# NISSO 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3期(2025/04/01－2026/03/31) (S100YGQ8)
> Page: https://vizora.meequs.com/en/company/nisso-holdings
> Retrieved: 2026-09-30T21:52:14.513Z

## Company

Nisso Holdings, founded in 2023, is a company in HR & Staffing listed on TSE Prime. It has 2,746 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSO HOLDINGS Co., Ltd. |
| Ticker | 9332 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9332.T) |
| Listing | TSE Prime |
| Head office | 神奈川県横浜市港北区新横浜一丁目4番1号 |
| Representative (per filing) | 代表取締役社長執行役員 清水 竜一 |
| Founded | Oct 2023 |
| Share capital | ¥2.02B |
| Employees (consolidated) | 2,746 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.nisso-hd.com (https://www.nisso-hd.com/) |
| Corporate number | 1020001153802 |
| EDINET | E38723 |
| Industries (Vizora) | HR & Staffing |

> Profile source: annual securities report (S100YGQ8, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: HR & Staffing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.7 | 68 |
| Profitability | 18.8 | 88 |
| Cash conversion | 13.1 | 80 |
| Efficiency | 94.9 | 88 |

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)

- Nisso Holdings brought in ¥111.4B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +9.7% from the prior year, operating profit -10.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥111430000000 → ¥1933000000
- Net income → operating cash flow: ¥1933000000 → ¥1535000000（difference ¥-398000000）
- Main uses of operating cash flow: CapEx ¥273000000 / dividends ¥725000000 / buybacks ¥199000000
- Change in cash: ¥-2277000000
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 | ¥111.4B |  |
| Operating income | ¥3.19B | Margin 2.9% |
| Net income | ¥1.9B | Margin 1.7% |
| Free cash flow | ¥1.26B |  |
| Employees (consolidated) | 2,746 |  |
| EPS | ¥24.95 |  |
| Book value per share | ¥435.89 |  |
| Equity ratio | 53.4% |  |
| Shares outstanding | 34,024,720 |  |
| Treasury shares | 351,900 |  |
| Shareholders | 9,130 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 17.2% | Cash ÷ revenue 5.3% |
| Vs. industry median margin | -5.7 pp | HR & Staffing |
| ROE | 11.1% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥96858000000 | ¥111430000000 | +15.0% |
| Operating income | ¥3058000000 | ¥3190000000 | +4.3% |
| Operating margin | 3.2% | 2.9% | -0.3 pp |
| Employees | 2,336 people | 2,746 people | +17.6% |
| Cash and equivalents | ¥9641000000 | ¥5908000000 | -38.7% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 111,430 | 100.0% | S100YGQ8 |
| Cost of revenue | 92,587 | 83.1% | S100YGQ8 |
| Gross profit | 18,842 | 16.9% | S100YGQ8 |
| SG&A | 15,652 | 14.0% | S100YGQ8 |
| Operating income | 3,190 | 2.9% | S100YGQ8 |
| Ordinary income | 3,200 | 2.9% | S100YGQ8 |
| Pretax income | 3,182 | 2.9% | S100YGQ8 |
| Income tax | 1,248 | 1.1% | S100YGQ8 |
| Net income | 1,933 | 1.7% | S100YGQ8 |
| Net income attributable to owners | 1,902 | 1.7% | S100YGQ8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.9% → Operating margin 2.9% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +9.7%; Core profit growth: -10.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.06×
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 | 101,560 | 111,430 | 9,870 | +9.7% |
| Gross profit | 17,441 | 18,842 | 1,401 | +8.0% |
| Operating income | 3,555 | 3,190 | -365 | -10.3% |
| Net income attributable to owners | 1,935 | 1,902 | -33 | -1.7% |
| Operating cash flow | 1,681 | 1,535 | -146 | -8.7% |
| Free cash flow | 1,195 | 1,262 | 67 | +5.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 96,858 | 3,058 | 3.2% | 1,952 | 3,230 | 2,514 | S100W6W0 |
| FY ending Mar 2025 | 101,560 | 3,555 | 3.5% | 1,935 | 1,681 | 1,195 | S100YGQ8 |
| FY ending Mar 2026 | 111,430 | 3,190 | 2.9% | 1,902 | 1,535 | 1,262 | S100YGQ8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.6M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥692.6K |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 2,336 | 2,384 | 2,746 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.3M |
| Average age (parent company) | 49.1 years | 49.8 years | 47.0 years |
| Average tenure (parent company) | 19.4 years | 19.9 years | 19.6 years |

Year over year: Employees (consolidated) +15.2% · Revenue (consolidated) +9.7%

## 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 | 1,535 | 1.4% | S100YGQ8 |
| Capital expenditure | 273 | 0.2% | S100YGQ8 |
| Free cash flow | 1,262 | 1.1% | 算出 |
| Investing cash flow | -557 | -0.5% | S100YGQ8 |
| Financing cash flow | -3,256 | -2.9% | S100YGQ8 |
| Dividends paid | 725 | 0.7% | S100YGQ8 |
| Share buyback | 199 | 0.2% | S100YGQ8 |
| Change in cash | -2,277 | -2.0% | S100YGQ8 |
| Cash and equivalents | 5,908 | 5.3% | S100YGQ8 |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,641 | 8,186 | 5,908 | S100YGQ8 |
| Total assets | 31,354 | 31,276 | 34,418 | S100W6W0, S100YGQ8 |
| Net assets | 15,333 | 16,795 | 18,682 | S100YGQ8 |
| Share capital | 2,016 | 2,016 | 2,016 | S100W6W0, S100YGQ8 |
| Trade receivables | 11,238 | 11,223 | 13,098 | S100W6W0, S100YGQ8 |
| Property, plant and equipment | 5,072 | 5,337 | 5,524 | S100W6W0, S100YGQ8 |
| Intangible assets excluding goodwill | 1,611 | 1,414 | 3,431 | S100W6W0, S100YGQ8 |
| Goodwill | 1,033 | 893 | 2,334 | S100W6W0, S100YGQ8 |
| Investment securities | 561 | 1,636 | 2,115 | S100W6W0, S100YGQ8 |
| Current assets | 21,899 | 20,408 | 20,528 | S100W6W0, S100YGQ8 |
| Current liabilities | 13,360 | 12,233 | 13,412 | S100W6W0, S100YGQ8 |
| Long-term borrowings | 1,550 | 1,038 | 554 | S100W6W0, S100YGQ8 |
| Total liabilities | 16,021 | 14,481 | 15,736 | S100W6W0, S100YGQ8 |
| Non-controlling interests | 275 | 295 | 306 | S100W6W0, S100YGQ8 |
| Equity attributable to owners of parent | 14,939 | 16,399 | 17,983 | S100W6W0, S100YGQ8 |
| Retained earnings | 11,587 | 12,851 | 14,028 | S100W6W0, S100YGQ8 |
| Treasury stock | -1,031 | -842 | -251 | S100W6W0, S100YGQ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YGQ8 |
| Receivables | 38% | S100YGQ8 |
| Property, plant and equipment | 16% | S100YGQ8 |
| Intangibles and goodwill | 17% | S100YGQ8 |
| Investment securities | 6% | S100YGQ8 |
| Other assets | 6% | S100YGQ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 46% | S100YGQ8 |
| Equity | 54% | S100YGQ8 |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 31,354 | 31,276 | 34,418 |
| Equity | 15,333 | 16,795 | 18,682 |
| Interest-bearing debt | — | — | — |
| Cash | 9,641 | 8,186 | 5,908 |

## 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) | 5.0% | S100YGQ8 |
| Fixed assets ÷ total assets | 16.0% | S100YGQ8 |
| Goodwill ÷ parent equity | 13.0% | S100YGQ8 |

### 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) | 17.2% |
| Cash ÷ revenue | 5.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.1% |
| Cash vs. profit gap | -367 JPY mn (of net income -19.3%) |
| Shareholder returns / net income | 48.6% |
| Shareholder returns / FCF | 73.2% |
| Shareholder payments — dividends / net income | 38.1% |
| Shareholder payments — dividends / FCF | 57.4% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 36.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 2.0% | 3.09× | 6.2% | 2.10× | 13.1% | S100W6W0 |
| 2025 | 1.9% | 3.24× | 6.2% | 2.00× | 12.3% | S100YGQ8 |
| 2026 | 1.7% | 3.39× | 5.8% | 1.91× | 11.1% | S100YGQ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＮＳホールディングス株式会社 | Major shareholder | 41.3% | 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 | 4.0% | 2026-03-31 |
| 清水 唯雄 | Major shareholder | 3.0% | 2026-03-31 |
| 田中 正次 | Major shareholder | 2.9% | 2026-03-31 |
| ＮＩＳＳＯホールディングス従業員持株会 | Major shareholder | 1.6% | 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 |
| 株式会社シンシア | Major shareholder | 1.5% | 2026-03-31 |
| 清水 智華子 | Major shareholder | 1.5% | 2026-03-31 |
| 清水 智湖 | Major shareholder | 0.7% | 2026-03-31 |
| 大和証券株式会社 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第3期(2025/04/01－2026/03/31) | S100YGQ8 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGQ8,, |
| 有価証券報告書－第2期(2024/04/01－2025/03/31) | S100W6W0 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6W0,, |
| 訂正有価証券報告書－第1期(2023/04/01－2024/03/31) | S100TYRW | 2024-07-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TYRW,, |

## 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).