# NittoBest 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88期(2025/04/01－2026/03/31) (S100YGFI)
> Page: https://vizora.meequs.com/en/company/nittobest
> Retrieved: 2026-09-30T21:35:19.295Z

## Company

NittoBest, founded in 1948, is a company in Processed Foods listed on TSE Standard. It has 1,840 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NittoBest Corporation |
| Ticker | 2877 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2877.T) |
| Listing | TSE Standard |
| Head office | 山形県寒河江市幸町4番27号 |
| Representative (per filing) | 代表取締役社長執行役員 嵯峨 秀夫 |
| Founded | Jul 1948 |
| Share capital | ¥1.47B |
| Employees (consolidated) | 1,840 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.nittobest.co.jp (https://www.nittobest.co.jp/) |
| Corporate number | 6390001011877 |
| EDINET | E00498 |
| Industries (Vizora) | Processed Foods |

> Profile source: annual securities report (S100YGFI, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Processed Foods (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42 | 56 |
| Profitability | 14.2 | 60 |
| Cash conversion | 92.1 | 57 |
| Efficiency | 75.8 | 60 |

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)

- NittoBest brought in ¥57.5B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit +12.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥57492655000 → ¥555780000
- Net income → operating cash flow: ¥555780000 → ¥2735898000（difference ¥2180118000）
- Main uses of operating cash flow: CapEx ¥1613675000 / dividends ¥143870000 / buybacks ¥20000
- Change in cash: ¥779387000
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 | ¥57.5B |  |
| Operating income | ¥647.3M | Margin 1.1% |
| Net income | ¥514.5M | Margin 0.9% |
| Free cash flow | ¥1.12B |  |
| Employees (consolidated) | 1,840 |  |
| EPS | ¥37.15 |  |
| Book value per share | ¥1179.14 |  |
| Equity ratio | 40.6% |  |
| Shares outstanding | 12,102,660 |  |
| Treasury shares | 4,800 |  |
| Shareholders | 2,296 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 10.4% | Cash ÷ revenue 7.4% |
| Vs. industry median margin | -2.9 pp | Processed Foods |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48897381000 | ¥57492655000 | +17.6% |
| Operating income | ¥743350000 | ¥647291000 | -12.9% |
| Operating margin | 1.5% | 1.1% | -0.4 pp |
| Employees | 1,465 people | 1,840 people | +25.6% |
| Cash and equivalents | ¥2918573000 | ¥4279668000 | +46.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,493 | 100.0% | S100YGFI |
| Cost of revenue | 47,766 | 83.1% | S100YGFI |
| Gross profit | 9,727 | 16.9% | S100YGFI |
| SG&A | 9,080 | 15.8% | S100YGFI |
| Operating income | 647 | 1.1% | S100YGFI |
| Ordinary income | 686 | 1.2% | S100YGFI |
| Pretax income | 751 | 1.3% | S100YGFI |
| Income tax | 195 | 0.3% | S100YGFI |
| Net income | 556 | 1.0% | S100YGFI |
| Net income attributable to owners | 514 | 0.9% | S100YGFI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 16.9% → Operating margin 1.1% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.9%; Core profit growth: +12.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.34×
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 | 55,860 | 57,493 | 1,632 | +2.9% |
| Gross profit | 9,325 | 9,727 | 403 | +4.3% |
| Operating income | 574 | 647 | 73 | +12.7% |
| Net income attributable to owners | 385 | 514 | 130 | +33.7% |
| Operating cash flow | 48 | 2,736 | 2,687 | +5550.7% |
| Free cash flow | -1,616 | 1,122 | 2,738 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 54,262 | 1,336 | 2.5% | 453 | 1,353 | -25 | S100LOQ1 |
| FY ending Mar 2021 | 48,897 | 743 | 1.5% | 701 | 3,178 | 1,913 | S100ODWQ |
| FY ending Mar 2022 | 49,747 | 844 | 1.7% | 608 | 1,895 | 1,192 | S100R0N9 |
| FY ending Mar 2023 | 51,879 | 381 | 0.7% | 243 | 1,180 | -684 | S100TPM0 |
| FY ending Mar 2024 | 54,271 | 505 | 0.9% | 412 | 3,599 | 2,473 | S100W3C3 |
| FY ending Mar 2025 | 55,860 | 574 | 1.0% | 385 | 48 | -1,616 | S100YGFI |
| FY ending Mar 2026 | 57,493 | 647 | 1.1% | 514 | 2,736 | 1,122 | S100YGFI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥31.2M |
| Operating income per employee (consolidated) | ¥351.8K |
| Net income per employee (consolidated) | ¥279.6K |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,801 | 1,871 | 1,844 | 1,840 | 1,840 |
| Average salary (parent company) | ¥4.5M | ¥4.2M | ¥4.4M | ¥4.5M | ¥4.7M |
| Average age (parent company) | 43.9 years | 43.9 years | 44.1 years | 44.2 years | 44.3 years |
| Average tenure (parent company) | 14.2 years | 13.9 years | 13.9 years | 13.7 years | 13.7 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +2.9%

## 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 | 2,736 | 4.8% | S100YGFI |
| Capital expenditure | 1,614 | 2.8% | S100YGFI |
| Free cash flow | 1,122 | 2.0% | 算出 |
| Investing cash flow | -1,348 | -2.3% | S100YGFI |
| Financing cash flow | -595 | -1.0% | S100YGFI |
| Dividends paid | 144 | 0.3% | S100YGFI |
| Share buyback | 0 | 0.0% | S100YGFI |
| Change in cash | 779 | 1.4% | S100YGFI |
| Cash and equivalents | 4,280 | 7.4% | S100YGFI |

## 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 | 3,442 | 3,666 | 5,696 | 3,500 | 4,280 | S100TPM0, S100W3C3, S100YGFI |
| Total assets | 38,578 | 40,322 | 42,612 | 39,886 | 41,201 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Net assets | 15,225 | 15,494 | 16,190 | 16,584 | 17,278 | S100TPM0, S100W3C3, S100YGFI |
| Share capital | 1,475 | 1,475 | 1,475 | 1,475 | 1,475 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Trade receivables | 9,796 | 10,225 | 11,202 | 10,557 | 10,543 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Property, plant and equipment | 14,398 | 14,477 | 14,159 | 13,819 | 13,679 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Intangible assets excluding goodwill | 309 | 311 | 341 | 421 | 528 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Investment securities | 3,493 | 3,201 | 3,604 | 3,525 | 3,815 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Current assets | 19,248 | 21,245 | 23,594 | 21,063 | 22,278 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Current liabilities | 15,379 | 17,787 | 19,878 | 16,973 | 17,969 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Trade payables | 4,354 | 4,757 | 5,134 | 4,380 | 4,477 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Short-term borrowings | 3,282 | 4,445 | 4,919 | 4,881 | 4,645 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Long-term borrowings | 4,867 | 4,541 | 4,175 | 4,059 | 3,862 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Bonds | 500 | — | — | — | — | S100R0N9 |
| Interest-bearing debt | 8,649 | — | — | — | — | 算出 |
| Total liabilities | 23,353 | 24,828 | 26,422 | 23,303 | 23,924 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Non-controlling interests | 328 | 384 | 432 | 510 | 536 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Equity attributable to owners of parent | 14,797 | 14,895 | 15,161 | 15,401 | 15,770 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Retained earnings | 11,618 | 11,716 | 11,983 | 12,222 | 12,592 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100R0N9, S100TPM0, S100W3C3, S100YGFI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YGFI |
| Receivables | 26% | S100YGFI |
| Property, plant and equipment | 33% | S100YGFI |
| Intangibles and goodwill | 1% | S100YGFI |
| Investment securities | 9% | S100YGFI |
| Other assets | 20% | S100YGFI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YGFI |
| Other liabilities | 47% | S100YGFI |
| Equity | 42% | S100YGFI |
| Other liabilities | 0% | S100YGFI |

### 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 | 38,578 | 40,322 | 42,612 | 39,886 | 41,201 |
| Equity | 15,225 | 15,494 | 16,190 | 16,584 | 17,278 |
| Interest-bearing debt | 8,649 | — | — | — | — |
| Cash | 3,442 | 3,666 | 5,696 | 3,500 | 4,280 |

## 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) | 23.8% | S100YGFI |
| Fixed assets ÷ total assets | 33.2% | S100YGFI |
| Goodwill ÷ parent equity | — | —, S100YGFI |

### 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) | 10.4% |
| Cash ÷ revenue | 7.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 422.7% |
| Cash vs. profit gap | 2,221 JPY mn (of net income 431.8%) |
| Shareholder returns / net income | 28.0% |
| Shareholder returns / FCF | 12.8% |
| Shareholder payments — dividends / net income | 28.0% |
| Shareholder payments — dividends / FCF | 12.8% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 49.3% |

## 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 | 1.2% | 1.29× | 1.6% | 2.61× | 4.1% | S100R0N9 |
| 2023 | 0.5% | 1.32× | 0.6% | 2.66× | 1.6% | S100TPM0 |
| 2024 | 0.8% | 1.31× | 1.0% | 2.76× | 2.7% | S100W3C3 |
| 2025 | 0.7% | 1.35× | 0.9% | 2.70× | 2.5% | S100YGFI |
| 2026 | 0.9% | 1.42× | 1.3% | 2.60× | 3.3% | S100YGFI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日東ベスト取引先持株会 | Major shareholder | 13.5% | 2026-03-31 |
| 有限会社ウチダ・コーポレート | Major shareholder | 7.8% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社山形銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 日東ベスト従業員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社ウチダ・ホールディングス | Major shareholder | 4.3% | 2026-03-31 |
| 国分グループ本社株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 東洋製罐グループホールディングス株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 内田 真帆子 | Major shareholder | 1.8% | 2026-03-31 |
| 川商フーズ株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YGFI | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGFI,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W3C3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3C3,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TPM0 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPM0,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R0N9 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0N9,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100ODWQ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODWQ,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LOQ1 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOQ1,, |

## 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).