# NIPPON PAINT HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第200期(2025/01/01－2025/12/31) (S100XU2S)
> Page: https://vizora.meequs.com/en/company/nippon-paint-holdings
> Retrieved: 2026-09-30T20:33:55.646Z

## Company

Nippon Paint Holdings, founded in 1898, is a company in Paints & Inks listed on TSE Prime. It has 38,481 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON PAINT HOLDINGS CO., LTD. |
| Ticker | 4612 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4612.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区大淀北2丁目1番2号 |
| Representative (per filing) | 取締役 代表執行役共同社長 若月 雄一郎 取締役 代表執行役共同社長 ウィー・シューキム |
| Founded | Mar 1898 |
| Share capital | ¥671.4B |
| Employees (consolidated) | 38,481 |
| Average salary (parent only) | ¥10.4M |
| Fiscal year end | December |
| Website | www.nipponpaint-holdings.com (https://www.nipponpaint-holdings.com/) |
| Corporate number | 7120001072994 |
| EDINET | E00892 |
| Industries (Vizora) | Paints & Inks |

> Profile source: annual securities report (S100XU2S, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.8 | 23 |
| Profitability | 97.8 | 23 |
| Cash conversion | 6.8 | 22 |
| Efficiency | 6.5 | 23 |

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 50% of Nippon Paint Holdings's sales come from NIPSEA, with DuluxGroup and Japan making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +8.3% from the prior year, operating profit +38.1%.

## Company structure

- Segment revenue mix: NIPSEA 50.0%、DuluxGroup 22.8%、Japan 11.6%、AOC 8.9%、Americas 6.7%
- Revenue → net income: ¥1774231000000 → ¥181174000000
- Net income → operating cash flow: ¥181174000000 → ¥187526000000（difference ¥6352000000）
- Main uses of operating cash flow: CapEx ¥42513000000 / dividends ¥37577000000 / buybacks ¥20911000000
- Change in cash: ¥136036000000
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 | ¥1.77T |  |
| Operating income | ¥257.1B | Margin 14.5% |
| Net income | ¥179.8B | Margin 10.1% |
| Free cash flow | ¥145B |  |
| Largest business | NIPSEA | of segment revenue 50.0% |
| Employees (consolidated) | 38,481 |  |
| EPS | ¥76.66 |  |
| Diluted EPS | ¥76.66 |  |
| Book value per share | ¥637.88 |  |
| Equity ratio | 44.9% | Derived from disclosed figures |
| Shares outstanding | 2,370,512,000 |  |
| Treasury shares | 43,077,200 |  |
| Shareholders | 21,984 |  |
| Average salary (parent only) | ¥10.4M | Filing company only |
| Cash ratio | 10.6% | Cash ÷ revenue 23.9% |
| Vs. industry median margin | +8.6 pp | Paints & Inks |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2025, employees 0% while operating income rose 38%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥772560000000 | ¥1774231000000 | +129.7% |
| Operating income | ¥87594000000 | ¥257104000000 | +193.5% |
| Operating margin | 11.3% | 14.5% | +3.2 pp |
| Employees | 27,318 people | 38,481 people | +40.9% |
| Cash and equivalents | ¥232134000000 | ¥424337000000 | +82.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → 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 | 11.6% |
| 日本 → 事業再編・廃止 | 9.4% |
| アジア → 事業再編・廃止 | 45.9% |
| オセアニア → 事業再編・廃止 | 19.2% |
| 米州 → 米州 | 6.7% |
| 米州 → 事業再編・廃止 | 2.4% |
| その他 → 事業再編・廃止 | 4.9% |
| 新設・再編 → NIPSEA | 50.0% |
| 新設・再編 → DuluxGroup | 22.8% |
| 新設・再編 → AOC | 8.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| NIPSEA | 4 years | +11.6% | ¥887462000000 | 16.2% | 2 |
| DuluxGroup | 4 years | +23.1% | ¥405173000000 | 8.6% | 2 |
| Japan | 5 years | +4.9% | ¥205360000000 | 13.7% | 2 |
| AOC | — | — | ¥157282000000 | 30.9% | 2 |
| Americas | 5 years | +11.2% | ¥118952000000 | 5.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,774,231 | 100.0% | S100XU2S |
| Cost of revenue | 1,023,995 | 57.7% | S100XU2S |
| Gross profit | 750,235 | 42.3% | S100XU2S |
| SG&A | 502,558 | 28.3% | S100XU2S |
| Operating income | 257,104 | 14.5% | S100XU2S |
| Pretax income | 250,565 | 14.1% | S100XU2S |
| Income tax | 69,390 | 3.9% | S100XU2S |
| Net income | 181,174 | 10.2% | S100XU2S |
| Net income attributable to owners | 179,800 | 10.1% | S100XU2S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 28 |
| Other operating | -1 |
| Operating income | 15 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 42.3% → Operating margin 14.5% → Net margin 10.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.3%; Core profit growth: +38.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.60×
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 | 1,638,720 | 1,774,231 | 135,511 | +8.3% |
| Gross profit | 657,444 | 750,235 | 92,791 | +14.1% |
| Operating income | 186,206 | 257,104 | 70,898 | +38.1% |
| Net income attributable to owners | 125,889 | 179,800 | 53,911 | +42.8% |
| Operating cash flow | 167,401 | 187,526 | 20,125 | +12.0% |
| Free cash flow | 118,404 | 145,013 | 26,609 | +22.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2017 | 610,178 | — | — | 49,312 | 76,530 | — | S100NSDQ |
| FY ending Dec 2018 | 627,670 | — | — | 45,351 | 61,533 | — | S100QGT0 |
| FY ending Dec 2019 | 692,009 | 78,060 | 11.3% | 36,717 | 92,076 | 66,633 | S100L5A1 |
| FY ending Dec 2020 | 772,560 | 87,594 | 11.3% | 43,921 | 87,633 | 60,967 | S100NSDQ |
| FY ending Dec 2021 | 998,276 | 87,615 | 8.8% | 67,569 | 67,428 | 28,046 | S100QGT0 |
| FY ending Dec 2022 | 1,309,021 | 111,882 | 8.5% | 79,418 | 112,351 | 71,334 | S100T58G |
| FY ending Dec 2023 | 1,442,574 | 168,745 | 11.7% | 118,476 | 189,755 | 151,645 | S100VGVI |
| FY ending Dec 2024 | 1,638,720 | 186,206 | 11.4% | 125,889 | 167,401 | 118,404 | S100XU2S |
| FY ending Dec 2025 | 1,774,231 | 257,104 | 14.5% | 179,800 | 187,526 | 145,013 | S100XU2S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.1M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 30,247 | 33,763 | 34,393 | 38,562 | 38,481 |
| Average salary (parent company) | ¥9M | ¥10.7M | ¥9.8M | ¥10.8M | ¥10.4M |
| Average age (parent company) | 43.6 years | 41.1 years | 41.8 years | 42.4 years | 42.6 years |
| Average tenure (parent company) | 11.6 years | 8.5 years | 10.6 years | 10.8 years | 11.3 years |

Year over year: Employees (consolidated) -0.2% · Revenue (consolidated) +8.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 205,360 | 11.6% | 28,125 | 13.7% |
| NIPSEA | 887,462 | 50.0% | 144,021 | 16.2% |
| DuluxGroup | 405,173 | 22.8% | 34,943 | 8.6% |
| Americas | 118,952 | 6.7% | 6,393 | 5.4% |
| AOC | 157,282 | 8.9% | 48,585 | 30.9% |

### 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 | 11.6% | 10.7% | -0.8 | 13.7% |
| NIPSEA | 50.0% | 55.0% | 4.9 | 16.2% |
| DuluxGroup | 22.8% | 13.3% | -9.5 | 8.6% |
| Americas | 6.7% | 2.4% | -4.3 | 5.4% |
| AOC | 8.9% | 18.5% | 9.7 | 30.9% |

Segment → industry: AOC → Paints & Inks / Americas → Paints & Inks / DuluxGroup → Paints & Inks / NIPSEA → Paints & Inks / Japan → Paints & Inks

## 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 | 187,526 | 10.6% | S100XU2S |
| Capital expenditure | 42,513 | 2.4% | S100XU2S |
| Free cash flow | 145,013 | 8.2% | 算出 |
| Investing cash flow | -321,988 | -18.1% | S100XU2S |
| Financing cash flow | 254,732 | 14.4% | S100XU2S |
| Dividends paid | 37,577 | 2.1% | S100XU2S |
| Share buyback | 20,911 | 1.2% | S100XU2S |
| Change in cash | 136,036 | 7.7% | S100XU2S |
| Cash and equivalents | 424,337 | 23.9% | S100XU2S |

## 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 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 138,813 | 242,598 | 289,647 | 288,301 | 424,337 | S100T58G, S100VGVI, S100XU2S |
| Total assets | 1,955,083 | 2,442,340 | 2,713,341 | 3,068,582 | 4,017,738 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Net assets | 968,694 | 1,155,358 | 1,368,104 | 1,607,431 | 1,823,073 | S100T58G, S100VGVI, S100XU2S |
| Share capital | 671,432 | 671,432 | 671,432 | 671,432 | 671,432 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Property, plant and equipment | 301,706 | 376,835 | 409,984 | 478,759 | 562,598 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Goodwill | 652,692 | 825,525 | 897,751 | 968,993 | 1,468,989 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Current assets | 600,736 | 765,634 | 889,557 | 1,055,208 | 1,278,882 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Total liabilities | 986,388 | 1,286,982 | 1,345,237 | 1,461,151 | 2,194,665 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Equity attributable to owners of parent | 959,518 | 1,148,824 | 1,358,310 | 1,589,520 | 1,803,859 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Retained earnings | 228,009 | 272,527 | 351,205 | 434,223 | 577,798 | S100QGT0, S100T58G, S100VGVI, S100XU2S |
| Treasury stock | -6,153 | -6,096 | -6,049 | -6,015 | -26,885 | S100QGT0, S100T58G, S100VGVI, S100XU2S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XU2S |
| Property, plant and equipment | 14% | S100XU2S |
| Intangibles and goodwill | 37% | — |
| Other assets | 39% | S100XU2S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 55% | S100XU2S |
| Equity | 45% | S100XU2S |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,955,083 | 2,442,340 | 2,713,341 | 3,068,582 | 4,017,738 |
| Equity | 968,694 | 1,155,358 | 1,368,104 | 1,607,431 | 1,823,073 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 138,813 | 242,598 | 289,647 | 288,301 | 424,337 |

## 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) | 31.7% | S100XU2S |
| Fixed assets ÷ total assets | 14.0% | S100XU2S |
| Goodwill ÷ parent equity | 81.4% | S100XU2S |

Goodwill over 4 years: 652,692 → 1,468,989 JPY; total investing cash flow: -853,531 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) | 10.6% |
| Cash ÷ revenue | 23.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 72.9% |
| Cash vs. profit gap | 7,726 JPY mn (of net income 4.3%) |
| Shareholder returns / net income | 32.5% |
| Shareholder returns / FCF | 40.3% |
| Shareholder payments — dividends / net income | 20.9% |
| Shareholder payments — dividends / FCF | 25.9% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 171.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 6.8% | 0.51× | 3.5% | 2.04× | 7.0% | S100QGT0 |
| 2022 | 6.1% | 0.60× | 3.6% | 2.09× | 7.5% | S100T58G |
| 2023 | 8.2% | 0.56× | 4.6% | 2.06× | 9.5% | S100VGVI |
| 2024 | 7.7% | 0.57× | 4.4% | 1.96× | 8.5% | S100XU2S |
| 2025 | 10.1% | 0.50× | 5.1% | 2.09× | 10.6% | S100XU2S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| Nipsea International Limited (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 55.5% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 6.4% | 2025-12-31 |
| Fraser (HK) Limited (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.6% | 2025-12-31 |
| UBS AGLB Seg AC Untradable Shares (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.6% | 2025-12-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 3.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.9% | 2025-12-31 |
| HSBC - Fund Services Clients A/C 500 (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.1% | 2025-12-31 |
| 日本生命保険相互会社 (常任代理人 日本マスタートラスト信託銀行株式会社) | Major shareholder | 1.0% | 2025-12-31 |
| 明治安田生命保険相互会社 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 0.8% | 2025-12-31 |
| The Bank Of New York Mellon 140042 (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥1.77T, up +8.3% from ¥1.64T.
- Operating income rose +38.1% to ¥257.1B, and net income attributable to owners rose +42.8% to ¥179.8B, both well ahead of sales growth.
- Operating cash flow also grew, by +12.0% to ¥187.5B.

### Drivers

- AOC, acquired in March 2025, added its results for most of the year and lifted revenue
- Raw material and SG&A costs fell as a share of sales, and the company booked a gain from selling assets at its Tokyo site
- Partly offsetting this, weak European markets led to a goodwill impairment at Cromology, part of DuluxGroup

### Risks

- Asia, and China in particular, is a large share of sales, so a weaker Chinese economy or property market could hurt results
- About half of raw materials come from petrochemicals, and the company may not always pass higher oil and naphtha costs on to customers
- Acquisitions have left large goodwill and borrowings, so impairments or higher interest rates could weigh on earnings

Cited: Annual securities report, FY ending Dec 2025 (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, FY ending Dec 2025 (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第200期(2025/01/01－2025/12/31) | S100XU2S | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU2S,, |
| 有価証券報告書－第199期(2024/01/01－2024/12/31) | S100VGVI | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGVI,, |
| 有価証券報告書－第198期(2023/01/01－2023/12/31) | S100T58G | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T58G,, |
| 有価証券報告書－第197期(2022/01/01－2022/12/31) | S100QGT0 | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGT0,, |
| 有価証券報告書－第196期(令和3年1月1日－令和3年12月31日) | S100NSDQ | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSDQ,, |
| 訂正有価証券報告書－第195期(令和2年1月1日－令和2年12月31日) | S100L5A1 | 2021-04-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L5A1,, |

## 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).