,051 | 1,148,129 | +98.6% |
| Gross profit | 710,168 | 908,956 | 198,788 | +28.0% |
| Operating income | 282,553 | 360,117 | 77,564 | +27.5% |
| Net income attributable to owners | 278,806 | 424,056 | 145,250 | +52.1% |
| Operating cash flow | 12,069 | 289,789 | 277,720 | +2301.1% |
| Free cash flow | -6,939 | 262,620 | 269,559 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 489,095 | 29,362 | 6.0% | 102,574 | 19,101 | 8,643 | S100D6WC |
| FY ending Mar 2018 | 1,055,682 | 177,557 | 16.8% | 139,590 | 152,208 | 142,599 | S100G23Z |
| FY ending Mar 2019 | 1,200,560 | 249,701 | 20.8% | 194,009 | 170,529 | 159,793 | S100ITKB |
| FY ending Mar 2020 | 1,308,519 | 352,370 | 26.9% | 258,641 | 347,753 | 337,910 | S100LK4Y |
| FY ending Mar 2021 | 1,758,910 | 640,634 | 36.4% | 480,376 | 612,106 | 605,095 | S100O9PP |
| FY ending Mar 2022 | 1,695,344 | 592,760 | 35.0% | 477,691 | 289,661 | 282,074 | S100QY8A |
| FY ending Mar 2023 | 1,601,677 | 504,375 | 31.5% | 432,768 | 322,843 | 300,653 | S100TMMG |
| FY ending Mar 2024 | 1,671,865 | 528,941 | 31.6% | 490,602 | 462,097 | 445,974 | S100W73A |
| FY ending Mar 2025 | 1,164,922 | 282,553 | 24.3% | 278,806 | 12,069 | -6,939 | S100Y9NX |
| FY ending Mar 2026 | 2,313,051 | 360,117 | 15.6% | 424,056 | 289,789 | 262,620 | S100Y9NX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥266.9M |
| Operating income per employee (consolidated) | ¥41.6M |
| Net income per employee (consolidated) | ¥48.9M |

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) | 6,717 | 7,317 | 7,724 | 8,205 | 8,666 |
| Average salary (parent company) | ¥9.9M | ¥9.9M | ¥9.6M | ¥9.7M | ¥9.8M |
| Average age (parent company) | 39.8 years | 39.9 years | 40.2 years | 40.2 years | 40.5 years |
| Average tenure (parent company) | 14.2 years | 14.3 years | 13.9 years | 14.4 years | 14.6 years |

Year over year: Employees (consolidated) +5.6% · Revenue (consolidated) +98.6%

## 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 | 289,789 | 12.5% | S100Y9NX |
| Capital expenditure | 27,169 | 1.2% | S100Y9NX |
| Free cash flow | 262,620 | 11.4% | 算出 |
| Investing cash flow | -210,054 | -9.1% | S100Y9NX |
| Financing cash flow | -249,714 | -10.8% | S100Y9NX |
| Dividends paid | 147,858 | 6.4% | S100Y9NX |
| Share buyback | 99,935 | 4.3% | S100Y9NX |
| Change in cash | -97,441 | -4.2% | S100Y9NX |
| Cash and equivalents | 1,316,680 | 56.9% | S100Y9NX |

## 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 | 1,022,718 | 1,194,569 | 853,432 | 1,414,121 | 1,316,680 | S100TMMG, S100W73A, S100Y9NX |
| Total assets | 2,662,384 | 2,854,284 | 3,151,394 | 3,398,515 | 3,805,312 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Net assets | 2,069,310 | 2,266,466 | 2,604,998 | 2,725,446 | 2,955,180 | S100TMMG, S100W73A, S100Y9NX |
| Share capital | 10,065 | 10,065 | 10,065 | 10,065 | 10,065 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Trade receivables | 141,087 | 119,932 | 93,608 | 65,180 | 147,485 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Inventories | 204,183 | 258,628 | 155,987 | 486,428 | 539,804 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Property, plant and equipment | 85,164 | 99,509 | 108,518 | 112,612 | 127,450 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Intangible assets excluding goodwill | 17,315 | 18,595 | 16,405 | 23,362 | 44,647 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Investment securities | 312,663 | 276,253 | 290,620 | 369,373 | 420,875 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Current assets | 2,126,212 | 2,314,513 | 2,573,302 | 2,752,352 | 3,009,784 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Current liabilities | 540,726 | 533,480 | 479,276 | 597,646 | 760,148 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Trade payables | 150,910 | 149,217 | 58,084 | 201,091 | 236,082 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Total liabilities | 593,074 | 587,818 | 546,396 | 673,068 | 850,132 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Non-controlling interests | 266 | 232 | 1,237 | 1,119 | 1,155 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Equity attributable to owners of parent | 2,003,469 | 2,146,798 | 2,401,119 | 2,486,746 | 2,663,163 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Retained earnings | 2,198,706 | 2,392,704 | 2,646,967 | 2,732,509 | 2,979,910 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |
| Treasury stock | -220,343 | -271,049 | -271,033 | -271,015 | -341,854 | S100QY8A, S100TMMG, S100W73A, S100Y9NX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100Y9NX |
| Receivables | 4% | S100Y9NX |
| Inventories | 14% | S100Y9NX |
| Property, plant and equipment | 3% | S100Y9NX |
| Intangibles and goodwill | 1% | S100Y9NX |
| Investment securities | 11% | S100Y9NX |
| Other assets | 32% | S100Y9NX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100Y9NX |
| Other liabilities | 16% | S100Y9NX |
| Equity | 78% | S100Y9NX |

### 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 | 2,662,384 | 2,854,284 | 3,151,394 | 3,398,515 | 3,805,312 |
| Equity | 2,069,310 | 2,266,466 | 2,604,998 | 2,725,446 | 2,955,180 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,022,718 | 1,194,569 | 853,432 | 1,414,121 | 1,316,680 |

## 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) | 5.5% | S100Y9NX |
| Fixed assets ÷ total assets | 3.3% | S100Y9NX |
| Goodwill ÷ parent equity | — | —, S100Y9NX |

### 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 | 56.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 80.5% |
| Cash vs. profit gap | -134,267 JPY mn (of net income -31.7%) |
| Shareholder returns / net income | 58.4% |
| Shareholder returns / FCF | 94.4% |
| Shareholder payments — dividends / net income | 34.9% |
| Shareholder payments — dividends / FCF | 56.3% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 72.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 28.2% | 0.64× | 17.9% | 1.33× | 23.8% | S100QY8A |
| 2023 | 27.0% | 0.58× | 15.7% | 1.33× | 20.9% | S100TMMG |
| 2024 | 29.3% | 0.56× | 16.3% | 1.32× | 21.6% | S100W73A |
| 2025 | 23.9% | 0.36× | 8.5% | 1.34× | 11.4% | S100Y9NX |
| 2026 | 18.3% | 0.64× | 11.8% | 1.40× | 16.5% | S100Y9NX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 16.1% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 5.0% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 380752 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 3.8% | 2026-03-31 |
| ㈱京都銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 3.4% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドン エス エル オムニバス アカウント（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |
| CITIBANK, N.A.-NY, AS DEPOSITARY BANK FOR DEPOSITARY SHARE HOLDERS（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.2% | 2026-03-31 |
| ジツク プライベート リミテツド シー（常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行㈱（退職給付信託三菱UFJ銀行口） | Major shareholder | 1.8% | 2026-03-31 |
| ジェーピー モルガン チェース バンク 385781（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥2.31T, up +98.6% from ¥1.16T the year before.
- Profit grew more slowly: gross profit rose +28.0% and operating income +27.5% to ¥360.1B.
- Net income attributable to owners reached ¥424.1B (+52.1%), ending up above operating income.
- Operating cash flow jumped from ¥12.1B to ¥289.8B, and free cash flow turned positive at ¥262.6B.

### Drivers

- Nintendo Switch 2, launched in June 2025, got off to a strong start and kept selling well around the world
- Spending on R&D and advertising went up, which pushed SG&A higher
- Equity-method income from affiliates such as The Pokémon Company, plus interest income and foreign exchange gains, lifted non-operating income and net income

### Risks

- Results swing widely depending on whether hit titles appear and how big they are
- Most overseas sales are made in local currencies, so exchange rate moves affect earnings
- Key parts and assembly are outsourced, so parts shortages or problems at suppliers could disrupt supply

Cited: Annual Securities Report (FY ending Mar 2026) (Management's Analysis of Financial Position, Operating Results and Cash Flows); Annual Securities Report (FY ending Mar 2026) (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第86期(2025/04/01－2026/03/31) | S100Y9NX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y9NX,, |
| 有価証券報告書－第85期(2024/04/01－2025/03/31) | S100W73A | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W73A,, |
| 有価証券報告書－第84期(2023/04/01－2024/03/31) | S100TMMG | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMMG,, |
| 有価証券報告書－第83期(2022/04/01－2023/03/31) | S100QY8A | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY8A,, |
| 有価証券報告書－第82期(令和3年4月1日－令和4年3月31日) | S100O9PP | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9PP,, |
| 有価証券報告書－第81期(令和2年4月1日－令和3年3月31日) | S100LK4Y | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK4Y,, |
| 有価証券報告書－第80期(平成31年4月1日－令和2年3月31日) | S100ITKB | 2020-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ITKB,, |
| 有価証券報告書－第79期(平成30年4月1日－平成31年3月31日) | S100G23Z | 2019-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100G23Z,, |
| 有価証券報告書－第78期(平成29年4月1日－平成30年3月31日) | S100D6WC | 2018-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100D6WC,, |
| 有価証券報告書－第77期(2016/04/01－2017/03/31) | S100APYF | 2017-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100APYF,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| DeNA | Capital alliance | スマホ向けゲームの共同開発・運営と会員制サービス開発の業務・資本提携 | S100YLDV |

## 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).