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Nomura Research Institute Ltd
TSE:4307

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Nomura Research Institute Ltd Logo
Nomura Research Institute Ltd
TSE:4307
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Price: 3 890 JPY -1.02% Market Closed
Market Cap: ¥2.3T
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Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Cash Flow Statement

Operating Cash Flow
+
3Y
+42%
5Y
+65%
10Y
+99%
Investing Cash Flow
+
3Y
-37%
5Y
-360%
10Y
-52%
Financing Cash Flow
+
3Y
-488%
5Y
-315%
10Y
-

Cash Flow Statement
Nomura Research Institute Ltd

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Cash Flow Statement
Currency: JPY
Dec-2004 Jun-2005 Dec-2005 Jun-2006 Dec-2006 Jun-2007 Dec-2007 Jun-2008 Dec-2008 Jun-2009 Dec-2009 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025 Dec-2025
Operating Cash Flow
Net Income
(3 941)
864
6 492
2 823
9 228
4 309
8 441
(3 126)
(5 602)
(3)
(5 203)
(3 378)
6 178
(4 541)
39 853
53 441
54 955
54 532
56 204
44 597
46 016
43 321
42 866
46 265
47 375
51 952
52 709
50 812
60 580
63 199
59 075
63 182
54 686
56 244
62 305
62 615
73 606
73 410
64 992
65 437
74 313
75 264
82 527
84 089
67 067
75 015
76 749
80 809
102 808
98 604
85 484
98 188
78 944
78 962
71 075
80 968
87 277
92 183
104 671
105 723
104 907
106 263
108 499
107 290
112 285
116 329
117 224
122 694
125 120
129 537
134 161
140 089
148 182
152 105
Depreciation & Amortization
4 039
(56)
(1 978)
914
239
(594)
(536)
1 170
3 730
2 174
7 320
859
8 194
68
30 665
30 169
30 280
30 604
30 875
31 179
31 451
31 568
42 474
42 144
41 917
42 157
34 118
33 346
32 178
30 781
25 800
25 879
30 990
30 221
32 598
32 328
27 470
28 115
28 476
29 018
29 812
30 505
31 941
32 657
33 308
33 413
30 427
30 834
30 164
30 200
39 383
32 675
35 668
38 463
40 911
41 102
41 014
41 295
41 941
42 905
43 490
44 457
45 092
45 582
46 774
47 541
48 157
48 718
48 899
48 708
48 910
48 837
49 214
50 142
Stock-Based Compensation
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2 479
0
0
0
2 204
0
0
0
2 136
0
0
0
Other Non-Cash Items
3 584
(1 040)
(2 196)
(314)
79
(3 512)
(4 395)
2 591
4 053
(14)
(34)
157
5 559
(383)
35
(12 521)
(11 599)
(11 915)
(12 130)
(1 587)
(1 466)
888
1 874
1 391
2 292
(2 298)
1 027
49
(9 786)
(8 235)
(7 641)
(9 447)
2 876
(1 548)
(5 047)
(5 536)
(20 416)
(17 953)
(5 253)
(7 757)
(14 239)
(13 909)
(16 873)
(23 340)
(2 745)
(8 959)
(3 860)
(1 889)
(20 072)
(16 105)
156
(5 726)
4 177
17 013
13 225
7 428
8 033
6 406
(784)
900
766
923
1 322
3 362
3 206
2 471
3 767
4 297
5 292
5 656
4 373
3 140
1 188
450
Cash Taxes Paid
6 127
(475)
1 642
839
3 931
186
1 712
(1 717)
(1 796)
911
(1 429)
(2 524)
(2 490)
(5 448)
15 319
15 469
15 488
16 977
18 888
19 070
19 153
17 448
15 564
16 956
16 876
16 750
16 990
19 520
21 331
24 571
22 960
11 315
8 086
3 467
5 010
16 263
17 710
22 229
22 379
15 085
15 004
13 768
14 150
30 041
30 401
36 278
35 772
19 590
19 364
14 768
15 129
27 609
28 453
31 931
32 464
21 702
23 219
22 356
21 922
33 329
35 551
40 146
40 935
34 831
32 251
29 686
28 514
36 531
35 199
38 518
39 634
41 334
40 584
44 012
Cash Interest Paid
149
(17)
(207)
(1)
(4)
0
(1)
3
10
3
2
(3)
(2)
(9)
4
4
40
41
72
70
61
64
56
55
45
42
85
92
144
147
150
148
146
151
142
143
134
133
153
177
204
236
263
291
283
389
445
422
514
409
766
499
586
664
811
774
835
945
993
1 138
1 958
2 445
3 991
4 842
5 434
6 033
5 891
6 220
6 045
6 218
5 860
5 607
5 342
4 974
Change in Working Capital
(6 222)
5 945
4 377
(8 718)
(13 352)
194
3 208
12 741
9 602
1 488
11 841
(2 405)
(16 526)
(8 247)
(21 777)
(16 891)
(12 476)
(14 520)
(21 883)
(21 051)
(28 211)
(28 677)
(18 850)
(21 817)
(42 265)
(42 313)
(54 014)
(44 596)
(28 771)
(26 134)
(18 524)
(21 490)
(16 021)
(12 716)
(8 386)
(13 459)
(12 903)
(12 197)
(27 068)
(15 538)
(30 359)
(32 549)
(24 104)
(52 353)
(25 801)
(37 178)
(46 967)
(11 312)
(28 007)
(14 898)
(12 184)
(33 571)
(31 126)
(47 768)
(40 618)
(38 014)
(40 407)
(40 511)
(47 691)
(46 089)
(39 452)
(50 490)
(36 015)
(30 193)
(36 034)
(24 249)
(26 872)
(44 834)
(46 385)
(46 038)
(57 248)
(44 824)
(53 374)
(59 272)
Cash from Operating Activities
(2 540)
N/A
5 713
N/A
6 695
+17%
(5 295)
N/A
(3 806)
+28%
397
N/A
6 718
+1 592%
13 376
+99%
11 783
-12%
3 645
-69%
13 924
+282%
(4 767)
N/A
3 405
N/A
(13 103)
N/A
48 776
N/A
54 198
+11%
61 160
+13%
58 701
-4%
53 066
-10%
53 138
+0%
47 790
-10%
47 100
-1%
68 364
+45%
67 983
-1%
49 319
-27%
49 498
+0%
33 840
-32%
39 611
+17%
54 201
+37%
59 611
+10%
58 710
-2%
58 124
-1%
72 531
+25%
72 201
0%
81 470
+13%
75 948
-7%
67 757
-11%
71 375
+5%
61 147
-14%
71 160
+16%
59 527
-16%
59 311
0%
73 491
+24%
41 053
-44%
71 829
+75%
62 291
-13%
56 349
-10%
98 442
+75%
84 893
-14%
97 801
+15%
112 839
+15%
91 566
-19%
87 663
-4%
86 670
-1%
84 593
-2%
91 484
+8%
95 917
+5%
99 373
+4%
98 137
-1%
103 439
+5%
109 711
+6%
101 153
-8%
118 898
+18%
126 041
+6%
126 231
+0%
142 092
+13%
142 276
+0%
130 875
-8%
132 926
+2%
137 863
+4%
130 196
-6%
147 242
+13%
145 210
-1%
143 425
-1%
Investing Cash Flow
Capital Expenditures
(1 257)
744
2 652
(332)
(4 641)
(8 231)
(15 729)
2 100
4 797
593
3 333
2 368
(2 488)
7 647
(19 776)
(22 356)
(24 536)
(34 258)
(42 247)
(46 479)
(48 191)
(41 327)
(31 829)
(27 770)
(25 999)
(29 486)
(34 353)
(32 770)
(32 683)
(33 117)
(32 344)
(34 310)
(38 779)
(43 789)
(47 043)
(48 610)
(47 023)
(41 084)
(38 791)
(44 704)
(42 886)
(39 641)
(38 532)
(27 927)
(26 545)
(26 306)
(25 500)
(26 480)
(26 615)
(27 002)
(27 401)
(27 672)
(27 724)
(28 171)
(29 029)
(29 646)
(33 249)
(37 817)
(42 977)
(46 637)
(49 161)
(52 654)
(54 701)
(58 352)
(57 299)
(54 291)
(49 797)
(46 139)
(46 327)
(46 812)
(49 602)
(50 179)
(50 383)
(48 208)
Other Items
(61 386)
(5 624)
98 512
13 242
(37 297)
(17 242)
(11 698)
7 498
7 133
8 124
9 782
(12 970)
(13 099)
(18 241)
(7 946)
(1 008)
(388)
(9 302)
(5 484)
(11 497)
(12 504)
(4 628)
(4 190)
1 000
(1 076)
679
2 119
8 853
28 840
28 866
31 251
16 467
(11 181)
(17 004)
(28 301)
(23 758)
7 220
(8 102)
8 450
19 335
16 070
29 261
20 650
15 244
(1 092)
10 263
8 674
7 394
51 161
46 967
45 783
47 458
3 680
8 047
8 507
(10 112)
(18 883)
(76 297)
(87 570)
(66 614)
(65 809)
(15 017)
(6 489)
(10 320)
(6 884)
(4 139)
(3 625)
(3 823)
(1 923)
(1 922)
2 012
(3 089)
(25 990)
(44 287)
Cash from Investing Activities
(62 643)
N/A
(4 880)
+92%
101 164
N/A
12 910
-87%
(41 938)
N/A
(25 473)
+39%
(27 427)
-8%
9 598
N/A
11 930
+24%
8 717
-27%
13 115
+50%
(10 602)
N/A
(15 587)
-47%
(10 594)
+32%
(27 722)
-162%
(23 364)
+16%
(24 924)
-7%
(43 560)
-75%
(47 731)
-10%
(57 976)
-21%
(60 695)
-5%
(45 955)
+24%
(36 019)
+22%
(26 770)
+26%
(27 075)
-1%
(28 807)
-6%
(32 234)
-12%
(23 917)
+26%
(3 843)
+84%
(4 251)
-11%
(1 093)
+74%
(17 843)
-1 532%
(49 960)
-180%
(60 793)
-22%
(75 344)
-24%
(72 368)
+4%
(39 803)
+45%
(49 186)
-24%
(30 341)
+38%
(25 369)
+16%
(26 816)
-6%
(10 380)
+61%
(17 882)
-72%
(12 683)
+29%
(27 637)
-118%
(16 043)
+42%
(16 826)
-5%
(19 086)
-13%
24 546
N/A
19 965
-19%
18 382
-8%
19 786
+8%
(24 044)
N/A
(20 124)
+16%
(20 522)
-2%
(39 758)
-94%
(52 132)
-31%
(114 114)
-119%
(130 547)
-14%
(113 251)
+13%
(114 970)
-2%
(67 671)
+41%
(61 190)
+10%
(68 672)
-12%
(64 183)
+7%
(58 430)
+9%
(53 422)
+9%
(49 962)
+6%
(48 250)
+3%
(48 734)
-1%
(47 590)
+2%
(53 268)
-12%
(76 373)
-43%
(92 495)
-21%
Financing Cash Flow
Net Issuance of Common Stock
(2)
(1 000)
(48 281)
1 053
48 441
64
402
(11 927)
(12 357)
11 810
11 797
0
0
0
0
662
1 166
1 828
2 336
2 317
2 326
2 312
2 343
2 851
3 624
3 983
4 285
3 803
3 328
3 291
3 173
29 638
29 846
29 673
26 851
(10 226)
(10 363)
(10 144)
(7 189)
3 935
(39 697)
(46 197)
(45 608)
(53 677)
(23 921)
(24 547)
(30 145)
(32 669)
(178 206)
(170 131)
(164 127)
(153 159)
7 058
6 860
17 380
(32 341)
(42 788)
(42 722)
(53 386)
(2 824)
7 517
23 422
2 566
(16 782)
(46 293)
(84 395)
(63 393)
(57 031)
(37 707)
(21 916)
(22 021)
(9 016)
2 079
7 738
Net Issuance of Debt
(714)
(8)
990
0
50 000
60
(49 820)
(117)
(310)
45
115
45
25
10 136
11 712
11 725
10 440
440
(2 627)
(2 643)
(2 568)
(2 583)
(2 612)
(2 606)
27 312
27 318
(2 580)
(2 137)
(32 159)
(31 565)
(1 463)
(1 972)
(11 091)
(11 875)
(884)
(1 624)
3 038
2 184
(8 548)
(8 934)
(3 508)
(3 760)
19 745
19 125
3 171
3 667
(21 456)
(20 986)
42 957
42 590
33 739
58 784
7 952
3 780
1 140
42 342
40 940
95 615
68 037
(687)
(8 453)
(12 932)
(22 114)
1 851
19 923
9 451
44 090
17 533
6 444
(36 799)
(31 764)
(20 654)
(30 121)
(55 257)
Cash Paid for Dividends
(1 763)
(1 754)
(3 122)
(44)
(649)
(694)
(2 770)
(812)
(1 018)
12
118
(17)
(45)
(9)
(10 120)
(10 123)
(10 124)
(10 144)
(10 147)
(10 186)
(10 184)
(10 454)
(10 218)
(10 256)
(10 348)
(10 244)
(10 477)
(11 415)
(11 315)
(12 140)
(12 137)
(14 180)
(14 176)
(16 451)
(16 451)
(17 527)
(17 529)
(18 271)
(18 273)
(19 093)
(19 093)
(20 814)
(20 817)
(21 578)
(21 578)
(21 371)
(21 370)
(21 156)
(21 155)
(19 599)
(19 398)
(19 180)
(19 183)
(20 306)
(20 307)
(21 639)
(21 638)
(22 644)
(22 647)
(23 560)
(23 559)
(25 364)
(25 372)
(26 688)
(26 642)
(27 602)
(27 583)
(30 588)
(30 646)
(33 298)
(33 313)
(36 057)
(36 053)
(39 519)
Other
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(2)
(1)
(101)
(17)
(96)
(109)
(96)
(189)
(195)
(190)
(193)
(360)
(319)
(317)
(275)
(152)
(150)
(149)
(170)
(121)
(135)
(135)
(124)
(124)
(123)
(122)
(9 926)
(11 456)
(11 402)
(11 396)
(1 536)
(2)
0
1
1
3
0
(1)
(689)
(691)
(687)
(689)
(215)
(218)
(215)
(216)
(415)
(414)
(417)
Cash from Financing Activities
(2 479)
N/A
(2 762)
-11%
(50 413)
-1 725%
1 009
N/A
97 792
+9 592%
(570)
N/A
(52 188)
-9 056%
(12 856)
+75%
(13 685)
-6%
11 867
N/A
12 030
+1%
28
-100%
(20)
N/A
10 127
N/A
1 592
-84%
2 264
+42%
1 482
-35%
(7 876)
N/A
(10 438)
-33%
(10 512)
-1%
(10 426)
+1%
(10 725)
-3%
(10 487)
+2%
(10 011)
+5%
20 588
N/A
21 055
+2%
(8 773)
N/A
(9 850)
-12%
(40 163)
-308%
(40 510)
-1%
(10 536)
+74%
13 390
N/A
4 390
-67%
1 152
-74%
9 326
+710%
(29 570)
N/A
(25 214)
+15%
(26 550)
-5%
(34 327)
-29%
(24 367)
+29%
(62 450)
-156%
(70 921)
-14%
(46 829)
+34%
(56 300)
-20%
(42 449)
+25%
(42 386)
+0%
(73 106)
-72%
(74 935)
-3%
(156 528)
-109%
(147 263)
+6%
(149 908)
-2%
(123 481)
+18%
(15 629)
+87%
(21 068)
-35%
(13 183)
+37%
(13 174)
+0%
(23 488)
-78%
30 249
N/A
(7 995)
N/A
(27 070)
-239%
(24 492)
+10%
(14 874)
+39%
(44 921)
-202%
(42 308)
+6%
(53 703)
-27%
(103 233)
-92%
(47 575)
+54%
(70 301)
-48%
(62 127)
+12%
(92 228)
-48%
(87 314)
+5%
(66 142)
+24%
(64 509)
+2%
(87 455)
-36%
Change in Cash
Effect of Foreign Exchange Rates
624
(114)
135
(70)
(105)
161
(245)
15
(176)
(281)
253
(92)
(249)
(370)
(335)
(191)
(215)
(66)
62
(72)
111
502
721
1 039
992
940
337
71
481
632
694
1 362
525
(83)
(1 071)
(2 913)
(3 005)
(148)
624
2 069
3 730
961
(2 529)
(2 393)
(2 800)
(5 175)
(1 519)
(3 127)
(4 321)
(1 057)
(3 734)
(592)
349
(2 500)
1 520
(364)
(998)
2 158
2 829
5 010
6 040
2 693
859
704
675
2 093
3 399
4 176
(496)
2 782
(629)
(3 690)
1 263
1 203
Net Change in Cash
(67 038)
N/A
(2 043)
+97%
57 581
N/A
8 554
-85%
51 943
+507%
(25 485)
N/A
(73 142)
-187%
10 133
N/A
9 852
-3%
23 948
+143%
39 322
+64%
(15 433)
N/A
(12 451)
+19%
(13 940)
-12%
22 311
N/A
32 907
+47%
37 503
+14%
7 199
-81%
(5 041)
N/A
(15 422)
-206%
(23 220)
-51%
(9 078)
+61%
22 579
N/A
32 241
+43%
43 824
+36%
42 686
-3%
(6 830)
N/A
5 915
N/A
10 676
+80%
15 482
+45%
47 775
+209%
55 033
+15%
27 486
-50%
12 477
-55%
14 381
+15%
(28 903)
N/A
(265)
+99%
(4 509)
-1 602%
(2 897)
+36%
23 493
N/A
(26 009)
N/A
(21 029)
+19%
6 251
N/A
(30 323)
N/A
(1 057)
+97%
(1 313)
-24%
(35 102)
-2 573%
1 294
N/A
(51 410)
N/A
(30 554)
+41%
(22 421)
+27%
(12 721)
+43%
48 339
N/A
42 978
-11%
52 408
+22%
38 188
-27%
19 299
-49%
17 666
-8%
(37 576)
N/A
(31 872)
+15%
(23 711)
+26%
21 301
N/A
13 646
-36%
15 765
+16%
9 020
-43%
(17 478)
N/A
44 678
N/A
14 788
-67%
22 053
+49%
(317)
N/A
(5 337)
-1 584%
24 142
N/A
5 591
-77%
(35 322)
N/A
Free Cash Flow
Free Cash Flow
(3 797)
N/A
6 457
N/A
9 347
+45%
(5 627)
N/A
(8 447)
-50%
(7 834)
+7%
(9 011)
-15%
15 476
N/A
16 580
+7%
4 238
-74%
17 257
+307%
(2 399)
N/A
917
N/A
(5 456)
N/A
29 000
N/A
31 842
+10%
36 624
+15%
24 443
-33%
10 819
-56%
6 659
-38%
(401)
N/A
5 773
N/A
36 535
+533%
40 213
+10%
23 320
-42%
20 012
-14%
(513)
N/A
6 841
N/A
21 518
+215%
26 494
+23%
26 366
0%
23 814
-10%
33 752
+42%
28 412
-16%
34 427
+21%
27 338
-21%
20 734
-24%
30 291
+46%
22 356
-26%
26 456
+18%
16 641
-37%
19 670
+18%
34 959
+78%
13 126
-62%
45 284
+245%
35 985
-21%
30 849
-14%
71 962
+133%
58 278
-19%
70 799
+21%
85 438
+21%
63 894
-25%
59 939
-6%
58 499
-2%
55 564
-5%
61 838
+11%
62 668
+1%
61 556
-2%
55 160
-10%
56 802
+3%
60 550
+7%
48 499
-20%
64 197
+32%
67 689
+5%
68 932
+2%
87 801
+27%
92 479
+5%
84 736
-8%
86 599
+2%
91 051
+5%
80 594
-11%
97 063
+20%
94 827
-2%
95 217
+0%

See Also

Summary
Intrinsic value, competitors valuation, and company profile.
DCF Valuation
Stock valuation using Discount Cash Flow valuation method.
Relative Valuation
Stock valuation using valuation multiples.
Wall Street Estimates
Price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
Stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
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