Fuji NihonFuji Nihon Corporation2114東証スタンダード食料品FY ending Mar 2026, consolidated, J-GAAP

Fuji Nihon revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed +0.8% from the prior year, operating profit +10.0%.

Five-year trend

Revenue¥28.4B
FY ending Mar 2022: ¥20.1B¥20.1BFY ending Mar 2023: ¥22.7B¥22.7BFY ending Mar 2024: ¥25.9B¥25.9BFY ending Mar 2025: ¥28.2B¥28.2BFY ending Mar 2026: ¥28.4B¥28.4BFY22FY23FY24FY25FY26
Operating income¥3.55B
FY ending Mar 2022: ¥1.6B¥1.6BFY ending Mar 2023: ¥1.81B¥1.81BFY ending Mar 2024: ¥2.17B¥2.17BFY ending Mar 2025: ¥3.23B¥3.23BFY ending Mar 2026: ¥3.55B¥3.55BFY22FY23FY24FY25FY26
Operating margin12.5%
FY ending Mar 2022: 8.0%8.0%FY ending Mar 2023: 8.0%8.0%FY ending Mar 2024: 8.4%8.4%FY ending Mar 2025: 11.5%11.5%FY ending Mar 2026: 12.5%12.5%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin11.3%
Asset turnover0.78×
ROA8.9%
ROA8.9%
Financial leverage1.61×
ROE14.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin11.3%
2022: 8.0%8.0%2023: 7.4%7.4%2024: 9.2%9.2%2025: 10.1%10.1%2026: 11.3%11.3%2223242526
Asset turnover0.78×
2022: 0.81×0.81×2023: 0.86×0.86×2024: 0.85×0.85×2025: 0.85×0.85×2026: 0.78×0.78×2223242526
ROA8.9%
2022: 6.5%6.5%2023: 6.3%6.3%2024: 7.8%7.8%2025: 8.6%8.6%2026: 8.9%8.9%2223242526
Financial leverage1.61×
2022: 1.40×1.40×2023: 1.44×1.44×2024: 1.54×1.54×2025: 1.58×1.58×2026: 1.61×1.61×2223242526
ROE14.3%
2022: 9.1%9.1%2023: 9.1%9.1%2024: 12.0%12.0%2025: 13.6%13.6%2026: 14.3%14.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20228.0%0.81×6.5%1.40×9.1%
20237.4%0.86×6.3%1.44×9.1%
20249.2%0.85×7.8%1.54×12.0%
202510.1%0.85×8.6%1.58×13.6%
202611.3%0.78×8.9%1.61×14.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue12.0%
2021: 16.8%16.8%2022: 16.5%16.5%2023: 14.7%14.7%2024: 13.2%13.2%2025: 9.3%9.3%2026: 12.0%12.0%212223242526
PPE ÷ total assets8.8%
2021: 13.6%13.6%2022: 13.4%13.4%2023: 11.8%11.8%2024: 10.6%10.6%2025: 7.7%7.7%2026: 8.8%8.8%212223242526
Goodwill ÷ parent equity—
2021: 0.0%0.0%212223242526
Goodwill balance—
2021: ¥2.7M¥2.7M212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥115M
2021: ¥72M¥72M2022: ¥72M¥72M2023: ¥76M¥76M2024: ¥69M¥69M2025: ¥93M¥93M2026: ¥115M¥115M212223242526
R&D / revenue0.4%
2021: 0.4%0.4%2022: 0.4%0.4%2023: 0.3%0.3%2024: 0.3%0.3%2025: 0.3%0.3%2026: 0.4%0.4%212223242526
Receivable days—
2021: 54d54d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue20,09622,67825,89028,20928,443
Cost of revenue15,26017,40119,61420,60520,284
Gross profit4,8365,2766,2767,6048,159
SG&A3,2323,4624,1034,3714,605
Operating income1,6051,8142,1733,2323,554
Pretax income1,9902,1143,0673,7184,291
Income tax2724657349071,074
Net income attributable to owners1,6141,6732,3702,8453,220
Operating margin8.0%8.0%8.4%11.5%12.5%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 19%
Property, plant and equipment 9%
0%
Investment securities 35%
Other assets 37%

Funding

Other liabilities 28%
Equity 72%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥3.8B¥4.88B¥5.27B¥6.64B¥7.24B
Total assets¥24.7B¥28.3B¥32.4B¥33.8B¥38.7B
Net assets¥19.7B¥21.5B¥23.9B¥23.9B¥27.9B
Share capital¥1.52B¥1.52B¥1.52B¥1.52B¥1.52B
Property, plant and equipment¥3.32B¥3.33B¥3.43B¥2.61B¥3.42B
Intangible assets excluding goodwill¥81.8M¥64.1M¥55.6M¥32M¥67M
Investment securities¥7.69B¥8.38B¥9.65B¥11.3B¥13.6B
Current assets¥11.4B¥14.3B¥16.9B¥17.7B¥19.3B
Current liabilities¥3.43B¥5.18B¥6.5B¥5.79B¥5.53B
Short-term borrowings¥1.29B¥2.23B¥3.1B¥2.16B¥1.69B
Long-term borrowings¥276.6M——¥2.35B¥2.93B
Total liabilities¥5.03B¥6.74B¥8.57B¥9.89B¥10.8B
Non-controlling interests-¥42.7M¥63.8M¥26.1M¥46M¥43M
Equity attributable to owners of parent¥17.7B¥19B¥20.5B¥21.3B¥23.6B
Retained earnings¥14.8B¥16.1B¥17.6B¥17.7B¥20.1B
Treasury stock-¥717.4M-¥717.4M-¥717.4M-¥16M-¥16M

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    訂正有価証券報告書-第103期(2025/04/01-2026/03/31)

    ID S100YK3Q2026-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第102期(2024/04/01-2025/03/31)

    ID S100W0KQ2025-06-20Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第101期(2023/04/01-2024/03/31)

    ID S100U4M82024-07-31Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第100期(2022/04/01-2023/03/31)

    ID S100RHDE2023-07-31Open
  • EDINET (FSA Japan)

    有価証券報告書-第99期(令和3年4月1日-令和4年3月31日)

    ID S100OAOJ2022-06-21Open
  • EDINET (FSA Japan)

    有価証券報告書-第98期(令和2年4月1日-令和3年3月31日)

    ID S100LPY22021-06-25Open

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