NippoNIPPO LTD.9913東証スタンダード卸売業FY ending Mar 2026, consolidated, J-GAAP

Nippo revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +3.4% from the prior year, operating profit +5.5%.

Five-year trend

Revenue¥46.4B
FY ending Mar 2022: ¥35.5B¥35.5BFY ending Mar 2023: ¥38.9B¥38.9BFY ending Mar 2024: ¥41.9B¥41.9BFY ending Mar 2025: ¥44.9B¥44.9BFY ending Mar 2026: ¥46.4B¥46.4BFY22FY23FY24FY25FY26
Operating income¥2.08B
FY ending Mar 2022: ¥1.34B¥1.34BFY ending Mar 2023: ¥1.91B¥1.91BFY ending Mar 2024: ¥1.92B¥1.92BFY ending Mar 2025: ¥1.97B¥1.97BFY ending Mar 2026: ¥2.08B¥2.08BFY22FY23FY24FY25FY26
Operating margin4.5%
FY ending Mar 2022: 3.8%3.8%FY ending Mar 2023: 4.9%4.9%FY ending Mar 2024: 4.6%4.6%FY ending Mar 2025: 4.4%4.4%FY ending Mar 2026: 4.5%4.5%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin3.1%
Asset turnover1.35×
ROA4.2%
ROA4.2%
Financial leverage2.67×
ROE11.1%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin3.1%
2022: 2.9%2.9%2023: 3.3%3.3%2024: 3.5%3.5%2025: 3.1%3.1%2026: 3.1%3.1%2223242526
Asset turnover1.35×
2022: 1.36×1.36×2023: 1.42×1.42×2024: 1.41×1.41×2025: 1.42×1.42×2026: 1.35×1.35×2223242526
ROA4.2%
2022: 4.0%4.0%2023: 4.6%4.6%2024: 4.9%4.9%2025: 4.4%4.4%2026: 4.2%4.2%2223242526
Financial leverage2.67×
2022: 2.70×2.70×2023: 2.70×2.70×2024: 2.65×2.65×2025: 2.60×2.60×2026: 2.67×2.67×2223242526
ROE11.1%
2022: 10.7%10.7%2023: 12.5%12.5%2024: 13.0%13.0%2025: 11.5%11.5%2026: 11.1%11.1%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20222.9%1.36×4.0%2.70×10.7%
20233.3%1.42×4.6%2.70×12.5%
20243.5%1.41×4.9%2.65×13.0%
20253.1%1.42×4.4%2.60×11.5%
20263.1%1.35×4.2%2.67×11.1%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue21.1%
2021: 20.6%20.6%2022: 21.0%21.0%2023: 21.2%21.2%2024: 20.0%20.0%2025: 20.5%20.5%2026: 21.1%21.1%212223242526
PPE ÷ total assets26.8%
2021: 33.3%33.3%2022: 28.6%28.6%2023: 28.7%28.7%2024: 27.2%27.2%2025: 28.3%28.3%2026: 26.8%26.8%212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥245M
2021: ¥2M¥2M2022: ¥54M¥54M2023: ¥51M¥51M2024: ¥64M¥64M2025: ¥93M¥93M2026: ¥245M¥245M212223242526
R&D / revenue0.5%
2021: 0.0%0.0%2022: 0.2%0.2%2023: 0.1%0.1%2024: 0.2%0.2%2025: 0.2%0.2%2026: 0.5%0.5%212223242526
Receivable days64d
2021: 58d58d2022: 65d65d2023: 63d63d2024: 64d64d2025: 64d64d2026: 64d64d212223242526
Payable days75d
2021: 80d80d2022: 91d91d2023: 88d88d2024: 86d86d2025: 78d78d2026: 75d75d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue35,49138,88641,92244,89046,403
Cost of revenue29,59232,07634,75137,32738,329
Gross profit5,8986,8097,1707,5638,073
SG&A4,5564,8975,2525,5925,993
Operating income1,3421,9121,9181,9702,079
Pretax income1,4051,7831,9481,5582,011
Income tax374514491161569
Net income attributable to owners1,0311,2691,4571,3961,441
Operating margin3.8%4.9%4.6%4.4%4.5%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 18%
Receivables 23%
Property, plant and equipment 27%
1%
6%
Other assets 25%

Funding

Trade payables 22%
Other liabilities 29%
Equity 49%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥4.57B¥4.9B¥5.67B¥6.22B¥6.72B
Total assets¥26.1B¥28.7B¥30.8B¥32.5B¥36.5B
Net assets¥10.4B¥12.5B¥14.8B¥16.5B¥18B
Share capital¥3.14B¥3.14B¥3.14B¥3.14B¥3.14B
Trade receivables¥6.34B¥6.7B¥7.33B¥7.84B¥8.18B
Property, plant and equipment¥7.45B¥8.23B¥8.38B¥9.19B¥9.8B
Intangible assets excluding goodwill¥115M¥380M¥512M¥483M¥389M
Investment securities¥1.64B¥2.04B¥2.64B¥2.17B¥2.27B
Current assets¥15.6B¥16.6B¥17.8B¥18.8B¥22.4B
Current liabilities¥12.6B¥12.7B¥12.6B¥12.2B¥14.9B
Trade payables¥7.42B¥7.72B¥8.21B¥7.98B¥7.86B
Short-term borrowings¥2.85B¥2.13B¥1.6B¥1.3B¥3.8B
Long-term borrowings¥526M¥920M¥593M¥747M¥483M
Total liabilities¥15.7B¥16.1B¥16B¥15.9B¥18.5B
Non-controlling interests¥1M¥1M¥1M¥1M¥1M
Equity attributable to owners of parent¥9.66B¥10.6B¥11.8B¥12.6B¥13.3B
Retained earnings¥5.93B¥7B¥8.15B¥8.88B¥9.62B
Treasury stock-¥12M-¥142M-¥102M-¥70M-¥40M

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第75期(2025/04/01-2026/03/31)

    ID S100YFGN2026-06-19Open
  • EDINET (FSA Japan)

    有価証券報告書-第74期(2024/04/01-2025/03/31)

    ID S100W0EI2025-06-20Open
  • EDINET (FSA Japan)

    有価証券報告書-第73期(2023/04/01-2024/03/31)

    ID S100TSX62024-06-26Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第72期(2022/04/01-2023/03/31)

    ID S100R7D52023-06-28Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第71期(令和3年4月1日-令和4年3月31日)

    ID S100OOQ52022-07-08Open
  • EDINET (FSA Japan)

    有価証券報告書-第70期(令和2年4月1日-令和3年3月31日)

    ID S100LQNE2021-06-25Open

Extracted from XBRL: 54 / Derived from other figures: 1

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