# NICHIRYOKU 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60期(2025/04/01－2026/03/31) (S100YN6A)
> Page: https://vizora.meequs.com/en/company/nichiryoku
> Retrieved: 2026-09-30T20:25:30.505Z

## Company

Nichiryoku, founded in 1966, is a company in Funerals listed on TSE Standard. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIRYOKU CO.,LTD. |
| Ticker | 7578 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7578.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区八重洲一丁目7番20号 |
| Representative (per filing) | 代表取締役社長 渡邊 将志 |
| Founded | Dec 1966 |
| Share capital | ¥1.94B |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥4.6M |
| Fiscal year end | March |
| Website | www.nichiryoku.co.jp (https://www.nichiryoku.co.jp/) |
| Corporate number | 4011301005583 |
| EDINET | E03304 |
| Industries (Vizora) | Funerals |

> Profile source: annual securities report (S100YN6A, filed 2026-06-29). As of filing

## Five-axis industry profile

Primary industry: Funerals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10 | 5 |
| Profitability | 8.3 | 6 |
| Efficiency | 8.3 | 6 |

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 59% of Nichiryoku's sales come from Funeral enterprise, with Cemetery business(outdoor) and Cemetery business (indoor) making up much of the rest.
- It lost about ¥24 for every ¥100 of sales at the operating level.
- Revenue changed -22.9% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.73B |  |
| Operating income | -¥420.6M | Margin -24.4% |
| Net income | -¥133.1M | Margin -7.7% |
| Free cash flow | -¥504.7M |  |
| Largest business | Funeral enterprise | of segment revenue 59.4% |
| Employees (consolidated) | 80 |  |
| EPS | ¥-7.76 |  |
| Book value per share | ¥167.71 |  |
| Equity ratio | 57.4% |  |
| Shares outstanding | 17,393,505 |  |
| Treasury shares | 9,600 |  |
| Shareholders | 4,695 |  |
| Average salary (parent only) | ¥4.6M | Filing company only |
| Cash ratio | 5.0% | Cash ÷ revenue 14.7% |
| Vs. industry median margin | -30 pp | Funerals |
| ROA | -2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, segment profit share differs by 38 points
- FY2026, operating loss is 24 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2624600000 | ¥1725508000 | -34.3% |
| Operating income | ¥109517000 | ¥-420577000 | -484.0% |
| Operating margin | 4.2% | -24.4% | -28.5 pp |
| Employees | 103 people | 80 people | -22.3% |
| Cash and equivalents | ¥1078895000 | ¥253258000 | -76.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| お墓事業（屋外墓地） → お墓事業（屋外墓地） | 32.2% |
| お墓事業（屋外墓地） → 事業再編・廃止 | 8.9% |
| お墓事業（堂内陵墓） → 事業再編・廃止 | 7.7% |
| 葬祭事業 → 葬祭事業 | 51.2% |
| 新設・再編 → お墓事業(納骨堂) | 8.4% |
| 新設・再編 → 葬祭事業 | 8.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Funeral enterprise | 5 years | -5.2% | ¥1025421000 | 13.5% | 2 |
| Cemetery business(outdoor) | 5 years | -12.4% | ¥555769000 | 0.8% | 2 |
| Cemetery business (indoor) | 4 years | -11.0% | ¥144316000 | -43.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,726 | 100.0% | S100YN6A |
| Cost of revenue | 549 | 31.8% | S100YN6A |
| Gross profit | 1,177 | 68.2% | S100YN6A |
| SG&A | 1,598 | 92.6% | S100YN6A |
| Operating income | -421 | -24.4% | S100YN6A |
| Ordinary income | -690 | -40.0% | S100YN6A |
| Pretax income | -35 | -2.0% | S100YN6A |
| Income tax | 98 | 5.7% | S100YN6A |
| Net income | -133 | -7.7% | S100YN6A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 92 |
| Operating income | -24 |
| (Ref.) Net income | -8 |

### Margin funnel

Gross margin 68.2% → Operating margin -24.4% → Net margin -7.7%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,239 | 1,726 | -514 | -22.9% |
| Gross profit | 1,557 | 1,177 | -380 | -24.4% |
| Operating income | -101 | -421 | -319 | — |
| Operating cash flow | -114 | -454 | -340 | — |
| Free cash flow | -118 | -505 | -386 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,169 | 172 | 5.4% | 140 | 250 | 216 | S100M98Y |
| FY ending Mar 2021 | 2,625 | 110 | 4.2% | -293 | 128 | 104 | S100P2Q9 |
| FY ending Mar 2022 | 2,979 | 291 | 9.8% | 129 | 337 | 311 | S100R5L9 |
| FY ending Mar 2023 | 3,223 | 222 | 6.9% | 118 | 340 | 328 | S100TR61 |
| FY ending Mar 2024 | 2,853 | 285 | 10.0% | 280 | 91 | 78 | S100W8IJ |
| FY ending Mar 2025 | 2,239 | -101 | -4.5% | -419 | -114 | -118 | S100YN6A |
| FY ending Mar 2026 | 1,726 | -421 | -24.4% | -133 | -454 | -505 | S100YN6A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.6M |
| Operating income per employee (consolidated) | -¥5.3M |
| Net income per employee (consolidated) | -¥1.7M |

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) | 97 | 102 | 99 | 101 | 80 |
| Average salary (parent company) | ¥5.5M | ¥5.2M | ¥5M | ¥4.5M | ¥4.6M |
| Average age (parent company) | 46.4 years | 48.1 years | 46.0 years | 44.8 years | 46.6 years |
| Average tenure (parent company) | 9.8 years | 8.7 years | 7.4 years | 5.8 years | 4.9 years |

Year over year: Employees (consolidated) -20.8% · Revenue (consolidated) -22.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cemetery business(outdoor) | 556 | 32.2% | 4 | 0.8% |
| Cemetery business (indoor) | 144 | 8.4% | -63 | -43.6% |
| Funeral enterprise | 1,025 | 59.4% | 139 | 13.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cemetery business(outdoor) | 32.2% | 3.0% | -29.2 | 0.8% |
| Cemetery business (indoor) | 8.4% | — | — | -43.6% |
| Funeral enterprise | 59.4% | 97.0% | 37.6 | 13.5% |

Loss-making segment (excluded from profit shares): Cemetery business (indoor) -63 JPY mn

Segment → industry: Funeral enterprise → Funerals / Cemetery business (indoor) → Funerals / Cemetery business(outdoor) → Funerals

## 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 | -454 | -26.3% | S100YN6A |
| Capital expenditure | 51 | 3.0% | S100YN6A |
| Free cash flow | -505 | -29.2% | 算出 |
| Investing cash flow | 1,232 | 71.4% | S100YN6A |
| Financing cash flow | -632 | -36.6% | S100YN6A |
| Change in cash | 146 | 8.5% | S100YN6A |
| Cash and equivalents | 253 | 14.7% | S100YN6A |

## 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 | 713 | 670 | 283 | 107 | 253 | S100TR61, S100W8IJ, S100YN6A |
| Total assets | 9,467 | 8,911 | 8,068 | 5,788 | 5,077 | S100R5L9, S100TR61, S100W8IJ, S100YN6A |
| Net assets | 4,314 | 4,540 | 3,316 | 2,898 | 2,916 | S100TR61, S100W8IJ, S100YN6A |
| Share capital | 1,791 | 1,848 | 1,866 | 1,866 | 1,941 | S100R5L9, S100TR61, S100W8IJ, S100YN6A |
| Property, plant and equipment | 2,372 | 2,315 | — | 1,524 | 741 | S100R5L9, S100TR61, S100YN6A |
| Intangible assets excluding goodwill | 62 | 36 | — | 11 | 6 | S100R5L9, S100TR61, S100YN6A |
| Investment securities | — | — | — | — | 11 | S100YN6A |
| Current assets | 1,843 | 1,304 | — | 536 | 592 | S100R5L9, S100TR61, S100YN6A |
| Current liabilities | 2,604 | 2,910 | — | 2,271 | 1,909 | S100R5L9, S100TR61, S100YN6A |
| Short-term borrowings | 650 | 622 | — | 538 | 418 | S100R5L9, S100TR61, S100YN6A |
| Long-term borrowings | 2,127 | 1,098 | — | 361 | 43 | S100R5L9, S100TR61, S100YN6A |
| Total liabilities | 5,153 | 4,371 | — | 2,890 | 2,161 | S100R5L9, S100TR61, S100YN6A |
| Equity attributable to owners of parent | 4,309 | 4,541 | — | 2,898 | 2,915 | S100R5L9, S100TR61, S100YN6A |
| Retained earnings | 1,079 | 1,197 | — | -482 | -615 | S100R5L9, S100TR61, S100YN6A |
| Treasury stock | -3 | -3 | — | -3 | -3 | S100R5L9, S100TR61, S100YN6A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YN6A |
| Property, plant and equipment | 15% | S100YN6A |
| Intangibles and goodwill | 0% | S100YN6A |
| Investment securities | 0% | S100YN6A |
| Other assets | 80% | S100YN6A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YN6A |
| Equity | 57% | S100YN6A |
| Other liabilities | 0% | S100YN6A |

### 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 | 9,467 | 8,911 | 8,068 | 5,788 | 5,077 |
| Equity | 4,314 | 4,540 | 3,316 | 2,898 | 2,916 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 713 | 670 | 283 | 107 | 253 |

## 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) | 42.9% | S100YN6A |
| Fixed assets ÷ total assets | 14.6% | S100YN6A |
| Goodwill ÷ parent equity | — | —, S100YN6A |

### 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) | 5.0% |
| Cash ÷ revenue | 14.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -321 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | — |

## 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 | 4.3% | 0.31× | 1.4% | 2.20× | 3.0% | S100R5L9 |
| 2023 | 3.7% | 0.35× | 1.3% | 2.08× | 2.7% | S100TR61 |
| 2024 | 9.8% | 0.34× | 3.3% | 2.16× | 7.1% | S100W8IJ, S100YN6A |
| 2025 | — | —× | -6.0% | —× | — | S100YN6A |
| 2026 | — | —× | -2.5% | —× | — | S100YN6A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| バリューアップ・ファンド 投資事業有限責任組合 | Major shareholder | 34.6% | 2026-03-31 |
| MLI FOR CLIENT GENERAL NON TREATY-PB (常任代理人 ＢＯＦＡ証券株式会社) | Major shareholder | 5.8% | 2026-03-31 |
| 東海東京証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 岡三証券株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| 阪田 和弘 | Major shareholder | 1.1% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ， ＴＡＩＰＥＩ ＢＲＡＮＣＨ (常任代理人 ＢＮＰパリバ証券株式会社) | Major shareholder | 1.1% | 2026-03-31 |
| ニチリョク役員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 北口 敏文 | Major shareholder | 1.0% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| 三潴 末雄 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YN6A | 2026-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YN6A,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W8IJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8IJ,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TR61 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR61,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R5L9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5L9,, |
| 訂正有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100P2Q9 | 2022-08-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2Q9,, |
| 訂正有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100M98Y | 2021-08-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M98Y,, |

## 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).