Earnings quality
Compare earnings and operating cash flow for earnings quality.
NSD Co., Ltd.
Ticker 9759 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-22 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 16.2%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin16.2%
Equity ratio—
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ＮＳＤ is a Japanese listed company. Its reportable segments include Finance IT, Industry IT, ITInfrastructure, Social Infrastructure IT.
- Finance IT
- Industry IT
- ITInfrastructure
- Social Infrastructure IT
- Solution Business
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Finance IT · Industry IT · ITInfrastructure · Social Infrastructure IT · Solution Business · Description Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-22
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥107.8B | ¥117.8B |
| Cost of sales* | ¥80.3B | ¥88.0B |
| Gross profit | ¥27.5B | ¥29.8B |
| Operating profit (loss) | ¥16.8B | ¥19.1B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥5.2B | ¥5.8B |
| Profit (loss) | ¥11.9B | ¥13.2B |
| Profit (loss) attributable to owners | ¥11.8B | ¥13.0B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥29.9B | ¥32.5B |
| Current assets | ¥54.4B | ¥60.0B |
| Non-current assets | ¥36.1B | ¥37.4B |
| Total assets | ¥90.5B | ¥97.4B |
| Short-term borrowings | ¥400.0M | — |
| Current liabilities | ¥14.7B | ¥15.3B |
| Non-current liabilities* | ¥7.5B | ¥7.4B |
| Total liabilities | ¥22.2B | ¥22.6B |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥12.3B | ¥16.2B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥10.3B | -¥10.5B |
| Net increase (decrease) in cash | ¥2.9B | ¥2.6B |
| Cash at end of period | ¥29.9B | ¥32.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥71.2B | ¥78.0B | ¥101.3B | ¥107.8B | ¥117.8B | |
| Operating profit | ¥11.7B | ¥12.7B | ¥15.3B | ¥17.0B | ¥19.3B | |
| Profit to owners | — | — | — | ¥11.8B | ¥13.0B | |
| Total assets | ¥63.3B | ¥68.2B | ¥86.4B | ¥90.5B | ¥97.4B | |
| Cash & equivalents | — | — | ¥27.0B | ¥29.9B | ¥32.5B | |
| Owners’ equity | ¥51.8B | ¥55.5B | ¥64.0B | ¥68.3B | ¥74.8B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from ¥107.8B to ¥117.8B (▲ +9.3%), so the top line did not break. Gross profit only slipped from ¥27.5B to ¥29.8B, while operating profit swung from ¥16.8B to ¥19.1B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥16.2B (prior ¥12.3B), and cash on the balance sheet rose to ¥32.5B from ¥29.9B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
Goodwill on the balance sheet fell from ¥9.5B to ¥8.2B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥22.6B while owners’ equity fell to —. ROE moved from 18.2% to 18.4%, and the equity ratio from 74.5% to 75.7%. Employee count is 4,555 vs 4,455 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100YEYZ
(株式会社ＮＳＤ), period end 2026-03-31.