# Nippon Soda Co.,Ltd.: 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157期(2025/04/01－2026/03/31) (S100YJKO)
> Page: https://vizora.meequs.com/en/company/nippon-soda
> Retrieved: 2026-09-30T20:27:43.246Z

## Company

Nippon Soda, founded in 1920, is a company in Chemicals listed on TSE Prime. It has 2,407 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Soda Co., Ltd. |
| Ticker | 4041 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4041.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目7番2号 |
| Representative (per filing) | 代表取締役社長 阿賀 英司 |
| Founded | Feb 1920 |
| Share capital | ¥29.2B |
| Employees (consolidated) | 2,407 |
| Average salary (parent only) | ¥9.5M |
| Fiscal year end | March |
| Website | www.nippon-soda.co.jp (https://www.nippon-soda.co.jp/) |
| Corporate number | 1010001008833 |
| EDINET | E00766 |
| Industries (Vizora) | Chemicals, Plant Engineering & Building Services, Specialty Trading & Wholesale, Waste Management & Recycling, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YJKO, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.2 | 96 |
| Profitability | 75.5 | 100 |
| Cash conversion | 47.4 | 96 |
| Efficiency | 10.5 | 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 35% of Nippon Soda's sales come from Agri Business, with Trading and Logistics and Chemical Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed -2.0% from the prior year, operating profit -6.8%.

## Company structure

- Segment revenue mix: Agri Business 34.5%、Trading and Logistics 28.8%、Chemical Materials 24.6%、Eco Solutions 6.5%、Engineering 5.6%
- Revenue → net income: ¥152091000000 → ¥18328000000
- Net income → operating cash flow: ¥18328000000 → ¥21594000000（difference ¥3266000000）
- Main uses of operating cash flow: CapEx ¥12536000000 / dividends ¥8193000000 / buybacks ¥5009000000
- Change in cash: ¥272000000
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 | ¥152.1B |  |
| Operating income | ¥15B | Margin 9.8% |
| Net income | ¥18.3B | Margin 12.0% |
| Free cash flow | ¥9.06B |  |
| Largest business | Agri Business | of segment revenue 34.5% |
| Employees (consolidated) | 2,407 |  |
| EPS | ¥233.34 |  |
| Book value per share | ¥2453 |  |
| Equity ratio | 66.6% |  |
| Shares outstanding | 55,294,534 |  |
| Treasury shares | 1,610,500 |  |
| Shareholders | 13,087 |  |
| Average salary (parent only) | ¥9.5M | Filing company only |
| Cash ratio | 7.1% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | +2.3 pp | Chemicals |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +31% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥139363000000 | ¥152091000000 | +9.1% |
| Operating income | ¥9980000000 | ¥14970000000 | +50.0% |
| Operating margin | 7.2% | 9.8% | +2.7 pp |
| Employees | 2,770 people | 2,407 people | -13.1% |
| Cash and equivalents | ¥19253000000 | ¥21907000000 | +13.8% |

### 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 |
| --- | ---: |
| 化学品事業 → 事業再編・廃止 | 27.0% |
| 農業化学品事業 → 事業再編・廃止 | 34.6% |
| 商社事業 → 事業再編・廃止 | 23.2% |
| 運輸倉庫事業 → 事業再編・廃止 | 3.0% |
| 建設事業 → 事業再編・廃止 | 6.1% |
| その他 → 事業再編・廃止 | 6.1% |
| 新設・再編 → ケミカルマテリアル | 24.6% |
| 新設・再編 → アグリビジネス | 34.5% |
| 新設・再編 → トレーディング＆ロジスティクス | 28.8% |
| 新設・再編 → エンジニアリング | 5.6% |
| 新設・再編 → エコソリューション | 6.5% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agri Business | 2 years | -0.5% | ¥52501000000 | 10.4% | 2 |
| Trading and Logistics | 3 years | +0.1% | ¥43807000000 | 5.2% | 2 |
| Chemical Materials | 2 years | +1.8% | ¥37406000000 | 15.3% | 2 |
| Eco Solutions | 2 years | +10.4% | ¥9859000000 | 5.4% | 2 |
| Engineering | 3 years | -13.3% | ¥8517000000 | 13.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 152,091 | 100.0% | S100YJKO |
| Cost of revenue | 107,064 | 70.4% | S100YJKO |
| Gross profit | 45,026 | 29.6% | S100YJKO |
| SG&A | 30,056 | 19.8% | S100YJKO |
| Operating income | 14,970 | 9.8% | S100YJKO |
| Ordinary income | 22,990 | 15.1% | S100YJKO |
| Pretax income | 24,732 | 16.3% | S100YJKO |
| Income tax | 6,404 | 4.2% | S100YJKO |
| Net income | 18,328 | 12.1% | S100YJKO |
| Net income attributable to owners | 18,271 | 12.0% | S100YJKO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 20 |
| Operating income | 10 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 29.6% → Operating margin 9.8% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.0%; Core profit growth: -6.8%
Operating leverage (core profit growth ÷ revenue growth): 3.40×
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 | 155,199 | 152,091 | -3,108 | -2.0% |
| Gross profit | 44,934 | 45,026 | 92 | +0.2% |
| Operating income | 16,063 | 14,970 | -1,093 | -6.8% |
| Net income attributable to owners | 15,011 | 18,271 | 3,260 | +21.7% |
| Operating cash flow | 22,636 | 21,594 | -1,042 | -4.6% |
| Free cash flow | 4,937 | 9,058 | 4,121 | +83.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 144,739 | 8,135 | 5.6% | 6,759 | 12,449 | 1,564 | S100LSVZ |
| FY ending Mar 2021 | 139,363 | 9,980 | 7.2% | 7,360 | 13,821 | 1,108 | S100OJV9 |
| FY ending Mar 2022 | 152,536 | 11,930 | 7.8% | 12,683 | 14,545 | 2,839 | S100R98H |
| FY ending Mar 2023 | 172,811 | 16,893 | 9.8% | 16,692 | 15,590 | 4,504 | S100TU43 |
| FY ending Mar 2024 | 154,429 | 13,872 | 9.0% | 16,612 | 5,729 | -4,686 | S100W4M7 |
| FY ending Mar 2025 | 155,199 | 16,063 | 10.3% | 15,011 | 22,636 | 4,937 | S100YJKO |
| FY ending Mar 2026 | 152,091 | 14,970 | 9.8% | 18,271 | 21,594 | 9,058 | S100YJKO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.2M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥7.6M |

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) | 2,785 | 2,418 | 2,402 | 2,432 | 2,407 |
| Average salary (parent company) | ¥7.2M | ¥7.5M | ¥8.9M | ¥9.1M | ¥9.5M |
| Average age (parent company) | 43.6 years | 43.7 years | 44.0 years | 44.3 years | 44.6 years |
| Average tenure (parent company) | 20.0 years | 19.8 years | 20.0 years | 20.0 years | 20.2 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -2.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical Materials | 37,406 | 24.6% | 5,720 | 15.3% |
| Agri Business | 52,501 | 34.5% | 5,485 | 10.4% |
| Trading and Logistics | 43,807 | 28.8% | 2,270 | 5.2% |
| Engineering | 8,517 | 5.6% | 1,141 | 13.4% |
| Eco Solutions | 9,859 | 6.5% | 528 | 5.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical Materials | 24.6% | 37.8% | 13.2 | 15.3% |
| Agri Business | 34.5% | 36.2% | 1.7 | 10.4% |
| Trading and Logistics | 28.8% | 15.0% | -13.8 | 5.2% |
| Engineering | 5.6% | 7.5% | 1.9 | 13.4% |
| Eco Solutions | 6.5% | 3.5% | -3.0 | 5.4% |

Segment → industry: Agri Business → Chemicals / Chemical Materials → Chemicals / Engineering → Plant Engineering & Building Services / Trading and Logistics → Specialty Trading & Wholesale / Eco Solutions → Waste Management & Recycling / Trading and Logistics → Warehouses & Logistics Facilities

## 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 | 21,594 | 14.2% | S100YJKO |
| Capital expenditure | 12,536 | 8.2% | S100YJKO |
| Free cash flow | 9,058 | 6.0% | 算出 |
| Investing cash flow | -10,800 | -7.1% | S100YJKO |
| Financing cash flow | -11,274 | -7.4% | S100YJKO |
| Dividends paid | 8,193 | 5.4% | S100YJKO |
| Share buyback | 5,009 | 3.3% | S100YJKO |
| Change in cash | 272 | 0.2% | S100YJKO |
| Cash and equivalents | 21,907 | 14.4% | S100YJKO |

## 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 | 17,898 | 18,484 | 22,187 | 21,634 | 21,907 | S100TU43, S100W4M7, S100YJKO |
| Total assets | 245,585 | 251,350 | 290,492 | 288,097 | 307,305 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Net assets | 158,298 | 170,959 | 189,474 | 188,102 | 206,094 | S100TU43, S100W4M7, S100YJKO |
| Share capital | 29,166 | 29,166 | 29,166 | 29,166 | 29,166 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Inventories | 34,861 | 43,970 | 51,729 | 53,419 | 52,962 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Property, plant and equipment | 67,165 | 62,019 | 63,460 | 73,224 | 78,109 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Intangible assets excluding goodwill | 4,969 | 3,994 | 3,706 | 2,763 | 1,998 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Goodwill | 158 | 129 | 100 | 69 | 39 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Investment securities | 47,666 | 55,523 | 70,084 | 63,328 | 79,031 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Current assets | 109,011 | 114,735 | 134,123 | 129,643 | 125,328 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Current liabilities | 57,284 | 50,731 | 60,228 | 61,910 | 48,778 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Trade payables | 19,093 | 16,707 | 18,658 | 17,045 | 13,286 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Short-term borrowings | 22,572 | 15,395 | 23,795 | 26,913 | 18,617 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Long-term borrowings | 16,414 | 16,943 | 25,118 | 23,325 | 33,653 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Total liabilities | 87,287 | 80,390 | 101,018 | 99,994 | 101,211 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Non-controlling interests | 2,354 | 1,702 | 1,425 | 1,317 | 1,313 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Equity attributable to owners of parent | 148,406 | 159,681 | 166,942 | 175,365 | 180,470 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Retained earnings | 96,399 | 107,090 | 116,174 | 124,566 | 134,619 | S100R98H, S100TU43, S100W4M7, S100YJKO |
| Treasury stock | -2,830 | -2,410 | -4,497 | -3,191 | -4,347 | S100R98H, S100TU43, S100W4M7, S100YJKO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YJKO |
| Inventories | 17% | S100YJKO |
| Property, plant and equipment | 25% | S100YJKO |
| Intangibles and goodwill | 1% | S100YJKO |
| Investment securities | 26% | S100YJKO |
| Other assets | 24% | S100YJKO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJKO |
| Other liabilities | 29% | S100YJKO |
| Equity | 67% | S100YJKO |

### 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 | 245,585 | 251,350 | 290,492 | 288,097 | 307,305 |
| Equity | 158,298 | 170,959 | 189,474 | 188,102 | 206,094 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,898 | 18,484 | 22,187 | 21,634 | 21,907 |

## 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) | 51.4% | S100YJKO |
| Fixed assets ÷ total assets | 25.4% | S100YJKO |
| Goodwill ÷ parent equity | 0.0% | S100YJKO |

Goodwill over 4 years: 158 → 39 JPY; total investing cash flow: -54,434 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) | 7.1% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.2% |
| Cash vs. profit gap | 3,323 JPY mn (of net income 18.2%) |
| Shareholder returns / net income | 72.3% |
| Shareholder returns / FCF | 145.7% |
| Shareholder payments — dividends / net income | 44.8% |
| Shareholder payments — dividends / FCF | 90.5% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 50.0% |

## 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 | 8.3% | 0.62× | 5.2% | 1.65× | 8.5% | S100R98H |
| 2023 | 9.7% | 0.70× | 6.7% | 1.61× | 10.8% | S100TU43 |
| 2024 | 10.8% | 0.57× | 6.1% | 1.66× | 10.2% | S100W4M7 |
| 2025 | 9.7% | 0.54× | 5.2% | 1.69× | 8.8% | S100YJKO |
| 2026 | 12.0% | 0.51× | 6.1% | 1.67× | 10.3% | S100YJKO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.1% | 2026-03-31 |
| 日本曹達取引先持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 三井物産株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.8% | 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 | 3.0% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 2.9% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第157期(2025/04/01－2026/03/31) | S100YJKO | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJKO,, |
| 有価証券報告書－第156期(2024/04/01－2025/03/31) | S100W4M7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4M7,, |
| 有価証券報告書－第155期(2023/04/01－2024/03/31) | S100TU43 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU43,, |
| 有価証券報告書－第154期(2022/04/01－2023/03/31) | S100R98H | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R98H,, |
| 有価証券報告書－第153期(令和3年4月1日－令和4年3月31日) | S100OJV9 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJV9,, |
| 有価証券報告書－第152期(令和2年4月1日－令和3年3月31日) | S100LSVZ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVZ,, |

## 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).