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NYK LineNippon Yusen Kabushiki Kaisha9101東証プライム海運業FY ending Mar 2026, consolidated, J-GAAP

NYK Line revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed -6.4% from the prior year, operating profit -34.3%.

Five-year trend

Revenue¥2.42T
FY ending Mar 2022: ¥2.28T¥2.28TFY ending Mar 2023: ¥2.62T¥2.62TFY ending Mar 2024: ¥2.39T¥2.39TFY ending Mar 2025: ¥2.59T¥2.59TFY ending Mar 2026: ¥2.42T¥2.42TFY22FY23FY24FY25FY26
Operating income¥138.6B
FY ending Mar 2022: ¥268.9B¥268.9BFY ending Mar 2023: ¥296.4B¥296.4BFY ending Mar 2024: ¥174.7B¥174.7BFY ending Mar 2025: ¥210.8B¥210.8BFY ending Mar 2026: ¥138.6B¥138.6BFY22FY23FY24FY25FY26
Operating margin5.7%
FY ending Mar 2022: 11.8%11.8%FY ending Mar 2023: 11.3%11.3%FY ending Mar 2024: 7.3%7.3%FY ending Mar 2025: 8.1%8.1%FY ending Mar 2026: 5.7%5.7%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin8.7%
Asset turnover0.51×
ROA4.4%
ROA4.4%
Financial leverage2.06×
ROE9.1%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin8.7%
2022: 44.2%44.2%2023: 38.7%38.7%2024: 9.6%9.6%2025: 18.5%18.5%2026: 8.7%8.7%2223242526
Asset turnover0.51×
2022: 0.74×0.74×2023: 0.76×0.76×2024: 0.59×0.59×2025: 0.60×0.60×2026: 0.51×0.51×2223242526
ROA4.4%
2022: 32.8%32.8%2023: 29.5%29.5%2024: 5.7%5.7%2025: 11.1%11.1%2026: 4.4%4.4%2223242526
Financial leverage2.06×
2022: 1.95×1.95×2023: 1.81×1.81×2024: 1.87×1.87×2025: 1.93×1.93×2026: 2.06×2.06×2223242526
ROE9.1%
2022: 63.8%63.8%2023: 53.5%53.5%2024: 10.6%10.6%2025: 21.5%21.5%2026: 9.1%9.1%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202244.2%0.74×32.8%1.95×63.8%
202338.7%0.76×29.5%1.81×53.5%
20249.6%0.59×5.7%1.87×10.6%
202518.5%0.60×11.1%1.93×21.5%
20268.7%0.51×4.4%2.06×9.1%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue67.3%
2021: 52.7%52.7%2022: 42.3%42.3%2023: 43.7%43.7%2024: 57.5%57.5%2025: 50.3%50.3%2026: 67.3%67.3%212223242526
PPE ÷ total assets31.3%
2021: 39.9%39.9%2022: 31.3%31.3%2023: 30.3%30.3%2024: 32.3%32.3%2025: 30.1%30.1%2026: 31.3%31.3%212223242526
Goodwill ÷ parent equity11.0%
2021: 1.6%1.6%2022: 0.6%0.6%2023: 0.6%0.6%2024: 1.3%1.3%2025: 1.0%1.0%2026: 11.0%11.0%212223242526
Goodwill balance¥250.6B
2021: ¥10.2B¥10.2B2022: ¥8.71B¥8.71B2023: ¥13.7B¥13.7B2024: ¥27.7B¥27.7B2025: ¥22.9B¥22.9B2026: ¥250.6B¥250.6B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥6.36B
2021: ¥1.47B¥1.47B2022: ¥1.08B¥1.08B2023: ¥1.81B¥1.81B2024: ¥3.58B¥3.58B2025: ¥4.93B¥4.93B2026: ¥6.36B¥6.36B212223242526
R&D / revenue0.3%
2021: 0.1%0.1%2022: 0.0%0.0%2023: 0.1%0.1%2024: 0.2%0.2%2025: 0.2%0.2%2026: 0.3%0.3%212223242526
Inventory days13d
2021: 10d10d2022: 11d11d2023: 10d10d2024: 13d13d2025: 11d11d2026: 13d13d212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue2,280,7752,616,0662,387,2402,588,7002,423,689
Cost of revenue1,827,3422,105,9151,973,9702,119,3611,994,295
Gross profit453,433510,150413,269469,338429,393
SG&A184,493213,799238,589258,518290,792
Operating income268,939296,350174,679210,820138,601
Pretax income1,037,3151,083,441318,842515,422276,763
Income tax19,49858,08983,57828,71161,090
Net income attributable to owners1,009,1051,012,523228,603477,707211,750
Operating margin11.8%11.3%7.3%8.1%5.7%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

4%
1%
Property, plant and equipment 31%
Intangibles and goodwill 11%
Investment securities 38%
Other assets 15%

Funding

Interest-bearing debt 17%
Other liabilities 23%
Equity 60%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥226.7B¥196.2B¥144.9B¥149.9B¥210.8B
Total assets¥3.08T¥3.78T¥4.25T¥4.33T¥5.2T
Net assets¥1.76T¥2.52T¥2.69T¥2.98T¥3.14T
Share capital¥144.3B¥144.3B¥144.3B¥144.3B¥144.3B
Inventories¥57B¥57.6B¥69.9B¥64.6B¥72.6B
Property, plant and equipment¥964.3B¥1.14T¥1.37T¥1.3T¥1.63T
Intangible assets excluding goodwill¥23.6B¥41.4B¥53.3B¥54B¥293.3B
Goodwill¥8.71B¥13.7B¥27.7B¥22.9B¥250.6B
Investment securities¥1.15T¥1.69T¥1.81T¥1.99T¥1.98T
Current assets¥764.9B¥720.1B¥703.5B¥696.3B¥865.5B
Current liabilities¥573.3B¥499B¥744.6B¥523.1B¥873.9B
Short-term borrowings¥130.9B¥73.6B¥194.7B¥54.4B¥155.2B
Long-term borrowings¥447.1B¥422.7B¥461.3B¥465.8B¥609.5B
Bonds¥97B¥87B¥74B¥99B¥122B
Interest-bearing debt¥675Bderived¥583.3Bderived¥730Bderived¥619.2Bderived¥886.7Bderived
Total liabilities¥1.32T¥1.25T¥1.56T¥1.35T¥2.06T
Non-controlling interests¥45.4B¥46.4B¥43B¥52.5B¥71.4B
Equity attributable to owners of parent¥1.58T¥2.2T¥2.09T¥2.35T¥2.29T
Retained earnings¥1.4T¥2.02T¥2.11T¥2.3T¥2.12T
Treasury stock-¥3.43B-¥3.79B-¥203.6B-¥132B-¥16.5B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第139期(2025/04/01－2026/03/31)

    ID S100YBT62026-06-16Open

  • EDINET (FSA Japan)

    有価証券報告書－第138期(2024/04/01－2025/03/31)

    ID S100VY802025-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第137期(2023/04/01－2024/03/31)

    ID S100TNM12024-06-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第136期(2022/04/01－2023/03/31)

    ID S100R01E2023-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第135期(令和3年4月1日－令和4年3月31日)

    ID S100OBUO2022-06-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第134期(令和2年4月1日－令和3年3月31日)

    ID S100LK5W2021-06-18Open

Extracted from XBRL: 55 / Derived from other figures: 2

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