# nichiden 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75期(2025/04/01－2026/03/31) (S100YCBD)
> Page: https://vizora.meequs.com/en/company/nichiden
> Retrieved: 2026-09-30T20:25:34.088Z

## Company

nichiden, founded in 1952, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,050 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIDEN Corporation |
| Ticker | 9902 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9902.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区上本町西一丁目2番16号 |
| Representative (per filing) | 代表取締役 社長執行役員 福家 利一 |
| Founded | Jan 1952 |
| Share capital | ¥5.37B |
| Employees (consolidated) | 1,050 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.nichiden.com (https://www.nichiden.com/) |
| Corporate number | 8120001077522 |
| EDINET | E02745 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCBD, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.7 | 179 |
| Profitability | 74.9 | 185 |
| Cash conversion | 28.2 | 179 |
| Efficiency | 21.9 | 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)

- nichiden brought in ¥141B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit -3.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥141033000000 → ¥5114000000
- Net income → operating cash flow: ¥5114000000 → ¥4304000000（difference ¥-810000000）
- Main uses of operating cash flow: CapEx ¥2977000000 / dividends ¥2365000000 / buybacks —
- Change in cash: ¥1144000000
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 | ¥141B |  |
| Operating income | ¥6.62B | Margin 4.7% |
| Net income | ¥5.11B | Margin 3.6% |
| Free cash flow | ¥1.33B |  |
| Employees (consolidated) | 1,050 |  |
| EPS | ¥176.16 |  |
| Book value per share | ¥3052.75 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 30,000,800 |  |
| Treasury shares | 462,400 |  |
| Shareholders | 10,031 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 11.5% |
| Vs. industry median margin | +1.8 pp | Specialty Trading & Wholesale |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥102751000000 | ¥141033000000 | +37.3% |
| Operating income | ¥3943000000 | ¥6622000000 | +67.9% |
| Operating margin | 3.8% | 4.7% | +0.9 pp |
| Employees | 926 people | 1,050 people | +13.4% |
| Cash and equivalents | ¥17967000000 | ¥16206000000 | -9.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 141,033 | 100.0% | S100YCBD |
| Cost of revenue | 119,412 | 84.7% | S100YCBD |
| Gross profit | 21,620 | 15.3% | S100YCBD |
| SG&A | 14,998 | 10.6% | S100YCBD |
| Operating income | 6,622 | 4.7% | S100YCBD |
| Ordinary income | 7,465 | 5.3% | S100YCBD |
| Pretax income | 7,477 | 5.3% | S100YCBD |
| Income tax | 2,362 | 1.7% | S100YCBD |
| Net income | 5,114 | 3.6% | S100YCBD |
| Net income attributable to owners | 5,114 | 3.6% | S100YCBD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 10 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 15.3% → Operating margin 4.7% → Net margin 3.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.6%; Core profit growth: -3.0%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.64×
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 | 134,771 | 141,033 | 6,262 | +4.6% |
| Gross profit | 20,680 | 21,620 | 940 | +4.5% |
| Operating income | 6,824 | 6,622 | -202 | -3.0% |
| Net income attributable to owners | 4,892 | 5,114 | 222 | +4.5% |
| Operating cash flow | 4,471 | 4,304 | -167 | -3.7% |
| Free cash flow | 1,849 | 1,327 | -522 | -28.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 112,334 | 5,154 | 4.6% | 3,467 | 5,576 | 4,859 | S100LOZY |
| FY ending Mar 2021 | 102,751 | 3,943 | 3.8% | 2,841 | 3,607 | 2,561 | S100OFNH |
| FY ending Mar 2022 | 123,964 | 5,502 | 4.4% | 4,245 | 3,068 | -268 | S100R3AT |
| FY ending Mar 2023 | 131,609 | 6,287 | 4.8% | 4,967 | 2,116 | 556 | S100TPP2 |
| FY ending Mar 2024 | 126,912 | 5,809 | 4.6% | 4,674 | 5,023 | 3,038 | S100VYVQ |
| FY ending Mar 2025 | 134,771 | 6,824 | 5.1% | 4,892 | 4,471 | 1,849 | S100YCBD |
| FY ending Mar 2026 | 141,033 | 6,622 | 4.7% | 5,114 | 4,304 | 1,327 | S100YCBD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥134.3M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥4.9M |

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) | 950 | 974 | 998 | 999 | 1,050 |
| Average salary (parent company) | ¥5.9M | ¥5.9M | ¥6.2M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 38.0 years | 37.7 years | 38.3 years | 38.4 years | 38.7 years |
| Average tenure (parent company) | 13.2 years | 13.0 years | 13.6 years | 13.6 years | 13.5 years |

Year over year: Employees (consolidated) +5.1% · Revenue (consolidated) +4.6%

## 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 | 4,304 | 3.1% | S100YCBD |
| Capital expenditure | 2,977 | 2.1% | S100YCBD |
| Free cash flow | 1,327 | 0.9% | 算出 |
| Investing cash flow | -479 | -0.3% | S100YCBD |
| Financing cash flow | -2,791 | -2.0% | S100YCBD |
| Dividends paid | 2,365 | 1.7% | S100YCBD |
| Change in cash | 1,144 | 0.8% | S100YCBD |
| Cash and equivalents | 16,206 | 11.5% | S100YCBD |

## 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 | 15,652 | 15,368 | 13,557 | 15,037 | 16,206 | S100TPP2, S100VYVQ, S100YCBD |
| Total assets | 120,560 | 122,806 | 127,694 | 121,332 | 127,639 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Net assets | 83,307 | 86,319 | 88,193 | 86,231 | 91,897 | S100TPP2, S100VYVQ, S100YCBD |
| Share capital | 5,368 | 5,368 | 5,368 | 5,368 | 5,368 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Property, plant and equipment | 18,923 | 19,064 | 19,554 | 20,771 | 22,448 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Intangible assets excluding goodwill | 1,060 | 557 | 3,211 | 3,023 | 2,817 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Goodwill | — | — | 2,262 | 2,073 | 1,885 | S100VYVQ, S100YCBD |
| Investment securities | 17,620 | 19,529 | 18,730 | 15,945 | 17,605 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Current assets | 81,496 | 82,179 | 84,868 | 80,310 | 83,519 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Current liabilities | 28,974 | 28,582 | 30,686 | 26,952 | 26,873 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Trade payables | 12,176 | 11,803 | 11,153 | 12,834 | 14,568 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Total liabilities | 37,252 | 36,486 | 39,501 | 35,101 | 35,742 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Equity attributable to owners of parent | 77,512 | 80,439 | 80,783 | 79,836 | 82,627 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Retained earnings | 65,533 | 68,460 | 70,147 | 69,583 | 72,333 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |
| Treasury stock | -672 | -672 | -1,015 | -1,398 | -1,358 | S100R3AT, S100TPP2, S100VYVQ, S100YCBD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YCBD |
| Property, plant and equipment | 17% | S100YCBD |
| Intangibles and goodwill | 4% | S100YCBD |
| Investment securities | 14% | S100YCBD |
| Other assets | 52% | S100YCBD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YCBD |
| Other liabilities | 17% | S100YCBD |
| Equity | 72% | S100YCBD |

### 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 | 120,560 | 122,806 | 127,694 | 121,332 | 127,639 |
| Equity | 83,307 | 86,319 | 88,193 | 86,231 | 91,897 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,652 | 15,368 | 13,557 | 15,037 | 16,206 |

## 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) | 15.9% | S100YCBD |
| Fixed assets ÷ total assets | 17.6% | S100YCBD |
| Goodwill ÷ parent equity | 2.3% | S100YCBD |

### 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) | 12.7% |
| Cash ÷ revenue | 11.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.0% |
| Cash vs. profit gap | -810 JPY mn (of net income -15.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 46.2% |
| Shareholder payments — dividends / FCF | 178.2% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 11.1% |

## 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 | 3.4% | 1.03× | 3.5% | 1.56× | 5.5% | S100R3AT |
| 2023 | 3.8% | 1.08× | 4.1% | 1.54× | 6.3% | S100TPP2 |
| 2024 | 3.7% | 1.01× | 3.7% | 1.55× | 5.8% | S100VYVQ |
| 2025 | 3.6% | 1.08× | 3.9% | 1.55× | 6.1% | S100YCBD |
| 2026 | 3.6% | 1.13× | 4.1% | 1.53× | 6.3% | S100YCBD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日伝共栄会 | Major shareholder | 12.6% | 2026-03-31 |
| 日伝仕入先持株会 | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社利双企画 | Major shareholder | 5.8% | 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 | 3.3% | 2026-03-31 |
| 日伝従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 西木 利彦 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社ニシキ興産 | Major shareholder | 2.5% | 2026-03-31 |
| 三ツ星ベルト株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社椿本チエイン | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社不二越 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YCBD | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCBD,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100VYVQ | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYVQ,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TPP2 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPP2,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R3AT | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3AT,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OFNH | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFNH,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LOZY | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOZY,, |

## 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).