# NAKABAYASHI CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YKAO)
> Page: https://vizora.meequs.com/en/company/nakabayashi
> Retrieved: 2026-09-30T21:38:56.233Z

## Company

Nakabayashi, founded in 1951, is a company in Electric Power & Gas listed on TSE Standard. It has 2,004 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKABAYASHI CO.,LTD. |
| Ticker | 7987 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7987.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市中央区北浜東1番20号 |
| Representative (per filing) | 代表取締役 社長執行役員 中林 一良 |
| Founded | Jun 1951 |
| Share capital | ¥6.67B |
| Employees (consolidated) | 2,004 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.nakabayashi.co.jp (https://www.nakabayashi.co.jp/) |
| Corporate number | 4120001086023 |
| EDINET | E00679 |
| Industries (Vizora) | Electric Power & Gas, Agriculture & Seeds, Business Process Outsourcing, Printing, Stationery & Office Supplies |

> Profile source: annual securities report (S100YKAO, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Stationery & Office Supplies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.6 | 16 |
| Profitability | 53.1 | 16 |
| Cash conversion | 80.8 | 13 |
| Efficiency | 65.6 | 16 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 50% of Nakabayashi's sales come from Consumer communication, with Business process solution and Energy making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.9% from the prior year, operating profit +60.9%.

## Company structure

- Segment revenue mix: Consumer communication 49.7%、Business process solution 48.1%、Energy 2.1%、Other 0.2%
- Revenue → net income: ¥61598000000 → ¥1439000000
- Net income → operating cash flow: ¥1439000000 → ¥3243000000（difference ¥1804000000）
- Main uses of operating cash flow: CapEx ¥608000000 / dividends ¥602000000 / buybacks ¥199000000
- Change in cash: ¥-336000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥61.6B |  |
| Operating income | ¥2.88B | Margin 4.7% |
| Net income | ¥1.93B | Margin 3.1% |
| Free cash flow | ¥2.63B |  |
| Largest business | Consumer communication | of segment revenue 49.7% |
| Employees (consolidated) | 2,004 |  |
| EPS | ¥67.11 |  |
| Book value per share | ¥908.68 |  |
| Equity ratio | 56.9% |  |
| Shares outstanding | 28,794,000 |  |
| Treasury shares | 1,670,100 |  |
| Shareholders | 16,939 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | +0.1 pp | Stationery & Office Supplies |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 61%
- FY2026, one segment accounts for 61% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63644000000 | ¥61598000000 | -3.2% |
| Operating income | ¥2550000000 | ¥2875000000 | +12.7% |
| Operating margin | 4.0% | 4.7% | +0.7 pp |
| Employees | 2,316 people | 2,004 people | -13.5% |
| Cash and equivalents | ¥6426000000 | ¥6795000000 | +5.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| ビジネスプロセスソリューション事業 → ビジネスプロセスソリューション事業 | 48.1% |
| ビジネスプロセスソリューション事業 → 事業再編・廃止 | 3.8% |
| コンシューマーコミュニケーション事業 → コンシューマーコミュニケーション事業 | 33.4% |
| エネルギー事業 → エネルギー事業 | 2.1% |
| エネルギー事業 → 事業再編・廃止 | 0.6% |
| オフィスアプライアンス事業 → 事業再編・廃止 | 11.9% |
| その他 → その他 | 0.2% |
| 新設・再編 → コンシューマーコミュニケーション事業 | 16.2% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Consumer communication | 5 years | +7.5% | ¥30591000000 | 5.9% | 2 |
| Business process solution | 5 years | -2.1% | ¥29618000000 | 3.8% | 2 |
| Energy | 5 years | -5.5% | ¥1284000000 | 0.6% | 2 |
| Other | 5 years | +1.6% | ¥104000000 | 11.5% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 61,598 | 100.0% | S100YKAO |
| Cost of revenue | 45,345 | 73.6% | S100YKAO |
| Gross profit | 16,252 | 26.4% | S100YKAO |
| SG&A | 13,376 | 21.7% | S100YKAO |
| Operating income | 2,875 | 4.7% | S100YKAO |
| Ordinary income | 3,219 | 5.2% | S100YKAO |
| Pretax income | 2,191 | 3.6% | S100YKAO |
| Income tax | 752 | 1.2% | S100YKAO |
| Net income | 1,439 | 2.3% | S100YKAO |
| Net income attributable to owners | 1,934 | 3.1% | S100YKAO |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 22 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 26.4% → Operating margin 4.7% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.9%; Core profit growth: +60.9%
Operating leverage (core profit growth ÷ revenue growth): -32.69×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 62,767 | 61,598 | -1,169 | -1.9% |
| Gross profit | 15,637 | 16,252 | 615 | +3.9% |
| Operating income | 1,787 | 2,875 | 1,088 | +60.9% |
| Net income attributable to owners | 1,995 | 1,934 | -61 | -3.1% |
| Operating cash flow | 2,791 | 3,243 | 452 | +16.2% |
| Free cash flow | 1,919 | 2,635 | 716 | +37.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 65,309 | 2,346 | 3.6% | 1,561 | 3,878 | 699 | S100LPSW |
| FY ending Mar 2021 | 63,644 | 2,550 | 4.0% | 1,552 | 2,407 | 695 | S100OEWF |
| FY ending Mar 2022 | 63,118 | 1,818 | 2.9% | 1,018 | 2,226 | 994 | S100RU79 |
| FY ending Mar 2023 | 61,581 | 455 | 0.7% | -666 | -87 | -1,627 | S100TTS3 |
| FY ending Mar 2024 | 61,043 | 462 | 0.8% | 876 | 1,328 | -451 | S100W4JX |
| FY ending Mar 2025 | 62,767 | 1,787 | 2.8% | 1,995 | 2,791 | 1,919 | S100YKAO |
| FY ending Mar 2026 | 61,598 | 2,875 | 4.7% | 1,934 | 3,243 | 2,635 | S100YKAO |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.7M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥965.1K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,339 | 2,228 | 2,184 | 2,113 | 2,004 |
| Average salary (parent company) | ¥4.9M | ¥4.9M | ¥5M | ¥5.1M | ¥5.5M |
| Average age (parent company) | 40.8 years | 41.1 years | 41.4 years | 43.1 years | 42.7 years |
| Average tenure (parent company) | 15.3 years | 15.6 years | 15.3 years | 16.4 years | 14.8 years |

Year over year: Employees (consolidated) -5.2% · Revenue (consolidated) -1.9%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Business process solution | 29,618 | 48.1% | 1,135 | 3.8% |
| Consumer communication | 30,591 | 49.7% | 1,808 | 5.9% |
| Energy | 1,284 | 2.1% | 8 | 0.6% |
| Other | 104 | 0.2% | 12 | 11.5% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Business process solution | 48.1% | 38.3% | -9.8 | 3.8% |
| Consumer communication | 49.7% | 61.0% | 11.4 | 5.9% |
| Energy | 2.1% | 0.3% | -1.8 | 0.6% |
| Other | 0.2% | 0.4% | 0.2 | 11.5% |

Segment → industry: Energy → Electric Power & Gas / Other → Agriculture & Seeds / Business process solution → Business Process Outsourcing / Business process solution → Printing / Consumer communication → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,243 | 5.3% | S100YKAO |
| Capital expenditure | 608 | 1.0% | S100YKAO |
| Free cash flow | 2,635 | 4.3% | 算出 |
| Investing cash flow | 257 | 0.4% | S100YKAO |
| Financing cash flow | -3,827 | -6.2% | S100YKAO |
| Dividends paid | 602 | 1.0% | S100YKAO |
| Share buyback | 199 | 0.3% | S100YKAO |
| Change in cash | -336 | -0.5% | S100YKAO |
| Cash and equivalents | 6,795 | 11.0% | S100YKAO |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,076 | 7,870 | 6,687 | 7,131 | 6,795 | S100TTS3, S100W4JX, S100YKAO |
| Total assets | 58,225 | 57,703 | 57,965 | 56,584 | 54,080 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Net assets | 28,504 | 26,881 | 28,119 | 29,377 | 30,950 | S100TTS3, S100W4JX, S100YKAO |
| Share capital | 6,666 | 6,666 | 6,666 | 6,666 | 6,666 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Trade receivables | 10,864 | 10,304 | 11,106 | 10,306 | 9,423 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Property, plant and equipment | 22,290 | 22,274 | 21,750 | 20,719 | 18,790 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Intangible assets excluding goodwill | 651 | 388 | 292 | 249 | 204 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Goodwill | 427 | 108 | 13 | — | — | S100RU79, S100TTS3, S100W4JX |
| Investment securities | 2,729 | 2,834 | 3,010 | 3,081 | 3,756 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Current assets | 30,199 | 29,893 | 30,073 | 29,789 | 27,980 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Current liabilities | 19,139 | 17,876 | 17,667 | 15,829 | 13,265 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Trade payables | 5,352 | 4,775 | 4,632 | 4,299 | 3,216 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Short-term borrowings | 6,855 | 6,400 | 6,248 | 5,308 | 4,250 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Long-term borrowings | 6,654 | 9,285 | 8,674 | 8,270 | 6,362 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Total liabilities | 29,720 | 30,822 | 29,846 | 27,206 | 23,129 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Non-controlling interests | 1,642 | 677 | 678 | 659 | 165 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Equity attributable to owners of parent | 25,858 | 25,307 | 25,595 | 27,003 | 28,143 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Retained earnings | 11,399 | 10,404 | 10,677 | 12,068 | 13,398 | S100RU79, S100TTS3, S100W4JX, S100YKAO |
| Treasury stock | -723 | -706 | -691 | -676 | -865 | S100RU79, S100TTS3, S100W4JX, S100YKAO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YKAO |
| Receivables | 17% | S100YKAO |
| Property, plant and equipment | 35% | S100YKAO |
| Intangibles and goodwill | 0% | S100YKAO |
| Investment securities | 7% | S100YKAO |
| Other assets | 28% | S100YKAO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YKAO |
| Other liabilities | 37% | S100YKAO |
| Equity | 57% | S100YKAO |
| Other liabilities | 0% | S100YKAO |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 58,225 | 57,703 | 57,965 | 56,584 | 54,080 |
| Equity | 28,504 | 26,881 | 28,119 | 29,377 | 30,950 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,076 | 7,870 | 6,687 | 7,131 | 6,795 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 30.5% | S100YKAO |
| Fixed assets ÷ total assets | 34.7% | S100YKAO |
| Goodwill ÷ parent equity | — | —, S100YKAO |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 12.6% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.8% |
| Cash vs. profit gap | 1,309 JPY mn (of net income 67.7%) |
| Shareholder returns / net income | 41.4% |
| Shareholder returns / FCF | 30.4% |
| Shareholder payments — dividends / net income | 31.1% |
| Shareholder payments — dividends / FCF | 22.8% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 7.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.6% | 1.08× | 1.7% | 2.25× | 3.9% | S100RU79 |
| 2023 | — | —× | -1.1% | —× | — | S100TTS3 |
| 2024 | 1.4% | 1.06× | 1.5% | 2.27× | 3.4% | S100W4JX |
| 2025 | 3.2% | 1.10× | 3.5% | 2.18× | 7.6% | S100YKAO |
| 2026 | 3.1% | 1.11× | 3.5% | 2.01× | 7.0% | S100YKAO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フエル共益会 | Major shareholder | 8.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.0% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| ナカバヤシ従業員持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社ODKソリューションズ | Major shareholder | 1.5% | 2026-03-31 |
| SECカーボン株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YKAO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKAO,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W4JX | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4JX,, |
| 有価証券報告書－第74期(2023/04/01－2024/03/31) | S100TTS3 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTS3,, |
| 訂正有価証券報告書－第73期(2022/04/01－2023/03/31) | S100RU79 | 2023-09-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RU79,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OEWF | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEWF,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LPSW | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPSW,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).