# NSW Inc.: 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60期(2025/04/01－2026/03/31) (S100YJ3Q)
> Page: https://vizora.meequs.com/en/company/nsw
> Retrieved: 2026-09-30T20:59:10.606Z

## Company

NSW, founded in 1966, is a company in IT Services & System Integration listed on TSE Prime. It has 2,536 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NSW Inc. |
| Ticker | 9739 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9739.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区桜丘町31番11号 |
| Representative (per filing) | 代表取締役執行役員社長 竹村大助 |
| Founded | Aug 1966 |
| Share capital | ¥5.5B |
| Employees (consolidated) | 2,536 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.nsw.co.jp (https://www.nsw.co.jp/) |
| Corporate number | 1011001017717 |
| EDINET | E04952 |
| Industries (Vizora) | IT Services & System Integration, Semiconductors |

> Profile source: annual securities report (S100YJ3Q, filed 2026-06-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.7 | 157 |
| Profitability | 59.9 | 196 |
| Cash conversion | 20.3 | 185 |
| Efficiency | 37 | 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 33% of NSW's sales come from Enterprise solution, with Service solution and Embedded solution making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit -13.5%.

## Company structure

- Segment revenue mix: Enterprise solution 33.1%、Service solution 26.8%、Embedded solution 21.8%、Device solution 18.3%
- Revenue → net income: ¥52431000000 → ¥3709000000
- Net income → operating cash flow: ¥3709000000 → ¥2788000000（difference ¥-921000000）
- Main uses of operating cash flow: CapEx ¥456000000 / dividends ¥1266000000 / buybacks —
- Change in cash: ¥-115000000
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 | ¥52.4B |  |
| Operating income | ¥5.29B | Margin 10.1% |
| Net income | ¥3.71B | Margin 7.1% |
| Free cash flow | ¥2.33B |  |
| Largest business | Enterprise solution | of segment revenue 33.1% |
| Employees (consolidated) | 2,536 |  |
| EPS | ¥240.86 |  |
| Book value per share | ¥2476.8 |  |
| Equity ratio | 76.9% |  |
| Shares outstanding | 14,900,000 |  |
| Treasury shares | 600 |  |
| Shareholders | 2,864 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 39.7% | Cash ÷ revenue 37.3% |
| Vs. industry median margin | +1.2 pp | IT Services & System Integration |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 40% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39282000000 | ¥52431000000 | +33.5% |
| Operating income | ¥4197000000 | ¥5290000000 | +26.0% |
| Operating margin | 10.7% | 10.1% | -0.6 pp |
| Employees | 2,290 people | 2,536 people | +10.7% |
| Cash and equivalents | ¥12383000000 | ¥19550000000 | +57.9% |

### 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 |
| --- | ---: |
| ITソリューション → 事業再編・廃止 | 36.1% |
| サービスソリューション → サービスソリューション | 23.2% |
| プロダクトソリューション → 事業再編・廃止 | 40.7% |
| 新設・再編 → エンタープライズソリューション | 33.1% |
| 新設・再編 → サービスソリューション | 3.6% |
| 新設・再編 → エンベデッドソリューション | 21.8% |
| 新設・再編 → デバイスソリューション | 18.3% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Enterprise solution | 4 years | +0.9% | ¥17353000000 | 9.8% | 2 |
| Service solution | 5 years | +9.0% | ¥14052000000 | 3.8% | 2 |
| Embedded solution | 4 years | +7.7% | ¥11448000000 | 14.1% | 2 |
| Device solution | 4 years | +3.3% | ¥9576000000 | 15.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,431 | 100.0% | S100YJ3Q |
| Cost of revenue | 41,669 | 79.5% | S100YJ3Q |
| Gross profit | 10,762 | 20.5% | S100YJ3Q |
| SG&A | 5,472 | 10.4% | S100YJ3Q |
| Operating income | 5,290 | 10.1% | S100YJ3Q |
| Ordinary income | 5,533 | 10.6% | S100YJ3Q |
| Pretax income | 5,301 | 10.1% | S100YJ3Q |
| Income tax | 1,591 | 3.0% | S100YJ3Q |
| Net income | 3,709 | 7.1% | S100YJ3Q |
| Net income attributable to owners | 3,709 | 7.1% | S100YJ3Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 10 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.5% → Operating margin 10.1% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.8%; Core profit growth: -13.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.81×
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 | 50,028 | 52,431 | 2,403 | +4.8% |
| Gross profit | 10,510 | 10,762 | 252 | +2.4% |
| Operating income | 6,116 | 5,290 | -826 | -13.5% |
| Net income attributable to owners | 3,662 | 3,709 | 47 | +1.3% |
| Operating cash flow | 3,849 | 2,788 | -1,061 | -27.6% |
| Free cash flow | 3,356 | 2,332 | -1,024 | -30.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,273 | 3,860 | 10.1% | 2,668 | 3,887 | 3,689 | S100LM7X |
| FY ending Mar 2021 | 39,282 | 4,197 | 10.7% | 2,765 | 1,998 | 1,671 | S100QCNT |
| FY ending Mar 2022 | 43,452 | 4,919 | 11.3% | 3,469 | 3,732 | 3,473 | S100QZYN |
| FY ending Mar 2023 | 46,188 | 5,387 | 11.7% | 4,090 | 1,998 | 1,553 | S100TPWS |
| FY ending Mar 2024 | 50,299 | 5,862 | 11.7% | 4,287 | 5,051 | 4,652 | S100W0XU |
| FY ending Mar 2025 | 50,028 | 6,116 | 12.2% | 3,662 | 3,849 | 3,356 | S100YJ3Q |
| FY ending Mar 2026 | 52,431 | 5,290 | 10.1% | 3,709 | 2,788 | 2,332 | S100YJ3Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 2,337 | 2,371 | 2,428 | 2,487 | 2,536 |
| Average salary (parent company) | ¥6M | ¥6.1M | ¥6.2M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 41.9 years | 41.8 years | 41.6 years | 41.2 years | 41.3 years |
| Average tenure (parent company) | 14.7 years | 14.4 years | 14.4 years | 14.1 years | 14.0 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Enterprise solution | 17,353 | 33.1% | 1,698 | 9.8% |
| Service solution | 14,052 | 26.8% | 533 | 3.8% |
| Embedded solution | 11,448 | 21.8% | 1,609 | 14.1% |
| Device solution | 9,576 | 18.3% | 1,447 | 15.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Enterprise solution | 33.1% | 32.1% | -1.0 | 9.8% |
| Service solution | 26.8% | 10.1% | -16.7 | 3.8% |
| Embedded solution | 21.8% | 30.4% | 8.6 | 14.1% |
| Device solution | 18.3% | 27.4% | 9.1 | 15.1% |

Segment → industry: Embedded solution → IT Services & System Integration / Service solution → IT Services & System Integration / Enterprise solution → IT Services & System Integration / Device solution → Semiconductors

## 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 | 2,788 | 5.3% | S100YJ3Q |
| Capital expenditure | 456 | 0.9% | S100YJ3Q |
| Free cash flow | 2,332 | 4.4% | 算出 |
| Investing cash flow | -1,618 | -3.1% | S100YJ3Q |
| Financing cash flow | -1,289 | -2.5% | S100YJ3Q |
| Dividends paid | 1,266 | 2.4% | S100YJ3Q |
| Change in cash | -115 | -0.2% | S100YJ3Q |
| Cash and equivalents | 19,550 | 37.3% | S100YJ3Q |

## 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 | 15,176 | 15,352 | 10,812 | 19,666 | 19,550 | S100TPWS, S100W0XU, S100YJ3Q |
| Total assets | 36,813 | 40,663 | 44,138 | 47,149 | 49,289 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Net assets | 26,516 | 29,878 | 33,174 | 35,414 | 37,891 | S100TPWS, S100W0XU, S100YJ3Q |
| Share capital | 5,500 | 5,500 | 5,500 | 5,500 | 5,500 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Property, plant and equipment | 6,058 | 6,205 | 5,735 | 5,772 | 5,987 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Intangible assets excluding goodwill | 263 | 301 | 322 | 403 | 471 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Goodwill | 178 | 148 | 58 | 45 | 32 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Investment securities | 59 | 158 | 758 | 1,001 | 2,000 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Current assets | 27,924 | 30,669 | 34,218 | 36,858 | 37,911 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Current liabilities | 7,613 | 7,974 | 8,058 | 8,826 | 8,334 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Total liabilities | 10,296 | 10,784 | 10,964 | 11,735 | 11,397 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Equity attributable to owners of parent | 26,489 | 29,760 | 33,153 | 35,400 | 37,843 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Retained earnings | 20,904 | 24,175 | 27,568 | 29,815 | 32,258 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |
| Treasury stock | 0 | 0 | -1 | -1 | -1 | S100QZYN, S100TPWS, S100W0XU, S100YJ3Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YJ3Q |
| Property, plant and equipment | 12% | S100YJ3Q |
| Intangibles and goodwill | 1% | S100YJ3Q |
| Investment securities | 4% | S100YJ3Q |
| Other assets | 43% | S100YJ3Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YJ3Q |
| Equity | 77% | S100YJ3Q |
| Other liabilities | 0% | S100YJ3Q |

### 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 | 36,813 | 40,663 | 44,138 | 47,149 | 49,289 |
| Equity | 26,516 | 29,878 | 33,174 | 35,414 | 37,891 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,176 | 15,352 | 10,812 | 19,666 | 19,550 |

## 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) | 11.4% | S100YJ3Q |
| Fixed assets ÷ total assets | 12.1% | S100YJ3Q |
| Goodwill ÷ parent equity | 0.1% | S100YJ3Q |

Goodwill over 4 years: 178 → 32 JPY; total investing cash flow: -5,268 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) | 39.7% |
| Cash ÷ revenue | 37.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.7% |
| Cash vs. profit gap | -921 JPY mn (of net income -24.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 54.3% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 58.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.0% | 1.18× | 9.4% | 1.39× | 13.1% | S100QZYN |
| 2023 | 8.9% | 1.19× | 10.6% | 1.38× | 14.5% | S100TPWS |
| 2024 | 8.5% | 1.19× | 10.1% | 1.35× | 13.6% | S100W0XU |
| 2025 | 7.3% | 1.10× | 8.0% | 1.33× | 10.7% | S100YJ3Q |
| 2026 | 7.1% | 1.09× | 7.7% | 1.32× | 10.1% | S100YJ3Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社タダ・コーポレーション | Major shareholder | 33.6% | 2026-03-31 |
| 多田 修人 | Major shareholder | 10.3% | 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 | 7.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| 多田 尚二 | Major shareholder | 2.1% | 2026-03-31 |
| 多田 直樹 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YJ3Q | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ3Q,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W0XU | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0XU,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TPWS | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPWS,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100QZYN | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZYN,, |
| 訂正有価証券報告書－第56期(2021/04/01－2022/03/31) | S100QCNT | 2023-03-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QCNT,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LM7X | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM7X,, |

## 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).