# Nissan Securities Group 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21期(2025/04/01－2026/03/31) (S100YB7U)
> Page: https://vizora.meequs.com/en/company/nissan-securities-group
> Retrieved: 2026-09-30T21:11:10.201Z

## Company

Nissan Securities Group, founded in 2005, is a company in Securities & Asset Management listed on TSE Standard. It has 254 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nissan Securities Group Co., Ltd. |
| Ticker | 8705 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8705.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区銀座六丁目10番1号 |
| Representative (per filing) | 代表取締役社長 二家英彰 |
| Founded | Apr 2005 |
| Share capital | ¥1.7B |
| Employees (consolidated) | 254 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.nissansec-g.co.jp (https://www.nissansec-g.co.jp/) |
| Corporate number | 4120001110534 |
| EDINET | E03739 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YB7U, filed 2026-06-12). As of filing

## Key points (generated from figures)

- Nissan Securities Group brought in ¥8.63B in revenue.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +17.1% from the prior year, operating profit +105.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥8631114000 → ¥953994000
- Net income → operating cash flow: ¥953994000 → ¥5682998000（difference ¥4729004000）
- Main uses of operating cash flow: CapEx ¥716011000 / dividends ¥381991000 / buybacks ¥449990000
- Change in cash: ¥2229408000
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 | ¥8.63B |  |
| Operating income | ¥1.47B | Margin 17.0% |
| Net income | ¥954M | Margin 11.1% |
| Free cash flow | ¥4.97B |  |
| Employees (consolidated) | 254 |  |
| EPS | ¥34.42 |  |
| Book value per share | ¥186.06 |  |
| Equity ratio | 4.7% |  |
| Shares outstanding | 55,025,000 |  |
| Treasury shares | 2,394,600 |  |
| Shareholders | 17,993 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 2.2% | Cash ÷ revenue 68.8% |
| Vs. industry median margin | -3.7 pp | Securities & Asset Management |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.0× net income
- FY2026, buybacks were 1.2× dividends
- FY2026, employees -7% while operating income rose 106%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7738402000 | ¥8631114000 | +11.5% |
| Operating income | ¥580822000 | ¥1467558000 | +152.7% |
| Operating margin | 7.5% | 17.0% | +9.5 pp |
| Employees | 483 people | 254 people | -47.4% |
| Cash and equivalents | ¥6274526000 | ¥5941792000 | -5.3% |

### 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 | 8,631 | 100.0% | S100YB7U |
| Operating income | 1,468 | 17.0% | S100YB7U |
| Ordinary income | 1,678 | 19.4% | S100YB7U |
| Pretax income | 1,291 | 15.0% | S100YB7U |
| Income tax | 337 | 3.9% | S100YB7U |
| Net income | 954 | 11.1% | S100YB7U |
| Net income attributable to owners | 954 | 11.1% | S100YB7U |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 83 |
| Operating income | 17 |
| (Ref.) Net income | 11 |

### Margin funnel

Operating margin 17.0% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.1%; Core profit growth: +105.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.21×
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 | 7,373 | 8,631 | 1,258 | +17.1% |
| Operating income | 713 | 1,468 | 755 | +105.9% |
| Net income attributable to owners | 351 | 954 | 603 | +171.7% |
| Operating cash flow | -4,019 | 5,683 | 9,702 | — |
| Free cash flow | -4,068 | 4,967 | 9,035 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,855 | -223 | -7.8% | 90 | -1,290 | -1,301 | S100TQQ7 |
| FY ending Mar 2021 | 7,738 | 581 | 7.5% | 1,588 | 3,175 | 2,904 | S100VZSZ |
| FY ending Mar 2022 | 7,198 | -164 | -2.3% | 536 | -5,791 | -5,890 | S100YB7U |
| FY ending Mar 2023 | 6,605 | 275 | 4.2% | 259 | -521 | -603 | S100YB7U |
| FY ending Mar 2024 | 7,743 | 904 | 11.7% | 553 | 6,036 | 5,772 | S100YB7U |
| FY ending Mar 2025 | 7,373 | 713 | 9.7% | 351 | -4,019 | -4,068 | S100YB7U |
| FY ending Mar 2026 | 8,631 | 1,468 | 17.0% | 954 | 5,683 | 4,967 | S100YB7U |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 354 | 311 | 289 | 274 | 254 |
| Average salary (parent company) | — | ¥6.7M | ¥6.2M | ¥8.1M | ¥7.1M |
| Average age (parent company) | 48.8 years | 48.0 years | 45.3 years | 46.6 years | 44.7 years |
| Average tenure (parent company) | 3.5 years | 3.4 years | 3.3 years | 4.4 years | 2.9 years |

Year over year: Employees (consolidated) -7.3% · Revenue (consolidated) +17.1%

## 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 | 5,683 | 65.8% | S100YB7U |
| Capital expenditure | 716 | 8.3% | S100YB7U |
| Free cash flow | 4,967 | 57.5% | 算出 |
| Investing cash flow | -1,058 | -12.3% | S100YB7U |
| Financing cash flow | -2,536 | -29.4% | S100YB7U |
| Dividends paid | 382 | 4.4% | S100YB7U |
| Share buyback | 450 | 5.2% | S100YB7U |
| Change in cash | 2,229 | 25.8% | S100YB7U |
| Cash and equivalents | 5,942 | 68.8% | S100YB7U |

## 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 | 2,682 | 2,371 | 7,155 | 3,712 | 5,942 | S100TQQ7, S100VZSZ, S100YB7U |
| Total assets | 95,836 | 88,364 | 112,817 | 136,699 | 272,032 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Net assets | 12,866 | 12,230 | 14,341 | 12,004 | 12,658 | S100TQQ7, S100VZSZ, S100YB7U |
| Share capital | 3,587 | 1,525 | 1,626 | 1,702 | 1,702 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Property, plant and equipment | 202 | 162 | 263 | 250 | 696 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Intangible assets excluding goodwill | 921 | 769 | 650 | 528 | 473 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Goodwill | 707 | 602 | 500 | 420 | 340 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Investment securities | 3,075 | 2,591 | 5,173 | 3,970 | 4,936 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Current assets | 89,326 | 84,137 | 106,129 | 131,382 | 265,330 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Current liabilities | 81,929 | 75,132 | 96,326 | 119,872 | 252,676 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Short-term borrowings | 1,150 | 1,630 | 650 | 600 | 1,350 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Total liabilities | 82,970 | 76,134 | 98,476 | 124,695 | 259,374 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Equity attributable to owners of parent | 10,811 | 10,510 | 10,833 | 9,432 | 9,600 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Retained earnings | 5,888 | 6,801 | 7,178 | 7,080 | 7,814 | S100R4EY, S100TQQ7, S100VZSZ, S100YB7U |
| Treasury stock | — | -290 | -487 | -582 | -986 | S100TQQ7, S100VZSZ, S100YB7U |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YB7U |
| Property, plant and equipment | 0% | S100YB7U |
| Intangibles and goodwill | 0% | S100YB7U |
| Investment securities | 2% | S100YB7U |
| Other assets | 96% | S100YB7U |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 95% | S100YB7U |
| Equity | 5% | S100YB7U |
| Other liabilities | 0% | S100YB7U |

### 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 | 95,836 | 88,364 | 112,817 | 136,699 | 272,032 |
| Equity | 12,866 | 12,230 | 14,341 | 12,004 | 12,658 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,682 | 2,371 | 7,155 | 3,712 | 5,942 |

## 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) | 8.1% | S100YB7U |
| Fixed assets ÷ total assets | 0.3% | S100YB7U |
| Goodwill ÷ parent equity | 3.5% | S100YB7U |

Goodwill over 4 years: 707 → 340 JPY; total investing cash flow: 59 JPY. This does not imply causation.

### 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) | 2.2% |
| Cash ÷ revenue | 68.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 387.2% |
| Cash vs. profit gap | 4,729 JPY mn (of net income 495.7%) |
| Shareholder returns / net income | 87.2% |
| Shareholder returns / FCF | 16.8% |
| Shareholder payments — dividends / net income | 40.0% |
| Shareholder payments — dividends / FCF | 7.7% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 18.6% |

## 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 | 7.4% | 0.08× | 0.6% | 8.86× | 5.0% | S100R4EY, S100YB7U |
| 2023 | 3.9% | 0.07× | 0.3% | 8.64× | 2.4% | S100TQQ7, S100YB7U |
| 2024 | 7.1% | 0.08× | 0.5% | 9.43× | 5.2% | S100VZSZ, S100YB7U |
| 2025 | 4.8% | 0.06× | 0.3% | 12.31× | 3.5% | S100YB7U |
| 2026 | 11.1% | 0.04× | 0.5% | 21.48× | 10.0% | S100YB7U |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＮＳＨＤ | Major shareholder | 39.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.6% | 2026-03-31 |
| 合同会社ＩＮＳＥＣＴｏｒｚ | Major shareholder | 6.1% | 2026-03-31 |
| 粟野 友太 | Major shareholder | 1.9% | 2026-03-31 |
| 秋元 之浩 | Major shareholder | 1.5% | 2026-03-31 |
| 日産証券グループ従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |
| 竹村 渉 | Major shareholder | 1.1% | 2026-03-31 |
| 森川 菊雄 | Major shareholder | 1.1% | 2026-03-31 |
| 有限会社福田商事 | Major shareholder | 0.8% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE (常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YB7U | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB7U,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100VZSZ | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZSZ,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TQQ7 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQQ7,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R4EY | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4EY,, |
| 訂正有価証券報告書－第17期(2021/04/01－2022/03/31) | S100QF9O | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QF9O,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LSQT | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSQT,, |

## 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).