# NISHIO HOLDINGS CO., LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第67期(2024/10/01－2025/09/30) (S100XB09)
> Page: https://vizora.meequs.com/en/company/nishio-holdings
> Retrieved: 2026-09-30T18:26:09.420Z

## Company

Nishio Holdings, founded in 1959, is a company in Leasing listed on TSE Prime. It has 4,842 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISHIO HOLDINGS CO., LTD. |
| Ticker | 9699 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9699.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区東心斎橋1丁目11番17号 |
| Representative (per filing) | 代表取締役社長 西尾 公志 |
| Founded | Oct 1959 |
| Share capital | ¥8.1B |
| Employees (consolidated) | 4,842 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | September |
| Website | nishio-grp.co.jp (https://nishio-grp.co.jp/) |
| Corporate number | 8120001086432 |
| EDINET | E04848 |
| Industries (Vizora) | Leasing |

> Profile source: annual securities report (S100XB09, filed 2025-12-18). As of filing

## Key points (generated from figures)

- About 96% of Nishio Holdings's sales come from Rental-related business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.0% from the prior year, operating profit +8.6%.

## Company structure

- Segment revenue mix: Rental-related business 96.4%、Other 3.6%
- Revenue → net income: ¥214954000000 → ¥12172000000
- Net income → operating cash flow: ¥12172000000 → ¥31809000000（difference ¥19637000000）
- Main uses of operating cash flow: CapEx ¥4570000000 / dividends ¥3498000000 / buybacks —
- Change in cash: ¥12260000000
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 | ¥215B |  |
| Operating income | ¥19.6B | Margin 9.1% |
| Net income | ¥12.1B | Margin 5.6% |
| Free cash flow | ¥27.2B |  |
| Largest business | Rental-related business | of segment revenue 96.4% |
| Employees (consolidated) | 4,842 |  |
| EPS | ¥238.01 |  |
| Diluted EPS | ¥237.93 |  |
| Book value per share | ¥3886.55 |  |
| Equity ratio | 46.6% |  |
| Shares outstanding | 28,391,000 |  |
| Treasury shares | 628,900 |  |
| Shareholders | 3,513 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 20.9% | Cash ÷ revenue 28.8% |
| Vs. industry median margin | +2 pp | Leasing |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income
- FY2025, one segment accounts for 98% of positive segment profit
- FY2025, parent-company salary changed +38% over five years

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥151231000000 | ¥214954000000 | +42.1% |
| Operating income | ¥11371000000 | ¥19602000000 | +72.4% |
| Operating margin | 7.5% | 9.1% | +1.6 pp |
| Employees | 4,329 people | 4,842 people | +11.9% |
| Cash and equivalents | ¥33240000000 | ¥62003000000 | +86.5% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| レンタル関連事業 → レンタル関連事業 | 96.4% |
| レンタル関連事業 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 2.8% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 214,954 | 100.0% | S100XB09 |
| Cost of revenue | 127,855 | 59.5% | S100XB09 |
| Gross profit | 87,099 | 40.5% | S100XB09 |
| SG&A | 67,496 | 31.4% | S100XB09 |
| Operating income | 19,602 | 9.1% | S100XB09 |
| Ordinary income | 18,827 | 8.8% | S100XB09 |
| Pretax income | 18,056 | 8.4% | S100XB09 |
| Income tax | 5,883 | 2.7% | S100XB09 |
| Net income | 12,172 | 5.7% | S100XB09 |
| Net income attributable to owners | 12,109 | 5.6% | S100XB09 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 31 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 40.5% → Operating margin 9.1% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.0%; Core profit growth: +8.6%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.08×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 198,995 | 214,954 | 15,959 | +8.0% |
| Gross profit | 80,897 | 87,099 | 6,202 | +7.7% |
| Operating income | 18,044 | 19,602 | 1,558 | +8.6% |
| Net income attributable to owners | 11,599 | 12,109 | 510 | +4.4% |
| Operating cash flow | 29,552 | 31,809 | 2,257 | +7.6% |
| Free cash flow | 21,182 | 27,239 | 6,057 | +28.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 153,939 | 15,659 | 10.2% | 9,704 | 17,070 | 12,053 | S100KDTZ |
| FY ending Sep 2020 | 151,231 | 11,371 | 7.5% | 6,433 | 21,194 | 9,529 | S100N2XQ |
| FY ending Sep 2021 | 161,756 | 13,714 | 8.5% | 8,829 | 21,598 | 16,951 | S100PU9I |
| FY ending Sep 2022 | 170,634 | 14,884 | 8.7% | 9,167 | 21,321 | 12,692 | S100SHP9 |
| FY ending Sep 2023 | 185,660 | 16,337 | 8.8% | 10,286 | 24,406 | 12,557 | S100UYS5 |
| FY ending Sep 2024 | 198,995 | 18,044 | 9.1% | 11,599 | 29,552 | 21,182 | S100XB09 |
| FY ending Sep 2025 | 214,954 | 19,602 | 9.1% | 12,109 | 31,809 | 27,239 | S100XB09 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,463 | 4,551 | 4,665 | 4,726 | 4,842 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥7.1M | ¥7M | ¥7.2M |
| Average age (parent company) | 35.0 years | 36.0 years | 43.0 years | 44.0 years | 45.0 years |
| Average tenure (parent company) | 11.0 years | 11.0 years | 18.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +8.0%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Rental-related business | 207,157 | 96.4% | 18,882 | 9.1% |
| Other | 7,797 | 3.6% | 300 | 3.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Rental-related business | 96.4% | 98.4% | 2.1 | 9.1% |
| Other | 3.6% | 1.6% | -2.1 | 3.8% |

Segment → industry: Rental-related business → Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 31,809 | 14.8% | S100XB09 |
| Capital expenditure | 4,570 | 2.1% | S100XB09 |
| Free cash flow | 27,239 | 12.7% | 算出 |
| Investing cash flow | -4,212 | -2.0% | S100XB09 |
| Financing cash flow | -15,183 | -7.1% | S100XB09 |
| Dividends paid | 3,498 | 1.6% | S100XB09 |
| Change in cash | 12,260 | 5.7% | S100XB09 |
| Cash and equivalents | 62,003 | 28.8% | S100XB09 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 47,370 | 47,485 | 42,828 | 49,612 | 62,003 | S100SHP9, S100UYS5, S100XB09 |
| Total assets | 248,933 | 261,699 | 272,569 | 290,682 | 297,261 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Net assets | 110,788 | 116,778 | 124,397 | 134,311 | 140,289 | S100SHP9, S100UYS5, S100XB09 |
| Share capital | 8,100 | 8,100 | 8,100 | 8,100 | 8,100 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Trade receivables | 41,628 | — | — | — | — | S100PU9I |
| Property, plant and equipment | 135,403 | 143,825 | 155,562 | 164,996 | 162,558 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Intangible assets excluding goodwill | 4,012 | 3,547 | 3,067 | 2,660 | 2,172 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Goodwill | 2,018 | 1,614 | 1,247 | 1,017 | 627 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Investment securities | 2,015 | 2,148 | 2,551 | 2,753 | 2,292 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Current assets | 101,693 | 105,927 | 105,515 | 112,732 | 122,957 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Current liabilities | 73,239 | 76,301 | 78,911 | 86,629 | 87,655 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Trade payables | 21,308 | 22,465 | 23,993 | 26,489 | 26,784 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Short-term borrowings | 4,472 | 5,529 | 5,403 | 5,526 | 5,290 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Long-term borrowings | 32,162 | 36,835 | 37,937 | 38,730 | 38,585 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Bonds | 975 | 825 | 675 | 525 | — | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Interest-bearing debt | 37,609 | 43,189 | 44,015 | 44,781 | — | 算出 |
| Total liabilities | 138,145 | 144,921 | 148,171 | 156,370 | 156,972 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Non-controlling interests | 3,569 | 2,204 | 2,156 | 2,153 | 1,754 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Equity attributable to owners of parent | 106,983 | 112,875 | 119,723 | 127,865 | 135,452 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Retained earnings | 91,704 | 98,512 | 106,024 | 114,514 | 122,558 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |
| Treasury stock | -1,907 | -1,903 | -1,883 | -1,881 | -1,880 | S100PU9I, S100SHP9, S100UYS5, S100XB09 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XB09 |
| Property, plant and equipment | 54% | S100XB09 |
| Intangibles and goodwill | 1% | S100XB09 |
| Investment securities | 1% | S100XB09 |
| Other assets | 23% | S100XB09 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XB09 |
| Other liabilities | 44% | S100XB09 |
| Equity | 47% | S100XB09 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 248,933 | 261,699 | 272,569 | 290,682 | 297,261 |
| Equity | 110,788 | 116,778 | 124,397 | 134,311 | 140,289 |
| Interest-bearing debt | 37,609 | 43,189 | 44,015 | 44,781 | — |
| Cash | 47,370 | 47,485 | 42,828 | 49,612 | 62,003 |

## 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) | 75.6% | S100XB09 |
| Fixed assets ÷ total assets | 54.7% | S100XB09 |
| Goodwill ÷ parent equity | 0.5% | S100XB09 |

Goodwill over 4 years: 2,018 → 627 JPY; total investing cash flow: -40,132 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) | 20.9% |
| Cash ÷ revenue | 28.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 162.3% |
| Cash vs. profit gap | 19,700 JPY mn (of net income 162.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | 12.8% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 13.2% |

## 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 | 5.5% | 0.65× | 3.5% | 2.33× | 8.3% | S100PU9I |
| 2022 | 5.4% | 0.67× | 3.6% | 2.32× | 8.3% | S100SHP9 |
| 2023 | 5.5% | 0.70× | 3.9% | 2.30× | 8.8% | S100UYS5 |
| 2024 | 5.8% | 0.71× | 4.1% | 2.27× | 9.4% | S100XB09 |
| 2025 | 5.6% | 0.73× | 4.1% | 2.23× | 9.2% | S100XB09 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サンコー機販㈱ | Major shareholder | 11.0% | 2025-09-30 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 10.7% | 2025-09-30 |
| THE SFP VALUE REALIZATION MASTER FUND LTD． （常任代理人 立花証券㈱） | Major shareholder | 10.5% | 2025-09-30 |
| 西尾 公志 | Major shareholder | 4.7% | 2025-09-30 |
| ニシオホールディングス社員持株会 | Major shareholder | 4.4% | 2025-09-30 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-09-30 |
| ニシオホールディングス取引先持株会 | Major shareholder | 3.3% | 2025-09-30 |
| 一般財団法人レントオール奨学財団 | Major shareholder | 3.0% | 2025-09-30 |
| 日浦 知子 | Major shareholder | 2.5% | 2025-09-30 |
| ㈲ニシオトレーディング | Major shareholder | 2.5% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第67期(2024/10/01－2025/09/30) | S100XB09 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB09,, |
| 有価証券報告書－第66期(2023/10/01－2024/09/30) | S100UYS5 | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYS5,, |
| 有価証券報告書－第65期(2022/10/01－2023/09/30) | S100SHP9 | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHP9,, |
| 有価証券報告書－第64期(令和3年10月1日－令和4年9月30日) | S100PU9I | 2022-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PU9I,, |
| 有価証券報告書－第63期(令和2年10月1日－令和3年9月30日) | S100N2XQ | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2XQ,, |
| 有価証券報告書－第62期(令和1年10月1日－令和2年9月30日) | S100KDTZ | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDTZ,, |

## 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).