# TRUSCO NAKAYAMA CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2025/01/01－2025/12/31) (S100XRJW)
> Page: https://vizora.meequs.com/en/company/trusco-nakayama
> Retrieved: 2026-09-30T17:57:01.111Z

## Company

Trusco Nakayama is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,809 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TRUSCO NAKAYAMA CORPORATION |
| Ticker | 9830 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9830.T) |
| Listing | TSE Prime |
| Head office | 東京都港区新橋四丁目28番1号 |
| Representative (per filing) | 代表取締役社長 中山 哲也 |
| Share capital | ¥5.02B |
| Employees (consolidated) | 1,809 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | December |
| Website | www.trusco.co.jp (https://www.trusco.co.jp/) |
| Corporate number | 5120001108073 |
| EDINET | E02701 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XRJW, filed 2026-03-18). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.5 | 179 |
| Profitability | 90 | 185 |
| Cash conversion | 18.7 | 179 |
| Efficiency | 20.8 | 185 |

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 66% of Trusco Nakayama's sales come from Factory route, with E-business route and Home center route making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit +14.2%.

## Company structure

- Segment revenue mix: Factory route 66.0%、E-business route 24.0%、Home center route 8.9%、Oversea 1.1%
- Revenue → net income: ¥320043000000 → ¥15881000000
- Net income → operating cash flow: ¥15881000000 → ¥8183000000（difference ¥-7698000000）
- Main uses of operating cash flow: CapEx ¥21853000000 / dividends ¥3862000000 / buybacks ¥0
- Change in cash: ¥6272000000
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 | ¥320B |  |
| Operating income | ¥22.8B | Margin 7.1% |
| Net income | ¥15.9B | Margin 5.0% |
| Free cash flow | -¥13.7B |  |
| Largest business | Factory route | of segment revenue 66.0% |
| Employees (consolidated) | 1,809 |  |
| EPS | ¥237.86 |  |
| Book value per share | ¥2812.7 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 66,008,744 |  |
| Treasury shares | 68,300 |  |
| Shareholders | 12,878 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 14.8% |
| Vs. industry median margin | +4.3 pp | Specialty Trading & Wholesale |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 5.5% | Derived from disclosed figures |

## Notable figures

- FY2025, parent-company salary changed +22% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥213404000000 | ¥320043000000 | +50.0% |
| Operating income | ¥11017000000 | ¥22816000000 | +107.1% |
| Operating margin | 5.2% | 7.1% | +2 pp |
| Employees | 1,674 people | 1,809 people | +8.1% |
| Cash and equivalents | ¥32344000000 | ¥47408000000 | +46.6% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ファクトリールート → ファクトリールート | 66.0% |
| ファクトリールート → 事業再編・廃止 | 7.5% |
| eビジネスルート → eビジネスルート | 18.0% |
| ホームセンタールート → ホームセンタールート | 8.0% |
| 海外ルート → 海外ルート | 0.6% |
| 新設・再編 → eビジネスルート | 6.0% |
| 新設・再編 → ホームセンタールート | 0.9% |
| 新設・再編 → 海外ルート | 0.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Factory route | 5 years | +6.1% | ¥211223000000 | 7.3% | 2 |
| E-business route | 5 years | +14.9% | ¥76960000000 | 8.9% | 2 |
| Home center route | 5 years | +10.8% | ¥28396000000 | 1.0% | 2 |
| Oversea | 5 years | +23.0% | ¥3463000000 | 9.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 320,043 | 100.0% | S100XRJW |
| Cost of revenue | 253,312 | 79.1% | S100XRJW |
| Gross profit | 66,731 | 20.9% | S100XRJW |
| SG&A | 43,914 | 13.7% | S100XRJW |
| Operating income | 22,816 | 7.1% | S100XRJW |
| Ordinary income | 22,541 | 7.0% | S100XRJW |
| Pretax income | 22,626 | 7.1% | S100XRJW |
| Income tax | 6,745 | 2.1% | S100XRJW |
| Net income | 15,881 | 5.0% | S100XRJW |
| Net income attributable to owners | 15,881 | 5.0% | S100XRJW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 14 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 20.9% → Operating margin 7.1% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.5%; Core profit growth: +14.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.68×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 295,024 | 320,043 | 25,019 | +8.5% |
| Gross profit | 61,683 | 66,731 | 5,048 | +8.2% |
| Operating income | 19,978 | 22,816 | 2,838 | +14.2% |
| Net income attributable to owners | 16,095 | 15,881 | -214 | -1.3% |
| Operating cash flow | 13,021 | 8,183 | -4,838 | -37.2% |
| Free cash flow | -8,745 | -13,670 | -4,925 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 220,674 | 13,797 | 6.3% | 9,613 | 10,998 | -8,323 | S100KYW6 |
| FY ending Dec 2020 | 213,404 | 11,017 | 5.2% | 8,007 | 15,068 | 6,199 | S100NPHR |
| FY ending Dec 2021 | 226,833 | 12,997 | 5.7% | 11,596 | 15,926 | 7,331 | S100QGPP |
| FY ending Dec 2022 | 246,453 | 14,667 | 6.0% | 10,626 | 12,178 | 7,246 | S100T4WH |
| FY ending Dec 2023 | 268,154 | 18,519 | 6.9% | 12,268 | 14,802 | 1,687 | S100VH0D |
| FY ending Dec 2024 | 295,024 | 19,978 | 6.8% | 16,095 | 13,021 | -8,745 | S100XRJW |
| FY ending Dec 2025 | 320,043 | 22,816 | 7.1% | 15,881 | 8,183 | -13,670 | S100XRJW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥176.9M |
| Operating income per employee (consolidated) | ¥12.6M |
| Net income per employee (consolidated) | ¥8.8M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,632 | 1,633 | 1,655 | 1,704 | 1,809 |
| Average salary (parent company) | ¥6.2M | ¥6.6M | ¥6.6M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 39.6 years | 39.8 years | 39.9 years | 39.7 years | 39.3 years |
| Average tenure (parent company) | 15.0 years | 15.3 years | 15.4 years | 15.2 years | 14.7 years |

Year over year: Employees (consolidated) +6.2% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Factory route | 211,223 | 66.0% | 15,409 | 7.3% |
| E-business route | 76,960 | 24.0% | 6,830 | 8.9% |
| Home center route | 28,396 | 8.9% | 292 | 1.0% |
| Oversea | 3,463 | 1.1% | 310 | 9.0% |

### 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 |
| --- | ---: |
| Factory route | 66.0% |
| E-business route | 24.0% |
| Home center route | 8.9% |
| Oversea | 1.1% |

Segment → industry: Oversea → Specialty Trading & Wholesale / Home center route → Specialty Trading & Wholesale / E-business route → Specialty Trading & Wholesale / Factory route → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,183 | 2.6% | S100XRJW |
| Capital expenditure | 21,853 | 6.8% | S100XRJW |
| Free cash flow | -13,670 | -4.3% | 算出 |
| Investing cash flow | -21,565 | -6.7% | S100XRJW |
| Financing cash flow | 19,636 | 6.1% | S100XRJW |
| Dividends paid | 3,862 | 1.2% | S100XRJW |
| Share buyback | 0 | 0.0% | S100XRJW |
| Change in cash | 6,272 | 2.0% | S100XRJW |
| Cash and equivalents | 47,408 | 14.8% | S100XRJW |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 41,449 | 39,400 | 43,085 | 41,135 | 47,408 | S100T4WH, S100VH0D, S100XRJW |
| Total assets | 222,657 | 225,207 | 244,878 | 270,290 | 308,359 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Net assets | 142,426 | 151,002 | 160,716 | 173,996 | 186,252 | S100T4WH, S100VH0D, S100XRJW |
| Share capital | 5,022 | 5,022 | 5,022 | 5,022 | 5,022 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Property, plant and equipment | 98,194 | 97,464 | 104,569 | 123,171 | 135,398 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Intangible assets excluding goodwill | 5,403 | 4,381 | 4,572 | 5,195 | 7,105 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Investment securities | 2,967 | 3,118 | 2,529 | 2,616 | 3,007 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Current assets | 115,483 | 119,667 | 132,008 | 137,971 | 161,646 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Current liabilities | 42,258 | 46,178 | 49,735 | 48,436 | 64,161 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Short-term borrowings | 17,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Long-term borrowings | 35,000 | 25,000 | 31,500 | 45,000 | 55,000 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Total liabilities | 80,230 | 74,205 | 84,162 | 96,294 | 122,107 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Equity attributable to owners of parent | 142,234 | 150,750 | 159,950 | 172,771 | 184,789 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Retained earnings | 132,579 | 141,096 | 150,298 | 163,121 | 175,139 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |
| Treasury stock | -78 | -79 | -82 | -83 | -84 | S100QGPP, S100T4WH, S100VH0D, S100XRJW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XRJW |
| Property, plant and equipment | 44% | S100XRJW |
| Intangibles and goodwill | 2% | S100XRJW |
| Investment securities | 1% | S100XRJW |
| Other assets | 38% | S100XRJW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100XRJW |
| Equity | 60% | S100XRJW |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 222,657 | 225,207 | 244,878 | 270,290 | 308,359 |
| Equity | 142,426 | 151,002 | 160,716 | 173,996 | 186,252 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 41,449 | 39,400 | 43,085 | 41,135 | 47,408 |

## 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) | 42.3% | S100XRJW |
| Fixed assets ÷ total assets | 43.9% | S100XRJW |
| Goodwill ÷ parent equity | — | —, S100XRJW |

### 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) | 15.4% |
| Cash ÷ revenue | 14.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 35.9% |
| Cash vs. profit gap | -7,698 JPY mn (of net income -48.5%) |
| Shareholder returns / net income | 24.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 263.5% |

## 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 | 5.1% | 1.02× | 5.2% | 1.57× | 8.2% | S100QGPP |
| 2022 | 4.3% | 1.10× | 4.7% | 1.53× | 7.3% | S100T4WH |
| 2023 | 4.6% | 1.14× | 5.2% | 1.51× | 7.9% | S100VH0D |
| 2024 | 5.5% | 1.15× | 6.2% | 1.55× | 9.7% | S100XRJW |
| 2025 | 5.0% | 1.11× | 5.5% | 1.62× | 8.9% | S100XRJW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＮＳホールディングス | Major shareholder | 12.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.8% | 2025-12-31 |
| 公益財団法人中山視覚福祉財団 | Major shareholder | 6.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2025-12-31 |
| 大同商事株式会社 | Major shareholder | 5.2% | 2025-12-31 |
| GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ 東京支店） | Major shareholder | 3.7% | 2025-12-31 |
| 株式会社ＮＲホールディングス | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社ＮＦホールディングス | Major shareholder | 3.0% | 2025-12-31 |
| 有限会社平成実業 | Major shareholder | 2.7% | 2025-12-31 |
| SG/UCITS V/INV （常任代理人 香港上海銀行 東京支店） | Major shareholder | 2.5% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Dec 2025 was ¥320B, up 8.5% from ¥295B.
- Operating income grew faster, rising 14.2% to ¥22.8B.
- Net income edged down 1.3% to ¥15.9B from ¥16.1B.
- Operating cash flow fell 37.2% to ¥8.18B, and free cash flow went further negative, from -¥8.74B to -¥13.7B.

### Drivers

- Sales of safety and environmental products and hand tools used in running factories increased. The e-business route grew by linking its product data to customers' systems and shipping directly to end users
- SG&A went up because of a base-pay revision and higher housing allowances from July, plus more freight and packing costs as shipments grew
- Net income dipped because the prior year included a one-off gain from selling the old Osaka head office. Operating cash flow fell mainly because the company built up inventory

### Risks

- Unexpected swings in the economy, especially in manufacturing, could hurt results
- Because the company deliberately holds a lot of stock, a long sales slump could force inventory write-downs
- If rivals invest heavily in fast logistics, its quick-delivery edge could narrow

Cited: Annual Securities Report, 63rd fiscal year (2025/01/01–2025/12/31) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 63rd fiscal year (2025/01/01–2025/12/31) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2025/01/01－2025/12/31) | S100XRJW | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRJW,, |
| 有価証券報告書－第62期(2024/01/01－2024/12/31) | S100VH0D | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH0D,, |
| 有価証券報告書－第61期(2023/01/01－2023/12/31) | S100T4WH | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4WH,, |
| 有価証券報告書－第60期(2022/01/01－2022/12/31) | S100QGPP | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGPP,, |
| 有価証券報告書－第59期(令和3年1月1日－令和3年12月31日) | S100NPHR | 2022-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NPHR,, |
| 有価証券報告書－第58期(令和2年1月1日－令和2年12月31日) | S100KYW6 | 2021-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KYW6,, |

## 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).