Research

NEXYZ.Group: Founder-run equipment financier with a listed media subsidiary

NEXYZ.Group Corporation (4346) · Published 2026-10-24 · Beluuga AI Research Team · Independent research

Not investment advice or a solicitation. See Important disclosures below.

Business overview

  • NEXYZ.Group is an operating holding company with 24 subsidiaries and four affiliates. Its main business, Nexyz ZERO, installs LED lighting, air conditioning, refrigeration, kitchen, agricultural and now industrial equipment such as cubicle-type high-voltage power receiving units at shops and facilities with no upfront cost. Customers pay usage fees, including interest, in installments or as a lump sum.
  • The company reports two segments. Embedded Finance (Nexyz ZERO and equipment sales) is the larger by sales and headcount. Media Promotion, run through majority-owned Brangista, sells a flat-fee, celebrity-based promotion service called Accel Japan, the travel e-magazine Tabiiro, and e-commerce support. An Other segment covers an electricity agency business and, in the year to September 2026, a groupware service for companies.
  • Embedded Finance sells through more than 30 offices across Japan and relies more and more on referrals from regional banks and shinkin banks. The company states that most of its employees are sales staff. The group had 1,066 employees at September 30, 2025, of whom 719 worked in Embedded Finance and 303 in Media Promotion.
  • The fiscal year ends in September. Since May 2022 the electricity business has acted only as an agent for an outside retailer, so it no longer carries electricity procurement risk.

Investment case

  1. Both segments grew sales and profit in the year to September 2025, according to the annual securities report (see Performance & Balance). The company credits a growing number of partner regional banks and shinkin banks for referrals in Embedded Finance and for new clients at Accel Japan.
  2. On August 14, 2026, alongside the third-quarter earnings release, the company revised its full-year forecast for the year to September 2026 and raised its year-end dividend forecast. The prior year's dividend included a one-off payment marking the 20th anniversary of listing. The raised forecast is entirely an ordinary dividend.
  3. The company held investment securities on its balance sheet and sold part of them in the nine months to June 2026, booking a gain on sale. Cash and deposits rose over the same period (see Performance & Balance).
  4. In September 2025 the company bought all shares of Daiichi Denki Setsubi Kogyo, an electrical contractor with a long record in Wakayama, to add qualified electricians. It states that it continues to consider M&A and alliances with companies that bring know-how, technology or customers it lacks.

Bear case

  1. The company owns a majority of Brangista, which is listed separately and moved to the TSE Standard market in November 2025. Non-controlling interests in the consolidated balance sheet were larger than equity attributable to the company's own shareholders at June 30, 2026. A large share of group net income goes to minority holders (see Performance & Balance).
  2. Net income in the nine months to June 2026 depended on a one-off gain from selling investment securities. Ordinary profit fell from the prior-year period, after an equity-method investment loss and higher non-operating costs. Comprehensive income was negative because unrealized gains on the remaining securities declined.
  3. Nexyz ZERO funds equipment purchases and installation by selling receivables to financial institutions. Rakuten Bank is named as a major customer accounting for a significant share of consolidated sales. The business therefore depends on bank funding terms, interest rates and a concentrated counterparty.
  4. Two consolidated subsidiaries, NEXYZ. and Brangista Media, had liabilities exceeding their assets at September 30, 2025. The cancellation adjustment allowance, set aside for expected customer cancellations of financed contracts, is a large current liability.

Catalysts

  • Full-year results for the year to September 2026 are due around mid-November 2026; last year's were released on November 14, 2025. They will show whether the company met the forecast it revised on August 14, 2026, and whether it pays the raised year-end dividend.
  • Any further sales of investment securities or affiliate shares, and any change in the Brangista ownership structure, either now that Brangista is on the Standard market or through the company buying more shares from minority holders, as it did in the year to September 2025.
  • Large Embedded Finance orders, such as high-voltage power receiving units and public works bids, that the company says it is booking now for revenue in later periods. The integration of the newly acquired electrical contractor is also worth tracking.

Key risks

  • Higher interest rates, or less capacity at partner banks to buy receivables, could affect results. The company says it secures funding lines with several banks and uses securitization as an alternative.
  • If cancellations of Nexyz ZERO contracts exceed historical rates, for example in a recession, the cost could exceed the allowance set aside. The company notes it now has more large multi-site and large-facility contracts, which could be canceled in succession.
  • Accel Japan depends on the continued availability of celebrities. Advertising spending tends to fall in downturns. Telemarketing and promotional campaigns are subject to the Act on Specified Commercial Transactions and Japan's premiums and labeling rules.
  • The president is also the representative director and chairs both the board and the management meeting. The president and a company bearing his name lead the major-shareholder list (see Shareholders). The board has nine directors, three of them outside directors. The articles lower the quorum for special shareholder resolutions to one-third of voting rights.

Trading liquidity

Median daily trading value US$0.16mn
Average daily volume 83,638 shares

2025-10-07 to 2026-10-23 (250 trading days). Trading value is daily closing price × daily volume on the Tokyo Stock Exchange.

Assumptions

  • Financial figures on this page come from beluuga.ai's daily data set; trading liquidity is measured over the period shown. We do not use consensus estimates.
  • Results for the nine months to June 2026 come from a quarterly earnings release that was not reviewed by an auditor. They include a one-off securities gain and a large minority share of profit, so they are not directly comparable with the prior-year period.
  • The annual securities report covers the year to September 2025 and was filed in December 2025. Statements about strategy and risk may not reflect developments up to the August 2026 release.
  • Qualitative statements are taken from the annual securities report for the year to September 2025 and the third-quarter earnings release for the year to September 2026.

This is independent research. No company paid for or reviewed it. We do not publish ratings, price targets or buy/sell views. Figures on the other slides of this page come from beluuga.ai's daily data set.

Important disclosures

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Sources, accuracy and forward-looking statements. This material is based on the issuers' public disclosure documents and on market data, and it was prepared with the assistance of AI tools and reviewed by the Beluuga AI Research Team. We believe the sources to be reliable but do not guarantee that the information is accurate, complete or current, and the material may contain errors. Statements about the future, including catalysts and risks, are assumptions and are not guarantees; actual results may differ materially. Past performance is not a guide to future performance. The material speaks only as of its date, and we have no obligation to update it. Where the issuer's original disclosure is in Japanese, the Japanese original prevails over any English description given here.

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Overview
Other Financing Business

NEXYZ.Group Corporation

NEXYZ.Group is an operating holding company engaged in two core segments: Embedded Finance and Media & Promotion. In its Embedded Finance segment, the company provides 'NEXYZ.ZERO,' a zero-upfront-cost financing solution that enables businesses such as restaurants, retail stores, and facilities to adopt energy-saving equipment (LED lighting, HVAC, refrigeration, kitchen and agricultural equipment) in exchange for recurring fee income including interest. In its Media & Promotion segment, the company offers corporate promotion support services, digital magazine publishing and advertising, and EC/web marketing solutions through subsidiaries including Brangista Media and Brangista Solution.

Market Cap
¥9.78B
US$62.4M
EV
¥—B
Stock¥752▲+0.40%
US$1 = ¥156.80 (2026-10-23)
ROE
39.0%
* LTM NI / end-of-period equity
PBR
2.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-49.7%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 16, 26Q3 earnings miss, op. profit cut
2Aug 17, 26Q3 FY2026/09 earnings announced
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Performance & Balance
Revenue 5Y (¥B)
18.8US$120M'21/919.2US$123M'22/922.0US$140M'23/924.5US$156M'24/928.4US$181M'25/9
EBITDA 5Y (¥B)
-0.22-US$1.40M'21/90.51US$3.25M'22/90.89US$5.66M'23/91.31US$8.37M'24/91.94US$12.4M'25/9
Net Income 5Y (¥B)
-1.15-US$7.35M'21/90.19US$1.18M'22/90.75US$4.77M'23/90.61US$3.90M'24/90.92US$5.88M'25/9
Capital Structure
35%
65%
EquityD/E 1.89xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
4.32US$27.5M5.94US$37.9M'21/93.77US$24.0M6.09US$38.9M'22/96.01US$38.3M5.41US$34.5M'23/98.59US$54.8M5.70US$36.4M'24/914.3US$91.1M6.95US$44.3M'25/9
Shareholders
Top 10 hold 66.1%
1
Takami KONDO
25.27%
2
Kondo Takami Office Co., Ltd.
9.81%
3
NEXYZ. Employee Stock Ownership Association
8.21%
4
Tomoyuki ITO
6.13%
5
HDP General Incorporated Association
5.38%
6
SBI SECURITIES Co., Ltd.
3.87%
7
Bell Investment Limited Liability Partnership No. 1
2.45%
8
Takashi WATANABE
2.04%
9
Seihei OMAE
1.74%
10
Daisuke SEIBAN
1.23%
Management
6 officers
Takami KONDO
Representative Director, President
May 1987 Founded Nihon Denki Tsushin Feb 1990 Established the Company Feb 1991 Representative Director, President of the Company Oct 2010 Representative Director, President of Nexyz.BB Co., Ltd. (now NEXYZ. Co., Ltd.) Dec 2014 Representative Director, President and Group Representative of the Company (current) Sep 2021 Representative Director, President of Body Archi Japan Co., Ltd. Dec 2023 Director of Body Archi Japan Co., Ltd. (current) Jul 2025 Representative Director, Vice Chairman of SBI NeoMedia Holdings Co., Ltd. (current)
1967-11-01
Seihei OMAE
Director, Vice President
Mar 1996 Joined the Company Jan 1997 Director, General Manager of Sales Division of the Company Oct 1997 Director, Vice President, General Manager of Sales Division of the Company Nov 2004 Director, Vice President of the Company (current) Mar 2005 Representative Director, President of Nexyz Trade Co., Ltd. Dec 2015 Representative Director, President of Nexyz.BB Co., Ltd. (now NEXYZ. Co., Ltd.) (current)
1969-11-30
Yasuhiro MATSUI
Senior Managing Director, General Manager of Administration Division
Apr 1999 Joined the Company, General Manager of Corporate Planning Office Oct 1999 General Manager of Administration Division Dec 1999 Director, General Manager of Administration Division Oct 2000 Managing Director, General Manager of Administration Division Nov 2003 Senior Managing Director, General Manager of Administration Division (current) Oct 2022 Representative Director of Nexyz Zero Co., Ltd. (now NEXYZ. Facilities Co., Ltd.) (current)
1958-04-13
Tsuyoshi FUJINO
Director, Deputy General Manager of Administration Division
Mar 1996 Joined the Company Jun 1999 General Manager, Western Japan Sales Department of the Company Dec 1999 Director of the Company Oct 2009 Director, Deputy General Manager of Administration Division (current) May 2016 Representative Director, President of Nexyz Zero Co., Ltd. (now NEXYZ. Facilities Co., Ltd.) Dec 2017 Director of Nexyz Zero Co., Ltd. (now NEXYZ. Facilities Co., Ltd.)
1973-12-15
Hideya SATO
Director, General Manager of President's Office
Dec 2001 Joined the Company Dec 2007 Director of Nexyz.VP Co., Ltd. Oct 2008 General Manager of President's Office of the Company Oct 2013 Executive Officer, General Manager of President's Office of the Company Oct 2017 Director of Body Archi Japan Co., Ltd. Dec 2018 Director, General Manager of President's Office of the Company (current)
1974-05-08
Toshiko TAKAHASHI
Director, Full-time Audit and Supervisory Committee Member
Jan 1995 Joined the Company Oct 2004 General Manager, Accounting Department of the Company Dec 2005 Director of Blanjista Co., Ltd. Apr 2009 General Manager, Internal Audit Office of the Company Oct 2015 General Manager, Internal Audit Office of Blanjista Co., Ltd. Jan 2021 General Manager, Administration Department of Body Archi Japan Co., Ltd. (current) Dec 2023 Director, Full-time Audit and Supervisory Committee Member of the Company (current)
1973-09-26
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-14
Q3 Earnings Flash
FY ending Sep 2026
EDINET
2026-05-15
Semi-Annual Securities Report
Period: Oct 2025 – Sep 2026
TDnet
2026-02-13
Q1 Earnings Flash
FY ending Sep 2026
EDINET
2025-12-18
Annual Securities Report
Period: Oct 2024 – Sep 2025
TDnet
2025-08-14
Q3 Earnings Flash
FY ending Sep 2025
EDINET
2025-05-15
Semi-Annual Securities Report
Period: Oct 2024 – Mar 2025
TDnet
2025-02-14
Q1 Earnings Flash
FY ending Sep 2025
EDINET
2024-12-20
Annual Securities Report
Period: Oct 2023 – Sep 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-20
Annual Securities Report
Period: Oct 2022 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-12-15
Annual Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-05-16
Quarterly Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-12-15
Annual Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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