# NIHON NOHYAKU 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127期(2025/04/01－2026/03/31) (S100YATP)
> Page: https://vizora.meequs.com/en/company/nihon-nohyaku
> Retrieved: 2026-09-30T22:16:38.772Z

## Company

Nihon Nohyaku, founded in 1928, is a company in Chemicals listed on TSE Prime. It has 1,527 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON NOHYAKU CO.,LTD. |
| Ticker | 4997 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4997.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋一丁目19番8号 |
| Representative (per filing) | 代表取締役社長 岩田浩幸 |
| Founded | Nov 1928 |
| Share capital | ¥14.9B |
| Employees (consolidated) | 1,527 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.nichino.co.jp (https://www.nichino.co.jp/) |
| Corporate number | 2010001034985 |
| EDINET | E00937 |
| Industries (Vizora) | Chemicals, Pharmaceuticals |

> Profile source: annual securities report (S100YATP, filed 2026-06-12). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 85.9 | 96 |
| Profitability | 71.5 | 100 |
| Cash conversion | 2.6 | 96 |
| Efficiency | 54.5 | 100 |
| Financial strength | 76.3 | 19 |

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 94% of Nihon Nohyaku's sales come from Agrochemicals, with Chemicals other than agrochemicals and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +11.9% from the prior year, operating profit +26.8%.

## Company structure

- Segment revenue mix: Agrochemicals 94.3%、Chemicals other than agrochemicals 3.7%、Other 2.0%
- Revenue → net income: ¥111822000000 → ¥6878000000
- Net income → operating cash flow: ¥6878000000 → ¥4526000000（difference ¥-2352000000）
- Main uses of operating cash flow: CapEx ¥1675000000 / dividends ¥1890000000 / buybacks ¥0
- Change in cash: ¥-3888000000
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 | ¥111.8B |  |
| Operating income | ¥10.9B | Margin 9.7% |
| Net income | ¥7.23B | Margin 6.5% |
| Free cash flow | ¥2.85B |  |
| Largest business | Agrochemicals | of segment revenue 94.3% |
| Employees (consolidated) | 1,527 |  |
| EPS | ¥58.99 |  |
| Book value per share | ¥874.66 |  |
| Equity ratio | 54.9% |  |
| Shares outstanding | 81,967,082 |  |
| Treasury shares | 3,195,700 |  |
| Shareholders | 9,368 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 12.2% | Net cash -¥9.57B · Cash ÷ revenue 16.9% |
| Vs. industry median margin | +2.2 pp | Chemicals |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 4.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥71525000000 | ¥111822000000 | +56.3% |
| Operating income | ¥6981000000 | ¥10878000000 | +55.8% |
| Operating margin | 9.8% | 9.7% | 0 pp |
| Employees | 1,484 people | 1,527 people | +2.9% |
| Cash and equivalents | ¥17414000000 | ¥18843000000 | +8.2% |

### 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 |
| --- | ---: |
| 農薬 → 農薬 | 91.4% |
| 農薬以外の化学品 → 農薬以外の化学品 | 3.7% |
| 農薬以外の化学品 → 事業再編・廃止 | 2.3% |
| その他 → その他 | 2.0% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 農薬 | 2.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agrochemicals | 5 years | +10.0% | ¥105455000000 | 10.1% | 2 |
| Chemicals other than agrochemicals | 5 years | -0.5% | ¥4173000000 | 18.4% | 2 |
| Other | 5 years | +3.4% | ¥2193000000 | 19.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 111,822 | 100.0% | S100YATP |
| Cost of revenue | 73,765 | 66.0% | S100YATP |
| Gross profit | 38,056 | 34.0% | S100YATP |
| SG&A | 27,178 | 24.3% | S100YATP |
| Operating income | 10,878 | 9.7% | S100YATP |
| Ordinary income | 10,527 | 9.4% | S100YATP |
| Pretax income | 9,468 | 8.5% | S100YATP |
| Income tax | 2,590 | 2.3% | S100YATP |
| Net income | 6,878 | 6.2% | S100YATP |
| Net income attributable to owners | 7,228 | 6.5% | S100YATP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 24 |
| Operating income | 10 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 34.0% → Operating margin 9.7% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.9%; Core profit growth: +26.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.26×
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 | 99,966 | 111,822 | 11,856 | +11.9% |
| Gross profit | 33,221 | 38,056 | 4,835 | +14.6% |
| Operating income | 8,576 | 10,878 | 2,302 | +26.8% |
| Net income attributable to owners | 2,356 | 7,228 | 4,872 | +206.8% |
| Operating cash flow | 10,405 | 4,526 | -5,879 | -56.5% |
| Free cash flow | 7,292 | 2,851 | -4,441 | -60.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,674 | 4,005 | 11.2% | 1,477 | -5,954 | -6,519 | S100LNR3 |
| FY ending Mar 2021 | 71,525 | 6,981 | 9.8% | 4,344 | 5,778 | 4,355 | S100OD7Y |
| FY ending Mar 2022 | 80,110 | 5,762 | 7.2% | 4,405 | -3,375 | -4,988 | S100QXWM |
| FY ending Mar 2023 | 102,090 | 8,739 | 8.6% | 4,488 | -1,923 | -3,641 | S100TN7A |
| FY ending Mar 2024 | 103,033 | 7,438 | 7.2% | 4,777 | -344 | -2,482 | S100VYTC |
| FY ending Mar 2025 | 99,966 | 8,576 | 8.6% | 2,356 | 10,405 | 7,292 | S100YATP |
| FY ending Mar 2026 | 111,822 | 10,878 | 9.7% | 7,228 | 4,526 | 2,851 | S100YATP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.2M |
| Operating income per employee (consolidated) | ¥7.1M |
| Net income per employee (consolidated) | ¥4.7M |

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) | 1,536 | 1,567 | 1,570 | 1,524 | 1,527 |
| Average salary (parent company) | ¥7.4M | ¥7.5M | ¥7.7M | ¥7.8M | ¥8M |
| Average age (parent company) | 42.3 years | 42.4 years | 42.0 years | 42.0 years | 42.3 years |
| Average tenure (parent company) | 15.0 years | 15.4 years | 15.0 years | 14.9 years | 14.7 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) +11.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Agrochemicals | 105,455 | 94.3% | 10,666 | 10.1% |
| Chemicals other than agrochemicals | 4,173 | 3.7% | 769 | 18.4% |
| Other | 2,193 | 2.0% | 429 | 19.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Agrochemicals | 94.3% | 89.9% | -4.4 | 10.1% |
| Chemicals other than agrochemicals | 3.7% | 6.5% | 2.7 | 18.4% |
| Other | 2.0% | 3.6% | 1.7 | 19.6% |

Segment → industry: Chemicals other than agrochemicals → Chemicals / Agrochemicals → Chemicals / Chemicals other than agrochemicals → Pharmaceuticals

## 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 | 4,526 | 4.0% | S100YATP |
| Capital expenditure | 1,675 | 1.5% | S100YATP |
| Free cash flow | 2,851 | 2.5% | 算出 |
| Investing cash flow | -1,851 | -1.7% | S100YATP |
| Financing cash flow | -7,780 | -7.0% | S100YATP |
| Dividends paid | 1,890 | 1.7% | S100YATP |
| Share buyback | 0 | 0.0% | S100YATP |
| Change in cash | -3,888 | -3.5% | S100YATP |
| Cash and equivalents | 18,843 | 16.9% | S100YATP |

## 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 | 11,061 | 14,366 | 19,264 | 22,219 | 18,843 | S100TN7A, S100VYTC, S100YATP |
| Total assets | 118,247 | 136,652 | 157,983 | 152,216 | 154,962 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Net assets | 66,956 | 73,125 | 80,396 | 79,423 | 87,093 | S100TN7A, S100VYTC, S100YATP |
| Share capital | 14,939 | 14,939 | 14,939 | 14,939 | 14,939 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Property, plant and equipment | 14,781 | 15,303 | 15,994 | 16,106 | 17,085 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Intangible assets excluding goodwill | 4,218 | 4,097 | 4,608 | 1,977 | 3,844 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Goodwill | 2,794 | 2,594 | 2,645 | — | 757 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Investment securities | 6,955 | 7,552 | 11,598 | 11,883 | 11,321 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Current assets | 87,351 | 102,619 | 118,632 | 116,639 | 117,848 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Current liabilities | 41,180 | 44,560 | 52,196 | 51,870 | 44,673 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Trade payables | 19,406 | 20,519 | 20,333 | 21,646 | 20,113 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Short-term borrowings | 10,477 | 10,940 | 16,294 | 12,742 | 10,207 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Long-term borrowings | 6,128 | 10,167 | 17,252 | 15,435 | 12,285 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Bonds | 1,226 | 5,315 | 4,381 | 1,505 | 5,924 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Interest-bearing debt | 17,831 | 26,422 | 37,927 | 29,682 | 28,416 | 算出 |
| Total liabilities | 51,290 | 63,527 | 77,587 | 72,792 | 67,869 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Non-controlling interests | 1,363 | 2,209 | 2,327 | 2,134 | 2,015 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Equity attributable to owners of parent | 66,960 | 70,227 | 73,685 | 74,405 | 79,916 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Retained earnings | 38,855 | 42,123 | 45,561 | 46,420 | 51,892 | S100QXWM, S100TN7A, S100VYTC, S100YATP |
| Treasury stock | -1,906 | -1,907 | -1,887 | -2,026 | -1,986 | S100QXWM, S100TN7A, S100VYTC, S100YATP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YATP |
| Property, plant and equipment | 11% | S100YATP |
| Intangibles and goodwill | 3% | S100YATP |
| Investment securities | 7% | S100YATP |
| Other assets | 67% | S100YATP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YATP |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 13% | S100YATP |
| Equity | 56% | S100YATP |

### 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 | 118,247 | 136,652 | 157,983 | 152,216 | 154,962 |
| Equity | 66,956 | 73,125 | 80,396 | 79,423 | 87,093 |
| Interest-bearing debt | 17,831 | 26,422 | 37,927 | 29,682 | 28,416 |
| Cash | 11,061 | 14,366 | 19,264 | 22,219 | 18,843 |

## 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) | 15.3% | S100YATP |
| Fixed assets ÷ total assets | 11.0% | S100YATP |
| Goodwill ÷ parent equity | 0.9% | S100YATP |

Goodwill over 4 years: 2,794 → 757 JPY; total investing cash flow: -9,071 JPY. This does not imply causation.

### 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) | 12.2% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | -¥9.57B |
| Net debt ÷ operating cash flow | 2.12× |
| Cash conversion (operating CF ÷ operating income) | 41.6% |
| Cash vs. profit gap | -2,702 JPY mn (of net income -37.4%) |
| Shareholder returns / net income | 26.1% |
| Shareholder returns / FCF | 66.3% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 66.3% |
| CapEx intensity (capex ÷ revenue) | 1.5% |
| Investing CF relative to operating CF | 40.9% |

## 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 | 5.5% | 0.68× | 3.7% | 1.77× | 6.6% | S100QXWM |
| 2023 | 4.4% | 0.80× | 3.5% | 1.86× | 6.5% | S100TN7A |
| 2024 | 4.6% | 0.70× | 3.2% | 2.05× | 6.6% | S100VYTC |
| 2025 | 2.4% | 0.64× | 1.5% | 2.09× | 3.2% | S100YATP |
| 2026 | 6.5% | 0.73× | 4.7% | 1.99× | 9.4% | S100YATP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＡＤＥＫＡ | Major shareholder | 51.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.8% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.3% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YATP | 2026-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YATP,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100VYTC | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYTC,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TN7A | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN7A,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100QXWM | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXWM,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OD7Y | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD7Y,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LNR3 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNR3,, |

## 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).