# Nippon Care Supply 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28期(2025/04/01－2026/03/31) (S100YK97)
> Page: https://vizora.meequs.com/en/company/nippon-care-supply
> Retrieved: 2026-09-30T22:01:24.858Z

## Company

Nippon Care Supply, founded in 1998, is a company in Nursing Care listed on TSE Standard. It has 1,062 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Care Supply Co.,Ltd. |
| Ticker | 2393 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2393.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝大門一丁目1番30号 |
| Representative (per filing) | 代表取締役社長 平松 雅之 |
| Founded | Mar 1998 |
| Share capital | ¥2.9B |
| Employees (consolidated) | 1,062 |
| Average salary (parent only) | ¥4.9M |
| Fiscal year end | March |
| Website | www.caresupply.co.jp (https://www.caresupply.co.jp/) |
| Corporate number | 3010401035013 |
| EDINET | E05381 |
| Industries (Vizora) | Nursing Care |

> Profile source: annual securities report (S100YK97, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Nursing Care (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 15 |
| Profitability | 73.8 | 21 |
| Cash conversion | 39.5 | 19 |
| Efficiency | 64.3 | 21 |

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)

- Nippon Care Supply brought in ¥34.9B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +9.1% from the prior year, operating profit +25.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥34929883000 → ¥2256999000
- Net income → operating cash flow: ¥2256999000 → ¥3225066000（difference ¥968067000）
- Main uses of operating cash flow: CapEx ¥667848000 / dividends ¥1136847000 / buybacks ¥76000
- Change in cash: ¥-47967000
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 | ¥34.9B |  |
| Operating income | ¥3.09B | Margin 8.9% |
| Net income | ¥2.26B | Margin 6.5% |
| Free cash flow | ¥2.56B |  |
| Employees (consolidated) | 1,062 |  |
| EPS | ¥144.74 |  |
| Book value per share | ¥1176.86 |  |
| Equity ratio | 67.1% |  |
| Shares outstanding | 16,237,693 |  |
| Treasury shares | 100 |  |
| Shareholders | 9,332 |  |
| Average salary (parent only) | ¥4.9M | Filing company only |
| Cash ratio | 2.5% | Cash ÷ revenue 2.0% |
| Vs. industry median margin | +2.7 pp | Nursing Care |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 8.3% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +20% over five years
- FY2026, cash is 2% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21017731000 | ¥34929883000 | +66.2% |
| Operating income | ¥2613015000 | ¥3094512000 | +18.4% |
| Operating margin | 12.4% | 8.9% | -3.6 pp |
| Employees | 1,035 people | 1,062 people | +2.6% |
| Cash and equivalents | ¥1677467000 | ¥692644000 | -58.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,930 | 100.0% | S100YK97 |
| Cost of revenue | 22,139 | 63.4% | S100YK97 |
| Gross profit | 12,791 | 36.6% | S100YK97 |
| SG&A | 9,697 | 27.8% | S100YK97 |
| Operating income | 3,095 | 8.9% | S100YK97 |
| Ordinary income | 3,121 | 8.9% | S100YK97 |
| Pretax income | 3,120 | 8.9% | S100YK97 |
| Income tax | 863 | 2.5% | S100YK97 |
| Net income | 2,257 | 6.5% | S100YK97 |
| Net income attributable to owners | 2,258 | 6.5% | S100YK97 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 63 |
| SG&A | 28 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 36.6% → Operating margin 8.9% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.1%; Core profit growth: +25.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.83×
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 | 32,007 | 34,930 | 2,923 | +9.1% |
| Gross profit | 11,289 | 12,791 | 1,502 | +13.3% |
| Operating income | 2,459 | 3,095 | 635 | +25.8% |
| Net income attributable to owners | 1,792 | 2,258 | 466 | +26.0% |
| Operating cash flow | 1,389 | 3,225 | 1,836 | +132.1% |
| Free cash flow | 326 | 2,557 | 2,231 | +683.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,097 | 2,156 | 11.3% | 1,495 | 722 | 154 | S100LRT6 |
| FY ending Mar 2021 | 21,018 | 2,613 | 12.4% | 1,733 | 1,804 | 1,337 | S100OGBP |
| FY ending Mar 2022 | 23,298 | 2,327 | 10.0% | 1,675 | 53 | -755 | S100R9QH |
| FY ending Mar 2023 | 25,892 | 2,118 | 8.2% | 1,514 | -7 | -906 | S100TUYE |
| FY ending Mar 2024 | 28,593 | 2,173 | 7.6% | 1,578 | 339 | -439 | S100W4LJ |
| FY ending Mar 2025 | 32,007 | 2,459 | 7.7% | 1,792 | 1,389 | 326 | S100YK97 |
| FY ending Mar 2026 | 34,930 | 3,095 | 8.9% | 2,258 | 3,225 | 2,557 | S100YK97 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.9M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 1,163 | 1,254 | 1,334 | 985 | 1,062 |
| Average salary (parent company) | ¥4.1M | ¥4.1M | ¥4.2M | ¥4.2M | ¥4.9M |
| Average age (parent company) | 41.0 years | 41.7 years | 41.9 years | 42.0 years | 41.6 years |
| Average tenure (parent company) | 6.6 years | 6.9 years | 7.1 years | 7.1 years | 9.5 years |

Year over year: Employees (consolidated) +7.8% · Revenue (consolidated) +9.1%

## 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 | 3,225 | 9.2% | S100YK97 |
| Capital expenditure | 668 | 1.9% | S100YK97 |
| Free cash flow | 2,557 | 7.3% | 算出 |
| Investing cash flow | -934 | -2.7% | S100YK97 |
| Financing cash flow | -2,339 | -6.7% | S100YK97 |
| Dividends paid | 1,137 | 3.3% | S100YK97 |
| Share buyback | 0 | 0.0% | S100YK97 |
| Change in cash | -48 | -0.1% | S100YK97 |
| Cash and equivalents | 693 | 2.0% | S100YK97 |

## 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 | 1,748 | 1,492 | 712 | 741 | 693 | S100TUYE, S100W4LJ, S100YK97 |
| Total assets | 21,320 | 23,172 | 25,401 | 26,713 | 27,735 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Net assets | 15,513 | 16,087 | 16,547 | 17,519 | 18,611 | S100TUYE, S100W4LJ, S100YK97 |
| Share capital | 2,898 | 2,898 | 2,898 | 2,898 | 2,898 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Trade receivables | 987 | 1,188 | 1,328 | 1,118 | 1,278 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Property, plant and equipment | 12,550 | 15,075 | 17,226 | 18,302 | 18,307 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Intangible assets excluding goodwill | 328 | 342 | 374 | 471 | 469 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Investment securities | 430 | 442 | 418 | 460 | 489 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Current assets | 6,711 | 5,870 | 5,760 | 5,790 | 6,341 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Current liabilities | 4,519 | 5,752 | 7,399 | 7,967 | 7,646 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Short-term borrowings | — | 600 | 1,350 | 2,250 | 1,050 | S100TUYE, S100W4LJ, S100YK97 |
| Long-term borrowings | 52 | 8 | 7 | 5 | 4 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Total liabilities | 5,807 | 7,085 | 8,854 | 9,194 | 9,123 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Non-controlling interests | 14 | 14 | 11 | 10 | 8 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Equity attributable to owners of parent | 15,480 | 16,062 | 16,551 | 17,256 | 18,383 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Retained earnings | 11,356 | 11,938 | 12,429 | 13,133 | 14,255 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |
| Treasury stock | -415 | -415 | -415 | -1,351 | -1,345 | S100R9QH, S100TUYE, S100W4LJ, S100YK97 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 2% | S100YK97 |
| Receivables | 5% | S100YK97 |
| Property, plant and equipment | 66% | S100YK97 |
| Intangibles and goodwill | 2% | S100YK97 |
| Investment securities | 2% | S100YK97 |
| Other assets | 23% | S100YK97 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YK97 |
| Equity | 67% | S100YK97 |
| Other liabilities | 0% | S100YK97 |

### 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 | 21,320 | 23,172 | 25,401 | 26,713 | 27,735 |
| Equity | 15,513 | 16,087 | 16,547 | 17,519 | 18,611 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,748 | 1,492 | 712 | 741 | 693 |

## 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) | 52.4% | S100YK97 |
| Fixed assets ÷ total assets | 66.0% | S100YK97 |
| Goodwill ÷ parent equity | — | —, S100YK97 |

### 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) | 2.5% |
| Cash ÷ revenue | 2.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.2% |
| Cash vs. profit gap | 967 JPY mn (of net income 42.8%) |
| Shareholder returns / net income | 50.3% |
| Shareholder returns / FCF | 44.5% |
| Shareholder payments — dividends / net income | 50.3% |
| Shareholder payments — dividends / FCF | 44.5% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 29.0% |

## 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 | 7.2% | 1.09× | 7.9% | 1.38× | 10.8% | S100R9QH |
| 2023 | 5.8% | 1.16× | 6.8% | 1.41× | 9.6% | S100TUYE |
| 2024 | 5.5% | 1.18× | 6.5% | 1.49× | 9.7% | S100W4LJ |
| 2025 | 5.6% | 1.23× | 6.9% | 1.54× | 10.6% | S100YK97 |
| 2026 | 6.5% | 1.28× | 8.3% | 1.53× | 12.7% | S100YK97 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事㈱ | Major shareholder | 38.5% | 2026-03-31 |
| ALSOK㈱ | Major shareholder | 30.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱ （株式付与ESOP信託口） | Major shareholder | 4.3% | 2026-03-31 |
| ㈱三菱総合研究所 | Major shareholder | 3.4% | 2026-03-31 |
| ＮＣＳ従業員持株会 | Major shareholder | 1.0% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 0.5% | 2026-03-31 |
| 椛田 法義 | Major shareholder | 0.5% | 2026-03-31 |
| 渡邉 勝利 | Major shareholder | 0.4% | 2026-03-31 |
| NATIONAL FINANCIAL SERVICES LLC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.3% | 2026-03-31 |
| 津賀 暢 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第28期(2025/04/01－2026/03/31) | S100YK97 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK97,, |
| 有価証券報告書－第27期(2024/04/01－2025/03/31) | S100W4LJ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4LJ,, |
| 有価証券報告書－第26期(2023/04/01－2024/03/31) | S100TUYE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYE,, |
| 有価証券報告書－第25期(2022/04/01－2023/03/31) | S100R9QH | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9QH,, |
| 有価証券報告書－第24期(令和3年4月1日－令和4年3月31日) | S100OGBP | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGBP,, |
| 有価証券報告書－第23期(令和2年4月1日－令和3年3月31日) | S100LRT6 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRT6,, |

## 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).