# NANSIN 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80期(2025/04/01－2026/03/31) (S100YM6C)
> Page: https://vizora.meequs.com/en/company/nansin
> Retrieved: 2026-09-30T21:34:00.465Z

## Company

Nansin, founded in 1947, is a company in Industrial Machinery listed on TSE Standard. It has 438 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NANSIN CO., LTD. |
| Ticker | 7399 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7399.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋人形町一丁目17番4号 |
| Representative (per filing) | 代表取締役社長 諏訪隆博 |
| Founded | Oct 1947 |
| Share capital | ¥1.7B |
| Employees (consolidated) | 438 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | March |
| Website | www.nansin.co.jp (https://www.nansin.co.jp/) |
| Corporate number | 1010001053053 |
| EDINET | E02447 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YM6C, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.8 | 110 |
| Profitability | 11.1 | 122 |
| Cash conversion | 90.1 | 116 |
| Efficiency | 34.8 | 122 |

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 94% of Nansin's sales come from Japan, with China and Malaysia making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit +72.8%.

## Company structure

- Segment revenue mix: Japan 93.8%、China 5.0%、Malaysia 1.2%
- Revenue → net income: ¥9777768000 → ¥232500000
- Net income → operating cash flow: ¥232500000 → ¥649377000（difference ¥416877000）
- Main uses of operating cash flow: CapEx ¥276197000 / dividends ¥133260000 / buybacks —
- Change in cash: ¥470839000
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 | ¥9.78B |  |
| Operating income | ¥211.3M | Margin 2.2% |
| Net income | ¥232.5M | Margin 2.4% |
| Free cash flow | ¥373.2M |  |
| Largest business | Japan | of segment revenue 93.8% |
| Employees (consolidated) | 438 |  |
| EPS | ¥53.56 |  |
| Book value per share | ¥1592.41 |  |
| Equity ratio | 83.0% |  |
| Shares outstanding | 7,708,000 |  |
| Treasury shares | 1,026,000 |  |
| Shareholders | 1,024 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | -5.4 pp | Industrial Machinery |
| ROE | 2.0% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, segment profit share differs by 72 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8751216000 | ¥9777768000 | +11.7% |
| Operating income | ¥673478000 | ¥211319000 | -68.6% |
| Operating margin | 7.7% | 2.2% | -5.5 pp |
| Employees | 414 people | 438 people | +5.8% |
| Cash and equivalents | ¥4811395000 | ¥3023812000 | -37.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 93.3% |
| マレーシア → マレーシア | 0.8% |
| 中国 → 中国 | 5.0% |
| 中国 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 日本 | 0.5% |
| 新設・再編 → マレーシア | 0.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +2.4% | ¥9168758000 | 0.6% | 2 |
| China | 5 years | -1.2% | ¥489421000 | 39.9% | 2 |
| Malaysia | 5 years | +11.5% | ¥119587000 | -27.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,778 | 100.0% | S100YM6C |
| Cost of revenue | 7,364 | 75.3% | S100YM6C |
| Gross profit | 2,414 | 24.7% | S100YM6C |
| SG&A | 2,203 | 22.5% | S100YM6C |
| Operating income | 211 | 2.2% | S100YM6C |
| Ordinary income | 297 | 3.0% | S100YM6C |
| Pretax income | 433 | 4.4% | S100YM6C |
| Income tax | 200 | 2.0% | S100YM6C |
| Net income | 233 | 2.4% | S100YM6C |
| Net income attributable to owners | 233 | 2.4% | S100YM6C |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 23 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.7% → Operating margin 2.2% → Net margin 2.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.4%; Core profit growth: +72.8%
Operating leverage (core profit growth ÷ revenue growth): -176.70×
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 | 9,818 | 9,778 | -40 | -0.4% |
| Gross profit | 2,199 | 2,414 | 215 | +9.8% |
| Operating income | 122 | 211 | 89 | +72.8% |
| Net income attributable to owners | 213 | 233 | 20 | +9.3% |
| Operating cash flow | 112 | 649 | 537 | +478.1% |
| Free cash flow | -86 | 373 | 459 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,067 | 444 | 4.9% | 412 | 385 | 299 | S100LUYE |
| FY ending Mar 2021 | 8,751 | 673 | 7.7% | 392 | 924 | 890 | S100OH1J |
| FY ending Mar 2022 | 9,203 | 134 | 1.5% | 179 | 390 | 317 | S100R9MX |
| FY ending Mar 2023 | 9,808 | 209 | 2.1% | 593 | -517 | -710 | S100TT7S |
| FY ending Mar 2024 | 8,916 | 199 | 2.2% | 156 | 714 | 438 | S100W56P |
| FY ending Mar 2025 | 9,818 | 122 | 1.2% | 213 | 112 | -86 | S100YM6C |
| FY ending Mar 2026 | 9,778 | 211 | 2.2% | 233 | 649 | 373 | S100YM6C |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.3M |
| Operating income per employee (consolidated) | ¥482.5K |
| Net income per employee (consolidated) | ¥530.8K |

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) | 423 | 427 | 413 | 397 | 438 |
| Average salary (parent company) | ¥5.2M | ¥5.1M | ¥5.5M | ¥5.4M | ¥5.8M |
| Average age (parent company) | 42.8 years | 44.0 years | 45.5 years | 45.9 years | 46.2 years |
| Average tenure (parent company) | 10.0 years | 10.9 years | 11.7 years | 12.5 years | 12.3 years |

Year over year: Employees (consolidated) +10.3% · Revenue (consolidated) -0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 9,169 | 93.8% | 57 | 0.6% |
| Malaysia | 120 | 1.2% | -33 | -27.5% |
| China | 489 | 5.0% | 195 | 39.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 93.8% | 22.6% | -71.2 | 0.6% |
| Malaysia | 1.2% | — | — | -27.5% |
| China | 5.0% | 77.4% | 72.4 | 39.9% |

Loss-making segment (excluded from profit shares): Malaysia -33 JPY mn

Segment → industry: China → Industrial Machinery / Malaysia → Industrial Machinery / Japan → Industrial Machinery

## 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 | 649 | 6.6% | S100YM6C |
| Capital expenditure | 276 | 2.8% | S100YM6C |
| Free cash flow | 373 | 3.8% | 算出 |
| Investing cash flow | -18 | -0.2% | S100YM6C |
| Financing cash flow | -211 | -2.2% | S100YM6C |
| Dividends paid | 133 | 1.4% | S100YM6C |
| Change in cash | 471 | 4.8% | S100YM6C |
| Cash and equivalents | 3,024 | 30.9% | S100YM6C |

## 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 | 4,576 | 3,727 | 3,812 | 2,553 | 3,024 | S100TT7S, S100W56P, S100YM6C |
| Total assets | 15,805 | 16,024 | 15,784 | 14,448 | 14,613 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Net assets | 11,106 | 11,410 | 11,477 | 11,741 | 12,133 | S100TT7S, S100W56P, S100YM6C |
| Share capital | 1,697 | 1,697 | 1,697 | 1,697 | 1,697 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Property, plant and equipment | 3,865 | 3,702 | 3,773 | 3,653 | 3,844 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Intangible assets excluding goodwill | 330 | 262 | 234 | 162 | 108 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Investment securities | 312 | 347 | 375 | 345 | 124 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Current assets | 11,009 | 11,173 | 10,863 | 9,891 | 10,141 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Current liabilities | 3,346 | 3,523 | 3,272 | 1,730 | 1,595 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Trade payables | 1,175 | 1,289 | 988 | 917 | 657 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Short-term borrowings | 1,650 | 1,750 | 1,750 | 350 | 350 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Total liabilities | 4,699 | 4,614 | 4,308 | 2,706 | 2,480 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Equity attributable to owners of parent | 11,184 | 11,642 | 11,543 | 11,622 | 11,728 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Retained earnings | 8,452 | 8,911 | 8,864 | 8,944 | 9,043 | S100R9MX, S100TT7S, S100W56P, S100YM6C |
| Treasury stock | -507 | -507 | -561 | -561 | -552 | S100R9MX, S100TT7S, S100W56P, S100YM6C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YM6C |
| Property, plant and equipment | 26% | S100YM6C |
| Intangibles and goodwill | 1% | S100YM6C |
| Investment securities | 1% | S100YM6C |
| Other assets | 51% | S100YM6C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YM6C |
| Other liabilities | 12% | S100YM6C |
| Equity | 83% | S100YM6C |
| Other liabilities | 0% | S100YM6C |

### 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 | 15,805 | 16,024 | 15,784 | 14,448 | 14,613 |
| Equity | 11,106 | 11,410 | 11,477 | 11,741 | 12,133 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,576 | 3,727 | 3,812 | 2,553 | 3,024 |

## 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) | 39.3% | S100YM6C |
| Fixed assets ÷ total assets | 26.3% | S100YM6C |
| Goodwill ÷ parent equity | — | —, S100YM6C |

### 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) | 20.7% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 307.3% |
| Cash vs. profit gap | 417 JPY mn (of net income 179.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.3% |
| Shareholder payments — dividends / FCF | 35.7% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 2.8% |

## 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 | 1.9% | 0.58× | 1.1% | 1.41× | 1.6% | S100R9MX |
| 2023 | 6.0% | 0.62× | 3.7% | 1.39× | 5.2% | S100TT7S |
| 2024 | 1.7% | 0.56× | 1.0% | 1.37× | 1.3% | S100W56P |
| 2025 | 2.2% | 0.65× | 1.4% | 1.31× | 1.8% | S100YM6C |
| 2026 | 2.4% | 0.67× | 1.6% | 1.24× | 2.0% | S100YM6C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 齋 藤 邦 彦 | Major shareholder | 13.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC(常任代理人 インタラクティブ・ブローカーズ証券株式会社) | Major shareholder | 10.7% | 2026-03-31 |
| UH Partners2投資事業有限責任組合 無限責任組合員株式会社UH Partners2 | Major shareholder | 7.5% | 2026-03-31 |
| 光通信KK投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| 田中 園枝 | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 3.4% | 2026-03-31 |
| エスアイエル投資事業有限責任組合無限責任組合員株式会社エスアイエル | Major shareholder | 2.4% | 2026-03-31 |
| 有限会社フジシゲ | Major shareholder | 2.4% | 2026-03-31 |
| 内 藤 征 吾 | Major shareholder | 2.0% | 2026-03-31 |
| 天 井 全 兄 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YM6C | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YM6C,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W56P | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W56P,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TT7S | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT7S,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R9MX | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9MX,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OH1J | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH1J,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LUYE | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUYE,, |

## 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).