# NS Solutions Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第46期(2025/04/01－2026/03/31) (S100YAEV)
> Page: https://vizora.meequs.com/en/company/ns-solutions
> Retrieved: 2026-09-30T17:54:08.252Z

## Company

NS Solutions, founded in 1980, is a company in IT Services & System Integration listed on TSE Prime. It has 10,276 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NS Solutions Corporation |
| Ticker | 2327 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2327.T) |
| Listing | TSE Prime |
| Head office | 東京都港区虎ノ門一丁目17番1号 |
| Representative (per filing) | 代表取締役社長 玉置和彦 |
| Founded | Oct 1980 |
| Share capital | ¥13B |
| Employees (consolidated) | 10,276 |
| Average salary (parent only) | ¥9.4M |
| Fiscal year end | March |
| Website | www.nssol.nipponsteel.com (https://www.nssol.nipponsteel.com/) |
| Corporate number | 9010001045803 |
| EDINET | E05304 |
| Industries (Vizora) | IT Services & System Integration |

> Profile source: annual securities report (S100YAEV, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: IT Services & System Integration (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.5 | 157 |
| Profitability | 70.2 | 196 |
| Cash conversion | 5.1 | 185 |
| Efficiency | 22.2 | 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)

- NS Solutions brought in ¥381.3B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +12.7% from the prior year, operating profit +14.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥381.3B |  |
| Operating income | ¥44.2B | Margin 11.6% |
| Net income | ¥30.8B | Margin 8.1% |
| Free cash flow | -¥8.77B |  |
| Employees (consolidated) | 10,276 |  |
| EPS | ¥168.5 |  |
| Book value per share | ¥1301.71 |  |
| Equity ratio | 66.9% | Derived from disclosed figures |
| Shares outstanding | 183,002,000 |  |
| Treasury shares | 20,500 |  |
| Shareholders | 5,405 |  |
| Average salary (parent only) | ¥9.4M | Filing company only |
| Cash ratio | 26.1% | Cash ÷ revenue 28.5% |
| Vs. industry median margin | +2.7 pp | IT Services & System Integration |
| ROE | 11.4% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥251992000000 | ¥381340000000 | +51.3% |
| Operating income | ¥24549000000 | ¥44242000000 | +80.2% |
| Operating margin | 9.7% | 11.6% | +1.9 pp |
| Employees | 6,958 people | 10,276 people | +47.7% |
| Cash and equivalents | ¥78579000000 | ¥108798000000 | +38.5% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 381,340 | 100.0% | S100YAEV |
| Cost of revenue | 279,537 | 73.3% | S100YAEV |
| Gross profit | 101,802 | 26.7% | S100YAEV |
| SG&A | 58,057 | 15.2% | S100YAEV |
| Operating income | 44,242 | 11.6% | S100YAEV |
| Pretax income | 45,286 | 11.9% | S100YAEV |
| Income tax | 13,117 | 3.4% | S100YAEV |
| Net income | 32,168 | 8.4% | S100YAEV |
| Net income attributable to owners | 30,832 | 8.1% | S100YAEV |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 15 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.7% → Operating margin 11.6% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.7%; Core profit growth: +14.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.17×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 338,301 | 381,340 | 43,039 | +12.7% |
| Gross profit | 81,707 | 101,802 | 20,095 | +24.6% |
| Operating income | 38,497 | 44,242 | 5,745 | +14.9% |
| Net income attributable to owners | 27,049 | 30,832 | 3,783 | +14.0% |
| Operating cash flow | 37,207 | -3,409 | -40,616 | -109.2% |
| Free cash flow | 33,694 | -8,774 | -42,468 | -126.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 274,843 | 28,387 | 10.3% | 18,552 | 19,366 | 13,789 | S100LKFP |
| FY ending Mar 2021 | 251,992 | 24,549 | 9.7% | 16,982 | 17,544 | 13,900 | S100OBX0 |
| FY ending Mar 2022 | 270,332 | 29,886 | 11.1% | 20,521 | 38,406 | 33,069 | S100R04V |
| FY ending Mar 2023 | 291,688 | 31,738 | 10.9% | 22,000 | 26,032 | 21,632 | S100TO3M |
| FY ending Mar 2024 | 310,632 | 35,001 | 11.3% | 24,241 | 26,154 | 23,032 | S100VY52 |
| FY ending Mar 2025 | 338,301 | 38,497 | 11.4% | 27,049 | 37,207 | 33,694 | S100YAEV |
| FY ending Mar 2026 | 381,340 | 44,242 | 11.6% | 30,832 | -3,409 | -8,774 | S100YAEV |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.1M |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,143 | 7,458 | 7,826 | 8,647 | 10,276 |
| Average salary (parent company) | ¥8.4M | ¥8.7M | ¥8.9M | ¥9.1M | ¥9.4M |
| Average age (parent company) | 40.0 years | 40.0 years | 39.9 years | 39.9 years | 39.8 years |
| Average tenure (parent company) | 13.0 years | 12.8 years | 12.6 years | 12.6 years | 12.6 years |

Year over year: Employees (consolidated) +18.8% · Revenue (consolidated) +12.7%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -3,409 | -0.9% | S100YAEV |
| Capital expenditure | 5,365 | 1.4% | S100YAEV |
| Free cash flow | -8,774 | -2.3% | 算出 |
| Investing cash flow | -59,380 | -15.6% | S100YAEV |
| Financing cash flow | -21,620 | -5.7% | S100YAEV |
| Dividends paid | 14,180 | 3.7% | S100YAEV |
| Change in cash | -84,133 | -22.1% | S100YAEV |
| Cash and equivalents | 108,798 | 28.5% | S100YAEV |

## 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 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 95,706 | 101,322 | 103,975 | 192,931 | 108,798 | S100TO3M, S100VY52, S100YAEV |
| Total assets | 325,764 | 319,908 | 374,637 | 421,302 | 417,584 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Net assets | 204,569 | 207,800 | 244,783 | 269,815 | 288,808 | S100TO3M, S100VY52, S100YAEV |
| Share capital | 12,952 | 12,952 | 12,952 | 12,952 | 12,952 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Property, plant and equipment | 21,035 | 18,661 | 16,901 | 15,568 | 16,235 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Intangible assets excluding goodwill | 6,900 | — | — | — | — | S100OBX0 |
| Goodwill | 2,923 | 2,923 | 2,923 | 2,923 | 31,823 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Investment securities | 67,824 | — | — | — | — | S100OBX0 |
| Current assets | 187,343 | 207,383 | 228,258 | 324,824 | 275,018 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Current liabilities | 62,165 | — | — | — | — | S100OBX0 |
| Trade payables | 17,828 | — | — | — | — | S100OBX0 |
| Total liabilities | 121,194 | 112,108 | 129,853 | 151,487 | 128,775 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Non-controlling interests | 6,741 | — | — | — | — | S100OBX0 |
| Equity attributable to owners of parent | 197,831 | 200,523 | 236,829 | 261,173 | 279,203 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Retained earnings | 134,844 | 153,016 | 174,625 | 242,900 | 260,216 | S100R04V, S100TO3M, S100VY52, S100YAEV |
| Treasury stock | -2 | -17 | -32 | -63 | -47 | S100R04V, S100TO3M, S100VY52, S100YAEV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YAEV |
| Property, plant and equipment | 4% | S100YAEV |
| Intangibles and goodwill | 8% | — |
| Other assets | 62% | S100YAEV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YAEV |
| Equity | 69% | S100YAEV |
| Other liabilities | 0% | S100YAEV |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 325,764 | 319,908 | 374,637 | 421,302 | 417,584 |
| Equity | 204,569 | 207,800 | 244,783 | 269,815 | 288,808 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 95,706 | 101,322 | 103,975 | 192,931 | 108,798 |

## 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) | 4.3% | S100YAEV |
| Fixed assets ÷ total assets | 3.9% | S100YAEV |
| Goodwill ÷ parent equity | 11.4% | S100YAEV |

Goodwill over 4 years: 2,923 → 31,823 JPY; total investing cash flow: -11,876 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) | 26.1% |
| Cash ÷ revenue | 28.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -7.7% |
| Cash vs. profit gap | -34,241 JPY mn (of net income -111.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.6% | 0.83× | 6.3% | 1.65× | 10.4% | S100R04V |
| 2023 | 7.5% | 0.90× | 6.8% | 1.62× | 11.0% | S100TO3M |
| 2024 | 7.8% | 0.89× | 7.0% | 1.59× | 11.1% | S100VY52 |
| 2025 | 8.0% | 0.85× | 6.8% | 1.60× | 10.9% | S100YAEV |
| 2026 | 8.1% | 0.91× | 7.4% | 1.55× | 11.4% | S100YAEV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 63.4% | 2026-03-31 |
| 3D WH OPPORTUNITY MASTER OFC - 3D WH OPPORTUNITY HOLDINGS（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 10.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510312（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510311（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 日鉄ソリューションズ社員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| BNYM SA/NV FOR BNYM FOR BNYM GCM CLIENT ACCTS M ILM FE（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.7% | 2026-03-31 |

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

- In the FY ending Mar 2026, revenue rose from ¥338.3B to ¥381.3B (+12.7%), and operating income grew from ¥38.5B to ¥44.2B (+14.9%).
- Gross profit climbed +24.6%, faster than revenue, as margins improved.
- Operating cash flow swung from ¥37.2B to -¥3.41B, and free cash flow came in at -¥8.77B.
- The company says the main reason was a large tax payment this year tied to securities it sold the year before.

### Drivers

- Sales grew mainly with manufacturing, steel and retail clients, and the newly consolidated INFOCOM added to revenue
- Better gross margins on top of higher sales lifted gross profit
- SG&A rose as the company pulled forward plan initiatives such as sales, hiring and training, and consolidated INFOCOM, but profit still grew

### Risks

- Results can swing with client IT spending, competition, whether large projects come in, and the profitability of individual projects
- Fixed-price system projects can cost more than planned if unexpected problems arise
- A data leak or service outage could lead to damage claims and loss of trust

Cited: Annual Securities Report (46th fiscal year) (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 (46th fiscal year) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第46期(2025/04/01－2026/03/31) | S100YAEV | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YAEV,, |
| 有価証券報告書－第45期(2024/04/01－2025/03/31) | S100VY52 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY52,, |
| 有価証券報告書－第44期(2023/04/01－2024/03/31) | S100TO3M | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO3M,, |
| 有価証券報告書－第43期(2022/04/01－2023/03/31) | S100R04V | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R04V,, |
| 有価証券報告書－第42期(令和3年4月1日－令和4年3月31日) | S100OBX0 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBX0,, |
| 有価証券報告書－第41期(令和2年4月1日－令和3年3月31日) | S100LKFP | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKFP,, |

## 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).