Cash flow Nomura Research Institute, Ltd.

Stocks

4307

JP3762800005

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 07:30:00 15/07/2026 BST			5-day change	1st Jan Change
4,936.00 ^JPY	-2.51%		-1.28%	-18.02%

08:43am	Japan's Nikkei ends higher on Wall Street gains, ASML's strong outlook	RE
03:28am	Japan's Nikkei tracks Wall Street higher, eyes ASML earnings	RE

46bf7dc2b40e5e9227f4a.lMkW4VZuCx5NhvOMqjU5cgEe5Dp-8lmztZZH_YK6IPs.2r9gtBIKP3AI7ovtxXlUGXJ5t2okkxGLxdMBtMbuGbDQgkWRM116dHjOmA

Published financial data: NOMURA RESEARCH INSTITUTE, LTD.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2022	2023	2024	2025	2026
Revenues	612B	692B	737B	765B	815B
Total Revenues	612B	692B	737B	765B	815B
Cost of Goods Sold, Total	396B	452B	476B	490B	515B
Gross Profit	216B	240B	261B	275B	300B
Selling General & Admin Expenses, Total	114B	132B	142B	144B	146B
Provision for Bad Debts	-	-	-	-	-
Depreciation & Amortization - (IS)	-	-	-	-	-
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Other Operating Expenses	-123M	-1.33B	-283M	-2.6B	-866M
Other Operating Expenses, Total	113B	130B	142B	141B	145B
Operating Income	103B	110B	119B	134B	155B
Interest Expense, Total	-1.38B	-4.81B	-6.1B	-5.68B	-4.21B
Interest And Investment Income	1.7B	2.07B	3.4B	4.26B	5.1B
Net Interest Expenses	323M	-2.74B	-2.69B	-1.43B	884M
Income (Loss) On Equity Invest.	204M	450M	780M	902M	1.1B
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-1.87B	-592M	-498M	681M	-308M
EBT, Excl. Unusual Items	101B	107B	117B	134B	157B
Gain (Loss) On Sale Of Investments	-	-438M	1.43B	15M	-620M
Gain (Loss) On Sale Of Assets	3.36B	2.24B	15M	-	1M
Asset Writedown	-	-	-751M	162M	-97.59B
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	105B	108B	117B	134B	58.85B
Income Tax Expense	32.88B	32B	37.06B	39.78B	43.07B
Earnings From Continuing Operations	71.79B	76.5B	80.16B	94.38B	15.78B
Net Income to Company	71.79B	76.5B	80.16B	94.38B	15.78B
Minority Interest	-347M	-189M	-518M	-620M	-526M
Net Income - (IS)	71.44B	76.31B	79.64B	93.76B	15.26B
Net Income to Common Incl Extra Items	71.44B	76.31B	79.64B	93.76B	15.26B
Net Income to Common Excl. Extra Items	71.44B	76.31B	79.64B	93.76B	15.26B
Per Share Items
Net EPS - Basic	120.57	128.92	136.9	163.56	26.62
Basic EPS - Continuing Operations	120.57	128.92	136.9	163.56	26.62
Basic Weighted Average Shares Outstanding	593M	592M	582M	573M	573M
Net EPS - Diluted	120.34	128.88	136.84	163.56	26.62
Diluted EPS - Continuing Operations	120.34	128.88	136.84	163.56	26.62
Diluted Weighted Average Shares Outstanding	594M	592M	582M	573M	573M
Normalized Basic EPS	106.27	112.34	124.3	145	170.34
Normalized Diluted EPS	106.07	112.31	124.24	144.99	170.34
Dividend Per Share	40	45	53	63	77
Payout Ratio	31.7	33.25	34.63	35.53	259
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	145B	155B	167B	183B	207B
EBITA	103B	110B	119B	134B	155B
EBIT	103B	110B	119B	134B	155B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	31.41	29.5	31.62	29.65	73.18
Normalized Net Income	62.97B	66.5B	72.31B	83.12B	97.63B
Non-Cash Pension Expense	6.09B	6.95B	7.56B	7.7B	7.31B
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	4.99B	4.91B	5.3B	6.11B	5.41B
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-

Fiscal Period: March	2022	2023	2024	2025	2026
Assets
Cash And Equivalents	116B	129B	174B	169B	133B
Short Term Investments	-	-	-	-	-
Total Cash And Short Term Investments	116B	129B	174B	169B	133B
Accounts Receivable, Total	136B	132B	142B	158B	214B
Total Receivables	136B	132B	142B	158B	214B
Inventory	-	-	-	-	-
Prepaid Expenses	-	-	-	-	-
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	82.36B	88.25B	89.37B	92.53B	154B
Total Current Assets	334B	349B	405B	419B	501B
Net Property Plant And Equipment	76.45B	73.99B	69.1B	60.66B	74.79B
Long-term Investments	163B	172B	177B	175B	174B
Goodwill	95.5B	102B	113B	110B	41B
Other Intangibles, Total	115B	135B	152B	158B	161B
Loans Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term	5.43B	5.67B	6.1B	5.54B	8.41B
Other Long-Term Assets, Total	4M	4M	3M	2M	5M
Total Assets	790B	838B	923B	929B	960B
Liabilities
Accounts Payable, Total	53.8B	55.68B	53.04B	58.15B	103B
Accrued Expenses, Total	-	-	-	-	-
Short-term Borrowings	82.8B	5.57B	2.87B	4.45B	1.73B
Current Portion of Long-Term Debt	34.14B	14.67B	10.34B	32.84B	10.42B
Current Portion of Leases	12.25B	9.36B	11.02B	11.02B	10.87B
Current Income Taxes Payable	20.65B	13.09B	23.87B	23.36B	26.43B
Other Current Liabilities	94.7B	99.87B	113B	110B	120B
Total Current Liabilities	298B	198B	215B	239B	273B
Long-Term Debt	91.27B	183B	254B	209B	192B
Long-Term Leases	29.95B	25.42B	20.44B	14.06B	20.87B
Pension & Other Post Retirement Benefits	7.56B	7.09B	6.15B	5.19B	4.11B
Deferred Tax Liability Non Current	10.22B	14.05B	15.75B	15.38B	16.2B
Other Non Current Liabilities	9.82B	8.29B	8.91B	7.77B	15.34B
Total Liabilities	447B	436B	520B	491B	522B
Common Stock, Total	22.41B	23.64B	24.7B	25.66B	25.66B
Additional Paid In Capital	28.28B	29.45B	31.4B	34.27B	33.18B
Retained Earnings	329B	322B	320B	379B	354B
Treasury Stock	-68.81B	-6.28B	-17.46B	-40.1B	-30.97B
Comprehensive Income and Other	28.65B	30.52B	40.58B	35.55B	51.98B
Total Common Equity	339B	399B	400B	434B	434B
Minority Interest	3.13B	3.4B	3.49B	3.92B	4.1B
Total Equity	342B	402B	403B	438B	438B
Total Liabilities And Equity	790B	838B	923B	929B	960B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	590M	592M	575M	572M	560M
ECS Total Common Shares Outstanding	590M	592M	576M	572M	574M
Book Value / Share	575.59	674.35	693.33	758.67	755.4
Tangible Book Value	129B	162B	134B	166B	232B
Tangible Book Value Per Share	218.15	273.32	232.88	289.82	403.75
Total Debt	250B	238B	299B	271B	236B
Net Debt	135B	108B	125B	102B	104B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-77.82B	-82.62B	-76.41B	-74.21B	-77.79B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	3.13B	3.4B	3.49B	3.92B	4.1B
Equity Method Investments, Total	6.43B	9.53B	9.8B	10.69B	11.35B
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	-	-	-	-	-
Full Time Employees	16.51K	17.39K	16.71K	16.68K	16.89K
Accumulated Allowance for Doubtful Accounts (Supple)	364M	329M	393M	281M	394M
Order Backlog	348B	376B	397B	429B	471B

Fiscal Period: March	2022	2023	2024	2025	2026
Net Income	105B	108B	117B	134B	58.85B
Depreciation & Amortization - CF	41.94B	45.09B	48.16B	48.91B	51.28B
Depreciation & Amortization, Total	41.94B	45.09B	48.16B	48.91B	51.28B
(Gain) Loss From Sale Of Asset	-2.24B	-1.94B	2.08B	4.43B	98.29B
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-204M	-450M	-780M	-902M	-1.1B
Other Operating Activities, Total	-19.99B	-39.98B	-28.54B	-41.52B	-45.01B
Change In Accounts Receivable	-9.2B	4.36B	-8.14B	-18.06B	-35.74B
Change In Inventories	213M	-276M	109M	358M	-661M
Change In Accounts Payable	3.38B	4.69B	1.66B	5.26B	22.74B
Change in Other Net Operating Assets	-20.43B	-1.09B	10.51B	-2.45B	-1B
Cash from Operations	98.14B	119B	142B	130B	148B
Capital Expenditure	-6.82B	-12.06B	-7.48B	-6.66B	-5.84B
Sale of Property, Plant, and Equipment	10.38B	6.91B	44M	-	61M
Cash Acquisitions	-75.7B	-11.77B	-4.07B	-615M	-4.95B
Divestitures	-	-	-	-	221M
Sale (Purchase) of Intangible assets	-36.15B	-42.64B	-42.31B	-42.94B	-40.47B
Investment in Marketable and Equity Securities, Total	-5.56B	-1.04B	74M	2.99B	-45.69B
Net (Increase) Decrease in Loans Originated / Sold - Investing	-16.37B	-	-	-	-
Other Investing Activities, Total	-318M	-584M	328M	-366M	-381M
Cash from Investing	-131B	-61.19B	-53.42B	-47.59B	-97.05B
Short Term Debt Issued, Total	68.42B	-	-	1.63B	-
Long-Term Debt Issued, Total	29.36B	125B	77.79B	2.92B	-
Total Debt Issued	97.78B	125B	77.79B	4.55B	-
Short Term Debt Repaid, Total	-	-85.05B	-3.08B	-	-2.85B
Long-Term Debt Repaid, Total	-16.29B	-49.18B	-18.89B	-24.68B	-42.88B
Total Debt Repaid	-16.29B	-134B	-21.97B	-24.68B	-45.73B
Issuance of Common Stock	6.75B	22.72B	5.03B	8.28B	6.2B
Repurchase of Common Stock	-60.14B	-20.16B	-68.43B	-30.31B	-
Common Dividends Paid	-22.65B	-25.37B	-27.58B	-33.31B	-39.52B
Common & Preferred Stock Dividends Paid	-22.65B	-25.37B	-27.58B	-33.31B	-39.52B
Other Financing Activities, Total	-13.46B	-12.45B	-12.41B	-11.85B	-11.73B
Cash from Financing	-8B	-44.92B	-47.58B	-87.31B	-90.78B
Foreign Exchange Rate Adjustments	2.83B	859M	3.4B	-629M	4.21B
Miscellaneous Cash Flow Adjustments	-	-1M	-1M	-	-
Net Change in Cash	-37.58B	13.65B	44.68B	-5.34B	-35.98B
Supplemental Items
Cash Interest Paid	993M	3.99B	5.89B	5.86B	4.48B
Cash Income Tax Paid (Refund)	21.92B	40.94B	28.51B	39.63B	43.64B
Levered Free Cash Flow	45.41B	53.56B	79.24B	60.58B	40.66B
Unlevered Free Cash Flow	46.27B	56.56B	83.05B	64.14B	43.3B
Change In Net Working Capital	16.86B	2.32B	-10.36B	18.82B	58.78B
Net Debt Issued / Repaid	81.5B	-9.67B	55.81B	-20.13B	-45.73B

Fiscal Period: March	2022	2023	2024	2025	2026
Profitability
Return on Assets	8.87	8.41	8.44	9.04	10.29
Return on Total Capital	11.75	11.11	11.08	11.86	14.04
Return On Equity %	21.25	20.54	19.91	22.45	3.6
Return on Common Equity	21.33	20.67	19.95	22.5	3.52
Margin Analysis
Gross Profit Margin %	35.33	34.65	35.44	36	36.84
SG&A Margin	18.56	19.01	19.33	18.84	17.88
EBITDA Margin %	23.64	22.35	22.69	23.89	25.36
EBITA Margin %	16.78	15.83	16.15	17.5	19.07
EBIT Margin %	16.78	15.83	16.15	17.5	19.07
Income From Continuing Operations Margin %	11.74	11.05	10.88	12.34	1.94
Net Income Margin %	11.68	11.02	10.81	12.26	1.87
Net Avail. For Common Margin %	11.68	11.02	10.81	12.26	1.87
Normalized Net Income Margin	10.3	9.61	9.82	10.87	11.98
Levered Free Cash Flow Margin	7.42	7.74	10.76	7.92	4.99
Unlevered Free Cash Flow Margin	7.56	8.17	11.28	8.39	5.31
Asset Turnover
Asset Turnover	0.85	0.85	0.84	0.83	0.86
Fixed Assets Turnover	7.34	9.2	10.3	11.79	12.03
Receivables Turnover (Average Receivables)	5.05	5.18	5.39	5.1	4.37
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.12	1.76	1.89	1.75	1.84
Quick Ratio	0.84	1.32	1.47	1.36	1.27
Operating Cash Flow to Current Liabilities	0.33	0.6	0.66	0.54	0.54
Days Sales Outstanding (Average Receivables)	72.21	70.47	67.94	71.63	83.48
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	42.06	44.17	41.84	41.45	57.19
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	73.12	59.08	74.08	61.88	53.91
Total Debt / Total Capital	42.24	37.14	42.55	38.23	35.03
LT Debt/Equity	35.4	51.73	68.06	50.85	48.66
Long-Term Debt / Total Capital	20.45	32.52	39.1	31.41	31.61
Total Liabilities / Total Assets	56.63	51.99	56.32	52.83	54.36
EBIT / Interest Expense	74.28	22.8	19.51	23.54	36.87
EBITDA / Interest Expense	104.63	32.18	27.41	32.15	49.04
(EBITDA - Capex) / Interest Expense	99.69	29.67	26.19	30.98	47.65
Total Debt / EBITDA	1.73	1.54	1.79	1.48	1.14
Net Debt / EBITDA	0.93	0.7	0.75	0.56	0.5
Total Debt / (EBITDA - Capex)	1.82	1.67	1.87	1.54	1.18
Net Debt / (EBITDA - Capex)	0.98	0.76	0.78	0.58	0.52
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	11.14	13.17	6.41	3.84	6.52
Gross Profit, 1 Yr. Growth %	16.29	10.99	8.83	5.47	9.03
EBITDA, 1 Yr. Growth %	16.79	6.97	8.03	9.36	13.09
EBITA, 1 Yr. Growth %	23.83	6.74	8.54	12.52	16.1
EBIT, 1 Yr. Growth %	23.83	6.74	8.54	12.52	16.1
Earnings From Cont. Operations, 1 Yr. Growth %	36.54	6.55	4.79	17.74	-83.28
Net Income, 1 Yr. Growth %	35.14	6.81	4.37	17.73	-83.73
Normalized Net Income, 1 Yr. Growth %	36.61	5.59	8.75	14.94	17.46
Diluted EPS Before Extra, 1 Yr. Growth %	36.56	7.1	6.18	19.53	-83.73
Accounts Receivable, 1 Yr. Growth %	27.61	-3.01	7.81	11.58	35.44
Inventory, 1 Yr. Growth %	-	-	-	-	-
Net Property, Plant and Equip., 1 Yr. Growth %	-15.33	-3.22	-6.62	-12.21	23.29
Total Assets, 1 Yr. Growth %	20.28	6.15	10.09	0.62	3.37
Tangible Book Value, 1 Yr. Growth %	-46.73	25.74	-17.02	23.55	39.87
Common Equity, 1 Yr. Growth %	2.68	17.58	0.13	8.64	-0.03
Cash From Operations, 1 Yr. Growth %	16.01	21.16	19.66	-8.49	13.4
Capital Expenditures, 1 Yr. Growth %	-10.61	76.74	-37.95	-11.01	-12.25
Levered Free Cash Flow, 1 Yr. Growth %	-22.1	17.96	47.96	-23.55	-32.88
Unlevered Free Cash Flow, 1 Yr. Growth %	-21.47	22.25	46.83	-22.78	-32.49
Dividend Per Share, 1 Yr. Growth %	11.11	12.5	17.78	18.87	22.22
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	7.54	12.15	9.74	5.12	5.17
Gross Profit, 2 Yr. CAGR %	9.3	13.61	9.91	7.14	7.24
EBITDA, 2 Yr. CAGR %	12.83	11.77	7.5	8.7	11.21
EBITA, 2 Yr. CAGR %	11.09	14.97	7.64	10.51	14.3
EBIT, 2 Yr. CAGR %	11.09	14.97	7.64	10.51	14.3
Earnings From Cont. Operations, 2 Yr. CAGR %	1.12	20.62	5.67	11.08	-55.63
Net Income, 2 Yr. CAGR %	1.55	20.14	5.58	10.85	-56.23
Normalized Net Income, 2 Yr. CAGR %	10.16	20.1	7.16	11.8	16.2
Diluted EPS Before Extra, 2 Yr. CAGR %	5.04	20.94	6.64	12.65	-55.89
Accounts Receivable, 2 Yr. CAGR %	1.45	11.25	2.26	9.68	22.93
Inventory, 2 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 2 Yr. CAGR %	9.79	-9.48	-4.93	-9.45	4.04
Total Assets, 2 Yr. CAGR %	21.7	12.99	8.1	5.25	1.99
Tangible Book Value, 2 Yr. CAGR %	-17.04	-18.16	2.15	1.26	31.46
Common Equity, 2 Yr. CAGR %	11.7	9.88	8.5	4.3	4.21
Cash From Operations, 2 Yr. CAGR %	-2.29	18.55	20.41	4.64	1.87
Capital Expenditures, 2 Yr. CAGR %	17.12	25.69	4.72	-25.69	-11.63
Levered Free Cash Flow, 2 Yr. CAGR %	-21.46	-4.14	32.11	6.36	-28.37
Unlevered Free Cash Flow, 2 Yr. CAGR %	-20.89	-2.02	33.98	6.48	-27.8
Dividend Per Share, 2 Yr. CAGR %	11.8	11.8	15.11	18.32	20.53
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.86	9.38	10.2	7.73	5.58
Gross Profit, 3 Yr. CAGR %	9.46	9.86	12	8.41	7.77
EBITDA, 3 Yr. CAGR %	12.39	10.84	10.51	8.12	10.14
EBITA, 3 Yr. CAGR %	12.84	9.62	12.78	9.24	12.34
EBIT, 3 Yr. CAGR %	12.84	9.62	12.78	9.24	12.34
Earnings From Cont. Operations, 3 Yr. CAGR %	11.68	2.9	15.09	9.55	-40.91
Net Income, 3 Yr. CAGR %	11.94	3.27	14.64	9.48	-41.53
Normalized Net Income, 3 Yr. CAGR %	12.14	8.61	16.19	9.69	13.66
Diluted EPS Before Extra, 3 Yr. CAGR %	18.71	5.72	15.8	10.77	-40.89
Accounts Receivable, 3 Yr. CAGR %	0.51	-0.06	10.09	5.27	17.67
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 3 Yr. CAGR %	5.35	5.27	-8.53	-7.42	0.36
Total Assets, 3 Yr. CAGR %	8.86	16.28	12.02	5.55	4.62
Tangible Book Value, 3 Yr. CAGR %	-26.24	-4.71	-17.78	8.84	12.77
Common Equity, 3 Yr. CAGR %	-6.26	13.62	6.53	8.55	2.83
Cash From Operations, 3 Yr. CAGR %	20.31	4.97	18.92	9.88	7.48
Capital Expenditures, 3 Yr. CAGR %	7.28	34.34	-0.66	-0.81	-21.46
Levered Free Cash Flow, 3 Yr. CAGR %	8.65	-10.06	10.78	10.09	-8.77
Unlevered Free Cash Flow, 3 Yr. CAGR %	9.05	-8.54	12.13	11.5	-8.52
Dividend Per Share, 3 Yr. CAGR %	10.06	12.04	13.76	16.35	19.61
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	7.58	7.98	8	7.66	8.16
Gross Profit, 5 Yr. CAGR %	8.49	8.48	9.64	8.76	10.07
EBITDA, 5 Yr. CAGR %	10.7	9.76	10.4	9.98	10.79
EBITA, 5 Yr. CAGR %	11.9	10.96	10.73	9.98	13.39
EBIT, 5 Yr. CAGR %	11.9	10.96	10.73	9.98	13.39
Earnings From Cont. Operations, 5 Yr. CAGR %	10.31	6.37	9.24	6.1	-21.39
Net Income, 5 Yr. CAGR %	9.66	6.71	9.35	6.24	-22.01
Normalized Net Income, 5 Yr. CAGR %	10.15	10.52	10.12	9.88	16.19
Diluted EPS Before Extra, 5 Yr. CAGR %	14.75	11.19	13.72	8.44	-21.29
Accounts Receivable, 5 Yr. CAGR %	6.85	2.59	1.2	3.73	15.06
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Net Property, Plant and Equip., 5 Yr. CAGR %	3.69	1.55	1.11	-0.89	-3.7
Total Assets, 5 Yr. CAGR %	4.66	5.13	8.55	11.73	7.89
Tangible Book Value, 5 Yr. CAGR %	-17.48	-12.64	-15.98	-2.37	-0.8
Common Equity, 5 Yr. CAGR %	-4.87	-1.05	-0.61	9.8	5.6
Cash From Operations, 5 Yr. CAGR %	9.92	10.1	20.35	4.84	11.78
Capital Expenditures, 5 Yr. CAGR %	-12.79	-6.56	6.25	6.01	-5.2
Levered Free Cash Flow, 5 Yr. CAGR %	13.99	9	17.48	-3.82	-6.95
Unlevered Free Cash Flow, 5 Yr. CAGR %	14.3	10.04	18.41	-2.8	-5.98
Dividend Per Share, 5 Yr. CAGR %	9.46	11.03	12.05	14.51	16.42