# NISSO GROUP CO.,LTD.: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第42期(2024/09/01－2025/08/31) (S100X6MC)
> Page: https://vizora.meequs.com/en/company/nisso-group
> Retrieved: 2026-09-30T20:26:25.951Z

## Company

Nisso Group, founded in 1983, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 695 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSO GROUP Co.,Ltd. (旧英訳名 NISSO PRONITY Co.,Ltd.) 2024年11月28日開催の第41回定時株主総会の決議により、2025年6月1日から会社名及び英訳名を上記のとおり変更いたしました。 |
| Ticker | 3440 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3440.T) |
| Listing | TSE Standard |
| Head office | 福岡県福岡市南区向野二丁目10番25号 |
| Representative (per filing) | 代表取締役社長 石田 徹 |
| Founded | Sep 1983 |
| Share capital | ¥1.19B |
| Employees (consolidated) | 695 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | August |
| Website | www.nissogroup.com (https://www.nissogroup.com/) |
| Corporate number | 1290001018169 |
| EDINET | E02493 |
| Industries (Vizora) | Housing Equipment & Building Materials, Tires & Rubber, General Contractors, Industrial Machinery |

> Profile source: annual securities report (S100X6MC, filed 2025-11-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 99.5 | 110 |
| Profitability | 34.8 | 122 |
| Cash conversion | 78.9 | 116 |
| Efficiency | 83.2 | 122 |

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 35% of Nisso Group's sales come from Metal Products, with Construction and tile making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +30.2% from the prior year, operating profit +8.5%.

## Company structure

- Segment revenue mix: Metal Products 34.8%、Construction 29.5%、tile 20.8%、Chemical Products 11.9%、Other 3.1%
- Revenue → net income: ¥23037000000 → ¥917000000
- Net income → operating cash flow: ¥917000000 → ¥2920000000（difference ¥2003000000）
- Main uses of operating cash flow: CapEx ¥639000000 / dividends ¥229000000 / buybacks ¥140000000
- Change in cash: ¥1536000000
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 | ¥23B |  |
| Operating income | ¥1.38B | Margin 6.0% |
| Net income | ¥917M | Margin 4.0% |
| Free cash flow | ¥2.28B |  |
| Largest business | Metal Products | of segment revenue 34.8% |
| Employees (consolidated) | 695 |  |
| EPS | ¥153.13 |  |
| Book value per share | ¥1514.42 |  |
| Equity ratio | 46.9% |  |
| Shares outstanding | 6,832,500 |  |
| Treasury shares | 411,700 |  |
| Shareholders | 3,042 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 30.6% |
| Vs. industry median margin | +1.6 pp | Housing Equipment & Building Materials |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.2× net income
- FY2025, revenue is 3.1× its level five years ago
- FY2025, parent-company salary changed +51% over five years

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8389713000 | ¥23037000000 | +174.6% |
| Operating income | ¥741662000 | ¥1383000000 | +86.5% |
| Operating margin | 8.8% | 6.0% | -2.8 pp |
| Employees | 264 people | 695 people | +163.3% |
| Cash and equivalents | ¥5470693000 | ¥7060000000 | +29.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 金属加工事業 → 金属加工事業 | 34.8% |
| 金属加工事業 → 事業再編・廃止 | 36.7% |
| ゴム加工事業 → 事業再編・廃止 | 13.9% |
| 建設事業 → 建設事業 | 14.6% |
| 新設・再編 → 建設事業 | 14.9% |
| 新設・再編 → タイル事業 | 20.8% |
| 新設・再編 → 化成品事業 | 11.9% |
| 新設・再編 → その他 | 3.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metal Products | 5 years | +5.9% | ¥8002000000 | 13.7% | 2 |
| Construction | 5 years | +40.8% | ¥6796000000 | 11.1% | 2 |
| tile | 2 years | +50.1% | ¥4782000000 | 0.2% | 2 |
| Chemical Products | — | — | ¥2734000000 | 8.6% | 2 |
| Other | — | — | ¥709000000 | -22.7% | 2 |

## Income statement（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,037 | 100.0% | S100X6MC |
| Cost of revenue | 17,414 | 75.6% | S100X6MC |
| Gross profit | 5,622 | 24.4% | S100X6MC |
| SG&A | 4,238 | 18.4% | S100X6MC |
| Operating income | 1,383 | 6.0% | S100X6MC |
| Ordinary income | 1,401 | 6.1% | S100X6MC |
| Pretax income | 1,497 | 6.5% | S100X6MC |
| Income tax | 579 | 2.5% | S100X6MC |
| Net income | 917 | 4.0% | S100X6MC |
| Net income attributable to owners | 917 | 4.0% | S100X6MC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 18 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 24.4% → Operating margin 6.0% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +30.2%; Core profit growth: +8.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.28×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 17,694 | 23,037 | 5,343 | +30.2% |
| Gross profit | 4,812 | 5,622 | 810 | +16.8% |
| Operating income | 1,275 | 1,383 | 108 | +8.5% |
| Net income attributable to owners | 1,094 | 917 | -177 | -16.2% |
| Operating cash flow | -186 | 2,920 | 3,106 | — |
| Free cash flow | -789 | 2,281 | 3,070 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 13,473 | 1,955 | 14.5% | 1,309 | 1,557 | 1,207 | S100K94L |
| FY ending Aug 2020 | 8,390 | 742 | 8.8% | 533 | 3,510 | 3,218 | S100N2YJ |
| FY ending Aug 2021 | 7,535 | 454 | 6.0% | 427 | 1,482 | 699 | S100PPLV |
| FY ending Aug 2022 | 7,375 | 359 | 4.9% | 155 | -519 | -1,809 | S100SDDX |
| FY ending Aug 2023 | 12,549 | 313 | 2.5% | 1,523 | 668 | 251 | S100UUER |
| FY ending Aug 2024 | 17,694 | 1,275 | 7.2% | 1,094 | -186 | -789 | S100X6MC |
| FY ending Aug 2025 | 23,037 | 1,383 | 6.0% | 917 | 2,920 | 2,281 | S100X6MC |

## People and productivity（FY ending Aug 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.3M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 257 | 282 | 507 | 564 | 695 |
| Average salary (parent company) | ¥4.6M | ¥4.4M | ¥4.4M | ¥4.7M | ¥6.9M |
| Average age (parent company) | 43.3 years | 42.6 years | 42.0 years | 42.6 years | 41.7 years |
| Average tenure (parent company) | 8.7 years | 8.6 years | 8.6 years | 9.1 years | 4.2 years |

Year over year: Employees (consolidated) +23.2% · Revenue (consolidated) +30.2%

## Segments（FY ending Aug 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Metal Products | 8,002 | 34.8% | 1,097 | 13.7% |
| Construction | 6,796 | 29.5% | 753 | 11.1% |
| tile | 4,782 | 20.8% | 11 | 0.2% |
| Chemical Products | 2,734 | 11.9% | 235 | 8.6% |
| Other | 709 | 3.1% | -161 | -22.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Metal Products | 34.8% | 52.3% | 17.6 | 13.7% |
| Construction | 29.5% | 35.9% | 6.4 | 11.1% |
| tile | 20.8% | 0.5% | -20.2 | 0.2% |
| Chemical Products | 11.9% | 11.2% | -0.7 | 8.6% |
| Other | 3.1% | — | — | -22.7% |

Loss-making segment (excluded from profit shares): Other -161 JPY mn

Segment → industry: tile → Housing Equipment & Building Materials / Metal Products → Housing Equipment & Building Materials / Chemical Products → Tires & Rubber / Construction → General Contractors / Metal Products → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Aug 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,920 | 12.7% | S100X6MC |
| Capital expenditure | 639 | 2.8% | S100X6MC |
| Free cash flow | 2,281 | 9.9% | 算出 |
| Investing cash flow | -3,931 | -17.1% | S100X6MC |
| Financing cash flow | 2,547 | 11.1% | S100X6MC |
| Dividends paid | 229 | 1.0% | S100X6MC |
| Share buyback | 140 | 0.6% | S100X6MC |
| Change in cash | 1,536 | 6.7% | S100X6MC |
| Cash and equivalents | 7,060 | 30.6% | S100X6MC |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,695 | 5,053 | 6,369 | 5,524 | 7,060 | S100SDDX, S100UUER, S100X6MC |
| Total assets | 12,221 | 14,482 | 21,886 | 22,405 | 26,948 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Net assets | 9,735 | 9,728 | 11,163 | 12,058 | 12,648 | S100SDDX, S100UUER, S100X6MC |
| Share capital | 1,177 | 1,177 | 1,177 | 1,176 | 1,190 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Trade receivables | 1,046 | — | — | — | — | S100PPLV |
| Property, plant and equipment | 3,349 | 4,271 | 6,713 | 6,928 | 7,471 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Intangible assets excluding goodwill | 87 | 308 | 550 | 646 | 2,155 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Goodwill | 11 | 238 | 447 | 535 | 2,059 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Investment securities | 44 | 43 | 99 | 196 | 991 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Current assets | 8,657 | 9,694 | 14,158 | 14,303 | 15,832 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Current liabilities | 1,930 | 2,264 | 5,474 | 6,290 | 8,615 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Trade payables | 173 | 276 | 774 | 704 | 1,106 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Short-term borrowings | 580 | 500 | 1,950 | 2,570 | 4,150 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Long-term borrowings | 339 | 2,065 | 3,982 | 3,442 | 4,849 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Total liabilities | 2,486 | 4,754 | 10,723 | 10,346 | 14,299 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Equity attributable to owners of parent | 9,649 | 9,674 | 11,153 | 12,054 | 12,629 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Retained earnings | 8,122 | 8,113 | 9,534 | 9,984 | 10,672 | S100PPLV, S100SDDX, S100UUER, S100X6MC |
| Treasury stock | -747 | -713 | -655 | -204 | -345 | S100PPLV, S100SDDX, S100UUER, S100X6MC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100X6MC |
| Property, plant and equipment | 28% | S100X6MC |
| Intangibles and goodwill | 15% | S100X6MC |
| Investment securities | 4% | S100X6MC |
| Other assets | 27% | S100X6MC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100X6MC |
| Other liabilities | 49% | S100X6MC |
| Equity | 47% | S100X6MC |
| Other liabilities | 0% | S100X6MC |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 12,221 | 14,482 | 21,886 | 22,405 | 26,948 |
| Equity | 9,735 | 9,728 | 11,163 | 12,058 | 12,648 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,695 | 5,053 | 6,369 | 5,524 | 7,060 |

## 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) | 32.4% | S100X6MC |
| Fixed assets ÷ total assets | 27.7% | S100X6MC |
| Goodwill ÷ parent equity | 16.3% | S100X6MC |

Goodwill over 4 years: 11 → 2,059 JPY; total investing cash flow: -7,414 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) | 26.2% |
| Cash ÷ revenue | 30.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 211.1% |
| Cash vs. profit gap | 2,003 JPY mn (of net income 218.4%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | 16.2% |
| Shareholder payments — dividends / net income | 25.0% |
| Shareholder payments — dividends / FCF | 10.0% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 134.6% |

## 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 | 5.7% | 0.62× | 3.5% | 1.27× | 4.4% | S100PPLV |
| 2022 | 2.1% | 0.55× | 1.2% | 1.38× | 1.6% | S100SDDX |
| 2023 | 12.1% | 0.69× | 8.4% | 1.75× | 14.6% | S100UUER |
| 2024 | 6.2% | 0.80× | 4.9% | 1.91× | 9.4% | S100X6MC |
| 2025 | 4.0% | 0.93× | 3.7% | 2.00× | 7.4% | S100X6MC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NTi company株式会社 | Major shareholder | 18.6% | 2025-08-31 |
| 石田 洋子 | Major shareholder | 13.4% | 2025-08-31 |
| 石田 徹 | Major shareholder | 8.0% | 2025-08-31 |
| 井上 亜希 | Major shareholder | 5.8% | 2025-08-31 |
| 山崎 勝明 | Major shareholder | 3.9% | 2025-08-31 |
| 株式会社福岡銀行 | Major shareholder | 3.0% | 2025-08-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 2.0% | 2025-08-31 |
| 大里 和生 | Major shareholder | 1.5% | 2025-08-31 |
| 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 | 1.2% | 2025-08-31 |
| 野村證券株式会社 | Major shareholder | 1.2% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第42期(2024/09/01－2025/08/31) | S100X6MC | 2025-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6MC,, |
| 有価証券報告書－第41期(2023/09/01－2024/08/31) | S100UUER | 2024-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UUER,, |
| 有価証券報告書－第40期(2022/09/01－2023/08/31) | S100SDDX | 2023-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDDX,, |
| 有価証券報告書－第39期(令和3年9月1日－令和4年8月31日) | S100PPLV | 2022-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PPLV,, |
| 訂正有価証券報告書－第38期(令和2年9月1日－令和3年8月31日) | S100N2YJ | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2YJ,, |
| 有価証券報告書－第37期(令和1年9月1日－令和2年8月31日) | S100K94L | 2020-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K94L,, |

## 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).