# NISSAN TOKYO SALES HOLDINGS 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114期(2025/04/01－2026/03/31) (S100YGG9)
> Page: https://vizora.meequs.com/en/company/nissan-tokyo-sales-holdings
> Retrieved: 2026-09-30T17:48:37.690Z

## Company

Nissan Tokyo Sales Holdings, founded in 1942, is a company in Car Dealers & Used Cars listed on TSE Standard. It has 2,589 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSAN TOKYO SALES HOLDINGS CO.,LTD. |
| Ticker | 8291 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8291.T) |
| Listing | TSE Standard |
| Head office | 東京都品川区西五反田四丁目32番1号 |
| Representative (per filing) | 代表取締役社長 菊池毅彦 |
| Founded | Nov 1942 |
| Share capital | ¥13.8B |
| Employees (consolidated) | 2,589 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.nissan-tokyo-hd.co.jp (https://www.nissan-tokyo-hd.co.jp/) |
| Corporate number | 4010701012495 |
| EDINET | E02544 |
| Industries (Vizora) | Car Dealers & Used Cars |

> Profile source: annual securities report (S100YGG9, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Car Dealers & Used Cars (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 18 |
| Profitability | 61.4 | 22 |
| Cash conversion | 72.5 | 20 |
| Efficiency | 29.5 | 22 |

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)

- Nissan Tokyo Sales Holdings brought in ¥129B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -8.9% from the prior year, operating profit -35.8%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥128997000000 → ¥2682000000
- Net income → operating cash flow: ¥2682000000 → ¥6413000000（difference ¥3731000000）
- Main uses of operating cash flow: CapEx ¥8742000000 / dividends ¥1427000000 / buybacks —
- Change in cash: ¥-1086000000
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 | ¥129B |  |
| Operating income | ¥4.76B | Margin 3.7% |
| Net income | ¥2.68B | Margin 2.1% |
| Free cash flow | -¥2.33B |  |
| Employees (consolidated) | 2,589 |  |
| EPS | ¥69.87 |  |
| Book value per share | ¥654.31 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 59,578,000 |  |
| Treasury shares | 117,300 |  |
| Shareholders | 13,039 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 12.1% |
| Vs. industry median margin | +0.5 pp | Car Dealers & Used Cars |
| ROE | 5.2% | Derived from disclosed figures |
| ROA | 2.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥140443000000 | ¥128997000000 | -8.1% |
| Operating income | ¥3445000000 | ¥4756000000 | +38.1% |
| Operating margin | 2.5% | 3.7% | +1.2 pp |
| Employees | 3,082 people | 2,589 people | -16.0% |
| Cash and equivalents | ¥17078000000 | ¥15654000000 | -8.3% |

### 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 |
| --- | ---: |
| 自動車関連事業 → 事業再編・廃止 | 94.9% |
| 情報システム関連事業 → 事業再編・廃止 | 4.9% |
| その他 → 事業再編・廃止 | 0.2% |

Segment revenue source references: 3 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 128,997 | 100.0% | S100YGG9 |
| Cost of revenue | 96,817 | 75.1% | S100YGG9 |
| Gross profit | 32,179 | 24.9% | S100YGG9 |
| SG&A | 27,423 | 21.3% | S100YGG9 |
| Operating income | 4,756 | 3.7% | S100YGG9 |
| Ordinary income | 4,754 | 3.7% | S100YGG9 |
| Pretax income | 4,397 | 3.4% | S100YGG9 |
| Income tax | 1,714 | 1.3% | S100YGG9 |
| Net income | 2,682 | 2.1% | S100YGG9 |
| Net income attributable to owners | 2,682 | 2.1% | S100YGG9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.9% → Operating margin 3.7% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -8.9%; Core profit growth: -35.8%
Operating leverage (core profit growth ÷ revenue growth): 4.02×
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 | 141,605 | 128,997 | -12,608 | -8.9% |
| Gross profit | 35,405 | 32,179 | -3,226 | -9.1% |
| Operating income | 7,412 | 4,756 | -2,656 | -35.8% |
| Net income attributable to owners | 4,312 | 2,682 | -1,630 | -37.8% |
| Operating cash flow | 4,917 | 6,413 | 1,496 | +30.4% |
| Free cash flow | -8,225 | -2,329 | 5,896 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 149,525 | 5,029 | 3.4% | 3,990 | 11,774 | — | S100LNWL |
| FY ending Mar 2018 | 152,023 | 4,616 | 3.0% | 2,187 | 12,506 | — | S100ODB1 |
| FY ending Mar 2019 | 155,801 | 4,721 | 3.0% | 2,728 | 12,466 | — | S100QYZF |
| FY ending Mar 2020 | 153,147 | 4,350 | 2.8% | 2,246 | 11,345 | 1,114 | S100LNWL |
| FY ending Mar 2021 | 140,443 | 3,445 | 2.5% | 1,638 | 11,368 | 4,960 | S100ODB1 |
| FY ending Mar 2022 | 138,378 | 4,407 | 3.2% | 2,100 | 11,460 | 9,191 | S100QYZF |
| FY ending Mar 2023 | 137,659 | 6,399 | 4.6% | 3,261 | 3,095 | -727 | S100TT1F |
| FY ending Mar 2024 | 148,972 | 8,709 | 5.8% | 7,337 | 11,189 | 3,854 | S100W2P5 |
| FY ending Mar 2025 | 141,605 | 7,412 | 5.2% | 4,312 | 4,917 | -8,225 | S100YGG9 |
| FY ending Mar 2026 | 128,997 | 4,756 | 3.7% | 2,682 | 6,413 | -2,329 | S100YGG9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.8M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥1M |

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) | 2,935 | 2,872 | 2,646 | 2,626 | 2,589 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.9M | ¥8.2M | ¥7.7M |
| Average age (parent company) | 50.3 years | 49.8 years | 51.0 years | 51.1 years | 52.4 years |
| Average tenure (parent company) | 18.3 years | 15.9 years | 18.5 years | 18.8 years | 21.7 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) -8.9%

## 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 | 6,413 | 5.0% | S100YGG9 |
| Capital expenditure | 8,742 | 6.8% | S100YGG9 |
| Free cash flow | -2,329 | -1.8% | 算出 |
| Investing cash flow | -8,680 | -6.7% | S100YGG9 |
| Financing cash flow | 1,180 | 0.9% | S100YGG9 |
| Dividends paid | 1,427 | 1.1% | S100YGG9 |
| Change in cash | -1,086 | -0.8% | S100YGG9 |
| Cash and equivalents | 15,654 | 12.1% | S100YGG9 |

## 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 | 22,305 | 18,116 | 21,343 | 16,741 | 15,654 | S100TT1F, S100W2P5, S100YGG9 |
| Total assets | 94,759 | 87,201 | 94,311 | 97,081 | 101,522 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Net assets | 48,312 | 51,010 | 57,484 | 56,644 | 58,594 | S100TT1F, S100W2P5, S100YGG9 |
| Share capital | 13,752 | 13,752 | 13,752 | 13,752 | 13,752 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Trade receivables | 4,236 | 5,615 | 3,217 | 3,676 | 3,464 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Property, plant and equipment | 39,741 | 39,902 | 42,916 | 50,407 | 53,085 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Intangible assets excluding goodwill | 1,073 | 1,040 | 940 | 808 | 638 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Goodwill | 812 | 722 | 632 | 541 | 451 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Investment securities | 4,274 | 4,402 | 7,156 | 6,216 | 6,890 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Current assets | 39,838 | 39,606 | 41,032 | 36,305 | 37,113 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Current liabilities | 27,886 | 27,954 | 30,234 | 26,708 | 25,919 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Long-term borrowings | 3,300 | 1,500 | 300 | 7,930 | 10,576 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Total liabilities | 46,446 | 36,191 | 36,827 | 40,436 | 42,927 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Non-controlling interests | 1,668 | 1,811 | — | — | — | S100QYZF, S100TT1F |
| Equity attributable to owners of parent | 42,886 | 45,307 | 51,400 | 50,958 | 52,214 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Retained earnings | 28,986 | 31,382 | 37,455 | 39,969 | 38,246 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |
| Treasury stock | -100 | -74 | -54 | -3,011 | -32 | S100QYZF, S100TT1F, S100W2P5, S100YGG9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YGG9 |
| Receivables | 3% | S100YGG9 |
| Property, plant and equipment | 52% | S100YGG9 |
| Intangibles and goodwill | 1% | S100YGG9 |
| Investment securities | 7% | S100YGG9 |
| Other assets | 21% | S100YGG9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YGG9 |
| Equity | 58% | S100YGG9 |
| Other liabilities | 0% | S100YGG9 |

### 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 | 94,759 | 87,201 | 94,311 | 97,081 | 101,522 |
| Equity | 48,312 | 51,010 | 57,484 | 56,644 | 58,594 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 22,305 | 18,116 | 21,343 | 16,741 | 15,654 |

## 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) | 41.2% | S100YGG9 |
| Fixed assets ÷ total assets | 52.3% | S100YGG9 |
| Goodwill ÷ parent equity | 0.9% | S100YGG9 |

Goodwill over 4 years: 812 → 451 JPY; total investing cash flow: -32,366 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) | 15.4% |
| Cash ÷ revenue | 12.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.8% |
| Cash vs. profit gap | 3,731 JPY mn (of net income 139.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 53.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 135.4% |

## 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 | 1.5% | 1.46× | 2.2% | 2.21× | 4.9% | S100QYZF |
| 2023 | 2.4% | 1.51× | 3.6% | 2.06× | 7.4% | S100TT1F |
| 2024 | 4.9% | 1.64× | 8.1% | 1.88× | 15.2% | S100W2P5 |
| 2025 | 3.0% | 1.48× | 4.5% | 1.87× | 8.4% | S100YGG9 |
| 2026 | 2.1% | 1.30× | 2.7% | 1.92× | 5.2% | S100YGG9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日産ネットワークホールディングス株式会社 | Major shareholder | 38.0% | 2026-03-31 |
| NIPPON ACTIVE VALUE FUND PLC（常任代理人 香港上海銀行東京支店） | Major shareholder | 4.1% | 2026-03-31 |
| MORGAN STANLEY ＆CO. INTERNATIONAL PLC（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.5% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.4% | 2026-03-31 |
| NAVF SELECT LLC（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.3% | 2026-03-31 |
| 野村 絢（常任代理人 三田証券株式会社） | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社アルファ | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社太洋商会 | Major shareholder | 2.0% | 2026-03-31 |
| 日産東京販売ホールディングス従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 中央自動車工業株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第114期(2025/04/01－2026/03/31) | S100YGG9 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGG9,, |
| 有価証券報告書－第113期(2024/04/01－2025/03/31) | S100W2P5 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2P5,, |
| 有価証券報告書－第112期(2023/04/01－2024/03/31) | S100TT1F | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT1F,, |
| 有価証券報告書－第111期(2022/04/01－2023/03/31) | S100QYZF | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYZF,, |
| 有価証券報告書－第110期(令和3年4月1日－令和4年3月31日) | S100ODB1 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODB1,, |
| 有価証券報告書－第109期(令和2年4月1日－令和3年3月31日) | S100LNWL | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNWL,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 日産 | Supply/OEM | 日産車・日産部品の供給を受け販売 | S100YGG9 |
| ㈱エース・オートリース | Alliance | 自動車リース業務提携 | S100YGG9 |

## 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).