# NICHIWA SANGYO 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122期(2025/04/01－2026/03/31) (S100YIEA)
> Page: https://vizora.meequs.com/en/company/nichiwa-sangyo
> Retrieved: 2026-09-30T21:10:14.373Z

## Company

Nichiwa Sangyo, founded in 1924, is a company in Livestock, Feed & Fertilizer listed on TSE Standard. It has 179 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICHIWA SANGYO CO., LTD. |
| Ticker | 2055 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2055.T) |
| Listing | TSE Standard |
| Head office | 神戸市東灘区住吉浜町19番地の5 |
| Representative (per filing) | 取締役社長 中橋太一郎 |
| Founded | Aug 1924 |
| Share capital | ¥2.01B |
| Employees (consolidated) | 179 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.nichiwasangyo.co.jp (https://www.nichiwasangyo.co.jp/) |
| Corporate number | 7140001002355 |
| EDINET | E00454 |
| Industries (Vizora) | Livestock, Feed & Fertilizer |

> Profile source: annual securities report (S100YIEA, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Livestock, Feed & Fertilizer (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 5 |
| Profitability | 75 | 6 |
| Cash conversion | 25 | 6 |
| Efficiency | 41.7 | 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 96% of Nichiwa Sangyo's sales come from Feeding, with Stock raising making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit +60.7%.

## Company structure

- Segment revenue mix: Feeding 95.8%、Stock raising 4.2%
- Revenue → net income: ¥45579000000 → ¥378000000
- Net income → operating cash flow: ¥378000000 → ¥1154000000（difference ¥776000000）
- Main uses of operating cash flow: CapEx ¥381000000 / dividends ¥108000000 / buybacks —
- Change in cash: ¥371000000
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 | ¥45.6B |  |
| Operating income | ¥1.46B | Margin 3.2% |
| Net income | ¥378M | Margin 0.8% |
| Free cash flow | ¥773M |  |
| Largest business | Feeding | of segment revenue 95.8% |
| Employees (consolidated) | 179 |  |
| EPS | ¥16.66 |  |
| Book value per share | ¥1050.58 |  |
| Equity ratio | 61.8% |  |
| Shares outstanding | 20,830,825 |  |
| Treasury shares | 2,719,000 |  |
| Shareholders | 1,596 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 30.5% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | +0.2 pp | Livestock, Feed & Fertilizer |
| ROE | 2.1% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, cash is 30% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39900700000 | ¥45579000000 | +14.2% |
| Operating income | ¥283328000 | ¥1456000000 | +413.9% |
| Operating margin | 0.7% | 3.2% | +2.5 pp |
| Employees | 180 people | 179 people | -0.6% |
| Cash and equivalents | ¥9818000000 | ¥9390000000 | -4.4% |

### 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 |
| --- | ---: |
| 飼料事業 → 飼料事業 | 95.6% |
| 畜産事業 → 畜産事業 | 4.2% |
| 畜産事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 飼料事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 45,579 | 100.0% | S100YIEA |
| Cost of revenue | 41,448 | 90.9% | S100YIEA |
| Gross profit | 4,131 | 9.1% | S100YIEA |
| SG&A | 2,675 | 5.9% | S100YIEA |
| Operating income | 1,456 | 3.2% | S100YIEA |
| Ordinary income | 1,440 | 3.2% | S100YIEA |
| Pretax income | 807 | 1.8% | S100YIEA |
| Income tax | 428 | 0.9% | S100YIEA |
| Net income | 378 | 0.8% | S100YIEA |
| Net income attributable to owners | 378 | 0.8% | S100YIEA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 6 |
| Operating income | 3 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.1% → Operating margin 3.2% → Net margin 0.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.2%; Core profit growth: +60.7%
Operating leverage (core profit growth ÷ revenue growth): -9.84×
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 | 48,577 | 45,579 | -2,998 | -6.2% |
| Gross profit | 3,557 | 4,131 | 574 | +16.1% |
| Operating income | 906 | 1,456 | 550 | +60.7% |
| Net income attributable to owners | 310 | 378 | 68 | +21.9% |
| Operating cash flow | 2,444 | 1,154 | -1,290 | -52.8% |
| Free cash flow | 1,996 | 773 | -1,223 | -61.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,975 | 528 | 1.3% | 371 | 1,540 | 525 | S100LRXC |
| FY ending Mar 2021 | 39,901 | 283 | 0.7% | 139 | 1,263 | 370 | S100OLAJ |
| FY ending Mar 2022 | 44,906 | 117 | 0.3% | 116 | -1,037 | -1,833 | S100R6T6 |
| FY ending Mar 2023 | 54,659 | -200 | -0.4% | 157 | -1,533 | -2,439 | S100TRDA |
| FY ending Mar 2024 | 52,887 | 905 | 1.7% | 541 | 2,052 | 1,394 | S100W4LX |
| FY ending Mar 2025 | 48,577 | 906 | 1.9% | 310 | 2,444 | 1,996 | S100YIEA |
| FY ending Mar 2026 | 45,579 | 1,456 | 3.2% | 378 | 1,154 | 773 | S100YIEA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥254.6M |
| Operating income per employee (consolidated) | ¥8.1M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 179 | 183 | 187 | 178 | 179 |
| Average salary (parent company) | ¥4.8M | ¥4M | ¥5M | ¥5M | ¥5M |
| Average age (parent company) | 45.0 years | 44.1 years | 45.1 years | 44.2 years | 43.6 years |
| Average tenure (parent company) | 18.8 years | 18.1 years | 18.8 years | 17.6 years | 16.2 years |

Year over year: Employees (consolidated) +0.6% · Revenue (consolidated) -6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Feeding | 43,669 | 95.8% | 1,485 | 3.4% |
| Stock raising | 1,910 | 4.2% | 5 | 0.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Feeding | 95.8% | 99.7% | 3.9 | 3.4% |
| Stock raising | 4.2% | 0.3% | -3.9 | 0.3% |

Segment → industry: Stock raising → Livestock, Feed & Fertilizer / Feeding → Livestock, Feed & Fertilizer

## 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 | 1,154 | 2.5% | S100YIEA |
| Capital expenditure | 381 | 0.8% | S100YIEA |
| Free cash flow | 773 | 1.7% | 算出 |
| Investing cash flow | -1,068 | -2.3% | S100YIEA |
| Financing cash flow | 284 | 0.6% | S100YIEA |
| Dividends paid | 108 | 0.2% | S100YIEA |
| Change in cash | 371 | 0.8% | S100YIEA |
| Cash and equivalents | 9,390 | 20.6% | S100YIEA |

## 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 | 7,617 | 5,182 | 7,041 | 9,019 | 9,390 | S100TRDA, S100W4LX, S100YIEA |
| Total assets | 29,046 | 29,708 | 32,633 | 29,706 | 30,816 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Net assets | 17,409 | 17,435 | 18,164 | 18,237 | 19,039 | S100TRDA, S100W4LX, S100YIEA |
| Share capital | 2,011 | 2,011 | 2,011 | 2,011 | 2,011 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Property, plant and equipment | 5,603 | 5,833 | 5,547 | 4,702 | 4,016 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Intangible assets excluding goodwill | 7 | 40 | 5 | 16 | 17 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Investment securities | 590 | 643 | 1,020 | 950 | 1,908 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Current assets | 21,871 | 22,511 | 25,600 | 23,625 | 24,050 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Current liabilities | 11,449 | 12,066 | 14,000 | 11,219 | 10,340 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Trade payables | 5,858 | 6,675 | 8,557 | 6,140 | — | S100R6T6, S100TRDA, S100W4LX |
| Short-term borrowings | 4,269 | 4,269 | 3,969 | 3,969 | 3,379 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Long-term borrowings | — | — | — | — | 783 | S100YIEA |
| Total liabilities | 11,636 | 12,272 | 14,468 | 11,469 | 11,777 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Equity attributable to owners of parent | 17,091 | 17,142 | 17,576 | 17,741 | 18,011 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Retained earnings | 13,898 | 13,949 | 14,382 | 14,547 | 14,817 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |
| Treasury stock | -722 | -722 | -722 | -722 | -722 | S100R6T6, S100TRDA, S100W4LX, S100YIEA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YIEA |
| Property, plant and equipment | 13% | S100YIEA |
| Intangibles and goodwill | 0% | S100YIEA |
| Investment securities | 6% | S100YIEA |
| Other assets | 50% | S100YIEA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100YIEA |
| Equity | 62% | S100YIEA |

### 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 | 29,046 | 29,708 | 32,633 | 29,706 | 30,816 |
| Equity | 17,409 | 17,435 | 18,164 | 18,237 | 19,039 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,617 | 5,182 | 7,041 | 9,019 | 9,390 |

## 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) | 8.8% | S100YIEA |
| Fixed assets ÷ total assets | 13.0% | S100YIEA |
| Goodwill ÷ parent equity | — | —, S100YIEA |

### 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) | 30.5% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.3% |
| Cash vs. profit gap | 776 JPY mn (of net income 205.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.6% |
| Shareholder payments — dividends / FCF | 14.0% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 92.5% |

## 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 | 0.3% | 1.55× | 0.4% | 1.70× | 0.7% | S100R6T6 |
| 2023 | 0.3% | 1.86× | 0.5% | 1.72× | 0.9% | S100TRDA |
| 2024 | 1.0% | 1.70× | 1.7% | 1.80× | 3.1% | S100W4LX |
| 2025 | 0.6% | 1.56× | 1.0% | 1.77× | 1.8% | S100YIEA |
| 2026 | 0.8% | 1.51× | 1.2% | 1.69× | 2.1% | S100YIEA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社十文字チキンカンパニー | Major shareholder | 8.7% | 2026-03-31 |
| 豊田通商株式会社 | Major shareholder | 7.5% | 2026-03-31 |
| 東北グレーンターミナル株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| カーギルジャパン合同会社 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 兵庫県信用農業協同組合連合会 | Major shareholder | 4.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 内藤征吾 | Major shareholder | 3.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第122期(2025/04/01－2026/03/31) | S100YIEA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEA,, |
| 有価証券報告書－第121期(2024/04/01－2025/03/31) | S100W4LX | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4LX,, |
| 有価証券報告書－第120期(2023/04/01－2024/03/31) | S100TRDA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRDA,, |
| 有価証券報告書－第119期(2022/04/01－2023/03/31) | S100R6T6 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6T6,, |
| 有価証券報告書－第118期(令和3年4月1日－令和4年3月31日) | S100OLAJ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLAJ,, |
| 有価証券報告書－第117期(令和2年4月1日－令和3年3月31日) | S100LRXC | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRXC,, |

## 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).