# NIPPON ICHI SOFTWARE INC.: 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33期(2025/04/01－2026/03/31) (S100YLU7)
> Page: https://vizora.meequs.com/en/company/nippon-ichi-software
> Retrieved: 2026-09-30T20:24:55.333Z

## Company

Nippon Ichi Software is a company in Games listed on TSE Standard. It has 182 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Ichi Software, Inc. |
| Ticker | 3851 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3851.T) |
| Listing | TSE Standard |
| Head office | 岐阜県各務原市蘇原月丘町3丁目17番 |
| Representative (per filing) | 代表取締役社長 猿橋 健蔵 |
| Share capital | ¥568.7M |
| Employees (consolidated) | 182 |
| Average salary (parent only) | ¥4M |
| Fiscal year end | March |
| Website | nippon1.co.jp (https://nippon1.co.jp/) |
| Corporate number | 3200001007491 |
| EDINET | E02489 |
| Industries (Vizora) | Games, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YLU7, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Games (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.2 | 36 |
| Profitability | 11 | 41 |
| Efficiency | 3.7 | 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)

- About 97% of Nippon Ichi Software's sales come from Entertainmennt, with Dormitory making up much of the rest.
- It lost about ¥11 for every ¥100 of sales at the operating level.
- Revenue changed -31.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.61B |  |
| Operating income | -¥409.2M | Margin -11.3% |
| Net income | -¥255.6M | Margin -7.1% |
| Free cash flow | -¥128.6M |  |
| Largest business | Entertainmennt | of segment revenue 96.6% |
| Employees (consolidated) | 182 |  |
| EPS | ¥-70.13 |  |
| Book value per share | ¥548.05 |  |
| Equity ratio | 69.4% |  |
| Shares outstanding | 5,151,100 |  |
| Treasury shares | 90,800 |  |
| Shareholders | 2,404 |  |
| Average salary (parent only) | ¥4M | Filing company only |
| Cash ratio | 37.1% | Cash ÷ revenue 116.0% |
| Vs. industry median margin | -16.8 pp | Games |
| ROA | -2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 37% of total assets
- FY2026, operating loss is 11 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5300914000 | ¥3606632000 | -32.0% |
| Operating income | ¥1248258000 | ¥-409156000 | -132.8% |
| Operating margin | 23.5% | -11.3% | -34.9 pp |
| Employees | 179 people | 182 people | +1.7% |
| Cash and equivalents | ¥3778367000 | ¥4183725000 | +10.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| エンターテインメント事業 → エンターテインメント事業 | 96.6% |
| エンターテインメント事業 → 事業再編・廃止 | 2.9% |
| 学生寮・その他事業 → 学生寮・その他事業 | 0.5% |
| 新設・再編 → 学生寮・その他事業 | 2.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,607 | 100.0% | S100YLU7 |
| Cost of revenue | 2,068 | 57.3% | S100YLU7 |
| Gross profit | 1,539 | 42.7% | S100YLU7 |
| SG&A | 1,948 | 54.0% | S100YLU7 |
| Operating income | -409 | -11.3% | S100YLU7 |
| Ordinary income | -55 | -1.5% | S100YLU7 |
| Pretax income | -273 | -7.6% | S100YLU7 |
| Income tax | -18 | -0.5% | S100YLU7 |
| Net income | -256 | -7.1% | S100YLU7 |
| Net income attributable to owners | -256 | -7.1% | S100YLU7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 54 |
| Operating income | -11 |
| (Ref.) Net income | -7 |

### Margin funnel

Gross margin 42.7% → Operating margin -11.3% → Net margin -7.1%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,300 | 3,607 | -1,693 | -31.9% |
| Gross profit | 1,952 | 1,539 | -413 | -21.2% |
| Operating income | -275 | -409 | -134 | — |
| Net income attributable to owners | -157 | -256 | -98 | — |
| Operating cash flow | 404 | 50 | -354 | -87.6% |
| Free cash flow | 174 | -129 | -303 | -173.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,331 | 460 | 13.8% | 269 | -476 | -628 | S100LQD1 |
| FY ending Mar 2021 | 5,301 | 1,248 | 23.5% | 905 | 1,553 | 1,419 | S100OF3O |
| FY ending Mar 2022 | 5,717 | 1,567 | 27.4% | 1,273 | 1,187 | 607 | S100R2IY |
| FY ending Mar 2023 | 4,834 | 746 | 15.4% | 672 | 50 | -189 | S100TXRQ |
| FY ending Mar 2024 | 5,340 | 401 | 7.5% | 593 | 794 | 359 | S100W89P |
| FY ending Mar 2025 | 5,300 | -275 | -5.2% | -157 | 404 | 174 | S100YLU7 |
| FY ending Mar 2026 | 3,607 | -409 | -11.3% | -256 | 50 | -129 | S100YLU7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.8M |
| Operating income per employee (consolidated) | -¥2.2M |
| Net income per employee (consolidated) | -¥1.4M |

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) | 179 | 179 | 185 | 177 | 182 |
| Average salary (parent company) | ¥4.5M | ¥3.7M | ¥3.5M | ¥3.8M | ¥4M |
| Average age (parent company) | 34.4 years | 34.2 years | 35.1 years | 35.6 years | 35.7 years |
| Average tenure (parent company) | 7.4 years | 7.7 years | 7.5 years | 7.9 years | 8.3 years |

Year over year: Employees (consolidated) +2.8% · Revenue (consolidated) -31.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Entertainmennt | 3,486 | 96.6% | 38 | 1.1% |
| Dormitory | 121 | 3.4% | -22 | -18.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Entertainmennt | 96.6% | 100.0% | 3.4 | 1.1% |
| Dormitory | 3.4% | — | — | -18.1% |

Loss-making segment (excluded from profit shares): Dormitory -22 JPY mn

Segment → industry: Entertainmennt → Games / Dormitory → Real Estate Development & Leasing

## 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 | 50 | 1.4% | S100YLU7 |
| Capital expenditure | 179 | 4.9% | S100YLU7 |
| Free cash flow | -129 | -3.6% | 算出 |
| Investing cash flow | -1,223 | -33.9% | S100YLU7 |
| Financing cash flow | -42 | -1.2% | S100YLU7 |
| Dividends paid | 25 | 0.7% | S100YLU7 |
| Change in cash | -1,012 | -28.1% | S100YLU7 |
| Cash and equivalents | 4,184 | 116.0% | S100YLU7 |

## 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 | 4,769 | 4,354 | 4,603 | 5,195 | 4,184 | S100TXRQ, S100W89P, S100YLU7 |
| Total assets | 8,225 | 9,380 | 10,818 | 11,154 | 11,267 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Net assets | 6,139 | 6,949 | 8,084 | 7,868 | 7,945 | S100TXRQ, S100W89P, S100YLU7 |
| Share capital | 552 | 557 | 557 | 569 | 569 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Property, plant and equipment | 1,477 | 1,657 | 1,966 | 2,232 | 2,235 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Intangible assets excluding goodwill | 10 | 25 | 49 | 40 | 34 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Investment securities | 395 | 1,128 | 1,174 | 1,175 | 944 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Current assets | 6,259 | 6,516 | 7,553 | 6,868 | 7,928 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Current liabilities | 1,291 | 1,530 | 1,563 | 1,967 | 1,905 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Short-term borrowings | 58 | 372 | 255 | 650 | 545 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Long-term borrowings | 688 | 659 | 877 | 974 | 1,076 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Total liabilities | 2,086 | 2,431 | 2,734 | 3,286 | 3,322 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Equity attributable to owners of parent | 5,567 | 6,225 | 6,793 | 6,633 | 6,352 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Retained earnings | 4,529 | 5,176 | 5,745 | 5,562 | 5,281 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |
| Treasury stock | -56 | -56 | -56 | -56 | -56 | S100R2IY, S100TXRQ, S100W89P, S100YLU7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YLU7 |
| Property, plant and equipment | 20% | S100YLU7 |
| Intangibles and goodwill | 0% | S100YLU7 |
| Investment securities | 9% | S100YLU7 |
| Other assets | 34% | S100YLU7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YLU7 |
| Equity | 71% | S100YLU7 |

### 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 | 8,225 | 9,380 | 10,818 | 11,154 | 11,267 |
| Equity | 6,139 | 6,949 | 8,084 | 7,868 | 7,945 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,769 | 4,354 | 4,603 | 5,195 | 4,184 |

## 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) | 62.0% | S100YLU7 |
| Fixed assets ÷ total assets | 19.8% | S100YLU7 |
| Goodwill ÷ parent equity | — | —, S100YLU7 |

### 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) | 37.1% |
| Cash ÷ revenue | 116.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 305 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 2449.9% |

## 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 | 22.3% | 0.70× | 15.5% | 1.48× | 22.9% | S100R2IY |
| 2023 | 13.9% | 0.55× | 7.6% | 1.49× | 11.4% | S100TXRQ |
| 2024 | 11.1% | 0.53× | 5.9% | 1.55× | 9.1% | S100W89P |
| 2025 | — | —× | -1.4% | —× | — | S100YLU7 |
| 2026 | — | —× | -2.3% | —× | — | S100YLU7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ローゼンクイーン商会 | Major shareholder | 46.3% | 2026-03-31 |
| INTERTRUST TRUSTEES(CAYMAN)LIMITED AS TRUSTEE OF THE UBIQUITOUS MASTER SERIES TRUST MELCO GROUP MASTER FUND (常任代理人 立花証券株式会社) | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 5.1% | 2026-03-31 |
| 合同会社センス | Major shareholder | 3.2% | 2026-03-31 |
| 仙石 丈晴 | Major shareholder | 2.2% | 2026-03-31 |
| 岐阜信用金庫 | Major shareholder | 2.0% | 2026-03-31 |
| 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 | 2.0% | 2026-03-31 |
| 加藤 修 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 1.8% | 2026-03-31 |
| 山下 良久 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2025/04/01－2026/03/31) | S100YLU7 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLU7,, |
| 有価証券報告書－第32期(2024/04/01－2025/03/31) | S100W89P | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W89P,, |
| 有価証券報告書－第31期(2023/04/01－2024/03/31) | S100TXRQ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXRQ,, |
| 有価証券報告書－第30期(2022/04/01－2023/03/31) | S100R2IY | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2IY,, |
| 有価証券報告書－第29期(令和3年4月1日－令和4年3月31日) | S100OF3O | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF3O,, |
| 有価証券報告書－第28期(令和2年4月1日－令和3年3月31日) | S100LQD1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQD1,, |

## 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).