# NICHIBAN 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122期(2025/04/01－2026/03/31) (S100YGTG)
> Page: https://vizora.meequs.com/en/company/nichiban
> Retrieved: 2026-09-30T17:49:30.361Z

## Company

Nichiban is a company in Medical Devices listed on TSE Prime. It has 1,271 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIBAN CO., LTD. |
| Ticker | 4218 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4218.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町五丁目1番地 |
| Representative (per filing) | 代表取締役社長 高津敏明 |
| Share capital | ¥5.45B |
| Employees (consolidated) | 1,271 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.nichiban.co.jp (https://www.nichiban.co.jp/) |
| Corporate number | 5010001000010 |
| EDINET | E01000 |
| Industries (Vizora) | Medical Devices, Chemicals, Pharmaceuticals, Stationery & Office Supplies |

> Profile source: annual securities report (S100YGTG, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.4 | 16 |
| Profitability | 46.9 | 16 |
| Cash conversion | 65.4 | 13 |
| Efficiency | 34.4 | 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 51% of Nichiban's sales come from Tape business, with Medical business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +2.0% from the prior year, operating profit -12.2%.

## Company structure

- Segment revenue mix: Tape business 50.6%、Medical business 49.4%
- Revenue → net income: ¥50470000000 → ¥1652000000
- Net income → operating cash flow: ¥1652000000 → ¥2540000000（difference ¥888000000）
- Main uses of operating cash flow: CapEx ¥2071000000 / dividends ¥712000000 / buybacks ¥342000000
- Change in cash: ¥-795000000
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 | ¥50.5B |  |
| Operating income | ¥2.27B | Margin 4.5% |
| Net income | ¥1.65B | Margin 3.3% |
| Free cash flow | ¥469M |  |
| Largest business | Tape business | of segment revenue 50.6% |
| Employees (consolidated) | 1,271 |  |
| EPS | ¥79.57 |  |
| Diluted EPS | ¥79.52 |  |
| Book value per share | ¥1695.91 |  |
| Equity ratio | 65.9% |  |
| Shares outstanding | 20,738,000 |  |
| Treasury shares | 557,000 |  |
| Shareholders | 19,649 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 20.1% | Cash ÷ revenue 26.8% |
| Vs. industry median margin | -3 pp | Chemicals |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 39 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41528000000 | ¥50470000000 | +21.5% |
| Operating income | ¥2000000000 | ¥2270000000 | +13.5% |
| Operating margin | 4.8% | 4.5% | -0.3 pp |
| Employees | 1,260 people | 1,271 people | +0.9% |
| Cash and equivalents | ¥13344000000 | ¥13512000000 | +1.3% |

### 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 |
| --- | ---: |
| メディカル事業 → メディカル事業 | 42.6% |
| テープ事業 → テープ事業 | 50.6% |
| テープ事業 → 事業再編・廃止 | 6.8% |
| 新設・再編 → メディカル事業 | 6.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,470 | 100.0% | S100YGTG |
| Cost of revenue | 35,445 | 70.2% | S100YGTG |
| Gross profit | 15,025 | 29.8% | S100YGTG |
| SG&A | 12,754 | 25.3% | S100YGTG |
| Operating income | 2,270 | 4.5% | S100YGTG |
| Ordinary income | 2,442 | 4.8% | S100YGTG |
| Pretax income | 2,125 | 4.2% | S100YGTG |
| Income tax | 472 | 0.9% | S100YGTG |
| Net income | 1,652 | 3.3% | S100YGTG |
| Net income attributable to owners | 1,652 | 3.3% | S100YGTG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 25 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 29.8% → Operating margin 4.5% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.0%; Core profit growth: -12.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -5.97×
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 | 49,457 | 50,470 | 1,013 | +2.0% |
| Gross profit | 14,902 | 15,025 | 123 | +0.8% |
| Operating income | 2,586 | 2,270 | -316 | -12.2% |
| Net income attributable to owners | 1,959 | 1,652 | -307 | -15.7% |
| Operating cash flow | 3,690 | 2,540 | -1,150 | -31.2% |
| Free cash flow | 2,352 | 469 | -1,883 | -80.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,063 | 2,975 | 6.8% | 1,751 | 5,749 | 4,425 | S100LQ5R |
| FY ending Mar 2021 | 41,528 | 2,000 | 4.8% | 1,350 | 5,911 | 3,414 | S100OIJW |
| FY ending Mar 2022 | 43,134 | 2,450 | 5.7% | 1,809 | 4,064 | 1,070 | S100R6ZR |
| FY ending Mar 2023 | 45,560 | 1,609 | 3.5% | 2,371 | 2,917 | 51 | S100TSWN |
| FY ending Mar 2024 | 46,859 | 2,073 | 4.4% | 1,827 | 3,187 | -497 | S100W347 |
| FY ending Mar 2025 | 49,457 | 2,586 | 5.2% | 1,959 | 3,690 | 2,352 | S100YGTG |
| FY ending Mar 2026 | 50,470 | 2,270 | 4.5% | 1,652 | 2,540 | 469 | S100YGTG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 1,255 | 1,268 | 1,270 | 1,271 | 1,271 |
| Average salary (parent company) | ¥6.8M | ¥6.7M | ¥6.9M | ¥7M | ¥7.2M |
| Average age (parent company) | 42.4 years | 42.9 years | 42.8 years | 43.1 years | 43.6 years |
| Average tenure (parent company) | 18.9 years | 19.0 years | 18.8 years | 19.0 years | 19.5 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical business | 24,936 | 49.4% | 6,325 | 25.4% |
| Tape business | 25,534 | 50.6% | 828 | 3.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical business | 49.4% | 88.4% | 39.0 | 25.4% |
| Tape business | 50.6% | 11.6% | -39.0 | 3.2% |

Segment → industry: Medical business → Medical Devices / Tape business → Chemicals / Medical business → Pharmaceuticals / Tape business → 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 | 2,540 | 5.0% | S100YGTG |
| Capital expenditure | 2,071 | 4.1% | S100YGTG |
| Free cash flow | 469 | 0.9% | 算出 |
| Investing cash flow | -2,238 | -4.4% | S100YGTG |
| Financing cash flow | -1,114 | -2.2% | S100YGTG |
| Dividends paid | 712 | 1.4% | S100YGTG |
| Share buyback | 342 | 0.7% | S100YGTG |
| Change in cash | -795 | -1.6% | S100YGTG |
| Cash and equivalents | 13,512 | 26.8% | S100YGTG |

## 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 | 13,844 | 14,752 | 13,049 | 14,307 | 13,512 | S100TSWN, S100W347, S100YGTG |
| Total assets | 64,427 | 69,123 | 68,039 | 67,603 | 67,307 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Net assets | 38,961 | 40,603 | 41,703 | 43,187 | 44,325 | S100TSWN, S100W347, S100YGTG |
| Share capital | 5,451 | 5,451 | 5,451 | 5,451 | 5,451 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Property, plant and equipment | 22,157 | 23,467 | 22,838 | 20,943 | 21,172 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Intangible assets excluding goodwill | 1,269 | 1,233 | 985 | 648 | 515 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Investment securities | 2,459 | 2,501 | 2,787 | 2,889 | 2,752 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Current assets | 35,742 | 39,273 | 38,639 | 39,756 | 39,191 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Current liabilities | 16,199 | 19,178 | 16,880 | 17,040 | 17,207 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Trade payables | 4,051 | 4,652 | 4,412 | 4,516 | 4,027 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Long-term borrowings | 2,000 | 2,000 | 2,000 | 2,000 | — | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Total liabilities | 25,465 | 28,519 | 26,336 | 24,415 | 22,981 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Equity attributable to owners of parent | 38,000 | 39,562 | 40,219 | 41,477 | 42,074 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Retained earnings | 28,377 | 30,127 | 31,233 | 32,480 | 33,419 | S100R6ZR, S100TSWN, S100W347, S100YGTG |
| Treasury stock | -15 | -203 | -652 | -642 | -985 | S100R6ZR, S100TSWN, S100W347, S100YGTG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YGTG |
| Property, plant and equipment | 31% | S100YGTG |
| Intangibles and goodwill | 1% | S100YGTG |
| Investment securities | 4% | S100YGTG |
| Other assets | 44% | S100YGTG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YGTG |
| Other liabilities | 28% | S100YGTG |
| Equity | 66% | S100YGTG |
| Other liabilities | 0% | S100YGTG |

### 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 | 64,427 | 69,123 | 68,039 | 67,603 | 67,307 |
| Equity | 38,961 | 40,603 | 41,703 | 43,187 | 44,325 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,844 | 14,752 | 13,049 | 14,307 | 13,512 |

## 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) | 41.9% | S100YGTG |
| Fixed assets ÷ total assets | 31.5% | S100YGTG |
| Goodwill ÷ parent equity | — | —, S100YGTG |

### 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) | 20.1% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.9% |
| Cash vs. profit gap | 888 JPY mn (of net income 53.8%) |
| Shareholder returns / net income | 63.8% |
| Shareholder returns / FCF | 224.7% |
| Shareholder payments — dividends / net income | 43.1% |
| Shareholder payments — dividends / FCF | 151.8% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 88.1% |

## 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 | 4.2% | 0.67× | 2.8% | 1.70× | 4.8% | S100R6ZR |
| 2023 | 5.2% | 0.68× | 3.6% | 1.72× | 6.1% | S100TSWN |
| 2024 | 3.9% | 0.68× | 2.7% | 1.72× | 4.6% | S100W347 |
| 2025 | 4.0% | 0.73× | 2.9% | 1.66× | 4.8% | S100YGTG |
| 2026 | 3.3% | 0.75× | 2.4% | 1.61× | 4.0% | S100YGTG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大鵬薬品工業株式会社 | Major shareholder | 33.5% | 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 | 6.8% | 2026-03-31 |
| ニチバン取引先持株会 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.4% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 1.4% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE IEDP AIF CLIENTS NON TREATY ACCOUNT（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 1.3% | 2026-03-31 |
| ニチバン従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YGTG | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGTG,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W347 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W347,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TSWN | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSWN,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R6ZR | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6ZR,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OIJW | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIJW,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LQ5R | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ5R,, |

## 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).