Leading Securities Co., Ltd. reported a much stronger set of headline numbers for the year to March 2026, with operating revenue of ¥1.52bn, net operating revenue of ¥1.48bn, ordinary income of ¥202.7mn and net income of ¥171.8mn, up from ¥1.21bn, ¥1.19bn, ¥67.4mn and ¥51.0mn respectively a year earlier. The five-year summary in the filing makes the latest result look like a rebound from a soft prior year rather than a neat upward line: net income had been ¥92.4mn in the year to March 2024 and ¥104.0mn in the year to March 2023 before dropping in 2025.
| Metric | Year to March 2025 | Year to March 2026 |
|---|---|---|
| Operating revenue | ¥1.21bn | ¥1.52bn |
| Net operating revenue | ¥1.19bn | ¥1.48bn |
| Ordinary income | ¥67.4mn | ¥202.7mn |
| Net income | ¥51.0mn | ¥171.8mn |
| Net cash from operating activities | -¥454.4mn | ¥296.7mn |
| Total assets | ¥7.06bn | ¥8.32bn |
| Net assets | ¥1.19bn | ¥1.36bn |
| Capital adequacy regulation ratio | 4.470 | 3.871 |
The balance sheet expanded as well. Total assets reached ¥8.32bn, against ¥7.06bn a year earlier, while net assets rose to ¥1.36bn from ¥1.19bn. Per-share measures followed, with net assets per share at 163.56 versus 142.91 and basic earnings per share at 20.65 versus 6.13. Capital stock remained ¥550.0mn and issued shares stayed at 8,324,647.
One wrinkle is that the rebound did not lift every reported capital metric. The equity-to-asset ratio slipped to 0.1636 from 0.1685, and the capital adequacy regulation ratio fell to 3.871 from 4.470, even as return on equity recovered to 0.1347 from 0.0438. Cash generation improved too, with net cash provided by operating activities at ¥296.7mn after a ¥454.4mn outflow in the prior year.
For readers outside Japan, the point is the mix inside the filing. This was clearly a stronger year for revenue, profit, assets and operating cash flow at a Japanese securities firm, but the summary data do not show a clean strengthening in every capital measure at the same time. The packet excerpt also does not explain what drove the recovery or why the ratios eased, so the broad signal is recovery, with some capital-metric caveats still attached.