# NISSHIN SEIFUN GROUP INC.: 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182期(2025/04/01－2026/03/31) (S100YE6A)
> Page: https://vizora.meequs.com/en/company/nisshin-seifun-group
> Retrieved: 2026-09-30T20:33:13.660Z

## Company

Nisshin Seifun Group, founded in 1900, is a company in Food Ingredients listed on TSE Prime. It has 9,624 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSHIN SEIFUN GROUP INC. |
| Ticker | 2002 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2002.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田錦町一丁目25番地 |
| Representative (per filing) | 取締役社長 瀧原賢二 |
| Founded | Oct 1900 |
| Share capital | ¥17.1B |
| Employees (consolidated) | 9,624 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.nisshin.com (https://www.nisshin.com/) |
| Corporate number | 8010001008736 |
| EDINET | E00346 |
| Industries (Vizora) | Food Ingredients, Processed Foods, Takeout & Delivery Meals |

> Profile source: annual securities report (S100YE6A, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 34.1 | 22 |
| Profitability | 52.1 | 24 |
| Cash conversion | 72.9 | 24 |
| Efficiency | 56.3 | 24 |
| Financial strength | 91.7 | 6 |

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 50% of Nisshin Seifun Group's sales come from Flour Milling, with Processed Food and Prepared dishes and other prepared foods making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +0.7%.

## Company structure

- Segment revenue mix: Flour Milling 49.5%、Processed Food 25.0%、Prepared dishes and other prepared foods 19.0%、Other 6.4%
- Revenue → net income: ¥865004000000 → ¥33935000000
- Net income → operating cash flow: ¥33935000000 → ¥69194000000（difference ¥35259000000）
- Main uses of operating cash flow: CapEx ¥41174000000 / dividends ¥17390000000 / buybacks ¥17917000000
- Change in cash: ¥-593000000
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 | ¥865B |  |
| Operating income | ¥46.7B | Margin 5.4% |
| Net income | ¥32.6B | Margin 3.8% |
| Free cash flow | ¥28B |  |
| Largest business | Flour Milling | of segment revenue 49.5% |
| Employees (consolidated) | 9,624 |  |
| EPS | ¥84.47 |  |
| Book value per share | ¥1138.5 |  |
| Equity ratio | 61.1% |  |
| Shares outstanding | 282,111,000 |  |
| Treasury shares | 1,541,900 |  |
| Shareholders | 48,578 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 10.8% | Net cash ¥45.7B · Cash ÷ revenue 10.6% |
| Vs. industry median margin | +0.1 pp | Food Ingredients |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, buybacks were 1.0× dividends
- FY2026, employees -1% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥679495000000 | ¥865004000000 | +27.3% |
| Operating income | ¥27197000000 | ¥46685000000 | +71.7% |
| Operating margin | 4.0% | 5.4% | +1.4 pp |
| Employees | 8,951 people | 9,624 people | +7.5% |
| Cash and equivalents | ¥59152000000 | ¥91411000000 | +54.5% |

### 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 |
| --- | ---: |
| 製粉 → 製粉 | 42.1% |
| 食品 → 食品 | 25.0% |
| 食品 → 事業再編・廃止 | 6.6% |
| 中食・惣菜 → 中食・惣菜 | 19.0% |
| 中食・惣菜 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 5.3% |
| 新設・再編 → 製粉 | 7.5% |
| 新設・再編 → その他 | 1.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Flour Milling | 5 years | +8.4% | ¥428533000000 | 6.5% | 2 |
| Processed Food | 5 years | +0.2% | ¥216620000000 | 3.8% | 2 |
| Prepared dishes and other prepared foods | 5 years | +2.9% | ¥164552000000 | 3.5% | 2 |
| Other | 5 years | +8.8% | ¥55298000000 | 9.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 865,004 | 100.0% | S100YE6A |
| Cost of revenue | 670,335 | 77.5% | S100YE6A |
| Gross profit | 194,669 | 22.5% | S100YE6A |
| SG&A | 147,983 | 17.1% | S100YE6A |
| Operating income | 46,685 | 5.4% | S100YE6A |
| Ordinary income | 51,397 | 5.9% | S100YE6A |
| Pretax income | 51,187 | 5.9% | S100YE6A |
| Income tax | 17,251 | 2.0% | S100YE6A |
| Net income | 33,935 | 3.9% | S100YE6A |
| Net income attributable to owners | 32,589 | 3.8% | S100YE6A |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 22.5% → Operating margin 5.4% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +0.7%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.41×
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 | 851,486 | 865,004 | 13,518 | +1.6% |
| Gross profit | 190,179 | 194,669 | 4,490 | +2.4% |
| Operating income | 46,380 | 46,685 | 305 | +0.7% |
| Net income attributable to owners | 34,684 | 32,589 | -2,095 | -6.0% |
| Operating cash flow | 55,209 | 69,194 | 13,985 | +25.3% |
| Free cash flow | 13,741 | 28,020 | 14,279 | +103.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 712,180 | 28,852 | 4.1% | 22,407 | 38,420 | 16,501 | S100LQFN |
| FY ending Mar 2021 | 679,495 | 27,197 | 4.0% | 19,011 | 49,506 | 32,147 | S100OEC1 |
| FY ending Mar 2022 | 679,736 | 29,430 | 4.3% | 17,509 | 41,833 | 23,150 | S100R7Q5 |
| FY ending Mar 2023 | 798,681 | 32,831 | 4.1% | -10,381 | 23,422 | 4,765 | S100UADS |
| FY ending Mar 2024 | 858,248 | 47,791 | 5.6% | 31,743 | 73,194 | 44,003 | S100W0C2 |
| FY ending Mar 2025 | 851,486 | 46,380 | 5.4% | 34,684 | 55,209 | 13,741 | S100YE6A |
| FY ending Mar 2026 | 865,004 | 46,685 | 5.4% | 32,589 | 69,194 | 28,020 | S100YE6A |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥89.9M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 8,918 | 9,420 | 9,574 | 9,731 | 9,624 |
| Average salary (parent company) | ¥8.7M | ¥8.6M | ¥8.7M | ¥8.9M | ¥9M |
| Average age (parent company) | 41.8 years | 41.7 years | 41.8 years | 41.9 years | 42.0 years |
| Average tenure (parent company) | 15.5 years | 15.4 years | 15.5 years | 15.1 years | 15.2 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Flour Milling | 428,533 | 49.5% | 27,724 | 6.5% |
| Processed Food | 216,620 | 25.0% | 8,224 | 3.8% |
| Prepared dishes and other prepared foods | 164,552 | 19.0% | 5,680 | 3.5% |
| Other | 55,298 | 6.4% | 5,480 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Flour Milling | 49.5% | 58.9% | 9.3 | 6.5% |
| Processed Food | 25.0% | 17.5% | -7.6 | 3.8% |
| Prepared dishes and other prepared foods | 19.0% | 12.1% | -7.0 | 3.5% |
| Other | 6.4% | 11.6% | 5.2 | 9.9% |

Segment → industry: Flour Milling → Food Ingredients / Processed Food → Processed Foods / Prepared dishes and other prepared foods → Takeout & Delivery Meals

## 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 | 69,194 | 8.0% | S100YE6A |
| Capital expenditure | 41,174 | 4.8% | S100YE6A |
| Free cash flow | 28,020 | 3.2% | 算出 |
| Investing cash flow | -32,548 | -3.8% | S100YE6A |
| Financing cash flow | -40,783 | -4.7% | S100YE6A |
| Dividends paid | 17,390 | 2.0% | S100YE6A |
| Share buyback | 17,917 | 2.1% | S100YE6A |
| Change in cash | -593 | -0.1% | S100YE6A |
| Cash and equivalents | 91,411 | 10.6% | S100YE6A |

## 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 | 68,728 | 82,971 | 107,681 | 92,005 | 91,411 | S100UADS, S100W0C2, S100YE6A |
| Total assets | 723,073 | 713,874 | 826,702 | 789,713 | 849,705 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Net assets | 460,643 | 438,499 | 516,381 | 502,570 | 538,439 | S100UADS, S100W0C2, S100YE6A |
| Share capital | 17,117 | 17,117 | 17,117 | 17,117 | 17,117 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Inventories | 96,596 | 128,786 | 124,878 | 120,641 | 128,092 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Property, plant and equipment | 219,379 | 217,494 | 235,815 | 251,000 | 262,606 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Intangible assets excluding goodwill | 68,752 | 23,677 | 21,563 | 20,975 | 22,087 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Goodwill | 42,385 | 7,496 | 6,212 | 5,018 | 4,277 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Investment securities | 141,590 | 124,653 | 185,445 | 158,338 | 189,060 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Current assets | 280,527 | 330,069 | 365,072 | 338,728 | 353,356 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Current liabilities | 129,158 | 150,262 | 163,571 | 147,313 | 156,560 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Trade payables | 63,655 | 74,565 | 76,198 | 64,872 | 71,991 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Short-term borrowings | 6,789 | 14,356 | 15,101 | 13,141 | 14,544 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Long-term borrowings | 13,785 | 13,378 | 12,014 | 11,244 | 11,185 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Bonds | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Interest-bearing debt | 40,574 | 47,734 | 47,115 | 44,385 | 45,729 | 算出 |
| Total liabilities | 262,430 | 275,375 | 310,321 | 287,143 | 311,266 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Non-controlling interests | 11,373 | 14,621 | 16,078 | 17,564 | 19,596 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Equity attributable to owners of parent | 365,946 | 344,037 | 363,383 | 369,583 | 367,096 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Retained earnings | 347,165 | 325,181 | 344,428 | 341,375 | 339,979 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |
| Treasury stock | -10,960 | -10,989 | -10,914 | -1,470 | -2,572 | S100R7Q5, S100UADS, S100W0C2, S100YE6A |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YE6A |
| Inventories | 15% | S100YE6A |
| Property, plant and equipment | 31% | S100YE6A |
| Intangibles and goodwill | 3% | S100YE6A |
| Investment securities | 22% | S100YE6A |
| Other assets | 18% | S100YE6A |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YE6A |
| Interest-bearing debt | 5% | 算出 |
| Other liabilities | 23% | S100YE6A |
| Equity | 63% | S100YE6A |

### 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 | 723,073 | 713,874 | 826,702 | 789,713 | 849,705 |
| Equity | 460,643 | 438,499 | 516,381 | 502,570 | 538,439 |
| Interest-bearing debt | 40,574 | 47,734 | 47,115 | 44,385 | 45,729 |
| Cash | 68,728 | 82,971 | 107,681 | 92,005 | 91,411 |

## 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) | 30.4% | S100YE6A |
| Fixed assets ÷ total assets | 30.9% | S100YE6A |
| Goodwill ÷ parent equity | 1.2% | S100YE6A |

Goodwill over 4 years: 42,385 → 4,277 JPY; total investing cash flow: -113,483 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) | 10.8% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | ¥45.7B |
| Net debt ÷ operating cash flow | -0.66× |
| Cash conversion (operating CF ÷ operating income) | 148.2% |
| Cash vs. profit gap | 36,605 JPY mn (of net income 112.3%) |
| Shareholder returns / net income | 108.3% |
| Shareholder returns / FCF | 126.0% |
| Shareholder payments — dividends / net income | 53.4% |
| Shareholder payments — dividends / FCF | 62.1% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 47.0% |

## 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 | 2.6% | 0.94× | 2.4% | 1.98× | 4.8% | S100R7Q5 |
| 2023 | — | —× | -1.4% | —× | — | S100UADS |
| 2024 | 3.7% | 1.11× | 4.1% | 2.18× | 9.0% | S100W0C2 |
| 2025 | 4.1% | 1.05× | 4.3% | 2.21× | 9.5% | S100YE6A |
| 2026 | 3.8% | 1.06× | 4.0% | 2.23× | 8.8% | S100YE6A |

## 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） | Major shareholder | 15.0% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 6.9% | 2026-03-31 |
| 山崎製パン株式会社 | Major shareholder | 6.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 2.5% | 2026-03-31 |
| 丸紅株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 2.1% | 2026-03-31 |
| 日清製粉グループ社員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥865B, up +1.6% from ¥851.5B.
- Operating income barely moved, rising +0.7% to ¥46.7B.
- Net income fell -6.0%, from ¥34.7B to ¥32.6B.
- Cash generation improved: operating cash flow rose +25.3% to ¥69.2B, and free cash flow grew from ¥13.7B to ¥28B.

### Drivers

- Sales grew thanks to more large engineering projects, higher shipments of processed foods and yeast, and steady demand for ready-made meals. Overseas flour sales fell on lower wheat prices and currency translation
- Profit was held back by start-up costs at the new Mizushima flour mill in Japan and weaker shipments in overseas milling and mesh cloth. Higher shipments and price increases in processed foods and yeast made up for it
- Net income fell because of an impairment loss on fixed assets in the yeast business in India

### Risks

- Tension in the Middle East and elsewhere could push up raw material and energy costs or disrupt supplies
- Trade liberalization or changes to Japan's wheat policy could change how wheat is managed and sharpen competition in milling and processed foods
- If higher wheat and other costs cannot be passed on through prices, profits will be squeezed

Cited: Annual securities report (FY ending Mar 2026) (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 (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第182期(2025/04/01－2026/03/31) | S100YE6A | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE6A,, |
| 有価証券報告書－第181期(2024/04/01－2025/03/31) | S100W0C2 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0C2,, |
| 訂正有価証券報告書－第180期(2023/04/01－2024/03/31) | S100UADS | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UADS,, |
| 有価証券報告書－第179期(2022/04/01－2023/03/31) | S100R7Q5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7Q5,, |
| 有価証券報告書－第178期(令和3年4月1日－令和4年3月31日) | S100OEC1 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEC1,, |
| 有価証券報告書－第177期(令和2年4月1日－令和3年3月31日) | S100LQFN | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQFN,, |

## 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).