# Nomura Research Institute,Ltd.: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/04/01－2026/03/31) (S100YBM8), 有価証券報告書－第60期(2024/04/01－2025/03/31) (S100VZKL)
> Page: https://vizora.meequs.com/en/company/nomura-research-institute
> Retrieved: 2026-09-30T18:29:23.041Z

## Company

Nomura Research Institute, founded in 1965, is a company in Cloud & Data Centers listed on TSE Prime. It has 16,679 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nomura Research Institute, Ltd. |
| Ticker | 4307 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4307.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目9番2号 |
| Representative (per filing) | 代表取締役 社長 柳澤 花芽 |
| Founded | Apr 1965 |
| Share capital | ¥25.7B |
| Employees (consolidated) | 16,679 |
| Average salary (parent only) | ¥13.2M |
| Fiscal year end | March |
| Website | www.nri.com (https://www.nri.com/) |
| Corporate number | 4010001054032 |
| EDINET | E05062 |
| Industries (Vizora) | Cloud & Data Centers, IT Services & System Integration, Consulting |

> Profile source: annual securities report (S100YBM8, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.4 | 157 |
| Profitability | 89.5 | 196 |
| Cash conversion | 65.7 | 185 |
| Efficiency | 16.1 | 196 |

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 48% of Nomura Research Institute's sales come from Financial IT Solutions, with Industrial IT Solutions and IT Platform Services making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Financial IT Solutions 48.1%、Industrial IT Solutions 35.1%、IT Platform Services 8.8%、Consulting 7.9%
- Revenue → net income: ¥764813000000 → ¥94382000000
- Net income → operating cash flow: ¥94382000000 → ¥130196000000（difference ¥35814000000）
- Main uses of operating cash flow: CapEx ¥49602000000 / dividends ¥33313000000 / buybacks ¥30306000000
- Change in cash: ¥-5337000000
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 | ¥764.8B |  |
| Operating income | ¥134.9B | Margin 17.6% |
| Net income | ¥93.8B | Margin 12.3% |
| Free cash flow | ¥80.6B |  |
| Largest business | Financial IT Solutions | of segment revenue 48.1% |
| Employees (consolidated) | 16,679 |  |
| EPS | ¥163.57 |  |
| Diluted EPS | ¥163.56 |  |
| Book value per share | ¥699.14 |  |
| Equity ratio | 46.7% | Derived from disclosed figures |
| Shares outstanding | 581,241,000 |  |
| Treasury shares | 7,267,500 |  |
| Shareholders | 20,168 |  |
| Average salary (parent only) | ¥13.2M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 22.0% |
| Vs. industry median margin | +8.7 pp | IT Services & System Integration |
| ROE | 22.5% | Derived from disclosed figures |
| ROA | 10.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees 0% while operating income rose 12%

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥528721000000 | ¥764813000000 | +44.7% |
| Operating income | ¥85625000000 | ¥134907000000 | +57.6% |
| Operating margin | 16.2% | 17.6% | +1.4 pp |
| Employees | 13,278 people | 16,679 people | +25.6% |
| Cash and equivalents | ¥100778000000 | ¥168597000000 | +67.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| コンサルティング → コンサルティング | 7.3% |
| 金融ＩＴソリューション → 金融ＩＴソリューション | 48.1% |
| 金融ＩＴソリューション → 事業再編・廃止 | 3.6% |
| 産業ＩＴソリューション → 産業ＩＴソリューション | 33.8% |
| ＩＴ基盤サービス → ＩＴ基盤サービス | 7.2% |
| 新設・再編 → コンサルティング | 0.6% |
| 新設・再編 → 産業ＩＴソリューション | 1.4% |
| 新設・再編 → ＩＴ基盤サービス | 1.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Financial IT Solutions | 5 years | +6.0% | ¥366605000000 | 16.8% | 2 |
| Industrial IT Solutions | 5 years | +8.4% | ¥267487000000 | 9.1% | 2 |
| IT Platform Services | 5 years | +12.0% | ¥67041000000 | 45.3% | 2 |
| Consulting | 5 years | +9.4% | ¥60333000000 | 30.5% | 2 |

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 764,813 | 100.0% | S100YBM8 |
| Cost of revenue | 489,517 | 64.0% | S100YBM8 |
| Gross profit | 275,295 | 36.0% | S100YBM8 |
| SG&A | 144,071 | 18.8% | S100YBM8 |
| Operating income | 134,907 | 17.6% | S100YBM8 |
| Pretax income | 134,161 | 17.5% | S100YBM8 |
| Income tax | 39,778 | 5.2% | S100YBM8 |
| Net income | 94,382 | 12.3% | S100YBM8 |
| Net income attributable to owners | 93,762 | 12.3% | S100YBM8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 19 |
| Operating income | 17 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 36.0% → Operating margin 17.6% → Net margin 12.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +12.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.14×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 736,556 | 764,813 | 28,257 | +3.8% |
| Gross profit | 261,006 | 275,295 | 14,289 | +5.5% |
| Operating income | 120,411 | 134,907 | 14,496 | +12.0% |
| Net income attributable to owners | 79,643 | 93,762 | 14,119 | +17.7% |
| Operating cash flow | 142,277 | 130,196 | -12,081 | -8.5% |
| Free cash flow | 92,480 | 80,594 | -11,886 | -12.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 528,721 | 85,625 | 16.2% | 58,195 | 112,838 | 85,437 | S100LM5W |
| FY ending Mar 2021 | 550,337 | 80,748 | 14.7% | 52,867 | 84,594 | 55,565 | S100OBJK |
| FY ending Mar 2022 | 611,634 | 106,218 | 17.4% | 71,445 | 98,137 | 55,160 | S100R4IT |
| FY ending Mar 2023 | 692,165 | 111,832 | 16.2% | 76,307 | 118,899 | 64,198 | S100TQUZ |
| FY ending Mar 2024 | 736,556 | 120,411 | 16.3% | 79,643 | 142,277 | 92,480 | S100VZKL |
| FY ending Mar 2025 | 764,813 | 134,907 | 17.6% | 93,762 | 130,196 | 80,594 | S100YBM8 |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.9M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥5.6M |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 13,430 | 16,512 | 17,394 | 16,708 | 16,679 |
| Average salary (parent company) | ¥12.3M | ¥12.3M | ¥12.4M | ¥12.7M | ¥13.2M |
| Average age (parent company) | 40.5 years | 40.6 years | 40.6 years | 40.2 years | 39.9 years |
| Average tenure (parent company) | 14.7 years | 14.8 years | 14.6 years | 14.3 years | 13.9 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +3.8%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 60,333 | 7.9% | 18,398 | 30.5% |
| Financial IT Solutions | 366,605 | 48.1% | 61,581 | 16.8% |
| Industrial IT Solutions | 267,487 | 35.1% | 24,287 | 9.1% |
| IT Platform Services | 67,041 | 8.8% | 30,341 | 45.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consulting | 7.9% | 13.7% | 5.7 | 30.5% |
| Financial IT Solutions | 48.1% | 45.7% | -2.4 | 16.8% |
| Industrial IT Solutions | 35.1% | 18.0% | -17.1 | 9.1% |
| IT Platform Services | 8.8% | 22.5% | 13.7 | 45.3% |

Segment → industry: IT Platform Services → Cloud & Data Centers / IT Platform Services → IT Services & System Integration / Industrial IT Solutions → IT Services & System Integration / Financial IT Solutions → IT Services & System Integration / Consulting → Consulting

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 130,196 | 17.0% | S100YBM8 |
| Capital expenditure | 49,602 | 6.5% | S100YBM8 |
| Free cash flow | 80,594 | 10.5% | 算出 |
| Investing cash flow | -47,590 | -6.2% | S100YBM8 |
| Financing cash flow | -87,314 | -11.4% | S100YBM8 |
| Dividends paid | 33,313 | 4.4% | S100YBM8 |
| Share buyback | 30,306 | 4.0% | S100YBM8 |
| Change in cash | -5,337 | -0.7% | S100YBM8 |
| Cash and equivalents | 168,597 | 22.0% | S100YBM8 |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 153,187 | 115,610 | 129,257 | 173,935 | 168,597 | S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Total assets | 656,536 | 789,655 | 838,224 | 922,773 | 928,501 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Net assets | 333,206 | 342,486 | 402,406 | 403,021 | 437,959 | S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Share capital | 21,175 | 22,414 | 23,644 | 24,701 | 25,655 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Property, plant and equipment | 46,714 | 37,482 | 42,114 | 40,245 | 38,032 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Goodwill | 20,351 | 95,497 | 101,850 | 113,293 | 109,774 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Current assets | 323,366 | 333,645 | 349,102 | 405,178 | 419,424 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Total liabilities | 323,329 | 447,168 | 435,817 | 519,752 | 490,542 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Equity attributable to owners of parent | 330,495 | 339,360 | 399,006 | 399,532 | 434,040 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Retained earnings | 278,675 | 328,830 | 321,676 | 320,320 | 378,659 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |
| Treasury stock | -15,027 | -68,809 | -6,277 | -17,464 | -40,096 | S100OBJK, S100R4IT, S100TQUZ, S100VZKL, S100YBM8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YBM8 |
| Property, plant and equipment | 4% | S100YBM8 |
| Intangibles and goodwill | 12% | — |
| Other assets | 66% | S100YBM8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100YBM8 |
| Equity | 47% | S100YBM8 |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 656,536 | 789,655 | 838,224 | 922,773 | 928,501 |
| Equity | 333,206 | 342,486 | 402,406 | 403,021 | 437,959 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 153,187 | 115,610 | 129,257 | 173,935 | 168,597 |

## 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) | 5.0% | S100YBM8 |
| Fixed assets ÷ total assets | 4.1% | S100YBM8 |
| Goodwill ÷ parent equity | 25.3% | S100YBM8 |

Goodwill over 4 years: 20,351 → 109,774 JPY; total investing cash flow: -313,271 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) | 18.2% |
| Cash ÷ revenue | 22.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 96.5% |
| Cash vs. profit gap | 36,434 JPY mn (of net income 38.9%) |
| Shareholder returns / net income | 67.9% |
| Shareholder returns / FCF | 78.9% |
| Shareholder payments — dividends / net income | 35.5% |
| Shareholder payments — dividends / FCF | 41.3% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 36.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.6% | 0.84× | 8.1% | 1.99× | 16.0% | S100OBJK |
| 2022 | 11.7% | 0.85× | 9.9% | 2.16× | 21.3% | S100R4IT |
| 2023 | 11.0% | 0.85× | 9.4% | 2.20× | 20.7% | S100TQUZ |
| 2024 | 10.8% | 0.84× | 9.0% | 2.21× | 19.9% | S100VZKL |
| 2025 | 12.3% | 0.83× | 10.1% | 2.22× | 22.5% | S100YBM8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村ホールディングス㈱ | Major shareholder | 20.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 12.8% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 5.4% | 2026-03-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行㈱) | Major shareholder | 4.3% | 2026-03-31 |
| ＮＲＩグループ社員持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 野村プロパティーズ㈱ | Major shareholder | 2.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |
| 全国共済農業協同組合連合会 (常任代理人 日本マスタートラスト信託銀行㈱) | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 (常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2025 was ¥764.8B, up +3.8% from ¥736.6B.
- Operating income rose +12.0% to ¥134.9B and net income +17.7% to ¥93.8B, so profits outpaced sales.
- Cash generation went the other way: operating cash flow fell -8.5% to ¥130.2B and free cash flow fell -12.9% to ¥80.6B.

### Drivers

- Busy domestic project demand, led by Financial IT Solutions and Consulting
- Strong markets lifted operation fees from shared platforms, improving margins
- Operating cash flow dropped mainly because income tax payments increased

### Risks

- A data leak could lead to damage claims and loss of trust
- Projects that need more work than estimated, or run late, can lose money
- NRI relies heavily on outside partner firms; losing good partners could disrupt its work

Cited: Annual securities report (60th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (61st term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/04/01－2026/03/31) | S100YBM8 | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBM8,, |
| 有価証券報告書－第60期(2024/04/01－2025/03/31) | S100VZKL | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZKL,, |
| 有価証券報告書－第59期(2023/04/01－2024/03/31) | S100TQUZ | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQUZ,, |
| 有価証券報告書－第58期(2022/04/01－2023/03/31) | S100R4IT | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4IT,, |
| 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) | S100OBJK | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBJK,, |
| 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) | S100LM5W | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM5W,, |

## 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).