# NIPPON KODOSHI 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96期(2025/04/01－2026/03/31) (S100YD7L)
> Page: https://vizora.meequs.com/en/company/nippon-kodoshi
> Retrieved: 2026-09-30T22:40:33.843Z

## Company

Nippon Kodoshi, founded in 1941, is a company in Batteries listed on TSE Standard. It has 462 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON KODOSHI CORPORATION |
| Ticker | 3891 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3891.T) |
| Listing | TSE Standard |
| Head office | 高知県高知市春野町弘岡上648番地 |
| Representative (per filing) | 代表取締役社長 近森 俊二 |
| Founded | Aug 1941 |
| Share capital | ¥2.24B |
| Employees (consolidated) | 462 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.kodoshi.co.jp (https://www.kodoshi.co.jp/) |
| Corporate number | 2490001001698 |
| EDINET | E00685 |
| Industries (Vizora) | Batteries |

> Profile source: annual securities report (S100YD7L, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 8 |
| Profitability | 93.8 | 8 |
| Cash conversion | 75 | 6 |
| Efficiency | 31.3 | 8 |

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 Kodoshi brought in ¥18.6B in revenue.
- Out of every ¥100 of sales, about ¥19 is left as operating profit.
- Revenue changed +16.2% from the prior year, operating profit +43.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥18624523000 → ¥2642981000
- Net income → operating cash flow: ¥2642981000 → ¥5240452000（difference ¥2597471000）
- Main uses of operating cash flow: CapEx ¥1627153000 / dividends ¥790578000 / buybacks ¥231000
- Change in cash: ¥615130000
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 | ¥18.6B |  |
| Operating income | ¥3.53B | Margin 19.0% |
| Net income | ¥2.64B | Margin 14.2% |
| Free cash flow | ¥3.61B |  |
| Employees (consolidated) | 462 |  |
| EPS | ¥248.2 |  |
| Book value per share | ¥2287.42 |  |
| Equity ratio | 73.6% |  |
| Shares outstanding | 10,698,482 |  |
| Treasury shares | 151,800 |  |
| Shareholders | 5,177 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 13.3% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | +11.7 pp | Batteries |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -5% while operating income rose 44%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15918459000 | ¥18624523000 | +17.0% |
| Operating income | ¥2761584000 | ¥3533412000 | +27.9% |
| Operating margin | 17.3% | 19.0% | +1.6 pp |
| Employees | 444 people | 462 people | +4.1% |
| Cash and equivalents | ¥4540565000 | ¥4741850000 | +4.4% |

### 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 | 18,625 | 100.0% | S100YD7L |
| Cost of revenue | 12,928 | 69.4% | S100YD7L |
| Gross profit | 5,696 | 30.6% | S100YD7L |
| SG&A | 2,163 | 11.6% | S100YD7L |
| Operating income | 3,533 | 19.0% | S100YD7L |
| Ordinary income | 3,708 | 19.9% | S100YD7L |
| Pretax income | 3,600 | 19.3% | S100YD7L |
| Income tax | 957 | 5.1% | S100YD7L |
| Net income | 2,643 | 14.2% | S100YD7L |
| Net income attributable to owners | 2,643 | 14.2% | S100YD7L |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 12 |
| Operating income | 19 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 30.6% → Operating margin 19.0% → Net margin 14.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +16.2%; Core profit growth: +43.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.70×
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 | 16,034 | 18,625 | 2,591 | +16.2% |
| Gross profit | 4,452 | 5,696 | 1,244 | +28.0% |
| Operating income | 2,461 | 3,533 | 1,073 | +43.6% |
| Net income attributable to owners | 1,781 | 2,643 | 862 | +48.4% |
| Operating cash flow | 3,801 | 5,240 | 1,439 | +37.9% |
| Free cash flow | -2,168 | 3,613 | 5,781 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 13,099 | 995 | 7.6% | 691 | 2,439 | 1,403 | S100LJ3T |
| FY ending Mar 2021 | 15,918 | 2,762 | 17.3% | 2,006 | 3,219 | 2,321 | S100OBX5 |
| FY ending Mar 2022 | 18,074 | 4,067 | 22.5% | 2,919 | 2,908 | 1,015 | S100R1DA |
| FY ending Mar 2023 | 17,587 | 3,327 | 18.9% | 2,468 | 685 | -2,884 | S100TMEK |
| FY ending Mar 2024 | 14,828 | 1,719 | 11.6% | 1,479 | 1,910 | -1,497 | S100VY9N |
| FY ending Mar 2025 | 16,034 | 2,461 | 15.3% | 1,781 | 3,801 | -2,168 | S100YD7L |
| FY ending Mar 2026 | 18,625 | 3,533 | 19.0% | 2,643 | 5,240 | 3,613 | S100YD7L |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.3M |
| Operating income per employee (consolidated) | ¥7.6M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 443 | 479 | 485 | 484 | 462 |
| Average salary (parent company) | ¥8.3M | ¥8M | ¥7.5M | ¥7.3M | ¥7.7M |
| Average age (parent company) | 44.1 years | 44.8 years | 43.9 years | 44.5 years | 44.0 years |
| Average tenure (parent company) | 21.6 years | 22.0 years | 21.0 years | 21.6 years | 21.2 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +16.2%

## 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 | 5,240 | 28.1% | S100YD7L |
| Capital expenditure | 1,627 | 8.7% | S100YD7L |
| Free cash flow | 3,613 | 19.4% | 算出 |
| Investing cash flow | -1,397 | -7.5% | S100YD7L |
| Financing cash flow | -3,288 | -17.7% | S100YD7L |
| Dividends paid | 791 | 4.2% | S100YD7L |
| Share buyback | 0 | 0.0% | S100YD7L |
| Change in cash | 615 | 3.3% | S100YD7L |
| Cash and equivalents | 4,742 | 25.5% | S100YD7L |

## 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 | 4,436 | 4,224 | 4,307 | 4,127 | 4,742 | S100TMEK, S100VY9N, S100YD7L |
| Total assets | 26,163 | 30,630 | 33,976 | 35,269 | 35,609 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Net assets | 19,332 | 21,572 | 22,367 | 23,903 | 26,207 | S100TMEK, S100VY9N, S100YD7L |
| Share capital | 2,242 | 2,242 | 2,242 | 2,242 | 2,242 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Property, plant and equipment | 9,496 | 11,907 | 14,748 | 16,242 | 15,759 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Intangible assets excluding goodwill | 113 | 92 | 79 | 109 | 170 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Investment securities | 245 | 269 | 301 | 303 | 475 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Current assets | 15,351 | 17,503 | 18,173 | 17,507 | 17,740 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Current liabilities | 4,888 | 4,523 | 5,538 | 6,769 | 5,837 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Trade payables | 499 | 439 | 481 | 394 | 775 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Short-term borrowings | 600 | — | — | 1,500 | — | S100R1DA, S100YD7L |
| Long-term borrowings | 1,412 | 4,095 | 5,949 | 4,535 | 3,490 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Total liabilities | 6,832 | 9,057 | 11,609 | 11,366 | 9,403 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Equity attributable to owners of parent | 19,410 | 21,575 | 22,131 | 23,201 | 25,074 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Retained earnings | 13,375 | 15,520 | 16,184 | 17,274 | 19,127 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |
| Treasury stock | -163 | -154 | -236 | -257 | -238 | S100R1DA, S100TMEK, S100VY9N, S100YD7L |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YD7L |
| Property, plant and equipment | 44% | S100YD7L |
| Intangibles and goodwill | 1% | S100YD7L |
| Investment securities | 1% | S100YD7L |
| Other assets | 41% | S100YD7L |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YD7L |
| Other liabilities | 24% | S100YD7L |
| Equity | 74% | S100YD7L |

### 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 | 26,163 | 30,630 | 33,976 | 35,269 | 35,609 |
| Equity | 19,332 | 21,572 | 22,367 | 23,903 | 26,207 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,436 | 4,224 | 4,307 | 4,127 | 4,742 |

## 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) | 84.6% | S100YD7L |
| Fixed assets ÷ total assets | 44.3% | S100YD7L |
| Goodwill ÷ parent equity | — | —, S100YD7L |

### 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) | 13.3% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.3% |
| Cash vs. profit gap | 2,597 JPY mn (of net income 98.3%) |
| Shareholder returns / net income | 29.9% |
| Shareholder returns / FCF | 21.9% |
| Shareholder payments — dividends / net income | 29.9% |
| Shareholder payments — dividends / FCF | 21.9% |
| CapEx intensity (capex ÷ revenue) | 8.7% |
| Investing CF relative to operating CF | 26.7% |

## 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 | 16.1% | 0.69× | 11.2% | 1.35× | 15.0% | S100R1DA |
| 2023 | 14.0% | 0.62× | 8.7% | 1.39× | 12.0% | S100TMEK |
| 2024 | 10.0% | 0.46× | 4.6% | 1.48× | 6.8% | S100VY9N |
| 2025 | 11.1% | 0.46× | 5.1% | 1.53× | 7.9% | S100YD7L |
| 2026 | 14.2% | 0.53× | 7.5% | 1.47× | 10.9% | S100YD7L |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京産業洋紙株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 日本紙パルプ商事株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社四国銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・王子マネジメントオフィス株式会社退職給付信託口） | Major shareholder | 4.7% | 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 | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（三井住友信託銀行再信託分・王子製紙株式会社退職給付信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 関日野出株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| ＴＭＹ株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YD7L | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD7L,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100VY9N | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY9N,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TMEK | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMEK,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100R1DA | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1DA,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OBX5 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBX5,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LJ3T | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ3T,, |

## 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).