Earnings quality
Compare earnings and operating cash flow for earnings quality.
Nomura Research Institute, Ltd.
Ticker 4307 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-15 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 45.2%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio45.2%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
株式会社野村総合研究所 is a Japanese listed company. Its reportable segments include Consulting, ITPlatform Services, Industrial ITSolutions, Financial ITSolutions.
- Consulting
- ITPlatform Services
- Industrial ITSolutions
- Financial ITSolutions
- Disclosure Of Changes In
Segments Consulting · ITPlatform Services · Industrial ITSolutions · Financial ITSolutions · Disclosure Of Changes In
Compare trends
Tel 03-5533-2111 · As of filing date 2026-06-15
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥275.3B | ¥300.2B |
| Operating profit (loss) | ¥134.9B | ¥58.3B |
| Finance income | ¥5.1B | ¥5.2B |
| Finance costs | ¥5.8B | ¥4.6B |
| Income tax expense | ¥39.8B | ¥43.1B |
| Profit (loss) | ¥94.4B | ¥15.8B |
| Profit (loss) attributable to owners | ¥93.8B | ¥15.3B |
| Basic EPS (¥) | 163.57 | 26.62 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥168.6B | ¥132.6B |
| Current assets | ¥419.4B | ¥501.1B |
| Non-current assets | ¥509.1B | ¥458.7B |
| Total assets | ¥928.5B | ¥959.8B |
| Short-term borrowings | — | — |
| Current liabilities | ¥239.5B | ¥273.0B |
| Non-current liabilities* | ¥251.1B | ¥248.8B |
| Total liabilities | ¥490.5B | ¥521.8B |
| Equity attributable to owners | ¥434.0B | ¥433.9B |
| Total equity | ¥438.0B | ¥438.0B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥130.2B | ¥147.6B |
| Cash flows from investing activities | -¥47.6B | -¥97.0B |
| Cash flows from financing activities | -¥87.3B | -¥90.8B |
| Net increase (decrease) in cash | -¥5.3B | -¥36.0B |
| Cash at end of period | ¥168.6B | ¥132.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥611.6B | ¥692.2B | ¥736.6B | ¥764.8B | ¥814.7B | |
| Operating profit | — | — | — | ¥134.9B | ¥58.3B | |
| Profit to owners | ¥71.4B | ¥76.3B | ¥79.6B | ¥93.8B | ¥15.3B | |
| Total assets | ¥789.7B | ¥838.2B | ¥922.8B | ¥928.5B | ¥959.8B | |
| Cash & equivalents | ¥115.6B | ¥129.3B | ¥173.9B | ¥168.6B | ¥132.6B | |
| Owners’ equity | ¥339.4B | ¥399.0B | ¥399.5B | ¥434.0B | ¥433.9B |
How we read these numbers
From the notes
| Item | Amount | Note |
|---|---|---|
| Affiliates stock valuation loss | -¥48.9B | Parent-company special loss (特別損失) |
| Parent special losses (total) | -¥1.8B | Sum of 特別損失 on the parent-company statement |
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥275.3B to ¥300.2B, while operating profit swung from ¥134.9B to ¥58.3B — the damage is concentrated below gross profit.
The notes flag material one-offs this year, including Affiliates stock valuation loss ¥48.9B, Parent special losses (total) ¥1.8B. Treat these as discrete charges when reading the earnings move.
The parent-company income statement also shows material special losses (valuation, spin-off, and affiliate support items).
Operating cash flow was ¥147.6B (prior ¥130.2B), with cash on the balance sheet at ¥132.6B versus ¥168.6B.
Goodwill on the balance sheet fell from ¥109.8B to ¥41.0B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥521.8B while owners’ equity fell to ¥433.9B. ROE moved from 22.5% to 3.5%, and the equity ratio from 46.7% to 45.2%. Employee count is 16,894 vs 16,679 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 46.7% to 45.2%; the balance sheet absorbed a heavy loss year.
Was this page helpful?
Source: EDINET S100YBM8
(株式会社野村総合研究所), period end 2026-03-31.