# THE NIHON SEIMA CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第98期(2025/04/01－2026/03/31) (S100YFIL)
> Page: https://vizora.meequs.com/en/company/nihon-seima
> Retrieved: 2026-09-30T20:59:59.088Z

## Company

THE Nihon Seima, founded in 1947, is a company in Auto Parts listed on TSE Standard. It has 78 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | THE NIHON SEIMA CO.,LTD. |
| Ticker | 3306 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3306.T) |
| Listing | TSE Standard |
| Head office | 富山県砺波市下中3番地3 本社事務取扱場所兵庫県神戸市中央区海岸通8番 |
| Representative (per filing) | 代表取締役社長 植杉 泰久 |
| Founded | Feb 1947 |
| Share capital | ¥301.3M |
| Employees (consolidated) | 78 |
| Average salary (parent only) | ¥3.9M |
| Fiscal year end | March |
| Website | www.nihonseima.co.jp (https://www.nihonseima.co.jp/) |
| Corporate number | 6230001008369 |
| EDINET | E00558 |
| Industries (Vizora) | Auto Parts, Processed Foods, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFIL, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 2.5 | 60 |
| Efficiency | 17.5 | 60 |

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 54% of THE Nihon Seima's sales come from Volcano Foods, with Automobile Floor Mats and Industrial materials making up much of the rest.
- It lost about ¥2 for every ¥100 of sales at the operating level.
- Revenue changed -45.7% from the prior year, operating profit -113.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥2.4B |  |
| Operating income | -¥35.6M | Margin -1.5% |
| Net income | ¥583.7M | Margin 24.3% |
| Free cash flow | -¥603.9M |  |
| Largest business | Volcano Foods | of segment revenue 53.5% |
| Employees (consolidated) | 78 |  |
| EPS | ¥132.48 |  |
| Diluted EPS | ¥123.54 |  |
| Book value per share | ¥479.49 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 4,413,000 |  |
| Treasury shares | 7,400 |  |
| Shareholders | 3,979 |  |
| Average salary (parent only) | ¥3.9M | Filing company only |
| Cash ratio | 27.8% | Cash ÷ revenue 41.3% |
| Vs. industry median margin | -5.5 pp | Processed Foods |
| ROE | 28.4% | Derived from disclosed figures |
| ROA | 16.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 76 points
- FY2026, cash is 28% of total assets

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3151011000 | ¥2399669000 | — |
| Operating income | ¥57423000 | ¥-35581000 | — |
| Operating margin | 1.8% | -1.5% | -3.3 pp |
| Employees | 255 people | 78 people | — |
| Cash and equivalents | ¥810463000 | ¥991882000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| 食品事業 → 食品事業 | 36.0% |
| 産業資材事業 → 産業資材事業 | 19.9% |
| マット事業 → マット事業 | 24.1% |
| マット事業 → 事業再編・廃止 | 19.9% |
| その他 → その他 | 0.1% |
| 新設・再編 → 食品事業 | 17.6% |
| 新設・再編 → 産業資材事業 | 2.4% |
| 新設・再編 → その他 | 0.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Volcano Foods | — | — | ¥1284981000 | -2.4% | 2 |
| Automobile Floor Mats | — | — | ¥578696000 | 4.4% | 2 |
| Industrial materials | — | — | ¥533286000 | -0.1% | 2 |
| Other | — | — | ¥2704000 | -1097.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,400 | 100.0% | S100YFIL |
| Cost of revenue | 1,821 | 75.9% | S100YFIL |
| Gross profit | 579 | 24.1% | S100YFIL |
| SG&A | 614 | 25.6% | S100YFIL |
| Operating income | -36 | -1.5% | S100YFIL |
| Ordinary income | -48 | -2.0% | S100YFIL |
| Pretax income | 808 | 33.7% | S100YFIL |
| Income tax | 224 | 9.3% | S100YFIL |
| Net income | 584 | 24.3% | S100YFIL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 26 |
| Operating income | -2 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 24.1% → Operating margin -1.5% → Net margin 24.3%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,422 | 2,400 | -2,023 | -45.7% |
| Gross profit | 1,062 | 579 | -483 | -45.5% |
| Operating income | 258 | -36 | -294 | -113.8% |
| Operating cash flow | 211 | -47 | -258 | -122.1% |
| Free cash flow | -303 | -604 | -301 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,768 | -35 | -0.9% | -10 | 101 | 86 | S100LR1V |
| FY ending Mar 2021 | 3,275 | 11 | 0.3% | 95 | 131 | 109 | S100ORAX |
| FY ending Mar 2022 | 3,151 | 57 | 1.8% | 48 | 67 | 13 | S100R5S4 |
| FY ending Mar 2023 | 3,733 | 165 | 4.4% | 95 | 126 | 111 | S100UA10 |
| FY ending Mar 2024 | 4,334 | 306 | 7.1% | 128 | 274 | 223 | S100W7U8 |
| FY ending Mar 2025 | 2,493 | 96 | 3.8% | 101 | 211 | — | S100YFIL |
| FY ending Mar 2025 | 4,422 | 258 | 5.8% | 101 | 211 | -303 | S100W7U8 |
| FY ending Mar 2026 | 2,400 | -36 | -1.5% | 584 | -47 | -604 | S100YFIL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.8M |
| Operating income per employee (consolidated) | -¥456.2K |
| Net income per employee (consolidated) | ¥7.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 275 | 283 | 81 | 279 | 78 |
| Average salary (parent company) | ¥3.5M | ¥3.9M | — | ¥4M | ¥3.9M |
| Average age (parent company) | 46.6 years | 47.5 years | — | 47.5 years | 48.3 years |
| Average tenure (parent company) | 14.1 years | 13.5 years | — | 13.5 years | 14.2 years |

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Volcano Foods | 1,285 | 53.5% | -30 | -2.4% |
| Industrial materials | 533 | 22.2% | -1 | -0.1% |
| Automobile Floor Mats | 579 | 24.1% | 25 | 4.4% |
| Other | 3 | 0.1% | -30 | -1097.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Volcano Foods | 53.5% | — | — | -2.4% |
| Industrial materials | 22.2% | — | — | -0.1% |
| Automobile Floor Mats | 24.1% | 100.0% | 75.9 | 4.4% |
| Other | 0.1% | — | — | -1097.3% |

Loss-making segment (excluded from profit shares): Volcano Foods -30 JPY mn

Loss-making segment (excluded from profit shares): Industrial materials -1 JPY mn

Loss-making segment (excluded from profit shares): Other -30 JPY mn

Segment → industry: Automobile Floor Mats → Auto Parts / Volcano Foods → Processed Foods / Industrial materials → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -47 | -1.9% | S100YFIL |
| Capital expenditure | 557 | 23.2% | S100YFIL |
| Free cash flow | -604 | -25.2% | 算出 |
| Investing cash flow | 293 | 12.2% | S100YFIL |
| Financing cash flow | -4 | -0.2% | S100YFIL |
| Dividends paid | 17 | 0.7% | S100YFIL |
| Change in cash | 242 | 10.1% | S100YFIL |
| Cash and equivalents | 992 | 41.3% | S100YFIL |

## 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 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 860 | 1,037 | 750 | 1,425 | 992 | S100W7U8, S100YFIL |
| Total assets | 4,048 | 4,623 | 2,960 | 5,685 | 3,566 | S100UA10, S100W7U8, S100YFIL |
| Net assets | 2,511 | 2,880 | 1,512 | 3,710 | 2,129 | S100W7U8, S100YFIL |
| Share capital | 100 | 100 | 301 | 301 | 301 | S100UA10, S100W7U8, S100YFIL |
| Property, plant and equipment | 1,110 | 1,152 | 1,205 | 1,734 | 1,622 | S100UA10, S100W7U8, S100YFIL |
| Intangible assets excluding goodwill | 30 | 35 | 7 | 37 | 13 | S100UA10, S100W7U8, S100YFIL |
| Investment securities | 122 | 136 | 151 | 151 | 218 | S100UA10, S100W7U8, S100YFIL |
| Current assets | 2,702 | 3,205 | 1,452 | 3,646 | 1,645 | S100UA10, S100W7U8, S100YFIL |
| Current liabilities | 729 | 1,170 | 1,203 | 1,406 | 563 | S100UA10, S100W7U8, S100YFIL |
| Trade payables | 259 | 386 | — | 230 | — | S100UA10, S100W7U8 |
| Short-term borrowings | 30 | 150 | 650 | 650 | — | S100UA10, S100W7U8, S100YFIL |
| Long-term borrowings | 306 | 202 | 151 | 151 | 789 | S100UA10, S100W7U8, S100YFIL |
| Bonds | 230 | 70 | 70 | 70 | 70 | S100UA10, S100W7U8, S100YFIL |
| Interest-bearing debt | 566 | 422 | 871 | 871 | — | 算出 |
| Total liabilities | 1,537 | 1,743 | 1,448 | 1,975 | 1,436 | S100UA10, S100W7U8, S100YFIL |
| Non-controlling interests | 867 | 1,031 | — | 1,217 | — | S100UA10, S100W7U8 |
| Equity attributable to owners of parent | 1,507 | 1,623 | 1,489 | 2,113 | 2,055 | S100UA10, S100W7U8, S100YFIL |
| Retained earnings | 848 | 965 | 428 | 1,051 | 994 | S100UA10, S100W7U8, S100YFIL |
| Treasury stock | -5 | -6 | -6 | -6 | -6 | S100UA10, S100W7U8, S100YFIL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YFIL |
| Property, plant and equipment | 46% | S100YFIL |
| Intangibles and goodwill | 0% | S100YFIL |
| Investment securities | 6% | S100YFIL |
| Other assets | 20% | S100YFIL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YFIL |
| Equity | 60% | S100YFIL |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 4,048 | 4,623 | 2,960 | 5,685 | 3,566 |
| Equity | 2,511 | 2,880 | 1,512 | 3,710 | 2,129 |
| Interest-bearing debt | 566 | 422 | 871 | 871 | — |
| Cash | 860 | 1,037 | 750 | 1,425 | 992 |

## 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) | 67.6% | S100YFIL |
| Fixed assets ÷ total assets | 45.5% | S100YFIL |
| Goodwill ÷ parent equity | — | —, S100YFIL |

### 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) | 27.8% |
| Cash ÷ revenue | 41.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | -630 JPY mn (of net income -108.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 3.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 23.2% |
| 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 2.6% | 0.92× | 2.4% | 2.69× | 6.3% | S100UA10 |
| 2024 | 3.0% | 1.00× | 3.0% | 2.77× | 8.2% | S100W7U8 |
| 2025 | 4.1% | 0.84× | 3.4% | 1.99× | 6.8% | S100YFIL |
| 2025 | 2.3% | 0.78× | 1.8% | 2.69× | 4.8% | S100W7U8 |
| 2026 | 24.3% | 0.67× | 16.4% | 1.73× | 28.4% | S100YFIL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| LEOMO.Inc. | Major shareholder | 16.8% | 2026-03-31 |
| 株式会社ゴーゴーカレーグループ | Major shareholder | 16.0% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 11.0% | 2026-03-31 |
| アクセスアジア株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 2.9% | 2026-03-31 |
| 上代 浩司 | Major shareholder | 2.1% | 2026-03-31 |
| 山内 祐美 | Major shareholder | 2.1% | 2026-03-31 |
| 吉田 恵実 | Major shareholder | 1.9% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 頴川 欽和 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YFIL | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFIL,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100W7U8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7U8,, |
| 訂正有価証券報告書－第96期(2023/04/01－2024/03/31) | S100UA10 | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UA10,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R5S4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5S4,, |
| 訂正有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100ORAX | 2022-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORAX,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100LR1V | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR1V,, |

## 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).