# Nissui Corporation: 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111期(2025/04/01－2026/03/31) (S100YHOQ)
> Page: https://vizora.meequs.com/en/company/nissui
> Retrieved: 2026-09-30T19:03:17.030Z

## Company

Nissui, founded in 1911, is a company in Processed Foods listed on TSE Prime. It has 11,526 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nissui Corporation |
| Ticker | 1332 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1332.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西新橋一丁目3番1号 |
| Representative (per filing) | 代表取締役社長執行役員 田中輝 |
| Founded | May 1911 |
| Share capital | ¥30.7B |
| Employees (consolidated) | 11,526 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.nissui.co.jp (https://www.nissui.co.jp/) |
| Corporate number | 1010001016860 |
| EDINET | E00014 |
| Industries (Vizora) | Processed Foods, Fisheries, Takeout & Delivery Meals, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YHOQ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Takeout & Delivery Meals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.7 | 15 |
| Profitability | 78.1 | 16 |
| Cash conversion | 53.6 | 14 |
| Efficiency | 28.1 | 16 |

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 54% of Nissui's sales come from Grocery, with Marine products and Fine making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +27.2%.

## Company structure

- Segment revenue mix: Grocery 53.8%、Marine products 40.8%、Fine 1.8%、Logistics 1.8%、Other 1.8%
- Revenue → net income: ¥931265000000 → ¥29566000000
- Net income → operating cash flow: ¥29566000000 → ¥53242000000（difference ¥23676000000）
- Main uses of operating cash flow: CapEx ¥44353000000 / dividends ¥9226000000 / buybacks —
- Change in cash: ¥5565000000
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 | ¥931.3B |  |
| Operating income | ¥40.4B | Margin 4.3% |
| Net income | ¥27.5B | Margin 3.0% |
| Free cash flow | ¥8.89B |  |
| Largest business | Grocery | of segment revenue 53.8% |
| Employees (consolidated) | 11,526 |  |
| EPS | ¥58.6 |  |
| Book value per share | ¥492.13 |  |
| Equity ratio | 40.0% |  |
| Shares outstanding | 312,430,277 |  |
| Treasury shares | 9,152,600 |  |
| Shareholders | 88,218 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 3.2% | Net cash -¥234.7B · Cash ÷ revenue 2.6% |
| Vs. industry median margin | +0.3 pp | Processed Foods |
| ROE | 12.0% | Derived from disclosed figures |
| ROA | 4.0% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥615044000000 | ¥931265000000 | +51.4% |
| Operating income | ¥17998000000 | ¥40430000000 | +124.6% |
| Operating margin | 2.9% | 4.3% | +1.4 pp |
| Employees | 9,431 people | 11,526 people | +22.2% |
| Cash and equivalents | ¥14760000000 | ¥24251000000 | +64.3% |

### 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 |
| --- | ---: |
| 水産事業 → 水産事業 | 40.6% |
| 食品事業 → 食品事業 | 49.0% |
| ファイン事業 → ファイン事業 | 1.8% |
| ファイン事業 → 事業再編・廃止 | 2.4% |
| 物流事業 → 物流事業 | 1.8% |
| 物流事業 → 事業再編・廃止 | 0.9% |
| その他 → その他 | 1.8% |
| その他 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 水産事業 | 0.2% |
| 新設・再編 → 食品事業 | 4.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Grocery | 5 years | +10.7% | ¥500985000000 | 5.9% | 2 |
| Marine products | 5 years | +8.8% | ¥380151000000 | 4.7% | 2 |
| Fine | 5 years | -8.2% | ¥16982000000 | 4.9% | 2 |
| Logistics | 5 years | -0.1% | ¥16615000000 | 14.5% | 2 |
| Other | 5 years | -5.0% | ¥16531000000 | 3.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 931,265 | 100.0% | S100YHOQ |
| Cost of revenue | 779,072 | 83.7% | S100YHOQ |
| Gross profit | 152,192 | 16.3% | S100YHOQ |
| SG&A | 111,762 | 12.0% | S100YHOQ |
| Operating income | 40,430 | 4.3% | S100YHOQ |
| Ordinary income | 43,187 | 4.6% | S100YHOQ |
| Pretax income | 43,179 | 4.6% | S100YHOQ |
| Income tax | 13,612 | 1.5% | S100YHOQ |
| Net income | 29,566 | 3.2% | S100YHOQ |
| Net income attributable to owners | 27,517 | 3.0% | S100YHOQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.3% → Operating margin 4.3% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +27.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.34×
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 | 886,126 | 931,265 | 45,139 | +5.1% |
| Gross profit | 139,250 | 152,192 | 12,942 | +9.3% |
| Operating income | 31,779 | 40,430 | 8,651 | +27.2% |
| Net income attributable to owners | 25,381 | 27,517 | 2,136 | +8.4% |
| Operating cash flow | 40,379 | 53,242 | 12,863 | +31.9% |
| Free cash flow | 9,384 | 8,889 | -495 | -5.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 690,016 | 22,834 | 3.3% | 14,768 | 18,786 | -9,805 | S100LORU |
| FY ending Mar 2021 | 615,044 | 17,998 | 2.9% | 14,391 | 45,910 | 21,682 | S100OH0Q |
| FY ending Mar 2022 | 693,682 | 27,076 | 3.9% | 17,275 | 29,118 | 10,628 | S100R66L |
| FY ending Mar 2023 | 768,181 | 24,488 | 3.2% | 21,233 | 3,396 | -19,375 | S100TQLS |
| FY ending Mar 2024 | 831,375 | 29,663 | 3.6% | 23,850 | 54,486 | 28,229 | S100W2X5 |
| FY ending Mar 2025 | 886,126 | 31,779 | 3.6% | 25,381 | 40,379 | 9,384 | S100YHOQ |
| FY ending Mar 2026 | 931,265 | 40,430 | 4.3% | 27,517 | 53,242 | 8,889 | S100YHOQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.8M |
| Operating income per employee (consolidated) | ¥3.5M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 9,662 | 9,515 | 10,104 | 10,332 | 11,526 |
| Average salary (parent company) | ¥8M | ¥8M | ¥7.7M | ¥8.4M | ¥8.5M |
| Average age (parent company) | 42.7 years | 43.0 years | 43.1 years | 43.1 years | 42.8 years |
| Average tenure (parent company) | 16.9 years | 16.3 years | 16.4 years | 16.4 years | 15.8 years |

Year over year: Employees (consolidated) +11.6% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Marine products | 380,151 | 40.8% | 17,770 | 4.7% |
| Grocery | 500,985 | 53.8% | 29,632 | 5.9% |
| Fine | 16,982 | 1.8% | 839 | 4.9% |
| Logistics | 16,615 | 1.8% | 2,410 | 14.5% |
| Other | 16,531 | 1.8% | 499 | 3.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Marine products | 40.8% | 34.7% | -6.1 | 4.7% |
| Grocery | 53.8% | 57.9% | 4.1 | 5.9% |
| Fine | 1.8% | 1.6% | -0.2 | 4.9% |
| Logistics | 1.8% | 4.7% | 2.9 | 14.5% |
| Other | 1.8% | 1.0% | -0.8 | 3.0% |

Segment → industry: Fine → Processed Foods / Grocery → Processed Foods / Marine products → Fisheries / Grocery → Takeout & Delivery Meals / Logistics → Warehouses & Logistics Facilities

## 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 | 53,242 | 5.7% | S100YHOQ |
| Capital expenditure | 44,353 | 4.8% | S100YHOQ |
| Free cash flow | 8,889 | 1.0% | 算出 |
| Investing cash flow | -61,403 | -6.6% | S100YHOQ |
| Financing cash flow | 13,129 | 1.4% | S100YHOQ |
| Dividends paid | 9,226 | 1.0% | S100YHOQ |
| Change in cash | 5,565 | 0.6% | S100YHOQ |
| Cash and equivalents | 24,251 | 2.6% | S100YHOQ |

## 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 | 15,683 | 14,245 | 19,533 | 18,686 | 24,251 | S100TQLS, S100W2X5, S100YHOQ |
| Total assets | 505,731 | 549,013 | 606,384 | 634,878 | 749,509 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Net assets | 208,598 | 220,635 | 257,304 | 285,939 | 309,943 | S100TQLS, S100W2X5, S100YHOQ |
| Share capital | 30,685 | 30,685 | 30,685 | 30,685 | 30,685 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Trade receivables | 90,325 | 95,690 | 108,292 | 107,400 | 115,669 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Property, plant and equipment | 145,379 | 149,017 | 166,308 | 180,939 | 218,458 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Intangible assets excluding goodwill | 11,285 | 14,082 | 17,369 | 17,050 | 37,985 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Goodwill | 657 | 1,422 | 2,560 | 2,120 | 4,051 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Investment securities | 35,044 | 29,916 | 32,213 | 30,453 | 35,003 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Current assets | 265,090 | 304,349 | 325,167 | 332,568 | 376,084 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Current liabilities | 177,828 | 198,771 | 212,816 | 226,179 | 276,416 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Trade payables | 50,290 | 50,138 | 56,623 | 56,439 | 78,481 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Short-term borrowings | 83,197 | 100,621 | 96,680 | 114,104 | 128,003 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Long-term borrowings | 94,939 | 104,913 | 109,729 | 95,832 | 120,934 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Bonds | — | — | — | — | 10,000 | S100YHOQ |
| Interest-bearing debt | — | — | — | — | 258,937 | 算出 |
| Total liabilities | 297,133 | 328,377 | 349,080 | 348,938 | 439,566 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Non-controlling interests | 18,799 | 3,792 | 8,110 | 8,900 | 9,822 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Equity attributable to owners of parent | 172,889 | 189,457 | 206,745 | 223,806 | 236,041 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Retained earnings | 121,472 | 137,621 | 154,715 | 171,996 | 190,353 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |
| Treasury stock | -415 | -417 | -703 | -708 | -6,571 | S100R66L, S100TQLS, S100W2X5, S100YHOQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YHOQ |
| Receivables | 15% | S100YHOQ |
| Property, plant and equipment | 29% | S100YHOQ |
| Intangibles and goodwill | 6% | S100YHOQ |
| Investment securities | 5% | S100YHOQ |
| Other assets | 42% | S100YHOQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YHOQ |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 14% | S100YHOQ |
| Equity | 41% | S100YHOQ |

### 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 | 505,731 | 549,013 | 606,384 | 634,878 | 749,509 |
| Equity | 208,598 | 220,635 | 257,304 | 285,939 | 309,943 |
| Interest-bearing debt | — | — | — | — | 258,937 |
| Cash | 15,683 | 14,245 | 19,533 | 18,686 | 24,251 |

## 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) | 23.5% | S100YHOQ |
| Fixed assets ÷ total assets | 29.1% | S100YHOQ |
| Goodwill ÷ parent equity | 1.7% | S100YHOQ |

Goodwill over 4 years: 657 → 4,051 JPY; total investing cash flow: -169,349 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) | 3.2% |
| Cash ÷ revenue | 2.6% |
| Net cash (cash − interest-bearing debt) | -¥234.7B |
| Net debt ÷ operating cash flow | 4.41× |
| Cash conversion (operating CF ÷ operating income) | 131.7% |
| Cash vs. profit gap | 25,725 JPY mn (of net income 93.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 33.5% |
| Shareholder payments — dividends / FCF | 103.8% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 115.3% |

## 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 | 2.5% | 1.37× | 3.4% | 2.93× | 10.0% | S100R66L |
| 2023 | 2.8% | 1.46× | 4.0% | 2.91× | 11.7% | S100TQLS |
| 2024 | 2.9% | 1.44× | 4.1% | 2.92× | 12.0% | S100W2X5 |
| 2025 | 2.9% | 1.43× | 4.1% | 2.88× | 11.8% | S100YHOQ |
| 2026 | 3.0% | 1.35× | 4.0% | 3.01× | 12.0% | S100YHOQ |

## 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 | 21.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.7% | 2026-03-31 |
| 持田製薬株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.8% | 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 | 1.7% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（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 |
| ニチモウ株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| JUNIPER（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 0.9% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 was ¥931.3B, up 5.1% from ¥886.1B.
- Operating income grew much faster, rising 27.2% from ¥31.8B to ¥40.4B.
- Net income rose 8.4% to ¥27.5B, and operating cash flow climbed 31.9% to ¥53.2B.
- Free cash flow, however, slipped 5.3% to ¥8.89B.

### Drivers

- Fishing, fish farming and North American seafood processing recovered after a weak prior year, lifting seafood profits sharply
- Ready-made meals sold through convenience stores kept selling well, so the chilled food business grew in both sales and profit
- In Japan, processed food profits fell: price increases to offset costlier raw materials took time to pass through, and volumes dropped afterward

### Risks

- Extreme weather and changing ocean conditions could cut wild catches and farmed output and raise raw material costs
- Shrinking fish stocks, tighter catch or aquaculture rules, and fish disease could hurt output and margins
- The company points to US tariff policy and cost-conscious consumers facing rising prices as downside risks

Cited: Annual Securities Report (111th fiscal term) (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 (111th fiscal term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第111期(2025/04/01－2026/03/31) | S100YHOQ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHOQ,, |
| 有価証券報告書－第110期(2024/04/01－2025/03/31) | S100W2X5 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2X5,, |
| 有価証券報告書－第109期(2023/04/01－2024/03/31) | S100TQLS | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQLS,, |
| 有価証券報告書－第108期(2022/04/01－2023/03/31) | S100R66L | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R66L,, |
| 有価証券報告書－第107期(令和3年4月1日－令和4年3月31日) | S100OH0Q | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH0Q,, |
| 有価証券報告書－第106期(令和2年4月1日－令和3年3月31日) | S100LORU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LORU,, |

## 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).