# NJ Holdings Inc.: business model and financials

> Latest period: FY ending Jun 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第35期(2025/07/01－2026/06/30) (S100Z2S2)
> Page: https://vizora.meequs.com/en/company/nj-holdings
> Retrieved: 2026-09-30T21:45:52.315Z

## Company

NJ Holdings, founded in 1991, is a company in IT Services & System Integration listed on TSE Standard. It has 868 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NJ Holdings Inc. |
| Ticker | 9421 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9421.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝三丁目8番2号 |
| Representative (per filing) | 代表取締役社長 福田 尚弘 |
| Founded | Dec 1991 |
| Share capital | ¥592.8M |
| Employees (consolidated) | 868 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | June |
| Website | www.njhd.jp (https://www.njhd.jp/) |
| Corporate number | 3010001067118 |
| EDINET | E05570 |
| Industries (Vizora) | IT Services & System Integration, Games |

> Profile source: annual securities report (S100Z2S2, filed 2026-09-18). As of filing

## Five-axis industry profile

Primary industry: Games (2026-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.5 | 36 |
| Profitability | 30.5 | 41 |
| Cash conversion | 91.9 | 31 |
| Efficiency | 98.8 | 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)

- About 70% of NJ Holdings's sales come from Game, with Mobile and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +9.2% from the prior year, operating profit +259.4%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥9.95B |  |
| Operating income | ¥183.7M | Margin 1.8% |
| Net income | -¥119.5M | Margin -1.2% |
| Free cash flow | ¥712.7M |  |
| Largest business | Game | of segment revenue 70.0% |
| Employees (consolidated) | 868 |  |
| EPS | ¥-59.55 |  |
| Book value per share | ¥166.69 |  |
| Equity ratio | 41.8% |  |
| Shares outstanding | 5,350,400 |  |
| Treasury shares | 57,600 |  |
| Shareholders | 3,876 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 36.5% | Cash ÷ revenue 13.1% |
| Vs. industry median margin | -3.6 pp | Games |
| ROA | -3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, parent-company salary changed +30% over five years
- FY2026, cash is 37% of total assets

## What changed in 5 years

| Metric | FY ending Jun 2021 | FY ending Jun 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11988629000 | ¥9949963000 | -17.0% |
| Operating income | ¥220769000 | ¥183700000 | -16.8% |
| Operating margin | 1.8% | 1.8% | 0 pp |
| Employees | 875 people | 868 people | -0.8% |
| Cash and equivalents | ¥1250748000 | ¥1305659000 | +4.4% |

### Change in segment revenue mix

Span: FY ending Jun 2021 → FY ending Jun 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ゲーム事業 → ゲーム事業 | 70.0% |
| ゲーム事業 → 事業再編・廃止 | 8.0% |
| モバイル事業 → モバイル事業 | 21.4% |
| その他 → その他 | 0.6% |
| 新設・再編 → モバイル事業 | 8.0% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Game | 5 years | -5.7% | ¥6969386000 | 4.4% | 2 |
| Mobile | 5 years | +2.7% | ¥2925614000 | 4.4% | 2 |
| Other | 5 years | -3.6% | ¥54961000 | 38.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,950 | 100.0% | S100Z2S2 |
| Cost of revenue | 7,840 | 78.8% | S100Z2S2 |
| Gross profit | 2,110 | 21.2% | S100Z2S2 |
| SG&A | 1,926 | 19.4% | S100Z2S2 |
| Operating income | 184 | 1.8% | S100Z2S2 |
| Ordinary income | 183 | 1.8% | S100Z2S2 |
| Pretax income | -9 | -0.1% | S100Z2S2 |
| Income tax | 98 | 1.0% | S100Z2S2 |
| Net income | -107 | -1.1% | S100Z2S2 |
| Net income attributable to owners | -120 | -1.2% | S100Z2S2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 19 |
| Operating income | 2 |
| (Ref.) Net income | -1 |

### Margin funnel

Gross margin 21.2% → Operating margin 1.8% → Net margin -1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.2%; Core profit growth: +259.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 28.05×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,108 | 9,950 | 842 | +9.2% |
| Gross profit | 1,798 | 2,110 | 312 | +17.4% |
| Operating income | 51 | 184 | 133 | +259.4% |
| Net income attributable to owners | 32 | -120 | -151 | -475.4% |
| Operating cash flow | -482 | 853 | 1,335 | — |
| Free cash flow | -645 | 713 | 1,358 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2021 | 11,989 | 221 | 1.8% | -92 | 169 | 113 | S100P87T |
| FY ending Jun 2022 | 10,653 | -869 | -8.2% | -1,232 | -686 | -729 | S100RWHA |
| FY ending Jun 2023 | 10,131 | -239 | -2.4% | -469 | 340 | 301 | S100UEY3 |
| FY ending Jun 2024 | 9,698 | 103 | 1.1% | 275 | 661 | 582 | S100WOVL |
| FY ending Jun 2025 | 9,108 | 51 | 0.6% | 32 | -482 | -645 | S100Z2S2 |
| FY ending Jun 2026 | 9,950 | 184 | 1.8% | -120 | 853 | 713 | S100Z2S2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥11.5M |
| Operating income per employee (consolidated) | ¥211.6K |
| Net income per employee (consolidated) | -¥137.7K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 884 | 922 | 887 | 866 | 868 |
| Average salary (parent company) | ¥6.2M | ¥6.2M | ¥6.9M | ¥7.6M | ¥8.1M |
| Average age (parent company) | 44.3 years | 42.9 years | 44.9 years | 46.4 years | 48.2 years |
| Average tenure (parent company) | 8.5 years | 8.0 years | 8.0 years | 8.9 years | 11.0 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +9.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Game | 6,969 | 70.0% | 309 | 4.4% |
| Mobile | 2,926 | 29.4% | 130 | 4.4% |
| Other | 55 | 0.6% | 21 | 38.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Game | 70.0% | 67.1% | -2.9 | 4.4% |
| Mobile | 29.4% | 28.2% | -1.2 | 4.4% |
| Other | 0.6% | 4.6% | 4.1 | 38.8% |

Segment → industry: Mobile → IT Services & System Integration / Game → Games

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 853 | 8.6% | S100Z2S2 |
| Capital expenditure | 140 | 1.4% | S100Z2S2 |
| Free cash flow | 713 | 7.2% | 算出 |
| Investing cash flow | -152 | -1.5% | S100Z2S2 |
| Financing cash flow | -247 | -2.5% | S100Z2S2 |
| Change in cash | 454 | 4.6% | S100Z2S2 |
| Cash and equivalents | 1,306 | 13.1% | S100Z2S2 |

## 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 Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,095 | 1,137 | 1,693 | 852 | 1,306 | S100UEY3, S100WOVL, S100Z2S2 |
| Total assets | 4,646 | 4,203 | 3,944 | 3,749 | 3,574 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Net assets | 1,892 | 1,384 | 1,670 | 1,714 | 1,596 | S100UEY3, S100WOVL, S100Z2S2 |
| Share capital | 593 | 593 | 593 | 593 | 593 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Property, plant and equipment | 108 | 54 | 81 | 87 | 100 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Intangible assets excluding goodwill | 520 | 428 | 366 | 385 | 213 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Goodwill | 500 | 420 | 340 | 271 | 131 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Investment securities | 18 | 221 | 201 | 202 | 10 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Current assets | 3,260 | 2,980 | 2,869 | 2,603 | 2,782 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Current liabilities | 1,853 | 2,157 | 1,570 | 1,652 | 1,563 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Short-term borrowings | 600 | 965 | 463 | 525 | 300 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Long-term borrowings | 595 | 349 | 427 | 111 | 225 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Bonds | 60 | 20 | — | — | — | S100RWHA, S100UEY3 |
| Interest-bearing debt | 1,255 | 1,334 | — | — | — | 算出 |
| Total liabilities | 2,753 | 2,819 | 2,274 | 2,036 | 1,979 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Non-controlling interests | 91 | 78 | 89 | 101 | 103 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Equity attributable to owners of parent | 1,801 | 1,305 | 1,580 | 1,612 | 1,493 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Retained earnings | 917 | 421 | 696 | 728 | 609 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |
| Treasury stock | -59 | -59 | -59 | -59 | -59 | S100RWHA, S100UEY3, S100WOVL, S100Z2S2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100Z2S2 |
| Property, plant and equipment | 3% | S100Z2S2 |
| Intangibles and goodwill | 10% | S100Z2S2 |
| Investment securities | 0% | S100Z2S2 |
| Other assets | 51% | S100Z2S2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100Z2S2 |
| Equity | 45% | S100Z2S2 |
| Other liabilities | 0% | S100Z2S2 |

### Balance sheet history

| Metric | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | FY ending Jun 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,646 | 4,203 | 3,944 | 3,749 | 3,574 |
| Equity | 1,892 | 1,384 | 1,670 | 1,714 | 1,596 |
| Interest-bearing debt | 1,255 | 1,334 | — | — | — |
| Cash | 1,095 | 1,137 | 1,693 | 852 | 1,306 |

## 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) | 1.0% | S100Z2S2 |
| Fixed assets ÷ total assets | 2.8% | S100Z2S2 |
| Goodwill ÷ parent equity | 8.8% | S100Z2S2 |

Goodwill over 4 years: 500 → 131 JPY; total investing cash flow: 52 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) | 36.5% |
| Cash ÷ revenue | 13.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 464.3% |
| Cash vs. profit gap | 972 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 17.8% |

## 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 | — | —× | -26.5% | —× | — | S100RWHA |
| 2023 | — | —× | -10.6% | —× | — | S100UEY3 |
| 2024 | 2.8% | 2.38× | 6.7% | 2.82× | 19.0% | S100WOVL |
| 2025 | 0.3% | 2.37× | 0.8% | 2.41× | 2.0% | S100Z2S2 |
| 2026 | — | —× | -3.3% | —× | — | S100Z2S2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| (有)リーコム | Major shareholder | 30.1% | 2026-06-30 |
| 滝西 竜子 | Major shareholder | 19.1% | 2026-06-30 |
| 中村 英生 | Major shareholder | 15.3% | 2026-06-30 |
| 小野 昭 | Major shareholder | 3.0% | 2026-06-30 |
| 宮本 浩次 | Major shareholder | 1.8% | 2026-06-30 |
| 中川 尚子 | Major shareholder | 1.7% | 2026-06-30 |
| エヌジェイホールディングス役員持株会 | Major shareholder | 1.0% | 2026-06-30 |
| 則本 真樹 | Major shareholder | 0.8% | 2026-06-30 |
| 五島 賢次 | Major shareholder | 0.8% | 2026-06-30 |
| 五反田 義治 | Major shareholder | 0.8% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第35期(2025/07/01－2026/06/30) | S100Z2S2 | 2026-09-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z2S2,, |
| 有価証券報告書－第34期(2024/07/01－2025/06/30) | S100WOVL | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WOVL,, |
| 有価証券報告書－第33期(2023/07/01－2024/06/30) | S100UEY3 | 2024-09-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEY3,, |
| 有価証券報告書－第32期(2022/07/01－2023/06/30) | S100RWHA | 2023-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RWHA,, |
| 有価証券報告書－第31期(令和3年7月1日－令和4年6月30日) | S100P87T | 2022-09-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P87T,, |
| 有価証券報告書－第30期(令和2年7月1日－令和3年6月30日) | S100MGPA | 2021-09-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGPA,, |

## 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).