# Nippi,Incorporated: 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179期(2025/04/01－2026/03/31) (S100YIZ2)
> Page: https://vizora.meequs.com/en/company/nippi
> Retrieved: 2026-09-30T17:49:09.589Z

## Company

Nippi, founded in 1907, is a company in Chemicals listed on TSE Standard. It has 630 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippi,Incorporated |
| Ticker | 7932 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7932.T) |
| Listing | TSE Standard |
| Head office | 東京都足立区千住緑町1丁目1番1号 |
| Representative (per filing) | 代表取締役社長 伊藤裕子 |
| Founded | Apr 1907 |
| Share capital | ¥4.4B |
| Employees (consolidated) | 630 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.nippi-inc.co.jp (https://www.nippi-inc.co.jp/) |
| Corporate number | 7011801011046 |
| EDINET | E01120 |
| Industries (Vizora) | Chemicals, Shoes & Bags, Food Ingredients, Real Estate Development & Leasing, Specialty Trading & Wholesale, Cosmetics |

> Profile source: annual securities report (S100YIZ2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.4 | 96 |
| Profitability | 65.5 | 100 |
| Cash conversion | 10.9 | 96 |
| Efficiency | 39.5 | 100 |
| Financial strength | 81.6 | 19 |

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 27% of Nippi's sales come from Gelatin and peptide related, with Foodstuff and other and Collagen casing and material 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 +14.5%.

## Company structure

- Segment revenue mix: Gelatin and peptide related 26.6%、Foodstuff and other 21.7%、Collagen casing and material 19.5%、Cosmetics 17.5%、Leather related 12.4%
- Revenue → net income: ¥47252000000 → ¥2910000000
- Net income → operating cash flow: ¥2910000000 → ¥3015000000（difference ¥105000000）
- Main uses of operating cash flow: CapEx ¥545000000 / dividends ¥1725000000 / buybacks ¥1001000000
- Change in cash: ¥-178000000
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 | ¥47.3B |  |
| Operating income | ¥4.15B | Margin 8.8% |
| Net income | ¥2.83B | Margin 6.0% |
| Free cash flow | ¥2.47B |  |
| Largest business | Gelatin and peptide related | of segment revenue 26.6% |
| Employees (consolidated) | 630 |  |
| EPS | ¥1266.14 |  |
| Book value per share | ¥12550.43 |  |
| Equity ratio | 58.6% |  |
| Shares outstanding | 2,889,000 |  |
| Treasury shares | 89,000 |  |
| Shareholders | 4,242 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 12.2% | Net cash ¥1.47B · Cash ÷ revenue 18.2% |
| Vs. industry median margin | +1.3 pp | Chemicals |
| ROE | 9.5% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35595000000 | ¥47252000000 | +32.7% |
| Operating income | ¥874000000 | ¥4153000000 | +375.2% |
| Operating margin | 2.5% | 8.8% | +6.3 pp |
| Employees | 606 people | 630 people | +4.0% |
| Cash and equivalents | ¥7499000000 | ¥8581000000 | +14.4% |

### 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 |
| --- | ---: |
| コラーゲン・ケーシング事業 → コラーゲン・ケーシング事業 | 19.5% |
| コラーゲン・ケーシング事業 → 事業再編・廃止 | 3.7% |
| ゼラチン関連事業 → ゼラチン関連事業 | 25.6% |
| 化粧品関連事業 → 化粧品関連事業 | 14.6% |
| 皮革関連事業 → 皮革関連事業 | 12.4% |
| 皮革関連事業 → 事業再編・廃止 | 2.2% |
| 賃貸・不動産事業 → 賃貸・不動産事業 | 2.1% |
| 食品その他事業 → 食品その他事業 | 19.9% |
| 新設・再編 → ゼラチン関連事業 | 1.0% |
| 新設・再編 → 化粧品関連事業 | 2.9% |
| 新設・再編 → 賃貸・不動産事業 | 0.2% |
| 新設・再編 → 食品その他事業 | 1.8% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Gelatin and peptide related | 5 years | +6.7% | ¥12585000000 | 18.9% | 2 |
| Foodstuff and other | 5 years | +7.7% | ¥10263000000 | 5.5% | 2 |
| Collagen casing and material | 5 years | +2.2% | ¥9236000000 | 8.8% | 2 |
| Cosmetics | 5 years | +9.7% | ¥8256000000 | 16.2% | 2 |
| Leather related | 5 years | +2.5% | ¥5852000000 | 2.9% | 2 |
| Real estate and lease | 5 years | +7.6% | ¥1058000000 | 78.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,252 | 100.0% | S100YIZ2 |
| Cost of revenue | 33,241 | 70.3% | S100YIZ2 |
| Gross profit | 14,010 | 29.6% | S100YIZ2 |
| SG&A | 9,856 | 20.9% | S100YIZ2 |
| Operating income | 4,153 | 8.8% | S100YIZ2 |
| Ordinary income | 4,206 | 8.9% | S100YIZ2 |
| Pretax income | 3,879 | 8.2% | S100YIZ2 |
| Income tax | 968 | 2.0% | S100YIZ2 |
| Net income | 2,910 | 6.2% | S100YIZ2 |
| Net income attributable to owners | 2,832 | 6.0% | S100YIZ2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 29.6% → Operating margin 8.8% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.8%; Core profit growth: +14.5%
Operating leverage (core profit growth ÷ revenue growth): -3.77×
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 | 49,141 | 47,252 | -1,889 | -3.8% |
| Gross profit | 13,174 | 14,010 | 836 | +6.3% |
| Operating income | 3,627 | 4,153 | 526 | +14.5% |
| Net income attributable to owners | 2,457 | 2,832 | 375 | +15.3% |
| Operating cash flow | 4,652 | 3,015 | -1,637 | -35.2% |
| Free cash flow | 3,815 | 2,470 | -1,345 | -35.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,410 | 1,856 | 4.4% | 1,271 | 1,898 | 855 | S100LSA1 |
| FY ending Mar 2021 | 35,595 | 874 | 2.5% | 4,219 | 2,761 | -805 | S100OITG |
| FY ending Mar 2022 | 39,349 | 1,759 | 4.5% | 1,144 | 2,070 | 1,024 | S100SW99 |
| FY ending Mar 2023 | 44,811 | 1,471 | 3.3% | 1,169 | 2,667 | 1,591 | S100TRZ0 |
| FY ending Mar 2024 | 49,046 | 3,612 | 7.4% | 2,548 | 4,169 | 3,423 | S100W3MZ |
| FY ending Mar 2025 | 49,141 | 3,627 | 7.4% | 2,457 | 4,652 | 3,815 | S100YIZ2 |
| FY ending Mar 2026 | 47,252 | 4,153 | 8.8% | 2,832 | 3,015 | 2,470 | S100YIZ2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 602 | 611 | 627 | 640 | 630 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.8M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 39.2 years | 39.0 years | 38.5 years | 38.4 years | 38.4 years |
| Average tenure (parent company) | 15.9 years | 15.8 years | 15.3 years | 14.9 years | 14.7 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) -3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Collagen casing and material | 9,236 | 19.5% | 812 | 8.8% |
| Gelatin and peptide related | 12,585 | 26.6% | 2,376 | 18.9% |
| Cosmetics | 8,256 | 17.5% | 1,339 | 16.2% |
| Leather related | 5,852 | 12.4% | 167 | 2.9% |
| Real estate and lease | 1,058 | 2.2% | 827 | 78.2% |
| Foodstuff and other | 10,263 | 21.7% | 567 | 5.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Collagen casing and material | 19.5% | 13.3% | -6.2 | 8.8% |
| Gelatin and peptide related | 26.6% | 39.0% | 12.4 | 18.9% |
| Cosmetics | 17.5% | 22.0% | 4.5 | 16.2% |
| Leather related | 12.4% | 2.7% | -9.6 | 2.9% |
| Real estate and lease | 2.2% | 13.6% | 11.3 | 78.2% |
| Foodstuff and other | 21.7% | 9.3% | -12.4 | 5.5% |

Segment → industry: Gelatin and peptide related → Chemicals / Leather related → Shoes & Bags / Gelatin and peptide related → Food Ingredients / Collagen casing and material → Food Ingredients / Real estate and lease → Real Estate Development & Leasing / Foodstuff and other → Specialty Trading & Wholesale / Cosmetics → Cosmetics

## 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 | 3,015 | 6.4% | S100YIZ2 |
| Capital expenditure | 545 | 1.2% | S100YIZ2 |
| Free cash flow | 2,470 | 5.2% | 算出 |
| Investing cash flow | -395 | -0.8% | S100YIZ2 |
| Financing cash flow | -2,834 | -6.0% | S100YIZ2 |
| Dividends paid | 1,725 | 3.7% | S100YIZ2 |
| Share buyback | 1,001 | 2.1% | S100YIZ2 |
| Change in cash | -178 | -0.4% | S100YIZ2 |
| Cash and equivalents | 8,581 | 18.2% | S100YIZ2 |

## 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 | 6,621 | 6,839 | 8,605 | 8,760 | 8,581 | S100TRZ0, S100W3MZ, S100YIZ2 |
| Total assets | 68,417 | 69,564 | 72,394 | 70,172 | 70,126 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Net assets | 33,996 | 35,077 | 38,304 | 40,569 | 41,929 | S100TRZ0, S100W3MZ, S100YIZ2 |
| Share capital | 4,404 | 4,404 | 4,404 | 4,404 | 4,404 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Trade receivables | 7,862 | 8,603 | 9,822 | 7,990 | 7,444 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Property, plant and equipment | 39,184 | 38,572 | 37,683 | 36,912 | 35,880 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Intangible assets excluding goodwill | 268 | 241 | 204 | 209 | 188 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Investment securities | 3,414 | 3,449 | 4,317 | 4,789 | 6,031 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Current assets | 25,005 | 26,766 | 29,602 | 27,574 | 27,246 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Current liabilities | 15,919 | 17,434 | 17,656 | 14,692 | 12,968 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Trade payables | 6,660 | 8,090 | 8,019 | 6,589 | 4,128 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Short-term borrowings | 1,950 | 1,892 | 1,533 | 949 | 725 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Long-term borrowings | 9,659 | 8,312 | 7,592 | 6,060 | 6,291 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Bonds | 100 | 100 | 100 | 100 | 100 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Interest-bearing debt | 11,709 | 10,304 | 9,225 | 7,109 | 7,116 | 算出 |
| Total liabilities | 34,421 | 34,486 | 34,090 | 29,603 | 28,196 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Non-controlling interests | 583 | 614 | 684 | 730 | 818 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Equity attributable to owners of parent | 24,673 | 25,670 | 27,936 | 29,760 | 29,866 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Retained earnings | 18,377 | 19,374 | 21,641 | 23,466 | 24,572 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |
| Treasury stock | -38 | -38 | -39 | -40 | -1,041 | S100SW99, S100TRZ0, S100W3MZ, S100YIZ2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YIZ2 |
| Receivables | 11% | S100YIZ2 |
| Property, plant and equipment | 51% | S100YIZ2 |
| Intangibles and goodwill | 0% | S100YIZ2 |
| Investment securities | 9% | S100YIZ2 |
| Other assets | 17% | S100YIZ2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIZ2 |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 24% | S100YIZ2 |
| Equity | 60% | S100YIZ2 |
| Other liabilities | 0% | S100YIZ2 |

### 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 | 68,417 | 69,564 | 72,394 | 70,172 | 70,126 |
| Equity | 33,996 | 35,077 | 38,304 | 40,569 | 41,929 |
| Interest-bearing debt | 11,709 | 10,304 | 9,225 | 7,109 | 7,116 |
| Cash | 6,621 | 6,839 | 8,605 | 8,760 | 8,581 |

## 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) | 75.9% | S100YIZ2 |
| Fixed assets ÷ total assets | 51.2% | S100YIZ2 |
| Goodwill ÷ parent equity | — | —, S100YIZ2 |

### 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) | 12.2% |
| Cash ÷ revenue | 18.2% |
| Net cash (cash − interest-bearing debt) | ¥1.47B |
| Net debt ÷ operating cash flow | -0.49× |
| Cash conversion (operating CF ÷ operating income) | 72.6% |
| Cash vs. profit gap | 183 JPY mn (of net income 6.5%) |
| Shareholder returns / net income | 96.3% |
| Shareholder returns / FCF | 110.4% |
| Shareholder payments — dividends / net income | 60.9% |
| Shareholder payments — dividends / FCF | 69.8% |
| CapEx intensity (capex ÷ revenue) | 1.2% |
| Investing CF relative to operating CF | 13.1% |

## 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 | 2.9% | 0.58× | 1.7% | 2.77× | 4.6% | S100SW99 |
| 2023 | 2.6% | 0.65× | 1.7% | 2.74× | 4.6% | S100TRZ0 |
| 2024 | 5.2% | 0.69× | 3.6% | 2.65× | 9.5% | S100W3MZ |
| 2025 | 5.0% | 0.69× | 3.4% | 2.47× | 8.5% | S100YIZ2 |
| 2026 | 6.0% | 0.67× | 4.0% | 2.35× | 9.5% | S100YIZ2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社リーガルコーポレーション | Major shareholder | 12.7% | 2026-03-31 |
| 大成建設株式会社 | Major shareholder | 8.0% | 2026-03-31 |
| 中央建物株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 東京建物株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 石橋 拓朗 | Major shareholder | 3.4% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 特種東海製紙株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社ラクト・ジャパン | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第179期(2025/04/01－2026/03/31) | S100YIZ2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIZ2,, |
| 有価証券報告書－第178期(2024/04/01－2025/03/31) | S100W3MZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3MZ,, |
| 有価証券報告書－第177期(2023/04/01－2024/03/31) | S100TRZ0 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRZ0,, |
| 訂正有価証券報告書－第176期(2022/04/01－2023/03/31) | S100SW99 | 2024-02-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SW99,, |
| 有価証券報告書－第175期(令和3年4月1日－令和4年3月31日) | S100OITG | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OITG,, |
| 有価証券報告書－第174期(令和2年4月1日－令和3年3月31日) | S100LSA1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSA1,, |

## 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).