# NIPPON SANSO HOLDINGS CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YB9P)
> Page: https://vizora.meequs.com/en/company/nippon-sanso-holdings
> Retrieved: 2026-09-30T19:15:10.173Z

## Company

Nippon Sanso Holdings, founded in 1910, is a company in Chemicals listed on TSE Prime. It has 20,411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON SANSO HOLDINGS CORPORATION |
| Ticker | 4091 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4091.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区小山一丁目3番26号 |
| Representative (per filing) | 代表取締役社長 濱田 敏彦 |
| Founded | Oct 1910 |
| Share capital | ¥37.3B |
| Employees (consolidated) | 20,411 |
| Average salary (parent only) | ¥10.6M |
| Fiscal year end | March |
| Website | jp.nipponsanso.com (https://jp.nipponsanso.com/) |
| Corporate number | 7010701015826 |
| EDINET | E00783 |
| Industries (Vizora) | Chemicals, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YB9P, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 96.4 | 96 |
| Profitability | 90.5 | 100 |
| Cash conversion | 43.2 | 96 |
| Efficiency | 13.5 | 100 |

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 30% of Nippon Sanso Holdings's sales come from Japan, with the United States and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +3.9% from the prior year, operating profit +19.3%.

## Company structure

- Segment revenue mix: Japan 29.9%、the United States 26.5%、Europe 25.8%、Asia and Oceania 15.3%、Thermos 2.4%
- Revenue → net income: ¥1359611000000 → ¥127882000000
- Net income → operating cash flow: ¥127882000000 → ¥272594000000（difference ¥144712000000）
- Main uses of operating cash flow: CapEx ¥109154000000 / dividends ¥24242000000 / buybacks —
- Change in cash: ¥20637000000
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 | ¥1.36T |  |
| Operating income | ¥197.9B | Margin 14.6% |
| Net income | ¥123.9B | Margin 9.1% |
| Free cash flow | ¥163.4B |  |
| Largest business | Japan | of segment revenue 29.9% |
| Employees (consolidated) | 20,411 |  |
| EPS | ¥286.22 |  |
| Book value per share | ¥601.07 |  |
| Equity ratio | 44.0% | Derived from disclosed figures |
| Shares outstanding | 433,092,000 |  |
| Treasury shares | 754,500 |  |
| Shareholders | 12,548 |  |
| Average salary (parent only) | ¥10.6M | Filing company only |
| Cash ratio | 6.0% | Cash ÷ revenue 12.2% |
| Vs. industry median margin | +7 pp | Chemicals |
| ROE | 11.3% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥818238000000 | ¥1359611000000 | +66.2% |
| Operating income | ¥88846000000 | ¥197882000000 | +122.7% |
| Operating margin | 10.9% | 14.6% | +3.7 pp |
| Employees | 19,357 people | 20,411 people | +5.4% |
| Cash and equivalents | ¥91058000000 | ¥165348000000 | +81.6% |

### 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 |
| --- | ---: |
| 日本ガス事業 → 事業再編・廃止 | 41.8% |
| 米国ガス事業 → 事業再編・廃止 | 23.2% |
| 欧州ガス事業 → 事業再編・廃止 | 19.6% |
| アジア・オセアニアガス事業 → 事業再編・廃止 | 12.5% |
| サーモス事業 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 日本 | 29.9% |
| 新設・再編 → 米国 | 26.5% |
| 新設・再編 → 欧州 | 25.8% |
| 新設・再編 → アジア・オセアニア | 15.3% |
| 新設・再編 → サーモス | 2.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 4 years | +2.2% | ¥406296000000 | 13.3% | 2 |
| the United States | 4 years | +12.5% | ¥360557000000 | 14.7% | 2 |
| Europe | 4 years | +13.7% | ¥350978000000 | 20.1% | 2 |
| Asia and Oceania | 4 years | +14.0% | ¥208452000000 | 9.5% | 2 |
| Thermos | 4 years | +5.5% | ¥33263000000 | 19.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,359,611 | 100.0% | S100YB9P |
| Cost of revenue | 777,192 | 57.2% | S100YB9P |
| Gross profit | 582,419 | 42.8% | S100YB9P |
| SG&A | 385,343 | 28.3% | S100YB9P |
| Operating income | 197,882 | 14.6% | S100YB9P |
| Pretax income | 176,786 | 13.0% | S100YB9P |
| Income tax | 48,904 | 3.6% | S100YB9P |
| Net income | 127,882 | 9.4% | S100YB9P |
| Net income attributable to owners | 123,891 | 9.1% | S100YB9P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 28 |
| Operating income | 15 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 42.8% → Operating margin 14.6% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.9%; Core profit growth: +19.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.89×
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 | 1,308,024 | 1,359,611 | 51,587 | +3.9% |
| Gross profit | 545,442 | 582,419 | 36,977 | +6.8% |
| Operating income | 165,906 | 197,882 | 31,976 | +19.3% |
| Net income attributable to owners | 98,779 | 123,891 | 25,112 | +25.4% |
| Operating cash flow | 235,147 | 272,594 | 37,447 | +15.9% |
| Free cash flow | 88,322 | 163,440 | 75,118 | +85.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 581,586 | — | — | 34,740 | 74,596 | — | S100LKCI |
| FY ending Mar 2018 | 646,218 | — | — | 48,919 | 83,199 | — | S100OACJ |
| FY ending Mar 2019 | 740,341 | — | — | 41,291 | 98,685 | — | S100R018 |
| FY ending Mar 2020 | 850,239 | 93,921 | 11.0% | 53,340 | 150,084 | 77,274 | S100LKCI |
| FY ending Mar 2021 | 818,238 | 88,846 | 10.9% | 55,214 | 149,231 | 89,156 | S100OACJ |
| FY ending Mar 2022 | 957,169 | 101,183 | 10.6% | 64,103 | 148,760 | 74,282 | S100R018 |
| FY ending Mar 2023 | 1,186,683 | 119,524 | 10.1% | 73,080 | 187,959 | 96,134 | S100TN9T |
| FY ending Mar 2024 | 1,255,081 | 172,041 | 13.7% | 105,901 | 215,980 | 97,634 | S100VXDZ |
| FY ending Mar 2025 | 1,308,024 | 165,906 | 12.7% | 98,779 | 235,147 | 88,322 | S100YB9P |
| FY ending Mar 2026 | 1,359,611 | 197,882 | 14.6% | 123,891 | 272,594 | 163,440 | S100YB9P |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.6M |
| Operating income per employee (consolidated) | ¥9.7M |
| Net income per employee (consolidated) | ¥6.1M |

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) | 19,398 | 19,579 | 19,533 | 19,754 | 20,411 |
| Average salary (parent company) | ¥9.9M | ¥9.8M | ¥9.8M | ¥10.3M | ¥10.6M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 17.0 years | 17.0 years | 17.0 years | 16.0 years | 16.0 years |

Year over year: Employees (consolidated) +3.3% · Revenue (consolidated) +3.9%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 406,296 | 29.9% | 54,182 | 13.3% |
| the United States | 360,557 | 26.5% | 52,914 | 14.7% |
| Europe | 350,978 | 25.8% | 70,426 | 20.1% |
| Asia and Oceania | 208,452 | 15.3% | 19,746 | 9.5% |
| Thermos | 33,263 | 2.4% | 6,511 | 19.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 29.9% | 26.6% | -3.3 | 13.3% |
| the United States | 26.5% | 26.0% | -0.6 | 14.7% |
| Europe | 25.8% | 34.6% | 8.7 | 20.1% |
| Asia and Oceania | 15.3% | 9.7% | -5.6 | 9.5% |
| Thermos | 2.4% | 3.2% | 0.7 | 19.6% |

Segment → industry: Asia and Oceania → Chemicals / Europe → Chemicals / the United States → Chemicals / Japan → Chemicals / Thermos → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 272,594 | 20.0% | S100YB9P |
| Capital expenditure | 109,154 | 8.0% | S100YB9P |
| Free cash flow | 163,440 | 12.0% | 算出 |
| Investing cash flow | -202,776 | -14.9% | S100YB9P |
| Financing cash flow | -59,230 | -4.4% | S100YB9P |
| Dividends paid | 24,242 | 1.8% | S100YB9P |
| Change in cash | 20,637 | 1.5% | S100YB9P |
| Cash and equivalents | 165,348 | 12.2% | S100YB9P |

## 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 | 93,697 | 132,217 | 126,100 | 144,528 | 165,348 | S100TN9T, S100VXDZ, S100YB9P |
| Total assets | 1,977,026 | 2,158,950 | 2,409,083 | 2,418,197 | 2,767,679 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Net assets | 661,137 | 757,996 | 946,112 | 1,020,930 | 1,260,671 | S100TN9T, S100VXDZ, S100YB9P |
| Share capital | 37,344 | 37,344 | 37,344 | 37,344 | 37,344 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Property, plant and equipment | 729,658 | 776,148 | 877,400 | 899,306 | 1,041,801 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Goodwill | 485,190 | 513,685 | 575,809 | 575,289 | 684,970 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Current assets | 422,493 | 527,074 | 568,201 | 565,776 | 623,304 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Total liabilities | 1,315,888 | 1,400,953 | 1,462,970 | 1,397,267 | 1,507,007 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Equity attributable to owners of parent | 628,714 | 724,314 | 914,481 | 980,451 | 1,217,357 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Retained earnings | 476,589 | 537,867 | 627,544 | 709,068 | 817,744 | S100R018, S100TN9T, S100VXDZ, S100YB9P |
| Treasury stock | -281 | -233 | -242 | -260 | -270 | S100R018, S100TN9T, S100VXDZ, S100YB9P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YB9P |
| Property, plant and equipment | 38% | S100YB9P |
| Intangibles and goodwill | 25% | — |
| Other assets | 31% | S100YB9P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YB9P |
| Equity | 46% | S100YB9P |
| Other liabilities | 0% | S100YB9P |

### 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 | 1,977,026 | 2,158,950 | 2,409,083 | 2,418,197 | 2,767,679 |
| Equity | 661,137 | 757,996 | 946,112 | 1,020,930 | 1,260,671 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 93,697 | 132,217 | 126,100 | 144,528 | 165,348 |

## 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) | 76.6% | S100YB9P |
| Fixed assets ÷ total assets | 37.6% | S100YB9P |
| Goodwill ÷ parent equity | 56.3% | S100YB9P |

Goodwill over 4 years: 485,190 → 684,970 JPY; total investing cash flow: -639,287 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) | 6.0% |
| Cash ÷ revenue | 12.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 137.8% |
| Cash vs. profit gap | 148,703 JPY mn (of net income 120.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.6% |
| Shareholder payments — dividends / FCF | 14.8% |
| CapEx intensity (capex ÷ revenue) | 8.0% |
| Investing CF relative to operating CF | 74.4% |

## 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 | 6.7% | 0.48× | 3.2% | 3.14× | 10.2% | S100R018 |
| 2023 | 6.2% | 0.57× | 3.5% | 3.06× | 10.8% | S100TN9T |
| 2024 | 8.4% | 0.55× | 4.6% | 2.79× | 12.9% | S100VXDZ |
| 2025 | 7.6% | 0.54× | 4.1% | 2.55× | 10.4% | S100YB9P |
| 2026 | 9.1% | 0.52× | 4.8% | 2.36× | 11.3% | S100YB9P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱ケミカルグループ㈱ | Major shareholder | 50.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| 大陽日酸取引先持株会 | Major shareholder | 3.5% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険(相) | Major shareholder | 2.1% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.0% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 1.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.36T, up +3.9% from ¥1.31T.
- Profit grew much faster: operating income rose +19.3% from ¥165.9B to ¥197.9B, and net income +25.4% from ¥98.8B to ¥123.9B.
- Operating cash flow increased +15.9% to ¥272.6B, and free cash flow jumped +85.1% to ¥163.4B.

### Drivers

- Gas volumes fell across the group, but price increases that passed on higher costs and regional productivity programs lifted profit.
- One-off losses such as business exit costs, which were heavy the year before, shrank, so operating income grew faster than underlying profit.
- In Asia and Oceania, acquired businesses (an Australian LPG distributor and an industrial gas business in Oceania) added sales and profit. The US segment, by contrast, earned less due to higher costs and lower volumes.

### Risks

- Electricity is a large part of the cost of making oxygen, nitrogen and argon; if cost increases can't be fully passed on, earnings suffer.
- Specialty gases for chipmaking and helium depend on global supply chains, and geopolitics or export controls could disrupt supply.
- If key customers in steel, chemicals or semiconductors cut output, plant utilization could drop and lead to impairment losses.

Cited: Annual Securities Report, 22nd term (Apr 2025 - Mar 2026) (Management's Analysis of Financial Position, Operating Results and Cash Flows); Annual Securities Report, 22nd term (Apr 2025 - Mar 2026) (Business Risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YB9P | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB9P,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100VXDZ | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXDZ,, |
| 有価証券報告書－第20期(2023/04/01－2024/03/31) | S100TN9T | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TN9T,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100R018 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R018,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100OACJ | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OACJ,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LKCI | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKCI,, |

## 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).