# NIPPO LTD.: 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75期(2025/04/01－2026/03/31) (S100YFGN)
> Page: https://vizora.meequs.com/en/company/nippo
> Retrieved: 2026-09-30T21:31:16.364Z

## Company

Nippo, founded in 1952, is a company in Auto Parts listed on TSE Standard. It has 2,765 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPO LTD. |
| Ticker | 9913 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9913.T) |
| Listing | TSE Standard |
| Head office | 愛知県名古屋市中区錦一丁目10番1号 |
| Representative (per filing) | 代表取締役社長 岩佐 恭知 |
| Founded | Mar 1952 |
| Share capital | ¥3.14B |
| Employees (consolidated) | 2,765 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.nip.co.jp (https://www.nip.co.jp/) |
| Corporate number | 1120901007832 |
| EDINET | E02752 |
| Industries (Vizora) | Auto Parts, Medical Devices, Electronic Components, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YFGN, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.2 | 179 |
| Profitability | 71.6 | 185 |
| Cash conversion | 18.2 | 179 |
| Efficiency | 37.6 | 185 |

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 Nippo's sales come from Electronics, with Mobility and Precision medical machinery making up much of the rest.
- 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%.

## Company structure

- Segment revenue mix: Electronics 46.0%、Mobility 37.9%、Precision medical machinery 15.7%、Other 0.4%
- Revenue → net income: ¥46403000000 → ¥1442000000
- Net income → operating cash flow: ¥1442000000 → ¥745000000（difference ¥-697000000）
- Main uses of operating cash flow: CapEx ¥1524000000 / dividends ¥690000000 / buybacks ¥0
- Change in cash: ¥497000000
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 | ¥46.4B |  |
| Operating income | ¥2.08B | Margin 4.5% |
| Net income | ¥1.44B | Margin 3.1% |
| Free cash flow | -¥779M |  |
| Largest business | Electronics | of segment revenue 46.0% |
| Employees (consolidated) | 2,765 |  |
| EPS | ¥123.15 |  |
| Book value per share | ¥892.64 |  |
| Equity ratio | 49.3% |  |
| Shares outstanding | 9,127,338 |  |
| Treasury shares | 19,500 |  |
| Shareholders | 1,447 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | -1.4 pp | Electronic Components |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 6%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39985000000 | ¥46403000000 | +16.1% |
| Operating income | ¥635000000 | ¥2079000000 | +227.4% |
| Operating margin | 1.6% | 4.5% | +2.9 pp |
| Employees | 3,186 people | 2,765 people | -13.2% |
| Cash and equivalents | ¥2934000000 | ¥6718000000 | +129.0% |

### 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 |
| --- | ---: |
| エレクトロニクス → エレクトロニクス | 45.3% |
| モビリティ → モビリティ | 37.9% |
| モビリティ → 事業再編・廃止 | 1.7% |
| 医療・精密機器 → 医療・精密機器 | 14.6% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → エレクトロニクス | 0.7% |
| 新設・再編 → 医療・精密機器 | 1.1% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics | 5 years | +3.3% | ¥21451000000 | 8.3% | 2 |
| Mobility | 5 years | +2.1% | ¥17646000000 | 6.6% | 2 |
| Precision medical machinery | 5 years | +4.5% | ¥7305000000 | 9.7% | 2 |
| Other | 5 years | +0.9% | ¥203000000 | 29.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,403 | 100.0% | S100YFGN |
| Cost of revenue | 38,329 | 82.6% | S100YFGN |
| Gross profit | 8,073 | 17.4% | S100YFGN |
| SG&A | 5,993 | 12.9% | S100YFGN |
| Operating income | 2,079 | 4.5% | S100YFGN |
| Ordinary income | 2,269 | 4.9% | S100YFGN |
| Pretax income | 2,011 | 4.3% | S100YFGN |
| Income tax | 569 | 1.2% | S100YFGN |
| Net income | 1,442 | 3.1% | S100YFGN |
| Net income attributable to owners | 1,441 | 3.1% | S100YFGN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 17.4% → Operating margin 4.5% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +5.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.64×
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 | 44,890 | 46,403 | 1,513 | +3.4% |
| Gross profit | 7,563 | 8,073 | 510 | +6.7% |
| Operating income | 1,970 | 2,079 | 109 | +5.5% |
| Net income attributable to owners | 1,396 | 1,441 | 45 | +3.2% |
| Operating cash flow | 2,768 | 745 | -2,023 | -73.1% |
| Free cash flow | 1,031 | -779 | -1,810 | -175.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 43,494 | 1,274 | 2.9% | 550 | 2,173 | 257 | S100LQNE |
| FY ending Mar 2021 | 39,985 | 635 | 1.6% | 12 | 1,595 | 550 | S100OOQ5 |
| FY ending Mar 2022 | 35,491 | 1,342 | 3.8% | 1,031 | 2,244 | 1,209 | S100R7D5 |
| FY ending Mar 2023 | 38,886 | 1,912 | 4.9% | 1,269 | 2,978 | 1,645 | S100TSX6 |
| FY ending Mar 2024 | 41,922 | 1,918 | 4.6% | 1,457 | 3,682 | 2,370 | S100W0EI |
| FY ending Mar 2025 | 44,890 | 1,970 | 4.4% | 1,396 | 2,768 | 1,031 | S100YFGN |
| FY ending Mar 2026 | 46,403 | 2,079 | 4.5% | 1,441 | 745 | -779 | S100YFGN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥16.8M |
| Operating income per employee (consolidated) | ¥751.9K |
| Net income per employee (consolidated) | ¥521.2K |

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) | 3,075 | 2,928 | 2,830 | 2,833 | 2,765 |
| Average salary (parent company) | ¥5.2M | ¥5.5M | ¥5.6M | ¥5.6M | ¥5.7M |
| Average age (parent company) | 37.8 years | 38.3 years | 38.0 years | 38.1 years | 38.1 years |
| Average tenure (parent company) | 11.3 years | 11.7 years | 11.4 years | 11.4 years | 11.3 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics | 21,451 | 46.0% | 1,775 | 8.3% |
| Mobility | 17,646 | 37.9% | 1,162 | 6.6% |
| Precision medical machinery | 7,305 | 15.7% | 706 | 9.7% |
| Other | 203 | 0.4% | 59 | 29.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics | 46.0% | 47.9% | 1.9 | 8.3% |
| Mobility | 37.9% | 31.4% | -6.5 | 6.6% |
| Precision medical machinery | 15.7% | 19.1% | 3.4 | 9.7% |
| Other | 0.4% | 1.6% | 1.2 | 29.1% |

Segment → industry: Mobility → Auto Parts / Precision medical machinery → Medical Devices / Electronics → Electronic Components / Electronics → Specialty Trading & Wholesale

## 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 | 745 | 1.6% | S100YFGN |
| Capital expenditure | 1,524 | 3.3% | S100YFGN |
| Free cash flow | -779 | -1.7% | 算出 |
| Investing cash flow | -1,495 | -3.2% | S100YFGN |
| Financing cash flow | 1,094 | 2.4% | S100YFGN |
| Dividends paid | 690 | 1.5% | S100YFGN |
| Share buyback | 0 | 0.0% | S100YFGN |
| Change in cash | 497 | 1.1% | S100YFGN |
| Cash and equivalents | 6,718 | 14.5% | S100YFGN |

## 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 | 4,574 | 4,903 | 5,673 | 6,220 | 6,718 | S100TSX6, S100W0EI, S100YFGN |
| Total assets | 26,087 | 28,674 | 30,755 | 32,475 | 36,518 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Net assets | 10,364 | 12,530 | 14,792 | 16,530 | 17,992 | S100TSX6, S100W0EI, S100YFGN |
| Share capital | 3,137 | 3,137 | 3,137 | 3,137 | 3,137 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Trade receivables | 6,339 | 6,695 | 7,330 | 7,842 | 8,180 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Property, plant and equipment | 7,452 | 8,230 | 8,376 | 9,193 | 9,796 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Intangible assets excluding goodwill | 115 | 380 | 512 | 483 | 389 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Investment securities | 1,637 | 2,037 | 2,642 | 2,166 | 2,266 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Current assets | 15,582 | 16,582 | 17,753 | 18,759 | 22,357 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Current liabilities | 12,586 | 12,713 | 12,557 | 12,220 | 14,881 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Trade payables | 7,415 | 7,725 | 8,212 | 7,978 | 7,859 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Short-term borrowings | 2,845 | 2,133 | 1,600 | 1,300 | 3,800 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Long-term borrowings | 526 | 920 | 593 | 747 | 483 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Total liabilities | 15,722 | 16,144 | 15,963 | 15,945 | 18,525 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Non-controlling interests | 1 | 1 | 1 | 1 | 1 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Equity attributable to owners of parent | 9,664 | 10,603 | 11,799 | 12,554 | 13,334 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Retained earnings | 5,926 | 6,995 | 8,152 | 8,875 | 9,624 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |
| Treasury stock | -12 | -142 | -102 | -70 | -40 | S100R7D5, S100TSX6, S100W0EI, S100YFGN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YFGN |
| Receivables | 23% | S100YFGN |
| Property, plant and equipment | 27% | S100YFGN |
| Intangibles and goodwill | 1% | S100YFGN |
| Investment securities | 6% | S100YFGN |
| Other assets | 25% | S100YFGN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YFGN |
| Other liabilities | 29% | S100YFGN |
| Equity | 49% | S100YFGN |
| Other liabilities | 0% | S100YFGN |

### 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 | 26,087 | 28,674 | 30,755 | 32,475 | 36,518 |
| Equity | 10,364 | 12,530 | 14,792 | 16,530 | 17,992 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,574 | 4,903 | 5,673 | 6,220 | 6,718 |

## 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) | 21.1% | S100YFGN |
| Fixed assets ÷ total assets | 26.8% | S100YFGN |
| Goodwill ÷ parent equity | — | —, S100YFGN |

### 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) | 18.4% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.8% |
| Cash vs. profit gap | -696 JPY mn (of net income -48.3%) |
| Shareholder returns / net income | 47.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 47.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.3% |
| Investing CF relative to operating CF | 200.7% |

## 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% | 1.36× | 4.0% | 2.70× | 10.7% | S100R7D5 |
| 2023 | 3.3% | 1.42× | 4.6% | 2.70× | 12.5% | S100TSX6 |
| 2024 | 3.5% | 1.41× | 4.9% | 2.65× | 13.0% | S100W0EI |
| 2025 | 3.1% | 1.42× | 4.4% | 2.60× | 11.5% | S100YFGN |
| 2026 | 3.1% | 1.35× | 4.2% | 2.67× | 11.1% | S100YFGN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フリージア・マクロス株式会社 | Major shareholder | 19.7% | 2026-03-31 |
| BRIDGESTREAM LIMITED, AS TRUSTEE OFAXC STRATEGIC OPPORTUNITIES (常任代理人立花証券株式会社) | Major shareholder | 12.4% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND(常任代理人株式会社三菱ＵＦＪ銀行) | Major shareholder | 6.6% | 2026-03-31 |
| 日邦産業社員持株会 | Major shareholder | 6.1% | 2026-03-31 |
| Bridgestream Limited, as Trustee ofAXC Strategic Opportunities(常任代理人 立花証券株式会社) | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社フジミインコーポレーテッド | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 田中 喜佐夫 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 田中 善慶 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YFGN | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFGN,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W0EI | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0EI,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TSX6 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSX6,, |
| 訂正有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R7D5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7D5,, |
| 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) | S100OOQ5 | 2022-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OOQ5,, |
| 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) | S100LQNE | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQNE,, |

## 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).