# Nitta Gelatin Inc.: 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87期(2025/04/01－2026/03/31) (S100YHPC)
> Page: https://vizora.meequs.com/en/company/nitta-gelatin
> Retrieved: 2026-09-30T21:55:54.156Z

## Company

Nitta Gelatin, founded in 1909, is a company in Food Ingredients listed on TSE Standard. It has 851 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nitta Gelatin Inc. |
| Ticker | 4977 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4977.T) |
| Listing | TSE Standard |
| Head office | 大阪市浪速区桜川四丁目4番26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) | 代表取締役社長執行役員 竹宮 秀典 |
| Founded | Jun 1909 |
| Share capital | ¥3.14B |
| Employees (consolidated) | 851 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.nitta-gelatin.co.jp (https://www.nitta-gelatin.co.jp/) |
| Corporate number | 2120001039437 |
| EDINET | E26061 |
| Industries (Vizora) | Food Ingredients |

> Profile source: annual securities report (S100YHPC, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 22 |
| Profitability | 89.6 | 24 |
| Cash conversion | 64.6 | 24 |
| Efficiency | 39.6 | 24 |

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)

- Nitta Gelatin brought in ¥38B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +18.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥38048000000 → ¥4248000000
- Net income → operating cash flow: ¥4248000000 → ¥6482000000（difference ¥2234000000）
- Main uses of operating cash flow: CapEx ¥1974000000 / dividends ¥508000000 / buybacks —
- Change in cash: ¥-948000000
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 | ¥38B |  |
| Operating income | ¥4.66B | Margin 12.3% |
| Net income | ¥3.28B | Margin 8.6% |
| Free cash flow | ¥4.51B |  |
| Employees (consolidated) | 851 |  |
| EPS | ¥127.49 |  |
| Book value per share | ¥855.95 |  |
| Equity ratio | 56.6% |  |
| Shares outstanding | 18,373,974 |  |
| Treasury shares | 160,800 |  |
| Shareholders | 16,864 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 8.6% | Cash ÷ revenue 9.7% |
| Vs. industry median margin | +6.9 pp | Food Ingredients |
| ROE | 16.8% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30514000000 | ¥38048000000 | +24.7% |
| Operating income | ¥1356000000 | ¥4664000000 | +244.0% |
| Operating margin | 4.4% | 12.3% | +7.8 pp |
| Employees | 999 people | 851 people | -14.8% |
| Cash and equivalents | ¥3998000000 | ¥3687000000 | -7.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,048 | 100.0% | S100YHPC |
| Cost of revenue | 27,068 | 71.1% | S100YHPC |
| Gross profit | 10,980 | 28.9% | S100YHPC |
| SG&A | 6,316 | 16.6% | S100YHPC |
| Operating income | 4,664 | 12.3% | S100YHPC |
| Ordinary income | 4,783 | 12.6% | S100YHPC |
| Pretax income | 4,817 | 12.7% | S100YHPC |
| Income tax | 568 | 1.5% | S100YHPC |
| Net income | 4,248 | 11.2% | S100YHPC |
| Net income attributable to owners | 3,282 | 8.6% | S100YHPC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 17 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 28.9% → Operating margin 12.3% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +18.7%
Operating leverage (core profit growth ÷ revenue growth): -10.38×
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 | 38,745 | 38,048 | -697 | -1.8% |
| Gross profit | 9,960 | 10,980 | 1,020 | +10.2% |
| Operating income | 3,930 | 4,664 | 734 | +18.7% |
| Net income attributable to owners | 3,159 | 3,282 | 123 | +3.9% |
| Operating cash flow | 5,183 | 6,482 | 1,299 | +25.1% |
| Free cash flow | 3,721 | 4,508 | 787 | +21.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,543 | 1,690 | 4.9% | -694 | 1,969 | 1,031 | S100LRLS |
| FY ending Mar 2021 | 30,514 | 1,356 | 4.4% | 742 | 3,509 | 2,235 | S100PM40 |
| FY ending Mar 2022 | 31,783 | 1,560 | 4.9% | 726 | 1,044 | -238 | S100R80K |
| FY ending Mar 2023 | 39,186 | 2,259 | 5.8% | 1,558 | -540 | -2,699 | S100TSZQ |
| FY ending Mar 2024 | 40,420 | 1,836 | 4.5% | -1,850 | 4,911 | 2,642 | S100W0TF |
| FY ending Mar 2025 | 38,745 | 3,930 | 10.1% | 3,159 | 5,183 | 3,721 | S100YHPC |
| FY ending Mar 2026 | 38,048 | 4,664 | 12.3% | 3,282 | 6,482 | 4,508 | S100YHPC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.7M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 1,009 | 1,023 | 946 | 860 | 851 |
| Average salary (parent company) | ¥7.4M | ¥7.9M | ¥7.8M | ¥7.9M | ¥7.8M |
| Average age (parent company) | 42.2 years | 42.7 years | 42.4 years | 43.6 years | 42.7 years |
| Average tenure (parent company) | 15.8 years | 15.5 years | 15.7 years | 15.9 years | 14.3 years |

Year over year: Employees (consolidated) -1.0% · Revenue (consolidated) -1.8%

## 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 | 6,482 | 17.0% | S100YHPC |
| Capital expenditure | 1,974 | 5.2% | S100YHPC |
| Free cash flow | 4,508 | 11.8% | 算出 |
| Investing cash flow | -5,095 | -13.4% | S100YHPC |
| Financing cash flow | -2,393 | -6.3% | S100YHPC |
| Dividends paid | 508 | 1.3% | S100YHPC |
| Change in cash | -948 | -2.5% | S100YHPC |
| Cash and equivalents | 3,687 | 9.7% | S100YHPC |

## 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 | 3,030 | 2,846 | 3,297 | 4,636 | 3,687 | S100TSZQ, S100W0TF, S100YHPC |
| Total assets | 37,410 | 41,614 | 39,962 | 40,413 | 42,870 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Net assets | 20,562 | 22,256 | 22,269 | 25,374 | 29,630 | S100TSZQ, S100W0TF, S100YHPC |
| Share capital | 3,144 | 3,144 | 3,144 | 3,144 | 3,144 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Trade receivables | 7,389 | 8,741 | 8,374 | 8,012 | 6,844 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Property, plant and equipment | 10,416 | 11,119 | 9,029 | 9,361 | 9,889 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Intangible assets excluding goodwill | 507 | 504 | 463 | 391 | 286 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Goodwill | 232 | 196 | 157 | 91 | 28 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Investment securities | 3,363 | 2,730 | 3,131 | 3,073 | 3,229 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Current assets | 21,465 | 25,376 | 25,196 | 24,845 | 25,584 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Current liabilities | 10,721 | 12,711 | 11,072 | 8,837 | 7,922 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Trade payables | 2,745 | 2,818 | 2,695 | 2,837 | 3,052 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Short-term borrowings | 2,271 | 3,905 | 2,988 | 862 | — | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Long-term borrowings | 3,573 | 4,118 | 4,078 | 4,104 | 3,380 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Total liabilities | 16,848 | 19,358 | 17,692 | 15,038 | 13,239 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Non-controlling interests | 2,479 | 3,159 | 4,081 | 4,682 | 5,381 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Equity attributable to owners of parent | 16,112 | 17,434 | 15,295 | 18,145 | 20,969 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Retained earnings | 10,181 | 11,486 | 9,326 | 12,177 | 14,951 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |
| Treasury stock | -179 | -160 | -143 | -137 | -107 | S100R80K, S100TSZQ, S100W0TF, S100YHPC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YHPC |
| Receivables | 16% | S100YHPC |
| Property, plant and equipment | 23% | S100YHPC |
| Intangibles and goodwill | 1% | S100YHPC |
| Investment securities | 7% | S100YHPC |
| Other assets | 44% | S100YHPC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YHPC |
| Other liabilities | 24% | S100YHPC |
| Equity | 69% | S100YHPC |
| Other liabilities | 0% | S100YHPC |

### 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 | 37,410 | 41,614 | 39,962 | 40,413 | 42,870 |
| Equity | 20,562 | 22,256 | 22,269 | 25,374 | 29,630 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,030 | 2,846 | 3,297 | 4,636 | 3,687 |

## 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) | 26.0% | S100YHPC |
| Fixed assets ÷ total assets | 23.1% | S100YHPC |
| Goodwill ÷ parent equity | 0.1% | S100YHPC |

Goodwill over 4 years: 232 → 28 JPY; total investing cash flow: -12,116 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) | 8.6% |
| Cash ÷ revenue | 9.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 139.0% |
| Cash vs. profit gap | 3,200 JPY mn (of net income 97.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 15.5% |
| Shareholder payments — dividends / FCF | 11.3% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 78.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.3% | 0.85× | 1.9% | 2.32× | 4.5% | S100R80K |
| 2023 | 4.0% | 0.99× | 3.9% | 2.36× | 9.3% | S100TSZQ |
| 2024 | — | —× | -4.5% | —× | — | S100W0TF |
| 2025 | 8.2% | 0.96× | 7.9% | 2.40× | 18.9% | S100YHPC |
| 2026 | 8.6% | 0.91× | 7.9% | 2.13× | 16.8% | S100YHPC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| アイビーピー㈱ | Major shareholder | 19.2% | 2026-03-31 |
| ニッタ㈱ | Major shareholder | 4.6% | 2026-03-31 |
| 新田ゼラチン取引先持株会 | Major shareholder | 2.9% | 2026-03-31 |
| ㈱三井住友銀行 | Major shareholder | 2.5% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 2.5% | 2026-03-31 |
| 新田 浩士 | Major shareholder | 2.2% | 2026-03-31 |
| 新田ゼラチン従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 石塚産業㈱ | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人㈱みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人㈱三菱ＵＦＪ銀行） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2025/04/01－2026/03/31) | S100YHPC | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHPC,, |
| 有価証券報告書－第86期(2024/04/01－2025/03/31) | S100W0TF | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0TF,, |
| 有価証券報告書－第85期(2023/04/01－2024/03/31) | S100TSZQ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSZQ,, |
| 有価証券報告書－第84期(2022/04/01－2023/03/31) | S100R80K | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R80K,, |
| 訂正有価証券報告書－第83期(令和3年4月1日－令和4年3月31日) | S100PM40 | 2022-11-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PM40,, |
| 有価証券報告書－第82期(令和2年4月1日－令和3年3月31日) | S100LRLS | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRLS,, |

## 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).