# NICHIRIN CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第142期(2025/01/01－2025/12/31) (S100XRDM)
> Page: https://vizora.meequs.com/en/company/nichirin
> Retrieved: 2026-09-30T17:58:17.780Z

## Company

Nichirin, founded in 1924, is a company in Auto Parts listed on TSE Standard. It has 2,440 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIRIN CO.,LTD. |
| Ticker | 5184 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5184.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区江戸町98番地1 (同所は登記上の本店所在地で実際の業務は「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 曽我 浩之 |
| Founded | Mar 1924 |
| Share capital | ¥2.16B |
| Employees (consolidated) | 2,440 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | December |
| Website | www.nichirin.co.jp (https://www.nichirin.co.jp/) |
| Corporate number | 1140001010033 |
| EDINET | E01114 |
| Industries (Vizora) | Auto Parts, Tires & Rubber |

> Profile source: annual securities report (S100XRDM, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.7 | 14 |
| Profitability | 82.1 | 14 |
| Cash conversion | 17.9 | 14 |
| Efficiency | 82.1 | 14 |

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 31% of Nichirin's sales come from Asia, with Japan and North America making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +3.2% from the prior year, operating profit -1.4%.

## Company structure

- Segment revenue mix: Asia 30.8%、Japan 26.3%、North America 19.9%、China 12.3%、Europe 10.7%
- Revenue → net income: ¥73668000000 → ¥6861000000
- Net income → operating cash flow: ¥6861000000 → ¥8353000000（difference ¥1492000000）
- Main uses of operating cash flow: CapEx ¥2311000000 / dividends ¥2411000000 / buybacks ¥0
- Change in cash: ¥898000000
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 | ¥73.7B |  |
| Operating income | ¥9.06B | Margin 12.3% |
| Net income | ¥5.51B | Margin 7.5% |
| Free cash flow | ¥6.04B |  |
| Largest business | Asia | of segment revenue 30.8% |
| Employees (consolidated) | 2,440 |  |
| EPS | ¥378.85 |  |
| Book value per share | ¥3025.15 |  |
| Equity ratio | 68.5% |  |
| Shares outstanding | 14,371,000 |  |
| Treasury shares | 1,177,200 |  |
| Shareholders | 21,975 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | +7.5 pp | Auto Parts |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51505000000 | ¥73668000000 | +43.0% |
| Operating income | ¥4311000000 | ¥9060000000 | +110.2% |
| Operating margin | 8.4% | 12.3% | +3.9 pp |
| Employees | 2,345 people | 2,440 people | +4.1% |
| Cash and equivalents | ¥11200000000 | ¥18858000000 | +68.4% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 26.3% |
| 日本 → 事業再編・廃止 | 6.3% |
| 北米 → 北米 | 17.1% |
| 中国 → 中国 | 12.3% |
| 中国 → 事業再編・廃止 | 6.5% |
| アジア → アジア | 22.4% |
| 欧州 → 欧州 | 9.0% |
| 新設・再編 → 北米 | 2.8% |
| 新設・再編 → アジア | 8.4% |
| 新設・再編 → 欧州 | 1.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Asia | 5 years | +14.5% | ¥22697000000 | 15.4% | 2 |
| Japan | 5 years | +2.9% | ¥19407000000 | 16.4% | 2 |
| North America | 5 years | +10.7% | ¥14633000000 | 1.8% | 2 |
| China | 5 years | -1.4% | ¥9061000000 | 18.2% | 2 |
| Europe | 5 years | +11.2% | ¥7868000000 | 2.2% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 73,668 | 100.0% | S100XRDM |
| Cost of revenue | 55,543 | 75.4% | S100XRDM |
| Gross profit | 18,125 | 24.6% | S100XRDM |
| SG&A | 9,064 | 12.3% | S100XRDM |
| Operating income | 9,060 | 12.3% | S100XRDM |
| Ordinary income | 9,230 | 12.5% | S100XRDM |
| Pretax income | 9,649 | 13.1% | S100XRDM |
| Income tax | 2,788 | 3.8% | S100XRDM |
| Net income | 6,861 | 9.3% | S100XRDM |
| Net income attributable to owners | 5,514 | 7.5% | S100XRDM |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 12 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 24.6% → Operating margin 12.3% → Net margin 7.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.2%; Core profit growth: -1.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.42×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 71,356 | 73,668 | 2,312 | +3.2% |
| Gross profit | 17,661 | 18,125 | 464 | +2.6% |
| Operating income | 9,184 | 9,060 | -124 | -1.4% |
| Net income attributable to owners | 6,171 | 5,514 | -657 | -10.6% |
| Operating cash flow | 8,670 | 8,353 | -317 | -3.7% |
| Free cash flow | 4,447 | 6,042 | 1,595 | +35.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 61,073 | 6,219 | 10.2% | 2,748 | 5,134 | -168 | S100L1L9 |
| FY ending Dec 2020 | 51,505 | 4,311 | 8.4% | 2,380 | 2,857 | 271 | S100NOTW |
| FY ending Dec 2021 | 58,260 | 6,841 | 11.7% | 4,781 | 6,352 | 4,669 | S100QENY |
| FY ending Dec 2022 | 64,172 | 7,678 | 12.0% | 4,578 | 6,770 | 4,600 | S100UC4O |
| FY ending Dec 2023 | 70,631 | 9,620 | 13.6% | 5,915 | 9,912 | 6,605 | S100VG4H |
| FY ending Dec 2024 | 71,356 | 9,184 | 12.9% | 6,171 | 8,670 | 4,447 | S100XRDM |
| FY ending Dec 2025 | 73,668 | 9,060 | 12.3% | 5,514 | 8,353 | 6,042 | S100XRDM |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.2M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥2.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,305 | 2,281 | 2,408 | 2,379 | 2,440 |
| Average salary (parent company) | ¥6.8M | ¥7.3M | ¥7.3M | ¥7.4M | ¥7M |
| Average age (parent company) | 42.0 years | 42.0 years | 42.0 years | 42.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 18.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +3.2%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19,407 | 26.3% | 3,184 | 16.4% |
| North America | 14,633 | 19.9% | 265 | 1.8% |
| China | 9,061 | 12.3% | 1,651 | 18.2% |
| Asia | 22,697 | 30.8% | 3,502 | 15.4% |
| Europe | 7,868 | 10.7% | 175 | 2.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26.3% | 36.3% | 9.9 | 16.4% |
| North America | 19.9% | 3.0% | -16.8 | 1.8% |
| China | 12.3% | 18.8% | 6.5 | 18.2% |
| Asia | 30.8% | 39.9% | 9.1 | 15.4% |
| Europe | 10.7% | 2.0% | -8.7 | 2.2% |

Segment → industry: Japan → Auto Parts / Japan → Tires & Rubber / North America → Auto Parts / North America → Tires & Rubber / China → Auto Parts / China → Tires & Rubber / Asia → Auto Parts / Asia → Tires & Rubber / Europe → Auto Parts / Europe → Tires & Rubber

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,353 | 11.3% | S100XRDM |
| Capital expenditure | 2,311 | 3.1% | S100XRDM |
| Free cash flow | 6,042 | 8.2% | 算出 |
| Investing cash flow | -3,745 | -5.1% | S100XRDM |
| Financing cash flow | -3,788 | -5.1% | S100XRDM |
| Dividends paid | 2,411 | 3.3% | S100XRDM |
| Share buyback | 0 | 0.0% | S100XRDM |
| Change in cash | 898 | 1.2% | S100XRDM |
| Cash and equivalents | 18,858 | 25.6% | S100XRDM |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 15,289 | 17,836 | 19,847 | 17,960 | 18,858 | S100UC4O, S100VG4H, S100XRDM |
| Total assets | 67,960 | 72,540 | 77,936 | 82,978 | 88,115 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Net assets | 47,275 | 52,938 | 58,347 | 63,857 | 68,119 | S100UC4O, S100VG4H, S100XRDM |
| Share capital | 2,158 | 2,158 | 2,158 | 2,158 | 2,158 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Trade receivables | 10,436 | — | — | — | — | S100NOTW |
| Inventories | 11,314 | 12,236 | 12,616 | 14,310 | 14,268 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Property, plant and equipment | 20,713 | 21,653 | 23,074 | 26,504 | 26,978 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Intangible assets excluding goodwill | 459 | 344 | 312 | 296 | 2,173 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Goodwill | — | — | — | — | 1,433 | S100XRDM |
| Investment securities | 3,553 | 3,644 | 4,062 | 3,923 | 3,616 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Current assets | 42,160 | 45,592 | 49,074 | 51,151 | 54,133 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Current liabilities | 13,743 | 13,592 | 14,130 | 13,507 | 13,514 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Trade payables | 5,166 | — | — | — | — | S100NOTW |
| Short-term borrowings | 333 | 132 | — | — | — | S100QENY, S100UC4O |
| Long-term borrowings | 1,381 | 754 | 291 | 60 | — | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Total liabilities | 20,685 | 19,601 | 19,588 | 19,120 | 19,996 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Non-controlling interests | 6,557 | 6,714 | 6,890 | 7,085 | 7,760 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Equity attributable to owners of parent | 37,127 | 40,309 | 43,574 | 46,423 | 49,705 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Retained earnings | 33,408 | 36,814 | 41,293 | 45,135 | 48,335 | S100QENY, S100UC4O, S100VG4H, S100XRDM |
| Treasury stock | -440 | -661 | -1,881 | -2,892 | -2,836 | S100QENY, S100UC4O, S100VG4H, S100XRDM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XRDM |
| Inventories | 16% | S100XRDM |
| Property, plant and equipment | 31% | S100XRDM |
| Intangibles and goodwill | 4% | S100XRDM |
| Investment securities | 4% | S100XRDM |
| Other assets | 24% | S100XRDM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100XRDM |
| Equity | 77% | S100XRDM |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 67,960 | 72,540 | 77,936 | 82,978 | 88,115 |
| Equity | 47,275 | 52,938 | 58,347 | 63,857 | 68,119 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,289 | 17,836 | 19,847 | 17,960 | 18,858 |

## 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) | 36.6% | S100XRDM |
| Fixed assets ÷ total assets | 30.6% | S100XRDM |
| Goodwill ÷ parent equity | 2.9% | S100XRDM |

### 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) | 21.4% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.2% |
| Cash vs. profit gap | 2,839 JPY mn (of net income 51.5%) |
| Shareholder returns / net income | 43.7% |
| Shareholder returns / FCF | 39.9% |
| Shareholder payments — dividends / net income | 43.7% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 44.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.2% | 0.86× | 7.0% | 1.83× | 12.9% | S100QENY |
| 2022 | 7.1% | 0.91× | 6.5% | 1.81× | 11.8% | S100UC4O |
| 2023 | 8.4% | 0.94× | 7.9% | 1.79× | 14.1% | S100VG4H |
| 2024 | 8.6% | 0.89× | 7.7% | 1.79× | 13.7% | S100XRDM |
| 2025 | 7.5% | 0.86× | 6.4% | 1.78× | 11.5% | S100XRDM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太陽鉱工株式会社 | Major shareholder | 22.1% | 2025-12-31 |
| 双日株式会社 | Major shareholder | 8.7% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.8% | 2025-12-31 |
| 日本精化株式会社 | Major shareholder | 2.2% | 2025-12-31 |
| 東京センチュリー株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 1.5% | 2025-12-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.2% | 2025-12-31 |
| 大谷 始子 | Major shareholder | 1.1% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.1% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第142期(2025/01/01－2025/12/31) | S100XRDM | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRDM,, |
| 有価証券報告書－第141期(2024/01/01－2024/12/31) | S100VG4H | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VG4H,, |
| 訂正有価証券報告書－第140期(2023/01/01－2023/12/31) | S100UC4O | 2024-09-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UC4O,, |
| 有価証券報告書－第139期(2022/01/01－2022/12/31) | S100QENY | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QENY,, |
| 有価証券報告書－第138期(令和3年1月1日－令和3年12月31日) | S100NOTW | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NOTW,, |
| 有価証券報告書－第137期(令和2年1月1日－令和2年12月31日) | S100L1L9 | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1L9,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 和承R&A | Co-development | 自動車用エアコン・ブレーキホースの製造技術の供与（ニチリンが供与） | S100XRDM |

## 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).