# NIPPON SEIRO CO., LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第99期(2025/01/01－2025/12/31) (S100XTUB)
> Page: https://vizora.meequs.com/en/company/nippon-seiro
> Retrieved: 2026-09-30T19:50:46.200Z

## Company

Nippon Seiro, founded in 1975, is a company in Oil Refining & Fuels listed on TSE Standard. It has 272 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON SEIRO CO., LTD. |
| Ticker | 5010 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5010.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋二丁目5番18号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 瀧本 丈平 |
| Founded | Oct 1975 |
| Share capital | ¥100M |
| Employees (consolidated) | 272 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | December |
| Corporate number | 4010001034983 |
| EDINET | E01005 |
| Industries (Vizora) | Oil Refining & Fuels |

> Profile source: annual securities report (S100XTUB, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Oil Refining & Fuels (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.6 | 11 |
| Profitability | 88.5 | 13 |
| Cash conversion | 95.5 | 11 |
| Efficiency | 11.5 | 13 |

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 Seiro brought in ¥19.8B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -10.3% from the prior year, operating profit -47.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥19776000000 → ¥697000000
- Net income → operating cash flow: ¥697000000 → ¥3686000000（difference ¥2989000000）
- Main uses of operating cash flow: CapEx ¥500000000 / dividends ¥0 / buybacks —
- Change in cash: ¥431000000
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 | ¥19.8B |  |
| Operating income | ¥1.17B | Margin 5.9% |
| Net income | ¥697M | Margin 3.5% |
| Free cash flow | ¥3.19B |  |
| Employees (consolidated) | 272 |  |
| EPS | ¥28.75 |  |
| Diluted EPS | ¥24.04 |  |
| Book value per share | ¥244.55 |  |
| Equity ratio | 23.4% |  |
| Shares outstanding | 22,400,000 |  |
| Treasury shares | 2,650,700 |  |
| Shareholders | 3,394 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | +3.6 pp | Oil Refining & Fuels |
| ROE | 202.0% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 5.3× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22234000000 | ¥19776000000 | -11.1% |
| Operating income | ¥-2079000000 | ¥1173000000 | — |
| Operating margin | -9.4% | 5.9% | +15.3 pp |
| Employees | 306 people | 272 people | -11.1% |
| Cash and equivalents | ¥1401000000 | ¥2728000000 | +94.7% |

### 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.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 19,776 | 100.0% | S100XTUB |
| Cost of revenue | 16,226 | 82.0% | S100XTUB |
| Gross profit | 3,550 | 18.0% | S100XTUB |
| SG&A | 2,377 | 12.0% | S100XTUB |
| Operating income | 1,173 | 5.9% | S100XTUB |
| Ordinary income | 680 | 3.4% | S100XTUB |
| Pretax income | 620 | 3.1% | S100XTUB |
| Income tax | -77 | -0.4% | S100XTUB |
| Net income | 697 | 3.5% | S100XTUB |
| Net income attributable to owners | 697 | 3.5% | S100XTUB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 12 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 18.0% → Operating margin 5.9% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -10.3%; Core profit growth: -47.8%
Operating leverage (core profit growth ÷ revenue growth): 4.64×
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 | 22,045 | 19,776 | -2,269 | -10.3% |
| Gross profit | 4,575 | 3,550 | -1,025 | -22.4% |
| Operating income | 2,245 | 1,173 | -1,072 | -47.8% |
| Net income attributable to owners | 1,776 | 697 | -1,079 | -60.8% |
| Operating cash flow | 2,943 | 3,686 | 743 | +25.2% |
| Free cash flow | 2,792 | 3,186 | 394 | +14.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 27,265 | -655 | -2.4% | -848 | 1,477 | 345 | S100L19X |
| FY ending Dec 2020 | 22,234 | -2,079 | -9.4% | -2,878 | -2,367 | -3,775 | S100NQ6K |
| FY ending Dec 2021 | 27,918 | 587 | 2.1% | 444 | 666 | -29 | S100RMTL |
| FY ending Dec 2022 | 38,457 | -2,043 | -5.3% | -2,368 | -1,625 | -1,979 | S100T5FU |
| FY ending Dec 2023 | 21,704 | -552 | -2.5% | -1,221 | 1,410 | 471 | S100VIKL |
| FY ending Dec 2024 | 22,045 | 2,245 | 10.2% | 1,776 | 2,943 | 2,792 | S100XTUB |
| FY ending Dec 2025 | 19,776 | 1,173 | 5.9% | 697 | 3,686 | 3,186 | S100XTUB |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.7M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 291 | 295 | 270 | 268 | 272 |
| Average salary (parent company) | ¥5.9M | ¥6M | ¥5.7M | ¥6.2M | ¥6.7M |
| Average age (parent company) | 40.0 years | 40.0 years | 41.0 years | 42.0 years | 43.0 years |
| Average tenure (parent company) | 17.0 years | 16.0 years | 17.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) -10.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,686 | 18.6% | S100XTUB |
| Capital expenditure | 500 | 2.5% | S100XTUB |
| Free cash flow | 3,186 | 16.1% | 算出 |
| Investing cash flow | -596 | -3.0% | S100XTUB |
| Financing cash flow | -2,729 | -13.8% | S100XTUB |
| Dividends paid | 0 | 0.0% | S100XTUB |
| Change in cash | 431 | 2.2% | S100XTUB |
| Cash and equivalents | 2,728 | 13.8% | S100XTUB |

## 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 | 1,605 | 2,039 | 1,835 | 2,297 | 2,728 | S100T5FU, S100VIKL, S100XTUB |
| Total assets | 33,572 | 33,174 | 30,001 | 29,725 | 27,279 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Net assets | 7,744 | 5,394 | 3,784 | 5,673 | 6,378 | S100T5FU, S100VIKL, S100XTUB |
| Share capital | 1,120 | 1,120 | 100 | 100 | 100 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Trade receivables | 3,937 | 3,548 | 3,178 | 2,675 | 2,332 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Property, plant and equipment | 15,349 | 14,895 | 14,960 | 14,231 | 13,866 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Intangible assets excluding goodwill | 96 | 100 | 101 | 84 | 79 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Investment securities | 590 | 621 | 313 | 313 | 313 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Current assets | 17,380 | 17,495 | 14,291 | 14,669 | 12,513 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Current liabilities | 20,620 | 23,467 | 18,157 | 15,594 | 13,860 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Trade payables | 3,131 | 2,199 | 1,261 | 1,139 | 624 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Short-term borrowings | 14,563 | 18,421 | 15,330 | 13,145 | 12,000 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Long-term borrowings | 2,600 | 1,602 | 4,730 | 5,079 | 3,601 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Total liabilities | 25,827 | 27,779 | 26,216 | 24,051 | 20,901 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Equity attributable to owners of parent | 1,902 | -560 | -1,776 | -3 | 693 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Retained earnings | 1,376 | -1,086 | -1,268 | 504 | 1,201 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |
| Treasury stock | -674 | -674 | -674 | -674 | -674 | S100RMTL, S100T5FU, S100VIKL, S100XTUB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XTUB |
| Receivables | 9% | S100XTUB |
| Property, plant and equipment | 51% | S100XTUB |
| Intangibles and goodwill | 0% | S100XTUB |
| Investment securities | 1% | S100XTUB |
| Other assets | 29% | S100XTUB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100XTUB |
| Other liabilities | 74% | S100XTUB |
| Equity | 24% | S100XTUB |

### 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 | 33,572 | 33,174 | 30,001 | 29,725 | 27,279 |
| Equity | 7,744 | 5,394 | 3,784 | 5,673 | 6,378 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,605 | 2,039 | 1,835 | 2,297 | 2,728 |

## 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) | 70.1% | S100XTUB |
| Fixed assets ÷ total assets | 50.8% | S100XTUB |
| Goodwill ÷ parent equity | — | —, S100XTUB |

### 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) | 10.0% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 314.2% |
| Cash vs. profit gap | 2,989 JPY mn (of net income 428.8%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 16.2% |

## 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 | 1.6% | 0.83× | 1.3% | 17.65× | 23.3% | S100RMTL |
| 2022 | — | —× | -7.1% | —× | — | S100T5FU |
| 2023 | — | —× | -3.9% | —× | — | S100VIKL |
| 2024 | — | —× | 5.9% | —× | — | S100XTUB |
| 2025 | 3.5% | 0.69× | 2.4% | 82.61× | 202.0% | S100XTUB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊藤忠商事株式会社 | Major shareholder | 9.0% | 2025-12-31 |
| 株式会社西京銀行 | Major shareholder | 4.9% | 2025-12-31 |
| 安藤パラケミー株式会社 | Major shareholder | 4.3% | 2025-12-31 |
| 山九株式会社 | Major shareholder | 4.1% | 2025-12-31 |
| 清水 潔 | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社山口銀行 | Major shareholder | 3.2% | 2025-12-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| 松井証券株式会社 | Major shareholder | 1.9% | 2025-12-31 |
| 高城 裕 （常任代理人 三田証券株式会社） | Major shareholder | 1.7% | 2025-12-31 |
| 日本精蠟従業員持株会 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第99期(2025/01/01－2025/12/31) | S100XTUB | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTUB,, |
| 有価証券報告書－第98期(2024/01/01－2024/12/31) | S100VIKL | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIKL,, |
| 有価証券報告書－第97期(2023/01/01－2023/12/31) | S100T5FU | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5FU,, |
| 訂正有価証券報告書－第96期(2022/01/01－2022/12/31) | S100RMTL | 2023-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RMTL,, |
| 有価証券報告書－第95期(令和3年1月1日－令和3年12月31日) | S100NQ6K | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ6K,, |
| 有価証券報告書－第94期(令和2年1月1日－令和2年12月31日) | S100L19X | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L19X,, |

## 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).