# NITTO FUJI FLOUR MILLING 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128期(2025/04/01－2026/03/31) (S100YK99)
> Page: https://vizora.meequs.com/en/company/nitto-fuji-flour-milling
> Retrieved: 2026-10-01T03:25:23.381Z

## Company

Nitto Fuji Flour Milling, founded in 1914, is a company in Food Ingredients listed on TSE Standard. It has 799 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTO FUJI FLOUR MILLING CO.,LTD. |
| Ticker | 2003 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2003.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区新川一丁目28番23号 |
| Representative (per filing) | 代表取締役社長 宮原朋宏 |
| Founded | Mar 1914 |
| Share capital | ¥2.5B |
| Employees (consolidated) | 799 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.nittofuji.co.jp (https://www.nittofuji.co.jp/) |
| Corporate number | 3010001034893 |
| EDINET | E00347 |
| Industries (Vizora) | Food Ingredients, Fast Food & Quick Service, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100YK99, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.2 | 22 |
| Profitability | 47.9 | 24 |
| Cash conversion | 52.1 | 24 |
| Efficiency | 64.6 | 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)

- About 83% of Nitto Fuji Flour Milling's sales come from Milling and grocery, with Restaurant and Transportation making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.6% from the prior year, operating profit -25.1%.

## Company structure

- Segment revenue mix: Milling and grocery 83.1%、Restaurant 16.8%、Transportation 0.1%
- Revenue → net income: ¥72777000000 → ¥3335000000
- Net income → operating cash flow: ¥3335000000 → ¥4667000000（difference ¥1332000000）
- Main uses of operating cash flow: CapEx ¥1626000000 / dividends ¥2554000000 / buybacks ¥3000000
- Change in cash: ¥1121000000
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 | ¥72.8B |  |
| Operating income | ¥3.82B | Margin 5.2% |
| Net income | ¥3.32B | Margin 4.6% |
| Free cash flow | ¥3.04B |  |
| Largest business | Milling and grocery | of segment revenue 83.1% |
| Employees (consolidated) | 799 |  |
| EPS | ¥95.04 |  |
| Book value per share | ¥1174.23 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 9,384,728 |  |
| Treasury shares | 262,500 |  |
| Shareholders | 6,351 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 15.9% |
| Vs. industry median margin | -0.1 pp | Food Ingredients |
| ROE | 7.4% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥56544000000 | ¥72777000000 | +28.7% |
| Operating income | ¥4539000000 | ¥3816000000 | -15.9% |
| Operating margin | 8.0% | 5.2% | -2.8 pp |
| Employees | 794 people | 799 people | +0.6% |
| Cash and equivalents | ¥10543000000 | ¥11554000000 | +9.6% |

### 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 |
| --- | ---: |
| 製粉及び食品事業 → 製粉及び食品事業 | 83.1% |
| 製粉及び食品事業 → 事業再編・廃止 | 0.5% |
| 外食事業 → 外食事業 | 16.1% |
| 運送事業 → 運送事業 | 0.1% |
| 運送事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 外食事業 | 0.7% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Milling and grocery | 5 years | +5.1% | ¥60492000000 | 5.8% | 2 |
| Restaurant | 5 years | +6.0% | ¥12219000000 | 1.8% | 2 |
| Transportation | 5 years | -15.3% | ¥65000000 | 60.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 72,777 | 100.0% | S100YK99 |
| Cost of revenue | 55,963 | 76.9% | S100YK99 |
| Gross profit | 16,814 | 23.1% | S100YK99 |
| SG&A | 12,997 | 17.9% | S100YK99 |
| Operating income | 3,816 | 5.2% | S100YK99 |
| Ordinary income | 4,386 | 6.0% | S100YK99 |
| Pretax income | 4,892 | 6.7% | S100YK99 |
| Income tax | 1,556 | 2.1% | S100YK99 |
| Net income | 3,335 | 4.6% | S100YK99 |
| Net income attributable to owners | 3,319 | 4.6% | S100YK99 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 23.1% → Operating margin 5.2% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.6%; Core profit growth: -25.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -41.68×
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 | 72,341 | 72,777 | 436 | +0.6% |
| Gross profit | 17,212 | 16,814 | -398 | -2.3% |
| Operating income | 5,096 | 3,816 | -1,280 | -25.1% |
| Net income attributable to owners | 3,550 | 3,319 | -231 | -6.5% |
| Operating cash flow | 5,055 | 4,667 | -388 | -7.7% |
| Free cash flow | 2,367 | 3,041 | 674 | +28.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,544 | 4,568 | 7.9% | 3,384 | 6,513 | 4,843 | S100LUKD |
| FY ending Mar 2021 | 56,544 | 4,539 | 8.0% | 3,536 | 3,667 | 2,625 | S100OKOS |
| FY ending Mar 2022 | 59,340 | 4,404 | 7.4% | 3,714 | 2,171 | 508 | S100R9DI |
| FY ending Mar 2023 | 69,540 | 5,299 | 7.6% | 3,963 | 2,244 | -377 | S100U3PM |
| FY ending Mar 2024 | 72,598 | 5,237 | 7.2% | 4,238 | 6,498 | 3,212 | S100W5K7 |
| FY ending Mar 2025 | 72,341 | 5,096 | 7.0% | 3,550 | 5,055 | 2,367 | S100YK99 |
| FY ending Mar 2026 | 72,777 | 3,816 | 5.2% | 3,319 | 4,667 | 3,041 | S100YK99 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.1M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥4.2M |

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) | 799 | 829 | 822 | 848 | 799 |
| Average salary (parent company) | ¥6.5M | ¥6.4M | ¥6.5M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 43.0 years | 42.8 years | 42.6 years | 42.3 years | 41.1 years |
| Average tenure (parent company) | 20.0 years | 19.2 years | 18.3 years | 17.8 years | 16.0 years |

Year over year: Employees (consolidated) -5.8% · Revenue (consolidated) +0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Milling and grocery | 60,492 | 83.1% | 3,523 | 5.8% |
| Restaurant | 12,219 | 16.8% | 216 | 1.8% |
| Transportation | 65 | 0.1% | 39 | 60.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Milling and grocery | 83.1% | 93.3% | 10.1 | 5.8% |
| Restaurant | 16.8% | 5.7% | -11.1 | 1.8% |
| Transportation | 0.1% | 1.0% | 0.9 | 60.0% |

Segment → industry: Milling and grocery → Food Ingredients / Restaurant → Fast Food & Quick Service / Transportation → Trucking & Parcel Delivery

## 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 | 4,667 | 6.4% | S100YK99 |
| Capital expenditure | 1,626 | 2.2% | S100YK99 |
| Free cash flow | 3,041 | 4.2% | 算出 |
| Investing cash flow | -903 | -1.2% | S100YK99 |
| Financing cash flow | -2,591 | -3.6% | S100YK99 |
| Dividends paid | 2,554 | 3.5% | S100YK99 |
| Share buyback | 3 | 0.0% | S100YK99 |
| Change in cash | 1,121 | 1.5% | S100YK99 |
| Cash and equivalents | 11,554 | 15.9% | S100YK99 |

## 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 | 9,804 | 7,885 | 9,798 | 10,432 | 11,554 | S100U3PM, S100W5K7, S100YK99 |
| Total assets | 55,870 | 60,944 | 64,240 | 62,946 | 63,742 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Net assets | 41,753 | 45,558 | 49,676 | 49,426 | 50,108 | S100U3PM, S100W5K7, S100YK99 |
| Share capital | 2,500 | 2,500 | 2,500 | 2,500 | 2,500 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Trade receivables | 8,740 | 10,099 | 10,613 | 10,057 | 9,765 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Property, plant and equipment | 13,928 | 15,604 | 16,757 | 17,644 | 17,205 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Intangible assets excluding goodwill | 635 | 520 | 495 | 470 | 446 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Goodwill | 38 | 13 | — | — | — | S100R9DI, S100U3PM |
| Investment securities | 7,486 | 9,329 | 10,353 | 8,394 | 7,942 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Current assets | 30,326 | 32,103 | 32,411 | 32,444 | 33,097 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Current liabilities | 10,658 | 11,384 | 10,295 | 9,893 | 9,406 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Trade payables | 5,981 | 6,154 | 4,905 | — | — | S100R9DI, S100U3PM |
| Short-term borrowings | 500 | 500 | 400 | 420 | 400 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Total liabilities | 14,117 | 15,386 | 14,564 | 13,519 | 13,634 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Non-controlling interests | 51 | 59 | 57 | 74 | 74 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Equity attributable to owners of parent | 38,190 | 40,677 | 43,339 | 44,590 | 45,069 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Retained earnings | 32,115 | 34,603 | 37,266 | 38,519 | 39,000 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |
| Treasury stock | -474 | -474 | -477 | -570 | -572 | S100R9DI, S100U3PM, S100W5K7, S100YK99 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YK99 |
| Receivables | 15% | S100YK99 |
| Property, plant and equipment | 27% | S100YK99 |
| Intangibles and goodwill | 1% | S100YK99 |
| Investment securities | 13% | S100YK99 |
| Other assets | 26% | S100YK99 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100YK99 |
| Equity | 79% | S100YK99 |

### 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 | 55,870 | 60,944 | 64,240 | 62,946 | 63,742 |
| Equity | 41,753 | 45,558 | 49,676 | 49,426 | 50,108 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,804 | 7,885 | 9,798 | 10,432 | 11,554 |

## 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) | 23.6% | S100YK99 |
| Fixed assets ÷ total assets | 27.0% | S100YK99 |
| Goodwill ÷ parent equity | — | —, S100YK99 |

### 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) | 18.1% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 122.3% |
| Cash vs. profit gap | 1,348 JPY mn (of net income 40.6%) |
| Shareholder returns / net income | 77.0% |
| Shareholder returns / FCF | 84.1% |
| Shareholder payments — dividends / net income | 77.0% |
| Shareholder payments — dividends / FCF | 84.0% |
| CapEx intensity (capex ÷ revenue) | 2.2% |
| Investing CF relative to operating CF | 19.3% |

## 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 | 6.3% | 1.06× | 6.6% | 1.46× | 9.7% | S100R9DI |
| 2023 | 5.7% | 1.19× | 6.8% | 1.48× | 10.0% | S100U3PM |
| 2024 | 5.8% | 1.16× | 6.8% | 1.49× | 10.1% | S100W5K7 |
| 2025 | 4.9% | 1.14× | 5.6% | 1.45× | 8.1% | S100YK99 |
| 2026 | 4.6% | 1.15× | 5.2% | 1.41× | 7.4% | S100YK99 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三菱商事株式会社 | Major shareholder | 64.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 山崎製パン株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 日東富士製粉持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 日清食品ホールディングス株式会社 | Major shareholder | 0.9% | 2026-03-31 |
| 鈴与株式会社 | Major shareholder | 0.6% | 2026-03-31 |
| 株式会社中村屋 | Major shareholder | 0.5% | 2026-03-31 |
| ＤＦＡ ＩＮＴＬ ＳＭＡＬＬ ＣＡＰ ＶＡＬＵＥ ＰＯＲＴＦＯＬＩＯ（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.4% | 2026-03-31 |
| 新潟県砂糖卸荷受商業協同組合 | Major shareholder | 0.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第128期(2025/04/01－2026/03/31) | S100YK99 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK99,, |
| 有価証券報告書－第127期(2024/04/01－2025/03/31) | S100W5K7 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5K7,, |
| 訂正有価証券報告書－第126期(2023/04/01－2024/03/31) | S100U3PM | 2024-07-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U3PM,, |
| 有価証券報告書－第125期(2022/04/01－2023/03/31) | S100R9DI | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9DI,, |
| 有価証券報告書－第124期(令和3年4月1日－令和4年3月31日) | S100OKOS | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKOS,, |
| 有価証券報告書－第123期(令和2年4月1日－令和3年3月31日) | S100LUKD | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUKD,, |

## 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).