# Nippon Beet Sugar Manufacturing Co.,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128期(2025/04/01－2026/03/31) (S100YEPB)
> Page: https://vizora.meequs.com/en/company/nippon-beet-sugar-manufacturing
> Retrieved: 2026-09-30T22:21:02.966Z

## Company

Nippon Beet Sugar Manufacturing, founded in 1919, is a company in Livestock, Feed & Fertilizer listed on TSE Prime. It has 771 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Beet Sugar Manufacturing Co.,Ltd. |
| Ticker | 2108 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2108.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋二丁目6番4号 |
| Representative (per filing) | 代表取締役社長 石栗 秀 |
| Founded | Jun 1919 |
| Share capital | ¥8.28B |
| Employees (consolidated) | 771 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.nitten.co.jp (https://www.nitten.co.jp/) |
| Corporate number | 8010401054826 |
| EDINET | E00355 |
| Industries (Vizora) | Livestock, Feed & Fertilizer, Agriculture & Seeds, Food Ingredients, Real Estate Development & Leasing, Construction & Farm Machinery |

> Profile source: annual securities report (S100YEPB, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.5 | 22 |
| Profitability | 2.1 | 24 |
| Cash conversion | 97.9 | 24 |
| Efficiency | 14.6 | 24 |

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 68% of Nippon Beet Sugar Manufacturing's sales come from Sugar, with Feed and Agricultural materials making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +6.0% from the prior year, operating profit -90.3%.

## Company structure

- Segment revenue mix: Sugar 68.0%、Feed 18.6%、Agricultural materials 5.8%、Grocery 4.1%、Other 1.9%
- Revenue → net income: ¥68696000000 → ¥5032000000
- Net income → operating cash flow: ¥5032000000 → ¥4271000000（difference ¥-761000000）
- Main uses of operating cash flow: CapEx ¥3227000000 / dividends ¥991000000 / buybacks ¥1002000000
- Change in cash: ¥-3809000000
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 | ¥68.7B |  |
| Operating income | ¥52M | Margin 0.1% |
| Net income | ¥5.03B | Margin 7.3% |
| Free cash flow | ¥1.04B |  |
| Largest business | Sugar | of segment revenue 68.0% |
| Employees (consolidated) | 771 |  |
| EPS | ¥402.9 |  |
| Book value per share | ¥5696.88 |  |
| Equity ratio | 79.3% |  |
| Shares outstanding | 12,810,089 |  |
| Treasury shares | 721,800 |  |
| Shareholders | 11,389 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 4.7% | Cash ÷ revenue 6.6% |
| Vs. industry median margin | -5.2 pp | Food Ingredients |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends
- FY2026, segment profit share differs by 32 points
- FY2026, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54792000000 | ¥68696000000 | +25.4% |
| Operating income | ¥1889000000 | ¥52000000 | -97.2% |
| Operating margin | 3.4% | 0.1% | -3.4 pp |
| Employees | 747 people | 771 people | +3.2% |
| Cash and equivalents | ¥6701000000 | ¥4555000000 | -32.0% |

### 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 |
| --- | ---: |
| 砂糖 → 砂糖 | 64.5% |
| 食品 → 食品 | 4.1% |
| 飼料 → 飼料 | 18.3% |
| 農業資材 → 農業資材 | 5.8% |
| 農業資材 → 事業再編・廃止 | 2.4% |
| 不動産 → 不動産 | 1.7% |
| 不動産 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 1.9% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 砂糖 | 3.5% |
| 新設・再編 → 食品 | 0.0% |
| 新設・再編 → 飼料 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Sugar | 5 years | +5.7% | ¥46694000000 | -5.5% | 2 |
| Feed | 5 years | +4.9% | ¥12744000000 | 10.7% | 2 |
| Agricultural materials | 5 years | -2.4% | ¥3987000000 | 6.8% | 2 |
| Grocery | 5 years | +4.7% | ¥2801000000 | 6.1% | 2 |
| Other | 5 years | +1.9% | ¥1300000000 | 22.5% | 2 |
| Real estate | 5 years | -5.0% | ¥1166000000 | 50.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 68,696 | 100.0% | S100YEPB |
| Cost of revenue | 54,759 | 79.7% | S100YEPB |
| Gross profit | 13,937 | 20.3% | S100YEPB |
| SG&A | 13,885 | 20.2% | S100YEPB |
| Operating income | 52 | 0.1% | S100YEPB |
| Ordinary income | 758 | 1.1% | S100YEPB |
| Pretax income | 7,060 | 10.3% | S100YEPB |
| Income tax | 2,027 | 3.0% | S100YEPB |
| Net income | 5,032 | 7.3% | S100YEPB |
| Net income attributable to owners | 5,032 | 7.3% | S100YEPB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 20 |
| Operating income | 0 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.3% → Operating margin 0.1% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.0%; Core profit growth: -90.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -15.00×
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 | 64,796 | 68,696 | 3,900 | +6.0% |
| Gross profit | 13,220 | 13,937 | 717 | +5.4% |
| Operating income | 535 | 52 | -483 | -90.3% |
| Net income attributable to owners | 2,703 | 5,032 | 2,329 | +86.2% |
| Operating cash flow | -3,090 | 4,271 | 7,361 | — |
| Free cash flow | -10,139 | 1,044 | 11,183 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,021 | 1,614 | 2.8% | 1,340 | 2,991 | 159 | S100LNZ4 |
| FY ending Mar 2021 | 54,792 | 1,889 | 3.4% | 1,642 | -181 | -2,831 | S100OEQV |
| FY ending Mar 2022 | 58,492 | 2,229 | 3.8% | 1,975 | 2,577 | 336 | S100R8O4 |
| FY ending Mar 2023 | 65,013 | 1,506 | 2.3% | 1,260 | -1,825 | -4,650 | S100TTGT |
| FY ending Mar 2024 | 69,297 | 910 | 1.3% | 1,811 | 13,044 | 8,813 | S100W4MW |
| FY ending Mar 2025 | 64,796 | 535 | 0.8% | 2,703 | -3,090 | -10,139 | S100YEPB |
| FY ending Mar 2026 | 68,696 | 52 | 0.1% | 5,032 | 4,271 | 1,044 | S100YEPB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.1M |
| Operating income per employee (consolidated) | ¥67.4K |
| Net income per employee (consolidated) | ¥6.5M |

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) | 765 | 773 | 774 | 775 | 771 |
| Average salary (parent company) | ¥6.3M | ¥6.5M | ¥6.6M | ¥6.7M | ¥6.7M |
| Average age (parent company) | 43.4 years | 43.5 years | 43.6 years | 43.5 years | 43.8 years |
| Average tenure (parent company) | 19.7 years | 19.4 years | 19.3 years | 19.0 years | 18.9 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Sugar | 46,694 | 68.0% | -2,557 | -5.5% |
| Grocery | 2,801 | 4.1% | 171 | 6.1% |
| Feed | 12,744 | 18.6% | 1,363 | 10.7% |
| Agricultural materials | 3,987 | 5.8% | 270 | 6.8% |
| Real estate | 1,166 | 1.7% | 594 | 50.9% |
| Other | 1,300 | 1.9% | 293 | 22.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Sugar | 68.0% | — | — | -5.5% |
| Grocery | 4.1% | 6.4% | 2.3 | 6.1% |
| Feed | 18.6% | 50.7% | 32.1 | 10.7% |
| Agricultural materials | 5.8% | 10.0% | 4.2 | 6.8% |
| Real estate | 1.7% | 22.1% | 20.4 | 50.9% |
| Other | 1.9% | 10.9% | 9.0 | 22.5% |

Loss-making segment (excluded from profit shares): Sugar -2,557 JPY mn

Segment → industry: Feed → Livestock, Feed & Fertilizer / Agricultural materials → Agriculture & Seeds / Grocery → Food Ingredients / Sugar → Food Ingredients / Real estate → Real Estate Development & Leasing / Agricultural materials → Construction & Farm Machinery

## 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 | 4,271 | 6.2% | S100YEPB |
| Capital expenditure | 3,227 | 4.7% | S100YEPB |
| Free cash flow | 1,044 | 1.5% | 算出 |
| Investing cash flow | 1,449 | 2.1% | S100YEPB |
| Financing cash flow | -9,530 | -13.9% | S100YEPB |
| Dividends paid | 991 | 1.4% | S100YEPB |
| Share buyback | 1,002 | 1.5% | S100YEPB |
| Change in cash | -3,809 | -5.5% | S100YEPB |
| Cash and equivalents | 4,555 | 6.6% | S100YEPB |

## 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 | 11,150 | 10,589 | 12,853 | 8,364 | 4,555 | S100TTGT, S100W4MW, S100YEPB |
| Total assets | 100,458 | 103,149 | 103,022 | 101,215 | 97,696 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Net assets | 67,918 | 68,134 | 72,535 | 73,829 | 77,517 | S100TTGT, S100W4MW, S100YEPB |
| Share capital | 8,279 | 8,279 | 8,279 | 8,279 | 8,279 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Property, plant and equipment | 23,607 | 24,411 | 24,276 | 20,242 | 20,544 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Intangible assets excluding goodwill | 425 | 513 | 547 | 1,557 | 1,684 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Investment securities | 19,809 | 19,527 | 24,952 | 25,456 | 24,269 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Current assets | 54,952 | 57,054 | 50,931 | 51,318 | 47,665 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Current liabilities | 22,626 | 25,724 | 19,554 | 16,435 | 11,350 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Trade payables | 1,749 | — | — | — | — | S100OEQV |
| Short-term borrowings | 14,663 | 18,637 | 10,901 | 9,037 | 1,511 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Long-term borrowings | 226 | 119 | 48 | 11 | — | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Total liabilities | 32,540 | 35,015 | 30,487 | 27,385 | 20,178 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Equity attributable to owners of parent | 58,101 | 58,473 | 58,632 | 59,637 | 62,677 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Retained earnings | 44,934 | 45,521 | 46,664 | 48,662 | 47,491 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |
| Treasury stock | -3,528 | -3,739 | -4,724 | -5,720 | -1,498 | S100R8O4, S100TTGT, S100W4MW, S100YEPB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YEPB |
| Property, plant and equipment | 21% | S100YEPB |
| Intangibles and goodwill | 2% | S100YEPB |
| Investment securities | 25% | S100YEPB |
| Other assets | 48% | S100YEPB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YEPB |
| Equity | 79% | S100YEPB |
| Other liabilities | 0% | S100YEPB |

### 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 | 100,458 | 103,149 | 103,022 | 101,215 | 97,696 |
| Equity | 67,918 | 68,134 | 72,535 | 73,829 | 77,517 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,150 | 10,589 | 12,853 | 8,364 | 4,555 |

## 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) | 29.9% | S100YEPB |
| Fixed assets ÷ total assets | 21.0% | S100YEPB |
| Goodwill ÷ parent equity | — | —, S100YEPB |

### 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) | 4.7% |
| Cash ÷ revenue | 6.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 8213.5% |
| Cash vs. profit gap | -761 JPY mn (of net income -15.1%) |
| Shareholder returns / net income | 39.6% |
| Shareholder returns / FCF | 190.9% |
| Shareholder payments — dividends / net income | 19.7% |
| Shareholder payments — dividends / FCF | 94.9% |
| CapEx intensity (capex ÷ revenue) | 4.7% |
| Investing CF relative to operating CF | 33.9% |

## 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 | 3.4% | 0.58× | 2.0% | 1.73× | 3.4% | S100R8O4 |
| 2023 | 1.9% | 0.64× | 1.2% | 1.75× | 2.2% | S100TTGT |
| 2024 | 2.6% | 0.67× | 1.8% | 1.76× | 3.1% | S100W4MW |
| 2025 | 4.2% | 0.63× | 2.6% | 1.73× | 4.6% | S100YEPB |
| 2026 | 7.3% | 0.69× | 5.1% | 1.63× | 8.2% | S100YEPB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明治ホールディングス㈱ | Major shareholder | 8.2% | 2026-03-31 |
| ニッテン共栄会 | Major shareholder | 8.0% | 2026-03-31 |
| ＥＳＧ投資事業組合 | Major shareholder | 7.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱信託口 | Major shareholder | 6.0% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 4.3% | 2026-03-31 |
| 東京海上日動火災保険㈱ | Major shareholder | 3.5% | 2026-03-31 |
| ㈱みずほ銀行（常任代理人 ㈱日本カストディ銀行） | Major shareholder | 2.9% | 2026-03-31 |
| ＮＩＰＰＯＮ ＥＸＰＲＥＳＳホールディングス㈱ | Major shareholder | 2.6% | 2026-03-31 |
| ＤＭ三井製糖㈱ | Major shareholder | 2.2% | 2026-03-31 |
| スズラン持株会 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第128期(2025/04/01－2026/03/31) | S100YEPB | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEPB,, |
| 有価証券報告書－第127期(2024/04/01－2025/03/31) | S100W4MW | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4MW,, |
| 有価証券報告書－第126期(2023/04/01－2024/03/31) | S100TTGT | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTGT,, |
| 有価証券報告書－第125期(2022/04/01－2023/03/31) | S100R8O4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8O4,, |
| 有価証券報告書－第124期(令和3年4月1日－令和4年3月31日) | S100OEQV | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEQV,, |
| 有価証券報告書－第123期(令和2年4月1日－令和3年3月31日) | S100LNZ4 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNZ4,, |

## 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).