# NISSHIN GROUP 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52期(2025/04/01－2026/03/31) (S100YK7Q)
> Page: https://vizora.meequs.com/en/company/nisshin-group-holdings
> Retrieved: 2026-09-30T21:12:07.994Z

## Company

Nisshin Group Holdings, founded in 1975, is a company in Real Estate Brokerage & Management listed on TSE Prime. It has 663 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSHIN GROUP HOLDINGS Company, Limited |
| Ticker | 8881 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8881.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区新宿五丁目8番1号 |
| Representative (per filing) | 代表取締役社長 神山 隆志 |
| Founded | Mar 1975 |
| Share capital | ¥10.1B |
| Employees (consolidated) | 663 |
| Average salary (parent only) | ¥5M |
| Fiscal year end | March |
| Website | www.nisshin-hd.co.jp (https://www.nisshin-hd.co.jp/) |
| Corporate number | 9011101015869 |
| EDINET | E03984 |
| Industries (Vizora) | Real Estate Brokerage & Management, General Contractors, Condominium Developers |

> Profile source: annual securities report (S100YK7Q, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.2 | 84 |
| Profitability | 60.3 | 92 |
| Cash conversion | 10.4 | 91 |
| Efficiency | 10.3 | 92 |

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 45% of Nisshin Group Holdings's sales come from Construction, with Real estate and Real estate management making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +15.2% from the prior year, operating profit +93.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥87.8B |  |
| Operating income | ¥6.68B | Margin 7.6% |
| Net income | ¥4.2B | Margin 4.8% |
| Free cash flow | -¥8.17B |  |
| Largest business | Construction | of segment revenue 44.8% |
| Employees (consolidated) | 663 |  |
| EPS | ¥27.45 |  |
| Book value per share | ¥708.78 |  |
| Equity ratio | 48.7% |  |
| Shares outstanding | 46,951,260 |  |
| Treasury shares | 46,000 |  |
| Shareholders | 12,450 |  |
| Average salary (parent only) | ¥5M | Filing company only |
| Cash ratio | 25.4% | Cash ÷ revenue 42.6% |
| Vs. industry median margin | +0.8 pp | General Contractors |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 94%
- FY2026, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80815338000 | ¥87815902000 | +8.7% |
| Operating income | ¥5266442000 | ¥6678472000 | +26.8% |
| Operating margin | 6.5% | 7.6% | +1.1 pp |
| Employees | 707 people | 663 people | -6.2% |
| Cash and equivalents | ¥36990040000 | ¥37452435000 | +1.3% |

### 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 |
| --- | ---: |
| 不動産事業 → 不動産事業 | 35.8% |
| 不動産事業 → 事業再編・廃止 | 2.2% |
| 建設事業 → 建設事業 | 44.2% |
| 不動産管理事業 → 不動産管理事業 | 17.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建設事業 | 0.6% |
| 新設・再編 → 不動産管理事業 | 1.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction | 5 years | +2.0% | ¥39382756000 | 9.8% | 2 |
| Real estate | 5 years | +0.5% | ¥31414584000 | 4.8% | 2 |
| Real estate management | 5 years | +3.5% | ¥16998375000 | 10.7% | 2 |
| Other | 5 years | -2.9% | ¥20185000 | 64.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 87,816 | 100.0% | S100YK7Q |
| Cost of revenue | 73,790 | 84.0% | S100YK7Q |
| Gross profit | 14,026 | 16.0% | S100YK7Q |
| SG&A | 7,348 | 8.4% | S100YK7Q |
| Operating income | 6,678 | 7.6% | S100YK7Q |
| Ordinary income | 6,005 | 6.8% | S100YK7Q |
| Pretax income | 6,175 | 7.0% | S100YK7Q |
| Income tax | 1,969 | 2.2% | S100YK7Q |
| Net income | 4,206 | 4.8% | S100YK7Q |
| Net income attributable to owners | 4,196 | 4.8% | S100YK7Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 8 |
| Operating income | 8 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 16.0% → Operating margin 7.6% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.2%; Core profit growth: +93.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.17×
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 | 76,236 | 87,816 | 11,580 | +15.2% |
| Gross profit | 10,412 | 14,026 | 3,614 | +34.7% |
| Operating income | 3,448 | 6,678 | 3,231 | +93.7% |
| Net income attributable to owners | 2,058 | 4,196 | 2,139 | +103.9% |
| Operating cash flow | -5,524 | -6,422 | -898 | — |
| Free cash flow | -5,637 | -8,167 | -2,530 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,116 | 5,059 | 6.2% | 3,949 | 546 | -165 | S100LSEL |
| FY ending Mar 2021 | 80,815 | 5,266 | 6.5% | 3,423 | 11,975 | 11,861 | S100OHM1 |
| FY ending Mar 2022 | 81,465 | 5,214 | 6.4% | 3,523 | 840 | 397 | S100R4YP |
| FY ending Mar 2023 | 82,348 | 4,195 | 5.1% | 2,763 | 790 | 610 | S100TWRC |
| FY ending Mar 2024 | 81,024 | 3,529 | 4.4% | 2,105 | -375 | -618 | S100W4EZ |
| FY ending Mar 2025 | 76,236 | 3,448 | 4.5% | 2,058 | -5,524 | -5,637 | S100YK7Q |
| FY ending Mar 2026 | 87,816 | 6,678 | 7.6% | 4,196 | -6,422 | -8,167 | S100YK7Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥132.5M |
| Operating income per employee (consolidated) | ¥10.1M |
| Net income per employee (consolidated) | ¥6.3M |

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) | 714 | 716 | 700 | 680 | 663 |
| Average salary (parent company) | ¥5.1M | ¥4.5M | ¥5.5M | ¥5.6M | ¥5M |
| Average age (parent company) | 45.6 years | 44.5 years | 43.8 years | 43.5 years | 42.2 years |
| Average tenure (parent company) | 15.6 years | 14.0 years | 16.0 years | 15.8 years | 14.9 years |

Year over year: Employees (consolidated) -2.5% · Revenue (consolidated) +15.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 31,415 | 35.8% | 1,515 | 4.8% |
| Construction | 39,383 | 44.8% | 3,842 | 9.8% |
| Real estate management | 16,998 | 19.4% | 1,820 | 10.7% |
| Other | 20 | 0.0% | 13 | 64.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Real estate | 35.8% | 21.1% | -14.7 | 4.8% |
| Construction | 44.8% | 53.4% | 8.6 | 9.8% |
| Real estate management | 19.4% | 25.3% | 6.0 | 10.7% |
| Other | 0.0% | 0.2% | 0.2 | 64.2% |

Segment → industry: Real estate management → Real Estate Brokerage & Management / Construction → General Contractors / Real estate → Condominium Developers

## 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 | -6,422 | -7.3% | S100YK7Q |
| Capital expenditure | 1,745 | 2.0% | S100YK7Q |
| Free cash flow | -8,167 | -9.3% | 算出 |
| Investing cash flow | -1,709 | -1.9% | S100YK7Q |
| Financing cash flow | 11,712 | 13.3% | S100YK7Q |
| Dividends paid | 1,077 | 1.2% | S100YK7Q |
| Share buyback | 0 | 0.0% | S100YK7Q |
| Change in cash | 3,580 | 4.1% | S100YK7Q |
| Cash and equivalents | 37,452 | 42.6% | S100YK7Q |

## 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 | 37,200 | 36,104 | 33,001 | 33,963 | 37,452 | S100TWRC, S100W4EZ, S100YK7Q |
| Total assets | 114,970 | 120,933 | 122,000 | 133,301 | 147,405 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Net assets | 64,133 | 65,808 | 67,416 | 69,377 | 72,759 | S100TWRC, S100W4EZ, S100YK7Q |
| Share capital | 10,111 | 10,111 | 10,111 | 10,111 | 10,111 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Property, plant and equipment | 10,847 | 10,776 | 11,283 | 10,971 | 11,536 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Intangible assets excluding goodwill | 74 | 151 | 270 | 295 | 245 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Investment securities | 3,148 | 3,522 | 4,161 | 4,426 | 5,568 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Current assets | 99,581 | 105,353 | 105,152 | 116,408 | 128,733 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Current liabilities | 27,478 | 37,585 | 29,126 | 34,233 | 37,067 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Short-term borrowings | 10,481 | 16,676 | 7,359 | 5,184 | 6,106 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Long-term borrowings | 20,975 | 15,087 | 22,919 | 26,846 | 35,410 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Bonds | 312 | 240 | 220 | — | — | S100R4YP, S100TWRC, S100W4EZ |
| Interest-bearing debt | 31,769 | 32,003 | 30,498 | — | — | 算出 |
| Total liabilities | 50,837 | 55,125 | 54,584 | 63,924 | 74,645 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Non-controlling interests | 104 | 89 | 219 | 1,111 | 1,040 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Equity attributable to owners of parent | 63,805 | 65,540 | 66,620 | 67,574 | 70,663 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Retained earnings | 53,381 | 55,112 | 56,185 | 57,164 | 60,281 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |
| Treasury stock | -113 | -110 | -105 | -127 | -127 | S100R4YP, S100TWRC, S100W4EZ, S100YK7Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YK7Q |
| Property, plant and equipment | 8% | S100YK7Q |
| Intangibles and goodwill | 0% | S100YK7Q |
| Investment securities | 4% | S100YK7Q |
| Other assets | 63% | S100YK7Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YK7Q |
| Equity | 49% | S100YK7Q |
| Other liabilities | 0% | S100YK7Q |

### 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 | 114,970 | 120,933 | 122,000 | 133,301 | 147,405 |
| Equity | 64,133 | 65,808 | 67,416 | 69,377 | 72,759 |
| Interest-bearing debt | 31,769 | 32,003 | 30,498 | — | — |
| Cash | 37,200 | 36,104 | 33,001 | 33,963 | 37,452 |

## 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) | 13.1% | S100YK7Q |
| Fixed assets ÷ total assets | 7.8% | S100YK7Q |
| Goodwill ÷ parent equity | — | —, S100YK7Q |

### 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) | 25.4% |
| Cash ÷ revenue | 42.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -96.2% |
| Cash vs. profit gap | -10,618 JPY mn (of net income -253.0%) |
| Shareholder returns / net income | 25.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | — |

## 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 | 4.3% | 0.71× | 3.1% | 1.80× | 5.5% | S100R4YP |
| 2023 | 3.4% | 0.70× | 2.3% | 1.82× | 4.3% | S100TWRC |
| 2024 | 2.6% | 0.67× | 1.7% | 1.84× | 3.2% | S100W4EZ |
| 2025 | 2.7% | 0.60× | 1.6% | 1.90× | 3.1% | S100YK7Q |
| 2026 | 4.8% | 0.63× | 3.0% | 2.03× | 6.1% | S100YK7Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エヌディファクター株式会社 | Major shareholder | 35.2% | 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 | 6.9% | 2026-03-31 |
| 神山 和郎 | Major shareholder | 3.0% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |
| 日神グループホールディングス社員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 日神グループホールディングス取引先持株会 | Major shareholder | 1.3% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.2% | 2026-03-31 |
| 清原 達郎 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第52期(2025/04/01－2026/03/31) | S100YK7Q | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK7Q,, |
| 有価証券報告書－第51期(2024/04/01－2025/03/31) | S100W4EZ | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4EZ,, |
| 有価証券報告書－第50期(2023/04/01－2024/03/31) | S100TWRC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWRC,, |
| 有価証券報告書－第49期(2022/04/01－2023/03/31) | S100R4YP | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4YP,, |
| 有価証券報告書－第48期(令和3年4月1日－令和4年3月31日) | S100OHM1 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHM1,, |
| 有価証券報告書－第47期(令和2年4月1日－令和3年3月31日) | S100LSEL | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSEL,, |

## 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).