# Nippon Pigment Holdings Company Limited: 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90期(2025/04/01－2026/03/31) (S100YGDM)
> Page: https://vizora.meequs.com/en/company/nippon-pigment-holdings
> Retrieved: 2026-09-30T17:59:33.011Z

## Company

Nippon Pigment Holdings, founded in 2024, is a company in Chemicals listed on TSE Standard. It has 1,072 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Pigment Holdings Company Limited |
| Ticker | 4119 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4119.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田錦町三丁目20番地 (上記は登記上の本店所在地であり、実際の業務は下記「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 田代喜一 |
| Founded | Apr 2024 |
| Share capital | ¥1.48B |
| Employees (consolidated) | 1,072 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.pigment-hd.co.jp (https://www.pigment-hd.co.jp/) |
| Corporate number | 4010001008839 |
| EDINET | E00899 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100YGDM, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63 | 23 |
| Profitability | 19.6 | 23 |
| Cash conversion | 88.6 | 22 |
| Efficiency | 84.8 | 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 62% of Nippon Pigment Holdings's sales come from Japan, with Southeast Asia and China making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +11.3% from the prior year, operating profit +754.8%.

## Company structure

- Segment revenue mix: Japan 62.1%、Southeast Asia 29.3%、China 8.6%
- Revenue → net income: ¥42224582000 → ¥1229926000
- Net income → operating cash flow: ¥1229926000 → ¥4712967000（difference ¥3483041000）
- Main uses of operating cash flow: CapEx ¥993033000 / dividends ¥156958000 / buybacks ¥286000
- Change in cash: ¥2049975000
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 | ¥42.2B |  |
| Operating income | ¥1.51B | Margin 3.6% |
| Net income | ¥1.16B | Margin 2.7% |
| Free cash flow | ¥3.72B |  |
| Largest business | Japan | of segment revenue 62.1% |
| Employees (consolidated) | 1,072 |  |
| EPS | ¥122.64 |  |
| Book value per share | ¥8472.89 |  |
| Equity ratio | 49.2% |  |
| Shares outstanding | 1,575,899 |  |
| Treasury shares | 6,300 |  |
| Shareholders | 1,227 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 13.0% | Cash ÷ revenue 14.0% |
| Vs. industry median margin | -4 pp | Chemicals |
| ROE | 6.4% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 755%
- FY2026, operating cash flow is 4.1× net income
- FY2026, one segment accounts for 80% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30117012000 | ¥42224582000 | +40.2% |
| Operating income | ¥264064000 | ¥1509301000 | +471.6% |
| Operating margin | 0.9% | 3.6% | +2.7 pp |
| Employees | 926 people | 1,072 people | +15.8% |
| Cash and equivalents | ¥5411110000 | ¥5909716000 | +9.2% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 62.1% |
| 日本 → 事業再編・廃止 | 10.7% |
| 東南アジア → 東南アジア | 25.6% |
| その他 → 事業再編・廃止 | 1.6% |
| 新設・再編 → 東南アジア | 3.7% |
| 新設・再編 → 中国 | 8.6% |

Segment revenue source references: 6 (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 | 5 years | +3.6% | ¥26224086000 | 4.6% | 2 |
| Southeast Asia | 5 years | +9.9% | ¥12361471000 | 1.3% | 2 |
| China | 3 years | +85.9% | ¥3639023000 | 3.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,225 | 100.0% | S100YGDM |
| Cost of revenue | 35,137 | 83.2% | S100YGDM |
| Gross profit | 7,088 | 16.8% | S100YGDM |
| SG&A | 5,579 | 13.2% | S100YGDM |
| Operating income | 1,509 | 3.6% | S100YGDM |
| Ordinary income | 1,797 | 4.3% | S100YGDM |
| Pretax income | 1,493 | 3.5% | S100YGDM |
| Income tax | 264 | 0.6% | S100YGDM |
| Net income | 1,230 | 2.9% | S100YGDM |
| Net income attributable to owners | 1,159 | 2.7% | S100YGDM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.8% → Operating margin 3.6% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.3%; Core profit growth: +754.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 66.51×
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 | 37,921 | 42,225 | 4,303 | +11.3% |
| Gross profit | 5,474 | 7,088 | 1,614 | +29.5% |
| Operating income | 177 | 1,509 | 1,333 | +754.8% |
| Net income attributable to owners | 5,026 | 1,159 | -3,867 | -76.9% |
| Operating cash flow | -414 | 4,713 | 5,127 | — |
| Free cash flow | -1,375 | 3,720 | 5,095 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 38,407 | 462 | 1.2% | 185 | 2,153 | 391 | S100NEUH |
| FY ending Mar 2021 | 30,117 | 264 | 0.9% | -117 | 1,762 | 872 | S100OFOI |
| FY ending Mar 2022 | 27,567 | 1,285 | 4.7% | 886 | 1,287 | 824 | S100R5UP |
| FY ending Mar 2023 | 27,464 | -59 | -0.2% | -520 | 993 | -20 | S100TS1B |
| FY ending Mar 2024 | 26,683 | 426 | 1.6% | 741 | 1,523 | 890 | S100W7GL |
| FY ending Mar 2025 | 37,921 | 177 | 0.5% | 5,026 | -414 | -1,375 | S100YGDM |
| FY ending Mar 2026 | 42,225 | 1,509 | 3.6% | 1,159 | 4,713 | 3,720 | S100YGDM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.4M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 878 | 813 | 808 | 1,104 | 1,072 |
| Average salary (parent company) | ¥6.2M | ¥6M | ¥6M | ¥6M | ¥7.1M |
| Average age (parent company) | 40.5 years | 40.2 years | 40.3 years | 47.9 years | 48.2 years |
| Average tenure (parent company) | 14.7 years | 14.4 years | 14.4 years | 20.6 years | 21.7 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) +11.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26,224 | 62.1% | 1,204 | 4.6% |
| Southeast Asia | 12,361 | 29.3% | 162 | 1.3% |
| China | 3,639 | 8.6% | 144 | 3.9% |

### 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 | 62.1% | 79.8% | 17.7 | 4.6% |
| Southeast Asia | 29.3% | 10.7% | -18.6 | 1.3% |
| China | 8.6% | 9.5% | 0.9 | 3.9% |

Segment → industry: China → Chemicals / Southeast Asia → Chemicals / Japan → Chemicals / China → Paints & Inks / Southeast Asia → Paints & Inks / Japan → Paints & Inks

## 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 | 4,713 | 11.2% | S100YGDM |
| Capital expenditure | 993 | 2.4% | S100YGDM |
| Free cash flow | 3,720 | 8.8% | 算出 |
| Investing cash flow | -1,032 | -2.4% | S100YGDM |
| Financing cash flow | -1,746 | -4.1% | S100YGDM |
| Dividends paid | 157 | 0.4% | S100YGDM |
| Share buyback | 0 | 0.0% | S100YGDM |
| Change in cash | 2,050 | 4.9% | S100YGDM |
| Cash and equivalents | 5,910 | 14.0% | S100YGDM |

## 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 | 4,689 | 2,345 | 3,221 | 3,841 | 5,910 | S100TS1B, S100W7GL, S100YGDM |
| Total assets | 32,771 | 29,081 | 29,626 | 44,406 | 45,494 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Net assets | 14,981 | 15,191 | 15,698 | 21,581 | 24,230 | S100TS1B, S100W7GL, S100YGDM |
| Share capital | 1,481 | 1,481 | 1,481 | 1,481 | 1,481 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Trade receivables | 6,834 | 6,840 | 6,754 | 11,609 | 9,365 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Property, plant and equipment | 9,204 | 7,629 | 7,042 | 8,295 | 8,078 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Intangible assets excluding goodwill | 201 | 148 | 116 | 106 | 85 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Investment securities | 4,814 | 5,094 | 5,147 | 9,070 | 10,672 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Current assets | 17,471 | 15,049 | 15,996 | 25,205 | 24,671 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Current liabilities | 12,970 | 9,895 | 10,138 | 15,569 | 14,123 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Trade payables | 5,938 | 6,163 | 6,273 | 9,586 | 9,772 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Short-term borrowings | 5,380 | 2,626 | 2,321 | 3,564 | 2,442 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Long-term borrowings | 2,968 | 2,807 | 2,496 | 3,073 | 2,686 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Total liabilities | 17,790 | 13,890 | 13,928 | 22,825 | 21,264 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Non-controlling interests | 996 | 1,038 | 1,200 | 1,806 | 1,841 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Equity attributable to owners of parent | 12,840 | 12,163 | 12,746 | 17,615 | 18,617 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Retained earnings | 10,343 | 9,667 | 10,250 | 15,119 | 16,121 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |
| Treasury stock | -18 | -19 | -19 | -19 | -19 | S100R5UP, S100TS1B, S100W7GL, S100YGDM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YGDM |
| Receivables | 21% | S100YGDM |
| Property, plant and equipment | 18% | S100YGDM |
| Intangibles and goodwill | 0% | S100YGDM |
| Investment securities | 23% | S100YGDM |
| Other assets | 25% | S100YGDM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 22% | S100YGDM |
| Other liabilities | 25% | S100YGDM |
| Equity | 53% | S100YGDM |
| Other liabilities | 0% | S100YGDM |

### 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 | 32,771 | 29,081 | 29,626 | 44,406 | 45,494 |
| Equity | 14,981 | 15,191 | 15,698 | 21,581 | 24,230 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,689 | 2,345 | 3,221 | 3,841 | 5,910 |

## 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) | 19.1% | S100YGDM |
| Fixed assets ÷ total assets | 17.8% | S100YGDM |
| Goodwill ÷ parent equity | — | —, S100YGDM |

### 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) | 13.0% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 312.3% |
| Cash vs. profit gap | 3,554 JPY mn (of net income 306.6%) |
| Shareholder returns / net income | 13.6% |
| Shareholder returns / FCF | 4.2% |
| Shareholder payments — dividends / net income | 13.5% |
| Shareholder payments — dividends / FCF | 4.2% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 21.9% |

## 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 | 3.2% | 0.84× | 2.7% | 2.55× | 6.9% | S100R5UP |
| 2023 | — | —× | -1.7% | —× | — | S100TS1B |
| 2024 | 2.8% | 0.91× | 2.5% | 2.36× | 5.9% | S100W7GL |
| 2025 | 13.3% | 1.02× | 13.6% | 2.44× | 33.1% | S100YGDM |
| 2026 | 2.7% | 0.94× | 2.6% | 2.48× | 6.4% | S100YGDM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本ピグメント取引先持株会 | Major shareholder | 12.7% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社十六銀行 | Major shareholder | 4.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 2.9% | 2026-03-31 |
| Ｆｕｔｕ Ｓｅｃｕｒｉｔｉｅｓ Ｉｎｔｅｒｎａｔｉｏｎａｌ （Ｈｏｎｇ Ｋｏｎｇ） Ｌｉｍｉｔｅｄ （ｍｏｏｍｏｏ証券株式会社） | Major shareholder | 2.2% | 2026-03-31 |
| 千葉 鴻儀 | Major shareholder | 2.1% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 田中 洋二 | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YGDM | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGDM,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100W7GL | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7GL,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TS1B | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS1B,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R5UP | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5UP,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OFOI | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFOI,, |
| 訂正有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100NEUH | 2022-02-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NEUH,, |

## 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).