# Nippon Dry-Chemical 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74期(2025/04/01－2026/03/31) (S100YNKG)
> Page: https://vizora.meequs.com/en/company/nippon-dry-chemical
> Retrieved: 2026-09-30T20:31:58.249Z

## Company

Nippon Dry-Chemical, founded in 1955, is a company in Disaster Prevention & Infrastructure Maintenance listed on TSE Standard. It has 1,195 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Dry-Chemical CO., LTD. |
| Ticker | 1909 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1909.T) |
| Listing | TSE Standard |
| Head office | 東京都北区田端六丁目1番1号 |
| Representative (per filing) | 代表取締役社長 亀井 正文 |
| Founded | Apr 1955 |
| Share capital | ¥700.5M |
| Employees (consolidated) | 1,195 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.ndc-group.co.jp (https://www.ndc-group.co.jp/) |
| Corporate number | 2010701007860 |
| EDINET | E25282 |
| Industries (Vizora) | Disaster Prevention & Infrastructure Maintenance |

> Profile source: annual securities report (S100YNKG, filed 2026-06-30). As of filing

## Five-axis industry profile

Primary industry: Disaster Prevention & Infrastructure Maintenance (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 35 |
| Profitability | 81.3 | 40 |
| Cash conversion | 22.4 | 38 |
| Efficiency | 73.8 | 40 |
| Financial strength | 87.5 | 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)

- Nippon Dry-Chemical brought in ¥60.5B in revenue.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +30.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥60518763000 → ¥5413888000
- Net income → operating cash flow: ¥5413888000 → ¥3416716000（difference ¥-1997172000）
- Main uses of operating cash flow: CapEx ¥633851000 / dividends ¥603188000 / buybacks ¥640000
- Change in cash: ¥1094447000
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 | ¥60.5B |  |
| Operating income | ¥7.99B | Margin 13.2% |
| Net income | ¥5.08B | Margin 8.4% |
| Free cash flow | ¥2.78B |  |
| Employees (consolidated) | 1,195 |  |
| EPS | ¥185.44 |  |
| Book value per share | ¥1049.02 |  |
| Equity ratio | 54.5% |  |
| Shares outstanding | 7,181,000 |  |
| Treasury shares | 478,100 |  |
| Shareholders | 3,401 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 18.6% | Net cash ¥7.48B · Cash ÷ revenue 17.5% |
| Vs. industry median margin | +4.4 pp | Disaster Prevention & Infrastructure Maintenance |
| ROE | 18.9% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +25% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥43073810000 | ¥60518763000 | +40.5% |
| Operating income | ¥3396316000 | ¥7985631000 | +135.1% |
| Operating margin | 7.9% | 13.2% | +5.3 pp |
| Employees | 1,038 people | 1,195 people | +15.1% |
| Cash and equivalents | ¥4516905000 | ¥10596990000 | +134.6% |

### 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 | 60,519 | 100.0% | S100YNKG |
| Cost of revenue | 43,235 | 71.4% | S100YNKG |
| Gross profit | 17,284 | 28.6% | S100YNKG |
| SG&A | 9,299 | 15.4% | S100YNKG |
| Operating income | 7,986 | 13.2% | S100YNKG |
| Ordinary income | 8,232 | 13.6% | S100YNKG |
| Pretax income | 7,741 | 12.8% | S100YNKG |
| Income tax | 2,327 | 3.8% | S100YNKG |
| Net income | 5,414 | 8.9% | S100YNKG |
| Net income attributable to owners | 5,084 | 8.4% | S100YNKG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 15 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 28.6% → Operating margin 13.2% → Net margin 8.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.6%; Core profit growth: +30.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.52×
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 | 55,727 | 60,519 | 4,792 | +8.6% |
| Gross profit | 14,815 | 17,284 | 2,470 | +16.7% |
| Operating income | 6,128 | 7,986 | 1,857 | +30.3% |
| Net income attributable to owners | 3,958 | 5,084 | 1,125 | +28.4% |
| Operating cash flow | 8,943 | 3,417 | -5,526 | -61.8% |
| Free cash flow | 7,637 | 2,783 | -4,854 | -63.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 39,847 | 2,975 | 7.5% | 1,585 | -732 | -1,144 | S100LRAN |
| FY ending Mar 2021 | 43,074 | 3,396 | 7.9% | 2,312 | 5,100 | 4,439 | S100PIKL |
| FY ending Mar 2022 | 44,793 | 2,828 | 6.3% | 1,891 | 3,175 | 2,001 | S100R1WG |
| FY ending Mar 2023 | 50,225 | 3,858 | 7.7% | 2,539 | 120 | -698 | S100U1GY |
| FY ending Mar 2024 | 55,878 | 4,775 | 8.5% | 3,287 | 1,145 | 681 | S100W5RX |
| FY ending Mar 2025 | 55,727 | 6,128 | 11.0% | 3,958 | 8,943 | 7,637 | S100YNKG |
| FY ending Mar 2026 | 60,519 | 7,986 | 13.2% | 5,084 | 3,417 | 2,783 | S100YNKG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.6M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.3M |

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) | 1,038 | 1,104 | 1,150 | 1,157 | 1,195 |
| Average salary (parent company) | ¥5.8M | ¥5.8M | ¥6.5M | ¥7.2M | ¥7.2M |
| Average age (parent company) | 41.1 years | 41.1 years | 40.9 years | 41.1 years | 41.2 years |
| Average tenure (parent company) | 11.9 years | 12.3 years | 12.3 years | 11.8 years | 12.4 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +8.6%

## 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 | 3,417 | 5.6% | S100YNKG |
| Capital expenditure | 634 | 1.0% | S100YNKG |
| Free cash flow | 2,783 | 4.6% | 算出 |
| Investing cash flow | -696 | -1.2% | S100YNKG |
| Financing cash flow | -1,663 | -2.7% | S100YNKG |
| Dividends paid | 603 | 1.0% | S100YNKG |
| Share buyback | 1 | 0.0% | S100YNKG |
| Change in cash | 1,094 | 1.8% | S100YNKG |
| Cash and equivalents | 10,597 | 17.5% | S100YNKG |

## 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 | 5,550 | 4,006 | 4,993 | 9,503 | 10,597 | S100U1GY, S100W5RX, S100YNKG |
| Total assets | 41,452 | 47,901 | 54,029 | 50,940 | 57,024 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Net assets | 19,701 | 23,352 | 27,048 | 30,518 | 36,357 | S100U1GY, S100W5RX, S100YNKG |
| Share capital | 701 | 701 | 701 | 701 | 701 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Property, plant and equipment | 9,232 | 9,365 | 9,231 | 9,557 | 9,552 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Intangible assets excluding goodwill | 1,090 | 892 | 736 | 585 | 431 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Goodwill | 995 | 824 | 663 | 507 | 358 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Investment securities | 1,049 | 1,038 | 1,647 | 2,045 | 2,932 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Current assets | 29,198 | 32,384 | 41,426 | 34,772 | 39,421 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Current liabilities | 16,056 | 19,583 | 22,414 | 17,106 | 17,147 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Short-term borrowings | 2,961 | 2,972 | 4,021 | 1,309 | 1,697 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Long-term borrowings | 2,153 | 1,892 | 1,164 | 1,751 | 1,020 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Bonds | 1,675 | 1,200 | 1,795 | — | 397 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Interest-bearing debt | 6,790 | 6,064 | 6,979 | — | 3,114 | 算出 |
| Total liabilities | 21,751 | 24,549 | 26,981 | 20,422 | 20,667 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Non-controlling interests | 2,877 | 4,286 | 4,798 | 4,884 | 5,298 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Equity attributable to owners of parent | 16,323 | 18,524 | 21,058 | 24,681 | 29,176 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Retained earnings | 12,885 | 15,215 | 18,224 | 21,847 | 26,327 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |
| Treasury stock | -257 | -415 | -890 | -890 | -884 | S100R1WG, S100U1GY, S100W5RX, S100YNKG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YNKG |
| Property, plant and equipment | 17% | S100YNKG |
| Intangibles and goodwill | 1% | S100YNKG |
| Investment securities | 5% | S100YNKG |
| Other assets | 58% | S100YNKG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 5% | 算出 |
| Other liabilities | 31% | S100YNKG |
| Equity | 64% | S100YNKG |

### 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 | 41,452 | 47,901 | 54,029 | 50,940 | 57,024 |
| Equity | 19,701 | 23,352 | 27,048 | 30,518 | 36,357 |
| Interest-bearing debt | 6,790 | 6,064 | 6,979 | — | 3,114 |
| Cash | 5,550 | 4,006 | 4,993 | 9,503 | 10,597 |

## 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) | 15.8% | S100YNKG |
| Fixed assets ÷ total assets | 16.8% | S100YNKG |
| Goodwill ÷ parent equity | 1.2% | S100YNKG |

Goodwill over 4 years: 995 → 358 JPY; total investing cash flow: -5,844 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) | 18.6% |
| Cash ÷ revenue | 17.5% |
| Net cash (cash − interest-bearing debt) | ¥7.48B |
| Net debt ÷ operating cash flow | -2.19× |
| Cash conversion (operating CF ÷ operating income) | 42.8% |
| Cash vs. profit gap | -1,667 JPY mn (of net income -32.8%) |
| Shareholder returns / net income | 11.9% |
| Shareholder returns / FCF | 21.7% |
| Shareholder payments — dividends / net income | 11.9% |
| Shareholder payments — dividends / FCF | 21.7% |
| CapEx intensity (capex ÷ revenue) | 1.0% |
| Investing CF relative to operating CF | 20.4% |

## 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 | 4.2% | 1.08× | 4.6% | 2.54× | 11.6% | S100R1WG |
| 2023 | 5.1% | 1.12× | 5.7% | 2.56× | 14.6% | S100U1GY |
| 2024 | 5.9% | 1.10× | 6.5% | 2.58× | 16.6% | S100W5RX |
| 2025 | 7.1% | 1.06× | 7.5% | 2.29× | 17.3% | S100YNKG |
| 2026 | 8.4% | 1.12× | 9.4% | 2.00× | 18.9% | S100YNKG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＬＳＯＫ株式会社 | Major shareholder | 16.4% | 2026-03-31 |
| 日本ドライケミカル取引先持株会 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社初田製作所 | Major shareholder | 5.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.5% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| 新日本空調株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 日本ドライケミカル従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YNKG | 2026-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YNKG,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W5RX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5RX,, |
| 訂正有価証券報告書－第72期(2023/04/01－2024/03/31) | S100U1GY | 2024-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1GY,, |
| 有価証券報告書－第71期(2022/04/01－2023/03/31) | S100R1WG | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1WG,, |
| 訂正有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100PIKL | 2022-11-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PIKL,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LRAN | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRAN,, |

## 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).