# NIPPON TECHNO LAB INC.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第38期(2025/04/01－2026/03/31) (S100YJVO)
> Page: https://vizora.meequs.com/en/company/nippon-techno-lab
> Retrieved: 2026-09-30T21:00:05.974Z

## Company

Nippon Techno LAB, founded in 1989, is a company in Cybersecurity listed on Sapporo. It has 30 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON TECHNO LAB INC. |
| Ticker | 3849 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3849.T) |
| Listing | Sapporo |
| Head office | 東京都千代田区麹町2-1 |
| Representative (per filing) | 代表取締役社長 松村 泳成 |
| Founded | Jan 1989 |
| Share capital | ¥436.2M |
| Employees (consolidated) | 30 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.ntl.co.jp (https://www.ntl.co.jp/) |
| Corporate number | 5010001062315 |
| EDINET | E05690 |
| Industries (Vizora) | Cybersecurity, PCs & Peripherals, Printers & Office Equipment |

> Profile source: annual securities report (S100YJVO, filed 2026-06-25). As of filing

## Key points (generated from figures)

- About 71% of Nippon Techno LAB's sales come from Security, with Imaging and printer controller and Storage solution making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +42.8% from the prior year, operating profit +4263.9%.

## Company structure

- Segment revenue mix: Security 70.9%、Imaging and printer controller 28.1%、Storage solution 1.0%
- Revenue → net income: ¥910646000 → ¥100594000
- Net income → operating cash flow: ¥100594000 → ¥46393000（difference ¥-54201000）
- Main uses of operating cash flow: CapEx ¥8857000 / dividends ¥16093000 / buybacks —
- Change in cash: ¥-80406000
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 | ¥910.6M |  |
| Operating income | ¥141.5M | Margin 15.5% |
| Net income | ¥100.6M | Margin 11.0% |
| Free cash flow | ¥37.5M |  |
| Largest business | Security | of segment revenue 70.9% |
| Employees (consolidated) | 30 |  |
| EPS | ¥62.43 |  |
| Book value per share | ¥787.32 |  |
| Equity ratio | 80.4% |  |
| Shares outstanding | 1,731,000 |  |
| Treasury shares | 119,600 |  |
| Shareholders | 439 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 33.1% | Cash ÷ revenue 57.3% |
| Vs. industry median margin | +1.1 pp | Cybersecurity |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 6.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -6% while operating income rose 4264%
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥475952000 | ¥910646000 | +91.3% |
| Operating income | ¥-77705000 | ¥141477000 | — |
| Operating margin | -16.3% | 15.5% | +31.9 pp |
| Employees | 28 people | 30 people | +7.1% |
| Cash and equivalents | ¥820055000 | ¥522065000 | -36.3% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| イメージング＆プリンタコントローラ事業 → イメージング＆プリンタコントローラ事業 | 12.8% |
| ストレージソリューション事業 → ストレージソリューション事業 | 1.0% |
| ストレージソリューション事業 → 事業再編・廃止 | 3.0% |
| セキュリティ事業 → セキュリティ事業 | 70.9% |
| セキュリティ事業 → 事業再編・廃止 | 9.5% |
| ビジネスソリューション事業 → 事業再編・廃止 | 2.8% |
| 新設・再編 → イメージング＆プリンタコントローラ事業 | 15.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Security | 5 years | +9.9% | ¥613929000 | 30.4% | 2 |
| Imaging and printer controller | 5 years | +31.9% | ¥243342000 | 45.2% | 2 |
| Storage solution | 5 years | -14.6% | ¥8698000 | -265.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 911 | 100.0% | S100YJVO |
| Cost of revenue | 426 | 46.8% | S100YJVO |
| Gross profit | 484 | 53.2% | S100YJVO |
| SG&A | 343 | 37.7% | S100YJVO |
| Operating income | 141 | 15.5% | S100YJVO |
| Ordinary income | 151 | 16.6% | S100YJVO |
| Pretax income | 151 | 16.6% | S100YJVO |
| Income tax | 51 | 5.5% | S100YJVO |
| Net income | 101 | 11.0% | S100YJVO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 38 |
| Operating income | 15 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 53.2% → Operating margin 15.5% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +42.8%; Core profit growth: +4263.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 99.52×
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 | 638 | 911 | 273 | +42.8% |
| Gross profit | 345 | 484 | 139 | +40.2% |
| Operating income | 3 | 141 | 138 | +4263.9% |
| Operating cash flow | -25 | 46 | 72 | — |
| Free cash flow | -40 | 38 | 77 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 840 | 159 | 18.9% | 87 | 161 | 157 | S100LUR9 |
| FY ending Mar 2021 | 476 | -78 | -16.3% | -56 | -2 | -35 | S100OJA6 |
| FY ending Mar 2022 | 627 | 20 | 3.1% | 22 | -49 | -55 | S100R7H4 |
| FY ending Mar 2023 | 763 | 119 | 15.6% | 87 | 86 | 85 | S100TUW2 |
| FY ending Mar 2024 | 815 | 122 | 15.0% | 87 | 124 | 115 | S100W5EK |
| FY ending Mar 2025 | 638 | 3 | 0.5% | 6 | -25 | -40 | S100YJVO |
| FY ending Mar 2026 | 911 | 141 | 15.5% | 101 | 46 | 38 | S100YJVO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.4M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 28 | 28 | 34 | 32 | 30 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥6.8M | ¥6.8M | ¥7.2M |
| Average age (parent company) | 49.1 years | 50.6 years | 50.3 years | 51.0 years | 49.5 years |
| Average tenure (parent company) | 16.9 years | 18.1 years | 16.6 years | 16.7 years | 17.2 years |

Year over year: Employees (consolidated) -6.3% · Revenue (consolidated) +42.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Imaging and printer controller | 243 | 28.1% | 110 | 45.2% |
| Storage solution | 9 | 1.0% | -23 | -265.7% |
| Security | 614 | 70.9% | 186 | 30.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Imaging and printer controller | 28.1% | 37.1% | 9.0 | 45.2% |
| Storage solution | 1.0% | — | — | -265.7% |
| Security | 70.9% | 62.9% | -8.0 | 30.4% |

Loss-making segment (excluded from profit shares): Storage solution -23 JPY mn

Segment → industry: Security → Cybersecurity / Storage solution → PCs & Peripherals / Imaging and printer controller → Printers & Office Equipment

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 46 | 5.1% | S100YJVO |
| Capital expenditure | 9 | 1.0% | S100YJVO |
| Free cash flow | 38 | 4.1% | 算出 |
| Investing cash flow | -111 | -12.2% | S100YJVO |
| Financing cash flow | -16 | -1.8% | S100YJVO |
| Dividends paid | 16 | 1.8% | S100YJVO |
| Change in cash | -80 | -8.8% | S100YJVO |
| Cash and equivalents | 522 | 57.3% | S100YJVO |

## 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 | 769 | 836 | 760 | 602 | 522 | S100TUW2, S100W5EK, S100YJVO |
| Total assets | 1,260 | 1,385 | 1,435 | 1,346 | 1,578 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Net assets | 1,060 | 1,137 | 1,197 | 1,178 | 1,269 | S100TUW2, S100W5EK, S100YJVO |
| Share capital | 436 | 436 | 436 | 436 | 436 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Property, plant and equipment | 21 | 17 | 14 | 28 | 31 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Intangible assets excluding goodwill | 3 | 2 | 2 | 2 | 2 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Investment securities | 10 | 10 | 14 | 14 | 24 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Current assets | 1,184 | 1,306 | 1,194 | 1,009 | 1,124 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Current liabilities | 131 | 178 | 178 | 97 | 233 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Total liabilities | 201 | 248 | 238 | 169 | 310 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Equity attributable to owners of parent | 1,053 | 1,130 | 1,187 | 1,168 | 1,253 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Retained earnings | 222 | 300 | 363 | 352 | 437 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |
| Treasury stock | -38 | -40 | -45 | -54 | -54 | S100R7H4, S100TUW2, S100W5EK, S100YJVO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YJVO |
| Property, plant and equipment | 2% | S100YJVO |
| Intangibles and goodwill | 0% | S100YJVO |
| Investment securities | 2% | S100YJVO |
| Other assets | 63% | S100YJVO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 20% | S100YJVO |
| Equity | 80% | S100YJVO |

### 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 | 1,260 | 1,385 | 1,435 | 1,346 | 1,578 |
| Equity | 1,060 | 1,137 | 1,197 | 1,178 | 1,269 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 769 | 836 | 760 | 602 | 522 |

## 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) | 3.5% | S100YJVO |
| Fixed assets ÷ total assets | 2.0% | S100YJVO |
| Goodwill ÷ parent equity | — | —, S100YJVO |

### 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) | 33.1% |
| Cash ÷ revenue | 57.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 32.8% |
| Cash vs. profit gap | -54 JPY mn (of net income -53.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | 42.9% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 238.6% |

## 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 | 3.5% | 0.50× | 1.8% | 1.20× | 2.1% | S100R7H4 |
| 2023 | 11.4% | 0.58× | 6.5% | 1.21× | 7.9% | S100TUW2 |
| 2024 | 10.6% | 0.58× | 6.2% | 1.22× | 7.5% | S100W5EK |
| 2025 | 0.9% | 0.46× | 0.4% | 1.18× | 0.5% | S100YJVO |
| 2026 | 11.0% | 0.62× | 6.9% | 1.21× | 8.3% | S100YJVO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松村 泳成 | Major shareholder | 51.1% | 2026-03-31 |
| 矢崎総業株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 杉本 貴史 | Major shareholder | 5.4% | 2026-03-31 |
| 辻澤 勝 | Major shareholder | 2.9% | 2026-03-31 |
| マネックス証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 澁川 瞳 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社シンク・ラボラトリー | Major shareholder | 2.2% | 2026-03-31 |
| 澁川 弥 | Major shareholder | 1.9% | 2026-03-31 |
| 宇田 紀章 | Major shareholder | 1.6% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第38期(2025/04/01－2026/03/31) | S100YJVO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJVO,, |
| 有価証券報告書－第37期(2024/04/01－2025/03/31) | S100W5EK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5EK,, |
| 有価証券報告書－第36期(2023/04/01－2024/03/31) | S100TUW2 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUW2,, |
| 有価証券報告書－第35期(2022/04/01－2023/03/31) | S100R7H4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7H4,, |
| 有価証券報告書－第34期(令和3年4月1日－令和4年3月31日) | S100OJA6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJA6,, |
| 有価証券報告書－第33期(令和2年4月1日－令和3年3月31日) | S100LUR9 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUR9,, |

## 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).