Vizora日本語

Nomura Research InstituteNomura Research Institute,Ltd.4307東証プライム情報・通信業FY ending Mar 2025, consolidated, IFRS

Nomura Research Institute revenue and profit

Out of every ¥100 of sales, about ¥17 is left as operating profit. Revenue changed +3.8% from the prior year, operating profit +12.0%.

Five-year trend

Revenue¥764.8B
FY ending Mar 2021: ¥550.3B¥550.3BFY ending Mar 2022: ¥611.6B¥611.6BFY ending Mar 2023: ¥692.2B¥692.2BFY ending Mar 2024: ¥736.6B¥736.6BFY ending Mar 2025: ¥764.8B¥764.8BFY21FY22FY23FY24FY25
Operating income¥134.9B
FY ending Mar 2021: ¥80.7B¥80.7BFY ending Mar 2022: ¥106.2B¥106.2BFY ending Mar 2023: ¥111.8B¥111.8BFY ending Mar 2024: ¥120.4B¥120.4BFY ending Mar 2025: ¥134.9B¥134.9BFY21FY22FY23FY24FY25
Operating margin17.6%
FY ending Mar 2021: 14.7%14.7%FY ending Mar 2022: 17.4%17.4%FY ending Mar 2023: 16.2%16.2%FY ending Mar 2024: 16.3%16.3%FY ending Mar 2025: 17.6%17.6%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin12.3%
Asset turnover0.83×
ROA10.1%
ROA10.1%
Financial leverage2.22×
ROE22.5%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin12.3%
2021: 9.6%9.6%2022: 11.7%11.7%2023: 11.0%11.0%2024: 10.8%10.8%2025: 12.3%12.3%2122232425
Asset turnover0.83×
2021: 0.84×0.84×2022: 0.85×0.85×2023: 0.85×0.85×2024: 0.84×0.84×2025: 0.83×0.83×2122232425
ROA10.1%
2021: 8.1%8.1%2022: 9.9%9.9%2023: 9.4%9.4%2024: 9.0%9.0%2025: 10.1%10.1%2122232425
Financial leverage2.22×
2021: 1.99×1.99×2022: 2.16×2.16×2023: 2.20×2.20×2024: 2.21×2.21×2025: 2.22×2.22×2122232425
ROE22.5%
2021: 16.0%16.0%2022: 21.3%21.3%2023: 20.7%20.7%2024: 19.9%19.9%2025: 22.5%22.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20219.6%0.84×8.1%1.99×16.0%
202211.7%0.85×9.9%2.16×21.3%
202311.0%0.85×9.4%2.20×20.7%
202410.8%0.84×9.0%2.21×19.9%
202512.3%0.83×10.1%2.22×22.5%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue5.0%
2020: 9.2%9.2%2021: 8.5%8.5%2022: 6.1%6.1%2023: 6.1%6.1%2024: 5.5%5.5%2025: 5.0%5.0%202122232425
PPE ÷ total assets4.1%
2020: 8.6%8.6%2021: 7.1%7.1%2022: 4.7%4.7%2023: 5.0%5.0%2024: 4.4%4.4%2025: 4.1%4.1%202122232425
Goodwill ÷ parent equity25.3%
2020: 6.4%6.4%2021: 6.2%6.2%2022: 28.1%28.1%2023: 25.5%25.5%2024: 28.4%28.4%2025: 25.3%25.3%202122232425
Goodwill balance¥109.8B
2020: ¥16.1B¥16.1B2021: ¥20.4B¥20.4B2022: ¥95.5B¥95.5B2023: ¥101.8B¥101.8B2024: ¥113.3B¥113.3B2025: ¥109.8B¥109.8B202122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥6.11B
2021: ¥4.47B¥4.47B2022: ¥4.99B¥4.99B2023: ¥4.91B¥4.91B2024: ¥5.3B¥5.3B2025: ¥6.11B¥6.11B202122232425
R&D / revenue0.8%
2021: 0.8%0.8%2022: 0.8%0.8%2023: 0.7%0.7%2024: 0.7%0.7%2025: 0.8%0.8%202122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2021FY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025
Revenue550,337611,634692,165736,556764,813
Cost of revenue364,539395,562452,336475,549489,517
Gross profit185,798216,071239,829261,006275,295
SG&A98,366113,536131,580142,353144,071
Operating income80,748106,218111,832120,411134,907
Pretax income71,075104,671108,499117,224134,161
Income tax18,49732,87832,00237,06239,778
Net income attributable to owners52,86771,44576,30779,64393,762
Operating margin14.7%17.4%16.2%16.3%17.6%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 18%
4%
Intangibles and goodwill 12%
Other assets 66%

Funding

Other liabilities 53%
Equity 47%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2021FY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025
Cash and equivalents¥153.2B¥115.6B¥129.3B¥173.9B¥168.6B
Total assets¥656.5B¥789.7B¥838.2B¥922.8B¥928.5B
Net assets¥333.2B¥342.5B¥402.4B¥403B¥438B
Share capital¥21.2B¥22.4B¥23.6B¥24.7B¥25.7B
Property, plant and equipment¥46.7B¥37.5B¥42.1B¥40.2B¥38B
Goodwill¥20.4B¥95.5B¥101.8B¥113.3B¥109.8B
Current assets¥323.4B¥333.6B¥349.1B¥405.2B¥419.4B
Total liabilities¥323.3B¥447.2B¥435.8B¥519.8B¥490.5B
Equity attributable to owners of parent¥330.5B¥339.4B¥399B¥399.5B¥434B
Retained earnings¥278.7B¥328.8B¥321.7B¥320.3B¥378.7B
Treasury stock-¥15B-¥68.8B-¥6.28B-¥17.5B-¥40.1B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第61期(2025/04/01－2026/03/31)

    ID S100YBM82026-06-15Open

  • EDINET (FSA Japan)

    有価証券報告書－第60期(2024/04/01－2025/03/31)

    ID S100VZKL2025-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第59期(2023/04/01－2024/03/31)

    ID S100TQUZ2024-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第58期(2022/04/01－2023/03/31)

    ID S100R4IT2023-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第57期(令和3年4月1日－令和4年3月31日)

    ID S100OBJK2022-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第56期(令和2年4月1日－令和3年3月31日)

    ID S100LM5W2021-06-22Open

Extracted from XBRL: 45 / Derived from other figures: 1

Spotted an error? Report it (corrections keep the original record)

Analyze this page with AI

Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.

Open MarkdownShare on XSave image