# NJS Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/01/01－2025/12/31) (S100XV5A)
> Page: https://vizora.meequs.com/en/company/njs
> Retrieved: 2026-09-30T20:58:26.865Z

## Company

NJS, founded in 1951, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Prime. It has 1,471 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NJS Co.,Ltd. |
| Ticker | 2325 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2325.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝五丁目34番2号 |
| Representative (per filing) | 代表取締役社長 村上雅亮 |
| Founded | Sep 1951 |
| Share capital | ¥520M |
| Employees (consolidated) | 1,471 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | December |
| Website | www.njs.co.jp (https://www.njs.co.jp/) |
| Corporate number | 6011101045308 |
| EDINET | E05299 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100XV5A, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47.1 | 35 |
| Profitability | 78.8 | 40 |
| Cash conversion | 27.6 | 38 |
| Efficiency | 26.3 | 40 |

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 92% of NJS's sales come from Domestic operations, with Overseas operations making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +10.0% from the prior year, operating profit +9.2%.

## Company structure

- Segment revenue mix: Domestic operations 92.2%、Overseas operations 7.8%
- Revenue → net income: ¥24854337000 → ¥2184890000
- Net income → operating cash flow: ¥2184890000 → ¥2075263000（difference ¥-109627000）
- Main uses of operating cash flow: CapEx ¥661435000 / dividends ¥954741000 / buybacks ¥435000
- Change in cash: ¥146066000
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 | ¥24.9B |  |
| Operating income | ¥3.27B | Margin 13.1% |
| Net income | ¥2.18B | Margin 8.8% |
| Free cash flow | ¥1.41B |  |
| Largest business | Domestic operations | of segment revenue 92.2% |
| Employees (consolidated) | 1,471 |  |
| EPS | ¥220.43 |  |
| Book value per share | ¥2820.01 |  |
| Equity ratio | 81.2% |  |
| Shares outstanding | 10,048,000 |  |
| Treasury shares | 484,600 |  |
| Shareholders | 5,008 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 50.8% | Cash ÷ revenue 71.7% |
| Vs. industry median margin | +4.4 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 51% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18951988000 | ¥24854337000 | +31.1% |
| Operating income | ¥2469955000 | ¥3268215000 | +32.3% |
| Operating margin | 13.0% | 13.1% | +0.1 pp |
| Employees | 867 people | 1,471 people | +69.7% |
| Cash and equivalents | ¥14343181000 | ¥17827341000 | +24.3% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内業務 → 国内業務 | 81.3% |
| 海外業務 → 海外業務 | 7.8% |
| 海外業務 → 事業再編・廃止 | 9.7% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 国内業務 | 10.9% |

Segment revenue source references: 5 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,854 | 100.0% | S100XV5A |
| Cost of revenue | 14,763 | 59.4% | S100XV5A |
| Gross profit | 10,091 | 40.6% | S100XV5A |
| SG&A | 6,823 | 27.5% | S100XV5A |
| Operating income | 3,268 | 13.1% | S100XV5A |
| Ordinary income | 3,386 | 13.6% | S100XV5A |
| Pretax income | 3,225 | 13.0% | S100XV5A |
| Income tax | 1,040 | 4.2% | S100XV5A |
| Net income | 2,185 | 8.8% | S100XV5A |
| Net income attributable to owners | 2,182 | 8.8% | S100XV5A |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 59 |
| SG&A | 28 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 40.6% → Operating margin 13.1% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.0%; Core profit growth: +9.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.92×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 22,594 | 24,854 | 2,260 | +10.0% |
| Gross profit | 9,330 | 10,091 | 760 | +8.2% |
| Operating income | 2,993 | 3,268 | 275 | +9.2% |
| Net income attributable to owners | 2,116 | 2,182 | 67 | +3.2% |
| Operating cash flow | 1,788 | 2,075 | 287 | +16.1% |
| Free cash flow | 1,406 | 1,414 | 8 | +0.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 17,341 | 2,257 | 13.0% | 1,677 | 240 | -33 | S100L2NQ |
| FY ending Dec 2020 | 18,952 | 2,470 | 13.0% | 1,703 | 2,500 | 2,265 | S100NRHS |
| FY ending Dec 2021 | 19,315 | 2,759 | 14.3% | 1,929 | 227 | -473 | S100QICT |
| FY ending Dec 2022 | 19,232 | 1,935 | 10.1% | 1,727 | 1,953 | 951 | S100T57D |
| FY ending Dec 2023 | 22,028 | 1,619 | 7.3% | 1,997 | 1,551 | 1,055 | S100VHUQ |
| FY ending Dec 2024 | 22,594 | 2,993 | 13.2% | 2,116 | 1,788 | 1,406 | S100XV5A |
| FY ending Dec 2025 | 24,854 | 3,268 | 13.1% | 2,182 | 2,075 | 1,414 | S100XV5A |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.9M |
| Operating income per employee (consolidated) | ¥2.2M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 934 | 1,137 | 1,362 | 1,375 | 1,471 |
| Average salary (parent company) | ¥8.3M | ¥8.3M | ¥8.2M | ¥8.3M | ¥8.5M |
| Average age (parent company) | 43.0 years | 42.0 years | 42.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) +10.0%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic operations | 22,910 | 92.2% | 3,489 | 15.2% |
| Overseas operations | 1,945 | 7.8% | -220 | -11.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic operations | 92.2% | 100.0% | 7.8 | 15.2% |
| Overseas operations | 7.8% | — | — | -11.3% |

Loss-making segment (excluded from profit shares): Overseas operations -220 JPY mn

Segment → industry: Overseas operations → Disaster Prevention & Infrastructure Maintenance / Domestic operations → Disaster Prevention & Infrastructure Maintenance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,075 | 8.3% | S100XV5A |
| Capital expenditure | 661 | 2.7% | S100XV5A |
| Free cash flow | 1,414 | 5.7% | 算出 |
| Investing cash flow | -952 | -3.8% | S100XV5A |
| Financing cash flow | -969 | -3.9% | S100XV5A |
| Dividends paid | 955 | 3.8% | S100XV5A |
| Share buyback | 0 | 0.0% | S100XV5A |
| Change in cash | 146 | 0.6% | S100XV5A |
| Cash and equivalents | 17,827 | 71.7% | S100XV5A |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 13,461 | 13,980 | 17,188 | 17,681 | 17,827 | S100T57D, S100VHUQ, S100XV5A |
| Total assets | 27,516 | 28,179 | 29,494 | 31,122 | 35,095 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Net assets | 21,506 | 23,082 | 24,552 | 26,191 | 28,576 | S100T57D, S100VHUQ, S100XV5A |
| Share capital | 520 | 520 | 520 | 520 | 520 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Property, plant and equipment | 2,641 | 3,070 | 1,177 | 1,124 | 1,404 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Intangible assets excluding goodwill | 449 | 714 | 729 | 722 | 1,277 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Goodwill | — | 111 | 87 | 63 | 504 | S100T57D, S100VHUQ, S100XV5A |
| Investment securities | 1,255 | 1,242 | 1,659 | 2,111 | 3,908 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Current assets | 21,700 | 21,542 | 24,198 | 25,464 | 27,143 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Current liabilities | 4,832 | 4,240 | 4,170 | 4,327 | 5,547 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Long-term borrowings | 1 | — | — | — | — | S100QICT |
| Total liabilities | 6,010 | 5,096 | 4,942 | 4,931 | 6,519 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Non-controlling interests | 51 | 52 | 61 | 67 | 70 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Equity attributable to owners of parent | 21,075 | 22,478 | 23,710 | 24,883 | 26,129 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Retained earnings | 21,062 | 22,474 | 23,706 | 24,961 | 26,187 | S100QICT, S100T57D, S100VHUQ, S100XV5A |
| Treasury stock | -807 | -792 | -793 | -874 | -855 | S100QICT, S100T57D, S100VHUQ, S100XV5A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 51% | S100XV5A |
| Property, plant and equipment | 4% | S100XV5A |
| Intangibles and goodwill | 5% | S100XV5A |
| Investment securities | 11% | S100XV5A |
| Other assets | 29% | S100XV5A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 19% | S100XV5A |
| Equity | 81% | S100XV5A |
| Other liabilities | 0% | S100XV5A |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 27,516 | 28,179 | 29,494 | 31,122 | 35,095 |
| Equity | 21,506 | 23,082 | 24,552 | 26,191 | 28,576 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,461 | 13,980 | 17,188 | 17,681 | 17,827 |

## 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) | 5.6% | S100XV5A |
| Fixed assets ÷ total assets | 4.0% | S100XV5A |
| Goodwill ÷ parent equity | 1.9% | S100XV5A |

### 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) | 50.8% |
| Cash ÷ revenue | 71.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.5% |
| Cash vs. profit gap | -107 JPY mn (of net income -4.9%) |
| Shareholder returns / net income | 43.8% |
| Shareholder returns / FCF | 67.6% |
| Shareholder payments — dividends / net income | 43.7% |
| Shareholder payments — dividends / FCF | 67.5% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 45.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 10.0% | 0.70× | 7.0% | 1.31× | 9.2% | S100QICT |
| 2022 | 9.0% | 0.69× | 6.2% | 1.28× | 7.9% | S100T57D |
| 2023 | 9.1% | 0.76× | 6.9% | 1.25× | 8.6% | S100VHUQ |
| 2024 | 9.4% | 0.75× | 7.0% | 1.25× | 8.7% | S100XV5A |
| 2025 | 8.8% | 0.75× | 6.6% | 1.30× | 8.6% | S100XV5A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本ヒューム株式会社 | Major shareholder | 35.8% | 2025-12-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-M AGAIN （CASHPB）（常任代理人 野村證券株式会社） | Major shareholder | 6.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.2% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 4.3% | 2025-12-31 |
| USB AG SG-05460017(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.8% | 2025-12-31 |
| ブルーブルームキャピタル株式会社 | Major shareholder | 2.6% | 2025-12-31 |
| 株式会社MAプラットフォーム | Major shareholder | 2.6% | 2025-12-31 |
| ＮＪＳ社員持株会 | Major shareholder | 2.1% | 2025-12-31 |
| 重田 康光 | Major shareholder | 1.5% | 2025-12-31 |
| 大迫 英子 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/01/01－2025/12/31) | S100XV5A | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV5A,, |
| 有価証券報告書－第75期(2024/01/01－2024/12/31) | S100VHUQ | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHUQ,, |
| 有価証券報告書－第74期(2023/01/01－2023/12/31) | S100T57D | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T57D,, |
| 有価証券報告書－第73期(2022/01/01－2022/12/31) | S100QICT | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QICT,, |
| 有価証券報告書－第72期(令和3年1月1日－令和3年12月31日) | S100NRHS | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRHS,, |
| 有価証券報告書－第71期(令和2年1月1日－令和2年12月31日) | S100L2NQ | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2NQ,, |

## 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).