# Niitaka Co., Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第64期(2025/06/01－2026/05/31) (S100Z0B0)
> Page: https://vizora.meequs.com/en/company/niitaka
> Retrieved: 2026-09-30T17:49:31.007Z

## Company

Niitaka, founded in 1963, is a company in Chemicals listed on TSE Standard. It has 380 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Niitaka Co., Ltd. |
| Ticker | 4465 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4465.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区新高一丁目8番10号 |
| Representative (per filing) | 代表取締役 社長執行役員 野尻 大介 |
| Founded | Apr 1963 |
| Share capital | ¥585.2M |
| Employees (consolidated) | 380 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | May |
| Website | www.niitaka.co.jp (https://www.niitaka.co.jp/) |
| Corporate number | 9120001056079 |
| EDINET | E00890 |
| Industries (Vizora) | Chemicals, Processed Foods |

> Profile source: annual securities report (S100Z0B0, filed 2026-09-04). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50.5 | 96 |
| Profitability | 61.5 | 100 |
| Cash conversion | 37 | 96 |
| Efficiency | 94.5 | 100 |

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 95% of Niitaka's sales come from Chemical business, with Healthcare business making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +10.1%.

## Company structure

- Segment revenue mix: Chemical business 94.5%、Healthcare business 5.5%
- Revenue → net income: ¥24619486000 → ¥1900463000
- Net income → operating cash flow: ¥1900463000 → ¥2704979000（difference ¥804516000）
- Main uses of operating cash flow: CapEx ¥499017000 / dividends ¥532278000 / buybacks —
- Change in cash: ¥1398114000
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 | ¥24.6B |  |
| Operating income | ¥2.12B | Margin 8.6% |
| Net income | ¥1.9B | Margin 7.7% |
| Free cash flow | ¥2.21B |  |
| Largest business | Chemical business | of segment revenue 94.5% |
| Employees (consolidated) | 380 |  |
| EPS | ¥291.43 |  |
| Book value per share | ¥2516.81 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 5,943,000 |  |
| Treasury shares | 14,600 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 33.1% | Cash ÷ revenue 32.0% |
| Vs. industry median margin | +1.1 pp | Chemicals |
| ROE | 12.6% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, cash is 33% of total assets
- FY2026, employees -5% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18436868000 | ¥24619486000 | +33.5% |
| Operating income | ¥2448890000 | ¥2118608000 | -13.5% |
| Operating margin | 13.3% | 8.6% | -4.7 pp |
| Employees | 344 people | 380 people | +10.5% |
| Cash and equivalents | ¥5753847000 | ¥7888434000 | +37.1% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 新設・再編 → ケミカル事業 | 94.5% |
| 新設・再編 → ヘルスケア事業 | 5.5% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 24,619 | 100.0% | S100Z0B0 |
| Cost of revenue | 15,608 | 63.4% | S100Z0B0 |
| Gross profit | 9,011 | 36.6% | S100Z0B0 |
| SG&A | 6,893 | 28.0% | S100Z0B0 |
| Operating income | 2,119 | 8.6% | S100Z0B0 |
| Ordinary income | 2,217 | 9.0% | S100Z0B0 |
| Pretax income | 2,725 | 11.1% | S100Z0B0 |
| Income tax | 824 | 3.3% | S100Z0B0 |
| Net income | 1,900 | 7.7% | S100Z0B0 |
| Net income attributable to owners | 1,900 | 7.7% | S100Z0B0 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 28 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 36.6% → Operating margin 8.6% → Net margin 7.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +10.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 23,715 | 24,619 | 905 | +3.8% |
| Gross profit | 8,634 | 9,011 | 377 | +4.4% |
| Operating income | 1,925 | 2,119 | 194 | +10.1% |
| Net income attributable to owners | 1,805 | 1,900 | 95 | +5.3% |
| Operating cash flow | 1,044 | 2,705 | 1,661 | +159.1% |
| Free cash flow | 535 | 2,206 | 1,671 | +312.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 17,723 | 1,618 | 9.1% | 1,059 | 1,701 | 560 | S100MCFV |
| FY ending May 2021 | 18,437 | 2,449 | 13.3% | 697 | 2,718 | 1,916 | S100P62C |
| FY ending May 2022 | 17,792 | 1,825 | 10.3% | 1,231 | 1,587 | 944 | S100RRE2 |
| FY ending May 2023 | 19,504 | 855 | 4.4% | 562 | 1,080 | 938 | S100U9V7 |
| FY ending May 2024 | 22,739 | 1,476 | 6.5% | 706 | 1,298 | 1,169 | S100WL0G |
| FY ending May 2025 | 23,715 | 1,925 | 8.1% | 1,805 | 1,044 | 535 | S100Z0B0 |
| FY ending May 2026 | 24,619 | 2,119 | 8.6% | 1,900 | 2,705 | 2,206 | S100Z0B0 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥64.8M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥5M |

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

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 339 | 394 | 394 | 400 | 380 |
| Average salary (parent company) | ¥7.6M | ¥7.8M | ¥7.9M | ¥7.9M | ¥8M |
| Average age (parent company) | 43.0 years | 43.0 years | 44.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 14.0 years | 15.0 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical business | 23,268 | 94.5% | 1,906 | 8.2% |
| Healthcare business | 1,352 | 5.5% | 212 | 15.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical business | 94.5% | 90.0% | -4.5 | 8.2% |
| Healthcare business | 5.5% | 10.0% | 4.5 | 15.7% |

Segment → industry: Chemical business → Chemicals / Healthcare business → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,705 | 11.0% | S100Z0B0 |
| Capital expenditure | 499 | 2.0% | S100Z0B0 |
| Free cash flow | 2,206 | 9.0% | 算出 |
| Investing cash flow | 40 | 0.2% | S100Z0B0 |
| Financing cash flow | -1,377 | -5.6% | S100Z0B0 |
| Dividends paid | 532 | 2.2% | S100Z0B0 |
| Change in cash | 1,398 | 5.7% | S100Z0B0 |
| Cash and equivalents | 7,888 | 32.0% | S100Z0B0 |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,057 | 6,745 | 6,833 | 6,490 | 7,888 | S100U9V7, S100WL0G, S100Z0B0 |
| Total assets | 20,796 | 23,572 | 22,742 | 22,585 | 23,841 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Net assets | 12,524 | 12,971 | 13,385 | 14,757 | 16,268 | S100U9V7, S100WL0G, S100Z0B0 |
| Share capital | 585 | 585 | 585 | 585 | 585 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Trade receivables | 2,917 | 3,320 | 3,465 | 3,565 | 3,530 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Property, plant and equipment | 7,514 | 8,089 | 7,286 | 7,074 | 7,040 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Intangible assets excluding goodwill | 261 | 353 | 286 | 327 | 355 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Goodwill | — | 178 | 152 | 127 | 101 | S100U9V7, S100WL0G, S100Z0B0 |
| Investment securities | 305 | 360 | 441 | 465 | 311 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Current assets | 11,604 | 13,721 | 13,724 | 14,116 | 15,465 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Current liabilities | 4,432 | 6,086 | 5,713 | 4,943 | 5,407 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Trade payables | 983 | 1,172 | 1,164 | 1,136 | 1,172 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Long-term borrowings | 2,291 | 2,762 | 1,929 | 1,408 | 652 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Bonds | — | 25 | 15 | 5 | — | S100U9V7, S100WL0G, S100Z0B0 |
| Total liabilities | 8,272 | 10,601 | 9,356 | 7,828 | 7,573 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Non-controlling interests | — | 105 | — | — | — | S100U9V7 |
| Equity attributable to owners of parent | 12,215 | 12,504 | 12,910 | 14,350 | 15,772 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Retained earnings | 11,085 | 11,375 | 11,762 | 13,202 | 14,570 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |
| Treasury stock | -51 | -51 | -51 | -51 | -18 | S100RRE2, S100U9V7, S100WL0G, S100Z0B0 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100Z0B0 |
| Receivables | 15% | S100Z0B0 |
| Property, plant and equipment | 30% | S100Z0B0 |
| Intangibles and goodwill | 2% | S100Z0B0 |
| Investment securities | 1% | S100Z0B0 |
| Other assets | 19% | S100Z0B0 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100Z0B0 |
| Other liabilities | 27% | S100Z0B0 |
| Equity | 68% | S100Z0B0 |
| Other liabilities | 0% | S100Z0B0 |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 20,796 | 23,572 | 22,742 | 22,585 | 23,841 |
| Equity | 12,524 | 12,971 | 13,385 | 14,757 | 16,268 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,057 | 6,745 | 6,833 | 6,490 | 7,888 |

## 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) | 28.6% | S100Z0B0 |
| Fixed assets ÷ total assets | 29.5% | S100Z0B0 |
| Goodwill ÷ parent equity | 0.6% | S100Z0B0 |

### 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) | 33.1% |
| Cash ÷ revenue | 32.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.7% |
| Cash vs. profit gap | 805 JPY mn (of net income 42.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 24.1% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 1.5% |

## 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 | 6.9% | 0.86× | 5.9% | 1.70× | 10.1% | S100RRE2 |
| 2023 | 2.9% | 0.88× | 2.5% | 1.79× | 4.5% | S100U9V7 |
| 2024 | 3.1% | 0.98× | 3.0% | 1.82× | 5.6% | S100WL0G |
| 2025 | 7.6% | 1.05× | 8.0% | 1.66× | 13.2% | S100Z0B0 |
| 2026 | 7.7% | 1.06× | 8.2% | 1.54× | 12.6% | S100Z0B0 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第64期(2025/06/01－2026/05/31) | S100Z0B0 | 2026-09-04 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z0B0,, |
| 有価証券報告書－第63期(2024/06/01－2025/05/31) | S100WL0G | 2025-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WL0G,, |
| 有価証券報告書－第62期(2023/06/01－2024/05/31) | S100U9V7 | 2024-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U9V7,, |
| 有価証券報告書－第61期(2022/06/01－2023/05/31) | S100RRE2 | 2023-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RRE2,, |
| 訂正有価証券報告書－第60期(令和3年6月1日－令和4年5月31日) | S100P62C | 2022-09-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P62C,, |
| 有価証券報告書－第59期(令和2年6月1日－令和3年5月31日) | S100MCFV | 2021-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCFV,, |

## 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).