# Nihon Yamamura Glass 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97期(2025/04/01－2026/03/31) (S100YHIJ)
> Page: https://vizora.meequs.com/en/company/nihon-yamamura-glass
> Retrieved: 2026-09-30T19:14:41.798Z

## Company

Nihon Yamamura Glass, founded in 1916, is a company in Glass & Ceramics listed on TSE Standard. It has 1,884 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nihon Yamamura Glass Co., Ltd. |
| Ticker | 5210 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5210.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市西向島町15番1 |
| Representative (per filing) | 代表取締役 社長執行役員 山村 昇 |
| Founded | Jun 1916 |
| Share capital | ¥14.1B |
| Employees (consolidated) | 1,884 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.yamamura.co.jp (https://www.yamamura.co.jp/) |
| Corporate number | 1140001054947 |
| EDINET | E01126 |
| Industries (Vizora) | Glass & Ceramics, Agriculture & Seeds, Food Packaging, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YHIJ, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 15 |
| Profitability | 43.3 | 15 |
| Cash conversion | 82.1 | 14 |
| Efficiency | 10 | 15 |
| Financial strength | 50 | 3 |

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 63% of Nihon Yamamura Glass's sales come from Glass Containers, with Logistics and Plastics Containers making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.6% from the prior year, operating profit +21.4%.

## Company structure

- Segment revenue mix: Glass Containers 62.6%、Logistics 20.5%、Plastics Containers 11.8%、New glass 4.9%、Other 0.2%
- Revenue → net income: ¥72190000000 → ¥3284000000
- Net income → operating cash flow: ¥3284000000 → ¥8161000000（difference ¥4877000000）
- Main uses of operating cash flow: CapEx ¥3557000000 / dividends ¥1918000000 / buybacks ¥3000000
- Change in cash: ¥361000000
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 | ¥72.2B |  |
| Operating income | ¥3.77B | Margin 5.2% |
| Net income | ¥3.27B | Margin 4.5% |
| Free cash flow | ¥4.6B |  |
| Largest business | Glass Containers | of segment revenue 62.6% |
| Employees (consolidated) | 1,884 |  |
| EPS | ¥230.62 |  |
| Book value per share | ¥4316.41 |  |
| Equity ratio | 58.2% |  |
| Shares outstanding | 11,145,000 |  |
| Treasury shares | 446,900 |  |
| Shareholders | 8,120 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 11.4% | Net cash -¥10.2B · Cash ÷ revenue 15.4% |
| Vs. industry median margin | -0.2 pp | Food Packaging |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, one segment accounts for 63% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥57136000000 | ¥72190000000 | +26.3% |
| Operating income | ¥-2751000000 | ¥3772000000 | — |
| Operating margin | -4.8% | 5.2% | +10 pp |
| Employees | 2,319 people | 1,884 people | -18.8% |
| Cash and equivalents | ¥9945000000 | ¥11152000000 | +12.1% |

### 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 |
| --- | ---: |
| ガラスびん関連事業 → ガラスびん関連事業 | 62.6% |
| ガラスびん関連事業 → 事業再編・廃止 | 2.3% |
| プラスチック容器関連事業 → プラスチック容器関連事業 | 10.1% |
| 物流関連事業 → 物流関連事業 | 18.4% |
| ニューガラス関連事業 → ニューガラス関連事業 | 4.9% |
| ニューガラス関連事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → プラスチック容器関連事業 | 1.7% |
| 新設・再編 → 物流関連事業 | 2.1% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Glass Containers | 5 years | +4.1% | ¥45189000000 | 6.4% | 2 |
| Logistics | 5 years | +7.1% | ¥14785000000 | 5.4% | 2 |
| Plastics Containers | 5 years | +8.1% | ¥8520000000 | 5.8% | 2 |
| New glass | 5 years | -1.7% | ¥3522000000 | 12.3% | 2 |
| Other | 2 years | +6.3% | ¥173000000 | -122.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,190 | 100.0% | S100YHIJ |
| Cost of revenue | 57,206 | 79.2% | S100YHIJ |
| Gross profit | 14,984 | 20.8% | S100YHIJ |
| SG&A | 11,211 | 15.5% | S100YHIJ |
| Operating income | 3,772 | 5.2% | S100YHIJ |
| Ordinary income | 4,388 | 6.1% | S100YHIJ |
| Pretax income | 4,451 | 6.2% | S100YHIJ |
| Income tax | 1,166 | 1.6% | S100YHIJ |
| Net income | 3,284 | 4.5% | S100YHIJ |
| Net income attributable to owners | 3,269 | 4.5% | S100YHIJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 16 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.8% → Operating margin 5.2% → Net margin 4.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.6%; Core profit growth: +21.4%
Operating leverage (core profit growth ÷ revenue growth): -13.66×
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 | 73,337 | 72,190 | -1,147 | -1.6% |
| Gross profit | 14,163 | 14,984 | 821 | +5.8% |
| Operating income | 3,108 | 3,772 | 664 | +21.4% |
| Net income attributable to owners | 2,772 | 3,269 | 497 | +17.9% |
| Operating cash flow | 6,652 | 8,161 | 1,509 | +22.7% |
| Free cash flow | 642 | 4,604 | 3,962 | +617.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 67,372 | 250 | 0.4% | -151 | 3,792 | -1,015 | S100LQSC |
| FY ending Mar 2021 | 57,136 | -2,751 | -4.8% | -5,313 | 4,822 | -789 | S100OJGH |
| FY ending Mar 2022 | 64,291 | 444 | 0.7% | -9,651 | 5,584 | 3,756 | S100R78Z |
| FY ending Mar 2023 | 68,138 | -142 | -0.2% | -3,007 | 1,622 | -145 | S100TUKA |
| FY ending Mar 2024 | 72,874 | 4,452 | 6.1% | 12,261 | 5,663 | 3,186 | S100W44O |
| FY ending Mar 2025 | 73,337 | 3,108 | 4.2% | 2,772 | 6,652 | 642 | S100YHIJ |
| FY ending Mar 2026 | 72,190 | 3,772 | 5.2% | 3,269 | 8,161 | 4,604 | S100YHIJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.3M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 2,470 | 1,876 | 1,855 | 1,866 | 1,884 |
| Average salary (parent company) | ¥5.9M | ¥6.3M | ¥6.7M | ¥7.2M | ¥6.9M |
| Average age (parent company) | 44.3 years | 45.0 years | 45.0 years | 45.1 years | 44.8 years |
| Average tenure (parent company) | 21.9 years | 22.7 years | 21.8 years | 21.8 years | 21.2 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) -1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Glass Containers | 45,189 | 62.6% | 2,883 | 6.4% |
| Plastics Containers | 8,520 | 11.8% | 491 | 5.8% |
| Logistics | 14,785 | 20.5% | 795 | 5.4% |
| New glass | 3,522 | 4.9% | 434 | 12.3% |
| Other | 173 | 0.2% | -212 | -122.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Glass Containers | 62.6% | 62.6% | 0.0 | 6.4% |
| Plastics Containers | 11.8% | 10.7% | -1.1 | 5.8% |
| Logistics | 20.5% | 17.3% | -3.2 | 5.4% |
| New glass | 4.9% | 9.4% | 4.5 | 12.3% |
| Other | 0.2% | — | — | -122.5% |

Loss-making segment (excluded from profit shares): Other -212 JPY mn

Segment → industry: New glass → Glass & Ceramics / Other → Agriculture & Seeds / Plastics Containers → Food Packaging / Glass Containers → Food Packaging / Logistics → Trucking & Parcel Delivery

## 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 | 8,161 | 11.3% | S100YHIJ |
| Capital expenditure | 3,557 | 4.9% | S100YHIJ |
| Free cash flow | 4,604 | 6.4% | 算出 |
| Investing cash flow | -3,427 | -4.7% | S100YHIJ |
| Financing cash flow | -4,375 | -6.1% | S100YHIJ |
| Dividends paid | 1,918 | 2.7% | S100YHIJ |
| Share buyback | 3 | 0.0% | S100YHIJ |
| Change in cash | 361 | 0.5% | S100YHIJ |
| Cash and equivalents | 11,152 | 15.4% | S100YHIJ |

## 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 | 10,898 | 7,464 | 10,891 | 10,791 | 11,152 | S100TUKA, S100W44O, S100YHIJ |
| Total assets | 97,366 | 87,599 | 94,144 | 94,853 | 97,497 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Net assets | 40,214 | 37,488 | 51,593 | 54,377 | 56,367 | S100TUKA, S100W44O, S100YHIJ |
| Share capital | 14,074 | 14,074 | 14,074 | 14,074 | 14,074 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Property, plant and equipment | 31,738 | 25,672 | 26,126 | 26,340 | 27,620 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Intangible assets excluding goodwill | 1,838 | 202 | 185 | 441 | 1,655 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Investment securities | 2,533 | 2,396 | 2,685 | 2,865 | 3,335 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Current assets | 38,874 | 35,220 | 41,709 | 40,409 | 40,315 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Current liabilities | 29,542 | 25,212 | 21,836 | 19,435 | 20,084 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Trade payables | 7,136 | 7,958 | 8,281 | 7,400 | 7,786 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Short-term borrowings | 11,318 | 11,884 | 5,659 | 5,348 | 4,271 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Long-term borrowings | 20,577 | 18,801 | 15,725 | 16,167 | 15,273 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Bonds | 1,000 | 1,000 | 1,000 | 857 | 1,828 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Interest-bearing debt | 32,895 | 31,685 | 22,384 | 22,372 | 21,372 | 算出 |
| Total liabilities | 57,151 | 50,111 | 42,551 | 40,476 | 41,129 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Non-controlling interests | 305 | 139 | 163 | -405 | -409 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Equity attributable to owners of parent | 40,430 | 37,422 | 49,683 | 51,505 | 52,845 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Retained earnings | 11,224 | 8,287 | 20,549 | 22,369 | 23,713 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |
| Treasury stock | -1,565 | -1,565 | -1,566 | -1,530 | -1,534 | S100R78Z, S100TUKA, S100W44O, S100YHIJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YHIJ |
| Property, plant and equipment | 28% | S100YHIJ |
| Intangibles and goodwill | 2% | S100YHIJ |
| Investment securities | 3% | S100YHIJ |
| Other assets | 55% | S100YHIJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YHIJ |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 12% | S100YHIJ |
| Equity | 58% | S100YHIJ |
| Other liabilities | 0% | S100YHIJ |

### 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 | 97,366 | 87,599 | 94,144 | 94,853 | 97,497 |
| Equity | 40,214 | 37,488 | 51,593 | 54,377 | 56,367 |
| Interest-bearing debt | 32,895 | 31,685 | 22,384 | 22,372 | 21,372 |
| Cash | 10,898 | 7,464 | 10,891 | 10,791 | 11,152 |

## 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) | 38.3% | S100YHIJ |
| Fixed assets ÷ total assets | 28.3% | S100YHIJ |
| Goodwill ÷ parent equity | — | —, S100YHIJ |

### 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) | 11.4% |
| Cash ÷ revenue | 15.4% |
| Net cash (cash − interest-bearing debt) | -¥10.2B |
| Net debt ÷ operating cash flow | 1.25× |
| Cash conversion (operating CF ÷ operating income) | 216.4% |
| Cash vs. profit gap | 4,892 JPY mn (of net income 149.6%) |
| Shareholder returns / net income | 58.8% |
| Shareholder returns / FCF | 41.7% |
| Shareholder payments — dividends / net income | 58.7% |
| Shareholder payments — dividends / FCF | 41.7% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 42.0% |

## 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 | — | —× | -9.9% | —× | — | S100R78Z |
| 2023 | — | —× | -3.3% | —× | — | S100TUKA |
| 2024 | 16.8% | 0.80× | 13.5% | 2.09× | 28.2% | S100W44O |
| 2025 | 3.8% | 0.78× | 2.9% | 1.87× | 5.5% | S100YHIJ |
| 2026 | 4.5% | 0.75× | 3.4% | 1.84× | 6.3% | S100YHIJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本山村硝子取引先持株会 | Major shareholder | 7.2% | 2026-03-31 |
| ＭＵＲＡＫＡＭＩ ＴＡＫＡＴＥＲＵ （常任代理人 三田証券株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（株式付与ＥＳＯＰ信託口・８０１３１口） | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 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 | 3.9% | 2026-03-31 |
| 山村幸治 | Major shareholder | 2.9% | 2026-03-31 |
| 日本山村硝子従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| サッポロホールディングス株式会社 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YHIJ | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHIJ,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W44O | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W44O,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TUKA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUKA,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R78Z | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R78Z,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OJGH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJGH,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LQSC | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQSC,, |

## 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).