NIHON OFFICE AUTOMATION RESEARCH CO., LTD.

Income Statement Nihon Office Automation Research Co., Ltd.

Stocks

5241

JP3689510000

IT Services & Consulting

End-of-day quote NAGOYA STOCK EXCHANGE 25/08/2026			5-day change	1st Jan Change
774.00 ^JPY	+3.48%		-1.40%	-21.50%

06-16	Nihon Office Automation Research Co., Ltd.'s Equity Buyback announced on June 15, 2026, has closed with 110,000 shares, representing 6.84% for ¥75.35 million.	CI
06-16	Tranche Update on Nihon Office Automation Research Co., Ltd.'s Equity Buyback Plan announced on June 15, 2026.	CI

17860c5af8bf9b4e93501fd9be4d81.fU9eIEPH-RQzIM6bhikptTjqn1rnnkj16RsDjQgCv48.MSMMEAarjmMBVZzjymJ-gHKzxTWqxHmhxHlWzjtU-uYzKTV5LLGqcFxWpQ

Published financial data: NIHON OFFICE AUTOMATION RESEARCH CO., LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020 (JPY)	2021 (JPY)	2024 (JPY)	2025 (JPY)
Revenues	2.28B	2.56B	2.95B	2.99B
Total Revenues	2.28B	2.56B	2.95B	2.99B
Cost of Goods Sold, Total	1.94B	2.14B	2.44B	2.43B
Gross Profit	341M	421M	509M	558M
Selling General & Admin Expenses, Total	327M	317M	385M	400M
Provision for Bad Debts	-2M	-	-	-
Depreciation & Amortization - (IS)	1M	1M	6M	4M
Other Operating Expenses, Total	326M	318M	391M	404M
Operating Income	15M	103M	118M	154M
Interest Expense, Total	-5M	-7M	-8M	-5M
Interest And Investment Income	-	-	-	1M
Net Interest Expenses	-5M	-7M	-8M	-4M
Other Non Operating Income (Expenses)	9M	2M	2M	9M
EBT, Excl. Unusual Items	19M	98M	112M	159M
Gain (Loss) On Sale Of Investments	-	-	-	4M
Asset Writedown	-1M	-	-	-
EBT, Incl. Unusual Items	18M	98M	112M	163M
Income Tax Expense	5M	29M	39M	55M
Earnings From Continuing Operations	13M	69M	73M	108M
Net Income to Company	13M	69M	73M	108M
Net Income - (IS)	13M	69M	73M	108M
Net Income to Common Incl Extra Items	13M	69M	73M	108M
Net Income to Common Excl. Extra Items	13M	69M	73M	108M
Per Share Items
Net EPS - Basic	19.46	103.29	106.11	134.33
Basic EPS - Continuing Operations	19.46	103.29	106.11	134.33
Basic Weighted Average Shares Outstanding	668K	668K	688K	804K
Net EPS - Diluted	19.46	103.29	106.11	134.33
Diluted EPS - Continuing Operations	19.46	103.29	106.11	134.33
Diluted Weighted Average Shares Outstanding	668K	668K	688K	804K
Normalized Basic EPS	17.78	91.69	101.75	123.6
Normalized Diluted EPS	17.78	91.69	101.75	123.6
Payout Ratio	-	-	10.96	12.96
Supplemental Items
EBITDA	16M	104M	125M	160M
EBITA	15M	103M	118M	154M
EBIT	15M	103M	118M	154M
EBITDAR	-	-	170M	205M
Effective Tax Rate - (Ratio)	27.78	29.59	34.82	33.74
Normalized Net Income	11.88M	61.25M	70M	99.38M
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	96M	90M
Net Rental Expense, Total	-	-	45M	45M
Imputed Operating Lease Interest Expense	-	-	6.24M	6.82M
Imputed Operating Lease Depreciation	-	-	38.76M	38.18M

Fiscal Period: December	2020 (JPY)	2021 (JPY)	2024 (JPY)	2025 (JPY)
Assets
Cash And Equivalents	620M	644M	683M	612M
Total Cash And Short Term Investments	620M	644M	683M	612M
Accounts Receivable, Total	429M	544M	457M	471M
Total Receivables	429M	544M	457M	471M
Prepaid Expenses	13M	9M	22M	20M
Other Current Assets, Total	19M	10M	5M	2M
Total Current Assets	1.08B	1.21B	1.17B	1.1B
Net Property Plant And Equipment	4M	3M	20M	18M
Long-term Investments	78M	86M	139M	128M
Other Intangibles, Total	10M	7M	2M	1M
Deferred Tax Assets Long-Term	1M	5M	6M	4M
Deferred Charges Long-Term	1M	-	-	-
Other Long-Term Assets, Total	2M	2M	2M	1M
Total Assets	1.18B	1.31B	1.34B	1.26B
Liabilities
Accounts Payable, Total	157M	77M	118M	103M
Accrued Expenses, Total	-	-	4M	1M
Short-term Borrowings	2M	80M	-	-
Current Portion of Long-Term Debt	119M	177M	140M	90M
Current Income Taxes Payable	104M	124M	152M	141M
Other Current Liabilities	44M	38M	42M	41M
Total Current Liabilities	426M	496M	456M	376M
Long-Term Debt	335M	328M	194M	104M
Other Non Current Liabilities	2M	2M	2M	1M
Total Liabilities	763M	826M	652M	481M
Common Stock, Total	82M	82M	120M	120M
Additional Paid In Capital	-	-	30M	30M
Retained Earnings	329M	398M	526M	619M
Comprehensive Income and Other	3M	4M	8M	7M
Total Common Equity	414M	484M	684M	776M
Total Equity	414M	484M	684M	776M
Total Liabilities And Equity	1.18B	1.31B	1.34B	1.26B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	668K	668K	700K	804K
ECS Total Common Shares Outstanding	668K	668K	700K	804K
Book Value / Share	619.76	724.55	977.51	965.17
Tangible Book Value	404M	477M	682M	775M
Tangible Book Value Per Share	604.79	714.07	974.65	963.93
Total Debt	456M	585M	334M	194M
Net Debt	-164M	-59M	-349M	-418M
Debt Equivalent Oper. Leases	-	-	360M	360M
Full Time Employees	-	-	222	239

Fiscal Period: December	2020 (JPY)	2021 (JPY)	2024 (JPY)	2025 (JPY)
Net Income	-	-	112M	163M
Depreciation & Amortization - CF	-	-	7M	6M
Depreciation & Amortization, Total	-	-	7M	6M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-4M
Other Operating Activities, Total	-	-	0	-54M
Change In Accounts Receivable	-	-	-26M	-14M
Change In Accounts Payable	-	-	35M	-15M
Change in Other Net Operating Assets	-	-	-1M	-16M
Cash from Operations	-	-	127M	66M
Capital Expenditure	-	-	-2M	-1M
Sale (Purchase) of Intangible assets	-	-	-1M	-
Investment in Marketable and Equity Securities, Total	-	-	-	6M
Other Investing Activities, Total	-	-	-7M	12M
Cash from Investing	-	-	-10M	17M
Short Term Debt Repaid, Total	-	-	-66M	-
Long-Term Debt Repaid, Total	-	-	-189M	-140M
Total Debt Repaid	-	-	-255M	-140M
Issuance of Common Stock	-	-	60M	-
Common Dividends Paid	-	-	-8M	-14M
Common & Preferred Stock Dividends Paid	-	-	-8M	-14M
Cash from Financing	-	-	-203M	-154M
Miscellaneous Cash Flow Adjustments	-	-	-	1M
Net Change in Cash	-	-	-86M	-70M
Supplemental Items
Cash Interest Paid	-	-	8M	5M
Cash Income Tax Paid (Refund)	-	-	2M	54M
Levered Free Cash Flow	-	-	120M	59.12M
Unlevered Free Cash Flow	-	-	125M	62.25M
Change In Net Working Capital	-	168M	-47M	39M
Net Debt Issued / Repaid	-	-	-255M	-140M

Fiscal Period: December	2020 (JPY)	2021 (JPY)	2024 (JPY)	2025 (JPY)
Profitability
Return on Assets	-	5.18	5.42	7.42
Return on Total Capital	-	6.64	6.82	9.68
Return On Equity %	-	15.37	11.77	14.79
Return on Common Equity	-	15.37	11.77	14.79
Margin Analysis
Gross Profit Margin %	14.93	16.45	17.25	18.66
SG&A Margin	14.32	12.38	13.05	13.38
EBITDA Margin %	0.7	4.06	4.24	5.35
EBITA Margin %	0.66	4.02	4	5.15
EBIT Margin %	0.66	4.02	4	5.15
Income From Continuing Operations Margin %	0.57	2.7	2.47	3.61
Net Income Margin %	0.57	2.7	2.47	3.61
Net Avail. For Common Margin %	0.57	2.7	2.47	3.61
Normalized Net Income Margin	0.52	2.39	2.37	3.32
Levered Free Cash Flow Margin	-	-	4.06	1.98
Unlevered Free Cash Flow Margin	-	-	4.23	2.08
Asset Turnover
Asset Turnover	-	2.06	2.17	2.31
Fixed Assets Turnover	-	731.43	143.9	157.37
Receivables Turnover (Average Receivables)	-	5.26	6.65	6.44
Short Term Liquidity
Current Ratio	2.54	2.43	2.56	2.94
Quick Ratio	2.46	2.4	2.5	2.88
Operating Cash Flow to Current Liabilities	-	-	0.28	0.18
Days Sales Outstanding (Average Receivables)	-	69.36	55.02	56.64
Average Days Payable Outstanding	-	19.96	16.57	16.58
Long Term Solvency
Total Debt/Equity	110.14	120.87	48.83	25
Total Debt / Total Capital	52.41	54.72	32.81	20
LT Debt/Equity	80.92	67.77	28.36	13.4
Long-Term Debt / Total Capital	38.51	30.68	19.06	10.72
Total Liabilities / Total Assets	64.83	63.05	48.8	38.27
EBIT / Interest Expense	3	14.71	14.75	30.8
EBITDA / Interest Expense	3.2	14.86	15.62	32
(EBITDA - Capex) / Interest Expense	3.2	14.86	15.38	31.8
Total Debt / EBITDA	28.5	5.62	2.67	1.21
Net Debt / EBITDA	-10.25	-0.57	-2.79	-2.61
Total Debt / (EBITDA - Capex)	28.5	5.62	2.72	1.22
Net Debt / (EBITDA - Capex)	-10.25	-0.57	-2.84	-2.63
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	12.08	8.02	1.36
Gross Profit, 1 Yr. Growth %	-	23.46	15.68	9.63
EBITDA, 1 Yr. Growth %	-	550	150	28
EBITA, 1 Yr. Growth %	-	586.67	180.95	30.51
EBIT, 1 Yr. Growth %	-	586.67	180.95	30.51
Earnings From Cont. Operations, 1 Yr. Growth %	-	430.77	128.12	47.95
Net Income, 1 Yr. Growth %	-	430.77	128.12	47.95
Normalized Net Income, 1 Yr. Growth %	-	415.79	148.89	41.96
Diluted EPS Before Extra, 1 Yr. Growth %	-	430.77	126.82	26.59
Accounts Receivable, 1 Yr. Growth %	-	26.81	6.28	3.06
Net Property, Plant and Equip., 1 Yr. Growth %	-	-25	-4.76	-10
Total Assets, 1 Yr. Growth %	-	11.3	-3.68	-5.91
Tangible Book Value, 1 Yr. Growth %	-	18.07	23.33	13.64
Common Equity, 1 Yr. Growth %	-	16.91	23.02	13.45
Cash From Operations, 1 Yr. Growth %	-	-	24.51	-48.03
Capital Expenditures, 1 Yr. Growth %	-	-	-91.3	-50
Levered Free Cash Flow, 1 Yr. Growth %	-	-	61.28	-50.63
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	57.41	-50.1
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	10.78	4.63
Gross Profit, 2 Yr. CAGR %	-	-	14.1	12.61
EBITDA, 2 Yr. CAGR %	-	-	35.58	78.89
EBITA, 2 Yr. CAGR %	-	-	35.78	91.49
EBIT, 2 Yr. CAGR %	-	-	35.78	91.49
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	36.81	83.71
Net Income, 2 Yr. CAGR %	-	-	36.81	83.71
Normalized Net Income, 2 Yr. CAGR %	-	-	41.42	87.97
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	36.03	69.45
Accounts Receivable, 2 Yr. CAGR %	-	-	-0.22	4.66
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	216.23	-7.42
Total Assets, 2 Yr. CAGR %	-	-	3.55	-4.8
Tangible Book Value, 2 Yr. CAGR %	-	-	13.76	18.38
Common Equity, 2 Yr. CAGR %	-	-	13.39	18.14
Cash From Operations, 2 Yr. CAGR %	-	-	20.13	-19.56
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-79.15
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	22.35	-10.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	21.15	-11.37
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	4.84	7.54
Gross Profit, 3 Yr. CAGR %	-	-	6.53	12.59
EBITDA, 3 Yr. CAGR %	-	-	6.32	33.01
EBITA, 3 Yr. CAGR %	-	-	4.64	34
EBIT, 3 Yr. CAGR %	-	-	4.64	34
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	1.9	40.43
Net Income, 3 Yr. CAGR %	-	-	1.9	40.43
Normalized Net Income, 3 Yr. CAGR %	-	-	4.55	41.6
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	0.9	32.81
Accounts Receivable, 3 Yr. CAGR %	-	-	-5.64	0.86
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	88.21	108.01
Total Assets, 3 Yr. CAGR %	-	-	0.66	0.29
Tangible Book Value, 3 Yr. CAGR %	-	-	12.66	13.72
Common Equity, 3 Yr. CAGR %	-	-	12.22	13.41
Cash From Operations, 3 Yr. CAGR %	-	-	-	-9.14
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-9.59
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-9.86
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-	-	-	5.53
Gross Profit, 5 Yr. CAGR %	-	-	-	10.35
EBITDA, 5 Yr. CAGR %	-	-	-	58.49
EBITA, 5 Yr. CAGR %	-	-	-	59.33
EBIT, 5 Yr. CAGR %	-	-	-	59.33
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	-	52.72
Net Income, 5 Yr. CAGR %	-	-	-	52.72
Normalized Net Income, 5 Yr. CAGR %	-	-	-	52.94
Diluted EPS Before Extra, 5 Yr. CAGR %	-	-	-	47.16
Accounts Receivable, 5 Yr. CAGR %	-	-	-	1.89
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	35.1
Total Assets, 5 Yr. CAGR %	-	-	-	1.32
Tangible Book Value, 5 Yr. CAGR %	-	-	-	13.92
Common Equity, 5 Yr. CAGR %	-	-	-	13.39