# NIHON PLAST 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88期(2025/04/01－2026/03/31) (S100YHRY)
> Page: https://vizora.meequs.com/en/company/nihon-plast
> Retrieved: 2026-09-30T21:00:37.443Z

## Company

Nihon Plast, founded in 1948, is a company in Auto Parts listed on TSE Standard. It has 5,588 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON PLAST CO., LTD. |
| Ticker | 7291 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7291.T) |
| Listing | TSE Standard |
| Head office | 静岡県富士宮市山宮3507番地15 |
| Representative (per filing) | 代表取締役社長 時田 孝志 |
| Founded | Apr 1948 |
| Share capital | ¥3.21B |
| Employees (consolidated) | 5,588 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.n-plast.co.jp (https://www.n-plast.co.jp/) |
| Corporate number | 2080101012372 |
| EDINET | E02216 |
| Industries (Vizora) | Auto Parts |

> Profile source: annual securities report (S100YHRY, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 51.4 | 110 |
| Profitability | 14.9 | 111 |
| Cash conversion | 7.9 | 108 |
| Efficiency | 93.2 | 111 |

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 50% of Nihon Plast's sales come from North America, with Japan and China making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit -4.5%.

## Company structure

- Segment revenue mix: North America 49.6%、Japan 37.7%、China 9.5%、Southeast Asia 3.1%
- Revenue → net income: ¥114861000000 → ¥2012000000
- Net income → operating cash flow: ¥2012000000 → ¥2037000000（difference ¥25000000）
- Main uses of operating cash flow: CapEx ¥4591000000 / dividends ¥339000000 / buybacks ¥68000000
- Change in cash: ¥-1088000000
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 | ¥114.9B |  |
| Operating income | ¥2.65B | Margin 2.3% |
| Net income | ¥2.01B | Margin 1.8% |
| Free cash flow | -¥2.55B |  |
| Largest business | North America | of segment revenue 49.6% |
| Employees (consolidated) | 5,588 |  |
| EPS | ¥241.43 |  |
| Book value per share | ¥1158.75 |  |
| Equity ratio | 43.9% |  |
| Shares outstanding | 19,410,000 |  |
| Treasury shares | 261,200 |  |
| Shareholders | 9,527 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 16.2% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | -2.5 pp | Auto Parts |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥83065000000 | ¥114861000000 | +38.3% |
| Operating income | ¥1288000000 | ¥2647000000 | +105.5% |
| Operating margin | 1.6% | 2.3% | +0.8 pp |
| Employees | 5,997 people | 5,588 people | -6.8% |
| Cash and equivalents | ¥10597000000 | ¥13855000000 | +30.7% |

### 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 | 35.4% |
| 北米 → 北米 | 33.0% |
| 中国 → 中国 | 9.5% |
| 中国 → 事業再編・廃止 | 19.0% |
| 東南アジア → 東南アジア | 3.1% |
| 新設・再編 → 日本 | 2.3% |
| 新設・再編 → 北米 | 16.6% |
| 新設・再編 → 東南アジア | 0.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North America | 5 years | +15.8% | ¥57019000000 | 1.1% | 2 |
| Japan | 5 years | +8.0% | ¥43291000000 | 3.2% | 2 |
| China | 5 years | -14.3% | ¥10953000000 | -2.1% | 2 |
| Southeast Asia | 5 years | +7.1% | ¥3596000000 | 24.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 114,861 | 100.0% | S100YHRY |
| Cost of revenue | 103,540 | 90.1% | S100YHRY |
| Gross profit | 11,320 | 9.9% | S100YHRY |
| SG&A | 8,672 | 7.5% | S100YHRY |
| Operating income | 2,647 | 2.3% | S100YHRY |
| Ordinary income | 2,499 | 2.2% | S100YHRY |
| Pretax income | 2,590 | 2.3% | S100YHRY |
| Income tax | 578 | 0.5% | S100YHRY |
| Net income | 2,012 | 1.8% | S100YHRY |
| Net income attributable to owners | 2,012 | 1.8% | S100YHRY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 9.9% → Operating margin 2.3% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.8%; Core profit growth: -4.5%
Operating leverage (core profit growth ÷ revenue growth): 0.95×
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 | 120,591 | 114,861 | -5,730 | -4.8% |
| Gross profit | 12,265 | 11,320 | -945 | -7.7% |
| Operating income | 2,772 | 2,647 | -125 | -4.5% |
| Net income attributable to owners | 56 | 2,012 | 1,956 | +3492.9% |
| Operating cash flow | 6,151 | 2,037 | -4,114 | -66.9% |
| Free cash flow | 2,446 | -2,554 | -5,000 | -204.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 106,141 | 4,507 | 4.2% | 2,356 | 6,337 | 166 | S100LSRY |
| FY ending Mar 2021 | 83,065 | 1,288 | 1.6% | -1,045 | 5,285 | -1,302 | S100OK7S |
| FY ending Mar 2022 | 86,504 | -722 | -0.8% | -8,018 | 1,306 | -5,481 | S100R798 |
| FY ending Mar 2023 | 103,359 | -966 | -0.9% | -3,602 | 5,466 | 187 | S100TVL0 |
| FY ending Mar 2024 | 124,255 | 2,811 | 2.3% | 2,478 | 11,483 | 8,660 | S100W76E |
| FY ending Mar 2025 | 120,591 | 2,772 | 2.3% | 56 | 6,151 | 2,446 | S100YHRY |
| FY ending Mar 2026 | 114,861 | 2,647 | 2.3% | 2,012 | 2,037 | -2,554 | S100YHRY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥473.7K |
| Net income per employee (consolidated) | ¥360.1K |

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) | 5,855 | 5,944 | 6,112 | 5,736 | 5,588 |
| Average salary (parent company) | ¥5M | ¥5.1M | ¥5.3M | ¥5.4M | ¥6M |
| Average age (parent company) | 40.6 years | 40.6 years | 40.4 years | 40.3 years | 40.5 years |
| Average tenure (parent company) | 15.7 years | 15.8 years | 15.4 years | 15.3 years | 15.4 years |

Year over year: Employees (consolidated) -2.6% · Revenue (consolidated) -4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 43,291 | 37.7% | 1,383 | 3.2% |
| North America | 57,019 | 49.6% | 608 | 1.1% |
| China | 10,953 | 9.5% | -226 | -2.1% |
| Southeast Asia | 3,596 | 3.1% | 887 | 24.7% |

### 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 | 37.7% | 48.1% | 10.4 | 3.2% |
| North America | 49.6% | 21.1% | -28.5 | 1.1% |
| China | 9.5% | — | — | -2.1% |
| Southeast Asia | 3.1% | 30.8% | 27.7 | 24.7% |

Loss-making segment (excluded from profit shares): China -226 JPY mn

Segment → industry: Southeast Asia → Auto Parts / China → Auto Parts / North America → Auto Parts / Japan → Auto Parts

## 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 | 2,037 | 1.8% | S100YHRY |
| Capital expenditure | 4,591 | 4.0% | S100YHRY |
| Free cash flow | -2,554 | -2.2% | 算出 |
| Investing cash flow | -4,254 | -3.7% | S100YHRY |
| Financing cash flow | 827 | 0.7% | S100YHRY |
| Dividends paid | 339 | 0.3% | S100YHRY |
| Share buyback | 68 | 0.1% | S100YHRY |
| Change in cash | -1,088 | -0.9% | S100YHRY |
| Cash and equivalents | 13,855 | 12.1% | S100YHRY |

## 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 | 12,310 | 11,646 | 12,404 | 14,943 | 13,855 | S100TVL0, S100W76E, S100YHRY |
| Total assets | 79,536 | 81,450 | 81,934 | 83,707 | 85,450 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Net assets | 27,377 | 26,219 | 31,057 | 34,538 | 37,503 | S100TVL0, S100W76E, S100YHRY |
| Share capital | 3,206 | 3,206 | 3,206 | 3,206 | 3,206 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Property, plant and equipment | 30,770 | 31,598 | 29,816 | 29,719 | 28,407 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Intangible assets excluding goodwill | 117 | 257 | 348 | 355 | 435 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Investment securities | 2,072 | 2,361 | 3,498 | 3,510 | 3,959 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Current assets | 45,360 | 46,038 | 46,346 | 48,015 | 50,254 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Current liabilities | 40,103 | 42,643 | 38,895 | 39,237 | 37,945 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Trade payables | 9,733 | 9,840 | 12,059 | 10,764 | 10,834 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Short-term borrowings | 18,910 | 20,439 | 14,766 | 16,448 | 17,025 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Long-term borrowings | 7,095 | 6,830 | 6,075 | 5,299 | 5,469 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Total liabilities | 52,159 | 55,231 | 50,876 | 49,169 | 47,946 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Equity attributable to owners of parent | 28,665 | 24,873 | 27,000 | 26,765 | 28,423 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Retained earnings | 20,374 | 16,577 | 18,813 | 18,579 | 20,252 | S100R798, S100TVL0, S100W76E, S100YHRY |
| Treasury stock | -128 | -123 | -233 | -234 | -249 | S100R798, S100TVL0, S100W76E, S100YHRY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YHRY |
| Property, plant and equipment | 33% | S100YHRY |
| Intangibles and goodwill | 1% | S100YHRY |
| Investment securities | 5% | S100YHRY |
| Other assets | 45% | S100YHRY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YHRY |
| Other liabilities | 43% | S100YHRY |
| Equity | 44% | S100YHRY |
| Other liabilities | 0% | S100YHRY |

### 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 | 79,536 | 81,450 | 81,934 | 83,707 | 85,450 |
| Equity | 27,377 | 26,219 | 31,057 | 34,538 | 37,503 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,310 | 11,646 | 12,404 | 14,943 | 13,855 |

## 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) | 24.7% | S100YHRY |
| Fixed assets ÷ total assets | 33.2% | S100YHRY |
| Goodwill ÷ parent equity | — | —, S100YHRY |

### 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) | 16.2% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.0% |
| Cash vs. profit gap | 25 JPY mn (of net income 1.2%) |
| Shareholder returns / net income | 20.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 208.8% |

## 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 | — | —× | -10.1% | —× | — | S100R798 |
| 2023 | — | —× | -4.5% | —× | — | S100TVL0 |
| 2024 | 2.0% | 1.52× | 3.0% | 3.15× | 9.6% | S100W76E |
| 2025 | 0.0% | 1.46× | 0.1% | 3.08× | 0.2% | S100YHRY |
| 2026 | 1.8% | 1.36× | 2.4% | 3.07× | 7.3% | S100YHRY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京中小企業投資育成株式会社 | Major shareholder | 7.4% | 2026-03-31 |
| 広瀬 信 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社ダイセル | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.0% | 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 | 2.7% | 2026-03-31 |
| ＢＢＨ ＣＯ ＦＯＲ ＡＲＣＵＳ ＪＡＰＡＮ ＶＡＬＵＥ ＦＵＮＤ（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 水元 公仁 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 1.7% | 2026-03-31 |
| 伊藤忠プラスチックス株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YHRY | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHRY,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W76E | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W76E,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TVL0 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVL0,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R798 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R798,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OK7S | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK7S,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LSRY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSRY,, |

## 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).