# NOVA SYSTEM 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44期(2025/01/01－2025/12/31) (S100XT6D)
> Page: https://vizora.meequs.com/en/company/nova-system
> Retrieved: 2026-09-30T18:23:15.117Z

## Company

Nova System, founded in 1982, is a company in IT Services & System Integration listed on TSE Standard. It has 510 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOVA SYSTEM CO.,LTD. |
| Ticker | 5257 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5257.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市西区江戸堀一丁目3番15号 |
| Representative (per filing) | 代表取締役社長 芳山 政安 |
| Founded | Sep 1982 |
| Share capital | ¥298.1M |
| Employees (consolidated) | 510 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | December |
| Website | www.nova-system.com (https://www.nova-system.com/) |
| Corporate number | 8120001046444 |
| EDINET | E38335 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100XT6D, 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 | 78 | 157 |
| Profitability | 21.2 | 196 |
| Cash conversion | 81.9 | 185 |
| Efficiency | 79.8 | 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)

- Nova System brought in ¥6.72B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit -38.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6716189000 → ¥234059000
- Net income → operating cash flow: ¥234059000 → ¥401199000（difference ¥167140000）
- Main uses of operating cash flow: CapEx ¥440458000 / dividends — / buybacks ¥25316000
- Change in cash: ¥-26113000
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 | ¥6.72B |  |
| Operating income | ¥324.8M | Margin 4.8% |
| Net income | ¥234.1M | Margin 3.5% |
| Free cash flow | -¥39.3M |  |
| Employees (consolidated) | 510 |  |
| EPS | ¥167.65 |  |
| Diluted EPS | ¥165.96 |  |
| Book value per share | ¥1822.42 |  |
| Equity ratio | 62.4% |  |
| Shares outstanding | 1,402,500 |  |
| Treasury shares | 2,100 |  |
| Shareholders | 653 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 17.9% | Cash ÷ revenue 10.9% |
| Vs. industry median margin | -4.1 pp | IT Services & System Integration |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## What changed in 4 years

| Metric | FY ending Dec 2021 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4173106000 | ¥6716189000 | +60.9% |
| Operating income | ¥102943000 | ¥324762000 | +215.5% |
| Operating margin | 2.5% | 4.8% | +2.4 pp |
| Employees | 421 people | 510 people | +21.1% |
| Cash and equivalents | ¥630029000 | ¥732866000 | +16.3% |

### Change in segment revenue mix

Span: FY ending Dec 2021 → 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 | 6,716 | 100.0% | S100XT6D |
| Cost of revenue | 5,419 | 80.7% | S100XT6D |
| Gross profit | 1,297 | 19.3% | S100XT6D |
| SG&A | 972 | 14.5% | S100XT6D |
| Operating income | 325 | 4.8% | S100XT6D |
| Ordinary income | 364 | 5.4% | S100XT6D |
| Pretax income | 348 | 5.2% | S100XT6D |
| Income tax | 114 | 1.7% | S100XT6D |
| Net income | 234 | 3.5% | S100XT6D |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 19.3% → Operating margin 4.8% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.9%; Core profit growth: -38.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -9.78×
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 | 6,462 | 6,716 | 254 | +3.9% |
| Gross profit | 1,425 | 1,297 | -128 | -9.0% |
| Operating income | 528 | 325 | -203 | -38.5% |
| Operating cash flow | 253 | 401 | 148 | +58.4% |
| Free cash flow | 235 | -39 | -274 | -116.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2021 | 4,173 | 103 | 2.5% | 72 | 175 | 157 | S100QH0H |
| FY ending Dec 2022 | 4,626 | 330 | 7.1% | 213 | 80 | -310 | S100T4DO |
| FY ending Dec 2023 | 5,423 | 491 | 9.1% | 342 | 145 | -66 | S100VHTS |
| FY ending Dec 2024 | 6,462 | 528 | 8.2% | 395 | 253 | 235 | S100XT6D |
| FY ending Dec 2025 | 6,716 | 325 | 4.8% | 234 | 401 | -39 | S100XT6D |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥13.2M |
| Operating income per employee (consolidated) | ¥636.8K |
| Net income per employee (consolidated) | ¥458.9K |

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) | 421 | 438 | 434 | 470 | 510 |
| Average salary (parent company) | — | ¥5.2M | ¥5.3M | ¥5.4M | ¥5.4M |
| Average age (parent company) | — | 36.6 years | 36.8 years | 36.5 years | 36.2 years |
| Average tenure (parent company) | — | 8.9 years | 9.4 years | 9.2 years | 8.9 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +3.9%

## 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 | 401 | 6.0% | S100XT6D |
| Capital expenditure | 440 | 6.6% | S100XT6D |
| Free cash flow | -39 | -0.6% | 算出 |
| Investing cash flow | -461 | -6.9% | S100XT6D |
| Financing cash flow | 34 | 0.5% | S100XT6D |
| Share buyback | 25 | 0.4% | S100XT6D |
| Change in cash | -26 | -0.4% | S100XT6D |
| Cash and equivalents | 733 | 10.9% | S100XT6D |

## 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 | 630 | 383 | 613 | 759 | 733 | S100T4DO, S100VHTS, S100XT6D |
| Total assets | 2,579 | 2,787 | 3,383 | 3,730 | 4,088 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Net assets | 945 | 1,163 | 1,797 | 2,234 | 2,552 | S100T4DO, S100VHTS, S100XT6D |
| Share capital | 140 | 140 | 298 | 298 | 298 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Property, plant and equipment | 518 | 863 | 1,003 | 967 | 1,354 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Intangible assets excluding goodwill | 13 | 19 | 16 | 11 | 7 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Investment securities | 322 | 330 | 298 | 362 | 509 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Current assets | 1,604 | 1,488 | 1,982 | 2,189 | 1,995 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Current liabilities | 875 | 1,059 | 981 | 1,044 | 1,043 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Long-term borrowings | 336 | 387 | 482 | 320 | 307 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Bonds | 315 | 50 | — | — | — | S100QH0H, S100T4DO |
| Total liabilities | 1,634 | 1,624 | 1,585 | 1,496 | 1,536 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Equity attributable to owners of parent | 756 | 970 | 1,629 | 2,024 | 2,240 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Retained earnings | 488 | 702 | 1,045 | 1,439 | 1,662 | S100QH0H, S100T4DO, S100VHTS, S100XT6D |
| Treasury stock | — | — | — | — | -6 | S100XT6D |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100XT6D |
| Property, plant and equipment | 33% | S100XT6D |
| Intangibles and goodwill | 0% | S100XT6D |
| Investment securities | 13% | S100XT6D |
| Other assets | 36% | S100XT6D |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100XT6D |
| Equity | 62% | S100XT6D |
| Other liabilities | 0% | S100XT6D |

### 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 | 2,579 | 2,787 | 3,383 | 3,730 | 4,088 |
| Equity | 945 | 1,163 | 1,797 | 2,234 | 2,552 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 630 | 383 | 613 | 759 | 733 |

## 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) | 20.2% | S100XT6D |
| Fixed assets ÷ total assets | 33.1% | S100XT6D |
| Goodwill ÷ parent equity | — | —, S100XT6D |

### 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) | 17.9% |
| Cash ÷ revenue | 10.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 123.5% |
| Cash vs. profit gap | 167 JPY mn (of net income 71.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 115.0% |

## 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 | 1.7% | 1.62× | 2.8% | 3.41× | 9.6% | S100QH0H |
| 2022 | 4.6% | 1.72× | 7.9% | 3.11× | 24.6% | S100T4DO |
| 2023 | 6.3% | 1.76× | 11.1% | 2.37× | 26.3% | S100VHTS |
| 2024 | 6.1% | 1.82× | 11.1% | 1.95× | 21.6% | S100XT6D |
| 2025 | 3.5% | 1.72× | 6.0% | 1.83× | 11.0% | S100XT6D |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社シリウス | Major shareholder | 33.7% | 2025-12-31 |
| ノバシステム従業員持株会 | Major shareholder | 8.6% | 2025-12-31 |
| 清板 大亮 | Major shareholder | 3.1% | 2025-12-31 |
| 河 鳳基 | Major shareholder | 2.9% | 2025-12-31 |
| 林 潤 | Major shareholder | 1.7% | 2025-12-31 |
| 村上 哲規 | Major shareholder | 1.7% | 2025-12-31 |
| 西村 光司 | Major shareholder | 1.7% | 2025-12-31 |
| 川上 秀樹 | Major shareholder | 1.5% | 2025-12-31 |
| 西山 仁徳 | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社ＳＢＩネオトレード証券 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/01/01－2025/12/31) | S100XT6D | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT6D,, |
| 有価証券報告書－第43期(2024/01/01－2024/12/31) | S100VHTS | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHTS,, |
| 有価証券報告書－第42期(2023/01/01－2023/12/31) | S100T4DO | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4DO,, |
| 有価証券報告書－第41期(2022/01/01－2022/12/31) | S100QH0H | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH0H,, |

## 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).