# NS UNITED KAIUN KAISHA, 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100期(2025/04/01－2026/03/31) (S100YCN8)
> Page: https://vizora.meequs.com/en/company/ns-united-kaiun-kaisha
> Retrieved: 2026-09-30T19:58:22.525Z

## Company

NS United Kaiun Kaisha, founded in 1950, is a company in Shipping listed on TSE Prime. It has 669 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NS UNITED KAIUN KAISHA, LTD. |
| Ticker | 9110 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9110.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町二丁目3番2号 |
| Representative (per filing) | 代表取締役社長 山中 一馬 |
| Founded | Apr 1950 |
| Share capital | ¥10.3B |
| Employees (consolidated) | 669 |
| Average salary (parent only) | ¥12M |
| Fiscal year end | March |
| Website | www.nsuship.co.jp (https://www.nsuship.co.jp/) |
| Corporate number | 3010001095003 |
| EDINET | E04239 |
| Industries (Vizora) | Shipping |

> Profile source: annual securities report (S100YCN8, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Shipping (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.2 | 12 |
| Profitability | 80.8 | 13 |
| Cash conversion | 34.6 | 13 |
| Efficiency | 80.8 | 13 |

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 86% of NS United Kaiun Kaisha's sales come from Overseas shipping, with Coastal shipping and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -7.1% from the prior year, operating profit +1.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥229.8B |  |
| Operating income | ¥20.5B | Margin 8.9% |
| Net income | ¥24.1B | Margin 10.5% |
| Free cash flow | — |  |
| Largest business | Overseas shipping | of segment revenue 85.6% |
| Employees (consolidated) | 669 |  |
| EPS | ¥728.92 |  |
| Book value per share | ¥6920.87 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 23,971,000 |  |
| Treasury shares | 405,100 |  |
| Shareholders | 7,259 |  |
| Average salary (parent only) | ¥12M | Filing company only |
| Cash ratio | 22.1% | Cash ÷ revenue 28.6% |
| Vs. industry median margin | +2 pp | Shipping |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, parent-company salary changed +37% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥138454000000 | ¥229784000000 | +66.0% |
| Operating income | ¥6736000000 | ¥20529000000 | +204.8% |
| Operating margin | 4.9% | 8.9% | +4.1 pp |
| Employees | 636 people | 669 people | +5.2% |
| Cash and equivalents | ¥27613000000 | ¥65625000000 | +137.7% |

### 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 |
| --- | ---: |
| 外航海運事業 → 外航海運事業 | 84.1% |
| 内航海運事業 → 内航海運事業 | 14.2% |
| 内航海運事業 → 事業再編・廃止 | 1.4% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 外航海運事業 | 1.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Overseas shipping | 5 years | +11.0% | ¥197062000000 | 7.9% | 2 |
| Coastal shipping | 5 years | +8.5% | ¥32722000000 | 15.4% | 2 |
| Other | 5 years | +5.5% | ¥483000000 | -2.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 229,784 | 100.0% | S100YCN8 |
| Cost of revenue | 200,796 | 87.4% | 算出 |
| Gross profit | 28,988 | 12.6% | S100YCN8 |
| Operating income | 20,529 | 8.9% | S100YCN8 |
| Ordinary income | 21,046 | 9.2% | S100YCN8 |
| Pretax income | 28,083 | 12.2% | S100YCN8 |
| Income tax | 3,988 | 1.7% | S100YCN8 |
| Net income | 24,095 | 10.5% | S100YCN8 |
| Net income attributable to owners | 24,095 | 10.5% | S100YCN8 |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 91 |
| Operating income | 9 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 12.6% → Operating margin 8.9% → Net margin 10.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -7.1%; Core profit growth: +1.5%
Operating leverage (core profit growth ÷ revenue growth): -0.21×
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 | 247,408 | 229,784 | -17,624 | -7.1% |
| Gross profit | 27,986 | 28,988 | 1,002 | +3.6% |
| Operating income | 20,224 | 20,529 | 305 | +1.5% |
| Net income attributable to owners | 18,621 | 24,095 | 5,474 | +29.4% |
| Operating cash flow | 34,851 | 35,422 | 571 | +1.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 148,415 | 7,040 | 4.7% | 5,947 | 16,905 | — | S100LRLX |
| FY ending Mar 2021 | 138,454 | 6,736 | 4.9% | 6,131 | 22,654 | — | S100OJIK |
| FY ending Mar 2022 | 195,941 | 26,711 | 13.6% | 23,582 | 32,881 | — | S100R0UD |
| FY ending Mar 2023 | 250,825 | 32,487 | 13.0% | 27,603 | 42,930 | — | S100TPU4 |
| FY ending Mar 2024 | 233,100 | 21,601 | 9.3% | 17,986 | 31,015 | — | S100W1FW |
| FY ending Mar 2025 | 247,408 | 20,224 | 8.2% | 18,621 | 34,851 | — | S100YCN8 |
| FY ending Mar 2026 | 229,784 | 20,529 | 8.9% | 24,095 | 35,422 | — | S100YCN8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥343.5M |
| Operating income per employee (consolidated) | ¥30.7M |
| Net income per employee (consolidated) | ¥36M |

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) | 645 | 657 | 649 | 656 | 669 |
| Average salary (parent company) | ¥8.8M | ¥10.7M | ¥11.4M | ¥11M | ¥12M |
| Average age (parent company) | 39.0 years | 39.9 years | 40.2 years | 40.1 years | 40.2 years |
| Average tenure (parent company) | 14.0 years | 13.8 years | 13.8 years | 14.7 years | 14.4 years |

Year over year: Employees (consolidated) +2.0% · Revenue (consolidated) -7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Overseas shipping | 197,062 | 85.6% | 15,489 | 7.9% |
| Coastal shipping | 32,722 | 14.2% | 5,041 | 15.4% |
| Other | 483 | 0.2% | -10 | -2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Overseas shipping | 85.6% | 75.4% | -10.1 | 7.9% |
| Coastal shipping | 14.2% | 24.6% | 10.3 | 15.4% |
| Other | 0.2% | — | — | -2.1% |

Loss-making segment (excluded from profit shares): Other -10 JPY mn

Segment → industry: Coastal shipping → Shipping / Overseas shipping → Shipping

## 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 | 35,422 | 15.4% | S100YCN8 |
| Investing cash flow | 1,997 | 0.9% | S100YCN8 |
| Financing cash flow | -28,188 | -12.3% | S100YCN8 |
| Dividends paid | 5,425 | 2.4% | S100YCN8 |
| Share buyback | 1 | 0.0% | S100YCN8 |
| Change in cash | 9,841 | 4.3% | S100YCN8 |
| Cash and equivalents | 65,625 | 28.6% | S100YCN8 |

## 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 | 31,215 | 40,264 | 47,069 | 55,784 | 65,625 | S100TPU4, S100W1FW, S100YCN8 |
| Total assets | 274,871 | 275,784 | 286,344 | 287,948 | 296,361 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Net assets | 118,189 | 137,405 | 149,584 | 162,738 | 187,200 | S100TPU4, S100W1FW, S100YCN8 |
| Share capital | 10,300 | 10,300 | 10,300 | 10,300 | 10,300 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Inventories | 12,148 | 13,382 | 13,929 | 13,775 | 17,352 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Property, plant and equipment | 184,548 | 169,718 | 166,929 | 158,959 | 148,661 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Intangible assets excluding goodwill | 1,909 | 1,609 | 1,351 | 1,562 | 1,757 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Investment securities | 3,945 | 4,420 | 5,642 | 5,506 | 6,470 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Current assets | 80,561 | 94,718 | 106,930 | 116,172 | 134,111 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Current liabilities | 48,155 | 50,031 | 52,430 | 44,820 | 49,076 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Short-term borrowings | 15,323 | 19,685 | 21,278 | 14,579 | 15,588 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Long-term borrowings | 103,991 | 81,102 | 75,817 | 70,737 | 48,014 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Total liabilities | 156,682 | 138,379 | 136,759 | 125,210 | 109,161 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Equity attributable to owners of parent | 117,013 | 136,129 | 147,633 | 160,009 | 178,683 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Retained earnings | 90,527 | 109,646 | 121,150 | 133,527 | 152,201 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |
| Treasury stock | -996 | -997 | -998 | -999 | -1,000 | S100R0UD, S100TPU4, S100W1FW, S100YCN8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YCN8 |
| Inventories | 6% | S100YCN8 |
| Property, plant and equipment | 50% | S100YCN8 |
| Intangibles and goodwill | 1% | S100YCN8 |
| Investment securities | 2% | S100YCN8 |
| Other assets | 19% | S100YCN8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YCN8 |
| Equity | 63% | S100YCN8 |

### 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 | 274,871 | 275,784 | 286,344 | 287,948 | 296,361 |
| Equity | 118,189 | 137,405 | 149,584 | 162,738 | 187,200 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 31,215 | 40,264 | 47,069 | 55,784 | 65,625 |

## 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) | 64.7% | S100YCN8 |
| Fixed assets ÷ total assets | 50.2% | S100YCN8 |
| Goodwill ÷ parent equity | — | —, S100YCN8 |

### 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) | 22.1% |
| Cash ÷ revenue | 28.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 172.5% |
| Cash vs. profit gap | 11,327 JPY mn (of net income 47.0%) |
| Shareholder returns / net income | 22.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | — |
| Investing CF relative to operating CF | 5.6% |

## 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 | 12.0% | 0.71× | 8.6% | 2.35× | 20.2% | S100R0UD |
| 2023 | 11.0% | 0.91× | 10.0% | 2.18× | 21.8% | S100TPU4 |
| 2024 | 7.7% | 0.83× | 6.4% | 1.98× | 12.7% | S100W1FW |
| 2025 | 7.5% | 0.86× | 6.5% | 1.87× | 12.1% | S100YCN8 |
| 2026 | 10.5% | 0.79× | 8.2% | 1.73× | 14.2% | S100YCN8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 33.4% | 2026-03-31 |
| 日本郵船株式会社 | Major shareholder | 18.4% | 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 | 7.9% | 2026-03-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2 （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.3% | 2026-03-31 |
| BNYM AS AGT / CLTS 10 PERCENT （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.2% | 2026-03-31 |
| 新健海運股分有限公司 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.0% | 2026-03-31 |
| BNYMSANV RE BNYMIL RE WS ZENNOR JAPAN EQUITY INCOME FUND （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.7% | 2026-03-31 |
| STATE 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 | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YCN8 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCN8,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W1FW | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1FW,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TPU4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPU4,, |
| 有価証券報告書 | S100R0UD | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0UD,, |
| 有価証券報告書 | S100OJIK | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJIK,, |
| 有価証券報告書 | S100LRLX | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRLX,, |

## 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).