# NS Group, Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/01/01－2025/12/31) (S100XSQQ)
> Page: https://vizora.meequs.com/en/company/ns-group
> Retrieved: 2026-09-30T20:18:19.476Z

## Company

NS Group, founded in 2021, is a company in Credit Cards & Consumer Credit listed on TSE Prime. It has 788 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NS Group, Inc. |
| Ticker | 471A |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/471A.T) |
| Listing | TSE Prime |
| Head office | 大阪府大阪市北区中之島三丁目3番3号 |
| Representative (per filing) | 代表取締役社長 大塚 孝之 |
| Founded | Aug 2021 |
| Share capital | ¥100M |
| Employees (consolidated) | 788 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | December |
| Website | nsg-inc.co.jp (https://nsg-inc.co.jp/) |
| Corporate number | 3010001220782 |
| EDINET | E41149 |
| Industries (Vizora) | Credit Cards & Consumer Credit |

> Profile source: annual securities report (S100XSQQ, filed 2026-03-23). As of filing

## Key points (generated from figures)

- NS Group brought in ¥29.8B in revenue.
- Out of every ¥100 of sales, about ¥33 is left as operating profit.
- Revenue changed +13.2% from the prior year, operating profit +12.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥29826000000 → ¥6325000000
- Net income → operating cash flow: ¥6325000000 → ¥8283000000（difference ¥1958000000）
- Main uses of operating cash flow: CapEx ¥468000000 / dividends ¥6000000000 / buybacks —
- Change in cash: ¥616000000
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 | ¥29.8B |  |
| Operating income | ¥9.87B | Margin 33.1% |
| Net income | ¥6.33B | Margin 21.2% |
| Free cash flow | ¥7.82B |  |
| Employees (consolidated) | 788 |  |
| EPS | ¥121.27 |  |
| Diluted EPS | ¥113.66 |  |
| Book value per share | ¥252.15 |  |
| Equity ratio | 37.9% | Derived from disclosed figures |
| Shares outstanding | 52,155,600 |  |
| Shareholders | 21,851 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 21.0% | Cash ÷ revenue 53.6% |
| Vs. industry median margin | +15 pp | Credit Cards & Consumer Credit |
| ROE | 22.0% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating income keeps 33 per ¥100 of revenue

## What changed in 2 years

| Metric | FY ending Dec 2023 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥23902000000 | ¥29826000000 | +24.8% |
| Employees | 647 people | 788 people | +21.8% |
| Cash and equivalents | ¥12186000000 | ¥15983000000 | +31.2% |

### Change in segment revenue mix

Span: FY ending Dec 2023 → 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, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,826 | 100.0% | S100XSQQ |
| Operating income | 9,873 | 33.1% | S100XSQQ |
| Pretax income | 9,365 | 31.4% | S100XSQQ |
| Income tax | 3,040 | 10.2% | S100XSQQ |
| Net income | 6,325 | 21.2% | S100XSQQ |
| Net income attributable to owners | 6,325 | 21.2% | S100XSQQ |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 67 |
| Operating income | 33 |
| (Ref.) Net income | 21 |

### Margin funnel

Operating margin 33.1% → Net margin 21.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.2%; Core profit growth: +12.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.91×
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 | 26,348 | 29,826 | 3,478 | +13.2% |
| Operating income | 8,818 | 9,873 | 1,055 | +12.0% |
| Net income attributable to owners | 5,681 | 6,325 | 644 | +11.3% |
| Operating cash flow | 4,274 | 8,283 | 4,009 | +93.8% |
| Free cash flow | 3,847 | 7,815 | 3,968 | +103.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2023 | 23,902 | — | — | 5,106 | 7,905 | — | S100XSQQ |
| FY ending Dec 2024 | 26,348 | 8,818 | 33.5% | 5,681 | 4,274 | 3,847 | S100XSQQ |
| FY ending Dec 2025 | 29,826 | 9,873 | 33.1% | 6,325 | 8,283 | 7,815 | S100XSQQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.9M |
| Operating income per employee (consolidated) | ¥12.5M |
| Net income per employee (consolidated) | ¥8M |

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

| History | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 647 | 701 | 788 |
| Average salary (parent company) | — | — | ¥5.2M |
| Average age (parent company) | — | — | 35.2 years |
| Average tenure (parent company) | — | — | 5.4 years |

Year over year: Employees (consolidated) +12.4% · Revenue (consolidated) +13.2%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,283 | 27.8% | S100XSQQ |
| Capital expenditure | 468 | 1.6% | S100XSQQ |
| Free cash flow | 7,815 | 26.2% | 算出 |
| Investing cash flow | -474 | -1.6% | S100XSQQ |
| Financing cash flow | -7,192 | -24.1% | S100XSQQ |
| Dividends paid | 6,000 | 20.1% | S100XSQQ |
| Change in cash | 616 | 2.1% | S100XSQQ |
| Cash and equivalents | 15,983 | 53.6% | S100XSQQ |

## 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 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 12,186 | 15,367 | 15,983 | S100XSQQ |
| Total assets | 70,572 | 74,199 | 76,141 | S100XSQQ |
| Net assets | 22,876 | 28,541 | 28,884 | S100XSQQ |
| Share capital | — | 100 | 100 | S100XSQQ |
| Property, plant and equipment | — | 1,288 | 1,433 | S100XSQQ |
| Goodwill | — | 36,039 | 36,039 | S100XSQQ |
| Current assets | — | 27,313 | 29,498 | S100XSQQ |
| Total liabilities | — | 45,658 | 47,256 | S100XSQQ |
| Equity attributable to owners of parent | — | 28,541 | 28,884 | S100XSQQ |
| Retained earnings | — | 14,314 | 20,657 | S100XSQQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XSQQ |
| Property, plant and equipment | 2% | S100XSQQ |
| Intangibles and goodwill | 47% | — |
| Other assets | 30% | S100XSQQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100XSQQ |
| Equity | 38% | S100XSQQ |
| Other liabilities | 0% | S100XSQQ |

### Balance sheet history

| Metric | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: |
| Total assets | 70,572 | 74,199 | 76,141 |
| Equity | 22,876 | 28,541 | 28,884 |
| Interest-bearing debt | — | — | — |
| Cash | 12,186 | 15,367 | 15,983 |

## 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) | 4.8% | S100XSQQ |
| Fixed assets ÷ total assets | 1.9% | S100XSQQ |
| Goodwill ÷ parent equity | 124.8% | S100XSQQ |

### 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) | 21.0% |
| Cash ÷ revenue | 53.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.9% |
| Cash vs. profit gap | 1,958 JPY mn (of net income 31.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 94.9% |
| Shareholder payments — dividends / FCF | 76.8% |
| CapEx intensity (capex ÷ revenue) | 1.6% |
| Investing CF relative to operating CF | 5.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 21.4% | 0.34× | 7.2% | 3.08× | 22.3% | S100XSQQ |
| 2024 | 21.6% | 0.36× | 7.8% | 2.54× | 19.9% | S100XSQQ |
| 2025 | 21.2% | 0.40× | 8.4% | 2.62× | 22.0% | S100XSQQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| BVアセット株式会社 | Major shareholder | 45.0% | 2025-12-31 |
| BCPE SAY CAYMAN, L.P. （常任代理人 SMBC日興証券株式会社） | Major shareholder | 5.2% | 2025-12-31 |
| 大谷 彰宏 | Major shareholder | 4.0% | 2025-12-31 |
| BCPE SAY CAYMAN2, L.P. （常任代理人 SMBC日興証券株式会社） | Major shareholder | 1.4% | 2025-12-31 |
| 三菱UFJモルガン・スタンレー証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| BBH FOR MATTHEWS JAPAN FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.1% | 2025-12-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 0.9% | 2025-12-31 |
| BBH LUX/BROWN BROTHERS HARRIMAN (LUXEMBOURG) SCA CUSTODIAN FOR SMD-AM FUNDS-DSBI JAPAN EQUITY SMALL CAP ABSOLUTE VALUE （常任代理人 株式会社三井住友銀行） | Major shareholder | 0.8% | 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 | 0.7% | 2025-12-31 |
| THE BANK OF NEW YORK 134088 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/01/01－2025/12/31) | S100XSQQ | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSQQ,, |

## 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).