# NSD CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/04/01－2026/03/31) (S100YEYZ)
> Page: https://vizora.meequs.com/en/company/nsd
> Retrieved: 2026-09-30T18:34:44.281Z

## Company

NSD, founded in 1969, is a company in IT Services & System Integration listed on TSE Prime. It has 4,555 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NSD CO.,LTD. |
| Ticker | 9759 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9759.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田淡路町2丁目101番地 |
| Representative (per filing) | 代表取締役社長 今城 義和 |
| Founded | Apr 1969 |
| Share capital | ¥7.21B |
| Employees (consolidated) | 4,555 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | nsd.co.jp (https://nsd.co.jp/) |
| Corporate number | 1011101046616 |
| EDINET | E04822 |
| Industries (Vizora) | IT Services & System Integration, Software & SaaS |

> Profile source: annual securities report (S100YEYZ, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 74.2 | 157 |
| Profitability | 87 | 196 |
| Cash conversion | 56.5 | 185 |
| Efficiency | 49.7 | 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 30% of NSD's sales come from Finance IT, with Industry IT and Social Infrastructure IT making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed +9.3% from the prior year, operating profit +13.2%.

## Company structure

- Segment revenue mix: Finance IT 29.8%、Industry IT 23.5%、Social Infrastructure IT 20.5%、Solution business 15.0%、IT infrastructure 11.2%
- Revenue → net income: ¥117813000000 → ¥13159000000
- Net income → operating cash flow: ¥13159000000 → ¥16156000000（difference ¥2997000000）
- Main uses of operating cash flow: CapEx ¥950000000 / dividends ¥6652000000 / buybacks ¥2001000000
- Change in cash: ¥2588000000
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 | ¥117.8B |  |
| Operating income | ¥19.1B | Margin 16.2% |
| Net income | ¥13B | Margin 11.0% |
| Free cash flow | ¥15.2B |  |
| Largest business | Finance IT | of segment revenue 29.8% |
| Employees (consolidated) | 4,555 |  |
| EPS | ¥166.57 |  |
| Book value per share | ¥891.11 |  |
| Equity ratio | 75.7% |  |
| Shares outstanding | 86,000,000 |  |
| Treasury shares | 10,077,600 |  |
| Shareholders | 26,175 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 33.3% | Cash ÷ revenue 27.6% |
| Vs. industry median margin | +7.3 pp | IT Services & System Integration |
| ROE | 19.9% | Derived from disclosed figures |
| ROA | 13.8% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 33% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥66184347000 | ¥117813000000 | +78.0% |
| Operating income | ¥9842836000 | ¥19073000000 | +93.8% |
| Operating margin | 14.9% | 16.2% | +1.3 pp |
| Employees | 3,522 people | 4,555 people | +29.3% |
| Cash and equivalents | ¥29029538000 | ¥32491000000 | +11.9% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 金融IT → 金融IT | 29.8% |
| 金融IT → 事業再編・廃止 | 1.6% |
| 産業・社会基盤IT → 事業再編・廃止 | 45.7% |
| ITインフラ → ITインフラ | 11.2% |
| ITインフラ → 事業再編・廃止 | 1.0% |
| ソリューション事業 → ソリューション事業 | 10.7% |
| 新設・再編 → 産業IT | 23.5% |
| 新設・再編 → 社会基盤IT | 20.5% |
| 新設・再編 → ソリューション事業 | 4.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Finance IT | 5 years | +11.0% | ¥35073000000 | 19.3% | 2 |
| Industry IT | 3 years | +17.2% | ¥27671000000 | 15.9% | 2 |
| Social Infrastructure IT | 3 years | +10.0% | ¥24147000000 | 19.7% | 2 |
| Solution business | 5 years | +20.1% | ¥17707000000 | 8.4% | 2 |
| IT infrastructure | 5 years | +10.4% | ¥13214000000 | 17.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 117,813 | 100.0% | S100YEYZ |
| Cost of revenue | 87,989 | 74.7% | S100YEYZ |
| Gross profit | 29,824 | 25.3% | S100YEYZ |
| SG&A | 10,751 | 9.1% | S100YEYZ |
| Operating income | 19,073 | 16.2% | S100YEYZ |
| Ordinary income | 19,326 | 16.4% | S100YEYZ |
| Pretax income | 18,924 | 16.1% | S100YEYZ |
| Income tax | 5,764 | 4.9% | S100YEYZ |
| Net income | 13,159 | 11.2% | S100YEYZ |
| Net income attributable to owners | 13,009 | 11.0% | S100YEYZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 9 |
| Operating income | 16 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 25.3% → Operating margin 16.2% → Net margin 11.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.3%; Core profit growth: +13.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.42×
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 | 107,791 | 117,813 | 10,022 | +9.3% |
| Gross profit | 27,534 | 29,824 | 2,290 | +8.3% |
| Operating income | 16,849 | 19,073 | 2,224 | +13.2% |
| Net income attributable to owners | 11,795 | 13,009 | 1,214 | +10.3% |
| Operating cash flow | 12,298 | 16,156 | 3,858 | +31.4% |
| Free cash flow | 11,429 | 15,206 | 3,777 | +33.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,064 | 9,545 | 14.7% | 6,314 | 6,764 | 6,223 | S100LJAN |
| FY ending Mar 2021 | 66,184 | 9,843 | 14.9% | 6,374 | 8,158 | 7,597 | S100O9NQ |
| FY ending Mar 2022 | 71,188 | 11,415 | 16.0% | 7,824 | 7,245 | 6,846 | S100R2P3 |
| FY ending Mar 2023 | 77,982 | 12,524 | 16.1% | 10,219 | 10,067 | 9,738 | S100TREH |
| FY ending Mar 2024 | 101,263 | 15,180 | 15.0% | 10,262 | 12,188 | 11,637 | S100W1ND |
| FY ending Mar 2025 | 107,791 | 16,849 | 15.6% | 11,795 | 12,298 | 11,429 | S100YEYZ |
| FY ending Mar 2026 | 117,813 | 19,073 | 16.2% | 13,009 | 16,156 | 15,206 | S100YEYZ |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 3,560 | 3,595 | 4,380 | 4,455 | 4,555 |
| Average salary (parent company) | ¥6.5M | ¥6.7M | ¥7M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 39.3 years | 39.4 years | 39.4 years | 39.5 years | 39.2 years |
| Average tenure (parent company) | 15.0 years | 15.3 years | 15.3 years | 15.3 years | 14.9 years |

Year over year: Employees (consolidated) +2.2% · Revenue (consolidated) +9.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Finance IT | 35,073 | 29.8% | 6,774 | 19.3% |
| Industry IT | 27,671 | 23.5% | 4,410 | 15.9% |
| Social Infrastructure IT | 24,147 | 20.5% | 4,759 | 19.7% |
| IT infrastructure | 13,214 | 11.2% | 2,309 | 17.5% |
| Solution business | 17,707 | 15.0% | 1,488 | 8.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Finance IT | 29.8% | 34.3% | 4.5 | 19.3% |
| Industry IT | 23.5% | 22.3% | -1.1 | 15.9% |
| Social Infrastructure IT | 20.5% | 24.1% | 3.6 | 19.7% |
| IT infrastructure | 11.2% | 11.7% | 0.5 | 17.5% |
| Solution business | 15.0% | 7.5% | -7.5 | 8.4% |

Segment → industry: IT infrastructure → IT Services & System Integration / Social Infrastructure IT → IT Services & System Integration / Industry IT → IT Services & System Integration / Finance IT → IT Services & System Integration / Solution business → Software & SaaS

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 16,156 | 13.7% | S100YEYZ |
| Capital expenditure | 950 | 0.8% | S100YEYZ |
| Free cash flow | 15,206 | 12.9% | 算出 |
| Investing cash flow | -3,084 | -2.6% | S100YEYZ |
| Financing cash flow | -10,517 | -8.9% | S100YEYZ |
| Dividends paid | 6,652 | 5.6% | S100YEYZ |
| Share buyback | 2,001 | 1.7% | S100YEYZ |
| Change in cash | 2,588 | 2.2% | S100YEYZ |
| Cash and equivalents | 32,491 | 27.6% | S100YEYZ |

## 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 | 29,757 | 38,297 | 26,987 | 29,903 | 32,491 | S100TREH, S100W1ND, S100YEYZ |
| Total assets | 63,274 | 68,159 | 86,405 | 90,485 | 97,442 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Net assets | 51,844 | 55,458 | 64,032 | 68,252 | 74,799 | S100TREH, S100W1ND, S100YEYZ |
| Share capital | 7,206 | 7,205 | 7,205 | 7,205 | 7,205 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Property, plant and equipment | 1,342 | 1,317 | 5,040 | 5,308 | 5,355 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Intangible assets excluding goodwill | 1,895 | 3,176 | 19,777 | 18,404 | 16,806 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Goodwill | 1,263 | 2,582 | 10,303 | 9,500 | 8,194 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Investment securities | 5,517 | 1,668 | 1,653 | 1,785 | 1,664 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Current assets | 48,207 | 55,119 | 50,121 | 54,432 | 59,995 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Current liabilities | 9,435 | 11,123 | 14,547 | 14,725 | 15,278 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Trade payables | — | — | — | — | 6,126 | S100YEYZ |
| Short-term borrowings | — | — | 1,250 | 400 | — | S100W1ND, S100YEYZ |
| Long-term borrowings | — | — | 1,458 | 1,152 | — | S100W1ND, S100YEYZ |
| Total liabilities | 11,430 | 12,701 | 22,373 | 22,233 | 22,642 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Non-controlling interests | 650 | 749 | 1,661 | 836 | 1,045 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Equity attributable to owners of parent | 49,945 | 52,906 | 58,580 | 63,286 | 67,784 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Retained earnings | 49,181 | 51,070 | 56,395 | 62,655 | 69,012 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |
| Treasury stock | -13,216 | -12,144 | -11,794 | -13,386 | -15,332 | S100R2P3, S100TREH, S100W1ND, S100YEYZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YEYZ |
| Property, plant and equipment | 5% | S100YEYZ |
| Intangibles and goodwill | 26% | S100YEYZ |
| Investment securities | 2% | S100YEYZ |
| Other assets | 34% | S100YEYZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEYZ |
| Other liabilities | 17% | S100YEYZ |
| Equity | 77% | S100YEYZ |
| Other liabilities | 0% | S100YEYZ |

### 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 | 63,274 | 68,159 | 86,405 | 90,485 | 97,442 |
| Equity | 51,844 | 55,458 | 64,032 | 68,252 | 74,799 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,757 | 38,297 | 26,987 | 29,903 | 32,491 |

## 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) | 4.5% | S100YEYZ |
| Fixed assets ÷ total assets | 5.5% | S100YEYZ |
| Goodwill ÷ parent equity | 12.1% | S100YEYZ |

Goodwill over 4 years: 1,263 → 8,194 JPY; total investing cash flow: -14,388 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) | 33.3% |
| Cash ÷ revenue | 27.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 84.7% |
| Cash vs. profit gap | 3,147 JPY mn (of net income 24.2%) |
| Shareholder returns / net income | 66.5% |
| Shareholder returns / FCF | 56.9% |
| Shareholder payments — dividends / net income | 51.1% |
| Shareholder payments — dividends / FCF | 43.7% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 19.1% |

## 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 | 11.0% | 1.13× | 12.4% | 1.27× | 15.7% | S100R2P3 |
| 2023 | 13.1% | 1.19× | 15.6% | 1.28× | 19.9% | S100TREH |
| 2024 | 10.1% | 1.31× | 13.3% | 1.39× | 18.4% | S100W1ND |
| 2025 | 10.9% | 1.22× | 13.3% | 1.45× | 19.4% | S100YEYZ |
| 2026 | 11.0% | 1.25× | 13.8% | 1.43× | 19.9% | S100YEYZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口) | Major shareholder | 13.2% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS（常任代理人 香港上海銀行東京支店) | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 4.2% | 2026-03-31 |
| ＩＰＣ株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社ビギスト | Major shareholder | 3.4% | 2026-03-31 |
| ＮＳＤ従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.4% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YEYZ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEYZ,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W1ND | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1ND,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TREH | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TREH,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R2P3 | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2P3,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100O9NQ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9NQ,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LJAN | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJAN,, |

## 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).