# NIHON DENKEI 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81期(2025/04/01－2026/03/31) (S100YDG7)
> Page: https://vizora.meequs.com/en/company/nihon-denkei
> Retrieved: 2026-09-30T20:27:07.605Z

## Company

Nihon Denkei, founded in 1950, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 1,214 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON DENKEI CO.,LTD. |
| Ticker | 9908 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9908.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区上野5丁目14番12号 |
| Representative (per filing) | 代表取締役社長 和田 史宣 |
| Founded | Sep 1950 |
| Share capital | ¥1.16B |
| Employees (consolidated) | 1,214 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.n-denkei.co.jp (https://www.n-denkei.co.jp/) |
| Corporate number | 9010501010505 |
| EDINET | E02749 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YDG7, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 82.4 | 179 |
| Profitability | 66.2 | 185 |
| Cash conversion | 4.7 | 179 |
| Efficiency | 61.9 | 185 |

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 82% of Nihon Denkei's sales come from Japan, with China making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +9.8% from the prior year, operating profit +4.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥133.1B |  |
| Operating income | ¥4.97B | Margin 3.7% |
| Net income | ¥3.65B | Margin 2.7% |
| Free cash flow | -¥3.89B |  |
| Largest business | Japan | of segment revenue 82.0% |
| Employees (consolidated) | 1,214 |  |
| EPS | ¥276.75 |  |
| Diluted EPS | ¥275.25 |  |
| Book value per share | ¥2373.13 |  |
| Equity ratio | 41.6% |  |
| Shares outstanding | 11,818,000 |  |
| Treasury shares | 465,400 |  |
| Shareholders | 5,003 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 5.9% |
| Vs. industry median margin | +0.9 pp | Specialty Trading & Wholesale |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit
- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥82669514000 | ¥133148547000 | +61.1% |
| Operating income | ¥1892231000 | ¥4972387000 | +162.8% |
| Operating margin | 2.3% | 3.7% | +1.4 pp |
| Employees | 1,070 people | 1,214 people | +13.5% |
| Cash and equivalents | ¥6848400000 | ¥7849298000 | +14.6% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 82.0% |
| 日本 → 事業再編・廃止 | 4.1% |
| 中国 → 中国 | 14.0% |
| 新設・再編 → 中国 | 4.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 133,149 | 100.0% | S100YDG7 |
| Cost of revenue | 114,679 | 86.1% | S100YDG7 |
| Gross profit | 18,469 | 13.9% | S100YDG7 |
| SG&A | 13,497 | 10.1% | S100YDG7 |
| Operating income | 4,972 | 3.7% | S100YDG7 |
| Ordinary income | 5,079 | 3.8% | S100YDG7 |
| Pretax income | 5,115 | 3.8% | S100YDG7 |
| Income tax | 1,569 | 1.2% | S100YDG7 |
| Net income | 3,546 | 2.7% | S100YDG7 |
| Net income attributable to owners | 3,651 | 2.7% | S100YDG7 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.9% → Operating margin 3.7% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.8%; Core profit growth: +4.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.50×
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 | 121,235 | 133,149 | 11,913 | +9.8% |
| Gross profit | 16,935 | 18,469 | 1,535 | +9.1% |
| Operating income | 4,738 | 4,972 | 234 | +4.9% |
| Net income attributable to owners | 2,973 | 3,651 | 678 | +22.8% |
| Operating cash flow | 251 | -3,621 | -3,872 | -1541.3% |
| Free cash flow | -98 | -3,892 | -3,794 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 93,368 | 2,450 | 2.6% | 1,691 | 3,672 | 2,300 | S100LRDU |
| FY ending Mar 2021 | 82,670 | 1,892 | 2.3% | 1,467 | 4,574 | 4,055 | S100OG7R |
| FY ending Mar 2022 | 91,857 | 2,665 | 2.9% | 2,252 | -539 | -1,073 | S100R2MF |
| FY ending Mar 2023 | 104,778 | 3,740 | 3.6% | 2,905 | -97 | -1,543 | S100TPB7 |
| FY ending Mar 2024 | 108,539 | 4,431 | 4.1% | 2,948 | 3,604 | 3,133 | S100XVN7 |
| FY ending Mar 2025 | 121,235 | 4,738 | 3.9% | 2,973 | 251 | -98 | S100YDG7 |
| FY ending Mar 2026 | 133,149 | 4,972 | 3.7% | 3,651 | -3,621 | -3,892 | S100YDG7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.7M |
| 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) | 1,095 | 1,156 | 1,166 | 1,160 | 1,214 |
| Average salary (parent company) | ¥6.1M | ¥6.9M | ¥6.5M | ¥6.9M | ¥7.6M |
| Average age (parent company) | 41.9 years | 42.3 years | 42.2 years | 42.3 years | 42.2 years |
| Average tenure (parent company) | 14.4 years | 14.4 years | 13.3 years | 13.3 years | 13.1 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +9.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 102,021 | 82.0% | 6,501 | 6.4% |
| China | 22,449 | 18.0% | 467 | 2.1% |

### 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 | 82.0% | 93.3% | 11.3 | 6.4% |
| China | 18.0% | 6.7% | -11.3 | 2.1% |

Segment → industry: China → Specialty Trading & Wholesale / Japan → Specialty Trading & Wholesale

## 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 | -3,621 | -2.7% | S100YDG7 |
| Capital expenditure | 270 | 0.2% | S100YDG7 |
| Free cash flow | -3,892 | -2.9% | 算出 |
| Investing cash flow | -120 | -0.1% | S100YDG7 |
| Financing cash flow | 1,588 | 1.2% | S100YDG7 |
| Dividends paid | 1,020 | 0.8% | S100YDG7 |
| Share buyback | 152 | 0.1% | S100YDG7 |
| Change in cash | -2,051 | -1.5% | S100YDG7 |
| Cash and equivalents | 7,849 | 5.9% | S100YDG7 |

## 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 | 7,796 | 8,118 | 7,611 | 9,900 | 7,849 | S100TPB7, S100XVN7, S100YDG7 |
| Total assets | 56,643 | 64,110 | 66,063 | 73,996 | 78,823 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Net assets | 23,793 | 25,996 | 28,199 | 30,700 | 33,442 | S100TPB7, S100XVN7, S100YDG7 |
| Share capital | 1,159 | 1,159 | 1,159 | 1,159 | 1,159 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Trade receivables | 31,171 | 34,808 | 35,860 | 41,808 | 46,318 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Property, plant and equipment | 5,421 | 6,299 | 6,208 | 5,302 | 5,258 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Intangible assets excluding goodwill | 279 | 398 | 405 | 493 | 400 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Goodwill | — | — | — | 124 | 102 | S100YDG7 |
| Investment securities | 1,404 | 1,437 | 1,707 | 1,649 | 2,023 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Current assets | 48,670 | 55,140 | 56,652 | 65,502 | 70,368 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Current liabilities | 28,874 | 34,586 | 36,016 | 40,145 | 41,887 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Trade payables | 17,991 | 19,797 | 20,578 | 21,143 | 20,033 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Short-term borrowings | 7,970 | 11,137 | 11,096 | 12,430 | 15,164 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Long-term borrowings | 3,651 | 3,188 | 1,075 | 2,438 | 2,624 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Total liabilities | 32,850 | 38,114 | 37,864 | 43,296 | 45,381 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Non-controlling interests | 753 | 762 | 788 | 808 | 586 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Equity attributable to owners of parent | 22,059 | 23,846 | 25,552 | 27,421 | 29,957 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Retained earnings | 19,514 | 21,596 | 23,618 | 25,618 | 28,249 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |
| Treasury stock | -31 | -326 | -642 | -773 | -809 | S100R2MF, S100TPB7, S100XVN7, S100YDG7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YDG7 |
| Receivables | 59% | S100YDG7 |
| Property, plant and equipment | 7% | S100YDG7 |
| Intangibles and goodwill | 1% | S100YDG7 |
| Investment securities | 2% | S100YDG7 |
| Other assets | 21% | S100YDG7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YDG7 |
| Other liabilities | 32% | S100YDG7 |
| Equity | 43% | S100YDG7 |
| Other liabilities | 0% | S100YDG7 |

### 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 | 56,643 | 64,110 | 66,063 | 73,996 | 78,823 |
| Equity | 23,793 | 25,996 | 28,199 | 30,700 | 33,442 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,796 | 8,118 | 7,611 | 9,900 | 7,849 |

## 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) | 3.9% | S100YDG7 |
| Fixed assets ÷ total assets | 6.7% | S100YDG7 |
| Goodwill ÷ parent equity | 0.3% | S100YDG7 |

### 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) | 10.0% |
| Cash ÷ revenue | 5.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -72.8% |
| Cash vs. profit gap | -7,272 JPY mn (of net income -199.2%) |
| Shareholder returns / net income | 32.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| 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 | 2.5% | 1.62× | 4.0% | 2.57× | 10.2% | S100R2MF |
| 2023 | 2.8% | 1.74× | 4.8% | 2.63× | 12.7% | S100TPB7 |
| 2024 | 2.7% | 1.67× | 4.5% | 2.64× | 11.9% | S100XVN7 |
| 2025 | 2.5% | 1.73× | 4.2% | 2.64× | 11.2% | S100YDG7 |
| 2026 | 2.7% | 1.74× | 4.8% | 2.66× | 12.7% | S100YDG7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| あいホールディングス株式会社 | Major shareholder | 21.5% | 2026-03-31 |
| 有限会社高田興産 | Major shareholder | 8.6% | 2026-03-31 |
| 日本電計取引先持株会 | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 三井住友ファイナンス＆リース株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 日本電計従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 菊水ホールディングス株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 田中 秀子 | Major shareholder | 1.0% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YDG7 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDG7,, |
| 訂正有価証券報告書－第80期(2024/04/01－2025/03/31) | S100XVN7 | 2026-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVN7,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TPB7 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPB7,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R2MF | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2MF,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OG7R | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG7R,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LRDU | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRDU,, |

## 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).