# NICHIHA 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89期(2025/04/01－2026/03/31) (S100YH8A)
> Page: https://vizora.meequs.com/en/company/nichiha
> Retrieved: 2026-09-30T19:08:49.332Z

## Company

Nichiha, founded in 1956, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 2,902 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIHA CORPORATION |
| Ticker | 7943 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7943.T) |
| Listing | TSE Prime |
| Head office | 愛知県名古屋市港区汐止町12番地 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」 で行っております。) |
| Representative (per filing) | 代表取締役社長 吉岡 成充 |
| Founded | Jun 1956 |
| Share capital | ¥8.14B |
| Employees (consolidated) | 2,902 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.nichiha.co.jp (https://www.nichiha.co.jp/) |
| Corporate number | 4180001007155 |
| EDINET | E02415 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YH8A, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.1 | 56 |
| Profitability | 66.4 | 58 |
| Cash conversion | 35 | 50 |
| Efficiency | 47.4 | 58 |

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 93% of Nichiha's sales come from Exterior building materials business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit +34.6%.

## Company structure

- Segment revenue mix: Exterior building materials business 93.3%、Other 6.7%
- Revenue → net income: ¥143740000000 → ¥2479000000
- Net income → operating cash flow: ¥2479000000 → ¥8212000000（difference ¥5733000000）
- Main uses of operating cash flow: CapEx ¥3980000000 / dividends ¥3838000000 / buybacks ¥2500000000
- Change in cash: ¥-1784000000
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 | ¥143.7B |  |
| Operating income | ¥9.36B | Margin 6.5% |
| Net income | ¥2.49B | Margin 1.7% |
| Free cash flow | ¥4.23B |  |
| Largest business | Exterior building materials business | of segment revenue 93.3% |
| Employees (consolidated) | 2,902 |  |
| EPS | ¥135.39 |  |
| Diluted EPS | ¥135.1 |  |
| Book value per share | ¥2194.92 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 34,487,000 |  |
| Treasury shares | 1,283,300 |  |
| Shareholders | 3,041 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | +2.1 pp | Housing Equipment & Building Materials |
| ROE | 2.4% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.3× net income
- FY2026, one segment accounts for 99% of positive segment profit
- FY2026, employees -8% while operating income rose 35%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥120964000000 | ¥143740000000 | +18.8% |
| Operating income | ¥12029000000 | ¥9355000000 | -22.2% |
| Operating margin | 9.9% | 6.5% | -3.4 pp |
| Employees | 2,966 people | 2,902 people | -2.2% |
| Cash and equivalents | ¥39688000000 | ¥24696000000 | -37.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 外装材事業 → 外装材事業 | 92.4% |
| その他 → その他 | 6.7% |
| その他 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 外装材事業 | 0.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 143,740 | 100.0% | S100YH8A |
| Cost of revenue | 92,110 | 64.1% | S100YH8A |
| Gross profit | 51,630 | 35.9% | S100YH8A |
| SG&A | 42,274 | 29.4% | S100YH8A |
| Operating income | 9,355 | 6.5% | S100YH8A |
| Ordinary income | 10,246 | 7.1% | S100YH8A |
| Pretax income | 4,197 | 2.9% | S100YH8A |
| Income tax | 1,717 | 1.2% | S100YH8A |
| Net income | 2,479 | 1.7% | S100YH8A |
| Net income attributable to owners | 2,486 | 1.7% | S100YH8A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 35.9% → Operating margin 6.5% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.2%; Core profit growth: +34.6%
Operating leverage (core profit growth ÷ revenue growth): -10.84×
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 | 148,478 | 143,740 | -4,738 | -3.2% |
| Gross profit | 50,851 | 51,630 | 779 | +1.5% |
| Operating income | 6,951 | 9,355 | 2,404 | +34.6% |
| Net income attributable to owners | 2,706 | 2,486 | -220 | -8.1% |
| Operating cash flow | 10,413 | 8,212 | -2,201 | -21.1% |
| Free cash flow | 5,999 | 4,232 | -1,767 | -29.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 123,722 | 13,098 | 10.6% | 10,773 | 18,007 | 6,841 | S100LPH4 |
| FY ending Mar 2021 | 120,964 | 12,029 | 9.9% | 8,902 | 15,806 | 4,545 | S100OF37 |
| FY ending Mar 2022 | 128,599 | 12,576 | 9.8% | 10,146 | 14,993 | 7,234 | S100R400 |
| FY ending Mar 2023 | 138,063 | 11,704 | 8.5% | 9,037 | 5,543 | -4,642 | S100TT2H |
| FY ending Mar 2024 | 142,790 | 10,205 | 7.1% | 8,066 | 6,919 | 819 | S100W36Q |
| FY ending Mar 2025 | 148,478 | 6,951 | 4.7% | 2,706 | 10,413 | 5,999 | S100YH8A |
| FY ending Mar 2026 | 143,740 | 9,355 | 6.5% | 2,486 | 8,212 | 4,232 | S100YH8A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.5M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥856.7K |

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) | 3,139 | 3,127 | 3,203 | 3,158 | 2,902 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥6.9M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 44.8 years | 45.3 years | 45.4 years | 46.2 years | 46.8 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 17.0 years | 17.5 years | 17.6 years |

Year over year: Employees (consolidated) -8.1% · Revenue (consolidated) -3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Exterior building materials business | 134,108 | 93.3% | 11,957 | 8.9% |
| Other | 9,632 | 6.7% | 166 | 1.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Exterior building materials business | 93.3% | 98.6% | 5.3 | 8.9% |
| Other | 6.7% | 1.4% | -5.3 | 1.7% |

Segment → industry: Exterior building materials business → Housing Equipment & Building Materials

## 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 | 8,212 | 5.7% | S100YH8A |
| Capital expenditure | 3,980 | 2.8% | S100YH8A |
| Free cash flow | 4,232 | 2.9% | 算出 |
| Investing cash flow | -3,776 | -2.6% | S100YH8A |
| Financing cash flow | -6,643 | -4.6% | S100YH8A |
| Dividends paid | 3,838 | 2.7% | S100YH8A |
| Share buyback | 2,500 | 1.7% | S100YH8A |
| Change in cash | -1,784 | -1.2% | S100YH8A |
| Cash and equivalents | 24,696 | 17.2% | S100YH8A |

## 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 | 44,210 | 32,740 | 26,700 | 26,481 | 24,696 | S100TT2H, S100W36Q, S100YH8A |
| Total assets | 161,845 | 169,337 | 175,688 | 177,455 | 168,261 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Net assets | 111,177 | 119,619 | 126,303 | 124,157 | 121,121 | S100TT2H, S100W36Q, S100YH8A |
| Share capital | 8,136 | 8,136 | 8,136 | 8,136 | 8,136 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Trade receivables | 24,451 | 25,227 | 27,376 | 23,444 | 17,961 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Property, plant and equipment | 61,555 | 71,152 | 72,196 | 74,295 | 69,329 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Intangible assets excluding goodwill | 1,008 | 890 | 634 | 482 | 383 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Investment securities | 6,141 | 6,866 | 11,075 | 10,210 | 11,945 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Current assets | 89,311 | 85,556 | 86,025 | 86,002 | 79,113 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Current liabilities | 34,943 | 34,839 | 32,982 | 34,813 | 27,762 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Trade payables | 16,987 | 17,601 | 16,057 | 14,871 | 12,212 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Short-term borrowings | 200 | 280 | 220 | 1,185 | 1,121 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Long-term borrowings | 12,942 | 11,925 | 11,621 | 11,641 | 13,010 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Total liabilities | 50,667 | 49,717 | 49,384 | 53,297 | 47,140 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Non-controlling interests | -298 | -264 | -384 | -530 | -537 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Equity attributable to owners of parent | 107,567 | 112,030 | 113,577 | 107,361 | 103,525 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Retained earnings | 89,789 | 95,027 | 99,271 | 98,008 | 88,241 | S100R400, S100TT2H, S100W36Q, S100YH8A |
| Treasury stock | -1,293 | -2,059 | -4,775 | -9,733 | -3,795 | S100R400, S100TT2H, S100W36Q, S100YH8A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YH8A |
| Receivables | 11% | S100YH8A |
| Property, plant and equipment | 41% | S100YH8A |
| Intangibles and goodwill | 0% | S100YH8A |
| Investment securities | 7% | S100YH8A |
| Other assets | 26% | S100YH8A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YH8A |
| Other liabilities | 21% | S100YH8A |
| Equity | 72% | S100YH8A |

### 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 | 161,845 | 169,337 | 175,688 | 177,455 | 168,261 |
| Equity | 111,177 | 119,619 | 126,303 | 124,157 | 121,121 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,210 | 32,740 | 26,700 | 26,481 | 24,696 |

## 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) | 48.2% | S100YH8A |
| Fixed assets ÷ total assets | 41.2% | S100YH8A |
| Goodwill ÷ parent equity | — | —, S100YH8A |

### 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 | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 87.8% |
| Cash vs. profit gap | 5,726 JPY mn (of net income 230.3%) |
| Shareholder returns / net income | 254.9% |
| Shareholder returns / FCF | 149.8% |
| Shareholder payments — dividends / net income | 154.4% |
| Shareholder payments — dividends / FCF | 90.7% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 46.0% |

## 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 | 7.9% | 0.79× | 6.3% | 1.50× | 9.4% | S100R400 |
| 2023 | 6.5% | 0.83× | 5.5% | 1.51× | 8.2% | S100TT2H |
| 2024 | 5.6% | 0.83× | 4.7% | 1.53× | 7.2% | S100W36Q |
| 2025 | 1.8% | 0.84× | 1.5% | 1.60× | 2.4% | S100YH8A |
| 2026 | 1.7% | 0.83× | 1.4% | 1.64× | 2.4% | S100YH8A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.8% | 2026-03-31 |
| 銀泉株式会社 | Major shareholder | 7.9% | 2026-03-31 |
| 住友林業株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| ＳＭＢ建材株式会社 | Major shareholder | 3.9% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 2.9% | 2026-03-31 |
| 伊藤忠建材株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 (常任代理人 株式会社みずほ銀行) | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YH8A | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH8A,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W36Q | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W36Q,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TT2H | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT2H,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R400 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R400,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OF37 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OF37,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LPH4 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPH4,, |

## 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).