# Nippon Shikizai, Inc.: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第69期(2025/03/01－2026/02/28) (S100Y7HD)
> Page: https://vizora.meequs.com/en/company/nippon-shikizai
> Retrieved: 2026-10-01T00:07:08.905Z

## Company

Nippon Shikizai, founded in 1957, is a company in Cosmetics listed on TSE Standard. It has 505 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Shikizai,Inc. |
| Ticker | 4920 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4920.T) |
| Listing | TSE Standard |
| Head office | 東京都港区三田五丁目3番13号 |
| Representative (per filing) | 代表取締役社長 奥村 華代 |
| Founded | Mar 1957 |
| Share capital | ¥100M |
| Employees (consolidated) | 505 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | February |
| Website | shikizai.com (https://shikizai.com/) |
| Corporate number | 1010401022715 |
| EDINET | E01040 |
| Industries (Vizora) | Cosmetics |

> Profile source: annual securities report (S100Y7HD, filed 2026-05-29). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 61.4 | 22 |
| Profitability | 21.2 | 26 |
| Cash conversion | 34.1 | 22 |
| Efficiency | 55.8 | 26 |

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 70% of Nippon Shikizai's sales come from Japan, with France making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -5.6% from the prior year, operating profit -63.2%.

## Company structure

- Segment revenue mix: Japan 69.8%、France 30.2%
- Revenue → net income: ¥16643028000 → ¥335394000
- Net income → operating cash flow: ¥335394000 → ¥140192000（difference ¥-195202000）
- Main uses of operating cash flow: CapEx ¥754265000 / dividends ¥41780000 / buybacks ¥82415000
- Change in cash: ¥131622000
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 | ¥16.6B |  |
| Operating income | ¥180.1M | Margin 1.1% |
| Net income | ¥335.4M | Margin 2.0% |
| Free cash flow | -¥614.1M |  |
| Largest business | Japan | of segment revenue 69.8% |
| Employees (consolidated) | 505 |  |
| EPS | ¥230.39 |  |
| Book value per share | ¥1529.17 |  |
| Equity ratio | 24.2% |  |
| Shares outstanding | 2,099,376 |  |
| Treasury shares | 500 |  |
| Shareholders | 2,370 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 6.2% | Cash ÷ revenue 6.5% |
| Vs. industry median margin | -5 pp | Cosmetics |
| ROE | 9.8% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.0× dividends
- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, parent-company salary changed +43% over five years

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9143569000 | ¥16643028000 | +82.0% |
| Operating income | ¥-831743000 | ¥180124000 | — |
| Operating margin | -9.1% | 1.1% | +10.2 pp |
| Employees | 506 people | 505 people | -0.2% |
| Cash and equivalents | ¥959557000 | ¥1080500000 | +12.6% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 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 | 69.8% |
| 日本 → 事業再編・廃止 | 4.3% |
| 仏国 → 仏国 | 25.9% |
| 新設・再編 → 仏国 | 4.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 16,643 | 100.0% | S100Y7HD |
| Cost of revenue | 14,442 | 86.8% | S100Y7HD |
| Gross profit | 2,201 | 13.2% | S100Y7HD |
| SG&A | 2,021 | 12.1% | S100Y7HD |
| Operating income | 180 | 1.1% | S100Y7HD |
| Ordinary income | 152 | 0.9% | S100Y7HD |
| Pretax income | 429 | 2.6% | S100Y7HD |
| Income tax | 94 | 0.6% | S100Y7HD |
| Net income | 335 | 2.0% | S100Y7HD |
| Net income attributable to owners | 335 | 2.0% | S100Y7HD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 12 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 13.2% → Operating margin 1.1% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -5.6%; Core profit growth: -63.2%
Operating leverage (core profit growth ÷ revenue growth): 11.26×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,632 | 16,643 | -989 | -5.6% |
| Gross profit | 2,193 | 2,201 | 9 | +0.4% |
| Operating income | 489 | 180 | -309 | -63.2% |
| Net income attributable to owners | 216 | 335 | 119 | +55.1% |
| Operating cash flow | 568 | 140 | -428 | -75.3% |
| Free cash flow | -575 | -614 | -39 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 12,208 | 450 | 3.7% | 284 | 377 | -2,802 | S100LESK |
| FY ending Feb 2021 | 9,144 | -832 | -9.1% | -849 | 406 | -1,564 | S100O4GG |
| FY ending Feb 2022 | 8,702 | -268 | -3.1% | -122 | 781 | 533 | S100QU6C |
| FY ending Feb 2023 | 11,760 | 162 | 1.4% | 246 | 615 | 332 | S100TJ0D |
| FY ending Feb 2024 | 15,050 | 442 | 2.9% | 398 | 1,251 | 567 | S100VURP |
| FY ending Feb 2025 | 17,632 | 489 | 2.8% | 216 | 568 | -575 | S100Y7HD |
| FY ending Feb 2026 | 16,643 | 180 | 1.1% | 335 | 140 | -614 | S100Y7HD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33M |
| Operating income per employee (consolidated) | ¥356.7K |
| Net income per employee (consolidated) | ¥664.1K |

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

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 454 | 470 | 477 | 486 | 505 |
| Average salary (parent company) | ¥3.8M | ¥4.4M | ¥4.7M | ¥5.1M | ¥5.4M |
| Average age (parent company) | 38.5 years | 39.9 years | 40.2 years | 40.1 years | 39.9 years |
| Average tenure (parent company) | 9.3 years | 10.2 years | 10.3 years | 10.3 years | 9.9 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) -5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 11,610 | 69.8% | 281 | 2.4% |
| France | 5,033 | 30.2% | -83 | -1.6% |

### 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 | 69.8% | 100.0% | 30.2 | 2.4% |
| France | 30.2% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): France -83 JPY mn

Segment → industry: France → Cosmetics / Japan → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 140 | 0.8% | S100Y7HD |
| Capital expenditure | 754 | 4.5% | S100Y7HD |
| Free cash flow | -614 | -3.7% | 算出 |
| Investing cash flow | 119 | 0.7% | S100Y7HD |
| Financing cash flow | -179 | -1.1% | S100Y7HD |
| Dividends paid | 42 | 0.3% | S100Y7HD |
| Share buyback | 82 | 0.5% | S100Y7HD |
| Change in cash | 132 | 0.8% | S100Y7HD |
| Cash and equivalents | 1,081 | 6.5% | S100Y7HD |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,223 | 1,229 | 1,376 | 949 | 1,081 | S100TJ0D, S100VURP, S100Y7HD |
| Total assets | 15,354 | 16,049 | 17,087 | 16,889 | 17,567 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Net assets | 2,950 | 3,011 | 3,527 | 3,804 | 4,244 | S100TJ0D, S100VURP, S100Y7HD |
| Share capital | 714 | 100 | 100 | 100 | 100 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Trade receivables | 1,638 | 1,956 | 2,234 | 2,701 | 3,173 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Property, plant and equipment | 9,028 | 9,026 | 9,032 | 9,381 | 8,774 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Intangible assets excluding goodwill | 331 | 360 | 260 | 226 | 247 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Goodwill | — | 70 | — | — | — | S100TJ0D |
| Investment securities | 416 | 357 | 294 | 259 | 273 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Current assets | 5,011 | 6,160 | 7,134 | 6,735 | 7,965 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Current liabilities | 4,112 | 5,343 | 6,811 | 6,245 | 8,477 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Trade payables | 525 | 791 | 905 | 755 | 813 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Short-term borrowings | 2,169 | 2,495 | 2,913 | 3,021 | 5,191 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Long-term borrowings | 7,564 | 7,041 | 6,148 | 6,336 | 4,383 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Total liabilities | 12,403 | 13,038 | 13,560 | 13,085 | 13,323 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Equity attributable to owners of parent | 2,752 | 2,753 | 3,151 | 3,325 | 3,550 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Retained earnings | 1,099 | 1,146 | 1,544 | 1,719 | 2,012 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |
| Treasury stock | -4 | -4 | -4 | -4 | -72 | S100QU6C, S100TJ0D, S100VURP, S100Y7HD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y7HD |
| Receivables | 18% | S100Y7HD |
| Property, plant and equipment | 50% | S100Y7HD |
| Intangibles and goodwill | 1% | S100Y7HD |
| Investment securities | 2% | S100Y7HD |
| Other assets | 23% | S100Y7HD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100Y7HD |
| Other liabilities | 71% | S100Y7HD |
| Equity | 24% | S100Y7HD |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 15,354 | 16,049 | 17,087 | 16,889 | 17,567 |
| Equity | 2,950 | 3,011 | 3,527 | 3,804 | 4,244 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,223 | 1,229 | 1,376 | 949 | 1,081 |

## 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) | 52.7% | S100Y7HD |
| Fixed assets ÷ total assets | 49.9% | S100Y7HD |
| Goodwill ÷ parent equity | — | —, S100Y7HD |

### 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) | 6.2% |
| Cash ÷ revenue | 6.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.8% |
| Cash vs. profit gap | -195 JPY mn (of net income -58.2%) |
| Shareholder returns / net income | 37.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 84.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -0.8% | —× | — | S100QU6C |
| 2023 | 2.1% | 0.75× | 1.6% | 5.70× | 8.9% | S100TJ0D |
| 2024 | 2.6% | 0.91× | 2.4% | 5.61× | 13.5% | S100VURP |
| 2025 | 1.2% | 1.04× | 1.3% | 5.25× | 6.7% | S100Y7HD |
| 2026 | 2.0% | 0.97× | 1.9% | 5.01× | 9.8% | S100Y7HD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社トワ・スール | Major shareholder | 23.8% | 2026-02-28 |
| 奥村 浩士 | Major shareholder | 11.1% | 2026-02-28 |
| ちふれホールディングス株式会社 | Major shareholder | 7.0% | 2026-02-28 |
| 三菱鉛筆株式会社 | Major shareholder | 6.0% | 2026-02-28 |
| 株式会社井田ラボラトリーズ | Major shareholder | 4.9% | 2026-02-28 |
| 奥村 華代 | Major shareholder | 4.3% | 2026-02-28 |
| 株式会社ブレストシーブ | Major shareholder | 3.2% | 2026-02-28 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.1% | 2026-02-28 |
| 奥村 有香 | Major shareholder | 1.5% | 2026-02-28 |
| 中野 知花 | Major shareholder | 1.4% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/03/01－2026/02/28) | S100Y7HD | 2026-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y7HD,, |
| 有価証券報告書－第68期(2024/03/01－2025/02/28) | S100VURP | 2025-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VURP,, |
| 有価証券報告書－第67期(2023/03/01－2024/02/29) | S100TJ0D | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJ0D,, |
| 有価証券報告書－第66期(2022/03/01－2023/02/28) | S100QU6C | 2023-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QU6C,, |
| 有価証券報告書－第65期(令和3年3月1日－令和4年2月28日) | S100O4GG | 2022-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4GG,, |
| 有価証券報告書－第64期(令和2年3月1日－令和3年2月28日) | S100LESK | 2021-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LESK,, |

## 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).