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Nomura Research Institute Valuation Multiples

Discover Nomura Research Institute's revenue and EBITDA valuation multiples, acquisitions, and investment history, alongside public comparables like CDW, Hyundai Autoever, Leidos, Samsung SDS and more.

Nomura Research Institute Overview

About Nomura Research Institute

NRI was formed in 1988 through the merger of the original Nomura Research Institute and Nomura Computer Systems. Its core financial IT solutions segment (roughly half of revenue) acts as a de facto utility for Japan’s capital markets, running shared back-office platforms for major brokerages and banks. The industrial IT solutions segment builds supply chain and enterprise resource planning systems for retailers and manufacturers. These are supported by IT platform services (data centers) and a consulting business that originates digital transformation projects. Nomura Holdings, the parent of Nomura Securities, remains NRI’s largest shareholder with a 20% stake.


Founded

1965

HQ

Japan

Employees

21.6K

Website

nri.com

Financials (LTM)

Revenue: $5B
EBITDA: $895M

EV

$18B

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Nomura Research Institute Financials

Nomura Research Institute reported last 12-month revenue of $5B and EBITDA of $895M.

In the same LTM period, Nomura Research Institute generated $2B in gross profit, $895M in EBITDA, and $214M in net income.

Revenue (LTM)


Nomura Research Institute P&L

In the most recent fiscal year, Nomura Research Institute reported revenue of $5B and EBITDA of $1B.

Nomura Research Institute is profitable as of last fiscal year, with gross margin of 36%, EBITDA margin of 25%, and net margin of 12%.

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LTMLast FY202320242025202620272028
Revenue$5B$5B$5B$5B$5B
Gross Profit$2B$2B$2B$2B$2B
Gross Margin36%36%35%36%36%
EBITDA$895M$1B$1B$1B$881M
EBITDA Margin17%25%23%24%17%
EBIT Margin10%18%16%17%10%
Net Profit$214M$587M$494M$565M$219M
Net Margin4%12%11%12%4%
Net Debt-$485M---

Financial data powered by Morningstar, Inc.

Nomura Research Institute Stock Performance

Nomura Research Institute has current market cap of $18B, and enterprise value of $18B.

Market Cap Evolution


Nomura Research Institute's stock price is $31.62.

Nomura Research Institute share price increased by 0.3% in the last 30 days, and decreased by 13.1% in the last year.

Nomura Research Institute has an EPS (earnings per share) of $1.02.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$18B$18B-3.6%0.3%15.9%-13.1%$1.02

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Nomura Research Institute Valuation Multiples

Nomura Research Institute trades at 3.6x EV/Revenue multiple, and 20.6x EV/EBITDA.

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EV / Revenue (LTM)


Nomura Research Institute Financial Valuation Multiples

As of June 3, 2026, Nomura Research Institute has market cap of $18B and EV of $18B.

Nomura Research Institute has a P/E ratio of 85.0x.

LTMLast FY202320242025202620272028
EV/Revenue3.6x3.8x4.1x3.9x3.7x
EV/EBITDA20.6x15.6x17.4x15.9x20.9x
EV/EBIT37.0x21.9x25.0x22.5x38.0x
EV/Gross Profit9.9x10.7x11.5x10.8x10.3x
P/E85.0x30.9x36.8x32.1x83.0x
EV/FCF41.0x36.5x34.4x35.2x43.8x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Nomura Research Institute Margins & Growth Rates

Nomura Research Institute grew revenue by 7% but EBITDA decreased by 34% in the last fiscal year.

In the most recent fiscal year, Nomura Research Institute reported gross margin of 36%, EBITDA margin of 25%, and net margin of 12%.

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Nomura Research Institute Margins

Last FY202420252026202720282029
Gross Margin36%36%36%38%
EBITDA Margin25%24%17%24%
EBIT Margin18%17%10%18%
Net Margin12%12%4%11%
FCF Margin11%11%8%12%

Nomura Research Institute Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth7%4%6%5%
Gross Profit Growth5%6%5%12%
EBITDA Growth(34%)9%(24%)44%
EBIT Growth(56%)11%(41%)92%
Net Profit Growth(84%)14%(61%)174%
FCF Growth(22%)(2%)(20%)51%

Data powered by FactSet, Inc. and Morningstar, Inc.

Nomura Research Institute Operational KPIs

Nomura Research Institute's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged $0.0M for the same period.

Nomura Research Institute's Rule of 40 is 29% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nomura Research Institute's Rule of X is 37% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Nomura Research Institute
LTMLast FY202320242025202620272028
Rule of 4022%29%---
Bessemer Rule of X29%37%---
Revenue per Employee-$0.2M---
Opex per Employee-$0.0M---
G&A Expenses to Revenue-19%19%19%18%
R&D Expenses to Revenue1%---1%
Opex to Revenue-18%19%19%18%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

Nomura Research Institute Competitors

Nomura Research Institute competitors include CDW, Hyundai Autoever, Leidos, Samsung SDS, Equifax, Capgemini, LTIMindtree, Elm, Tech Mahindra and CGI.

Most Nomura Research Institute public comparables operate across Business Consulting and IT Consulting.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
CDW1.0x1.0x10.8x10.7x
Hyundai Autoever5.4x5.3x54.3x52.2x
Leidos1.2x1.3x9.0x9.2x
Samsung SDS1.2x1.2x10.0x11.2x
Equifax4.3x4.1x13.5x12.9x
Capgemini1.1x1.1x6.8x6.7x
LTIMindtree-3.0x-16.5x
Elm5.6x5.3x21.3x21.4x

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Acquisitions by Nomura Research Institute

Nomura Research Institute has acquired 4 companies to date.

Last acquisition by Nomura Research Institute was on November 9th 2021. Nomura Research Institute acquired Core BTS for $350M (EV/Revenue multiple available to Pro users).

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Latest Acquisitions by Nomura Research Institute

Core BTS
Planit Testing
ASG Group
Brierley
Description
Core BTS is a technology solutions provider offering cloud migration, modern workplace setups, collaboration tools, cybersecurity, and networking services. Acquired by Tailwind Capital in August 2018, it serves corporate and public-sector clients across North America from offices in Indianapolis and Chicago. Core BTS holds Microsoft Gold Partner status and delivers Azure-based infrastructures for over 1,000 enterprises.
Planit Testing is an Australia-based quality assurance consultancy with over 800 specialists serving clients worldwide. The firm delivers software testing services, training, and advisory across industries like finance, healthcare, and retail. Its team applies domain-specific expertise gained from projects in automation, performance, and security testing.
ASG Group is an IT services firm delivering digital transformation including cloud migration, cybersecurity, and managed infrastructure to enterprises in Australia and New Zealand. Headquartered in Sydney, the company provides end-to-end solutions from strategy consulting to application development and data analytics. ASG serves clients in government, banking, and utilities sectors with partnerships alongside Cisco, Microsoft Azure, and AWS. Founded in 2002, it employs over 300 professionals across five Australian offices and maintains a 24/7 network operations center.
Brierley is a Dallas-headquartered loyalty and customer engagement firm. It designs and executes programs for retail, airline, and hospitality clients including American Airlines and Hilton. The company manages personalization engines, mobile apps, and data platforms that drive member retention through targeted rewards and communications. Acquired by Alliance Data in 2018, Brierley operates globally with expertise in omnichannel strategies.
HQ CountryUnited StatesAustraliaAustraliaUnited States
HQ City
Madison, WI
Sydney
Perth
Los Angeles, CA
Deal Date9 Nov 202117 May 202130 Sep 20162 Apr 2015
Valuation$350M$195M$227M$3B
EV/Revenue
EV/EBITDA

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Investments by Nomura Research Institute

Nomura Research Institute has invested in 4 companies to date.

Latest investment by Nomura Research Institute was on March 9th 2021. Nomura Research Institute invested in Komainu in their $25M Series A round (EV/Revenue multiple available to Pro users).

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Latest Investments by Nomura Research Institute

Komainu
Zippin
Kepple
Toranotec
Description
Komainu is a regulated custodian for digital assets targeting institutions. The London-headquartered firm, backed by Nomura, CoinShares, and Ledger, supports Bitcoin, Ethereum, and 20 other tokens with cold storage and MPC technology. It serves hedge funds and banks in Europe and Asia, compliant with MiFID II and holding SOC 2 Type II certification.
Zippin is a checkout-free retail technology provider deploying autonomous store systems powered by AI, computer vision, and sensor fusion. Overhead cameras and smart shelves track products and shoppers in real time for accurate inventory and billing. San Francisco-headquartered since 2018, Zippin equips stores with full-store solutions including entry gates and payment kiosks. Deployments span grocery chains and convenience stores across North America, with pilots in major urban markets demonstrating sub-minute checkout speeds.
-
Toranotec is a Tokyo-headquartered financial services corporation providing robo-advisory and asset management platforms. Its WealthNavi service automates investment portfolios in ETFs for retail investors, managing over 1 trillion yen in assets. Established in 2016, Toranotec expands through subsidiaries offering retirement planning and alternative investments.
HQ CountryJerseyUnited StatesJapanJapan
HQ City
St. Helier
San Francisco, CA
Tokyo
Tokyo
Deal Date9 Mar 202111 Dec 201920 Feb 201931 Oct 2017
RoundSeries ASeries AStrategic investmentStrategic investment
Raised$25M$12M$700K$300K
InvestorsAlan Howard; Galaxy Digital; NOIA Capital; Nomura Research InstituteArca Continental; Core Ventures; Evolv Ventures; Maven Ventures; Montage Ventures; Nomura Research Institute; NTT DOCOMO Ventures; Pear VC; SAP.iO; Scrum VenturesNomura Research InstituteNomura Research Institute
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Nomura Research Institute

When was Nomura Research Institute founded?Nomura Research Institute was founded in 1965.
Where is Nomura Research Institute headquartered?Nomura Research Institute is headquartered in Japan.
How many employees does Nomura Research Institute have?As of today, Nomura Research Institute has over 21K employees.
Who is the CEO of Nomura Research Institute?Nomura Research Institute's CEO is Kaga Yanagisawa.
Is Nomura Research Institute publicly listed?Yes, Nomura Research Institute is a public company listed on Tokyo Stock Exchange.
What is the stock symbol of Nomura Research Institute?Nomura Research Institute trades under 4307 ticker.
When did Nomura Research Institute go public?Nomura Research Institute went public in 2001.
Who are competitors of Nomura Research Institute?Nomura Research Institute main competitors include CDW, Hyundai Autoever, Leidos, Samsung SDS, Equifax, Capgemini, LTIMindtree, Elm, Tech Mahindra, CGI.
What is the current market cap of Nomura Research Institute?Nomura Research Institute's current market cap is $18B.
What is the current revenue of Nomura Research Institute?Nomura Research Institute's last 12 months revenue is $5B.
What is the current revenue growth of Nomura Research Institute?Nomura Research Institute revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Nomura Research Institute?Current revenue multiple of Nomura Research Institute is 3.6x.
What is the current EBITDA of Nomura Research Institute?Nomura Research Institute's last 12 months EBITDA is $895M.
What is Nomura Research Institute's EBITDA margin?Nomura Research Institute's last 12 months EBITDA margin is 17%.
What is the current EV/EBITDA multiple of Nomura Research Institute?Current EBITDA multiple of Nomura Research Institute is 20.6x.
What is the current FCF of Nomura Research Institute?Nomura Research Institute's last 12 months FCF is $450M.
What is Nomura Research Institute's FCF margin?Nomura Research Institute's last 12 months FCF margin is 9%.
What is the current EV/FCF multiple of Nomura Research Institute?Current FCF multiple of Nomura Research Institute is 41.0x.
How many companies Nomura Research Institute has acquired to date?As of June 2026, Nomura Research Institute has acquired 4 companies.
What was the largest acquisition by Nomura Research Institute?$3B acquisition of Brierley on 2nd April 2015 was the largest M&A Nomura Research Institute has done to date.
What companies Nomura Research Institute acquired?Nomura Research Institute acquired Brierley, Core BTS, ASG Group, and Planit Testing.
In how many companies Nomura Research Institute has invested to date?As of June 2026, Nomura Research Institute has invested in 4 companies.
What was the last Nomura Research Institute investment?On 9th March 2021 Nomura Research Institute invested in Komainu, participating in a $25M Series A round, alongside Alan Howard, Galaxy Digital, and NOIA Capital.
In what companies Nomura Research Institute invested in?Nomura Research Institute invested in Komainu, Zippin, Kepple, and Toranotec.

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