# Nomura System Corporation Co, Ltd.: business model and financials

> Latest period: FY ending Dec 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第41期(2025/01/01－2025/12/31) (S100XTIP)
> Page: https://vizora.meequs.com/en/company/nomura-system
> Retrieved: 2026-09-30T22:12:33.033Z

## Company

Nomura System, founded in 1986, is a company in IT Services & System Integration listed on TSE Standard. It has 136 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nomura System Corporation Co, Ltd. |
| Ticker | 3940 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3940.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿一丁目19番19号 |
| Representative (per filing) | 代表取締役 野村 芳光 |
| Founded | Feb 1986 |
| Share capital | ¥327.8M |
| Employees (consolidated) | 136 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | December |
| Website | www.nomura-system.co.jp (https://www.nomura-system.co.jp/) |
| Corporate number | 3011001035642 |
| EDINET | E32591 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XTIP, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30.3 | 157 |
| Profitability | 90.1 | 196 |
| Cash conversion | 25.7 | 185 |
| Efficiency | 19.1 | 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)

- Nomura System brought in ¥3.32B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +14.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3320879000 → ¥403659000
- Net income → operating cash flow: ¥403659000 → ¥371993000（difference ¥-31666000）
- Main uses of operating cash flow: CapEx ¥11898000 / dividends ¥150697000 / buybacks ¥125222000
- Change in cash: ¥-154117000
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 | ¥3.32B |  |
| Operating income | ¥586.4M | Margin 17.7% |
| Net income | ¥403.7M | Margin 12.2% |
| Free cash flow | ¥360.1M |  |
| Employees (consolidated) | 136 |  |
| EPS | ¥8.83 |  |
| Book value per share | ¥76.43 |  |
| Equity ratio | 88.6% |  |
| Shares outstanding | 46,692,000 |  |
| Treasury shares | 558,200 |  |
| Shareholders | 5,431 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 67.9% | Cash ÷ revenue 81.3% |
| Vs. industry median margin | +8.7 pp | IT Services & System Integration |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 10.5% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 68% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2539510000 | ¥3320879000 | +30.8% |
| Operating income | ¥373223000 | ¥586394000 | +57.1% |
| Operating margin | 14.7% | 17.7% | +3 pp |
| Employees | 101 people | 136 people | +34.7% |
| Cash and equivalents | ¥1847362000 | ¥2700032000 | +46.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,321 | 100.0% | S100XTIP |
| Cost of revenue | 2,376 | 71.5% | S100XTIP |
| Gross profit | 945 | 28.5% | S100XTIP |
| SG&A | 359 | 10.8% | S100XTIP |
| Operating income | 586 | 17.7% | S100XTIP |
| Ordinary income | 593 | 17.9% | S100XTIP |
| Pretax income | 595 | 17.9% | S100XTIP |
| Income tax | 191 | 5.8% | S100XTIP |
| Net income | 404 | 12.2% | S100XTIP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 11 |
| Operating income | 18 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 28.5% → Operating margin 17.7% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +14.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.98×
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 | 3,275 | 3,321 | 46 | +1.4% |
| Gross profit | 870 | 945 | 75 | +8.6% |
| Operating income | 515 | 586 | 72 | +14.0% |
| Operating cash flow | 420 | 372 | -48 | -11.5% |
| Free cash flow | 412 | 360 | -52 | -12.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 2,412 | 334 | 13.9% | 241 | 187 | — | S100L0A8 |
| FY ending Dec 2020 | 2,540 | 373 | 14.7% | 269 | 207 | 206 | S100NPA7 |
| FY ending Dec 2021 | 2,791 | 476 | 17.0% | 349 | 160 | 148 | S100QFSC |
| FY ending Dec 2022 | 2,696 | 352 | 13.1% | 256 | 446 | 409 | S100T48N |
| FY ending Dec 2023 | 2,946 | 464 | 15.8% | 360 | 350 | 349 | S100VG9C |
| FY ending Dec 2024 | 3,275 | 515 | 15.7% | 366 | 420 | 412 | S100XTIP |
| FY ending Dec 2025 | 3,321 | 586 | 17.7% | 404 | 372 | 360 | S100XTIP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3M |

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) | 108 | 115 | 126 | 133 | 136 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.4M | ¥6.5M | ¥6.4M |
| Average age (parent company) | 35.6 years | 36.2 years | 35.8 years | 36.1 years | 36.1 years |
| Average tenure (parent company) | 9.2 years | 9.4 years | 9.3 years | 9.5 years | 9.6 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +1.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 372 | 11.2% | S100XTIP |
| Capital expenditure | 12 | 0.4% | S100XTIP |
| Free cash flow | 360 | 10.8% | 算出 |
| Investing cash flow | -250 | -7.5% | S100XTIP |
| Financing cash flow | -276 | -8.3% | S100XTIP |
| Dividends paid | 151 | 4.5% | S100XTIP |
| Share buyback | 125 | 3.8% | S100XTIP |
| Change in cash | -154 | -4.6% | S100XTIP |
| Cash and equivalents | 2,700 | 81.3% | S100XTIP |

## 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 | 1,848 | 2,069 | 2,666 | 2,854 | 2,700 | S100T48N, S100VG9C, S100XTIP |
| Total assets | 2,960 | 3,143 | 3,442 | 3,699 | 3,977 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Net assets | 2,647 | 2,836 | 3,043 | 3,249 | 3,526 | S100T48N, S100VG9C, S100XTIP |
| Share capital | 323 | 324 | 324 | 328 | 328 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Property, plant and equipment | 9 | 56 | 52 | 49 | 49 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Intangible assets excluding goodwill | 0 | 0 | 0 | 0 | 0 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Investment securities | 334 | 424 | 0 | — | 285 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Current assets | 2,520 | 2,547 | 3,255 | 3,480 | 3,419 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Current liabilities | 310 | 291 | 380 | 432 | 433 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Total liabilities | 313 | 307 | 399 | 450 | 452 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Equity attributable to owners of parent | 2,714 | 2,841 | 3,043 | 3,249 | 3,492 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Retained earnings | 2,141 | 2,243 | 2,447 | 2,663 | 2,916 | S100QFSC, S100T48N, S100VG9C, S100XTIP |
| Treasury stock | -32 | -6 | -9 | -31 | -64 | S100QFSC, S100T48N, S100VG9C, S100XTIP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 68% | S100XTIP |
| Property, plant and equipment | 1% | S100XTIP |
| Intangibles and goodwill | 0% | S100XTIP |
| Investment securities | 7% | S100XTIP |
| Other assets | 24% | S100XTIP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XTIP |
| Equity | 89% | S100XTIP |
| Other liabilities | 0% | S100XTIP |

### 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 | 2,960 | 3,143 | 3,442 | 3,699 | 3,977 |
| Equity | 2,647 | 2,836 | 3,043 | 3,249 | 3,526 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,848 | 2,069 | 2,666 | 2,854 | 2,700 |

## 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) | 1.5% | S100XTIP |
| Fixed assets ÷ total assets | 1.2% | S100XTIP |
| Goodwill ÷ parent equity | — | —, S100XTIP |

### 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) | 67.9% |
| Cash ÷ revenue | 81.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 63.4% |
| Cash vs. profit gap | -32 JPY mn (of net income -7.8%) |
| Shareholder returns / net income | 68.4% |
| Shareholder returns / FCF | 76.6% |
| Shareholder payments — dividends / net income | 37.3% |
| Shareholder payments — dividends / FCF | 41.8% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 67.3% |

## 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 | 12.5% | 0.94× | 11.8% | 1.09× | 12.9% | S100QFSC |
| 2022 | 9.5% | 0.88× | 8.4% | 1.10× | 9.2% | S100T48N |
| 2023 | 12.2% | 0.89× | 10.9% | 1.12× | 12.2% | S100VG9C |
| 2024 | 11.2% | 0.92× | 10.3% | 1.13× | 11.6% | S100XTIP |
| 2025 | 12.2% | 0.87× | 10.5% | 1.14× | 12.0% | S100XTIP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 野村 芳光 | Major shareholder | 59.5% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 2.1% | 2025-12-31 |
| 河野 信夫 | Major shareholder | 1.7% | 2025-12-31 |
| 森原 泰成 | Major shareholder | 1.1% | 2025-12-31 |
| 酒井 一 | Major shareholder | 0.6% | 2025-12-31 |
| 石川 るみ子 | Major shareholder | 0.6% | 2025-12-31 |
| 吉田 勤 | Major shareholder | 0.5% | 2025-12-31 |
| 内山 勉 | Major shareholder | 0.5% | 2025-12-31 |
| 酒井 秀和 | Major shareholder | 0.5% | 2025-12-31 |
| 根本 康夫 | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第41期(2025/01/01－2025/12/31) | S100XTIP | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTIP,, |
| 有価証券報告書－第40期(2024/01/01－2024/12/31) | S100VG9C | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG9C,, |
| 有価証券報告書－第39期(2023/01/01－2023/12/31) | S100T48N | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T48N,, |
| 有価証券報告書－第38期(2022/01/01－2022/12/31) | S100QFSC | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFSC,, |
| 有価証券報告書－第37期(令和3年1月1日－令和3年12月31日) | S100NPA7 | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPA7,, |
| 有価証券報告書－第36期(令和2年1月1日－令和2年12月31日) | S100L0A8 | 2021-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0A8,, |

## 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).