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Nishi-Nippon RailroadNishi-Nippon Railroad Co.,Ltd.9031東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Nishi-Nippon Railroad revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +6.9% from the prior year, operating profit +13.3%.

Five-year trend

Revenue¥474.2B
FY ending Mar 2022: ¥427.2B¥427.2BFY ending Mar 2023: ¥494.6B¥494.6BFY ending Mar 2024: ¥411.6B¥411.6BFY ending Mar 2025: ¥443.5B¥443.5BFY ending Mar 2026: ¥474.2B¥474.2BFY22FY23FY24FY25FY26
Operating income¥30.2B
FY ending Mar 2022: ¥10.5B¥10.5BFY ending Mar 2023: ¥26.1B¥26.1BFY ending Mar 2024: ¥25.9B¥25.9BFY ending Mar 2025: ¥26.7B¥26.7BFY ending Mar 2026: ¥30.2B¥30.2BFY22FY23FY24FY25FY26
Operating margin6.4%
FY ending Mar 2022: 2.4%2.4%FY ending Mar 2023: 5.3%5.3%FY ending Mar 2024: 6.3%6.3%FY ending Mar 2025: 6.0%6.0%FY ending Mar 2026: 6.4%6.4%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin6.8%
Asset turnover0.59×
ROA4.0%
ROA4.0%
Financial leverage3.50×
ROE14.1%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin6.8%
2022: 2.3%2.3%2023: 3.7%3.7%2024: 6.0%6.0%2025: 4.7%4.7%2026: 6.8%6.8%2223242526
Asset turnover0.59×
2022: 0.58×0.58×2023: 0.70×0.70×2024: 0.58×0.58×2025: 0.59×0.59×2026: 0.59×0.59×2223242526
ROA4.0%
2022: 1.3%1.3%2023: 2.6%2.6%2024: 3.5%3.5%2025: 2.8%2.8%2026: 4.0%4.0%2223242526
Financial leverage3.50×
2022: 4.45×4.45×2023: 4.11×4.11×2024: 3.69×3.69×2025: 3.61×3.61×2026: 3.50×3.50×2223242526
ROE14.1%
2022: 6.0%6.0%2023: 10.6%10.6%2024: 12.9%12.9%2025: 10.0%10.0%2026: 14.1%14.1%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20222.3%0.58×1.3%4.45×6.0%
20233.7%0.70×2.6%4.11×10.6%
20246.0%0.58×3.5%3.69×12.9%
20254.7%0.59×2.8%3.61×10.0%
20266.8%0.59×4.0%3.50×14.1%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue98.6%
2021: 126.5%126.5%2022: 102.5%102.5%2023: 75.4%75.4%2024: 101.1%101.1%2025: 103.2%103.2%2026: 98.6%98.6%212223242526
PPE ÷ total assets57.0%
2021: 61.9%61.9%2022: 59.6%59.6%2023: 54.4%54.4%2024: 57.2%57.2%2025: 58.5%58.5%2026: 57.0%57.0%212223242526
Goodwill ÷ parent equity1.7%
2021: 0.2%0.2%2022: 0.3%0.3%2023: 0.2%0.2%2024: 0.2%0.2%2025: 0.1%0.1%2026: 1.7%1.7%212223242526
Goodwill balance¥3.99B
2021: ¥258M¥258M2022: ¥429M¥429M2023: ¥321M¥321M2024: ¥305M¥305M2025: ¥298M¥298M2026: ¥3.99B¥3.99B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

Receivable days—
2021: 51d51d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue427,159494,643411,649443,495474,156
Cost of revenue—————
Gross profit—————
SG&A29,01230,03030,21331,36032,702
Operating income10,45126,15025,87726,65530,210
Pretax income16,13827,64639,42830,88846,188
Income tax5,2108,12413,8469,37913,328
Net income attributable to owners9,87318,36824,72320,81032,155
Operating margin2.4%5.3%6.3%6.0%6.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

6%
Property, plant and equipment 57%
2%
Investment securities 9%
Other assets 26%

Funding

5%
Interest-bearing debt 42%
Other liabilities 17%
Equity 36%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥70.6B¥72.6B¥68.7B¥50.4B¥45.8B
Total assets¥734.5B¥685.8B¥727B¥782.1B¥820.9B
Net assets¥179.1B¥201.9B¥235.8B¥256B¥293B
Share capital¥26.2B¥26.2B¥26.2B¥26.2B¥26.2B
Property, plant and equipment¥437.9B¥373.2B¥416.1B¥457.6B¥467.6B
Intangible assets excluding goodwill¥4.03B¥3.84B¥3.97B¥4.58B¥10.2B
Goodwill¥429M¥321M¥305M¥298M¥3.99B
Investment securities¥47.5B¥56.2B¥68.5B¥64.7B¥77.9B
Current assets¥211.4B¥219.7B¥208.8B¥217.7B¥220.2B
Current liabilities¥198.4B¥144.4B¥170.8B¥157.1B¥163.5B
Trade payables¥39.1B¥43.6B¥65B¥55.5B¥44.7B
Short-term borrowings¥48.9B¥49.2B¥47.2B¥48.1B¥44.8B
Long-term borrowings¥146.9B¥133.7B¥114.7B¥143.1B¥151.2B
Bonds¥152B¥145B¥145B¥167B¥147B
Interest-bearing debt¥347.8Bderived¥327.9Bderived¥306.8Bderived¥358.2Bderived¥343Bderived
Total liabilities¥555.4B¥483.9B¥491.2B¥526.1B¥527.8B
Non-controlling interests¥6.08B¥6.76B¥6.54B¥6.77B¥8.96B
Equity attributable to owners of parent¥164.9B¥180.8B¥201.7B¥216.4B¥240.9B
Retained earnings¥127.4B¥143.2B¥164.9B¥182.6B¥211.1B
Treasury stock-¥1.28B-¥1.17B-¥1.58B-¥4.47B-¥8.44B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第186期(2025/04/01－2026/03/31)

    ID S100YAAB2026-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第185期(2024/04/01－2025/03/31)

    ID S100W6IJ2025-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第184期(2023/04/01－2024/03/31)

    ID S100TW7S2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第183期(2022/04/01－2023/03/31)

    ID S100R8UE2023-06-29Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第182期(令和3年4月1日－令和4年3月31日)

    ID S100PEEN2022-10-27Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第181期(令和2年4月1日－令和3年3月31日)

    ID S100M1UU2021-07-27Open

Extracted from XBRL: 53 / Derived from other figures: 2

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