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Nomura Research Institute
(4307)
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Rating:55Neutral
Price Target:
¥6,095.00
▲(21.10% Upside)
Action:Reiterated
Date:08/01/26
The score is primarily supported by solid financial quality—steady revenue growth and strong cash flow generation—despite a meaningful recent profitability/ROE decline. Offsetting this, technicals are weak with the price trading below key moving averages, and valuation is a major headwind given the very high P/E alongside compressed margins.
Positive Factors
Sticky recurring services
NRI combines project-based consulting and system integration with recurring managed services and operation of mission-critical platforms. Long-term customer relationships, reliability requirements, and high switching costs can support durable revenue visibility and customer retention.
Negative Factors
Profitability compression
The sharp decline in net and operating margins means current revenue is producing substantially less profit than in earlier periods. Unless margins recover, weaker earnings power could constrain investment capacity and make future results more sensitive to cost or mix pressures.
Read all positive and negative factors
Positive Factors
Negative Factors
Sticky recurring services
NRI combines project-based consulting and system integration with recurring managed services and operation of mission-critical platforms. Long-term customer relationships, reliability requirements, and high switching costs can support durable revenue visibility and customer retention.
Read all positive factors
Nomura Research Institute (4307) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥3.28T
Dividend Yield1.4%
Average Volume (3M)2.20M
Price to Earnings (P/E)190.0
Beta (1Y)0.53
Revenue Growth7.37%
EPS Growth-80.70%
CountryJP
Employees16,894
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)32.60
Shares Outstanding561,197,400
10 Day Avg. Volume2,933,720
30 Day Avg. Volume2,198,220
Financial Highlights & Ratios
PEG Ratio-1.94
Price to Book (P/B)5.72
Price to Sales (P/S)3.05
P/FCF Ratio17.51
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥6,075.00Price Target Upside20.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)219.29
Revenue Forecast (FY)¥870.30B
Nomura Research Institute Business Overview & Revenue Model
Company Description
Nomura Research Institute, Ltd. provides consulting, financial information technology (IT) solutions, industrial IT solutions, and IT platform services in Japan and internationally. Its Consulting segment offers management, organizational reform, ...
How the Company Makes Money
NRI primarily makes money by delivering consulting-led IT and operations services under contract, with revenue largely tied to (1) project-based fees and (2) recurring service fees. Project-based revenue is generated from management/strategy consu...
Nomura Research Institute Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
67
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 829.39B | 814.71B | 764.81B | 736.56B | 692.16B | 611.63B |
| Gross Profit | 307.29B | 300.15B | 275.30B | 261.01B | 239.83B | 216.07B |
| EBITDA | 116.71B | 114.72B | 182.74B | 167.09B | 154.67B | 144.60B |
| Net Income | 18.47B | 15.26B | 93.76B | 79.64B | 76.31B | 71.44B |
Balance Sheet | ||||||
| Total Assets | 906.39B | 959.79B | 928.50B | 922.77B | 838.22B | 789.65B |
| Cash, Cash Equivalents and Short-Term Investments | 235.21B | 132.62B | 168.60B | 173.94B | 129.26B | 115.61B |
| Total Debt | 234.59B | 236.13B | 271.02B | 298.54B | 237.74B | 250.42B |
| Total Liabilities | 529.19B | 521.79B | 490.54B | 519.75B | 435.81B | 447.17B |
| Stockholders Equity | 373.43B | 433.90B | 434.04B | 399.53B | 399.01B | 339.36B |
Cash Flow | ||||||
| Free Cash Flow | 151.92B | 141.80B | 123.54B | 134.79B | 106.84B | 91.31B |
| Operating Cash Flow | 160.20B | 147.64B | 130.20B | 142.28B | 118.90B | 98.14B |
| Investing Cash Flow | -42.86B | -97.05B | -47.59B | -53.98B | -61.19B | -130.55B |
| Financing Cash Flow | -167.16B | -90.78B | -87.31B | -47.02B | -44.92B | -8.00B |
Nomura Research Institute Technical Analysis
Positive
5033.00
Price Trends
5140.67
Positive
4957.23
Positive
4831.50
Positive
Market Momentum
246.28
Negative
76.07
Negative
80.99
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4307, the sentiment is Positive. The current price of 5033 is below the 20-day moving average (MA) of 5354.09, below the 50-day MA of 5140.67, and above the 200-day MA of 4831.50, indicating a bullish trend. The MACD of 246.28 indicates Negative momentum. The RSI at 76.07 is Negative, neither overbought nor oversold. The STOCH value of 80.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4307.
Nomura Research Institute Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥926.32B | 20.46 | ― | 1.99% | 4.90% | -2.39% | |
71 Outperform | ¥753.57B | 24.39 | 11.35% | 2.15% | 13.99% | 15.49% | |
71 Outperform | ¥83.59B | 10.05 | ― | 3.12% | 9.71% | 61.00% | |
66 Neutral | ¥453.08B | 16.75 | ― | 2.78% | 3.83% | 8.51% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | ¥3.28T | 189.97 | 4.14% | 1.40% | 7.37% | -80.70% |
* Technology Sector Average
JP:4307
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Nomura Research Institute Corporate Events
Nomura Research Institute Posts Strong Q1 FY2026 Results and Hikes Dividend Outlook
Jul 30, 2026
Nomura Research Institute reported solid growth for the three months ended June 30, 2026, with revenue rising 7.5% year on year to ¥210.5 billion and profit attributable to owners of parent increasing 12.4% to ¥29.2 billion. Despite a sl...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.