# NISSIN FOODS HOLDINGS CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第78期(2025/04/01－2026/03/31) (S100YEWB)
> Page: https://vizora.meequs.com/en/company/nissin-foods-holdings
> Retrieved: 2026-09-30T22:03:48.865Z

## Company

Nissin Foods Holdings, founded in 1948, is a company in Processed Foods listed on TSE Prime. It has 17,988 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSIN FOODS HOLDINGS CO.,LTD. |
| Ticker | 2897 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2897.T) |
| Listing | TSE Prime |
| Head office | 大阪市淀川区西中島四丁目1番1号 (同所は登記上の本店所在地であり、実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 安藤 宏基 |
| Founded | Sep 1948 |
| Share capital | ¥25.1B |
| Employees (consolidated) | 17,988 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.nissin.com (https://www.nissin.com/) |
| Corporate number | 7120001057574 |
| EDINET | E00457 |
| Industries (Vizora) | Processed Foods, Beverages & Dairy |

> Profile source: annual securities report (S100YEWB, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 56 |
| Profitability | 82.5 | 60 |
| Cash conversion | 60.5 | 57 |
| Efficiency | 24.2 | 60 |

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 31% of Nissin Foods Holdings's sales come from Nissin Food Products, with The Americas and Chilled / frozen foods and beverages making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.5% from the prior year, operating profit -16.2%.

## Company structure

- Segment revenue mix: Nissin Food Products 30.7%、The Americas 20.8%、Chilled / frozen foods and beverages 13.2%、Confectionery 12.2%、China 9.5%
- Revenue → net income: ¥788131000000 → ¥49302000000
- Net income → operating cash flow: ¥49302000000 → ¥80431000000（difference ¥31129000000）
- Main uses of operating cash flow: CapEx ¥84582000000 / dividends ¥20331000000 / buybacks ¥20474000000
- Change in cash: ¥25298000000
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 | ¥788.1B |  |
| Operating income | ¥62.3B | Margin 7.9% |
| Net income | ¥45.4B | Margin 5.8% |
| Free cash flow | -¥4.15B |  |
| Largest business | Nissin Food Products | of segment revenue 30.7% |
| Employees (consolidated) | 17,988 |  |
| EPS | ¥157.33 |  |
| Diluted EPS | ¥156.26 |  |
| Book value per share | ¥730.81 |  |
| Equity ratio | 52.7% | Derived from disclosed figures |
| Shares outstanding | 297,584,500 |  |
| Treasury shares | 10,040,200 |  |
| Shareholders | 175,831 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 10.0% | Cash ÷ revenue 12.5% |
| Vs. industry median margin | +3.9 pp | Processed Foods |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.0× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥506107000000 | ¥788131000000 | +55.7% |
| Operating income | ¥55532000000 | ¥62330000000 | +12.2% |
| Operating margin | 11.0% | 7.9% | -3.1 pp |
| Employees | 14,467 people | 17,988 people | +24.3% |
| Cash and equivalents | ¥90294000000 | ¥98334000000 | +8.9% |

### 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 |
| --- | ---: |
| 日清食品 → 日清食品 | 30.7% |
| 日清食品 → 事業再編・廃止 | 2.2% |
| 明星食品 → 明星食品 | 6.0% |
| 低温・飲料事業 → 低温・飲料事業 | 12.4% |
| 低温事業 → 事業再編・廃止 | 9.9% |
| 菓子事業 → 菓子事業 | 6.6% |
| 菓子・飲料事業 → 事業再編・廃止 | 9.1% |
| 米州地域 → 米州地域 | 11.3% |
| 中国地域 → 中国地域 | 7.7% |
| その他 → その他 | 4.0% |
| 新設・再編 → 明星食品 | 0.1% |
| 新設・再編 → 低温・飲料事業 | 0.8% |
| 新設・再編 → 菓子事業 | 5.6% |
| 新設・再編 → 米州地域 | 9.4% |
| 新設・再編 → 中国地域 | 1.8% |
| 新設・再編 → その他 | 3.5% |

Segment revenue source references: 16 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Nissin Food Products | 5 years | +3.3% | ¥241940000000 | 13.3% | 2 |
| The Americas | 5 years | +18.2% | ¥163713000000 | 6.5% | 2 |
| Chilled / frozen foods and beverages | 5 years | +6.0% | ¥104167000000 | 7.4% | 2 |
| Confectionery | 5 years | +18.5% | ¥95942000000 | 5.5% | 2 |
| China | 5 years | +9.2% | ¥74945000000 | 12.0% | 2 |
| Other | 5 years | +18.7% | ¥59118000000 | 12.8% | 2 |
| Myojo Foods | 5 years | +5.2% | ¥48302000000 | 7.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 788,131 | 100.0% | S100YEWB |
| Cost of revenue | 519,064 | 65.9% | S100YEWB |
| Gross profit | 269,066 | 34.1% | S100YEWB |
| SG&A | 218,299 | 27.7% | S100YEWB |
| Operating income | 62,330 | 7.9% | S100YEWB |
| Pretax income | 65,081 | 8.3% | S100YEWB |
| Income tax | 15,779 | 2.0% | S100YEWB |
| Net income | 49,302 | 6.3% | S100YEWB |
| Net income attributable to owners | 45,380 | 5.8% | S100YEWB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 28 |
| Other operating | -2 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 34.1% → Operating margin 7.9% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.5%; Core profit growth: -16.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -10.90×
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 | 776,594 | 788,131 | 11,537 | +1.5% |
| Gross profit | 272,951 | 269,066 | -3,885 | -1.4% |
| Operating income | 74,369 | 62,330 | -12,039 | -16.2% |
| Net income attributable to owners | 55,019 | 45,380 | -9,639 | -17.5% |
| Operating cash flow | 57,058 | 80,431 | 23,373 | +41.0% |
| Free cash flow | -14,412 | -4,151 | 10,261 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2018 | 440,909 | — | — | 29,134 | 44,893 | — | S100OHVE |
| FY ending Mar 2019 | 450,984 | — | — | 19,356 | 40,740 | — | S100R5TO |
| FY ending Mar 2020 | 468,879 | 41,252 | 8.8% | 29,316 | 57,533 | 18,855 | S100LPF9 |
| FY ending Mar 2021 | 506,107 | 55,532 | 11.0% | 40,828 | 72,714 | 39,823 | S100OHVE |
| FY ending Mar 2022 | 569,722 | 46,614 | 8.2% | 35,412 | 52,936 | 28,452 | S100R5TO |
| FY ending Mar 2023 | 669,248 | 55,636 | 8.3% | 44,760 | 64,809 | 39,106 | S100TR1G |
| FY ending Mar 2024 | 732,933 | 73,361 | 10.0% | 54,170 | 94,123 | 31,557 | S100W2GG |
| FY ending Mar 2025 | 776,594 | 74,369 | 9.6% | 55,019 | 57,058 | -14,412 | S100YEWB |
| FY ending Mar 2026 | 788,131 | 62,330 | 7.9% | 45,380 | 80,431 | -4,151 | S100YEWB |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.8M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.5M |

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) | 14,633 | 15,227 | 16,509 | 17,512 | 17,988 |
| Average salary (parent company) | ¥7.8M | ¥7.9M | ¥7.7M | ¥8.8M | ¥8.4M |
| Average age (parent company) | 40.3 years | 40.5 years | 40.0 years | 39.6 years | 39.5 years |
| Average tenure (parent company) | 11.4 years | 11.2 years | 10.2 years | 9.3 years | 8.7 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +1.5%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nissin Food Products | 241,940 | 30.7% | 32,147 | 13.3% |
| Myojo Foods | 48,302 | 6.1% | 3,443 | 7.1% |
| Chilled / frozen foods and beverages | 104,167 | 13.2% | 7,721 | 7.4% |
| Confectionery | 95,942 | 12.2% | 5,277 | 5.5% |
| The Americas | 163,713 | 20.8% | 10,568 | 6.5% |
| China | 74,945 | 9.5% | 8,958 | 12.0% |
| Other | 59,118 | 7.5% | 7,574 | 12.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nissin Food Products | 30.7% | 42.5% | 11.8 | 13.3% |
| Myojo Foods | 6.1% | 4.5% | -1.6 | 7.1% |
| Chilled / frozen foods and beverages | 13.2% | 10.2% | -3.0 | 7.4% |
| Confectionery | 12.2% | 7.0% | -5.2 | 5.5% |
| The Americas | 20.8% | 14.0% | -6.8 | 6.5% |
| China | 9.5% | 11.8% | 2.3 | 12.0% |
| Other | 7.5% | 10.0% | 2.5 | 12.8% |

Segment → industry: Nissin Food Products → Processed Foods / Myojo Foods → Processed Foods / Chilled / frozen foods and beverages → Processed Foods / Chilled / frozen foods and beverages → Beverages & Dairy / Confectionery → Processed Foods / The Americas → Processed Foods / China → Processed Foods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 80,431 | 10.2% | S100YEWB |
| Capital expenditure | 84,582 | 10.7% | S100YEWB |
| Free cash flow | -4,151 | -0.5% | 算出 |
| Investing cash flow | -72,657 | -9.2% | S100YEWB |
| Financing cash flow | 11,043 | 1.4% | S100YEWB |
| Dividends paid | 20,331 | 2.6% | S100YEWB |
| Share buyback | 20,474 | 2.6% | S100YEWB |
| Change in cash | 25,298 | 3.2% | S100YEWB |
| Cash and equivalents | 98,334 | 12.5% | S100YEWB |

## 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 | 102,005 | 87,388 | 96,659 | 73,036 | 98,334 | S100TR1G, S100W2GG, S100YEWB |
| Total assets | 683,423 | 708,374 | 812,382 | 848,461 | 981,195 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Net assets | 444,590 | 467,949 | 535,010 | 511,901 | 559,817 | S100TR1G, S100W2GG, S100YEWB |
| Share capital | 25,122 | 25,122 | 25,122 | 25,122 | 25,122 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Property, plant and equipment | 260,506 | 265,839 | 315,573 | 351,790 | 426,500 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Goodwill | 5,331 | 5,377 | 5,760 | 10,893 | 11,594 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Current assets | 259,626 | 266,162 | 304,849 | 288,343 | 324,405 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Total liabilities | 238,832 | 240,424 | 277,372 | 336,559 | 421,377 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Equity attributable to owners of parent | 407,660 | 430,427 | 493,185 | 475,528 | 517,168 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Retained earnings | 299,281 | 339,147 | 369,779 | 381,893 | 385,575 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |
| Treasury stock | -11,828 | -11,431 | -11,341 | -31,049 | -33,655 | S100R5TO, S100TR1G, S100W2GG, S100YEWB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YEWB |
| Property, plant and equipment | 44% | S100YEWB |
| Intangibles and goodwill | 1% | — |
| Other assets | 45% | S100YEWB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 43% | S100YEWB |
| Equity | 57% | S100YEWB |
| Other liabilities | 0% | S100YEWB |

### 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 | 683,423 | 708,374 | 812,382 | 848,461 | 981,195 |
| Equity | 444,590 | 467,949 | 535,010 | 511,901 | 559,817 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 102,005 | 87,388 | 96,659 | 73,036 | 98,334 |

## 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) | 54.1% | S100YEWB |
| Fixed assets ÷ total assets | 43.5% | S100YEWB |
| Goodwill ÷ parent equity | 2.2% | S100YEWB |

Goodwill over 4 years: 5,331 → 11,594 JPY; total investing cash flow: -246,802 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) | 10.0% |
| Cash ÷ revenue | 12.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.0% |
| Cash vs. profit gap | 35,051 JPY mn (of net income 77.2%) |
| Shareholder returns / net income | 89.9% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.7% |
| Investing CF relative to operating CF | 90.3% |

## 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 | 6.2% | 0.83× | 5.2% | 1.68× | 8.7% | S100R5TO |
| 2023 | 6.7% | 0.96× | 6.4% | 1.66× | 10.7% | S100TR1G |
| 2024 | 7.4% | 0.96× | 7.1% | 1.65× | 11.7% | S100W2GG |
| 2025 | 7.1% | 0.94× | 6.6% | 1.71× | 11.4% | S100YEWB |
| 2026 | 5.8% | 0.86× | 5.0% | 1.84× | 9.1% | S100YEWB |

## 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 | 9.5% | 2026-03-31 |
| 公益財団法人 安藤スポーツ・食文化振興財団 | Major shareholder | 8.2% | 2026-03-31 |
| 三菱商事株式会社 | Major shareholder | 5.7% | 2026-03-31 |
| 伊藤忠商事株式会社 | Major shareholder | 5.6% | 2026-03-31 |
| 株式会社安藤インターナショナル | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社みずほ銀行 (常任代理人 株式会社日本カストディ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 日清共栄会 | Major shareholder | 1.7% | 2026-03-31 |
| 全国共済農業協同組合連合会 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 edged up 1.5%, from ¥776.6B to ¥788.1B.
- Profit went the other way: operating income dropped 16.2% to ¥62.3B, and net income attributable to owners fell 17.5% to ¥45.4B.
- Gross profit slipped 1.4% to ¥269.1B, so higher sales did not carry through to margins.
- Operating cash flow jumped 41.0% to ¥80.4B, but capital expenditure of ¥84.6B was larger, leaving free cash flow at -¥4.15B (versus -¥14.4B a year earlier).

### Drivers

- At Nissin Food Products in Japan, the Cup Noodle BIG series and new cup rice products lifted sales, but higher raw material and logistics costs cut profit.
- In the Americas, lower US volumes in the first half and higher promotion costs outweighed gains in Brazil, so both sales and profit fell.
- In confectionery, a poor Hokkaido potato harvest and summer heat reduced yields and raised material costs, lowering profit.

### Risks

- The company lists data leaks and unauthorized access from cyberattacks among its most important risk areas.
- It warns of a chain in which geopolitical tension disrupts global supply chains and pushes up raw material costs.
- Damage to its corporate image and reputation is also named as a key risk area.

Cited: Annual Securities Report (FY ending Mar 2026) (Management's analysis of financial position, results and cash flows); Annual Securities Report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YEWB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEWB,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W2GG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GG,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TR1G | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR1G,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R5TO | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5TO,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OHVE | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHVE,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LPF9 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPF9,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| UNIVERSAL ROBINA CORPORATION | Joint venture | フィリピンの合弁会社ニッシン-ユニバーサルロビナ。2027年1月に株式21%を追加取得して子会社化する契約を締結 | S100YEWB |

## 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).