# NIHON TRIM.,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44期(2025/04/01－2026/03/31) (S100YF0Y)
> Page: https://vizora.meequs.com/en/company/nihon-trim
> Retrieved: 2026-09-30T21:33:17.971Z

## Company

Nihon Trim., founded in 1982, is a company in Medical Devices listed on TSE Prime. It has 777 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON TRIM CO.,LTD. |
| Ticker | 6788 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6788.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大淀中一丁目8番34号(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。) |
| Representative (per filing) | 代表取締役社長 田原周夫 |
| Founded | Jun 1982 |
| Share capital | ¥992.6M |
| Employees (consolidated) | 777 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.nihon-trim.co.jp (https://www.nihon-trim.co.jp/) |
| Corporate number | 8120001072952 |
| EDINET | E02333 |
| Industries (Vizora) | Medical Devices, Home Appliances |

> Profile source: annual securities report (S100YF0Y, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Home Appliances (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 95 | 10 |
| Cash conversion | 35.7 | 7 |
| Efficiency | 25 | 10 |

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 87% of Nihon Trim.'s sales come from Water health care, with Medical related making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit -10.5%.

## Company structure

- Segment revenue mix: Water health care 87.5%、Medical related 12.5%
- Revenue → net income: ¥24159363000 → ¥2273137000
- Net income → operating cash flow: ¥2273137000 → ¥2851348000（difference ¥578211000）
- Main uses of operating cash flow: CapEx ¥648626000 / dividends ¥1076573000 / buybacks ¥1161882000
- Change in cash: ¥-1685243000
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 | ¥24.2B |  |
| Operating income | ¥2.94B | Margin 12.2% |
| Net income | ¥2.03B | Margin 8.4% |
| Free cash flow | ¥2.2B |  |
| Largest business | Water health care | of segment revenue 87.5% |
| Employees (consolidated) | 777 |  |
| EPS | ¥339.09 |  |
| Book value per share | ¥2592.2 |  |
| Equity ratio | 65.8% |  |
| Shares outstanding | 8,656,780 |  |
| Treasury shares | 619,200 |  |
| Shareholders | 6,736 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 38.0% | Cash ÷ revenue 56.7% |
| Vs. industry median margin | +6.5 pp | Home Appliances |
| ROE | 8.5% | Derived from disclosed figures |
| ROA | 5.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, cash is 38% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14911159000 | ¥24159363000 | +62.0% |
| Operating income | ¥2187559000 | ¥2940537000 | +34.4% |
| Operating margin | 14.7% | 12.2% | -2.5 pp |
| Employees | 576 people | 777 people | +34.9% |
| Cash and equivalents | ¥9677024000 | ¥13709247000 | +41.7% |

### 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 |
| --- | ---: |
| ウォーターヘルスケア事業 → ウォーターヘルスケア事業 | 87.5% |
| ウォーターヘルスケア事業 → 事業再編・廃止 | 1.6% |
| 医療関連事業 → 医療関連事業 | 11.0% |
| 新設・再編 → 医療関連事業 | 1.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,159 | 100.0% | S100YF0Y |
| Cost of revenue | 7,766 | 32.1% | S100YF0Y |
| Gross profit | 16,393 | 67.9% | S100YF0Y |
| SG&A | 13,452 | 55.7% | S100YF0Y |
| Operating income | 2,941 | 12.2% | S100YF0Y |
| Ordinary income | 3,148 | 13.0% | S100YF0Y |
| Pretax income | 3,147 | 13.0% | S100YF0Y |
| Income tax | 874 | 3.6% | S100YF0Y |
| Net income | 2,273 | 9.4% | S100YF0Y |
| Net income attributable to owners | 2,031 | 8.4% | S100YF0Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 32 |
| SG&A | 56 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 67.9% → Operating margin 12.2% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.5%; Core profit growth: -10.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.39×
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 | 22,464 | 24,159 | 1,696 | +7.5% |
| Gross profit | 15,436 | 16,393 | 956 | +6.2% |
| Operating income | 3,286 | 2,941 | -345 | -10.5% |
| Net income attributable to owners | 2,241 | 2,031 | -211 | -9.4% |
| Operating cash flow | 2,675 | 2,851 | 176 | +6.6% |
| Free cash flow | 1,757 | 2,203 | 446 | +25.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,117 | 2,303 | 14.3% | 218 | 1,823 | 1,520 | S100LM86 |
| FY ending Mar 2021 | 14,911 | 2,188 | 14.7% | 1,523 | 2,679 | 1,767 | S100OD41 |
| FY ending Mar 2022 | 16,277 | 1,999 | 12.3% | 1,941 | 1,145 | 608 | S100R0D6 |
| FY ending Mar 2023 | 17,952 | 2,379 | 13.2% | 1,646 | 1,937 | 1,616 | S100TTWI |
| FY ending Mar 2024 | 20,415 | 3,080 | 15.1% | 2,150 | 2,974 | 2,541 | S100W12R |
| FY ending Mar 2025 | 22,464 | 3,286 | 14.6% | 2,241 | 2,675 | 1,757 | S100YF0Y |
| FY ending Mar 2026 | 24,159 | 2,941 | 12.2% | 2,031 | 2,851 | 2,203 | S100YF0Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.1M |
| Operating income per employee (consolidated) | ¥3.8M |
| 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) | 608 | 650 | 663 | 735 | 777 |
| Average salary (parent company) | ¥6.5M | ¥6.8M | ¥7.1M | ¥7.1M | ¥7.2M |
| Average age (parent company) | 42.4 years | 42.8 years | 43.5 years | 43.8 years | 44.2 years |
| Average tenure (parent company) | 12.8 years | 13.1 years | 13.7 years | 13.6 years | 14.0 years |

Year over year: Employees (consolidated) +5.7% · Revenue (consolidated) +7.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Water health care | 21,135 | 87.5% | 2,712 | 12.8% |
| Medical related | 3,024 | 12.5% | 229 | 7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Water health care | 87.5% | 92.2% | 4.7 | 12.8% |
| Medical related | 12.5% | 7.8% | -4.7 | 7.6% |

Segment → industry: Medical related → Medical Devices / Water health care → Home Appliances

## 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 | 2,851 | 11.8% | S100YF0Y |
| Capital expenditure | 649 | 2.7% | S100YF0Y |
| Free cash flow | 2,203 | 9.1% | 算出 |
| Investing cash flow | -2,075 | -8.6% | S100YF0Y |
| Financing cash flow | -2,411 | -10.0% | S100YF0Y |
| Dividends paid | 1,077 | 4.5% | S100YF0Y |
| Share buyback | 1,162 | 4.8% | S100YF0Y |
| Change in cash | -1,685 | -7.0% | S100YF0Y |
| Cash and equivalents | 13,709 | 56.7% | S100YF0Y |

## 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 | 11,878 | 12,796 | 13,959 | 15,394 | 13,709 | S100TTWI, S100W12R, S100YF0Y |
| Total assets | 26,591 | 29,047 | 31,545 | 35,354 | 36,067 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Net assets | 20,803 | 22,129 | 23,627 | 25,546 | 25,482 | S100TTWI, S100W12R, S100YF0Y |
| Share capital | 993 | 993 | 993 | 993 | 993 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Trade receivables | 3,862 | 5,160 | 5,758 | 6,344 | 7,120 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Property, plant and equipment | 4,348 | 4,376 | 4,431 | 4,987 | 5,031 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Intangible assets excluding goodwill | 717 | 661 | 593 | 630 | 602 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Goodwill | 423 | 386 | 349 | 312 | 275 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Investment securities | 2,070 | 2,802 | 1,767 | 1,307 | 2,860 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Current assets | 18,160 | 19,894 | 22,920 | 24,750 | 23,355 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Current liabilities | 4,896 | 5,905 | 6,630 | 7,155 | 7,727 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Trade payables | 475 | — | — | — | — | S100OD41 |
| Long-term borrowings | 3 | — | — | 1,131 | 1,011 | S100R0D6, S100YF0Y |
| Total liabilities | 5,788 | 6,918 | 7,917 | 9,808 | 10,586 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Non-controlling interests | 954 | 1,100 | 1,313 | 1,579 | 1,740 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Equity attributable to owners of parent | 19,848 | 21,029 | 22,207 | 23,840 | 23,661 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Retained earnings | 20,474 | 21,660 | 22,839 | 24,392 | 25,345 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |
| Treasury stock | -3,820 | -3,448 | -3,448 | -3,408 | -4,485 | S100R0D6, S100TTWI, S100W12R, S100YF0Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 38% | S100YF0Y |
| Receivables | 20% | S100YF0Y |
| Property, plant and equipment | 14% | S100YF0Y |
| Intangibles and goodwill | 2% | S100YF0Y |
| Investment securities | 8% | S100YF0Y |
| Other assets | 18% | S100YF0Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 29% | S100YF0Y |
| Equity | 71% | S100YF0Y |

### 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 | 26,591 | 29,047 | 31,545 | 35,354 | 36,067 |
| Equity | 20,803 | 22,129 | 23,627 | 25,546 | 25,482 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,878 | 12,796 | 13,959 | 15,394 | 13,709 |

## 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) | 20.8% | S100YF0Y |
| Fixed assets ÷ total assets | 14.0% | S100YF0Y |
| Goodwill ÷ parent equity | 1.2% | S100YF0Y |

Goodwill over 4 years: 423 → 275 JPY; total investing cash flow: -4,964 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) | 38.0% |
| Cash ÷ revenue | 56.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 97.0% |
| Cash vs. profit gap | 821 JPY mn (of net income 40.4%) |
| Shareholder returns / net income | 110.2% |
| Shareholder returns / FCF | 101.6% |
| Shareholder payments — dividends / net income | 53.0% |
| Shareholder payments — dividends / FCF | 48.9% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 72.8% |

## 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 | 11.9% | 0.61× | 7.3% | 1.34× | 9.8% | S100R0D6 |
| 2023 | 9.2% | 0.65× | 5.9% | 1.36× | 8.1% | S100TTWI |
| 2024 | 10.5% | 0.67× | 7.1% | 1.40× | 9.9% | S100W12R |
| 2025 | 10.0% | 0.67× | 6.7% | 1.45× | 9.7% | S100YF0Y |
| 2026 | 8.4% | 0.68× | 5.7% | 1.50× | 8.5% | S100YF0Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 森澤 紳勝（注１） | Major shareholder | 41.7% | 2026-03-31 |
| 株式会社プレミアムウォーターホールディングス | Major shareholder | 8.9% | 2026-03-31 |
| プレミアムウォーター株式会社 | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口）（注２） | Major shareholder | 5.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口）（注３） | Major shareholder | 5.0% | 2026-03-31 |
| 野村信託銀行株式会社（日本トリム従業員持株会専用信託口）（注４） | Major shareholder | 2.1% | 2026-03-31 |
| 日本トリム従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 三谷 禎秀 | Major shareholder | 0.9% | 2026-03-31 |
| 光通信株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第44期(2025/04/01－2026/03/31) | S100YF0Y | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YF0Y,, |
| 有価証券報告書－第43期(2024/04/01－2025/03/31) | S100W12R | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W12R,, |
| 有価証券報告書－第42期(2023/04/01－2024/03/31) | S100TTWI | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTWI,, |
| 有価証券報告書－第41期(2022/04/01－2023/03/31) | S100R0D6 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0D6,, |
| 有価証券報告書－第40期(令和3年4月1日－令和4年3月31日) | S100OD41 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OD41,, |
| 有価証券報告書－第39期(令和2年4月1日－令和3年3月31日) | S100LM86 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM86,, |

## 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).