# NISSAN SHATAI 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103期(2025/04/01－2026/03/31) (S100YGCO)
> Page: https://vizora.meequs.com/en/company/nissan-shatai
> Retrieved: 2026-09-30T18:37:38.157Z

## Company

Nissan Shatai, founded in 1937, is a company in Automobiles listed on TSE Standard. It has 3,639 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSAN SHATAI CO., LTD. |
| Ticker | 7222 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7222.T) |
| Listing | TSE Standard |
| Head office | 神奈川県平塚市堤町2番1号 |
| Representative (per filing) | 取締役社長 冨山 隆 |
| Founded | May 1937 |
| Share capital | ¥7.9B |
| Employees (consolidated) | 3,639 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.nissan-shatai.co.jp (https://www.nissan-shatai.co.jp/) |
| Corporate number | 3021001037076 |
| EDINET | E02150 |
| Industries (Vizora) | Automobiles, IT Services & System Integration, HR & Staffing, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YGCO, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Automobiles (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.1 | 7 |
| Profitability | 68.8 | 8 |
| Cash conversion | 64.3 | 7 |
| Efficiency | 93.8 | 8 |

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 98% of Nissan Shatai's sales come from Automobile related report, with IT service report and Temporary staffing report making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +15.2% from the prior year, operating profit +175.1%.

## Company structure

- Segment revenue mix: Automobile related report 98.5%、IT service report 0.8%、Temporary staffing report 0.5%、Facility maintenance report 0.2%
- Revenue → net income: ¥403800000000 → ¥6893000000
- Net income → operating cash flow: ¥6893000000 → ¥22181000000（difference ¥15288000000）
- Main uses of operating cash flow: CapEx ¥10343000000 / dividends ¥1760000000 / buybacks ¥0
- Change in cash: ¥-6059000000
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 | ¥403.8B |  |
| Operating income | ¥14.2B | Margin 3.5% |
| Net income | ¥6.89B | Margin 1.7% |
| Free cash flow | ¥11.8B |  |
| Largest business | Automobile related report | of segment revenue 98.5% |
| Employees (consolidated) | 3,639 |  |
| EPS | ¥38.49 |  |
| Book value per share | ¥1204.71 |  |
| Equity ratio | 66.3% |  |
| Shares outstanding | 135,452,000 |  |
| Treasury shares | 100 |  |
| Shareholders | 3,206 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 31.4% | Cash ÷ revenue 21.5% |
| Vs. industry median margin | +1.7 pp | Automobiles |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, employees -5% while operating income rose 175%
- FY2026, one segment accounts for 97% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥362869000000 | ¥403800000000 | +11.3% |
| Operating income | ¥483000000 | ¥14161000000 | +2831.9% |
| Operating margin | 0.1% | 3.5% | +3.4 pp |
| Employees | 4,074 people | 3,639 people | -10.7% |
| Cash and equivalents | ¥125778000000 | ¥86997000000 | -30.8% |

### 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 |
| --- | ---: |
| 自動車関連 → 自動車関連 | 97.0% |
| 設備メンテナンス → 設備メンテナンス | 0.2% |
| 設備メンテナンス → 事業再編・廃止 | 0.1% |
| その他 → 事業再編・廃止 | 1.5% |
| 情報処理 → 情報処理 | 0.7% |
| 人材派遣 → 人材派遣 | 0.5% |
| 新設・再編 → 自動車関連 | 1.5% |
| 新設・再編 → 情報処理 | 0.1% |
| 新設・再編 → 人材派遣 | 0.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automobile related report | 5 years | +2.2% | ¥397590000000 | 3.4% | 2 |
| IT service report | 5 years | +3.7% | ¥3169000000 | 6.4% | 2 |
| Temporary staffing report | 5 years | +4.2% | ¥2167000000 | 8.9% | 2 |
| Facility maintenance report | 5 years | -4.7% | ¥872000000 | 2.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 403,800 | 100.0% | S100YGCO |
| Cost of revenue | 382,061 | 94.6% | S100YGCO |
| Gross profit | 21,738 | 5.4% | S100YGCO |
| SG&A | 7,576 | 1.9% | S100YGCO |
| Operating income | 14,161 | 3.5% | S100YGCO |
| Ordinary income | 15,080 | 3.7% | S100YGCO |
| Pretax income | 9,904 | 2.5% | S100YGCO |
| Income tax | 3,010 | 0.7% | S100YGCO |
| Net income | 6,893 | 1.7% | S100YGCO |
| Net income attributable to owners | 6,893 | 1.7% | S100YGCO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 95 |
| SG&A | 2 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 5.4% → Operating margin 3.5% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +175.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.52×
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 | 350,508 | 403,800 | 53,292 | +15.2% |
| Gross profit | 12,320 | 21,738 | 9,418 | +76.4% |
| Operating income | 5,147 | 14,161 | 9,014 | +175.1% |
| Net income attributable to owners | 3,033 | 6,893 | 3,860 | +127.3% |
| Operating cash flow | 8,997 | 22,181 | 13,184 | +146.5% |
| Free cash flow | -1,431 | 11,838 | 13,269 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 498,831 | 9,303 | 1.9% | 5,827 | 13,646 | 8,727 | S100LNDS |
| FY ending Mar 2021 | 362,869 | 483 | 0.1% | 1,917 | 8,237 | 4,758 | S100OCOM |
| FY ending Mar 2022 | 215,359 | -3,538 | -1.6% | -2,217 | 7,872 | 3,735 | S100R6OD |
| FY ending Mar 2023 | 307,521 | 4,390 | 1.4% | 3,883 | 10,985 | 1,379 | S100TSMG |
| FY ending Mar 2024 | 301,071 | 979 | 0.3% | 407 | 7,687 | -4,447 | S100W3HU |
| FY ending Mar 2025 | 350,508 | 5,147 | 1.5% | 3,033 | 8,997 | -1,431 | S100YGCO |
| FY ending Mar 2026 | 403,800 | 14,161 | 3.5% | 6,893 | 22,181 | 11,838 | S100YGCO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥1.9M |

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) | 4,016 | 3,951 | 3,866 | 3,842 | 3,639 |
| Average salary (parent company) | ¥6.2M | ¥6.7M | ¥7.4M | ¥7.5M | ¥7.5M |
| Average age (parent company) | 42.0 years | 41.8 years | 41.8 years | 41.6 years | 42.2 years |
| Average tenure (parent company) | 18.3 years | 17.9 years | 17.7 years | 16.4 years | 17.0 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) +15.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Automobile related report | 397,590 | 98.5% | 13,676 | 3.4% |
| Facility maintenance report | 872 | 0.2% | 22 | 2.5% |
| IT service report | 3,169 | 0.8% | 203 | 6.4% |
| Temporary staffing report | 2,167 | 0.5% | 192 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Automobile related report | 98.5% | 97.0% | -1.4 | 3.4% |
| Facility maintenance report | 0.2% | 0.2% | -0.1 | 2.5% |
| IT service report | 0.8% | 1.4% | 0.7 | 6.4% |
| Temporary staffing report | 0.5% | 1.4% | 0.8 | 8.9% |

Segment → industry: Automobile related report → Automobiles / IT service report → IT Services & System Integration / Temporary staffing report → HR & Staffing / Facility maintenance report → Plant Engineering & Building Services

## 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 | 22,181 | 5.5% | S100YGCO |
| Capital expenditure | 10,343 | 2.6% | S100YGCO |
| Free cash flow | 11,838 | 2.9% | 算出 |
| Investing cash flow | -10,003 | -2.5% | S100YGCO |
| Financing cash flow | -18,237 | -4.5% | S100YGCO |
| Dividends paid | 1,760 | 0.4% | S100YGCO |
| Share buyback | 0 | 0.0% | S100YGCO |
| Change in cash | -6,059 | -1.5% | S100YGCO |
| Cash and equivalents | 86,997 | 21.5% | S100YGCO |

## 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 | 52,869 | 49,427 | 41,414 | 93,056 | 86,997 | S100TSMG, S100W3HU, S100YGCO |
| Total assets | 231,233 | 249,149 | 258,376 | 269,913 | 277,139 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Net assets | 172,190 | 172,987 | 174,333 | 176,561 | 183,821 | S100TSMG, S100W3HU, S100YGCO |
| Share capital | 7,904 | 7,904 | 7,904 | 7,904 | 7,904 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Property, plant and equipment | 45,651 | 50,244 | 80,622 | 86,787 | 85,954 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Intangible assets excluding goodwill | 848 | 1,906 | 2,251 | 2,129 | 1,639 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Investment securities | 324 | 324 | 324 | 324 | 324 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Current assets | 110,705 | 123,124 | 140,030 | 174,219 | 178,000 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Current liabilities | 54,810 | 70,938 | 68,392 | 88,474 | 87,440 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Trade payables | 31,104 | 39,355 | 28,738 | 42,834 | 48,333 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Total liabilities | 59,042 | 76,161 | 84,042 | 93,351 | 93,318 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Equity attributable to owners of parent | 167,303 | 169,425 | 168,072 | 169,344 | 174,477 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Retained earnings | 173,517 | 175,639 | 151,849 | 153,121 | 158,254 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |
| Treasury stock | -22,635 | -22,636 | 0 | 0 | 0 | S100R6OD, S100TSMG, S100W3HU, S100YGCO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YGCO |
| Property, plant and equipment | 31% | S100YGCO |
| Intangibles and goodwill | 1% | S100YGCO |
| Investment securities | 0% | S100YGCO |
| Other assets | 37% | S100YGCO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 18% | S100YGCO |
| Other liabilities | 16% | S100YGCO |
| Equity | 66% | S100YGCO |

### 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 | 231,233 | 249,149 | 258,376 | 269,913 | 277,139 |
| Equity | 172,190 | 172,987 | 174,333 | 176,561 | 183,821 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 52,869 | 49,427 | 41,414 | 93,056 | 86,997 |

## 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) | 21.3% | S100YGCO |
| Fixed assets ÷ total assets | 31.0% | S100YGCO |
| Goodwill ÷ parent equity | — | —, S100YGCO |

### 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) | 31.4% |
| Cash ÷ revenue | 21.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.6% |
| Cash vs. profit gap | 15,288 JPY mn (of net income 221.8%) |
| Shareholder returns / net income | 25.5% |
| Shareholder returns / FCF | 14.9% |
| Shareholder payments — dividends / net income | 25.5% |
| Shareholder payments — dividends / FCF | 14.9% |
| CapEx intensity (capex ÷ revenue) | 2.6% |
| Investing CF relative to operating CF | 45.1% |

## 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 | — | —× | -1.0% | —× | — | S100R6OD |
| 2023 | 1.3% | 1.28× | 1.6% | 1.43× | 2.3% | S100TSMG |
| 2024 | 0.1% | 1.19× | 0.2% | 1.50× | 0.2% | S100W3HU |
| 2025 | 0.9% | 1.33× | 1.1% | 1.57× | 1.8% | S100YGCO |
| 2026 | 1.7% | 1.48× | 2.5% | 1.59× | 4.0% | S100YGCO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日産自動車株式会社 | Major shareholder | 50.0% | 2026-03-31 |
| イーシーエム エムエフ (常任代理人 立花証券株式会社) | Major shareholder | 22.6% | 2026-03-31 |
| ゴールドマン・サックス・インターナショナル (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 4.6% | 2026-03-31 |
| インタートラスト トラスティーズ（ケイマン）リミテッド ソールリー イン イッツ キャパシティー アズ トラスティー オブ ジャパン アップ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 3.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 2.5% | 2026-03-31 |
| バンク オブ ニユーヨーク ジーシーエム クライアント アカウント ジエイピーアールデイ アイエスジー エフイー－エイシー (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 日産車体取引先持株会 | Major shareholder | 1.8% | 2026-03-31 |
| ジェーピー モルガン チェース バンク ３８５７８１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５００１ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト カンパニー ５０５２２３ (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥403.8B, up +15.2% from ¥350.5B.
- Operating income jumped +175.1% from ¥5.15B to ¥14.2B, and net income rose +127.3% to ¥6.89B.
- Net income grew less than operating income because of one-off losses tied to repurposing the Shonan plant.
- Free cash flow swung from a negative ¥1.43B to a positive ¥11.8B.

### Drivers

- More vehicles were sold, led by the new Patrol for the Middle East and the new Armada for North America
- Both models sell at higher prices than the versions they replaced
- Better production efficiency, on top of higher volume, lifted operating income
- The Shonan plant is switching to service parts, which brought an impairment charge and restructuring costs for staff

### Risks

- Nearly all sales go to Nissan Motor, so any change in Nissan's sales or production plans hits results hard
- Most vehicles are exported; Middle East shipments could be delayed by the closure of the Strait of Hormuz, and North American ones face tariff risk
- Prolonged geopolitical tension could disrupt supplies of materials needed for production

Cited: Annual securities report (103rd term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (103rd term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YGCO | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGCO,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W3HU | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3HU,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TSMG | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSMG,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R6OD | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6OD,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OCOM | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCOM,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LNDS | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNDS,, |

## 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).