# NIHON SHOKUHIN KAKO 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105期(2025/04/01－2026/03/31) (S100YF39)
> Page: https://vizora.meequs.com/en/company/nihon-shokuhin-kako
> Retrieved: 2026-09-30T20:32:51.150Z

## Company

Nihon Shokuhin Kako, founded in 1948, is a company in Food Ingredients listed on TSE Standard. It has 452 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON SHOKUHIN KAKO CO., LTD. |
| Ticker | 2892 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2892.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目7番2号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡所」で行っております。) |
| Representative (per filing) | 代表取締役 荒川 健 |
| Founded | Jul 1948 |
| Share capital | ¥1.6B |
| Employees (consolidated) | 452 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.nisshoku.co.jp (https://www.nisshoku.co.jp/) |
| Corporate number | 8010001133971 |
| EDINET | E00442 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YF39, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 10.4 | 24 |
| Cash conversion | 93.8 | 24 |
| Efficiency | 72.9 | 24 |

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)

- Nihon Shokuhin Kako brought in ¥63B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +0.5% from the prior year, operating profit +4.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥62993000000 → ¥1168000000
- Net income → operating cash flow: ¥1168000000 → ¥6859000000（difference ¥5691000000）
- Main uses of operating cash flow: CapEx ¥2803000000 / dividends ¥615000000 / buybacks ¥377000000
- Change in cash: ¥91000000
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 | ¥63B |  |
| Operating income | ¥1.25B | Margin 2.0% |
| Net income | ¥1.17B | Margin 1.9% |
| Free cash flow | ¥4.06B |  |
| Employees (consolidated) | 452 |  |
| EPS | ¥309.93 |  |
| Book value per share | ¥5300.98 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 4,942,000 |  |
| Treasury shares | 78,500 |  |
| Shareholders | 4,334 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 0.7% | Cash ÷ revenue 0.5% |
| Vs. industry median margin | -3.3 pp | Food Ingredients |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.9× net income
- FY2026, cash is 1% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45060000000 | ¥62993000000 | — |
| Operating income | ¥1518000000 | ¥1251000000 | — |
| Operating margin | 3.4% | 2.0% | -1.4 pp |
| Employees | 434 people | 452 people | — |
| Cash and equivalents | ¥177000000 | ¥333000000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,993 | 100.0% | S100YF39 |
| Cost of revenue | 52,731 | 83.7% | S100YF39 |
| Gross profit | 10,262 | 16.3% | S100YF39 |
| SG&A | 9,010 | 14.3% | S100YF39 |
| Operating income | 1,251 | 2.0% | S100YF39 |
| Ordinary income | 1,568 | 2.5% | S100YF39 |
| Pretax income | 1,563 | 2.5% | S100YF39 |
| Income tax | 394 | 0.6% | S100YF39 |
| Net income | 1,168 | 1.9% | S100YF39 |
| Net income attributable to owners | 1,168 | 1.9% | S100YF39 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 14 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.3% → Operating margin 2.0% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.5%; Core profit growth: +4.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.00×
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 | 62,697 | 62,993 | 296 | +0.5% |
| Gross profit | 10,032 | 10,262 | 230 | +2.3% |
| Operating income | 1,200 | 1,251 | 51 | +4.3% |
| Net income attributable to owners | 1,527 | 1,168 | -359 | -23.5% |
| Operating cash flow | 3,685 | 6,859 | 3,174 | +86.1% |
| Free cash flow | -2,009 | 4,056 | 6,065 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,265 | 11 | 0.0% | 238 | 2,455 | -500 | S100LN0E |
| FY ending Mar 2021 | 45,060 | 1,518 | 3.4% | 1,229 | 3,854 | 2,271 | S100OE8B |
| FY ending Mar 2022 | 50,610 | 1,504 | 3.0% | 1,370 | 292 | -2,380 | S100R63I |
| FY ending Mar 2023 | 64,612 | 3,540 | 5.5% | 2,605 | -533 | -3,130 | S100TRW4 |
| FY ending Mar 2024 | 66,676 | 2,563 | 3.8% | 2,434 | 6,773 | 3,717 | S100TRW4 |
| FY ending Mar 2025 | 62,697 | 1,200 | 1.9% | 1,527 | 3,685 | -2,009 | S100YF39 |
| FY ending Mar 2026 | 62,993 | 1,251 | 2.0% | 1,168 | 6,859 | 4,056 | S100YF39 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥139.4M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 429 | 427 | 433 | 442 | 452 |
| Average salary (parent company) | ¥7.7M | ¥7.7M | ¥8.1M | ¥7.9M | ¥7.6M |
| Average age (parent company) | 41.0 years | 42.0 years | 41.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 18.0 years | 18.0 years | 18.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +2.3% · Revenue (consolidated) +0.5%

## 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 | 6,859 | 10.9% | S100YF39 |
| Capital expenditure | 2,803 | 4.4% | S100YF39 |
| Free cash flow | 4,056 | 6.4% | 算出 |
| Investing cash flow | -3,064 | -4.9% | S100YF39 |
| Financing cash flow | -3,702 | -5.9% | S100YF39 |
| Dividends paid | 615 | 1.0% | S100YF39 |
| Share buyback | 377 | 0.6% | S100YF39 |
| Change in cash | 91 | 0.1% | S100YF39 |
| Cash and equivalents | 333 | 0.5% | S100YF39 |

## 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 | 198 | 411 | 214 | 241 | 333 | S100TRW4, S100YF39 |
| Total assets | 39,692 | 46,504 | 46,427 | 50,121 | 50,656 | S100R63I, S100TRW4, S100YF39 |
| Net assets | 21,057 | 22,698 | 24,330 | 28,424 | 30,186 | S100TRW4, S100YF39 |
| Share capital | 1,600 | 1,600 | 1,600 | 1,600 | 1,600 | S100R63I, S100TRW4, S100YF39 |
| Property, plant and equipment | 12,491 | 12,468 | 13,419 | 15,424 | 14,901 | S100R63I, S100TRW4, S100YF39 |
| Intangible assets excluding goodwill | 380 | 286 | 267 | 342 | 471 | S100R63I, S100TRW4, S100YF39 |
| Investment securities | 288 | 183 | 170 | 4,934 | 5,038 | S100R63I, S100TRW4, S100YF39 |
| Current assets | 24,556 | 31,240 | 30,462 | 28,035 | 29,106 | S100R63I, S100TRW4, S100YF39 |
| Current liabilities | 14,073 | 19,362 | 17,677 | 17,117 | 15,978 | S100R63I, S100TRW4, S100YF39 |
| Short-term borrowings | 7,288 | 10,893 | 7,902 | 10,735 | 8,000 | S100R63I, S100TRW4, S100YF39 |
| Long-term borrowings | 200 | 100 | — | — | — | S100R63I, S100TRW4 |
| Total liabilities | 18,634 | 23,806 | 22,097 | 21,696 | 20,470 | S100R63I, S100TRW4, S100YF39 |
| Equity attributable to owners of parent | 20,705 | 22,818 | 23,875 | 27,489 | 27,746 | S100R63I, S100TRW4, S100YF39 |
| Retained earnings | 20,925 | 23,039 | 24,096 | 27,710 | 26,198 | S100R63I, S100TRW4, S100YF39 |
| Treasury stock | -2,147 | -2,148 | -2,148 | -2,148 | -379 | S100R63I, S100TRW4, S100YF39 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YF39 |
| Property, plant and equipment | 29% | S100YF39 |
| Intangibles and goodwill | 1% | S100YF39 |
| Investment securities | 10% | S100YF39 |
| Other assets | 59% | S100YF39 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100YF39 |
| Equity | 60% | S100YF39 |

### 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 | 39,692 | 46,504 | 46,427 | 50,121 | 50,656 |
| Equity | 21,057 | 22,698 | 24,330 | 28,424 | 30,186 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 198 | 411 | 214 | 241 | 333 |

## 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) | 23.7% | S100YF39 |
| Fixed assets ÷ total assets | 29.4% | S100YF39 |
| Goodwill ÷ parent equity | — | —, S100YF39 |

### 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) | 0.7% |
| Cash ÷ revenue | 0.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 548.3% |
| Cash vs. profit gap | 5,691 JPY mn (of net income 487.2%) |
| Shareholder returns / net income | 84.9% |
| Shareholder returns / FCF | 24.5% |
| Shareholder payments — dividends / net income | 52.7% |
| Shareholder payments — dividends / FCF | 15.2% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 44.7% |

## 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 | 2.7% | 1.28× | 3.5% | 1.92× | 6.6% | S100R63I |
| 2023 | 4.0% | 1.50× | 6.0% | 1.98× | 12.0% | S100TRW4 |
| 2024 | 3.7% | 1.43× | 5.2% | 1.99× | 10.4% | S100TRW4 |
| 2025 | 2.4% | 1.25× | 3.0% | 1.82× | 5.6% | S100YF39 |
| 2026 | 1.9% | 1.25× | 2.3% | 1.82× | 4.2% | S100YF39 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 60.5% | 2026-03-31 |
| 三和澱粉工業株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 堀内運輸株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 小林 利香 | Major shareholder | 1.7% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2026-03-31 |
| 渡井 勲 | Major shareholder | 0.7% | 2026-03-31 |
| 古庄 政文 | Major shareholder | 0.7% | 2026-03-31 |
| 日本食品化工従業員持株会 | Major shareholder | 0.6% | 2026-03-31 |
| 高石 文夫 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/04/01－2026/03/31) | S100YF39 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF39,, |
| 有価証券報告書－第104期(2024/04/01－2025/03/31) | S100W24D | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W24D,, |
| 有価証券報告書－第103期(2023/04/01－2024/03/31) | S100TRW4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRW4,, |
| 有価証券報告書－第102期(2022/04/01－2023/03/31) | S100R63I | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63I,, |
| 有価証券報告書－第101期(令和3年4月1日－令和4年3月31日) | S100OE8B | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE8B,, |
| 有価証券報告書－第100期(令和2年4月1日－令和3年3月31日) | S100LN0E | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN0E,, |

## 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).