# NICHIREI 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108期(2025/04/01－2026/03/31) (S100YCCS)
> Page: https://vizora.meequs.com/en/company/nichirei
> Retrieved: 2026-09-30T18:35:32.185Z

## Company

Nichirei, founded in 1942, is a company in Processed Foods listed on TSE Prime. It has 17,763 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIREI CORPORATION |
| Ticker | 2871 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2871.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区築地六丁目19番20号 |
| Representative (per filing) | 代表取締役社長(CEO) 嶋本 和訓 |
| Founded | Dec 1942 |
| Share capital | ¥30.7B |
| Employees (consolidated) | 17,763 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.nichirei.co.jp (https://www.nichirei.co.jp/) |
| Corporate number | 8010001034889 |
| EDINET | E00446 |
| Industries (Vizora) | Processed Foods, Fisheries, Real Estate Development & Leasing, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YCCS, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Fisheries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.9 | 11 |
| Profitability | 77.3 | 11 |
| Cash conversion | 68.2 | 11 |
| Efficiency | 40.9 | 11 |
| Financial strength | 70 | 5 |

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 60% of Nichirei's sales come from Foods, with Logistics and Other 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 +1.8%.

## Company structure

- Segment revenue mix: Foods 59.5%、Logistics 39.4%、Other 0.6%、Real Estate 0.5%
- Revenue → net income: ¥716144000000 → ¥28837000000
- Net income → operating cash flow: ¥28837000000 → ¥48746000000（difference ¥19909000000）
- Main uses of operating cash flow: CapEx ¥32126000000 / dividends ¥12134000000 / buybacks ¥3000000
- Change in cash: ¥15215000000
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 | ¥716.1B |  |
| Operating income | ¥39B | Margin 5.4% |
| Net income | ¥27.3B | Margin 3.8% |
| Free cash flow | ¥16.6B |  |
| Largest business | Foods | of segment revenue 59.5% |
| Employees (consolidated) | 17,763 |  |
| EPS | ¥51.03 |  |
| Book value per share | ¥414.63 |  |
| Equity ratio | 51.4% |  |
| Shares outstanding | 256,984,963 |  |
| Treasury shares | 6,367,400 |  |
| Shareholders | 35,084 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 9.2% | Net cash -¥37.4B · Cash ÷ revenue 7.2% |
| Vs. industry median margin | +1.4 pp | Processed Foods |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥572757000000 | ¥716144000000 | +25.0% |
| Operating income | ¥32949000000 | ¥38999000000 | +18.4% |
| Operating margin | 5.8% | 5.4% | -0.3 pp |
| Employees | 15,383 people | 17,763 people | +15.5% |
| Cash and equivalents | ¥28011000000 | ¥51538000000 | +84.0% |

### 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 |
| --- | ---: |
| 加工食品 → 事業再編・廃止 | 39.3% |
| 低温物流 → 低温物流 | 34.2% |
| 水産 → 事業再編・廃止 | 11.0% |
| 不動産 → 不動産 | 0.5% |
| 不動産 → 事業再編・廃止 | 0.1% |
| 畜産 → 事業再編・廃止 | 14.3% |
| その他 → その他 | 0.6% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 食品 | 59.5% |
| 新設・再編 → 低温物流 | 5.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Foods | — | — | ¥426409000000 | 4.7% | 2 |
| Logistics | 5 years | +7.6% | ¥281985000000 | 6.6% | 2 |
| Other | 5 years | +1.4% | ¥4406000000 | 10.7% | 2 |
| Real Estate | 5 years | +1.7% | ¥3342000000 | 56.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 716,144 | 100.0% | S100YCCS |
| Cost of revenue | 586,922 | 82.0% | S100YCCS |
| Gross profit | 129,221 | 18.0% | S100YCCS |
| SG&A | 90,222 | 12.6% | S100YCCS |
| Operating income | 38,999 | 5.4% | S100YCCS |
| Ordinary income | 40,149 | 5.6% | S100YCCS |
| Pretax income | 41,521 | 5.8% | S100YCCS |
| Income tax | 12,684 | 1.8% | S100YCCS |
| Net income | 28,837 | 4.0% | S100YCCS |
| Net income attributable to owners | 27,332 | 3.8% | S100YCCS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.0% → Operating margin 5.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.0%; Core profit growth: +1.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.89×
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 | 702,080 | 716,144 | 14,064 | +2.0% |
| Gross profit | 126,228 | 129,221 | 2,993 | +2.4% |
| Operating income | 38,315 | 38,999 | 684 | +1.8% |
| Net income attributable to owners | 24,731 | 27,332 | 2,601 | +10.5% |
| Operating cash flow | 53,194 | 48,746 | -4,448 | -8.4% |
| Free cash flow | 23,832 | 16,620 | -7,212 | -30.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 539,657 | 29,309 | 5.4% | 18,751 | 40,828 | — | S100LLJM |
| FY ending Mar 2018 | 568,032 | 29,897 | 5.3% | 19,097 | 29,859 | — | S100OE3W |
| FY ending Mar 2019 | 580,141 | 29,511 | 5.1% | 19,943 | 31,311 | — | S100R2PQ |
| FY ending Mar 2020 | 584,858 | 31,035 | 5.3% | 19,609 | 39,441 | 17,736 | S100LLJM |
| FY ending Mar 2021 | 572,757 | 32,949 | 5.8% | 21,212 | 45,453 | 14,800 | S100OE3W |
| FY ending Mar 2022 | 602,696 | 31,410 | 5.2% | 23,382 | 34,660 | 11,949 | S100R2PQ |
| FY ending Mar 2023 | 662,204 | 32,935 | 5.0% | 21,568 | 37,865 | 12,774 | S100TR05 |
| FY ending Mar 2024 | 680,091 | 36,911 | 5.4% | 24,495 | 62,442 | 33,499 | S100WDWZ |
| FY ending Mar 2025 | 702,080 | 38,315 | 5.5% | 24,731 | 53,194 | 23,832 | S100YCCS |
| FY ending Mar 2026 | 716,144 | 38,999 | 5.4% | 27,332 | 48,746 | 16,620 | S100YCCS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.3M |
| Operating income per employee (consolidated) | ¥2.2M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 15,296 | 15,766 | 16,385 | 16,626 | 17,763 |
| Average salary (parent company) | ¥7.2M | ¥7M | ¥7M | ¥7.4M | ¥7.7M |
| Average age (parent company) | 45.4 years | 45.2 years | 45.2 years | 45.6 years | 45.2 years |
| Average tenure (parent company) | 16.6 years | 16.2 years | 16.0 years | 18.1 years | 17.8 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Foods | 426,409 | 59.5% | 19,852 | 4.7% |
| Logistics | 281,985 | 39.4% | 18,583 | 6.6% |
| Real Estate | 3,342 | 0.5% | 1,896 | 56.7% |
| Other | 4,406 | 0.6% | 471 | 10.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Foods | 59.5% | 48.7% | -10.9 | 4.7% |
| Logistics | 39.4% | 45.5% | 6.2 | 6.6% |
| Real Estate | 0.5% | 4.6% | 4.2 | 56.7% |
| Other | 0.6% | 1.2% | 0.5 | 10.7% |

Segment → industry: Foods → Processed Foods / Foods → Fisheries / Real Estate → Real Estate Development & Leasing / Logistics → Warehouses & Logistics Facilities

## 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 | 48,746 | 6.8% | S100YCCS |
| Capital expenditure | 32,126 | 4.5% | S100YCCS |
| Free cash flow | 16,620 | 2.3% | 算出 |
| Investing cash flow | -33,050 | -4.6% | S100YCCS |
| Financing cash flow | -3,224 | -0.5% | S100YCCS |
| Dividends paid | 12,134 | 1.7% | S100YCCS |
| Share buyback | 3 | 0.0% | S100YCCS |
| Change in cash | 15,215 | 2.1% | S100YCCS |
| Cash and equivalents | 51,538 | 7.2% | S100YCCS |

## 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 | 23,340 | 27,767 | 29,725 | 35,935 | 51,538 | S100TR05, S100WDWZ, S100YCCS |
| Total assets | 427,606 | 457,333 | 485,157 | 499,221 | 557,242 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Net assets | 217,903 | 233,513 | 265,942 | 275,966 | 304,438 | S100TR05, S100WDWZ, S100YCCS |
| Share capital | 30,472 | 30,512 | 30,563 | 30,608 | 30,660 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Trade receivables | 90,965 | 101,275 | 105,811 | 101,430 | 107,809 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Property, plant and equipment | 181,106 | 195,073 | 207,084 | 219,238 | 243,392 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Intangible assets excluding goodwill | 14,781 | 14,319 | 15,783 | 16,292 | 19,732 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Goodwill | 6,700 | 6,687 | 6,906 | 7,356 | 10,560 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Investment securities | 38,106 | 38,281 | 46,858 | 45,036 | 46,910 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Current assets | 180,299 | 196,695 | 201,434 | 204,925 | 230,124 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Current liabilities | 120,775 | 130,086 | 123,525 | 129,083 | 149,299 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Short-term borrowings | 13,490 | 16,919 | 6,708 | 6,348 | 21,098 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Long-term borrowings | 19,882 | 34,867 | 24,539 | 33,669 | 37,848 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Bonds | 40,000 | 30,000 | 40,000 | 30,000 | 30,000 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Interest-bearing debt | 73,372 | 81,786 | 71,247 | 70,017 | 88,946 | 算出 |
| Total liabilities | 209,703 | 223,819 | 219,214 | 223,255 | 252,803 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Non-controlling interests | 6,733 | 9,070 | 12,537 | 15,925 | 18,093 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Equity attributable to owners of parent | 196,494 | 206,490 | 223,003 | 227,853 | 243,132 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Retained earnings | 172,369 | 187,333 | 203,783 | 203,435 | 218,613 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |
| Treasury stock | -11,841 | -16,847 | -16,856 | -11,749 | -11,752 | S100R2PQ, S100TR05, S100WDWZ, S100YCCS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YCCS |
| Receivables | 19% | S100YCCS |
| Property, plant and equipment | 44% | S100YCCS |
| Intangibles and goodwill | 6% | S100YCCS |
| Investment securities | 8% | S100YCCS |
| Other assets | 14% | S100YCCS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 16% | 算出 |
| Other liabilities | 29% | S100YCCS |
| Equity | 55% | S100YCCS |
| Other liabilities | 0% | S100YCCS |

### 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 | 427,606 | 457,333 | 485,157 | 499,221 | 557,242 |
| Equity | 217,903 | 233,513 | 265,942 | 275,966 | 304,438 |
| Interest-bearing debt | 73,372 | 81,786 | 71,247 | 70,017 | 88,946 |
| Cash | 23,340 | 27,767 | 29,725 | 35,935 | 51,538 |

## 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) | 34.0% | S100YCCS |
| Fixed assets ÷ total assets | 43.7% | S100YCCS |
| Goodwill ÷ parent equity | 4.3% | S100YCCS |

Goodwill over 4 years: 6,700 → 10,560 JPY; total investing cash flow: -149,905 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) | 9.2% |
| Cash ÷ revenue | 7.2% |
| Net cash (cash − interest-bearing debt) | -¥37.4B |
| Net debt ÷ operating cash flow | 0.77× |
| Cash conversion (operating CF ÷ operating income) | 125.0% |
| Cash vs. profit gap | 21,414 JPY mn (of net income 78.3%) |
| Shareholder returns / net income | 44.4% |
| Shareholder returns / FCF | 73.0% |
| Shareholder payments — dividends / net income | 44.4% |
| Shareholder payments — dividends / FCF | 73.0% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 67.8% |

## 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 | 3.9% | 1.41× | 5.5% | 2.18× | 11.9% | S100R2PQ |
| 2023 | 3.3% | 1.50× | 4.9% | 2.20× | 10.7% | S100TR05 |
| 2024 | 3.6% | 1.44× | 5.2% | 2.19× | 11.4% | S100WDWZ |
| 2025 | 3.5% | 1.43× | 5.0% | 2.18× | 11.0% | S100YCCS |
| 2026 | 3.8% | 1.36× | 5.2% | 2.24× | 11.6% | S100YCCS |

## 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 | 17.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日清製粉グループ本社 | Major shareholder | 2.2% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 2.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 1.5% | 2026-03-31 |
| ゴールドマン・サックス証券株式会社 BNYM | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥716.1B, up +2.0% from ¥702.1B.
- Operating income edged up +1.8% to ¥39B, while net income grew more strongly, up +10.5% to ¥27.3B.
- Cash generation weakened: operating cash flow fell -8.4% to ¥48.7B and free cash flow dropped -30.3% to ¥16.6B.

### Drivers

- Processed foods grew in Japan as price increases took hold and chicken products for large business customers sold well
- Seafood and meat sales shrank as the company deliberately cut low-margin products, so the Foods segment's revenue fell overall
- Foods profit declined due to higher raw material costs, partly from the weak yen, and a stronger Thai baht hurting exports from Thailand
- Logistics profit rose on stronger storage and delivery demand in Japan and a change in depreciation method, offsetting the drop in Foods
- Net income was also lifted by one-off gains, including sales of investment securities

### Risks

- Prices of chicken, seafood and other inputs can swing sharply; if price increases and cost cuts fall short, earnings suffer
- Sudden moves in the US dollar, Thai baht or euro could affect results
- Higher oil prices raise electricity and fuel costs, and labor shortages in Japan put pressure on both food production and logistics

Cited: Annual Securities Report, 108th term (Apr 2025 - Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 108th term (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第108期(2025/04/01－2026/03/31) | S100YCCS | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCCS,, |
| 訂正有価証券報告書－第107期(2024/04/01－2025/03/31) | S100WDWZ | 2025-07-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WDWZ,, |
| 有価証券報告書－第106期(2023/04/01－2024/03/31) | S100TR05 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR05,, |
| 有価証券報告書－第105期(2022/04/01－2023/03/31) | S100R2PQ | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2PQ,, |
| 有価証券報告書－第104期(令和3年4月1日－令和4年3月31日) | S100OE3W | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE3W,, |
| 有価証券報告書－第103期(令和2年4月1日－令和3年3月31日) | S100LLJM | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLJM,, |

## 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).