# Nitori 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54期(2025/04/01－2026/03/31) (S100YIMF)
> Page: https://vizora.meequs.com/en/company/nitori-holdings
> Retrieved: 2026-09-30T22:19:41.016Z

## Company

Nitori, founded in 1972, is a company in Home Centers listed on TSE Prime. It has 19,432 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nitori Holdings Co., Ltd. |
| Ticker | 9843 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9843.T) |
| Listing | TSE Prime |
| Head office | 札幌市北区新琴似七条一丁目2番39号(同所は登記上の本店所在地であり、実際の業務は下記「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長兼最高執行責任者(COO) 白井 俊之 |
| Founded | Mar 1972 |
| Share capital | ¥13.4B |
| Employees (consolidated) | 19,432 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.nitorihd.co.jp (https://www.nitorihd.co.jp/) |
| Corporate number | 5430001012905 |
| EDINET | E03144 |
| Industries (Vizora) | Home Centers, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YIMF, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Furniture, Interior & Lifestyle Goods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 86.1 | 18 |
| Cash conversion | 73.5 | 17 |
| Efficiency | 8.3 | 18 |

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 88% of Nitori's sales come from NITORI, with SHIMACHU making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +6.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥912.2B |  |
| Operating income | ¥125.5B | Margin 13.8% |
| Net income | ¥89.3B | Margin 9.8% |
| Free cash flow | — |  |
| Largest business | NITORI | of segment revenue 88.1% |
| Employees (consolidated) | 19,432 |  |
| EPS | ¥157.98 |  |
| Diluted EPS | ¥157.98 |  |
| Book value per share | ¥631.06 |  |
| Equity ratio | 62.9% | Derived from disclosed figures |
| Shares outstanding | 572,217,480 |  |
| Treasury shares | 5,223,400 |  |
| Shareholders | 44,447 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | +9.4 pp | Furniture, Interior & Lifestyle Goods |
| ROE | 9.4% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 94% of positive segment profit
- FY2026, employees -3% while operating income rose 7%

## What changed in 4 years

Accounting standard changed in FY2024; percentage changes are omitted.

| Metric | FY ending Feb 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥811581000000 | ¥912248000000 | — |
| Operating income | ¥138270000000 | ¥125526000000 | — |
| Operating margin | 17.0% | 13.8% | -3.3 pp |
| Employees | 18,984 people | 19,432 people | — |
| Cash and equivalents | ¥127076000000 | ¥145010000000 | — |

### Change in segment revenue mix

Span: FY ending Feb 2022 → 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 |
| --- | ---: |
| ニトリ事業 → ニトリ事業 | 83.1% |
| 島忠事業 → 島忠事業 | 11.9% |
| 島忠事業 → 事業再編・廃止 | 5.0% |
| 新設・再編 → ニトリ事業 | 5.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 912,248 | 100.0% | S100YIMF |
| Cost of revenue | 426,834 | 46.8% | S100YIMF |
| Gross profit | 485,413 | 53.2% | S100YIMF |
| SG&A | 363,747 | 39.9% | S100YIMF |
| Operating income | 125,526 | 13.8% | S100YIMF |
| Pretax income | 127,357 | 14.0% | S100YIMF |
| Income tax | 38,083 | 4.2% | S100YIMF |
| Net income | 89,274 | 9.8% | S100YIMF |
| Net income attributable to owners | 89,270 | 9.8% | S100YIMF |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 47 |
| SG&A | 40 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 53.2% → Operating margin 13.8% → Net margin 9.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +6.7%
Operating leverage (core profit growth ÷ revenue growth): -3.74×
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 | 928,828 | 912,248 | -16,580 | -1.8% |
| Gross profit | 473,923 | 485,413 | 11,490 | +2.4% |
| Operating income | 117,665 | 125,526 | 7,861 | +6.7% |
| Net income attributable to owners | 82,546 | 89,270 | 6,724 | +8.1% |
| Operating cash flow | 144,384 | 148,911 | 4,527 | +3.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2022 | 811,581 | 138,270 | 17.0% | 96,724 | 85,565 | -17,597 | S100R1N2 |
| FY ending Mar 2024 | 896,667 | 124,274 | 13.9% | 90,158 | 181,164 | 59,203 | S100W5DK |
| FY ending Mar 2025 | 928,828 | 117,665 | 12.7% | 82,546 | 144,384 | — | S100YIMF |
| FY ending Mar 2026 | 912,248 | 125,526 | 13.8% | 89,270 | 148,911 | — | S100YIMF |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.9M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥4.6M |

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

| History | FY ending Feb 2022 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 18,984 | 19,127 | 19,967 | 19,432 |
| Average salary (parent company) | — | ¥8.1M | ¥7.8M | ¥7.5M |
| Average age (parent company) | — | 40.4 years | 39.6 years | 39.6 years |
| Average tenure (parent company) | — | 12.0 years | 12.2 years | 12.2 years |

Year over year: Employees (consolidated) -2.7% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| NITORI | 803,548 | 88.1% | 118,381 | 14.7% |
| SHIMACHU | 108,699 | 11.9% | 7,212 | 6.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| NITORI | 88.1% | 94.3% | 6.2 | 14.7% |
| SHIMACHU | 11.9% | 5.7% | -6.2 | 6.6% |

Segment → industry: SHIMACHU → Home Centers / SHIMACHU → Furniture, Interior & Lifestyle Goods / NITORI → Furniture, Interior & Lifestyle Goods

## 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 | 148,911 | 16.3% | S100YIMF |
| Investing cash flow | -55,103 | -6.0% | S100YIMF |
| Financing cash flow | -86,502 | -9.5% | S100YIMF |
| Dividends paid | 17,280 | 1.9% | S100YIMF |
| Share buyback | 2 | 0.0% | S100YIMF |
| Change in cash | 9,008 | 1.0% | S100YIMF |
| Cash and equivalents | 145,010 | 15.9% | S100YIMF |

## 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 Feb 2022 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 127,076 | 117,978 | 136,001 | 145,010 | S100TOSN, S100YIMF |
| Total assets | 983,840 | 1,411,292 | 1,529,421 | 1,571,284 | S100R1N2, S100W5DK, S100YIMF |
| Net assets | 732,813 | 840,704 | 905,736 | 988,570 | S100TOSN, S100YIMF |
| Share capital | 13,370 | 13,370 | 13,370 | 13,370 | S100R1N2, S100W5DK, S100YIMF |
| Trade receivables | 39,206 | 79,247 | — | — | S100R1N2, S100TOSN |
| Property, plant and equipment | 560,481 | 814,087 | 905,121 | 909,005 | S100R1N2, S100W5DK, S100YIMF |
| Intangible assets excluding goodwill | 38,116 | 31,162 | — | — | S100R1N2, S100TOSN |
| Goodwill | 22,391 | 17,060 | — | — | S100R1N2, S100TOSN |
| Investment securities | 26,585 | 42,439 | — | — | S100R1N2, S100TOSN |
| Current assets | 278,367 | 345,893 | 364,690 | 397,898 | S100R1N2, S100W5DK, S100YIMF |
| Current liabilities | 163,181 | 276,336 | — | — | S100R1N2, S100TOSN |
| Trade payables | 39,765 | 48,294 | — | — | S100R1N2, S100TOSN |
| Short-term borrowings | 35,068 | 107,557 | — | — | S100R1N2, S100TOSN |
| Long-term borrowings | 50,398 | 30,000 | — | — | S100R1N2, S100TOSN |
| Total liabilities | 251,027 | 570,587 | 623,684 | 582,713 | S100R1N2, S100W5DK, S100YIMF |
| Non-controlling interests | — | 4 | — | — | S100TOSN |
| Equity attributable to owners of parent | 725,181 | 840,700 | 905,729 | 988,559 | S100R1N2, S100W5DK, S100YIMF |
| Retained earnings | 692,768 | 795,584 | 861,634 | 933,889 | S100R1N2, S100W5DK, S100YIMF |
| Treasury stock | -7,771 | -10,113 | -10,118 | -10,120 | S100R1N2, S100W5DK, S100YIMF |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YIMF |
| Property, plant and equipment | 58% | S100YIMF |
| Other assets | 33% | S100YIMF |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YIMF |
| Equity | 63% | S100YIMF |
| Other liabilities | 0% | S100YIMF |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: |
| Total assets | 983,840 | 1,411,292 | 1,529,421 | 1,571,284 |
| Equity | 732,813 | 840,704 | 905,736 | 988,570 |
| Interest-bearing debt | — | — | — | — |
| Cash | 127,076 | 117,978 | 136,001 | 145,010 |

## 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) | 99.6% | S100YIMF |
| Fixed assets ÷ total assets | 57.9% | S100YIMF |
| Goodwill ÷ parent equity | — | —, S100YIMF |

### 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) | 9.2% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.6% |
| Cash vs. profit gap | 59,641 JPY mn (of net income 66.8%) |
| Shareholder returns / net income | 19.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 19.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 37.0% |

## 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 | 11.9% | 0.82× | 9.8% | 1.36× | 13.3% | S100R1N2 |
| 2024 | 10.1% | 0.64× | 6.4% | 1.68× | 10.7% | S100W5DK |
| 2025 | 8.9% | 0.63× | 5.6% | 1.68× | 9.5% | S100YIMF |
| 2026 | 9.8% | 0.59× | 5.8% | 1.64× | 9.4% | S100YIMF |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ニトリ商事 | Major shareholder | 18.3% | 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 | 15.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.1% | 2026-03-31 |
| 公益財団法人似鳥国際奨学財団 | Major shareholder | 4.4% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N.A. LONDON SECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.8% | 2026-03-31 |
| 似鳥昭雄 | Major shareholder | 3.0% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 2.6% | 2026-03-31 |
| STASTE 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 | 2.5% | 2026-03-31 |
| 株式会社北洋銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.8% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 came in at ¥912.2B, down -1.8% from ¥928.8B.
- Profits still grew: gross profit rose +2.4% to ¥485.4B and operating income rose +6.7% to ¥125.5B.
- Net income attributable to owners increased +8.1% to ¥89.3B, and operating cash flow was up +3.1% at ¥148.9B.

### Drivers

- Fewer customers visited existing Nitori stores in Japan; the company says it did not bring out attractive new products quickly enough.
- SHIMACHU sold more private-brand goods, which improved its gross margin, and cut advertising and delivery costs, turning its segment back to a profit.
- In mainland China it closed unprofitable stores and resized sales floors, and the company says overseas profitability improved significantly.

### Risks

- Most products are imported, so a sharp rise in the US dollar could push up purchasing costs.
- Production relies heavily on China and other Asian countries, so political or economic shifts or disasters there could disrupt supply.
- The company expects shoppers to stay cautious about spending as prices rise, with only a limited recovery in demand for durable goods like furniture.

Cited: Annual Securities Report, 54th fiscal year (Apr 2025 - 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, 54th fiscal year (Apr 2025 - Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YIMF | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIMF,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W5DK | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5DK,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TOSN | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOSN,, |
| 有価証券報告書－第51期(2022/02/21－2023/03/31) | S100R1N2 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1N2,, |

## 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).