# NIKKON Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第85期(2025/04/01－2026/03/31) (S100YVHV)
> Page: https://vizora.meequs.com/en/company/nikkon-holdings
> Retrieved: 2026-09-30T22:51:15.536Z

## Company

NIKKON Holdings, founded in 1950, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 13,746 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIKKON Holdings Co.,Ltd. |
| Ticker | 9072 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9072.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区明石町6番17号 |
| Representative (per filing) | 代表取締役社長 黒岩正勝 |
| Founded | Dec 1950 |
| Share capital | ¥11.3B |
| Employees (consolidated) | 13,746 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Corporate number | 7010001035005 |
| EDINET | E04191 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YVHV, filed 2026-08-07). As of filing

## Five-axis industry profile

Primary industry: Trucking & Parcel Delivery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 21 |
| Profitability | 88.6 | 22 |
| Cash conversion | 56.8 | 22 |
| Efficiency | 11.4 | 22 |
| Financial strength | 58.3 | 6 |

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 46% of NIKKON Holdings's sales come from Transportation segment, with Packaging segment and Warehouse segment making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.9% from the prior year, operating profit +2.9%.

## Company structure

- Segment revenue mix: Transportation segment 46.1%、Packaging segment 21.4%、Warehouse segment 15.9%、Test segment 9.1%、Other 7.5%
- Revenue → net income: ¥269862000000 → ¥17624000000
- Net income → operating cash flow: ¥17624000000 → ¥38157000000（difference ¥20533000000）
- Main uses of operating cash flow: CapEx ¥28151000000 / dividends ¥7722000000 / buybacks ¥14999000000
- Change in cash: ¥767000000
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 | ¥269.9B |  |
| Operating income | ¥23.8B | Margin 8.8% |
| Net income | ¥17.5B | Margin 6.5% |
| Free cash flow | ¥10B |  |
| Largest business | Transportation segment | of segment revenue 46.1% |
| Employees (consolidated) | 13,746 |  |
| EPS | ¥77.27 |  |
| Diluted EPS | ¥70.67 |  |
| Book value per share | ¥872.13 |  |
| Equity ratio | 54.5% |  |
| Shares outstanding | 126,479,784 |  |
| Treasury shares | 9,723,100 |  |
| Shareholders | 5,910 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 8.4% | Net cash -¥66.8B · Cash ÷ revenue 13.6% |
| Vs. industry median margin | +4 pp | Trucking & Parcel Delivery |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income
- FY2026, buybacks were 1.9× dividends
- FY2026, employees 0% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥182536000000 | ¥269862000000 | +47.8% |
| Operating income | ¥18191000000 | ¥23818000000 | +30.9% |
| Operating margin | 10.0% | 8.8% | -1.1 pp |
| Employees | 12,212 people | 13,746 people | +12.6% |
| Cash and equivalents | ¥30366000000 | ¥36705000000 | +20.9% |

### 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 |
| --- | ---: |
| 運送事業 → 運送事業 | 46.1% |
| 運送事業 → 事業再編・廃止 | 0.2% |
| 倉庫事業 → 倉庫事業 | 15.9% |
| 倉庫事業 → 事業再編・廃止 | 1.7% |
| 梱包事業 → 梱包事業 | 21.4% |
| 梱包事業 → 事業再編・廃止 | 0.6% |
| テスト事業 → テスト事業 | 9.1% |
| テスト事業 → 事業再編・廃止 | 2.1% |
| その他 → その他 | 2.9% |
| 新設・再編 → その他 | 4.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Transportation segment | 5 years | +8.0% | ¥124339000000 | 6.1% | 2 |
| Packaging segment | 5 years | +7.5% | ¥57648000000 | 7.7% | 2 |
| Warehouse segment | 5 years | +6.0% | ¥42976000000 | 20.5% | 2 |
| Test segment | 5 years | +3.7% | ¥24569000000 | 16.3% | 2 |
| Other | 5 years | +30.8% | ¥20327000000 | -5.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 269,862 | 100.0% | S100YVHV |
| Cost of revenue | 227,012 | 84.1% | S100YVHV |
| Gross profit | 42,849 | 15.9% | S100YVHV |
| SG&A | 19,031 | 7.1% | S100YVHV |
| Operating income | 23,818 | 8.8% | S100YVHV |
| Ordinary income | 24,853 | 9.2% | S100YVHV |
| Pretax income | 26,291 | 9.7% | S100YVHV |
| Income tax | 8,666 | 3.2% | S100YVHV |
| Net income | 17,624 | 6.5% | S100YVHV |
| Net income attributable to owners | 17,493 | 6.5% | S100YVHV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 7 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 15.9% → Operating margin 8.8% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.9%; Core profit growth: +2.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.32×
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 | 247,890 | 269,862 | 21,972 | +8.9% |
| Gross profit | 38,803 | 42,849 | 4,046 | +10.4% |
| Operating income | 23,155 | 23,818 | 663 | +2.9% |
| Net income attributable to owners | 16,550 | 17,493 | 943 | +5.7% |
| Operating cash flow | 27,642 | 38,157 | 10,515 | +38.0% |
| Free cash flow | 122 | 10,006 | 9,884 | +8101.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 199,512 | 20,890 | 10.5% | 16,721 | 25,901 | 3,093 | S100LU9W |
| FY ending Mar 2021 | 182,536 | 18,191 | 10.0% | 14,544 | 23,229 | -3,150 | S100OJPY |
| FY ending Mar 2022 | 198,159 | 19,512 | 9.8% | 14,741 | 28,985 | -3,637 | S100R903 |
| FY ending Mar 2023 | 212,071 | 19,580 | 9.2% | 15,913 | 32,547 | 9,801 | S100TVDD |
| FY ending Mar 2024 | 222,324 | 21,235 | 9.6% | 16,608 | 31,107 | 7,131 | S100W5BJ |
| FY ending Mar 2025 | 247,890 | 23,155 | 9.3% | 16,550 | 27,642 | 122 | S100YVHV |
| FY ending Mar 2026 | 269,862 | 23,818 | 8.8% | 17,493 | 38,157 | 10,006 | S100YVHV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.6M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.3M |

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) | 12,669 | 12,855 | 12,802 | 13,762 | 13,746 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥6.2M | ¥6.2M | ¥6.2M |
| Average age (parent company) | 41.7 years | 42.5 years | 42.8 years | 41.7 years | 42.2 years |
| Average tenure (parent company) | 14.1 years | 15.9 years | 14.6 years | 13.0 years | 14.2 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) +8.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Transportation segment | 124,339 | 46.1% | 7,523 | 6.1% |
| Warehouse segment | 42,976 | 15.9% | 8,826 | 20.5% |
| Packaging segment | 57,648 | 21.4% | 4,429 | 7.7% |
| Test segment | 24,569 | 9.1% | 4,016 | 16.3% |
| Other | 20,327 | 7.5% | -1,064 | -5.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Transportation segment | 46.1% | 30.3% | -15.7 | 6.1% |
| Warehouse segment | 15.9% | 35.6% | 19.7 | 20.5% |
| Packaging segment | 21.4% | 17.9% | -3.5 | 7.7% |
| Test segment | 9.1% | 16.2% | 7.1 | 16.3% |
| Other | 7.5% | — | — | -5.2% |

Loss-making segment (excluded from profit shares): Other -1,064 JPY mn

Segment → industry: Transportation segment → Trucking & Parcel Delivery / Packaging segment → Warehouses & Logistics Facilities / Warehouse segment → Warehouses & Logistics Facilities

## 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 | 38,157 | 14.1% | S100YVHV |
| Capital expenditure | 28,151 | 10.4% | S100YVHV |
| Free cash flow | 10,006 | 3.7% | 算出 |
| Investing cash flow | -25,564 | -9.5% | S100YVHV |
| Financing cash flow | -11,119 | -4.1% | S100YVHV |
| Dividends paid | 7,722 | 2.9% | S100YVHV |
| Share buyback | 14,999 | 5.6% | S100YVHV |
| Change in cash | 767 | 0.3% | S100YVHV |
| Cash and equivalents | 36,705 | 13.6% | S100YVHV |

## 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 | 29,157 | 39,460 | 42,796 | 35,937 | 36,705 | S100TVDD, S100W5BJ, S100YVHV |
| Total assets | 339,475 | 360,748 | 388,446 | 431,273 | 436,395 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Net assets | 219,035 | 229,399 | 246,445 | 250,635 | 242,805 | S100TVDD, S100W5BJ, S100YVHV |
| Share capital | 11,316 | 11,316 | 11,316 | 11,316 | 11,316 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Trade receivables | 35,110 | 33,408 | 32,610 | 37,079 | 35,773 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Property, plant and equipment | 232,328 | 242,671 | 254,064 | 272,853 | 281,111 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Intangible assets excluding goodwill | 2,173 | 2,368 | 2,498 | 31,387 | 29,125 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Goodwill | — | — | 2 | 9,804 | 8,447 | S100W5BJ, S100YVHV |
| Investment securities | 20,911 | 22,248 | 32,990 | 28,031 | 27,302 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Current assets | 74,655 | 83,026 | 87,981 | 87,015 | 85,834 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Current liabilities | 44,367 | 58,358 | 59,366 | 76,641 | 59,755 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Trade payables | 11,537 | 11,240 | 10,615 | 11,223 | 12,945 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Short-term borrowings | 1,823 | 13,151 | 2,025 | 20,466 | 7,358 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Long-term borrowings | 13,210 | 10,059 | 27,034 | 25,743 | 56,139 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Bonds | 50,000 | 50,000 | 40,000 | 40,000 | 40,000 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Interest-bearing debt | 65,033 | 73,210 | 69,059 | 86,209 | 103,497 | 算出 |
| Total liabilities | 120,440 | 131,349 | 142,001 | 180,638 | 193,590 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Non-controlling interests | 328 | 314 | 344 | 8,855 | 4,918 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Equity attributable to owners of parent | 207,380 | 214,926 | 221,322 | 221,280 | 214,760 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Retained earnings | 190,340 | 194,873 | 198,226 | 207,939 | 217,710 | S100R903, S100TVDD, S100W5BJ, S100YVHV |
| Treasury stock | -6,609 | -3,596 | -552 | -10,473 | -25,473 | S100R903, S100TVDD, S100W5BJ, S100YVHV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YVHV |
| Receivables | 8% | S100YVHV |
| Property, plant and equipment | 65% | S100YVHV |
| Intangibles and goodwill | 9% | S100YVHV |
| Investment securities | 6% | S100YVHV |
| Other assets | 4% | S100YVHV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YVHV |
| Interest-bearing debt | 24% | 算出 |
| Other liabilities | 18% | S100YVHV |
| Equity | 55% | S100YVHV |

### 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 | 339,475 | 360,748 | 388,446 | 431,273 | 436,395 |
| Equity | 219,035 | 229,399 | 246,445 | 250,635 | 242,805 |
| Interest-bearing debt | 65,033 | 73,210 | 69,059 | 86,209 | 103,497 |
| Cash | 29,157 | 39,460 | 42,796 | 35,937 | 36,705 |

## 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) | 104.2% | S100YVHV |
| Fixed assets ÷ total assets | 64.4% | S100YVHV |
| Goodwill ÷ parent equity | 3.9% | S100YVHV |

### 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) | 8.4% |
| Cash ÷ revenue | 13.6% |
| Net cash (cash − interest-bearing debt) | -¥66.8B |
| Net debt ÷ operating cash flow | 1.75× |
| Cash conversion (operating CF ÷ operating income) | 160.2% |
| Cash vs. profit gap | 20,664 JPY mn (of net income 118.1%) |
| Shareholder returns / net income | 129.9% |
| Shareholder returns / FCF | 227.1% |
| Shareholder payments — dividends / net income | 44.1% |
| Shareholder payments — dividends / FCF | 77.2% |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| Investing CF relative to operating CF | 67.0% |

## 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 | 7.4% | 0.58× | 4.3% | 1.64× | 7.1% | S100R903 |
| 2023 | 7.5% | 0.61× | 4.5% | 1.66× | 7.5% | S100TVDD |
| 2024 | 7.5% | 0.59× | 4.4% | 1.72× | 7.6% | S100W5BJ |
| 2025 | 6.7% | 0.60× | 4.0% | 1.85× | 7.5% | S100YVHV |
| 2026 | 6.5% | 0.62× | 4.0% | 1.99× | 8.0% | S100YVHV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| GOLDMAN, SACHS & CO.REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 21.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1 （常任代理人 株式会社みずほ銀行） | Major shareholder | 5.4% | 2026-03-31 |
| 一般社団法人黒岩会 | Major shareholder | 4.4% | 2026-03-31 |
| 本田技研工業株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| Panicum Funding Ltd. （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB) （常任代理人 野村證券株式会社） | Major shareholder | 3.4% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| ニッコンホールディングス従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第85期(2025/04/01－2026/03/31) | S100YVHV | 2026-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YVHV,, |
| 有価証券報告書－第84期(2024/04/01－2025/03/31) | S100W5BJ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5BJ,, |
| 有価証券報告書－第83期(2023/04/01－2024/03/31) | S100TVDD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVDD,, |
| 有価証券報告書－第82期(2022/04/01－2023/03/31) | S100R903 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R903,, |
| 有価証券報告書－第81期(令和3年4月1日－令和4年3月31日) | S100OJPY | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJPY,, |
| 有価証券報告書－第80期(令和2年4月1日－令和3年3月31日) | S100LU9W | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU9W,, |

## 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).