# NIPPON PRIMEX INC.: 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48期(2025/04/01－2026/03/31) (S100YEGQ)
> Page: https://vizora.meequs.com/en/company/nippon-primex
> Retrieved: 2026-09-30T22:07:00.557Z

## Company

Nippon Primex, founded in 1979, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 100 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON PRIMEX INC. |
| Ticker | 2795 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2795.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区鵜の木一丁目5番12号 |
| Representative (per filing) | 代表取締役会長兼社長 中川善司 |
| Founded | Apr 1979 |
| Share capital | ¥394M |
| Employees (consolidated) | 100 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | primex.co.jp (https://primex.co.jp/) |
| Corporate number | 1010801009097 |
| EDINET | E02964 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YEGQ, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.5 | 179 |
| Profitability | 88.4 | 185 |
| Cash conversion | 32.1 | 179 |
| Efficiency | 5.1 | 185 |

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 Primex brought in ¥7.04B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.7% from the prior year, operating profit -11.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥7043594000 → ¥450126000
- Net income → operating cash flow: ¥450126000 → ¥356408000（difference ¥-93718000）
- Main uses of operating cash flow: CapEx ¥24921000 / dividends ¥133501000 / buybacks ¥81000000
- Change in cash: ¥280462000
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 | ¥7.04B |  |
| Operating income | ¥485.9M | Margin 6.9% |
| Net income | ¥450.1M | Margin 6.4% |
| Free cash flow | ¥331.5M |  |
| Employees (consolidated) | 100 |  |
| EPS | ¥81.12 |  |
| Book value per share | ¥1557 |  |
| Equity ratio | 77.1% |  |
| Shares outstanding | 5,523,592 |  |
| Treasury shares | 380,800 |  |
| Shareholders | 1,050 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 26.1% |
| Vs. industry median margin | +4 pp | Specialty Trading & Wholesale |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5188021000 | ¥7043594000 | +35.8% |
| Operating income | ¥313708000 | ¥485864000 | +54.9% |
| Operating margin | 6.0% | 6.9% | +0.9 pp |
| Employees | 99 people | 100 people | +1.0% |
| Cash and equivalents | ¥1962328000 | ¥1839827000 | -6.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,044 | 100.0% | S100YEGQ |
| Cost of revenue | 5,283 | 75.0% | S100YEGQ |
| Gross profit | 1,760 | 25.0% | S100YEGQ |
| SG&A | 1,274 | 18.1% | S100YEGQ |
| Operating income | 486 | 6.9% | S100YEGQ |
| Ordinary income | 673 | 9.6% | S100YEGQ |
| Pretax income | 673 | 9.6% | S100YEGQ |
| Income tax | 223 | 3.2% | S100YEGQ |
| Net income | 450 | 6.4% | S100YEGQ |
| Net income attributable to owners | 450 | 6.4% | S100YEGQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 18 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 25.0% → Operating margin 6.9% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.7%; Core profit growth: -11.6%
Operating leverage (core profit growth ÷ revenue growth): 16.39×
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 | 7,094 | 7,044 | -50 | -0.7% |
| Gross profit | 1,822 | 1,760 | -62 | -3.4% |
| Operating income | 550 | 486 | -64 | -11.6% |
| Net income attributable to owners | 409 | 450 | 41 | +10.1% |
| Operating cash flow | 403 | 356 | -46 | -11.5% |
| Free cash flow | 376 | 331 | -45 | -11.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 6,639 | 569 | 8.6% | 373 | 469 | 420 | S100MVL0 |
| FY ending Mar 2021 | 5,188 | 314 | 6.0% | 239 | 294 | 280 | S100OINR |
| FY ending Mar 2022 | 5,877 | 473 | 8.0% | 417 | 256 | 214 | S100R4GR |
| FY ending Mar 2023 | 6,172 | 523 | 8.5% | 397 | 308 | 290 | S100TQXN |
| FY ending Mar 2024 | 6,940 | 577 | 8.3% | 504 | 547 | 376 | S100VZEU |
| FY ending Mar 2025 | 7,094 | 550 | 7.8% | 409 | 403 | 376 | S100YEGQ |
| FY ending Mar 2026 | 7,044 | 486 | 6.9% | 450 | 356 | 331 | S100YEGQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.4M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 98 | 98 | 103 | 101 | 100 |
| Average salary (parent company) | ¥6.2M | ¥6.6M | ¥6.6M | ¥7M | ¥7.3M |
| Average age (parent company) | 46.0 years | 47.5 years | 47.1 years | 48.1 years | 48.2 years |
| Average tenure (parent company) | 14.7 years | 16.4 years | 16.0 years | 17.1 years | 17.4 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -0.7%

## 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 | 356 | 5.1% | S100YEGQ |
| Capital expenditure | 25 | 0.4% | S100YEGQ |
| Free cash flow | 331 | 4.7% | 算出 |
| Investing cash flow | 96 | 1.4% | S100YEGQ |
| Financing cash flow | -265 | -3.8% | S100YEGQ |
| Dividends paid | 134 | 1.9% | S100YEGQ |
| Share buyback | 81 | 1.1% | S100YEGQ |
| Change in cash | 280 | 4.0% | S100YEGQ |
| Cash and equivalents | 1,840 | 26.1% | S100YEGQ |

## 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 | 2,447 | 1,035 | 1,561 | 1,559 | 1,840 | S100TQXN, S100VZEU, S100YEGQ |
| Total assets | 8,703 | 9,184 | 10,121 | 10,368 | 10,836 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Net assets | 6,493 | 6,870 | 7,520 | 7,886 | 8,359 | S100TQXN, S100VZEU, S100YEGQ |
| Share capital | 394 | 394 | 394 | 394 | 394 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Property, plant and equipment | 1,329 | 1,292 | 1,355 | 1,410 | 1,387 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Intangible assets excluding goodwill | 22 | 27 | 39 | 37 | 25 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Investment securities | 613 | 701 | 1,058 | 1,284 | 1,630 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Current assets | 6,628 | 7,055 | 7,618 | 7,576 | 7,730 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Current liabilities | 1,790 | 1,861 | 2,069 | 1,827 | 1,708 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Trade payables | 1,069 | 547 | 534 | 618 | 671 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Total liabilities | 2,210 | 2,314 | 2,601 | 2,482 | 2,476 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Equity attributable to owners of parent | 6,509 | 6,800 | 7,200 | 7,477 | 7,714 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Retained earnings | 5,991 | 6,282 | 6,681 | 6,959 | 7,277 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |
| Treasury stock | -159 | -159 | -159 | -159 | -240 | S100R4GR, S100TQXN, S100VZEU, S100YEGQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YEGQ |
| Property, plant and equipment | 13% | S100YEGQ |
| Intangibles and goodwill | 0% | S100YEGQ |
| Investment securities | 15% | S100YEGQ |
| Other assets | 55% | S100YEGQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEGQ |
| Other liabilities | 17% | S100YEGQ |
| Equity | 77% | S100YEGQ |
| Other liabilities | 0% | S100YEGQ |

### 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 | 8,703 | 9,184 | 10,121 | 10,368 | 10,836 |
| Equity | 6,493 | 6,870 | 7,520 | 7,886 | 8,359 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,447 | 1,035 | 1,561 | 1,559 | 1,840 |

## 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) | 19.7% | S100YEGQ |
| Fixed assets ÷ total assets | 12.8% | S100YEGQ |
| Goodwill ÷ parent equity | — | —, S100YEGQ |

### 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) | 17.0% |
| Cash ÷ revenue | 26.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.4% |
| Cash vs. profit gap | -94 JPY mn (of net income -20.8%) |
| Shareholder returns / net income | 47.7% |
| Shareholder returns / FCF | 64.7% |
| Shareholder payments — dividends / net income | 29.7% |
| Shareholder payments — dividends / FCF | 40.3% |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | 27.0% |

## 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 | 7.1% | 0.68× | 4.8% | 1.34× | 6.4% | S100R4GR |
| 2023 | 6.4% | 0.69× | 4.4% | 1.34× | 6.0% | S100TQXN |
| 2024 | 7.3% | 0.72× | 5.2% | 1.38× | 7.2% | S100VZEU |
| 2025 | 5.8% | 0.69× | 4.0% | 1.40× | 5.6% | S100YEGQ |
| 2026 | 6.4% | 0.66× | 4.2% | 1.40× | 5.9% | S100YEGQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中川 善司 | Major shareholder | 34.1% | 2026-03-31 |
| 中川 悦子 | Major shareholder | 17.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.6% | 2026-03-31 |
| 雪谷商事株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 中川 優 | Major shareholder | 4.3% | 2026-03-31 |
| 中川 亮 | Major shareholder | 4.3% | 2026-03-31 |
| 上原 幸 | Major shareholder | 3.2% | 2026-03-31 |
| 日本プリメックス従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| ＵＨＰａｒｔｎｅｒｓ２投資事業有限責任組合 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YEGQ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEGQ,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100VZEU | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZEU,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TQXN | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQXN,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R4GR | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4GR,, |
| 訂正有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100OINR | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OINR,, |
| 訂正有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100MVL0 | 2021-11-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MVL0,, |

## 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).