# NIPPN CORPORATION: 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202期(2025/04/01－2026/03/31) (S100YIC9)
> Page: https://vizora.meequs.com/en/company/nippn
> Retrieved: 2026-09-30T19:09:25.711Z

## Company

Nippn, founded in 1896, is a company in Food Ingredients listed on TSE Prime. It has 3,935 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPN CORPORATION |
| Ticker | 2001 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2001.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町四丁目8番地 |
| Representative (per filing) | 代表取締役社長 前鶴 俊哉 |
| Founded | Dec 1896 |
| Share capital | ¥18.7B |
| Employees (consolidated) | 3,935 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.nippn.co.jp (https://www.nippn.co.jp/) |
| Corporate number | 9011001017684 |
| EDINET | E00345 |
| Industries (Vizora) | Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100YIC9, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.7 | 56 |
| Profitability | 62.5 | 60 |
| Cash conversion | 44.7 | 57 |
| Efficiency | 34.2 | 60 |
| Financial strength | 37.5 | 4 |

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 58% of Nippn's sales come from Food business, with Flour milling business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.8% from the prior year, operating profit +2.8%.

## Company structure

- Segment revenue mix: Food business 58.2%、Flour milling business 28.7%、Other 13.1%
- Revenue → net income: ¥418425000000 → ¥22035000000
- Net income → operating cash flow: ¥22035000000 → ¥25272000000（difference ¥3237000000）
- Main uses of operating cash flow: CapEx ¥31219000000 / dividends ¥5379000000 / buybacks ¥4000000000
- Change in cash: ¥22751000000
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 | ¥418.4B |  |
| Operating income | ¥22.1B | Margin 5.3% |
| Net income | ¥21.8B | Margin 5.2% |
| Free cash flow | -¥5.95B |  |
| Largest business | Food business | of segment revenue 58.2% |
| Employees (consolidated) | 3,935 |  |
| EPS | ¥201.89 |  |
| Diluted EPS | ¥197.68 |  |
| Book value per share | ¥2778.47 |  |
| Equity ratio | 59.2% |  |
| Shares outstanding | 84,727,000 |  |
| Treasury shares | 1,692,800 |  |
| Shareholders | 31,100 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 13.5% | Net cash -¥14.8B · Cash ÷ revenue 15.3% |
| Vs. industry median margin | +1.2 pp | Processed Foods |
| ROE | 10.7% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥288324000000 | ¥418425000000 | +45.1% |
| Operating income | ¥10370000000 | ¥22082000000 | +112.9% |
| Operating margin | 3.6% | 5.3% | +1.7 pp |
| Employees | 3,880 people | 3,935 people | +1.4% |
| Cash and equivalents | ¥35320000000 | ¥64222000000 | +81.8% |

### 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 |
| --- | ---: |
| 製粉事業 → 製粉事業 | 28.7% |
| 製粉事業 → 事業再編・廃止 | 3.4% |
| 食品事業 → 食品事業 | 55.8% |
| その他 → その他 | 12.1% |
| 新設・再編 → 食品事業 | 2.5% |
| 新設・再編 → その他 | 0.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Food business | 5 years | +8.7% | ¥243694000000 | 3.7% | 2 |
| Flour milling business | 5 years | +5.3% | ¥120000000000 | 7.9% | 2 |
| Other | 5 years | +9.4% | ¥54730000000 | 6.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 418,425 | 100.0% | S100YIC9 |
| Cost of revenue | 313,658 | 75.0% | S100YIC9 |
| Gross profit | 104,766 | 25.0% | S100YIC9 |
| SG&A | 82,684 | 19.8% | S100YIC9 |
| Operating income | 22,082 | 5.3% | S100YIC9 |
| Ordinary income | 24,874 | 5.9% | S100YIC9 |
| Pretax income | 31,707 | 7.6% | S100YIC9 |
| Income tax | 9,671 | 2.3% | S100YIC9 |
| Net income | 22,035 | 5.3% | S100YIC9 |
| Net income attributable to owners | 21,803 | 5.2% | S100YIC9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 20 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.0% → Operating margin 5.3% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.8%; Core profit growth: +2.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.51×
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 | 410,878 | 418,425 | 7,547 | +1.8% |
| Gross profit | 99,590 | 104,766 | 5,176 | +5.2% |
| Operating income | 21,486 | 22,082 | 596 | +2.8% |
| Net income attributable to owners | 24,757 | 21,803 | -2,954 | -11.9% |
| Operating cash flow | 18,768 | 25,272 | 6,504 | +34.7% |
| Free cash flow | -1,386 | -5,947 | -4,561 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 344,839 | 11,101 | 3.2% | 8,941 | 15,532 | -75 | S100LT8P |
| FY ending Mar 2021 | 288,324 | 10,370 | 3.6% | 8,636 | 14,804 | -1,024 | S100ORA5 |
| FY ending Mar 2022 | 321,317 | 11,282 | 3.5% | 9,327 | 11,975 | 1,318 | S100R8LO |
| FY ending Mar 2023 | 365,525 | 12,288 | 3.4% | 10,260 | 15,055 | 7,220 | S100TTYL |
| FY ending Mar 2024 | 400,514 | 20,340 | 5.1% | 26,367 | 24,022 | 2,865 | S100W7OT |
| FY ending Mar 2025 | 410,878 | 21,486 | 5.2% | 24,757 | 18,768 | -1,386 | S100YIC9 |
| FY ending Mar 2026 | 418,425 | 22,082 | 5.3% | 21,803 | 25,272 | -5,947 | S100YIC9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥106.3M |
| Operating income per employee (consolidated) | ¥5.6M |
| Net income per employee (consolidated) | ¥5.5M |

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) | 3,775 | 3,848 | 3,829 | 3,863 | 3,935 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.2M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 39.0 years | 39.0 years | 39.0 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 15.0 years | 15.0 years | 15.0 years | 15.0 years | 14.0 years |

Year over year: Employees (consolidated) +1.9% · Revenue (consolidated) +1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Flour milling business | 120,000 | 28.7% | 9,471 | 7.9% |
| Food business | 243,694 | 58.2% | 9,065 | 3.7% |
| Other | 54,730 | 13.1% | 3,656 | 6.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Flour milling business | 28.7% | 42.7% | 14.0 | 7.9% |
| Food business | 58.2% | 40.8% | -17.4 | 3.7% |
| Other | 13.1% | 16.5% | 3.4 | 6.7% |

Segment → industry: Flour milling business → Food Ingredients / Food business → Processed Foods

## 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 | 25,272 | 6.0% | S100YIC9 |
| Capital expenditure | 31,219 | 7.5% | S100YIC9 |
| Free cash flow | -5,947 | -1.4% | 算出 |
| Investing cash flow | -27,088 | -6.5% | S100YIC9 |
| Financing cash flow | 24,467 | 5.8% | S100YIC9 |
| Dividends paid | 5,379 | 1.3% | S100YIC9 |
| Share buyback | 4,000 | 1.0% | S100YIC9 |
| Change in cash | 22,751 | 5.4% | S100YIC9 |
| Cash and equivalents | 64,222 | 15.3% | S100YIC9 |

## 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 | 31,215 | 33,157 | 40,728 | 41,471 | 64,222 | S100TTYL, S100W7OT, S100YIC9 |
| Total assets | 325,869 | 344,606 | 386,692 | 399,226 | 476,826 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Net assets | 178,697 | 192,613 | 228,285 | 246,484 | 289,877 | S100TTYL, S100W7OT, S100YIC9 |
| Share capital | 12,240 | 12,240 | 12,240 | 12,240 | 18,670 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Property, plant and equipment | 115,611 | 113,467 | 124,407 | 134,412 | 157,502 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Intangible assets excluding goodwill | 2,529 | 2,175 | 2,423 | 2,023 | 2,869 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Goodwill | 1,405 | 1,179 | 998 | 809 | 1,517 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Investment securities | 69,001 | 77,254 | 90,618 | 85,530 | 102,647 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Current assets | 130,768 | 143,021 | 157,759 | 159,014 | 194,203 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Current liabilities | 74,842 | 78,613 | 84,403 | 104,407 | 82,786 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Trade payables | 33,910 | 36,669 | 33,786 | 34,279 | 35,107 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Short-term borrowings | 19,530 | 17,572 | 18,873 | 17,341 | 15,820 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Long-term borrowings | 23,684 | 21,175 | 17,207 | 14,685 | 43,249 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Bonds | 349 | 128 | — | — | 20,000 | S100R8LO, S100TTYL, S100YIC9 |
| Interest-bearing debt | 43,563 | 38,875 | — | — | 79,069 | 算出 |
| Total liabilities | 147,171 | 151,992 | 158,406 | 152,742 | 186,949 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Non-controlling interests | 4,381 | 3,699 | 3,948 | 4,227 | 7,448 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Equity attributable to owners of parent | 142,166 | 149,612 | 172,177 | 191,499 | 217,270 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Retained earnings | 121,817 | 128,965 | 151,492 | 170,683 | 187,106 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |
| Treasury stock | -3,198 | -1,287 | -1,317 | -1,183 | -4,751 | S100R8LO, S100TTYL, S100W7OT, S100YIC9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YIC9 |
| Property, plant and equipment | 33% | S100YIC9 |
| Intangibles and goodwill | 1% | S100YIC9 |
| Investment securities | 22% | S100YIC9 |
| Other assets | 31% | S100YIC9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YIC9 |
| Interest-bearing debt | 17% | 算出 |
| Other liabilities | 15% | S100YIC9 |
| Equity | 61% | S100YIC9 |

### 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 | 325,869 | 344,606 | 386,692 | 399,226 | 476,826 |
| Equity | 178,697 | 192,613 | 228,285 | 246,484 | 289,877 |
| Interest-bearing debt | 43,563 | 38,875 | — | — | 79,069 |
| Cash | 31,215 | 33,157 | 40,728 | 41,471 | 64,222 |

## 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) | 37.6% | S100YIC9 |
| Fixed assets ÷ total assets | 33.0% | S100YIC9 |
| Goodwill ÷ parent equity | 0.7% | S100YIC9 |

Goodwill over 4 years: 1,405 → 1,517 JPY; total investing cash flow: -59,513 JPY. This does not imply causation.

### 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) | 13.5% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | -¥14.8B |
| Net debt ÷ operating cash flow | 0.59× |
| Cash conversion (operating CF ÷ operating income) | 114.4% |
| Cash vs. profit gap | 3,469 JPY mn (of net income 15.9%) |
| Shareholder returns / net income | 43.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.5% |
| Investing CF relative to operating CF | 107.2% |

## 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% | 0.99× | 2.9% | 2.29× | 6.6% | S100R8LO |
| 2023 | 2.8% | 1.09× | 3.1% | 2.30× | 7.0% | S100TTYL |
| 2024 | 6.6% | 1.10× | 7.2% | 2.27× | 16.4% | S100W7OT |
| 2025 | 6.0% | 1.05× | 6.3% | 2.16× | 13.6% | S100YIC9 |
| 2026 | 5.2% | 0.96× | 5.0% | 2.14× | 10.7% | S100YIC9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.0% | 2026-03-31 |
| ニップン取引先持株会 | Major shareholder | 5.3% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社ダスキン | Major shareholder | 3.0% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| さぬき丸一製麺株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 東洋水産株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥418.4B, up +1.8% from ¥410.9B.
- Operating income grew a bit faster, rising +2.8% to ¥22.1B.
- Net income dropped -11.9%, from ¥24.8B to ¥21.8B.
- Operating cash flow jumped +34.7% to ¥25.3B, but heavy capital spending of ¥31.2B left free cash flow negative at -¥5.95B.

### Drivers

- Sales grew on stronger inbound tourist demand, marketing-led promotions and price increases to cover rising costs
- Labor and logistics costs went up, but steady sales still lifted operating income
- Net income fell because the prior year included a one-off gain from selling idle land; flour milling sales slipped after the government cut its selling price for imported wheat, which NIPPN passed on

### Risks

- Changes to trade deals or Japan's wheat policy could hit its core flour, mix and pasta businesses
- Sharp currency moves and higher raw material and energy costs could raise purchasing costs faster than prices can follow
- A shrinking pool of truck drivers could delay deliveries to customers

Cited: Annual securities report (FY ending Mar 2026) (Management's analysis of financial position, results and cash flows); Annual securities report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第202期(2025/04/01－2026/03/31) | S100YIC9 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIC9,, |
| 有価証券報告書－第201期(2024/04/01－2025/03/31) | S100W7OT | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7OT,, |
| 有価証券報告書－第200期(2023/04/01－2024/03/31) | S100TTYL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTYL,, |
| 有価証券報告書－第199期(2022/04/01－2023/03/31) | S100R8LO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8LO,, |
| 訂正有価証券報告書－第198期(令和3年4月1日－令和4年3月31日) | S100ORA5 | 2022-07-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ORA5,, |
| 有価証券報告書－第197期(令和2年4月1日－令和3年3月31日) | S100LT8P | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT8P,, |

## 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).