Net cash basis: Cash and deposits ¥2,886M minus interest-bearing debt ¥486M and customer custody deposits (預り金) ¥148M, H1 FY9/26 balance sheet (2026-03-31). A further ¥1,337M of guarantee fees collected upfront (前受収益) sits against this cash as float — it earns through as revenue over the contract life and is not repayable, so it is disclosed here rather than deducted.
Revenue, operating profit, and operating margin by fiscal year
Annual figures as filed (JP GAAP, non-consolidated, ¥M). FY9/21–FY9/22 are from the five-year indicators in the annual securities report, which do not disclose operating profit for those years. Per-share figures reflect the pre-IPO 10-for-1 split. FY9/26E is the company's own guidance. Links open the English disclosure when the company provides one; [JA] marks Japanese-only documents.
| FY | Revenue | YoY | Op Profit | YoY | OPM | Net Income | EPS ¥ | DPS ¥ | Disclosure |
|---|---|---|---|---|---|---|---|---|---|
| FY9/21 | 2,169 | — | — | — | — | 105 | 52.59 | — | IPO registration [JA] |
| FY9/22 | 2,605 | +20.1% | — | — | — | 255 | 127.69 | — | IPO registration [JA] |
| FY9/23 | 2,877 | +10.4% | 292 | — | 10.1% | 197 | 98.44 | 0.00 | Annual report [JA] |
| FY9/24 | 3,221 | +12.0% | 418 | +43.2% | 13.0% | 280 | 100.73 | 11.00 | Annual report [JA] |
| FY9/25 | 3,738 | +16.1% | 759 | +81.6% | 20.3% | 528 | 188.49 | 19.00 | Annual report [JA] |
| FY9/26E | 4,233 | +13.2% | 883 | +16.3% | 20.9% | 617 | 215.00 | 22.00 | — |
Net income is profit attributable to owners of the parent. The shaded row is the company's own forecast, not a JII estimate.
Standalone quarters — the last 11
Standalone quarters from each period's own disclosure (¥M); Q4 derived as full year minus Q3 year-to-date. Cross-checked against the as-reported QonQ table on IRBANK; quarters sum to each fiscal year within ±¥1M of rounding. The company listed in October 2023, so the series starts at FY9/23 Q4. Tanshin-only quarters carry no link because their TDnet PDF links have expired.
| Quarter | Revenue | YoY | Op Profit | YoY | OPM | Net Income | Disclosure |
|---|---|---|---|---|---|---|---|
| FY23 Q4 † | 751 | — | -22 | — | -2.9% | 0 | Annual report [JA] |
| FY24 Q1 | 771 | — | 111 | — | 14.4% | 76 | Quarterly report [JA] |
| FY24 Q2 | 787 | — | 156 | — | 19.8% | 97 | Quarterly report [JA] |
| FY24 Q3 | 820 | — | 103 | — | 12.6% | 68 | — |
| FY24 Q4 † | 843 | +12.3% | 47 | to profit | 5.6% | 39 | Annual report [JA] |
| FY25 Q1 | 879 | +14.0% | 156 | +40.5% | 17.7% | 109 | — |
| FY25 Q2 | 906 | +15.1% | 230 | +47.4% | 25.4% | 164 | Semi-annual report [JA] |
| FY25 Q3 | 955 | +16.5% | 162 | +57.3% | 17.0% | 103 | — |
| FY25 Q4 † | 997 | +18.3% | 210 | +346.8% | 21.1% | 152 | Annual report [JA] |
| FY26 Q1 | 1,031 | +17.3% | 242 | +55.1% | 23.5% | 161 | — |
| FY26 Q2 | 1,034 | +14.1% | 349 | +51.7% | 33.8% | 257 | Semi-annual report [JA] |
† Fourth quarters are derived as the full year minus the nine-month cumulative. YoY compares the same quarter a year earlier.
Where the profit comes from
Segment figures from the segment notes of the FY9/23–FY9/25 annual securities reports (JP GAAP, ¥M). 'Guarantee' covers rent-debt, long-term-care, and hospital-fee guarantees; 'Other' is the laundry and fitness franchise units. Segment profits do not sum to company operating profit because corporate costs sit in an adjustment line (FY9/25: −¥308M). Per-quarter segment series will be added from FY9/26 disclosures onward; quarterly segment XBRL is sparse after Japan's 2024 disclosure reform.
| Guarantee | Other (franchise services) | |||||
|---|---|---|---|---|---|---|
| FY | Rev | OP | OPM | Rev | OP | OPM |
| FY9/22 | 2,409 | 615 | 25.5% | 196 | 28 | 14.3% |
| FY9/23 | 2,674 | 538 | 20.1% | 202 | 29 | 14.4% |
| FY9/24 | 3,013 | 668 | 22.2% | 208 | 29 | 13.9% |
| FY9/25 | 3,514 | 1,031 | 29.3% | 224 | 35 | 15.6% |
n.m. = not meaningful (operating loss several times segment revenue).
Cap table and the latest capital-allocation signals
Major shareholders · as of 2026-03-31
| Holder | Shares | Ratio | |
|---|---|---|---|
| 1 | Toyoshima Real Estate Co. (Tokyo property company)豊島不動産株式会社 | 302,400 | 10.53% |
| 2 | M Support Co. (founding-family asset company)株式会社Mサポート | 300,000 | 10.45% |
| 3 | Sanko Kanri Co. (founding-family asset company)株式会社サンコー管理 | 300,000 | 10.45% |
| 4 | Osamu Miyoshi (founding family)三好 修 | 150,000 | 5.22% |
| 5 | Kyoko Miyoshi (founding family)三好 京子 | 110,000 | 3.83% |
| 6 | Izumi Yano矢野 泉 | 100,000 | 3.48% |
| 7 | Shinya Sakamoto坂本 真也 | 90,300 | 3.14% |
| 8 | Yoichi Takemura竹村 洋一 | 90,000 | 3.13% |
| 9 | SBI Securities株式会社SBI証券 | 82,800 | 2.88% |
| 10 | Rakuten Securities楽天証券株式会社 | 82,200 | 2.86% |
Ratios as filed: percent of shares outstanding excluding treasury shares (treasury just 103 shares; issued 2,869,800 at 2026-03-31). Source: H1 FY9/26 semi-annual securities report (filed 2026-05-14) [JA]
The founding Miyoshi bloc (M Support, Sanko Kanri, Osamu and Kyoko Miyoshi) filed jointly at the October 2023 listing — about 30% of the register today. Toyoshima Real Estate built its stake in the weeks after listing. Hikari Tsushin entered at 5.04% in November 2024 and cut below the 5% line in May 2025. Filed ratios use the at-filing denominators, so they sit above today's as-filed register percentages.
5%-Rule Filings · current positions
Founding-family bloc filing made at listing; unchanged since. Filing [JA]
Founding-family bloc filing made at listing; unchanged since. Filing [JA]
Built from 5.09% to 9.88% between October 2023 and March 2024; no filings since. Filing [JA]
Founding-family bloc filing made at listing; unchanged since. Filing [JA]
Stake moves over 1% · filing timeline
Hikari Tsushin — Cut to 3.72% (103,900 shares) — dropped below the 5% reporting line six months after entering.
Hikari Tsushin — Entered at 5.04% (140,700 shares) — the cash-rich listed investor known for accumulating small-cap stakes.
Toyoshima Real Estate — Raised to 9.88% (276,000 shares) — its current filed level, after building from 5.09% in the weeks following the listing.
Nomura Securities — Exited entirely (8.14% to zero) two weeks after its 2023-10-31 filing — an IPO-period dealer position, not a fundamental stake.
Miyoshi founding-family bloc — Listing-day joint filing: M Support 11.32%, Sanko Kanri 11.32%, Osamu Miyoshi 5.66%, Kyoko Miyoshi 4.15% — roughly a third of the company on the at-listing denominator.
The disclosures worth your time
The documents a first-time reader of this company actually needs, in reading order. Direct PDFs where the link is durable; everything else lives on the company's own library pages below. English documents are linked whenever the company provides them; [JA] marks items where no English version exists.
Nippon Insure Co., Ltd. — official IR site ↗ (Japanese only; the company publishes no English IR site)Key documents
2025-12-23 Start here FY9/25 annual securities report (YUHO) — the full business description: three premium streams (initial, renewal, monthly), the guarantee/franchise segment split, related-party notes, cap table [JA] 2026-05-14 Results H1 FY9/26 semi-annual securities report — revenue ¥2,065M (+15.6%), operating profit ¥591M (+52.5%), 67% of full-year operating-profit guidance booked in the first half [JA] 2026-05-14 Decks Results-briefing deck library on the company site — the H1 FY9/26 deck carries the KPI detail (initial contracts, renewal stack, subrogation and recovery rates); the list loads via script, so individual PDF links are not durable [JA] 2026-05-14 Results Tanshin library on the company site — quarterly consolidated results PDFs [JA] 2024-12-25 Background FY9/24 annual securities report — the year before the operating-leverage step-up; useful for comparing the cost base [JA] 2023-09-22 Background IPO registration statement (corrected) — the pre-listing description of the guarantee business and its risks [JA]Published Compounder Profiles on Nippon Insure Co., Ltd.
Long-form JII analysis. New write-ups are added here as results come in; the overview above always carries the latest numbers.
2026-05-19 JII Compounder Profile — Initiation ↗A TSE Standard-listed rent-debt guarantor — about 94% of FY9/25 revenue from the guarantee business — whose renewal book compounds: FY9/25 operating profit rose 81.5% to ¥759M and H1 FY9/26 booked 67% of full-year operating-profit guidance. The profile examines how durable the operating leverage is, where the disclosure gaps sit, and what the next four quarters resolve.
This is not investment advice. Japan Investor Interface Co., Ltd. ("JII") is an investor-relations consultancy, not a registered investment advisor, broker-dealer, or securities firm in any jurisdiction, and is not registered as a Financial Instruments Business Operator under Japan's Financial Instruments and Exchange Act. This page is an editorial compilation of publicly disclosed information for educational and research purposes. Nothing here constitutes a recommendation or solicitation to buy, sell, or hold any security. Figures may be incomplete, out of date, or incorrect; company forecasts are the company's own and are inherently uncertain. JII does not trade in or hold positions in the securities of companies profiled. Before making any investment decision, consult qualified, licensed advisors and rely on primary disclosures issued by the company.
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