# NICHIREKI GROUP 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82期(2025/04/01－2026/03/31) (S100YE06)
> Page: https://vizora.meequs.com/en/company/nichireki-group
> Retrieved: 2026-09-30T18:26:50.373Z

## Company

Nichireki Group, founded in 1943, is a company in Chemicals listed on TSE Prime. It has 1,434 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIREKI GROUP CO., LTD. |
| Ticker | 5011 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5011.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区九段北四丁目3番29号 |
| Representative (per filing) | 代表取締役社長 小幡学 |
| Founded | Oct 1943 |
| Share capital | ¥2.92B |
| Employees (consolidated) | 1,434 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.nichireki.co.jp (https://www.nichireki.co.jp/) |
| Corporate number | 7010001008737 |
| EDINET | E01077 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, General Contractors |

> Profile source: annual securities report (S100YE06, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.6 | 84 |
| Profitability | 65.8 | 92 |
| Cash conversion | 35.7 | 91 |
| Efficiency | 11.4 | 92 |

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 67% of Nichireki Group's sales come from Road pavement, with Asphalt applied processed products and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Road pavement 67.0%、Asphalt applied processed products 32.6%、Other 0.4%
- Revenue → net income: ¥75853000000 → ¥4321000000
- Net income → operating cash flow: ¥4321000000 → ¥2416000000（difference ¥-1905000000）
- Main uses of operating cash flow: CapEx ¥5548000000 / dividends ¥2262000000 / buybacks ¥2471000000
- Change in cash: ¥-6858000000
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 | ¥75.9B |  |
| Operating income | ¥5.92B | Margin 7.8% |
| Net income | ¥4.29B | Margin 5.7% |
| Free cash flow | -¥3.13B |  |
| Largest business | Road pavement | of segment revenue 67.0% |
| Employees (consolidated) | 1,434 |  |
| EPS | ¥105.73 |  |
| Book value per share | ¥1396.12 |  |
| Equity ratio | 64.9% |  |
| Shares outstanding | 31,685,955 |  |
| Treasury shares | 3,230,500 |  |
| Shareholders | 5,880 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 20.2% | Cash ÷ revenue 32.6% |
| Vs. industry median margin | +1 pp | General Contractors |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥71471000000 | ¥75853000000 | +6.1% |
| Operating income | ¥9140000000 | ¥5920000000 | -35.2% |
| Operating margin | 12.8% | 7.8% | -5 pp |
| Employees | 924 people | 1,434 people | +55.2% |
| Cash and equivalents | ¥23110000000 | ¥24752000000 | +7.1% |

### 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 |
| --- | ---: |
| アスファルト応用加工製品事業 → アスファルト応用加工製品事業 | 28.8% |
| 道路舗装事業 → 道路舗装事業 | 67.0% |
| 道路舗装事業 → 事業再編・廃止 | 3.8% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → アスファルト応用加工製品事業 | 3.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Road pavement | 5 years | +0.1% | ¥50827000000 | 9.3% | 2 |
| Asphalt applied processed products | 5 years | +3.7% | ¥24721000000 | 14.3% | 2 |
| Other | 5 years | +0.1% | ¥304000000 | 163.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 75,853 | 100.0% | S100YE06 |
| Cost of revenue | 57,974 | 76.4% | S100YE06 |
| Gross profit | 17,879 | 23.6% | S100YE06 |
| SG&A | 11,958 | 15.8% | S100YE06 |
| Operating income | 5,920 | 7.8% | S100YE06 |
| Ordinary income | 6,077 | 8.0% | S100YE06 |
| Pretax income | 6,228 | 8.2% | S100YE06 |
| Income tax | 1,906 | 2.5% | S100YE06 |
| Net income | 4,321 | 5.7% | S100YE06 |
| Net income attributable to owners | 4,293 | 5.7% | S100YE06 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 23.6% → Operating margin 7.8% → Net margin 5.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -38.94×
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 | 75,745 | 75,853 | 108 | +0.1% |
| Gross profit | 17,338 | 17,879 | 541 | +3.1% |
| Operating income | 6,268 | 5,920 | -348 | -5.6% |
| Net income attributable to owners | 4,848 | 4,293 | -555 | -11.4% |
| Operating cash flow | 4,895 | 2,416 | -2,479 | -50.6% |
| Free cash flow | -7,697 | -3,132 | 4,565 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 66,725 | 6,009 | 9.0% | 1,821 | 3,203 | 1,467 | S100LSF7 |
| FY ending Mar 2021 | 71,471 | 9,140 | 12.8% | 6,357 | 9,098 | 2,172 | S100OHTG |
| FY ending Mar 2022 | 78,001 | 8,566 | 11.0% | 6,811 | 7,737 | 4,377 | S100R2XZ |
| FY ending Mar 2023 | 78,397 | 7,566 | 9.7% | 6,284 | 6,556 | 3,588 | S100TWYZ |
| FY ending Mar 2024 | 73,832 | 6,019 | 8.2% | 4,488 | 7,388 | 3,059 | S100W0US |
| FY ending Mar 2025 | 75,745 | 6,268 | 8.3% | 4,848 | 4,895 | -7,697 | S100YE06 |
| FY ending Mar 2026 | 75,853 | 5,920 | 7.8% | 4,293 | 2,416 | -3,132 | S100YE06 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.9M |
| Operating income per employee (consolidated) | ¥4.1M |
| Net income per employee (consolidated) | ¥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) | 958 | 972 | 977 | 1,386 | 1,434 |
| Average salary (parent company) | ¥7.4M | ¥7.1M | ¥7.1M | ¥7M | ¥8.4M |
| Average age (parent company) | 43.0 years | 42.9 years | 43.2 years | 44.4 years | 44.9 years |
| Average tenure (parent company) | 15.8 years | 15.9 years | 15.9 years | 14.2 years | 14.8 years |

Year over year: Employees (consolidated) +3.5% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Asphalt applied processed products | 24,721 | 32.6% | 3,541 | 14.3% |
| Road pavement | 50,827 | 67.0% | 4,739 | 9.3% |
| Other | 304 | 0.4% | 497 | 163.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Asphalt applied processed products | 32.6% | 40.3% | 7.8 | 14.3% |
| Road pavement | 67.0% | 54.0% | -13.0 | 9.3% |
| Other | 0.4% | 5.7% | 5.3 | 163.5% |

Segment → industry: Asphalt applied processed products → Chemicals / Other → Real Estate Development & Leasing / Road pavement → General Contractors

## 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 | 2,416 | 3.2% | S100YE06 |
| Capital expenditure | 5,548 | 7.3% | S100YE06 |
| Free cash flow | -3,132 | -4.1% | 算出 |
| Investing cash flow | -5,290 | -7.0% | S100YE06 |
| Financing cash flow | -4,015 | -5.3% | S100YE06 |
| Dividends paid | 2,262 | 3.0% | S100YE06 |
| Share buyback | 2,471 | 3.3% | S100YE06 |
| Change in cash | -6,858 | -9.0% | S100YE06 |
| Cash and equivalents | 24,752 | 32.6% | S100YE06 |

## 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 | 27,091 | 24,709 | 25,445 | 31,611 | 24,752 | S100TWYZ, S100W0US, S100YE06 |
| Total assets | 88,425 | 91,474 | 95,094 | 112,368 | 122,617 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Net assets | 68,075 | 72,470 | 74,836 | 77,320 | 79,674 | S100TWYZ, S100W0US, S100YE06 |
| Share capital | 2,919 | 2,919 | 2,919 | 2,919 | 2,919 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Property, plant and equipment | 22,384 | 23,077 | 25,731 | 35,815 | 48,153 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Intangible assets excluding goodwill | 685 | 704 | 1,202 | 1,204 | 1,056 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Investment securities | 4,476 | 5,990 | 9,753 | 9,252 | 12,364 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Current assets | 56,561 | 54,867 | 49,564 | 56,076 | 49,946 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Current liabilities | 19,441 | 17,650 | 17,865 | 16,160 | 24,348 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Trade payables | — | 9,460 | 8,664 | 4,810 | 6,140 | S100TWYZ, S100W0US, S100YE06 |
| Short-term borrowings | 1,300 | 1,300 | 1,300 | 1,718 | 2,000 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Long-term borrowings | — | — | 55 | 16,205 | 14,400 | S100W0US, S100YE06 |
| Total liabilities | 20,349 | 19,003 | 20,258 | 35,047 | 42,942 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Non-controlling interests | — | — | — | — | 42 | S100YE06 |
| Equity attributable to owners of parent | 65,177 | 69,713 | 70,140 | 72,790 | 72,468 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Retained earnings | 59,235 | 64,236 | 66,200 | 68,991 | 70,973 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |
| Treasury stock | -659 | -1,124 | -3,008 | -3,174 | -5,514 | S100R2XZ, S100TWYZ, S100W0US, S100YE06 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YE06 |
| Property, plant and equipment | 39% | S100YE06 |
| Intangibles and goodwill | 1% | S100YE06 |
| Investment securities | 10% | S100YE06 |
| Other assets | 30% | S100YE06 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YE06 |
| Other liabilities | 30% | S100YE06 |
| Equity | 65% | S100YE06 |
| Other liabilities | 0% | S100YE06 |

### 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 | 88,425 | 91,474 | 95,094 | 112,368 | 122,617 |
| Equity | 68,075 | 72,470 | 74,836 | 77,320 | 79,674 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 27,091 | 24,709 | 25,445 | 31,611 | 24,752 |

## 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) | 63.5% | S100YE06 |
| Fixed assets ÷ total assets | 39.3% | S100YE06 |
| Goodwill ÷ parent equity | — | —, S100YE06 |

### 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) | 20.2% |
| Cash ÷ revenue | 32.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.8% |
| Cash vs. profit gap | -1,877 JPY mn (of net income -43.7%) |
| Shareholder returns / net income | 110.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 52.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.3% |
| Investing CF relative to operating CF | 219.0% |

## 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 | 8.7% | 0.88× | 7.7% | 1.36× | 10.5% | S100R2XZ |
| 2023 | 8.0% | 0.87× | 7.0% | 1.33× | 9.3% | S100TWYZ |
| 2024 | 6.1% | 0.79× | 4.8% | 1.33× | 6.4% | S100W0US |
| 2025 | 6.4% | 0.73× | 4.7% | 1.45× | 6.8% | S100YE06 |
| 2026 | 5.7% | 0.65× | 3.7% | 1.62× | 5.9% | S100YE06 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| MAPLES TRUSTEE SERVICES (CAYMAN) LIMITED (ACTING IN ITS CAPACITY AS TRUSTEE OF DUET)/GZ-1(常任代理人 香港上海銀行東京支店) | Major shareholder | 10.4% | 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 | 8.6% | 2026-03-31 |
| THE SFP VALUE REALIZATION MASTER FUND LTD.(常任代理人 立花証券株式会社) | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.9% | 2026-03-31 |
| 伊藤忠エネクス株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| ニチレキ取引先持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 公益財団法人池田２０世紀美術館 | Major shareholder | 2.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第82期(2025/04/01－2026/03/31) | S100YE06 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE06,, |
| 有価証券報告書－第81期(2024/04/01－2025/03/31) | S100W0US | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0US,, |
| 有価証券報告書－第80期(2023/04/01－2024/03/31) | S100TWYZ | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWYZ,, |
| 有価証券報告書－第79期(2022/04/01－2023/03/31) | S100R2XZ | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2XZ,, |
| 有価証券報告書－第78期(令和3年4月1日－令和4年3月31日) | S100OHTG | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHTG,, |
| 有価証券報告書－第77期(令和2年4月1日－令和3年3月31日) | S100LSF7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSF7,, |

## 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).