# NIPPON EXPRESS HOLDINGS, INC.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第4期(2025/01/01－2025/12/31) (S100XTG8)
> Page: https://vizora.meequs.com/en/company/nippon-express-holdings
> Retrieved: 2026-09-30T22:21:06.288Z

## Company

Nippon Express Holdings, founded in 2022, is a company in Trucking & Parcel Delivery listed on TSE Prime. It has 77,925 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON EXPRESS HOLDINGS, INC. |
| Ticker | 9147 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9147.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田和泉町2番地 |
| Representative (per filing) | 代表取締役社長兼CEO 堀切智 |
| Founded | Jan 2022 |
| Share capital | ¥70.2B |
| Employees (consolidated) | 77,925 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | December |
| Website | www.nipponexpress-holdings.com (https://www.nipponexpress-holdings.com/) |
| Corporate number | 5010001223668 |
| EDINET | E36706 |
| Industries (Vizora) | Trucking & Parcel Delivery, Warehouses & Logistics Facilities, Security Services, Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XTG8, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Warehouses & Logistics Facilities (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.8 | 37 |
| Profitability | 9 | 39 |
| Cash conversion | 98.7 | 38 |
| Efficiency | 70.5 | 39 |

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 47% of Nippon Express Holdings's sales come from Japan, with Europe and Distribution support making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit +4.9%.

## Company structure

- Segment revenue mix: Japan 47.5%、Europe 20.0%、Distribution support 12.7%、East Asia 5.7%、South Asia and Oceania 5.0%
- Revenue → net income: ¥2574826000000 → ¥4174000000
- Net income → operating cash flow: ¥4174000000 → ¥208660000000（difference ¥204486000000）
- Main uses of operating cash flow: CapEx ¥83141000000 / dividends ¥26519000000 / buybacks ¥50024000000
- Change in cash: ¥36876000000
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 | ¥2.57T |  |
| Operating income | ¥51.5B | Margin 2.0% |
| Net income | ¥2.69B | Margin 0.1% |
| Free cash flow | ¥125.5B |  |
| Largest business | Japan | of segment revenue 47.5% |
| Employees (consolidated) | 77,925 |  |
| EPS | ¥10.79 |  |
| Book value per share | ¥1538.19 |  |
| Equity ratio | 34.3% | Derived from disclosed figures |
| Shares outstanding | 243,000,000 |  |
| Treasury shares | 123,800 |  |
| Shareholders | 46,464 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 11.7% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | -2.8 pp | Trucking & Parcel Delivery |
| ROE | 0.3% | Derived from disclosed figures |
| ROA | 0.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 77.5× net income
- FY2025, buybacks were 1.9× dividends

## What changed in 3 years

| Metric | FY ending Dec 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2618659000000 | ¥2574826000000 | -1.7% |
| Operating income | ¥155510000000 | ¥51481000000 | -66.9% |
| Operating margin | 5.9% | 2.0% | -3.9 pp |
| Employees | 73,482 people | 77,925 people | +6.0% |
| Cash and equivalents | ¥276679000000 | ¥283394000000 | +2.4% |

### Change in segment revenue mix

Span: FY ending Dec 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 47.5% |
| 日本 → 事業再編・廃止 | 7.2% |
| 米州 → 米州 | 4.7% |
| 米州 → 事業再編・廃止 | 0.3% |
| 欧州 → 欧州 | 7.8% |
| 東アジア → 東アジア | 5.7% |
| 東アジア → 事業再編・廃止 | 2.8% |
| 南アジア・オセアニア → 南アジア・オセアニア | 5.0% |
| 南アジア・オセアニア → 事業再編・廃止 | 2.3% |
| 警備輸送 → 警備輸送 | 2.6% |
| 重量品建設 → 重量品建設 | 1.7% |
| 物流サポート → 物流サポート | 12.4% |
| 新設・再編 → 欧州 | 12.1% |
| 新設・再編 → 警備輸送 | 0.1% |
| 新設・再編 → 重量品建設 | 0.1% |
| 新設・再編 → 物流サポート | 0.3% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 3 years | -5.1% | ¥1222355000000 | 3.6% | 2 |
| Europe | 3 years | +35.9% | ¥513815000000 | 0.9% | 2 |
| Distribution support | 3 years | +0.2% | ¥326937000000 | 4.9% | 2 |
| East Asia | 3 years | -12.8% | ¥147561000000 | 3.9% | 2 |
| South Asia and Oceania | 3 years | -12.3% | ¥129006000000 | 2.5% | 2 |
| The Americas | 3 years | -2.9% | ¥121416000000 | 4.8% | 2 |
| Security transportation | 3 years | +0.3% | ¥68597000000 | 3.6% | 2 |
| Heavy haulage and construction | 3 years | +0.6% | ¥45136000000 | 11.8% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,574,826 | 100.0% | S100XTG8 |
| Cost of revenue | 2,334,163 | 90.7% | S100XTG8 |
| Gross profit | 240,662 | 9.3% | S100XTG8 |
| SG&A | 174,681 | 6.8% | S100XTG8 |
| Operating income | 51,481 | 2.0% | S100XTG8 |
| Pretax income | 41,768 | 1.6% | S100XTG8 |
| Income tax | 37,593 | 1.5% | S100XTG8 |
| Net income | 4,174 | 0.2% | S100XTG8 |
| Net income attributable to owners | 2,693 | 0.1% | S100XTG8 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 91 |
| SG&A | 7 |
| Other operating | 0 |
| Operating income | 2 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 9.3% → Operating margin 2.0% → Net margin 0.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.1%; Core profit growth: +4.9%
Operating leverage (core profit growth ÷ revenue growth): -44.80×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 2,577,643 | 2,574,826 | -2,817 | -0.1% |
| Gross profit | 221,691 | 240,662 | 18,971 | +8.6% |
| Operating income | 49,078 | 51,481 | 2,403 | +4.9% |
| Net income attributable to owners | 31,733 | 2,693 | -29,040 | -91.5% |
| Operating cash flow | 227,865 | 208,660 | -19,205 | -8.4% |
| Free cash flow | 154,870 | 125,519 | -29,351 | -19.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2022 | 2,618,659 | 155,510 | 5.9% | 108,318 | 295,206 | 235,872 | S100T5AK |
| FY ending Dec 2023 | 2,239,017 | 60,098 | 2.7% | 37,050 | 185,705 | 118,264 | S100VI6W |
| FY ending Dec 2024 | 2,577,643 | 49,078 | 1.9% | 31,733 | 227,865 | 154,870 | S100XTG8 |
| FY ending Dec 2025 | 2,574,826 | 51,481 | 2.0% | 2,693 | 208,660 | 125,519 | S100XTG8 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33M |
| Operating income per employee (consolidated) | ¥660.6K |
| Net income per employee (consolidated) | ¥34.6K |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 73,482 | 74,438 | 76,389 | 77,925 |
| Average salary (parent company) | ¥8.2M | ¥9.4M | ¥8.9M | ¥8.3M |
| Average age (parent company) | 47.6 years | 47.7 years | 47.7 years | 47.5 years |
| Average tenure (parent company) | 22.9 years | 22.5 years | 22.3 years | 22.2 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) -0.1%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 1,222,355 | 47.5% | 44,511 | 3.6% |
| The Americas | 121,416 | 4.7% | 5,768 | 4.8% |
| Europe | 513,815 | 20.0% | 4,796 | 0.9% |
| East Asia | 147,561 | 5.7% | 5,708 | 3.9% |
| South Asia and Oceania | 129,006 | 5.0% | 3,257 | 2.5% |
| Security transportation | 68,597 | 2.7% | 2,493 | 3.6% |
| Heavy haulage and construction | 45,136 | 1.8% | 5,307 | 11.8% |
| Distribution support | 326,937 | 12.7% | 16,129 | 4.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 47.5% | 50.6% | 3.1 | 3.6% |
| The Americas | 4.7% | 6.6% | 1.8 | 4.8% |
| Europe | 20.0% | 5.5% | -14.5 | 0.9% |
| East Asia | 5.7% | 6.5% | 0.8 | 3.9% |
| South Asia and Oceania | 5.0% | 3.7% | -1.3 | 2.5% |
| Security transportation | 2.7% | 2.8% | 0.2 | 3.6% |
| Heavy haulage and construction | 1.8% | 6.0% | 4.3 | 11.8% |
| Distribution support | 12.7% | 18.3% | 5.6 | 4.9% |

Segment → industry: Japan → Trucking & Parcel Delivery / Japan → Warehouses & Logistics Facilities / The Americas → Warehouses & Logistics Facilities / Europe → Warehouses & Logistics Facilities / East Asia → Warehouses & Logistics Facilities / South Asia and Oceania → Warehouses & Logistics Facilities / Security transportation → Security Services / Heavy haulage and construction → Plant Engineering & Building Services / Distribution support → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 208,660 | 8.1% | S100XTG8 |
| Capital expenditure | 83,141 | 3.2% | S100XTG8 |
| Free cash flow | 125,519 | 4.9% | 算出 |
| Investing cash flow | -3,212 | -0.1% | S100XTG8 |
| Financing cash flow | -173,938 | -6.8% | S100XTG8 |
| Dividends paid | 26,519 | 1.0% | S100XTG8 |
| Share buyback | 50,024 | 1.9% | S100XTG8 |
| Change in cash | 36,876 | 1.4% | S100XTG8 |
| Cash and equivalents | 283,394 | 11.0% | S100XTG8 |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 276,679 | 315,076 | 251,339 | 283,394 | S100VI6W, S100XTG8 |
| Total assets | 2,075,197 | 2,109,251 | 2,297,586 | 2,414,985 | S100T5AK, S100VI6W, S100XTG8 |
| Net assets | 779,150 | 817,806 | 873,048 | 849,075 | S100VI6W, S100XTG8 |
| Share capital | 70,175 | 70,175 | 70,175 | 70,175 | S100T5AK, S100VI6W, S100XTG8 |
| Property, plant and equipment | 535,478 | 536,693 | 538,851 | 546,555 | S100T5AK, S100VI6W, S100XTG8 |
| Goodwill | 2,216 | 5,678 | 87,790 | 63,999 | S100T5AK, S100VI6W, S100XTG8 |
| Current assets | 907,827 | 896,327 | 934,863 | 1,033,325 | S100T5AK, S100VI6W, S100XTG8 |
| Total liabilities | 1,296,047 | 1,291,444 | 1,424,538 | 1,565,909 | S100T5AK, S100VI6W, S100XTG8 |
| Equity attributable to owners of parent | 756,513 | 800,062 | 853,949 | 829,490 | S100T5AK, S100VI6W, S100XTG8 |
| Retained earnings | 598,423 | 634,536 | 669,416 | 617,320 | S100T5AK, S100VI6W, S100XTG8 |
| Treasury stock | -10,604 | -20,542 | -2,941 | -1,197 | S100T5AK, S100VI6W, S100XTG8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XTG8 |
| Property, plant and equipment | 22% | S100XTG8 |
| Intangibles and goodwill | 3% | — |
| Other assets | 63% | S100XTG8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XTG8 |
| Equity | 35% | S100XTG8 |
| Other liabilities | 0% | S100XTG8 |

### Balance sheet history

| Metric | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 2,075,197 | 2,109,251 | 2,297,586 | 2,414,985 |
| Equity | 779,150 | 817,806 | 873,048 | 849,075 |
| Interest-bearing debt | — | — | — | — |
| Cash | 276,679 | 315,076 | 251,339 | 283,394 |

## 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) | 21.2% | S100XTG8 |
| Fixed assets ÷ total assets | 22.6% | S100XTG8 |
| Goodwill ÷ parent equity | 7.7% | S100XTG8 |

### 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) | 11.7% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 405.3% |
| Cash vs. profit gap | 205,967 JPY mn (of net income 7648.2%) |
| Shareholder returns / net income | 2842.3% |
| Shareholder returns / FCF | 61.0% |
| Shareholder payments — dividends / net income | 984.7% |
| Shareholder payments — dividends / FCF | 21.1% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 1.5% |

## 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 | 4.1% | 1.26× | 5.2% | 2.74× | 14.3% | S100T5AK |
| 2023 | 1.7% | 1.07× | 1.8% | 2.69× | 4.8% | S100VI6W |
| 2024 | 1.2% | 1.17× | 1.4% | 2.66× | 3.8% | S100XTG8 |
| 2025 | 0.1% | 1.09× | 0.1% | 2.80× | 0.3% | S100XTG8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.7% | 2025-12-31 |
| 朝日生命保険相互会社 | Major shareholder | 6.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.4% | 2025-12-31 |
| ＮＸ持株会 | Major shareholder | 4.8% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT(常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 2.7% | 2025-12-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| BNP PARIBAS NEW YORK BRANCH - PRIME BROK ERAGE CLEARANCE ACCOUNT(常任代理人 香港上海銀行東京支店) | Major shareholder | 2.5% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.8% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥2.57T, essentially flat against ¥2.58T the year before (-0.1%).
- Operating income grew from ¥49.1B to ¥51.5B (+4.9%), and gross profit was up +8.6%.
- Net income attributable to owners, however, dropped from ¥31.7B to ¥2.69B, a -91.5% change.
- Operating cash flow came to ¥208.7B (-8.4%) and free cash flow to ¥125.5B (-19.0%).

### Drivers

- The acquisition of Simon Hegele added sales in Europe, while the integration of the domestic less-than-truckload business in Japan took sales away, leaving revenue roughly unchanged.
- Operating profit improved thanks to cost cuts in the Japan business and higher volumes in distribution support (logistics products, vehicle maintenance, real estate). Europe's profit fell on rising costs.
- Pretax income fell mainly because of currency effects, and operating cash flow shrank as income tax payments rose.

### Risks

- A global slowdown driven by US trade policy or instability in the Middle East could cut customers' shipping demand.
- The company expects business-to-business freight demand in Japan, its core market, to decline as the population ages and shrinks.
- If acquired businesses fall short of plan, the company may have to book goodwill impairment losses.

Cited: Annual Securities Report, 4th fiscal period (2025/01/01-2025/12/31) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 4th fiscal period (2025/01/01-2025/12/31) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第4期(2025/01/01－2025/12/31) | S100XTG8 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTG8,, |
| 有価証券報告書－第3期(2024/01/01－2024/12/31) | S100VI6W | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI6W,, |
| 有価証券報告書－第2期(2023/01/01－2023/12/31) | S100T5AK | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5AK,, |
| 訂正有価証券報告書－第1期(2022/01/01－2022/12/31) | S100QS2V | 2023-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QS2V,, |

## 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).