# Nakanihon KOGYO CO.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第93期(2025/04/01－2026/03/31) (S100YJUB)
> Page: https://vizora.meequs.com/en/company/nakanihon-kogyo
> Retrieved: 2026-09-30T21:09:47.563Z

## Company

Nakanihon KOGYO is a company in Film & Anime listed on Nagoya. It has 61 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nakanihon KOGYO CO.,Ltd. |
| Ticker | 9643 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9643.T) |
| Listing | Nagoya |
| Head office | 名古屋市中村区名駅四丁目5番28号 |
| Representative (per filing) | 代表取締役社長 貴田吉晴 |
| Share capital | ¥270M |
| Employees (consolidated) | 61 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Corporate number | 9180001031919 |
| EDINET | E04596 |
| Industries (Vizora) | Film & Anime, Advertising, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJUB, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Film & Anime (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.4 | 9 |
| Profitability | 16.7 | 9 |
| Cash conversion | 93.8 | 8 |
| Efficiency | 61.1 | 9 |

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 89% of Nakanihon KOGYO's sales come from Cinema, with Advertisement and Real estate leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +22.5% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Cinema 88.6%、Advertisement 8.4%、Real estate leasing 3.0%
- Revenue → net income: ¥4123430000 → ¥127720000
- Net income → operating cash flow: ¥127720000 → ¥605171000（difference ¥477451000）
- Main uses of operating cash flow: CapEx ¥354410000 / dividends ¥31833000 / buybacks —
- Change in cash: ¥71991000
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 | ¥4.12B |  |
| Operating income | ¥164.7M | Margin 4.0% |
| Net income | ¥127.7M | Margin 3.1% |
| Free cash flow | ¥250.8M |  |
| Largest business | Cinema | of segment revenue 88.6% |
| Employees (consolidated) | 61 |  |
| EPS | ¥240.73 |  |
| Book value per share | ¥6794.25 |  |
| Equity ratio | 61.2% |  |
| Shares outstanding | 540,000 |  |
| Treasury shares | 9,400 |  |
| Shareholders | 2,944 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 21.0% |
| Vs. industry median margin | -5.7 pp | Film & Anime |
| ROE | 4.3% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.7× net income
- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1961789000 | ¥4123430000 | +110.2% |
| Operating income | ¥-391982000 | ¥164679000 | — |
| Operating margin | -20.0% | 4.0% | +24 pp |
| Employees | 55 people | 61 people | +10.9% |
| Cash and equivalents | ¥761904000 | ¥865244000 | +13.6% |

### 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 |
| --- | ---: |
| シネマ → シネマ | 87.5% |
| アド → アド | 8.4% |
| アド → 事業再編・廃止 | 0.3% |
| 不動産賃貸 → 不動産賃貸 | 3.0% |
| 不動産賃貸 → 事業再編・廃止 | 0.8% |
| 新設・再編 → シネマ | 1.2% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cinema | 5 years | +16.3% | ¥3654472000 | 4.8% | 2 |
| Advertisement | 5 years | +15.1% | ¥344617000 | -10.4% | 2 |
| Real estate leasing | 5 years | +10.5% | ¥124340000 | 21.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,123 | 100.0% | S100YJUB |
| Cost of revenue | 2,093 | 50.7% | S100YJUB |
| Gross profit | 2,031 | 49.3% | S100YJUB |
| SG&A | 1,866 | 45.3% | S100YJUB |
| Operating income | 165 | 4.0% | S100YJUB |
| Ordinary income | 187 | 4.5% | S100YJUB |
| Pretax income | 170 | 4.1% | S100YJUB |
| Income tax | 42 | 1.0% | S100YJUB |
| Net income | 128 | 3.1% | S100YJUB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 45 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 49.3% → Operating margin 4.0% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 3,367 | 4,123 | 757 | +22.5% |
| Gross profit | 1,696 | 2,031 | 335 | +19.7% |
| Operating income | -107 | 165 | 271 | — |
| Operating cash flow | 63 | 605 | 542 | +857.4% |
| Free cash flow | -452 | 251 | 703 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,809 | 137 | 3.6% | 106 | 172 | -118 | S100LJ7B |
| FY ending Mar 2021 | 1,962 | -392 | -20.0% | -326 | -412 | -420 | S100OB5X |
| FY ending Mar 2022 | 2,758 | -243 | -8.8% | -202 | 263 | 200 | S100R4XJ |
| FY ending Mar 2023 | 3,335 | -68 | -2.0% | -53 | 190 | 122 | S100TVB4 |
| FY ending Mar 2024 | 3,542 | 83 | 2.3% | 78 | 281 | -53 | S100W2GA |
| FY ending Mar 2025 | 3,367 | -107 | -3.2% | -85 | 63 | -452 | S100YJUB |
| FY ending Mar 2026 | 4,123 | 165 | 4.0% | 128 | 605 | 251 | S100YJUB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.6M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 52 | 53 | 60 | 62 | 61 |
| Average salary (parent company) | ¥4.8M | ¥5M | ¥5.1M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 43.3 years | 43.8 years | 43.9 years | 45.5 years | 46.3 years |
| Average tenure (parent company) | 13.0 years | 12.8 years | 12.0 years | 12.5 years | 13.4 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +22.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cinema | 3,654 | 88.6% | 174 | 4.8% |
| Advertisement | 345 | 8.4% | -36 | -10.4% |
| Real estate leasing | 124 | 3.0% | 26 | 21.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cinema | 88.6% | 86.9% | -1.7 | 4.8% |
| Advertisement | 8.4% | — | — | -10.4% |
| Real estate leasing | 3.0% | 13.1% | 10.0 | 21.0% |

Loss-making segment (excluded from profit shares): Advertisement -36 JPY mn

Segment → industry: Cinema → Film & Anime / Advertisement → Advertising / Real estate leasing → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 605 | 14.7% | S100YJUB |
| Capital expenditure | 354 | 8.6% | S100YJUB |
| Free cash flow | 251 | 6.1% | 算出 |
| Investing cash flow | -484 | -11.7% | S100YJUB |
| Financing cash flow | -49 | -1.2% | S100YJUB |
| Dividends paid | 32 | 0.8% | S100YJUB |
| Change in cash | 72 | 1.7% | S100YJUB |
| Cash and equivalents | 865 | 21.0% | S100YJUB |

## 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 | 935 | 962 | 1,037 | 793 | 865 | S100TVB4, S100W2GA, S100YJUB |
| Total assets | 4,341 | 4,398 | 4,928 | 5,206 | 5,889 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Net assets | 3,248 | 3,169 | 3,367 | 3,187 | 3,605 | S100TVB4, S100W2GA, S100YJUB |
| Share capital | 270 | 270 | 270 | 270 | 270 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Trade receivables | 197 | 234 | 250 | 242 | 312 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Property, plant and equipment | 1,844 | 1,808 | 2,006 | 2,522 | 2,591 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Intangible assets excluding goodwill | 42 | 65 | 65 | 112 | 85 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Investment securities | 544 | 553 | 798 | 721 | 1,189 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Current assets | 1,337 | 1,416 | 1,530 | 1,345 | 1,537 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Current liabilities | 625 | 713 | 785 | 879 | 1,077 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Short-term borrowings | — | — | — | — | 110 | S100YJUB |
| Long-term borrowings | — | — | 238 | 553 | 518 | S100W2GA, S100YJUB |
| Total liabilities | 1,093 | 1,230 | 1,561 | 2,019 | 2,284 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Equity attributable to owners of parent | 3,066 | 2,980 | 3,026 | 2,903 | 2,999 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Retained earnings | 2,867 | 2,782 | 2,828 | 2,706 | 2,802 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |
| Treasury stock | -71 | -72 | -72 | -73 | -73 | S100R4XJ, S100TVB4, S100W2GA, S100YJUB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJUB |
| Receivables | 5% | S100YJUB |
| Property, plant and equipment | 44% | S100YJUB |
| Intangibles and goodwill | 2% | S100YJUB |
| Investment securities | 20% | S100YJUB |
| Other assets | 14% | S100YJUB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YJUB |
| Equity | 61% | S100YJUB |

### 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 | 4,341 | 4,398 | 4,928 | 5,206 | 5,889 |
| Equity | 3,248 | 3,169 | 3,367 | 3,187 | 3,605 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 935 | 962 | 1,037 | 793 | 865 |

## 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) | 62.8% | S100YJUB |
| Fixed assets ÷ total assets | 44.0% | S100YJUB |
| Goodwill ÷ parent equity | — | —, S100YJUB |

### 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) | 14.7% |
| Cash ÷ revenue | 21.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 367.5% |
| Cash vs. profit gap | 477 JPY mn (of net income 373.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.9% |
| Shareholder payments — dividends / FCF | 12.7% |
| CapEx intensity (capex ÷ revenue) | 8.6% |
| Investing CF relative to operating CF | 80.0% |

## 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 | — | —× | -4.7% | —× | — | S100R4XJ |
| 2023 | — | —× | -1.2% | —× | — | S100TVB4 |
| 2024 | 2.2% | 0.76× | 1.7% | 1.55× | 2.6% | S100W2GA |
| 2025 | — | —× | -1.7% | —× | — | S100YJUB |
| 2026 | 3.1% | 0.74× | 2.3% | 1.88× | 4.3% | S100YJUB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| トヨタ不動産株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 松竹株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三清社 | Major shareholder | 1.5% | 2026-03-31 |
| 服 部 徹 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社サンサン興産 | Major shareholder | 1.0% | 2026-03-31 |
| 服 部 敬 徳 | Major shareholder | 0.9% | 2026-03-31 |
| 廣 野 純 弘 | Major shareholder | 0.8% | 2026-03-31 |
| 服 部 美 朗 | Major shareholder | 0.8% | 2026-03-31 |
| 濱 谷 亘 匠 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YJUB | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJUB,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W2GA | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GA,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TVB4 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVB4,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R4XJ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4XJ,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OB5X | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB5X,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LJ7B | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ7B,, |

## 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).