# Nippon Information Development 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59期(2025/04/01－2026/03/31) (S100YK0N)
> Page: https://vizora.meequs.com/en/company/nippon-information-development
> Retrieved: 2026-09-30T19:03:15.823Z

## Company

Nippon Information Development, founded in 1967, is a company in IT Services & System Integration listed on TSE Standard. It has 1,683 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Information Development Co.,Ltd. |
| Ticker | 2349 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2349.T) |
| Listing | TSE Standard |
| Head office | 千葉県香取市玉造三丁目1番5号 |
| Representative (per filing) | 代表取締役社長 小森 俊太郎 |
| Founded | May 1967 |
| Share capital | ¥653.4M |
| Employees (consolidated) | 1,683 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.nid.co.jp (https://www.nid.co.jp/) |
| Corporate number | 8040001063472 |
| EDINET | E05322 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YK0N, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.2 | 157 |
| Profitability | 79.3 | 196 |
| Cash conversion | 36.5 | 185 |
| Efficiency | 20.7 | 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)

- About 70% of Nippon Information Development's sales come from System development Business, with System Management Business and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit +9.6%.

## Company structure

- Segment revenue mix: System development Business 70.0%、System Management Business 22.9%、Others 7.1%
- Revenue → net income: ¥26428729000 → ¥2502441000
- Net income → operating cash flow: ¥2502441000 → ¥2506667000（difference ¥4226000）
- Main uses of operating cash flow: CapEx ¥204252000 / dividends ¥306000000 / buybacks —
- Change in cash: ¥1821539000
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 | ¥26.4B |  |
| Operating income | ¥3.37B | Margin 12.8% |
| Net income | ¥2.5B | Margin 9.5% |
| Free cash flow | ¥2.3B |  |
| Largest business | System development Business | of segment revenue 70.0% |
| Employees (consolidated) | 1,683 |  |
| EPS | ¥163.8 |  |
| Book value per share | ¥1505.63 |  |
| Equity ratio | 79.0% |  |
| Shares outstanding | 13,109,000 |  |
| Treasury shares | 2,183,900 |  |
| Shareholders | 686 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 56.3% | Cash ÷ revenue 65.5% |
| Vs. industry median margin | +3.8 pp | IT Services & System Integration |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, cash is 56% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17684827000 | ¥26428729000 | +49.4% |
| Operating income | ¥1870590000 | ¥3372341000 | +80.3% |
| Operating margin | 10.6% | 12.8% | +2.2 pp |
| Employees | 1,530 people | 1,683 people | +10.0% |
| Cash and equivalents | ¥11069587000 | ¥17311366000 | +56.4% |

### 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 |
| --- | ---: |
| システム開発事業 → システム開発事業 | 63.8% |
| システムマネジメント事業 → システムマネジメント事業 | 22.9% |
| システムマネジメント事業 → 事業再編・廃止 | 5.0% |
| その他 → その他 | 7.1% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → システム開発事業 | 6.2% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| System development Business | 5 years | +10.4% | ¥18497162000 | 13.6% | 2 |
| System Management Business | 5 years | +4.1% | ¥6056602000 | 11.1% | 2 |
| Others | 5 years | +5.2% | ¥1874964000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,429 | 100.0% | S100YK0N |
| Cost of revenue | 20,126 | 76.2% | S100YK0N |
| Gross profit | 6,303 | 23.8% | S100YK0N |
| SG&A | 2,930 | 11.1% | S100YK0N |
| Operating income | 3,372 | 12.8% | S100YK0N |
| Ordinary income | 3,608 | 13.7% | S100YK0N |
| Pretax income | 3,556 | 13.5% | S100YK0N |
| Income tax | 1,053 | 4.0% | S100YK0N |
| Net income | 2,502 | 9.5% | S100YK0N |
| Net income attributable to owners | 2,502 | 9.5% | S100YK0N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 11 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.8% → Operating margin 12.8% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.8%; Core profit growth: +9.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.64×
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 | 24,969 | 26,429 | 1,460 | +5.8% |
| Gross profit | 5,682 | 6,303 | 621 | +10.9% |
| Operating income | 3,077 | 3,372 | 295 | +9.6% |
| Net income attributable to owners | 2,367 | 2,502 | 135 | +5.7% |
| Operating cash flow | 2,769 | 2,507 | -262 | -9.5% |
| Free cash flow | 2,548 | 2,302 | -246 | -9.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 18,017 | 1,940 | 10.8% | 1,267 | 1,097 | 830 | S100LPOO |
| FY ending Mar 2021 | 17,685 | 1,871 | 10.6% | 1,364 | 2,124 | 2,014 | S100OG3O |
| FY ending Mar 2022 | 18,252 | 2,226 | 12.2% | 1,632 | 1,650 | 1,584 | S100R62K |
| FY ending Mar 2023 | 20,449 | 2,545 | 12.4% | 2,210 | 2,087 | 2,049 | S100TVNE |
| FY ending Mar 2024 | 22,571 | 2,810 | 12.4% | 2,108 | 1,847 | 1,788 | S100W4J2 |
| FY ending Mar 2025 | 24,969 | 3,077 | 12.3% | 2,367 | 2,769 | 2,548 | S100YK0N |
| FY ending Mar 2026 | 26,429 | 3,372 | 12.8% | 2,502 | 2,507 | 2,302 | S100YK0N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥15.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 1,507 | 1,553 | 1,602 | 1,652 | 1,683 |
| Average salary (parent company) | ¥5.4M | ¥5.7M | ¥5.7M | ¥5.8M | ¥5.9M |
| Average age (parent company) | 39.0 years | 39.2 years | 39.1 years | 38.7 years | 38.8 years |
| Average tenure (parent company) | 15.3 years | 15.2 years | 14.9 years | 14.6 years | 14.2 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| System development Business | 18,497 | 70.0% | 2,514 | 13.6% |
| System Management Business | 6,057 | 22.9% | 675 | 11.1% |
| Others | 1,875 | 7.1% | 177 | 9.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| System development Business | 70.0% | 74.7% | 4.7 | 13.6% |
| System Management Business | 22.9% | 20.1% | -2.9 | 11.1% |
| Others | 7.1% | 5.2% | -1.8 | 9.4% |

Segment → industry: Others → IT Services & System Integration / System Management Business → IT Services & System Integration / System development Business → IT Services & System Integration

## 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 | 2,507 | 9.5% | S100YK0N |
| Capital expenditure | 204 | 0.8% | S100YK0N |
| Free cash flow | 2,302 | 8.7% | 算出 |
| Investing cash flow | -376 | -1.4% | S100YK0N |
| Financing cash flow | -309 | -1.2% | S100YK0N |
| Dividends paid | 306 | 1.2% | S100YK0N |
| Change in cash | 1,822 | 6.9% | S100YK0N |
| Cash and equivalents | 17,311 | 65.5% | S100YK0N |

## 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 | 11,783 | 12,388 | 13,530 | 15,490 | 17,311 | S100TVNE, S100W4J2, S100YK0N |
| Total assets | 21,904 | 24,020 | 26,228 | 28,233 | 30,723 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Net assets | 16,101 | 17,911 | 19,710 | 21,530 | 24,278 | S100TVNE, S100W4J2, S100YK0N |
| Share capital | 653 | 653 | 653 | 653 | 653 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Property, plant and equipment | 352 | 329 | 299 | 421 | 514 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Intangible assets excluding goodwill | 162 | 346 | 289 | 209 | 168 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Goodwill | — | 231 | 182 | 134 | 85 | S100TVNE, S100W4J2, S100YK0N |
| Investment securities | 4,561 | 4,993 | 5,455 | 5,114 | 5,719 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Current assets | 15,469 | 16,875 | 18,773 | 20,769 | 22,853 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Current liabilities | 2,801 | 3,003 | 3,344 | 3,493 | 3,460 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Total liabilities | 5,803 | 6,109 | 6,518 | 6,704 | 6,446 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Equity attributable to owners of parent | 15,360 | 17,315 | 18,846 | 20,918 | 23,115 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Retained earnings | 15,805 | 17,760 | 19,580 | 21,652 | 23,848 | S100R62K, S100TVNE, S100W4J2, S100YK0N |
| Treasury stock | -1,588 | -1,588 | -1,876 | -1,876 | -1,876 | S100R62K, S100TVNE, S100W4J2, S100YK0N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 56% | S100YK0N |
| Property, plant and equipment | 2% | S100YK0N |
| Intangibles and goodwill | 1% | S100YK0N |
| Investment securities | 19% | S100YK0N |
| Other assets | 22% | S100YK0N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YK0N |
| Equity | 79% | S100YK0N |
| Other liabilities | 0% | S100YK0N |

### 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 | 21,904 | 24,020 | 26,228 | 28,233 | 30,723 |
| Equity | 16,101 | 17,911 | 19,710 | 21,530 | 24,278 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,783 | 12,388 | 13,530 | 15,490 | 17,311 |

## 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) | 1.9% | S100YK0N |
| Fixed assets ÷ total assets | 1.7% | S100YK0N |
| Goodwill ÷ parent equity | 0.4% | S100YK0N |

### 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) | 56.3% |
| Cash ÷ revenue | 65.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.3% |
| Cash vs. profit gap | 4 JPY mn (of net income 0.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.2% |
| Shareholder payments — dividends / FCF | 13.3% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 15.0% |

## 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 | 8.9% | 0.83× | 7.4% | 1.43× | 10.6% | S100R62K |
| 2023 | 10.8% | 0.89× | 9.6% | 1.41× | 13.5% | S100TVNE |
| 2024 | 9.3% | 0.90× | 8.4% | 1.39× | 11.7% | S100W4J2 |
| 2025 | 9.5% | 0.92× | 8.7% | 1.37× | 11.9% | S100YK0N |
| 2026 | 9.5% | 0.90× | 8.5% | 1.34× | 11.4% | S100YK0N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小森 俊太郎 | Major shareholder | 19.6% | 2026-03-31 |
| 小森 孝一 | Major shareholder | 10.8% | 2026-03-31 |
| エヌアイデイ従業員持株会 | Major shareholder | 8.7% | 2026-03-31 |
| 一般財団法人小森文化科学財団 | Major shareholder | 7.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社クリエートトニーワン | Major shareholder | 6.4% | 2026-03-31 |
| エスアイエル投資事業有限責任組合 | Major shareholder | 2.5% | 2026-03-31 |
| 菅井 康太郎 | Major shareholder | 2.0% | 2026-03-31 |
| 菅井 源太郎 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第59期(2025/04/01－2026/03/31) | S100YK0N | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK0N,, |
| 有価証券報告書－第58期(2024/04/01－2025/03/31) | S100W4J2 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4J2,, |
| 有価証券報告書－第57期(2023/04/01－2024/03/31) | S100TVNE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVNE,, |
| 有価証券報告書－第56期(2022/04/01－2023/03/31) | S100R62K | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R62K,, |
| 有価証券報告書－第55期(令和3年4月1日－令和4年3月31日) | S100OG3O | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG3O,, |
| 有価証券報告書－第54期(令和2年4月1日－令和3年3月31日) | S100LPOO | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPOO,, |

## 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).