# NIHON SEIKAN K.K.: 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121期(2025/04/01－2026/03/31) (S100YK2J)
> Page: https://vizora.meequs.com/en/company/nihonseikan-5905
> Retrieved: 2026-09-30T20:27:29.766Z

## Company

Nihon Seikan, founded in 1925, is a company in Food Packaging listed on TSE Standard. It has 189 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON SEIKAN K.K. |
| Ticker | 5905 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5905.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市北区吉野町2丁目275番地 |
| Representative (per filing) | 代表取締役社長 西尾 文隆 |
| Founded | Sep 1925 |
| Share capital | ¥738.6M |
| Employees (consolidated) | 189 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.nihonseikan.co.jp (https://www.nihonseikan.co.jp/) |
| Corporate number | 4030001006527 |
| EDINET | E01408 |
| Industries (Vizora) | Food Packaging, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YK2J, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 30 | 15 |
| Profitability | 3.3 | 15 |
| Efficiency | 63.3 | 15 |

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 99% of Nihon Seikan's sales come from Steel Can Manufacturer, with Real Estate Lease making up much of the rest.
- It lost about ¥3 for every ¥100 of sales at the operating level.
- Revenue changed +1.6% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥11.4B |  |
| Operating income | -¥307.9M | Margin -2.7% |
| Net income | -¥346.7M | Margin -3.0% |
| Free cash flow | -¥203.6M |  |
| Largest business | Steel Can Manufacturer | of segment revenue 98.6% |
| Employees (consolidated) | 189 |  |
| EPS | ¥-282.7 |  |
| Book value per share | ¥3072.65 |  |
| Equity ratio | 29.9% |  |
| Shares outstanding | 1,392,000 |  |
| Treasury shares | 38,600 |  |
| Shareholders | 704 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | -8.1 pp | Food Packaging |
| ROA | -2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 99 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10983007000 | ¥11442246000 | +4.2% |
| Operating income | ¥209841000 | ¥-307863000 | -246.7% |
| Operating margin | 1.9% | -2.7% | -4.6 pp |
| Employees | 212 people | 189 people | -10.8% |
| Cash and equivalents | ¥718599000 | ¥1779682000 | +147.7% |

### 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 |
| --- | ---: |
| 金属缶製造販売事業 → 金属缶製造販売事業 | 98.5% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 金属缶製造販売事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,442 | 100.0% | S100YK2J |
| Cost of revenue | 10,349 | 90.4% | S100YK2J |
| Gross profit | 1,093 | 9.6% | S100YK2J |
| SG&A | 1,401 | 12.2% | S100YK2J |
| Operating income | -308 | -2.7% | S100YK2J |
| Ordinary income | -283 | -2.5% | S100YK2J |
| Pretax income | -234 | -2.0% | S100YK2J |
| Income tax | 73 | 0.6% | S100YK2J |
| Net income | -307 | -2.7% | S100YK2J |
| Net income attributable to owners | -347 | -3.0% | S100YK2J |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 12 |
| Operating income | -3 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 9.6% → Operating margin -2.7% → Net margin -3.0%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 11,259 | 11,442 | 183 | +1.6% |
| Gross profit | 851 | 1,093 | 242 | +28.4% |
| Operating income | -541 | -308 | 233 | — |
| Net income attributable to owners | -335 | -347 | -11 | — |
| Operating cash flow | 896 | 295 | -601 | -67.1% |
| Free cash flow | 504 | -204 | -708 | -140.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,144 | 41 | 0.4% | 63 | 985 | 310 | S100LR3T |
| FY ending Mar 2021 | 10,983 | 210 | 1.9% | 297 | 551 | 323 | S100OGW1 |
| FY ending Mar 2022 | 10,472 | 162 | 1.5% | 237 | 412 | -111 | S100R5RE |
| FY ending Mar 2023 | 10,920 | 213 | 2.0% | 290 | 460 | -126 | S100TUSN |
| FY ending Mar 2024 | 12,248 | 257 | 2.1% | 271 | 387 | -399 | S100W4WG |
| FY ending Mar 2025 | 11,259 | -541 | -4.8% | -335 | 896 | 504 | S100YK2J |
| FY ending Mar 2026 | 11,442 | -308 | -2.7% | -347 | 295 | -204 | S100YK2J |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.5M |
| Operating income per employee (consolidated) | -¥1.6M |
| Net income per employee (consolidated) | -¥1.8M |

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) | 215 | 219 | 214 | 213 | 189 |
| Average salary (parent company) | ¥5.3M | ¥5.2M | ¥5.5M | ¥5.1M | ¥5.9M |
| Average age (parent company) | 41.4 years | 42.2 years | 41.4 years | 42.8 years | 44.7 years |
| Average tenure (parent company) | 12.7 years | 12.6 years | 12.7 years | 13.6 years | 14.5 years |

Year over year: Employees (consolidated) -11.3% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel Can Manufacturer | 11,278 | 98.6% | -392 | -3.5% |
| Real Estate Lease | 164 | 1.4% | 84 | 51.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel Can Manufacturer | 98.6% | — | — | -3.5% |
| Real Estate Lease | 1.4% | 100.0% | 98.6 | 51.0% |

Loss-making segment (excluded from profit shares): Steel Can Manufacturer -392 JPY mn

Segment → industry: Steel Can Manufacturer → Food Packaging / Real Estate Lease → Real Estate Development & Leasing

## 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 | 295 | 2.6% | S100YK2J |
| Capital expenditure | 498 | 4.4% | S100YK2J |
| Free cash flow | -204 | -1.8% | 算出 |
| Investing cash flow | -356 | -3.1% | S100YK2J |
| Financing cash flow | -55 | -0.5% | S100YK2J |
| Dividends paid | 27 | 0.2% | S100YK2J |
| Change in cash | -117 | -1.0% | S100YK2J |
| Cash and equivalents | 1,780 | 15.6% | S100YK2J |

## 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 | 721 | 661 | 637 | 1,896 | 1,780 | S100TUSN, S100W4WG, S100YK2J |
| Total assets | 13,619 | 13,944 | 15,205 | 12,967 | 12,976 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Net assets | 5,745 | 6,016 | 6,154 | 5,020 | 4,856 | S100TUSN, S100W4WG, S100YK2J |
| Share capital | 739 | 739 | 739 | 739 | 739 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Trade receivables | 2,130 | 2,184 | 2,415 | 1,881 | 1,607 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Property, plant and equipment | 4,443 | 4,295 | 4,569 | 4,031 | 4,072 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Intangible assets excluding goodwill | 222 | 276 | 214 | 161 | 110 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Investment securities | 2,857 | 2,827 | 2,718 | 1,664 | 1,910 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Current assets | 6,061 | 6,499 | 7,665 | 7,084 | 6,839 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Current liabilities | 4,737 | 4,834 | 5,968 | 5,102 | 5,102 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Trade payables | 3,172 | 3,312 | 4,159 | 2,499 | 2,254 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Short-term borrowings | — | — | 400 | 200 | 120 | S100W4WG, S100YK2J |
| Long-term borrowings | 1,965 | 1,953 | 1,950 | 1,973 | 1,434 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Total liabilities | 7,874 | 7,928 | 9,051 | 7,947 | 8,119 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Non-controlling interests | 835 | 883 | 925 | 926 | 961 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Equity attributable to owners of parent | 3,214 | 3,442 | 3,613 | 3,149 | 2,791 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Retained earnings | 2,282 | 2,502 | 2,677 | 2,244 | 1,864 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |
| Treasury stock | -52 | -44 | -48 | -79 | -56 | S100R5RE, S100TUSN, S100W4WG, S100YK2J |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YK2J |
| Receivables | 12% | S100YK2J |
| Property, plant and equipment | 31% | S100YK2J |
| Intangibles and goodwill | 1% | S100YK2J |
| Investment securities | 15% | S100YK2J |
| Other assets | 27% | S100YK2J |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YK2J |
| Other liabilities | 45% | S100YK2J |
| Equity | 38% | S100YK2J |
| Other liabilities | 0% | S100YK2J |

### 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 | 13,619 | 13,944 | 15,205 | 12,967 | 12,976 |
| Equity | 5,745 | 6,016 | 6,154 | 5,020 | 4,856 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 721 | 661 | 637 | 1,896 | 1,780 |

## 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) | 35.6% | S100YK2J |
| Fixed assets ÷ total assets | 31.4% | S100YK2J |
| Goodwill ÷ parent equity | — | —, S100YK2J |

### 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) | 13.7% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 642 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 120.8% |

## 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 | 2.3% | 0.77× | 1.7% | 4.24× | 7.4% | S100R5RE |
| 2023 | 2.7% | 0.79× | 2.1% | 4.14× | 8.7% | S100TUSN |
| 2024 | 2.2% | 0.84× | 1.9% | 4.13× | 7.7% | S100W4WG |
| 2025 | — | —× | -2.4% | —× | — | S100YK2J |
| 2026 | — | —× | -2.7% | —× | — | S100YK2J |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 11.5% | 2026-03-31 |
| 株式会社みみっく | Major shareholder | 9.7% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 7.8% | 2026-03-31 |
| 日罐取引先持株会 | Major shareholder | 6.8% | 2026-03-31 |
| 馬場 敬太郎 | Major shareholder | 4.3% | 2026-03-31 |
| 長嶺 麻奈 | Major shareholder | 3.9% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社中央ビル | Major shareholder | 3.4% | 2026-03-31 |
| 前田 慶和 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第121期(2025/04/01－2026/03/31) | S100YK2J | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK2J,, |
| 有価証券報告書－第120期(2024/04/01－2025/03/31) | S100W4WG | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4WG,, |
| 有価証券報告書－第119期(2023/04/01－2024/03/31) | S100TUSN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUSN,, |
| 有価証券報告書－第118期(2022/04/01－2023/03/31) | S100R5RE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5RE,, |
| 有価証券報告書－第117期(令和3年4月1日－令和4年3月31日) | S100OGW1 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGW1,, |
| 有価証券報告書－第116期(令和2年4月1日－令和3年3月31日) | S100LR3T | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR3T,, |

## 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).