# NICHIRYO BAKING CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第92期(2025/04/01－2026/03/31) (S100YHEK)
> Page: https://vizora.meequs.com/en/company/nichiryo-baking
> Retrieved: 2026-09-30T20:25:55.027Z

## Company

Nichiryo Baking, founded in 1964, is a company in Processed Foods listed on Sapporo. It has 636 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIRYO BAKING CO.,LTD. |
| Ticker | 2218 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2218.T) |
| Listing | Sapporo |
| Head office | 札幌市豊平区月寒東1条18丁目5番1号 |
| Representative (per filing) | 代表取締役社長 吉田勝彦 |
| Founded | May 1964 |
| Share capital | ¥1.05B |
| Employees (consolidated) | 636 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.nichiryo-pan.co.jp (https://www.nichiryo-pan.co.jp/) |
| Corporate number | 8430001012919 |
| EDINET | E00382 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YHEK, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.8 | 56 |
| Profitability | 9.2 | 60 |
| Cash conversion | 97.4 | 57 |
| Efficiency | 60.8 | 60 |

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)

- Nichiryo Baking brought in ¥19B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit -53.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥19000408000 → ¥73799000
- Net income → operating cash flow: ¥73799000 → ¥572945000（difference ¥499146000）
- Main uses of operating cash flow: CapEx ¥754550000 / dividends ¥30999000 / buybacks ¥139000
- Change in cash: ¥60409000
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 | ¥19B |  |
| Operating income | ¥121.9M | Margin 0.6% |
| Net income | ¥73.8M | Margin 0.4% |
| Free cash flow | -¥181.6M |  |
| Employees (consolidated) | 636 |  |
| EPS | ¥35.27 |  |
| Book value per share | ¥2642.29 |  |
| Equity ratio | 38.3% |  |
| Shares outstanding | 2,103,948 |  |
| Treasury shares | 11,400 |  |
| Shareholders | 2,498 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 11.7% | Cash ÷ revenue 8.9% |
| Vs. industry median margin | -3.4 pp | Processed Foods |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 7.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16980163000 | ¥19000408000 | +11.9% |
| Operating income | ¥181219000 | ¥121880000 | -32.7% |
| Operating margin | 1.1% | 0.6% | -0.4 pp |
| Employees | 686 people | 636 people | -7.3% |
| Cash and equivalents | ¥2296168000 | ¥1686725000 | -26.5% |

### 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, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,000 | 100.0% | S100YHEK |
| Cost of revenue | 13,983 | 73.6% | S100YHEK |
| Gross profit | 5,018 | 26.4% | S100YHEK |
| SG&A | 4,896 | 25.8% | S100YHEK |
| Operating income | 122 | 0.6% | S100YHEK |
| Ordinary income | 128 | 0.7% | S100YHEK |
| Pretax income | 121 | 0.6% | S100YHEK |
| Income tax | 47 | 0.2% | S100YHEK |
| Net income | 74 | 0.4% | S100YHEK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 26 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 26.4% → Operating margin 0.6% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.0%; Core profit growth: -53.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -17.87×
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 | 18,444 | 19,000 | 556 | +3.0% |
| Gross profit | 4,979 | 5,018 | 39 | +0.8% |
| Operating income | 264 | 122 | -142 | -53.8% |
| Operating cash flow | 758 | 573 | -185 | -24.4% |
| Free cash flow | 221 | -182 | -403 | -182.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,555 | 94 | 0.5% | 126 | 1,054 | 567 | S100LVBU |
| FY ending Mar 2021 | 16,980 | 181 | 1.1% | 122 | 623 | 301 | S100OLZM |
| FY ending Mar 2022 | 17,168 | 250 | 1.5% | 150 | 684 | 300 | S100S2JB |
| FY ending Mar 2023 | 17,390 | 188 | 1.1% | 54 | 615 | 210 | S100TXBW |
| FY ending Mar 2024 | 17,986 | 274 | 1.5% | 207 | 437 | -123 | S100W4ZK |
| FY ending Mar 2025 | 18,444 | 264 | 1.4% | 213 | 758 | 221 | S100YHEK |
| FY ending Mar 2026 | 19,000 | 122 | 0.6% | 74 | 573 | -182 | S100YHEK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥191.6K |
| Net income per employee (consolidated) | ¥116K |

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) | 680 | 656 | 660 | 640 | 636 |
| Average salary (parent company) | ¥4.2M | ¥4.3M | ¥4.2M | ¥4.3M | ¥4.6M |
| Average age (parent company) | 43.8 years | 44.4 years | 44.0 years | 44.6 years | 44.9 years |
| Average tenure (parent company) | 14.5 years | 15.2 years | 14.9 years | 15.1 years | 15.2 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +3.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 573 | 3.0% | S100YHEK |
| Capital expenditure | 755 | 4.0% | S100YHEK |
| Free cash flow | -182 | -1.0% | 算出 |
| Investing cash flow | -727 | -3.8% | S100YHEK |
| Financing cash flow | 215 | 1.1% | S100YHEK |
| Dividends paid | 31 | 0.2% | S100YHEK |
| Share buyback | 0 | 0.0% | S100YHEK |
| Change in cash | 60 | 0.3% | S100YHEK |
| Cash and equivalents | 1,687 | 8.9% | S100YHEK |

## 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 | 2,190 | 2,036 | 1,539 | 1,626 | 1,687 | S100TXBW, S100W4ZK, S100YHEK |
| Total assets | 14,293 | 13,999 | 14,215 | 14,023 | 14,422 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Net assets | 4,860 | 4,903 | 5,190 | 5,320 | 5,529 | S100TXBW, S100W4ZK, S100YHEK |
| Share capital | 1,052 | 1,052 | 1,052 | 1,052 | 1,052 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Property, plant and equipment | 8,797 | 8,667 | 8,788 | 8,821 | 8,877 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Intangible assets excluding goodwill | 66 | 56 | 62 | 53 | 112 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Investment securities | 538 | 562 | 703 | 695 | 936 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Current assets | 4,690 | 4,492 | 4,523 | 4,284 | 4,395 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Current liabilities | 4,955 | 4,935 | 5,180 | 4,757 | 4,729 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Short-term borrowings | 650 | 600 | 550 | 550 | 550 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Long-term borrowings | 1,653 | 1,362 | 1,075 | 1,171 | 1,361 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Total liabilities | 9,432 | 9,096 | 9,025 | 8,703 | 8,893 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Equity attributable to owners of parent | 1,923 | 1,945 | 2,120 | 2,291 | 2,334 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Retained earnings | 886 | 909 | 1,085 | 1,256 | 1,298 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |
| Treasury stock | -15 | -15 | -16 | -16 | -17 | S100S2JB, S100TXBW, S100W4ZK, S100YHEK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YHEK |
| Property, plant and equipment | 62% | S100YHEK |
| Intangibles and goodwill | 1% | S100YHEK |
| Investment securities | 6% | S100YHEK |
| Other assets | 19% | S100YHEK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 62% | S100YHEK |
| Equity | 38% | S100YHEK |

### 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 | 14,293 | 13,999 | 14,215 | 14,023 | 14,422 |
| Equity | 4,860 | 4,903 | 5,190 | 5,320 | 5,529 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,190 | 2,036 | 1,539 | 1,626 | 1,687 |

## 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) | 46.7% | S100YHEK |
| Fixed assets ÷ total assets | 61.5% | S100YHEK |
| Goodwill ÷ parent equity | — | —, S100YHEK |

### 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) | 11.7% |
| Cash ÷ revenue | 8.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 470.1% |
| Cash vs. profit gap | 499 JPY mn (of net income 676.4%) |
| Shareholder returns / net income | 42.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 127.0% |

## 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 | 0.9% | 1.20× | 1.0% | 7.43× | 7.8% | S100S2JB |
| 2023 | 0.3% | 1.23× | 0.4% | 7.31× | 2.8% | S100TXBW |
| 2024 | 1.2% | 1.27× | 1.5% | 6.94× | 10.2% | S100W4ZK |
| 2025 | 1.2% | 1.31× | 1.5% | 6.40× | 9.7% | S100YHEK |
| 2026 | 0.4% | 1.34× | 0.5% | 6.15× | 3.2% | S100YHEK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山崎製パン㈱ | Major shareholder | 30.0% | 2026-03-31 |
| 日糧取引先持株会 | Major shareholder | 16.3% | 2026-03-31 |
| ㈱ＡＤＥＫＡ | Major shareholder | 5.0% | 2026-03-31 |
| ㈱北洋銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 相馬商事㈱ | Major shareholder | 3.9% | 2026-03-31 |
| 日糧従業員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| ㈱セコマ | Major shareholder | 1.0% | 2026-03-31 |
| ＭＰ五協フード＆ケミカル㈱ | Major shareholder | 0.9% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 0.8% | 2026-03-31 |
| 釧根食糧㈱ | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YHEK | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHEK,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W4ZK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZK,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TXBW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXBW,, |
| 訂正有価証券報告書－第89期(2022/04/01－2023/03/31) | S100S2JB | 2023-10-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100S2JB,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OLZM | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLZM,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LVBU | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVBU,, |

## 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).