# Nice Corporation: 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77期(2025/04/01－2026/03/31) (S100YI3N)
> Page: https://vizora.meequs.com/en/company/nice
> Retrieved: 2026-09-30T18:23:03.650Z

## Company

Nice, founded in 1950, is a company in Homebuilders listed on TSE Standard. It has 2,827 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nice Corporation |
| Ticker | 8089 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8089.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市鶴見区鶴見中央四丁目33番1号 |
| Representative (per filing) | 取締役社長 津戸裕徳 |
| Founded | Jun 1950 |
| Share capital | ¥24.5B |
| Employees (consolidated) | 2,827 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | nice.co.jp (https://nice.co.jp/) |
| Corporate number | 2020001037946 |
| EDINET | E02584 |
| Industries (Vizora) | Homebuilders, Specialty Trading & Wholesale, Condominium Developers |

> Profile source: annual securities report (S100YI3N, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.2 | 179 |
| Profitability | 34.9 | 185 |
| Cash conversion | 5.9 | 179 |
| Efficiency | 47.8 | 185 |

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 75% of Nice's sales come from Construction materials, with Housing and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit +15.0%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥259.2B |  |
| Operating income | ¥5.32B | Margin 2.1% |
| Net income | ¥2.59B | Margin 1.0% |
| Free cash flow | -¥6.89B |  |
| Largest business | Construction materials | of segment revenue 74.7% |
| Employees (consolidated) | 2,827 |  |
| EPS | ¥234.39 |  |
| Book value per share | ¥4280.26 |  |
| Equity ratio | 34.3% |  |
| Shares outstanding | 12,247,639 |  |
| Treasury shares | 5,000 |  |
| Shareholders | 6,241 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 8.4% |
| Vs. industry median margin | -0.8 pp | Specialty Trading & Wholesale |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -50 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥214069000000 | ¥259154000000 | +21.1% |
| Operating income | ¥4493000000 | ¥5322000000 | +18.5% |
| Operating margin | 2.1% | 2.1% | 0 pp |
| Employees | 2,457 people | 2,827 people | +15.1% |
| Cash and equivalents | ¥27631000000 | ¥21780000000 | -21.2% |

### 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 |
| --- | ---: |
| 建築資材 → 建築資材 | 73.0% |
| 住宅 → 住宅 | 21.2% |
| 住宅 → 事業再編・廃止 | 1.2% |
| その他 → その他 | 4.1% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 建築資材 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction materials | 5 years | +4.4% | ¥193532000000 | 0.9% | 2 |
| Housing | 5 years | +2.7% | ¥54931000000 | 7.1% | 2 |
| Other | 5 years | +1.6% | ¥10690000000 | 12.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 259,154 | 100.0% | S100YI3N |
| Cost of revenue | 222,932 | 86.0% | S100YI3N |
| Gross profit | 36,222 | 14.0% | S100YI3N |
| SG&A | 30,899 | 11.9% | S100YI3N |
| Operating income | 5,322 | 2.1% | S100YI3N |
| Ordinary income | 5,162 | 2.0% | S100YI3N |
| Pretax income | 4,519 | 1.7% | S100YI3N |
| Income tax | 1,729 | 0.7% | S100YI3N |
| Net income | 2,789 | 1.1% | S100YI3N |
| Net income attributable to owners | 2,586 | 1.0% | S100YI3N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 12 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 14.0% → Operating margin 2.1% → Net margin 1.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.6%; Core profit growth: +15.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 243,054 | 259,154 | 16,100 | +6.6% |
| Gross profit | 34,682 | 36,222 | 1,540 | +4.4% |
| Operating income | 4,628 | 5,322 | 694 | +15.0% |
| Net income attributable to owners | 2,872 | 2,586 | -286 | -10.0% |
| Operating cash flow | -4,931 | -3,202 | 1,729 | — |
| Free cash flow | -9,043 | -6,895 | 2,148 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 251,475 | 1,203 | 0.5% | -3,787 | 14,654 | 13,409 | S100LTV3 |
| FY ending Mar 2021 | 214,069 | 4,493 | 2.1% | 2,017 | 15,828 | 14,118 | S100OGIC |
| FY ending Mar 2022 | 229,514 | 10,224 | 4.5% | 4,482 | 1,734 | 171 | S100R80U |
| FY ending Mar 2023 | 236,329 | 5,292 | 2.2% | 3,780 | 12,956 | 10,501 | S100TSQ6 |
| FY ending Mar 2024 | 225,869 | 4,403 | 1.9% | 4,204 | 10,103 | 6,924 | S100W5XO |
| FY ending Mar 2025 | 243,054 | 4,628 | 1.9% | 2,872 | -4,931 | -9,043 | S100YI3N |
| FY ending Mar 2026 | 259,154 | 5,322 | 2.1% | 2,586 | -3,202 | -6,895 | S100YI3N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.7M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥914.8K |

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) | 2,534 | 2,431 | 2,504 | 2,816 | 2,827 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥7.3M | ¥6.9M | ¥6.7M |
| Average age (parent company) | 44.6 years | 44.4 years | 44.6 years | 44.2 years | 44.3 years |
| Average tenure (parent company) | 18.6 years | 18.8 years | 18.8 years | 18.5 years | 18.2 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +6.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction materials | 193,532 | 74.7% | 1,747 | 0.9% |
| Housing | 54,931 | 21.2% | 3,892 | 7.1% |
| Other | 10,690 | 4.1% | 1,352 | 12.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction materials | 74.7% | 25.0% | -49.7 | 0.9% |
| Housing | 21.2% | 55.7% | 34.5 | 7.1% |
| Other | 4.1% | 19.3% | 15.2 | 12.6% |

Segment → industry: Housing → Homebuilders / Construction materials → Specialty Trading & Wholesale / Housing → Condominium Developers

## 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 | -3,202 | -1.2% | S100YI3N |
| Capital expenditure | 3,693 | 1.4% | S100YI3N |
| Free cash flow | -6,895 | -2.7% | 算出 |
| Investing cash flow | -4,576 | -1.8% | S100YI3N |
| Financing cash flow | 370 | 0.1% | S100YI3N |
| Dividends paid | 808 | 0.3% | S100YI3N |
| Share buyback | 655 | 0.3% | S100YI3N |
| Change in cash | -7,328 | -2.8% | S100YI3N |
| Cash and equivalents | 21,780 | 8.4% | S100YI3N |

## 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 | 33,006 | 37,348 | 41,501 | 29,078 | 21,780 | S100TSQ6, S100W5XO, S100YI3N |
| Total assets | 157,921 | 156,722 | 161,308 | 171,037 | 173,471 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Net assets | 48,543 | 51,390 | 56,973 | 61,661 | 65,159 | S100TSQ6, S100W5XO, S100YI3N |
| Share capital | 24,404 | 24,426 | 24,433 | 24,433 | 24,489 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Property, plant and equipment | 39,942 | 41,726 | 42,572 | 46,253 | 45,868 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Intangible assets excluding goodwill | 565 | 825 | 896 | 2,183 | 2,410 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Goodwill | 13 | 4 | — | 1,559 | 1,364 | S100R80U, S100TSQ6, S100YI3N |
| Investment securities | 6,483 | 6,375 | 7,264 | 10,514 | 12,835 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Current assets | 106,094 | 102,779 | 106,135 | 106,717 | 106,449 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Current liabilities | 73,733 | 69,820 | 72,709 | 76,106 | 76,197 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Trade payables | 23,408 | 22,203 | 26,371 | 24,852 | 21,997 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Short-term borrowings | 26,655 | 20,997 | 18,735 | 19,230 | 22,996 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Long-term borrowings | 24,981 | 25,368 | 22,112 | 22,672 | 20,993 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Bonds | 40 | — | — | — | — | S100R80U |
| Interest-bearing debt | 51,676 | — | — | — | — | 算出 |
| Total liabilities | 109,378 | 105,332 | 104,335 | 109,376 | 108,311 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Non-controlling interests | 3,132 | 3,387 | 3,997 | 5,432 | 5,718 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Equity attributable to owners of parent | 46,111 | 49,003 | 53,609 | 56,349 | 57,760 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Retained earnings | 9,210 | 12,135 | 16,711 | 19,181 | 21,136 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |
| Treasury stock | -828 | -829 | -830 | -688 | -1,281 | S100R80U, S100TSQ6, S100W5XO, S100YI3N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YI3N |
| Property, plant and equipment | 27% | S100YI3N |
| Intangibles and goodwill | 2% | S100YI3N |
| Investment securities | 7% | S100YI3N |
| Other assets | 51% | S100YI3N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YI3N |
| Other liabilities | 50% | S100YI3N |
| Equity | 37% | S100YI3N |
| Other liabilities | 0% | S100YI3N |

### 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 | 157,921 | 156,722 | 161,308 | 171,037 | 173,471 |
| Equity | 48,543 | 51,390 | 56,973 | 61,661 | 65,159 |
| Interest-bearing debt | 51,676 | — | — | — | — |
| Cash | 33,006 | 37,348 | 41,501 | 29,078 | 21,780 |

## 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) | 17.7% | S100YI3N |
| Fixed assets ÷ total assets | 26.4% | S100YI3N |
| Goodwill ÷ parent equity | 2.4% | S100YI3N |

Goodwill over 4 years: 13 → 1,364 JPY; total investing cash flow: -14,503 JPY. This does not imply causation.

### 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 | 8.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -60.2% |
| Cash vs. profit gap | -5,788 JPY mn (of net income -223.8%) |
| Shareholder returns / net income | 56.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | — |

## 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 | 2.0% | 1.45× | 2.8% | 3.42× | 9.7% | S100R80U |
| 2023 | 1.6% | 1.50× | 2.4% | 3.31× | 7.9% | S100TSQ6 |
| 2024 | 1.9% | 1.42× | 2.6% | 3.10× | 8.2% | S100W5XO |
| 2025 | 1.2% | 1.46× | 1.7% | 3.02× | 5.2% | S100YI3N |
| 2026 | 1.0% | 1.50× | 1.5% | 3.02× | 4.5% | S100YI3N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ヤマダホールディングス | Major shareholder | 17.2% | 2026-03-31 |
| 技研ホールディングス株式会社 | Major shareholder | 16.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社横浜銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.8% | 2026-03-31 |
| ナイス従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| 吉野石膏株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| パナソニックハウジングソリューションズ株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YI3N | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI3N,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W5XO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5XO,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TSQ6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSQ6,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R80U | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R80U,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OGIC | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGIC,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LTV3 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTV3,, |

## 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).