# NISHIMATSUYA CHAIN Co., Ltd.: 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70期(2025/02/21－2026/02/20) (S100Y3CW)
> Page: https://vizora.meequs.com/en/company/nishimatsuya-chain
> Retrieved: 2026-09-30T22:47:23.903Z

## Company

Nishimatsuya Chain, founded in 1956, is a company in Baby & Kids Goods listed on TSE Prime. It has 733 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISHIMATSUYA CHAIN Co., Ltd. |
| Ticker | 7545 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7545.T) |
| Listing | TSE Prime |
| Head office | 兵庫県姫路市飾東町庄266番地の1 |
| Representative (per filing) | 代表取締役社長 大村浩一 |
| Founded | Oct 1956 |
| Share capital | ¥2.52B |
| Employees (consolidated) | 733 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | February |
| Website | www.24028.jp (https://www.24028.jp/) |
| Corporate number | 6140001060486 |
| EDINET | E03287 |
| Industries (Vizora) | Baby & Kids Goods |

> Profile source: annual securities report (S100Y3CW, filed 2026-05-13). As of filing

## Key points (generated from figures)

- Nishimatsuya Chain brought in ¥193.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +4.0% from the prior year, operating profit -18.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥193365000000 → ¥6847000000
- Net income → operating cash flow: ¥6847000000 → ¥10566000000（difference ¥3719000000）
- Main uses of operating cash flow: CapEx ¥2499000000 / dividends ¥1921000000 / buybacks ¥799000000
- Change in cash: ¥5459000000
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 | ¥193.4B |  |
| Operating income | ¥9.94B | Margin 5.1% |
| Net income | ¥6.85B | Margin 3.5% |
| Free cash flow | ¥8.07B |  |
| Employees (consolidated) | 733 |  |
| EPS | ¥115.98 |  |
| Diluted EPS | ¥115.5 |  |
| Book value per share | ¥1640.66 |  |
| Equity ratio | 61.3% |  |
| Shares outstanding | 69,588,856 |  |
| Treasury shares | 9,658,400 |  |
| Shareholders | 64,633 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 45.5% | Cash ÷ revenue 37.7% |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 46% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥159418000000 | ¥193365000000 | — |
| Operating income | ¥12094000000 | ¥9941000000 | — |
| Operating margin | 7.6% | 5.1% | -2.4 pp |
| Employees | 713 people | 733 people | — |
| Cash and equivalents | ¥56556000000 | ¥72932000000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 193,365 | 100.0% | S100Y3CW |
| Cost of revenue | 128,642 | 66.5% | S100Y3CW |
| Gross profit | 64,723 | 33.5% | S100Y3CW |
| SG&A | 54,781 | 28.3% | S100Y3CW |
| Operating income | 9,941 | 5.1% | S100Y3CW |
| Ordinary income | 10,566 | 5.5% | S100Y3CW |
| Pretax income | 10,000 | 5.2% | S100Y3CW |
| Income tax | 3,153 | 1.6% | S100Y3CW |
| Net income | 6,847 | 3.5% | S100Y3CW |
| Net income attributable to owners | 6,847 | 3.5% | S100Y3CW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 28 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 33.5% → Operating margin 5.1% → Net margin 3.5%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 185,974 | 193,365 | 7,391 | +4.0% |
| Gross profit | 64,030 | 64,723 | 693 | +1.1% |
| Operating income | 12,180 | 9,941 | -2,239 | -18.4% |
| Operating cash flow | 9,133 | 10,566 | 1,433 | +15.7% |
| Free cash flow | 6,775 | 8,067 | 1,292 | +19.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 142,954 | 1,908 | 1.3% | 1,077 | 1,113 | -911 | S100LCTV |
| FY ending Feb 2021 | 159,418 | 12,094 | 7.6% | 8,276 | 18,073 | 16,229 | S100O2PE |
| FY ending Feb 2022 | 163,016 | 12,259 | 7.5% | 8,498 | 8,750 | 6,997 | S100QRRO |
| FY ending Feb 2023 | 169,524 | 10,933 | 6.4% | 7,640 | 3,467 | 918 | S100TF9K |
| FY ending Feb 2024 | 177,188 | 11,926 | 6.7% | 8,202 | 11,542 | 8,240 | S100VQTH |
| FY ending Feb 2025 | 185,974 | 12,180 | 6.5% | 8,195 | 9,133 | 6,775 | S100VQTH |
| FY ending Feb 2026 | 193,365 | 9,941 | 5.1% | 6,847 | 10,566 | 8,067 | S100Y3CW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥263.8M |
| Operating income per employee (consolidated) | ¥13.6M |
| Net income per employee (consolidated) | ¥9.3M |

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) | 725 | 680 | 680 | 695 | 733 |
| Average salary (parent company) | ¥5.9M | ¥6.3M | ¥6.4M | ¥6.6M | ¥6.8M |
| Average age (parent company) | 39.0 years | 40.0 years | 40.3 years | 40.7 years | 41.2 years |
| Average tenure (parent company) | 12.5 years | 13.9 years | 14.5 years | 14.8 years | 14.8 years |

## 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 | 10,566 | 5.5% | S100Y3CW |
| Capital expenditure | 2,499 | 1.3% | S100Y3CW |
| Free cash flow | 8,067 | 4.2% | 算出 |
| Investing cash flow | -2,474 | -1.3% | S100Y3CW |
| Financing cash flow | -2,671 | -1.4% | S100Y3CW |
| Dividends paid | 1,921 | 1.0% | S100Y3CW |
| Share buyback | 799 | 0.4% | S100Y3CW |
| Change in cash | 5,459 | 2.8% | S100Y3CW |
| Cash and equivalents | 72,932 | 37.7% | S100Y3CW |

## 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 | 59,687 | 57,748 | 62,624 | 67,472 | 72,932 | S100TF9K, S100VQTH, S100Y3CW |
| Total assets | 122,411 | 129,592 | 140,463 | 148,947 | 160,251 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Net assets | 72,301 | 77,098 | 84,984 | 91,269 | 98,669 | S100TF9K, S100VQTH, S100Y3CW |
| Share capital | 2,523 | 2,523 | 2,523 | 2,523 | 2,523 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Property, plant and equipment | 12,130 | 14,009 | 15,875 | 17,367 | 18,725 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Intangible assets excluding goodwill | 1,022 | 867 | 767 | 1,000 | 1,033 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Investment securities | 7,439 | 7,231 | 9,955 | 11,203 | 14,913 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Current assets | 92,904 | 98,718 | 105,593 | 110,952 | 118,000 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Current liabilities | 46,567 | 48,865 | 51,716 | 53,480 | 56,454 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Total liabilities | 50,110 | 52,494 | 55,478 | 57,678 | 61,582 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Equity attributable to owners of parent | 71,749 | 76,865 | 83,242 | 89,370 | 94,007 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Retained earnings | 76,357 | 82,421 | 89,001 | 95,394 | 100,320 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |
| Treasury stock | -9,797 | -10,758 | -11,048 | -11,461 | -11,927 | S100QRRO, S100TF9K, S100VQTH, S100Y3CW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 45% | S100Y3CW |
| Property, plant and equipment | 12% | S100Y3CW |
| Intangibles and goodwill | 1% | S100Y3CW |
| Investment securities | 9% | S100Y3CW |
| Other assets | 33% | S100Y3CW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 38% | S100Y3CW |
| Equity | 62% | S100Y3CW |

### 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 | 122,411 | 129,592 | 140,463 | 148,947 | 160,251 |
| Equity | 72,301 | 77,098 | 84,984 | 91,269 | 98,669 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 59,687 | 57,748 | 62,624 | 67,472 | 72,932 |

## 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) | 9.7% | S100Y3CW |
| Fixed assets ÷ total assets | 11.7% | S100Y3CW |
| Goodwill ÷ parent equity | — | —, S100Y3CW |

### 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) | 45.5% |
| Cash ÷ revenue | 37.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.3% |
| Cash vs. profit gap | 3,719 JPY mn (of net income 54.3%) |
| Shareholder returns / net income | 39.7% |
| Shareholder returns / FCF | 33.7% |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | 23.8% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 23.4% |

## 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 | 5.2% | 1.33× | 6.9% | 1.71× | 11.8% | S100QRRO |
| 2023 | 4.5% | 1.35× | 6.1% | 1.70× | 10.3% | S100TF9K |
| 2024 | 4.6% | 1.31× | 6.1% | 1.69× | 10.2% | S100VQTH |
| 2025 | 4.4% | 1.29× | 5.7% | 1.68× | 9.5% | S100VQTH |
| 2026 | 3.5% | 1.21× | 4.3% | 1.70× | 7.3% | S100Y3CW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 友好エステート株式会社 | Major shareholder | 16.1% | 2026-02-20 |
| 大 村 禎 史 | Major shareholder | 8.2% | 2026-02-20 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人：ゴールドマン・サックス証券株式会社） | Major shareholder | 7.3% | 2026-02-20 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.8% | 2026-02-20 |
| 大 村 浩 一 | Major shareholder | 6.3% | 2026-02-20 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 3.1% | 2026-02-20 |
| 住友不動産株式会社 | Major shareholder | 2.4% | 2026-02-20 |
| ハリマ共和物産株式会社 | Major shareholder | 2.0% | 2026-02-20 |
| 大 村 泰 子 | Major shareholder | 1.8% | 2026-02-20 |
| 茂 理 充 代 | Major shareholder | 1.7% | 2026-02-20 |
| 赤 鹿 い づ み | Major shareholder | 1.7% | 2026-02-20 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/02/21－2026/02/20) | S100Y3CW | 2026-05-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y3CW,, |
| 有価証券報告書－第69期(2024/02/21－2025/02/20) | S100VQTH | 2025-05-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VQTH,, |
| 有価証券報告書－第68期(2023/02/21－2024/02/20) | S100TF9K | 2024-05-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TF9K,, |
| 有価証券報告書－第67期(2022/02/21－2023/02/20) | S100QRRO | 2023-05-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QRRO,, |
| 有価証券報告書－第66期(令和3年2月21日－令和4年2月20日) | S100O2PE | 2022-05-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O2PE,, |
| 有価証券報告書－第65期(令和2年2月21日－令和3年2月20日) | S100LCTV | 2021-05-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LCTV,, |

## 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).