# Nulab 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23期(2025/04/01－2026/03/31) (S100YH55)
> Page: https://vizora.meequs.com/en/company/nulab
> Retrieved: 2026-09-30T19:42:01.947Z

## Company

Nulab, founded in 2004, is a company in Software & SaaS listed on TSE Growth. It has 207 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nulab Inc. |
| Ticker | 5033 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5033.T) |
| Listing | TSE Growth |
| Head office | 福岡県福岡市中央区大名一丁目8番6号 |
| Representative (per filing) | 代表取締役 橋本 正徳 |
| Founded | Mar 2004 |
| Share capital | ¥100M |
| Employees (consolidated) | 207 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | nulab.com (https://nulab.com/) |
| Corporate number | 7290001026389 |
| EDINET | E37435 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YH55, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71 | 105 |
| Profitability | 37.6 | 145 |
| Cash conversion | 25.4 | 128 |
| Efficiency | 58.3 | 145 |

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)

- Nulab brought in ¥4.39B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.8% from the prior year, operating profit -44.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4393663000 → ¥178546000
- Net income → operating cash flow: ¥178546000 → ¥282672000（difference ¥104126000）
- Main uses of operating cash flow: CapEx ¥307183000 / dividends — / buybacks ¥99928000
- Change in cash: ¥-155396000
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 | ¥4.39B |  |
| Operating income | ¥354.6M | Margin 8.1% |
| Net income | ¥178.5M | Margin 4.1% |
| Free cash flow | -¥24.5M |  |
| Employees (consolidated) | 207 |  |
| EPS | ¥35.12 |  |
| Diluted EPS | ¥35.1 |  |
| Book value per share | ¥269.19 |  |
| Equity ratio | 43.8% |  |
| Shares outstanding | 6,484,101 |  |
| Treasury shares | 129,600 |  |
| Shareholders | 1,886 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 65.8% | Cash ÷ revenue 67.7% |
| Vs. industry median margin | -4.4 pp | Software & SaaS |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 66% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1938649000 | ¥4393663000 | +126.6% |
| Operating income | ¥-6772000 | ¥354591000 | — |
| Operating margin | -0.3% | 8.1% | +8.4 pp |
| Employees | 122 people | 207 people | +69.7% |
| Cash and equivalents | ¥878976000 | ¥2975985000 | +238.6% |

### 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, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,394 | 100.0% | S100YH55 |
| Cost of revenue | 1,151 | 26.2% | S100YH55 |
| Gross profit | 3,243 | 73.8% | S100YH55 |
| SG&A | 2,888 | 65.7% | S100YH55 |
| Operating income | 355 | 8.1% | S100YH55 |
| Ordinary income | 374 | 8.5% | S100YH55 |
| Pretax income | 263 | 6.0% | S100YH55 |
| Income tax | 84 | 1.9% | S100YH55 |
| Net income | 179 | 4.1% | S100YH55 |
| Net income attributable to owners | 179 | 4.1% | S100YH55 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 26 |
| SG&A | 66 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 73.8% → Operating margin 8.1% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.8%; Core profit growth: -44.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -6.52×
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 | 4,112 | 4,394 | 281 | +6.8% |
| Gross profit | 2,964 | 3,243 | 279 | +9.4% |
| Operating income | 640 | 355 | -286 | -44.6% |
| Net income attributable to owners | 553 | 179 | -374 | -67.7% |
| Operating cash flow | 749 | 283 | -466 | -62.3% |
| Free cash flow | 621 | -25 | -645 | -103.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2021 | 1,939 | -7 | -0.3% | -26 | 242 | 154 | S100OLGF |
| FY ending Mar 2022 | 2,328 | 167 | 7.2% | 198 | 401 | 321 | S100R6KK |
| FY ending Mar 2023 | 2,706 | 101 | 3.7% | 88 | 297 | 169 | S100TX20 |
| FY ending Mar 2024 | 3,663 | 332 | 9.1% | 308 | 812 | 695 | S100W722 |
| FY ending Mar 2025 | 4,112 | 640 | 15.6% | 553 | 749 | 621 | S100YH55 |
| FY ending Mar 2026 | 4,394 | 355 | 8.1% | 179 | 283 | -25 | S100YH55 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.2M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥862.5K |

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) | 143 | 147 | 159 | 180 | 207 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥7.3M | ¥7.5M | ¥7.8M |
| Average age (parent company) | 36.2 years | 36.9 years | 37.5 years | 37.8 years | 38.5 years |
| Average tenure (parent company) | 3.3 years | 3.9 years | 3.9 years | 4.1 years | 4.2 years |

Year over year: Employees (consolidated) +15.0% · Revenue (consolidated) +6.8%

## 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 | 283 | 6.4% | S100YH55 |
| Capital expenditure | 307 | 7.0% | S100YH55 |
| Free cash flow | -25 | -0.6% | 算出 |
| Investing cash flow | -351 | -8.0% | S100YH55 |
| Financing cash flow | -100 | -2.3% | S100YH55 |
| Share buyback | 100 | 2.3% | S100YH55 |
| Change in cash | -155 | -3.5% | S100YH55 |
| Cash and equivalents | 2,976 | 67.7% | S100YH55 |

## 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 | 1,128 | 1,743 | 2,483 | 3,131 | 2,976 | S100TX20, S100W722, S100YH55 |
| Total assets | 1,619 | 2,611 | 3,475 | 4,244 | 4,519 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Net assets | 391 | 959 | 1,331 | 1,908 | 1,979 | S100TX20, S100W722, S100YH55 |
| Share capital | 382 | 617 | 630 | 631 | 100 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Property, plant and equipment | 33 | 40 | 44 | 45 | 37 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Intangible assets excluding goodwill | 203 | 236 | 245 | 270 | 461 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Current assets | 1,297 | 2,234 | 3,047 | 3,737 | 3,772 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Current liabilities | 1,209 | 1,643 | 2,134 | 2,329 | 2,532 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Long-term borrowings | 14 | 5 | 2 | — | — | S100R6KK, S100TX20, S100W722 |
| Total liabilities | 1,227 | 1,653 | 2,144 | 2,336 | 2,541 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Equity attributable to owners of parent | 393 | 951 | 1,284 | 1,840 | 1,918 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Retained earnings | -360 | -271 | 37 | 589 | 768 | S100R6KK, S100TX20, S100W722, S100YH55 |
| Treasury stock | — | — | — | -0 | -100 | S100YH55 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 66% | S100YH55 |
| Property, plant and equipment | 1% | S100YH55 |
| Intangibles and goodwill | 10% | S100YH55 |
| Other assets | 23% | S100YH55 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 56% | S100YH55 |
| Equity | 44% | S100YH55 |

### 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 | 1,619 | 2,611 | 3,475 | 4,244 | 4,519 |
| Equity | 391 | 959 | 1,331 | 1,908 | 1,979 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,128 | 1,743 | 2,483 | 3,131 | 2,976 |

## 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) | 0.9% | S100YH55 |
| Fixed assets ÷ total assets | 0.8% | S100YH55 |
| Goodwill ÷ parent equity | — | —, S100YH55 |

### 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) | 65.8% |
| Cash ÷ revenue | 67.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.7% |
| Cash vs. profit gap | 104 JPY mn (of net income 58.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 124.0% |

## 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 | 8.5% | 1.44× | 12.2% | 4.12× | 50.4% | S100R6KK |
| 2023 | 3.3% | 1.28× | 4.2% | 3.15× | 13.2% | S100TX20 |
| 2024 | 8.4% | 1.20× | 10.1% | 2.72× | 27.6% | S100W722 |
| 2025 | 13.4% | 1.07× | 14.3% | 2.47× | 35.4% | S100YH55 |
| 2026 | 4.1% | 1.00× | 4.1% | 2.33× | 9.5% | S100YH55 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 橋本 正徳 | Major shareholder | 24.5% | 2026-03-31 |
| SHINSUKE TABATA （常任代理人SMBC日興証券株式会社） | Major shareholder | 23.6% | 2026-03-31 |
| Founder Foundry１号投資事業有限責任組合 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社アリオト | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 3.4% | 2026-03-31 |
| ヌーラボ従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| XTech１号投資事業有限責任組合 | Major shareholder | 2.8% | 2026-03-31 |
| イーストベンチャーズ２号投資事業有限責任組合 | Major shareholder | 2.6% | 2026-03-31 |
| INTERACTIVE BROKERS LLC （常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.2% | 2026-03-31 |
| イーストベンチャーズ３号投資事業有限責任組合 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第23期(2025/04/01－2026/03/31) | S100YH55 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH55,, |
| 有価証券報告書－第22期(2024/04/01－2025/03/31) | S100W722 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W722,, |
| 有価証券報告書－第21期(2023/04/01－2024/03/31) | S100TX20 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX20,, |
| 有価証券報告書－第20期(2022/04/01－2023/03/31) | S100R6KK | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6KK,, |
| 有価証券報告書－第19期(令和3年4月1日－令和4年3月31日) | S100OLGF | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLGF,, |

## 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).