# NIHON FLUSH 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62期(2025/04/01－2026/03/31) (S100YLHV)
> Page: https://vizora.meequs.com/en/company/nihon-flush
> Retrieved: 2026-09-30T20:48:08.874Z

## Company

Nihon Flush, founded in 1964, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 1,118 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON FLUSH CO.,LTD. |
| Ticker | 7820 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7820.T) |
| Listing | TSE Prime |
| Head office | 徳島県小松島市横須町5番26号 |
| Representative (per filing) | 代表取締役社長 髙橋 栄二 |
| Founded | Sep 1964 |
| Share capital | ¥1.12B |
| Employees (consolidated) | 1,118 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | March |
| Website | www.nfnf.co.jp (https://www.nfnf.co.jp/) |
| Corporate number | 8480001003475 |
| EDINET | E00640 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YLHV, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.7 | 56 |
| Profitability | 75 | 58 |
| Cash conversion | 43 | 50 |
| Efficiency | 9.5 | 58 |

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 58% of Nihon Flush's sales come from China, with JAPAN making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -2.2% from the prior year, operating profit +125.3%.

## Company structure

- Segment revenue mix: China 57.9%、JAPAN 42.1%
- Revenue → net income: ¥23456344000 → ¥1310958000
- Net income → operating cash flow: ¥1310958000 → ¥1745940000（difference ¥434982000）
- Main uses of operating cash flow: CapEx ¥515670000 / dividends ¥819243000 / buybacks —
- Change in cash: ¥958434000
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 | ¥23.5B |  |
| Operating income | ¥1.75B | Margin 7.4% |
| Net income | ¥1.42B | Margin 6.0% |
| Free cash flow | ¥1.23B |  |
| Largest business | China | of segment revenue 57.9% |
| Employees (consolidated) | 1,118 |  |
| EPS | ¥60.63 |  |
| Book value per share | ¥461.33 |  |
| Equity ratio | 71.7% |  |
| Shares outstanding | 25,060,000 |  |
| Treasury shares | 2,303,200 |  |
| Shareholders | 15,997 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 23.8% |
| Vs. industry median margin | +3 pp | Housing Equipment & Building Materials |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -10% while operating income rose 125%
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, segment profit share differs by 39 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28881687000 | ¥23456344000 | -18.8% |
| Operating income | ¥4404855000 | ¥1745676000 | -60.4% |
| Operating margin | 15.3% | 7.4% | -7.8 pp |
| Employees | 1,906 people | 1,118 people | -41.3% |
| Cash and equivalents | ¥7125165000 | ¥5591049000 | -21.5% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 30.0% |
| 中国 → 中国 | 57.9% |
| 中国 → 事業再編・廃止 | 12.1% |
| 新設・再編 → 日本 | 12.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,456 | 100.0% | S100YLHV |
| Cost of revenue | 17,596 | 75.0% | S100YLHV |
| Gross profit | 5,861 | 25.0% | S100YLHV |
| SG&A | 4,115 | 17.5% | S100YLHV |
| Operating income | 1,746 | 7.4% | S100YLHV |
| Ordinary income | 2,037 | 8.7% | S100YLHV |
| Pretax income | 1,917 | 8.2% | S100YLHV |
| Income tax | 606 | 2.6% | S100YLHV |
| Net income | 1,311 | 5.6% | S100YLHV |
| Net income attributable to owners | 1,416 | 6.0% | S100YLHV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.0% → Operating margin 7.4% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.2%; Core profit growth: +125.3%
Operating leverage (core profit growth ÷ revenue growth): -57.74×
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 | 23,977 | 23,456 | -520 | -2.2% |
| Gross profit | 5,697 | 5,861 | 163 | +2.9% |
| Operating income | 775 | 1,746 | 971 | +125.3% |
| Net income attributable to owners | -2,792 | 1,416 | 4,208 | — |
| Operating cash flow | 2,543 | 1,746 | -797 | -31.3% |
| Free cash flow | 1,971 | 1,230 | -741 | -37.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,029 | 4,749 | 15.3% | 3,334 | 3,128 | 1,670 | S100LO28 |
| FY ending Mar 2021 | 28,882 | 4,405 | 15.3% | 3,296 | 2,125 | 868 | S100OD82 |
| FY ending Mar 2022 | 33,094 | 4,869 | 14.7% | 3,841 | 1,496 | 1,006 | S100R2XX |
| FY ending Mar 2023 | 27,328 | 2,306 | 8.4% | 1,882 | 2,414 | 2,051 | S100TNR8 |
| FY ending Mar 2024 | 25,899 | 1,500 | 5.8% | 1,329 | 1,704 | 1,485 | S100W0DW |
| FY ending Mar 2025 | 23,977 | 775 | 3.2% | -2,792 | 2,543 | 1,971 | S100YLHV |
| FY ending Mar 2026 | 23,456 | 1,746 | 7.4% | 1,416 | 1,746 | 1,230 | S100YLHV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 1,844 | 1,597 | 1,418 | 1,236 | 1,118 |
| Average salary (parent company) | ¥4.2M | ¥4.4M | ¥4.8M | ¥4.6M | ¥4.8M |
| Average age (parent company) | 37.0 years | 37.5 years | 37.4 years | 37.7 years | 39.1 years |
| Average tenure (parent company) | 12.0 years | 12.4 years | 12.4 years | 12.2 years | 12.3 years |

Year over year: Employees (consolidated) -9.5% · Revenue (consolidated) -2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 9,899 | 42.1% | 1,419 | 14.3% |
| China | 13,612 | 57.9% | 327 | 2.4% |

### 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 | 42.1% | 81.3% | 39.2 | 14.3% |
| China | 57.9% | 18.7% | -39.2 | 2.4% |

Segment → industry: China → Housing Equipment & Building Materials / JAPAN → Housing Equipment & Building Materials

## 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 | 1,746 | 7.4% | S100YLHV |
| Capital expenditure | 516 | 2.2% | S100YLHV |
| Free cash flow | 1,230 | 5.2% | 算出 |
| Investing cash flow | -335 | -1.4% | S100YLHV |
| Financing cash flow | -540 | -2.3% | S100YLHV |
| Dividends paid | 819 | 3.5% | S100YLHV |
| Change in cash | 958 | 4.1% | S100YLHV |
| Cash and equivalents | 5,591 | 23.8% | S100YLHV |

## 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 | 5,537 | 5,980 | 4,140 | 4,633 | 5,591 | S100TNR8, S100W0DW, S100YLHV |
| Total assets | 42,354 | 43,596 | 44,952 | 42,309 | 44,319 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Net assets | 30,657 | 32,868 | 32,800 | 31,037 | 32,540 | S100TNR8, S100W0DW, S100YLHV |
| Share capital | 1,118 | 1,118 | 1,118 | 1,118 | 1,118 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Property, plant and equipment | 6,799 | 6,724 | 6,475 | 6,620 | 6,544 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Intangible assets excluding goodwill | 754 | 770 | 804 | 828 | 833 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Investment securities | 1,555 | 1,541 | 2,172 | 2,406 | 2,742 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Current assets | 32,422 | 32,394 | 31,106 | 25,639 | 24,553 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Current liabilities | 11,169 | 10,294 | 11,525 | 10,250 | 10,696 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Trade payables | 5,436 | 4,177 | 4,602 | 4,729 | 4,454 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Short-term borrowings | 1,451 | 1,293 | 2,097 | 1,823 | 2,141 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Long-term borrowings | 69 | — | — | 193 | 181 | S100R2XX, S100YLHV |
| Total liabilities | 11,698 | 10,728 | 12,152 | 11,273 | 11,780 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Non-controlling interests | 1,165 | 1,252 | 1,206 | 827 | 741 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Equity attributable to owners of parent | 26,358 | 27,381 | 25,751 | 22,137 | 22,734 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Retained earnings | 23,416 | 24,439 | 24,893 | 21,280 | 21,876 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |
| Treasury stock | -1 | -1 | -2,085 | -2,085 | -2,085 | S100R2XX, S100TNR8, S100W0DW, S100YLHV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YLHV |
| Property, plant and equipment | 15% | S100YLHV |
| Intangibles and goodwill | 2% | S100YLHV |
| Investment securities | 6% | S100YLHV |
| Other assets | 64% | S100YLHV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YLHV |
| Other liabilities | 17% | S100YLHV |
| Equity | 73% | S100YLHV |
| Other liabilities | 0% | S100YLHV |

### 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 | 42,354 | 43,596 | 44,952 | 42,309 | 44,319 |
| Equity | 30,657 | 32,868 | 32,800 | 31,037 | 32,540 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,537 | 5,980 | 4,140 | 4,633 | 5,591 |

## 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) | 27.9% | S100YLHV |
| Fixed assets ÷ total assets | 14.8% | S100YLHV |
| Goodwill ÷ parent equity | — | —, S100YLHV |

### 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) | 12.6% |
| Cash ÷ revenue | 23.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.0% |
| Cash vs. profit gap | 330 JPY mn (of net income 23.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.9% |
| Shareholder payments — dividends / FCF | 66.6% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 19.2% |

## 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 | 11.6% | 0.78× | 9.1% | 1.61× | 14.6% | S100R2XX |
| 2023 | 6.9% | 0.64× | 4.4% | 1.60× | 7.0% | S100TNR8 |
| 2024 | 5.1% | 0.58× | 3.0% | 1.67× | 5.0% | S100W0DW |
| 2025 | — | —× | -6.4% | —× | — | S100YLHV |
| 2026 | 6.0% | 0.54× | 3.3% | 1.93× | 6.3% | S100YLHV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.2% | 2026-03-31 |
| 髙橋 栄二 | Major shareholder | 8.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社阿波銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社徳島大正銀行 | Major shareholder | 4.9% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 4.7% | 2026-03-31 |
| 七福トータルサポート株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社徳銀キャピタル | Major shareholder | 2.5% | 2026-03-31 |
| ニホンフラッシュ従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| ニホンフラッシュ取引先持株会 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YLHV | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YLHV,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W0DW | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0DW,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TNR8 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNR8,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R2XX | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2XX,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OD82 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD82,, |
| 有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100LO28 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO28,, |

## 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).