# Nippon Hume Corporation: 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143期(2025/04/01－2026/03/31) (S100YL8F)
> Page: https://vizora.meequs.com/en/company/nippon-hume
> Retrieved: 2026-09-30T20:27:51.046Z

## Company

Nippon Hume, founded in 1925, is a company in Electric Power & Gas listed on TSE Prime. It has 701 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Hume Corporation |
| Ticker | 5262 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5262.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋五丁目33番11号 |
| Representative (per filing) | 代表取締役社長 増渕 智之 |
| Founded | Oct 1925 |
| Share capital | ¥5.25B |
| Employees (consolidated) | 701 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.nipponhume.co.jp (https://www.nipponhume.co.jp/) |
| Corporate number | 6010401023196 |
| EDINET | E01157 |
| Industries (Vizora) | Electric Power & Gas, Cement & Concrete, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YL8F, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.9 | 16 |
| Profitability | 34.4 | 16 |
| Cash conversion | 3.1 | 16 |
| Efficiency | 28.1 | 16 |

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 60% of Nippon Hume's sales come from Foundation, with Sewerage related business and Solar power generation and real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +8.6% from the prior year, operating profit +24.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥40.2B |  |
| Operating income | ¥2.52B | Margin 6.3% |
| Net income | ¥3.38B | Margin 8.4% |
| Free cash flow | -¥5.68B |  |
| Largest business | Foundation | of segment revenue 60.4% |
| Employees (consolidated) | 701 |  |
| EPS | ¥61.55 |  |
| Book value per share | ¥780.43 |  |
| Equity ratio | 75.7% |  |
| Shares outstanding | 58,695,000 |  |
| Treasury shares | 9,490,500 |  |
| Shareholders | 20,797 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 14.6% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | -1.9 pp | Cement & Concrete |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -33 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30446551000 | ¥40239958000 | +32.2% |
| Operating income | ¥1730065000 | ¥2523731000 | +45.9% |
| Operating margin | 5.7% | 6.3% | +0.6 pp |
| Employees | 520 people | 701 people | +34.8% |
| Cash and equivalents | ¥12285682000 | ¥10066474000 | -18.1% |

### 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 |
| --- | ---: |
| 基礎事業 → 基礎事業 | 58.5% |
| 下水道関連事業 → 下水道関連事業 | 35.7% |
| 下水道関連事業 → 事業再編・廃止 | 0.8% |
| 太陽光発電・不動産事業 → 太陽光発電・不動産事業 | 3.7% |
| 太陽光発電・不動産事業 → 事業再編・廃止 | 1.1% |
| その他 → その他 | 0.2% |
| 新設・再編 → 基礎事業 | 1.9% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Foundation | 5 years | +6.4% | ¥24297271000 | 5.5% | 2 |
| Sewerage related business | 5 years | +5.3% | ¥14356289000 | 18.2% | 2 |
| Solar power generation and real estate | 5 years | +0.3% | ¥1482945000 | 58.7% | 2 |
| Other | 5 years | +12.7% | ¥103450000 | 82.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,240 | 100.0% | S100YL8F |
| Cost of revenue | 32,171 | 79.9% | S100YL8F |
| Gross profit | 8,069 | 20.1% | S100YL8F |
| SG&A | 5,545 | 13.8% | S100YL8F |
| Operating income | 2,524 | 6.3% | S100YL8F |
| Ordinary income | 3,799 | 9.4% | S100YL8F |
| Pretax income | 4,547 | 11.3% | S100YL8F |
| Income tax | 1,138 | 2.8% | S100YL8F |
| Net income | 3,408 | 8.5% | S100YL8F |
| Net income attributable to owners | 3,383 | 8.4% | S100YL8F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Operating income | 6 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 20.1% → Operating margin 6.3% → 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: +24.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.90×
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 | 37,065 | 40,240 | 3,175 | +8.6% |
| Gross profit | 7,263 | 8,069 | 806 | +11.1% |
| Operating income | 2,022 | 2,524 | 502 | +24.8% |
| Net income attributable to owners | 3,046 | 3,383 | 337 | +11.1% |
| Operating cash flow | 897 | -3,476 | -4,374 | -487.5% |
| Free cash flow | -597 | -5,679 | -5,082 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 35,052 | 1,811 | 5.2% | 2,105 | 1,760 | 851 | S100LT5J |
| FY ending Mar 2021 | 30,447 | 1,730 | 5.7% | 2,130 | 3,598 | 2,891 | S100OIWN |
| FY ending Mar 2022 | 29,501 | 1,450 | 4.9% | 2,136 | 973 | 501 | S100R9BO |
| FY ending Mar 2023 | 31,877 | 1,236 | 3.9% | 1,642 | 650 | -38 | S100TT82 |
| FY ending Mar 2024 | 33,732 | 1,382 | 4.1% | 1,912 | 2,774 | 2,074 | S100VYQK |
| FY ending Mar 2025 | 37,065 | 2,022 | 5.5% | 3,046 | 897 | -597 | S100YL8F |
| FY ending Mar 2026 | 40,240 | 2,524 | 6.3% | 3,383 | -3,476 | -5,679 | S100YL8F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.4M |
| Operating income per employee (consolidated) | ¥3.6M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 499 | 508 | 552 | 549 | 701 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.5M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 46.0 years | 45.1 years | 45.0 years | 44.1 years | 44.1 years |
| Average tenure (parent company) | 18.1 years | 17.1 years | 17.0 years | 17.0 years | 16.1 years |

Year over year: Employees (consolidated) +27.7% · Revenue (consolidated) +8.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Foundation | 24,297 | 60.4% | 1,330 | 5.5% |
| Sewerage related business | 14,356 | 35.7% | 2,608 | 18.2% |
| Solar power generation and real estate | 1,483 | 3.7% | 871 | 58.7% |
| Other | 103 | 0.3% | 85 | 82.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Foundation | 60.4% | 27.2% | -33.2 | 5.5% |
| Sewerage related business | 35.7% | 53.3% | 17.6 | 18.2% |
| Solar power generation and real estate | 3.7% | 17.8% | 14.1 | 58.7% |
| Other | 0.3% | 1.7% | 1.5 | 82.6% |

Segment → industry: Solar power generation and real estate → Electric Power & Gas / Sewerage related business → Cement & Concrete / Foundation → Cement & Concrete / Solar power generation and real estate → Real Estate Development & Leasing

## 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 | -3,476 | -8.6% | S100YL8F |
| Capital expenditure | 2,202 | 5.5% | S100YL8F |
| Free cash flow | -5,679 | -14.1% | 算出 |
| Investing cash flow | -3,237 | -8.0% | S100YL8F |
| Financing cash flow | 4,076 | 10.1% | S100YL8F |
| Dividends paid | 1,018 | 2.5% | S100YL8F |
| Share buyback | 655 | 1.6% | S100YL8F |
| Change in cash | -2,638 | -6.6% | S100YL8F |
| Cash and equivalents | 10,066 | 25.0% | S100YL8F |

## 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 | 13,021 | 12,419 | 14,304 | 12,704 | 10,066 | S100TT82, S100VYQK, S100YL8F |
| Total assets | 52,122 | 54,980 | 62,079 | 57,241 | 68,996 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Net assets | 36,936 | 38,201 | 41,599 | 43,083 | 52,728 | S100TT82, S100VYQK, S100YL8F |
| Share capital | 5,251 | 5,251 | 5,251 | 5,251 | 5,251 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Property, plant and equipment | 9,279 | 9,460 | 9,637 | 9,860 | 12,838 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Intangible assets excluding goodwill | 176 | 191 | 185 | 215 | 1,000 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Goodwill | — | — | — | — | 689 | S100YL8F |
| Investment securities | 15,462 | 16,137 | 19,425 | 19,858 | 23,506 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Current assets | 26,926 | 28,934 | 32,557 | 27,099 | 31,425 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Current liabilities | 11,490 | 12,939 | 15,656 | 9,661 | 10,150 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Trade payables | 8,517 | 10,145 | 11,527 | 5,320 | 4,538 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Short-term borrowings | 982 | 1,071 | 1,449 | 830 | 830 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Long-term borrowings | — | — | 25 | — | 122 | S100VYQK, S100YL8F |
| Total liabilities | 15,186 | 16,778 | 20,480 | 14,158 | 16,268 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Non-controlling interests | 309 | 302 | 471 | 477 | 508 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Equity attributable to owners of parent | 35,551 | 36,592 | 37,773 | 38,975 | 46,505 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Retained earnings | 27,872 | 28,994 | 30,366 | 32,298 | 34,660 | S100R9BO, S100TT82, S100VYQK, S100YL8F |
| Treasury stock | -2,345 | -2,574 | -2,765 | -3,496 | -2,431 | S100R9BO, S100TT82, S100VYQK, S100YL8F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YL8F |
| Property, plant and equipment | 19% | S100YL8F |
| Intangibles and goodwill | 2% | S100YL8F |
| Investment securities | 34% | S100YL8F |
| Other assets | 30% | S100YL8F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YL8F |
| Other liabilities | 17% | S100YL8F |
| Equity | 76% | S100YL8F |

### 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 | 52,122 | 54,980 | 62,079 | 57,241 | 68,996 |
| Equity | 36,936 | 38,201 | 41,599 | 43,083 | 52,728 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,021 | 12,419 | 14,304 | 12,704 | 10,066 |

## 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) | 31.9% | S100YL8F |
| Fixed assets ÷ total assets | 18.6% | S100YL8F |
| Goodwill ÷ parent equity | 1.5% | S100YL8F |

### 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) | 14.6% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -137.7% |
| Cash vs. profit gap | -6,859 JPY mn (of net income -202.8%) |
| Shareholder returns / net income | 49.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | — |

## 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% | 0.57× | 4.1% | 1.47× | 6.0% | S100R9BO |
| 2023 | 5.2% | 0.60× | 3.1% | 1.48× | 4.6% | S100TT82 |
| 2024 | 5.7% | 0.58× | 3.3% | 1.57× | 5.1% | S100VYQK |
| 2025 | 8.2% | 0.62× | 5.1% | 1.55× | 7.9% | S100YL8F |
| 2026 | 8.4% | 0.64× | 5.4% | 1.48× | 7.9% | S100YL8F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| みずほ信託銀行株式会社退職給付信託太平洋セメント口 | Major shareholder | 8.9% | 2026-03-31 |
| 旭コンクリート工業株式会社 | Major shareholder | 5.4% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKINGCORPORATION LTD-SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENTS A/C 8221-623793(常任代理人 香港上海銀行） | Major shareholder | 5.2% | 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 | 5.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 太平洋セメント株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社ＮＪＳ | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.0% | 2026-03-31 |
| ＳＭＢＣ日興証券株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 丸全昭和運輸株式会社 | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第143期(2025/04/01－2026/03/31) | S100YL8F | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YL8F,, |
| 有価証券報告書－第142期(2024/04/01－2025/03/31) | S100VYQK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYQK,, |
| 有価証券報告書－第141期(2023/04/01－2024/03/31) | S100TT82 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT82,, |
| 有価証券報告書－第140期(2022/04/01－2023/03/31) | S100R9BO | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9BO,, |
| 有価証券報告書－第139期(令和3年4月1日－令和4年3月31日) | S100OIWN | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIWN,, |
| 有価証券報告書－第138期(令和2年4月1日－令和3年3月31日) | S100LT5J | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT5J,, |

## 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).