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IT consulting and systems-integration firm serving Japanese financial institutions and corporations.
IT consulting and systems-integration firm serving Japanese financial institutions and corporations.
Earns recurring fees for running shared securities and banking platforms used by many Japanese firms, alongside project fees for consulting and building systems. It grew out of Nomura Securities' research arm, and Nomura Holdings remains a major shareholder.
In one line: A financial-sector-focused Japanese Accenture.
Moat: narrow (switching costs, customer qualification, installed base). Runs shared core banking/securities platforms for many Japanese financial firms, which are costly to switch off.
Headquarters: Tokyo, Japan · Founded: 1965 · Employees: 16,894
Size Nomura Research Institute (4307.T) is a Japan Information Technology company (Information Technology Services) with a market value of $20.2B, the 82nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,803 on 6 Nov 2026.
Performance Over six months the shares gained 40.1%, against +26.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +11.0%); the operating margin is 19.3% (peer median 10.1%).
Valuation It trades at 26.4× forward earnings against a peer median of 19.2× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 17.8 points above its cost of capital (5.0% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥848B | ¥815B | ¥765B | ¥737B | ¥692B |
| Revenue growth | — | +7% | +4% | +6% | — |
| Gross profit | ¥314B | ¥300B | ¥275B | ¥261B | ¥240B |
| EBITDA | ¥216B | ¥206B | ¥180B | ¥167B | ¥154B |
| Net income | ¥21.7B | ¥15.3B | ¥93.8B | ¥79.6B | ¥76.3B |
| Free cash flow | ¥160B | ¥142B | ¥124B | ¥135B | ¥107B |
| Capital expenditure | ¥42.3B | ¥46.3B | ¥49.6B | ¥49.8B | ¥54.7B |
| Total debt | ¥248B | ¥236B | ¥271B | ¥299B | ¥238B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nomura Research Institute 4307.T | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% |
| Fujitsu 6702.T | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| TISI 3626.T | $5.50B | +20% | +5% | 13% | 15.1× | -7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 4307.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.0% | +4.5% | 7th highest of 21 |
| 6-month return | +40.1% | +26.3% | 4th highest of 21 |
| Distance from 52-week high | -9.5% | -22.9% | 6th highest of 21 |
| Revenue growth (TTM) | +8.0% | +11.0% | 7th lowest of 21 |
| Operating margin | 19.3% | 10.1% | 4th highest of 21 |
| Forward P/E | 26.4× | 19.2× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 0.7% | 6.4% | 4th least demanding of 19 |
| Growth delivered (Del g) | +8.2% | +8.4% | 9th lowest of 19 |
| Hurdle (Req g minus delivered) | -7.4 pp | -0.4 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +17.8 pp | +3.9 pp | 3rd highest of 20 |
| EV / EBITDA | 15.2× | 12.9× | 7th most expensive of 15 |
| Net debt / EBITDA | 0.5× | -0.2× | 8th most indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nomura Research Institute 4307.T | Japan | $20.2B | +40% | +8% | 19% | 26.4× | 0.7% | +8.2% |
| Wipro WIPRO.NS | India | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% | +8.4% |
| CDW CDW | United States | $19.6B | +51% | +11% | 7% | 12.9× | 2.6% | +4.0% |
| Tech Mahindra TECHM.NS | India | $19.0B | +26% | +14% | 14% | 23.9× | 20.3% | +8.5% |
| Rubrik RBRK | United States | $21.9B | +70% | +42% | -18% | 215.0× | 36.2% | +27.7% |
| Credo Technology CRDO | United States | $22.7B | -36% | +165% | 32% | 16.5× | 47.4% | +86.8% |
| CGI GIB-A.TO | Canada | $17.2B | +27% | +6% | 17% | 12.2× | -12.0% | +5.5% |
| Capgemini CAP.PA | France | $24.1B | +31% | +6% | 11% | 10.4× | -0.1% | +7.2% |
| OBIC 4684.T | Japan | $16.6B | +46% | +13% | 67% | 30.3× | 4.6% | +10.0% |
| HP Inc. HPQ | United States | $25.7B | +27% | +9% | 7% | 9.5× | -7.0% | -0.4% |
| Cognizant CTSH | United States | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% | +4.9% |
| CACI International CACI | United States | $13.6B | +27% | +10% | 10% | 17.6× | 7.3% | +9.6% |
| Bentley Systems BSY | United States | $13.5B | +36% | +13% | 24% | 31.4× | 22.8% | +13.4% |
| Guidewire Software GWRE | United States | $13.3B | +17% | +23% | 10% | 38.5× | 39.4% | +14.7% |
| iflytek 002230.SZ | China | $13.2B | -20% | +11% | -4% | 106.3× | n/a | n/a |
| Samsung Sds 018260.KS | South Korea | $12.4B | +31% | +2% | 5% | 24.9× | 13.0% | +4.8% |
| Ruijie Networks 301165.SZ | China | $11.7B | +6% | +30% | 5% | 48.3× | n/a | n/a |
| Fujitsu 6702.T | Japan | $35.4B | +1% | +4% | 10% | 18.0× | 4.1% | -0.5% |
| Indra Sistemas IDR.MC | Spain | $11.2B | +12% | +28% | 10% | 19.7× | 4.2% | +12.4% |
| Nec 6701.T | Japan | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% | +3.7% |
| Persistent Systems PERSISTENT.NS | India | $10.6B | +21% | +27% | 16% | 43.9× | 37.4% | +28.6% |