# Nextage vs VT Holdings

> Unit: JPY millions (ratios in %)
> Periods: Nextage = FY ending Nov 2025, consolidated, J-GAAP / VT Holdings = FY ending Mar 2026, consolidated, IFRS
> Retrieved: 2026-09-30T21:34:46.792Z

| Metric | Nextage | VT Holdings |
| --- | ---: | ---: |
| Revenue | 652,072 | 388,733 |
| Operating income | 19,597 | 11,003 |
| Net income | 12,811 | 4,898 |
| COGS ratio | 82.8% | 84.6% |
| Operating margin | 3.0% | 2.8% |
| Net margin | 2.0% | 1.3% |
| FCF margin | 0.4% | 1.1% |
| Period | FY ending Nov 2025 | FY ending Mar 2026 |
| Source | S100XM1X | S100YEXL |

## Five-axis industry profile

Each axis shows a rank within that company's primary industry, so peer groups may differ. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

| Axis | Nextage | VT Holdings |
| --- | ---: | ---: |
| Revenue growth | 97.2 (18 peers) | 75 (18 peers) |
| Profitability | 43.2 (22 peers) | 29.5 (22 peers) |
| Cash conversion | 27.5 (20 peers) | 82.5 (20 peers) |
| Efficiency | 93.2 (22 peers) | 34.1 (22 peers) |
| Financial strength | 50 (3 peers) | — |

## Company details

- https://vizora.meequs.com/en/company/nextage/md
- https://vizora.meequs.com/en/company/vt-holdings/md

## 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).