# Nissha Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第107期(2025/01/01－2025/12/31) (S100XS06)
> Page: https://vizora.meequs.com/en/company/nissha
> Retrieved: 2026-09-30T20:25:29.754Z

## Company

Nissha, founded in 1946, is a company in Medical Devices listed on TSE Prime. It has 5,305 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nissha Co., Ltd. |
| Ticker | 7915 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7915.T) |
| Listing | TSE Prime |
| Head office | 京都市中京区壬生花井町3番地 |
| Representative (per filing) | 代表取締役社長 最高経営責任者 鈴木順也 |
| Founded | Dec 1946 |
| Share capital | ¥12.1B |
| Employees (consolidated) | 5,305 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.nissha.com (https://www.nissha.com/) |
| Corporate number | 9130001023441 |
| EDINET | E00703 |
| Industries (Vizora) | Medical Devices, Electronic Components, Printing |

> Profile source: annual securities report (S100XS06, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Printing (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 23 |
| Profitability | 26.8 | 28 |
| Cash conversion | 72.9 | 24 |
| Efficiency | 26.8 | 28 |

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 39% of Nissha's sales come from Industrial Materials, with Devices and Medical Technologies making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.4% from the prior year, operating profit -26.0%.

## Company structure

- Segment revenue mix: Industrial Materials 39.2%、Devices 30.0%、Medical Technologies 24.2%、Other 6.7%
- Revenue → net income: ¥194898000000 → ¥1383000000
- Net income → operating cash flow: ¥1383000000 → ¥9205000000（difference ¥7822000000）
- Main uses of operating cash flow: CapEx ¥7796000000 / dividends ¥2376000000 / buybacks ¥656000000
- Change in cash: ¥-11756000000
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 | ¥194.9B |  |
| Operating income | ¥4.04B | Margin 2.1% |
| Net income | ¥1B | Margin 0.5% |
| Free cash flow | ¥1.41B |  |
| Largest business | Industrial Materials | of segment revenue 39.2% |
| Employees (consolidated) | 5,305 |  |
| EPS | ¥21.13 |  |
| Book value per share | ¥1614.17 |  |
| Equity ratio | 46.1% | Derived from disclosed figures |
| Shares outstanding | 48,016,000 |  |
| Treasury shares | 1,200 |  |
| Shareholders | 10,139 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 15.7% | Cash ÷ revenue 20.1% |
| Vs. industry median margin | -1.3 pp | Printing |
| ROE | 0.9% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 9.2× net income

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥180006000000 | ¥194898000000 | +8.3% |
| Operating income | ¥7278000000 | ¥4040000000 | -44.5% |
| Operating margin | 4.0% | 2.1% | -2 pp |
| Employees | 5,390 people | 5,305 people | -1.6% |
| Cash and equivalents | ¥25067000000 | ¥39213000000 | +56.4% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 産業資材 → 産業資材 | 26.2% |
| ディバイス → ディバイス | 30.0% |
| ディバイス → 事業再編・廃止 | 25.2% |
| メディカルテクノロジー → メディカルテクノロジー | 11.0% |
| その他 → その他 | 4.2% |
| 情報コミュニケーション → 事業再編・廃止 | 3.3% |
| 新設・再編 → 産業資材 | 12.9% |
| 新設・再編 → メディカルテクノロジー | 13.1% |
| 新設・再編 → その他 | 2.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Materials | 5 years | +9.3% | ¥76315000000 | 4.9% | 2 |
| Devices | 5 years | -10.7% | ¥58452000000 | 3.6% | 2 |
| Medical Technologies | 5 years | +18.0% | ¥47130000000 | 4.3% | 2 |
| Other | 5 years | +10.6% | ¥13000000000 | 3.0% | 2 |

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 194,898 | 100.0% | S100XS06 |
| Cost of revenue | 151,203 | 77.6% | S100XS06 |
| Gross profit | 43,695 | 22.4% | S100XS06 |
| SG&A | 38,408 | 19.7% | S100XS06 |
| Operating income | 4,040 | 2.1% | S100XS06 |
| Pretax income | 3,551 | 1.8% | S100XS06 |
| Income tax | 2,168 | 1.1% | S100XS06 |
| Net income | 1,383 | 0.7% | S100XS06 |
| Net income attributable to owners | 1,001 | 0.5% | S100XS06 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 20 |
| Other operating | 1 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 22.4% → Operating margin 2.1% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.4%; Core profit growth: -26.0%
Operating leverage (core profit growth ÷ revenue growth): 72.56×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 195,598 | 194,898 | -700 | -0.4% |
| Gross profit | 43,798 | 43,695 | -103 | -0.2% |
| Operating income | 5,457 | 4,040 | -1,417 | -26.0% |
| Net income attributable to owners | 3,851 | 1,001 | -2,850 | -74.0% |
| Operating cash flow | 12,312 | 9,205 | -3,107 | -25.2% |
| Free cash flow | 4,204 | 1,409 | -2,795 | -66.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2018 | 207,404 | — | — | 4,523 | 5,737 | — | S100QELG |
| FY ending Dec 2019 | 174,035 | -16,253 | -9.3% | -17,183 | 1,636 | -6,320 | S100KZ5J |
| FY ending Dec 2020 | 180,006 | 7,278 | 4.0% | 7,061 | 14,646 | 8,903 | S100NP0E |
| FY ending Dec 2021 | 189,285 | 17,363 | 9.2% | 15,859 | 18,790 | 11,193 | S100QELG |
| FY ending Dec 2022 | 193,963 | 9,520 | 4.9% | 10,140 | 12,039 | 6,027 | S100T30E |
| FY ending Dec 2023 | 167,726 | -3,817 | -2.3% | -2,988 | 1,486 | -3,981 | S100VFAX |
| FY ending Dec 2024 | 195,598 | 5,457 | 2.8% | 3,851 | 12,312 | 4,204 | S100XS06 |
| FY ending Dec 2025 | 194,898 | 4,040 | 2.1% | 1,001 | 9,205 | 1,409 | S100XS06 |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.7M |
| Operating income per employee (consolidated) | ¥761.5K |
| Net income per employee (consolidated) | ¥188.7K |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,409 | 5,325 | 5,221 | 5,397 | 5,305 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥7.1M | ¥7.4M | ¥7.4M |
| Average age (parent company) | 42.2 years | 42.9 years | 42.9 years | 42.8 years | 42.6 years |
| Average tenure (parent company) | 14.3 years | 15.7 years | 15.6 years | 15.6 years | 15.7 years |

Year over year: Employees (consolidated) -1.7% · Revenue (consolidated) -0.4%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Materials | 76,315 | 39.2% | 3,741 | 4.9% |
| Devices | 58,452 | 30.0% | 2,130 | 3.6% |
| Medical Technologies | 47,130 | 24.2% | 2,035 | 4.3% |
| Other | 13,000 | 6.7% | 390 | 3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Materials | 39.2% | 45.1% | 5.9 | 4.9% |
| Devices | 30.0% | 25.7% | -4.3 | 3.6% |
| Medical Technologies | 24.2% | 24.5% | 0.3 | 4.3% |
| Other | 6.7% | 4.7% | -2.0 | 3.0% |

Segment → industry: Medical Technologies → Medical Devices / Devices → Electronic Components / Industrial Materials → Printing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,205 | 4.7% | S100XS06 |
| Capital expenditure | 7,796 | 4.0% | S100XS06 |
| Free cash flow | 1,409 | 0.7% | 算出 |
| Investing cash flow | -13,848 | -7.1% | S100XS06 |
| Financing cash flow | -8,366 | -4.3% | S100XS06 |
| Dividends paid | 2,376 | 1.2% | S100XS06 |
| Share buyback | 656 | 0.3% | S100XS06 |
| Change in cash | -11,756 | -6.0% | S100XS06 |
| Cash and equivalents | 39,213 | 20.1% | S100XS06 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 42,330 | 54,325 | 37,854 | 50,970 | 39,213 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Total assets | 209,274 | 230,212 | 217,853 | 251,847 | 250,120 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Net assets | 98,264 | 111,518 | 110,852 | 115,783 | 117,872 | S100T30E, S100VFAX, S100XS06 |
| Share capital | 12,119 | 12,119 | 12,119 | 12,119 | 12,119 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Property, plant and equipment | 42,799 | 43,720 | 43,169 | 46,651 | 49,279 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Goodwill | 20,186 | 21,410 | 20,238 | 31,834 | 33,277 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Current assets | 103,546 | 125,403 | 107,401 | 128,627 | 116,221 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Total liabilities | 111,010 | 118,693 | 107,000 | 136,064 | 132,247 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Equity attributable to owners of parent | 98,278 | 111,553 | 110,913 | 114,297 | 115,316 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Retained earnings | 65,445 | 75,658 | 69,934 | 76,820 | 71,541 | S100QELG, S100T30E, S100VFAX, S100XS06 |
| Treasury stock | -1,929 | -2,632 | -4,019 | -5,553 | -1,171 | S100QELG, S100T30E, S100VFAX, S100XS06 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XS06 |
| Property, plant and equipment | 20% | S100XS06 |
| Intangibles and goodwill | 13% | — |
| Other assets | 51% | S100XS06 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 53% | S100XS06 |
| Equity | 47% | S100XS06 |
| Other liabilities | 0% | S100XS06 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 209,274 | 230,212 | 217,853 | 251,847 | 250,120 |
| Equity | 98,264 | 111,518 | 110,852 | 115,783 | 117,872 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 42,330 | 54,325 | 37,854 | 50,970 | 39,213 |

## 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) | 25.3% | S100XS06 |
| Fixed assets ÷ total assets | 19.7% | S100XS06 |
| Goodwill ÷ parent equity | 28.9% | S100XS06 |

Goodwill over 4 years: 20,186 → 33,277 JPY; total investing cash flow: -44,554 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) | 15.7% |
| Cash ÷ revenue | 20.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 227.8% |
| Cash vs. profit gap | 8,204 JPY mn (of net income 819.6%) |
| Shareholder returns / net income | 302.9% |
| Shareholder returns / FCF | 215.2% |
| Shareholder payments — dividends / net income | 237.4% |
| Shareholder payments — dividends / FCF | 168.6% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 150.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.4% | 0.90× | 7.6% | 2.13× | 16.1% | S100QELG |
| 2022 | 5.2% | 0.88× | 4.6% | 2.09× | 9.7% | S100T30E |
| 2023 | — | —× | -1.3% | —× | — | S100VFAX |
| 2024 | 2.0% | 0.83× | 1.6% | 2.09× | 3.4% | S100XS06 |
| 2025 | 0.5% | 0.78× | 0.4% | 2.19× | 0.9% | S100XS06 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口)管理有価証券信託設定分 | Major shareholder | 6.0% | 2025-12-31 |
| 鈴木興産株式会社 | Major shareholder | 5.3% | 2025-12-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 4.4% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社(信託口)投資信託設定分 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口)管理有価証券信託設定分 | Major shareholder | 4.1% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口)投資信託設定分 | Major shareholder | 4.0% | 2025-12-31 |
| 株式会社京都銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.0% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.4% | 2025-12-31 |
| ニッシャ共栄会 | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/01/01－2025/12/31) | S100XS06 | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS06,, |
| 有価証券報告書－第106期(2024/01/01－2024/12/31) | S100VFAX | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFAX,, |
| 有価証券報告書－第105期(2023/01/01－2023/12/31) | S100T30E | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T30E,, |
| 有価証券報告書－第104期(2022/01/01－2022/12/31) | S100QELG | 2023-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QELG,, |
| 有価証券報告書－第103期(令和3年1月1日－令和3年12月31日) | S100NP0E | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NP0E,, |
| 有価証券報告書－第102期(令和2年1月1日－令和2年12月31日) | S100KZ5J | 2021-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZ5J,, |

## 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).