# NOMURA CORPORATION: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2024/11/01－2025/10/31) (S100XHE7)
> Page: https://vizora.meequs.com/en/company/nomurasangyo
> Retrieved: 2026-09-30T20:59:11.692Z

## Company

Nomura, founded in 1959, is a company in Food Packaging listed on TSE Standard. It has 112 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOMURA CORPORATION |
| Ticker | 7131 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7131.T) |
| Listing | TSE Standard |
| Head office | 東京都東久留米市前沢五丁目32番23号 |
| Representative (per filing) | 代表取締役社長 清川 悦男 |
| Founded | Apr 1959 |
| Share capital | ¥80M |
| Employees (consolidated) | 112 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | October |
| Website | www.nomurasangyo.co.jp (https://www.nomurasangyo.co.jp/) |
| Corporate number | 2012701007849 |
| EDINET | E37082 |
| Industries (Vizora) | Food Packaging, Specialty Trading & Wholesale, Industrial Machinery |

> Profile source: annual securities report (S100XHE7, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.9 | 110 |
| Profitability | 68.4 | 122 |
| Cash conversion | 55.6 | 116 |
| Efficiency | 98.8 | 122 |

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 87% of Nomura's sales come from Packaging-related business, with Logistics-packaging business making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +7.5% from the prior year, operating profit +49.1%.

## Company structure

- Segment revenue mix: Packaging-related business 87.1%、Logistics-packaging business 12.9%
- Revenue → net income: ¥7111932000 → ¥519756000
- Net income → operating cash flow: ¥519756000 → ¥977735000（difference ¥457979000）
- Main uses of operating cash flow: CapEx ¥44920000 / dividends ¥78016000 / buybacks ¥74000
- Change in cash: ¥805974000
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 | ¥7.11B |  |
| Operating income | ¥753.4M | Margin 10.6% |
| Net income | ¥508.3M | Margin 7.1% |
| Free cash flow | ¥932.8M |  |
| Largest business | Packaging-related business | of segment revenue 87.1% |
| Employees (consolidated) | 112 |  |
| EPS | ¥329.93 |  |
| Book value per share | ¥1702.47 |  |
| Equity ratio | 47.3% |  |
| Shares outstanding | 1,391,575 |  |
| Treasury shares | 69,300 |  |
| Shareholders | 1,155 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 46.2% | Cash ÷ revenue 31.9% |
| Vs. industry median margin | +5.2 pp | Food Packaging |
| ROE | 24.5% | Derived from disclosed figures |
| ROA | 11.3% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 90% of positive segment profit
- FY2025, cash is 46% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥4898835000 | ¥7111932000 | +45.2% |
| Operating income | ¥264530000 | ¥753445000 | +184.8% |
| Operating margin | 5.4% | 10.6% | +5.2 pp |
| Employees | 102 people | 112 people | +9.8% |
| Cash and equivalents | ¥640293000 | ¥2268428000 | +254.3% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 包装関連事業 → 包装関連事業 | 85.3% |
| 物流梱包事業 → 物流梱包事業 | 12.9% |
| 物流梱包事業 → 事業再編・廃止 | 1.8% |
| 新設・再編 → 包装関連事業 | 1.8% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 7,112 | 100.0% | S100XHE7 |
| Cost of revenue | 5,198 | 73.1% | S100XHE7 |
| Gross profit | 1,914 | 26.9% | S100XHE7 |
| SG&A | 1,161 | 16.3% | S100XHE7 |
| Operating income | 753 | 10.6% | S100XHE7 |
| Ordinary income | 754 | 10.6% | S100XHE7 |
| Pretax income | 754 | 10.6% | S100XHE7 |
| Income tax | 234 | 3.3% | S100XHE7 |
| Net income | 520 | 7.3% | S100XHE7 |
| Net income attributable to owners | 508 | 7.1% | S100XHE7 |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 16 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 26.9% → Operating margin 10.6% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.5%; Core profit growth: +49.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.51×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,613 | 7,112 | 499 | +7.5% |
| Gross profit | 1,667 | 1,914 | 247 | +14.8% |
| Operating income | 505 | 753 | 248 | +49.1% |
| Net income attributable to owners | 339 | 508 | 169 | +49.8% |
| Operating cash flow | 479 | 978 | 499 | +104.1% |
| Free cash flow | 419 | 933 | 514 | +122.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2020 | 4,899 | 265 | 5.4% | 55 | -121 | -131 | S100NANR |
| FY ending Oct 2021 | 5,068 | 317 | 6.2% | 205 | 425 | 424 | S100Q1E9 |
| FY ending Oct 2022 | 5,459 | 376 | 6.9% | 240 | 455 | 451 | S100SORN |
| FY ending Oct 2023 | 5,973 | 448 | 7.5% | 290 | 450 | 408 | S100V5PI |
| FY ending Oct 2024 | 6,613 | 505 | 7.6% | 339 | 479 | 419 | S100XHE7 |
| FY ending Oct 2025 | 7,112 | 753 | 10.6% | 508 | 978 | 933 | S100XHE7 |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.5M |
| Operating income per employee (consolidated) | ¥6.7M |
| Net income per employee (consolidated) | ¥4.5M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 99 | 103 | 109 | 111 | 112 |
| Average salary (parent company) | ¥5.3M | ¥5.4M | ¥5.4M | ¥5.6M | ¥6.1M |
| Average age (parent company) | 43.3 years | 43.8 years | 45.3 years | 46.4 years | 46.1 years |
| Average tenure (parent company) | 11.1 years | 11.6 years | 11.2 years | 11.9 years | 12.2 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +7.5%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Packaging-related business | 6,196 | 87.1% | 680 | 11.0% |
| Logistics-packaging business | 916 | 12.9% | 74 | 8.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Packaging-related business | 87.1% | 90.2% | 3.1 | 11.0% |
| Logistics-packaging business | 12.9% | 9.8% | -3.1 | 8.1% |

Segment → industry: Packaging-related business → Food Packaging / Logistics-packaging business → Specialty Trading & Wholesale / Logistics-packaging business → Industrial Machinery / Packaging-related business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 978 | 13.7% | S100XHE7 |
| Capital expenditure | 45 | 0.6% | S100XHE7 |
| Free cash flow | 933 | 13.1% | 算出 |
| Investing cash flow | -45 | -0.6% | S100XHE7 |
| Financing cash flow | -126 | -1.8% | S100XHE7 |
| Dividends paid | 78 | 1.1% | S100XHE7 |
| Share buyback | 0 | 0.0% | S100XHE7 |
| Change in cash | 806 | 11.3% | S100XHE7 |
| Cash and equivalents | 2,268 | 31.9% | S100XHE7 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 863 | 1,043 | 1,255 | 1,462 | 2,268 | S100SORN, S100V5PI, S100XHE7 |
| Total assets | 3,469 | 3,634 | 3,775 | 4,114 | 4,911 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Net assets | 1,256 | 1,392 | 1,645 | 1,912 | 2,350 | S100SORN, S100V5PI, S100XHE7 |
| Share capital | 80 | 80 | 80 | 80 | 80 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Trade receivables | 985 | — | — | — | — | S100Q1E9 |
| Property, plant and equipment | 706 | 688 | 714 | 748 | 761 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Intangible assets excluding goodwill | 127 | 92 | 60 | 22 | 5 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Goodwill | 116 | 82 | 48 | 14 | — | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Investment securities | 135 | 142 | 157 | 140 | 135 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Current assets | 2,471 | 2,683 | 2,811 | 3,140 | 3,931 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Current liabilities | 1,841 | 2,007 | 2,021 | 2,125 | 2,487 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Trade payables | 460 | 489 | 383 | 441 | 435 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Short-term borrowings | 20 | — | — | — | — | S100Q1E9 |
| Long-term borrowings | 288 | 160 | 35 | — | — | S100Q1E9, S100SORN, S100V5PI |
| Total liabilities | 2,212 | 2,241 | 2,130 | 2,201 | 2,561 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Non-controlling interests | — | — | 8 | 16 | 27 | S100V5PI, S100XHE7 |
| Equity attributable to owners of parent | 1,221 | 1,353 | 1,588 | 1,858 | 2,289 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Retained earnings | 1,370 | 1,341 | 1,576 | 1,846 | 2,276 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |
| Treasury stock | -229 | -68 | -68 | -68 | -68 | S100Q1E9, S100SORN, S100V5PI, S100XHE7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 46% | S100XHE7 |
| Property, plant and equipment | 16% | S100XHE7 |
| Intangibles and goodwill | 0% | S100XHE7 |
| Investment securities | 3% | S100XHE7 |
| Other assets | 35% | S100XHE7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XHE7 |
| Other liabilities | 43% | S100XHE7 |
| Equity | 48% | S100XHE7 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,469 | 3,634 | 3,775 | 4,114 | 4,911 |
| Equity | 1,256 | 1,392 | 1,645 | 1,912 | 2,350 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 863 | 1,043 | 1,255 | 1,462 | 2,268 |

## 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) | 10.7% | S100XHE7 |
| Fixed assets ÷ total assets | 15.5% | S100XHE7 |
| Goodwill ÷ parent equity | — | —, S100XHE7 |

### 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) | 46.2% |
| Cash ÷ revenue | 31.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.8% |
| Cash vs. profit gap | 469 JPY mn (of net income 92.4%) |
| Shareholder returns / net income | 15.4% |
| Shareholder returns / FCF | 8.4% |
| Shareholder payments — dividends / net income | 15.3% |
| Shareholder payments — dividends / FCF | 8.4% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 4.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.1% | 1.46× | 5.9% | 2.84× | 16.8% | S100Q1E9 |
| 2022 | 4.4% | 1.54× | 6.8% | 2.76× | 18.6% | S100SORN |
| 2023 | 4.9% | 1.61× | 7.8% | 2.52× | 19.7% | S100V5PI |
| 2024 | 5.1% | 1.68× | 8.6% | 2.29× | 19.7% | S100XHE7 |
| 2025 | 7.1% | 1.58× | 11.3% | 2.18× | 24.5% | S100XHE7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 清川 悦男 | Major shareholder | 10.5% | 2025-10-31 |
| 株式会社サタケ | Major shareholder | 8.4% | 2025-10-31 |
| シコー株式会社 | Major shareholder | 5.3% | 2025-10-31 |
| アルク産業株式会社 | Major shareholder | 5.2% | 2025-10-31 |
| のむら産業社員持株会 | Major shareholder | 4.0% | 2025-10-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 3.5% | 2025-10-31 |
| 堀田 正仁 | Major shareholder | 3.1% | 2025-10-31 |
| 株式会社Ｓ－Ｗｏｒｋｓ | Major shareholder | 3.1% | 2025-10-31 |
| 佐藤 友亮 | Major shareholder | 2.5% | 2025-10-31 |
| INTERACTIVE BROKERS LLC （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.2% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2024/11/01－2025/10/31) | S100XHE7 | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHE7,, |
| 有価証券報告書－第60期(2023/11/01－2024/10/31) | S100V5PI | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5PI,, |
| 有価証券報告書－第59期(2022/11/01－2023/10/31) | S100SORN | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SORN,, |
| 有価証券報告書－第58期(2021/11/01－2022/10/31) | S100Q1E9 | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1E9,, |
| 有価証券報告書－第57期(令和2年11月1日－令和3年10月31日) | S100NANR | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NANR,, |

## 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).