# Nyle Inc.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/01/01－2025/12/31) (S100XV5Y)
> Page: https://vizora.meequs.com/en/company/nyle
> Retrieved: 2026-09-30T22:22:22.371Z

## Company

Nyle, founded in 2007, is a company in Leasing listed on TSE Growth. It has 268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nyle Inc. |
| Ticker | 5618 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5618.T) |
| Listing | TSE Growth |
| Head office | 東京都品川区東五反田一丁目24番2号 |
| Representative (per filing) | 代表取締役社長 高橋 飛翔 |
| Founded | Jan 2007 |
| Share capital | ¥10M |
| Employees (consolidated) | 268 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | nyle.co.jp (https://nyle.co.jp/) |
| Corporate number | 9013301023560 |
| EDINET | E39203 |
| Industries (Vizora) | Leasing, Consulting, Advertising, Car Dealers & Used Cars |

> Profile source: annual securities report (S100XV5Y, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.3 | 22 |
| Efficiency | 70.5 | 22 |

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 66% of Nyle's sales come from Mobility Industry DX Department, with Horizontal DX Division making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed +23.1% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥6.73B |  |
| Operating income | -¥105.7M | Margin -1.6% |
| Net income | -¥152.5M | Margin -2.3% |
| Free cash flow | -¥277.9M |  |
| Largest business | Mobility Industry DX Department | of segment revenue 66.2% |
| Employees (consolidated) | 268 |  |
| EPS | ¥-19.58 |  |
| Book value per share | ¥51.47 |  |
| Equity ratio | 13.6% |  |
| Shares outstanding | 8,536,800 |  |
| Shareholders | 2,683 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 34.8% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -8.6 pp | Leasing |
| ROA | -5.0% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, segment profit share differs by 66 points
- FY2025, cash is 35% of total assets

## What changed in 3 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4139423000 | ¥6730288000 | — |
| Operating income | ¥-1336839000 | ¥-105746000 | — |
| Operating margin | -32.3% | -1.6% | +30.7 pp |
| Employees | 219 people | 268 people | — |
| Cash and equivalents | ¥1787033000 | ¥1094654000 | — |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 自動車産業DX事業 → 自動車産業DX事業 | 45.4% |
| ホリゾンタルDX事業 → ホリゾンタルDX事業 | 33.8% |
| ホリゾンタルDX事業 → 事業再編・廃止 | 20.8% |
| 新設・再編 → 自動車産業DX事業 | 20.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,730 | 100.0% | S100XV5Y |
| Cost of revenue | 4,285 | 63.7% | S100XV5Y |
| Gross profit | 2,446 | 36.3% | S100XV5Y |
| SG&A | 2,551 | 37.9% | S100XV5Y |
| Operating income | -106 | -1.6% | S100XV5Y |
| Ordinary income | -142 | -2.1% | S100XV5Y |
| Pretax income | -141 | -2.1% | S100XV5Y |
| Income tax | 12 | 0.2% | S100XV5Y |
| Net income | -153 | -2.3% | S100XV5Y |
| Net income attributable to owners | -153 | -2.3% | S100XV5Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 38 |
| Operating income | -2 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 36.3% → Operating margin -1.6% → Net margin -2.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 5,465 | 6,730 | 1,265 | +23.1% |
| Gross profit | 2,159 | 2,446 | 287 | +13.3% |
| Operating income | -678 | -106 | 572 | — |
| Net income attributable to owners | -703 | -153 | 551 | — |
| Operating cash flow | -1,091 | -258 | 834 | — |
| Free cash flow | -1,097 | -278 | 819 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 4,139 | -1,337 | -32.3% | -1,355 | -1,472 | -1,479 | S100T60D |
| FY ending Dec 2023 | 5,244 | -677 | -12.9% | -743 | -668 | -670 | S100T60D |
| FY ending Dec 2024 | 5,465 | -678 | -12.4% | -703 | -1,091 | -1,097 | S100XV5Y |
| FY ending Dec 2025 | 6,730 | -106 | -1.6% | -153 | -258 | -278 | S100XV5Y |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | -¥394.6K |
| Net income per employee (consolidated) | -¥569.1K |

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

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 219 | 238 | 262 | 268 |
| Average salary (parent company) | — | ¥6.1M | ¥6.2M | ¥6.1M |
| Average age (parent company) | — | 36.1 years | 36.0 years | 36.3 years |
| Average tenure (parent company) | — | 2.8 years | 3.1 years | 3.7 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +23.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobility Industry DX Department | 4,457 | 66.2% | -231 | -5.2% |
| Horizontal DX Division | 2,273 | 33.8% | 458 | 20.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobility Industry DX Department | 66.2% | — | — | -5.2% |
| Horizontal DX Division | 33.8% | 100.0% | 66.2 | 20.2% |

Loss-making segment (excluded from profit shares): Mobility Industry DX Department -231 JPY mn

Segment → industry: Mobility Industry DX Department → Leasing / Horizontal DX Division → Consulting / Horizontal DX Division → Advertising / Mobility Industry DX Department → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -258 | -3.8% | S100XV5Y |
| Capital expenditure | 20 | 0.3% | S100XV5Y |
| Free cash flow | -278 | -4.1% | 算出 |
| Investing cash flow | -108 | -1.6% | S100XV5Y |
| Financing cash flow | 226 | 3.4% | S100XV5Y |
| Change in cash | -140 | -2.1% | S100XV5Y |
| Cash and equivalents | 1,095 | 16.3% | S100XV5Y |

## 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 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,787 | 2,098 | 1,235 | 1,095 | S100T60D, S100XV5Y |
| Total assets | 2,695 | 3,158 | 2,913 | 3,142 | S100T60D, S100XV5Y |
| Net assets | 1,046 | 1,292 | 591 | 444 | S100T60D, S100XV5Y |
| Share capital | 100 | 596 | 10 | 10 | S100T60D, S100XV5Y |
| Property, plant and equipment | 16 | 16 | 115 | 121 | S100T60D, S100XV5Y |
| Intangible assets excluding goodwill | — | 1 | 40 | 33 | S100T60D, S100XV5Y |
| Goodwill | — | — | 38 | 33 | S100XV5Y |
| Investment securities | — | 3 | — | — | S100T60D |
| Current assets | 2,505 | 2,943 | 2,341 | 2,612 | S100T60D, S100XV5Y |
| Current liabilities | 863 | 1,023 | 1,233 | 1,563 | S100T60D, S100XV5Y |
| Short-term borrowings | — | — | 300 | 330 | S100XV5Y |
| Long-term borrowings | 787 | 843 | 1,069 | 1,113 | S100T60D, S100XV5Y |
| Total liabilities | 1,650 | 1,866 | 2,322 | 2,698 | S100T60D, S100XV5Y |
| Equity attributable to owners of parent | 1,032 | 1,280 | 578 | 426 | S100T60D, S100XV5Y |
| Retained earnings | -2,150 | -2,893 | -703 | -181 | S100T60D, S100XV5Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100XV5Y |
| Property, plant and equipment | 4% | S100XV5Y |
| Intangibles and goodwill | 2% | S100XV5Y |
| Other assets | 59% | S100XV5Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 86% | S100XV5Y |
| Equity | 14% | S100XV5Y |
| Other liabilities | 0% | S100XV5Y |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,695 | 3,158 | 2,913 | 3,142 |
| Equity | 1,046 | 1,292 | 591 | 444 |
| Interest-bearing debt | — | — | — | — |
| Cash | 1,787 | 2,098 | 1,235 | 1,095 |

## 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) | 1.8% | S100XV5Y |
| Fixed assets ÷ total assets | 3.9% | S100XV5Y |
| Goodwill ÷ parent equity | 7.7% | S100XV5Y |

### 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) | 34.8% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -105 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| 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 | — | —× | -50.3% | —× | — | S100T60D |
| 2023 | — | —× | -25.4% | —× | — | S100T60D |
| 2024 | — | —× | -24.1% | —× | — | S100XV5Y |
| 2025 | — | —× | -5.0% | —× | — | S100XV5Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 高橋 飛翔 | Major shareholder | 40.2% | 2025-12-31 |
| ＪＩＣベンチャー・グロース・ファンド１号投資事業有限責任組合 | Major shareholder | 14.6% | 2025-12-31 |
| 特定金外信託受託者株式会社ＳＭＢＣ信託銀行 | Major shareholder | 4.5% | 2025-12-31 |
| ＳＢＩＡＩ＆Ｂｌｏｃｋｃｈａｉｎ投資事業有限責任組合 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 2025-12-31 |
| ＥＥＩ４号イノベーション＆インパクト投資事業有限責任組合 | Major shareholder | 2.9% | 2025-12-31 |
| 株式会社セプテーニ・ホールディングス | Major shareholder | 2.5% | 2025-12-31 |
| ＤＩＭＥＮＳＩＯＮ投資事業有限責任組合 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社博報堂 | Major shareholder | 2.0% | 2025-12-31 |
| 株式会社アニヴェルセルＨＯＬＤＩＮＧＳ | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/01/01－2025/12/31) | S100XV5Y | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XV5Y,, |
| 有価証券報告書－第18期(2024/01/01－2024/12/31) | S100VJD1 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VJD1,, |
| 有価証券報告書－第17期(2023/01/01－2023/12/31) | S100T60D | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T60D,, |

## 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).