# Nissui (1332.JP)

Canonical: https://gigainvestors.com/s/1332.JP

Analysis as of: 2026-10-15T07:09:15.839Z. Financial observations: FY2013–FY2026.

Listing currency: JPY. Reporting currency: JPY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: JPY 1,098.00 per share; close as of 2026-10-15.

Estimated value: low JPY 961.57 per share, central JPY 1,177.50 per share, high JPY 1,372.04 per share. Buy at or below the central value JPY 1,177.50 per share. Valuation as of 2026-10-15T07:09:15.839Z; scenarios are not confidence intervals.

Expected annual return: 10.5% at the stated quote. About 10.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.03×

- FY2021: 0.03×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.04×

- FY2025: 0.04×

- FY2026: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.8%

- ROIC, second-lowest year: 4.4%

- Typical minus recent gross margin: 0.5 pp

- Typical gross margin (annual median): 16.2%

- Recent gross margin (lower of latest and 3-year median): 15.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.8%

- FY2018: 5.1%

- FY2019: 4.4%

- FY2020: 4.5%

- FY2021: 3.6%

- FY2022: 5.2%

- FY2023: 4.5%

- FY2024: 4.8%

- FY2025: 5.0%

- FY2026: 5.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: JPY 103B

- Net income, five-year total: JPY 115B

- Return on incremental invested capital: 8.4%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 28.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.02×

- FY2023: 0.96×

- FY2024: 0.95×

- FY2025: 0.96×

- FY2026: 0.65×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.8% vs 5.0%

- Per-share earnings: 48.02 to 81.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: JPY 246B

- Cumulative retained earnings: JPY 134B

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 6.9%

- Per-share value change: JPY 33.64

- Per-share value, starting three-year median: JPY 48.02

- Per-share value, ending three-year median: JPY 81.66

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: JPY 29B

- Cumulative net income, 10 years: JPY 191B

- ROIC, first three-year median: 4.8%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: JPY 48.02

- FY2018: JPY 55.33

- FY2019: JPY 49.41

- FY2020: JPY 47.47

- FY2021: JPY 46.25

- FY2022: JPY 55.51

- FY2023: JPY 68.22

- FY2024: JPY 76.67

- FY2025: JPY 81.66

- FY2026: JPY 90.17

### accounting: pass

- Sloan accruals: -3.4%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.5%

- FY2018: -2.3%

- FY2019: -1.9%

- FY2020: -0.8%

- FY2021: -6.6%

- FY2022: -2.3%

- FY2023: 3.2%

- FY2024: -5.1%

- FY2025: -2.4%

- FY2026: -3.4%

## Holders

## Price story

Down 29% since Feb 2026 · sales +5.1%

Story as of 2026-10-16T10:00:13.872Z; price observation 2026-10-15.

Price needs cash profits to grow 1.8% a year for ten years

### Sales · FY2025–2026

sales +5.1%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf; observed 2026-06-23.

- FY2017: JPY 636B 

- FY2018: JPY 677B 

- FY2019: JPY 712B 

- FY2020: JPY 690B 

- FY2021: JPY 615B 

- FY2022: JPY 694B 

- FY2023: JPY 768B 

- FY2024: JPY 831B 

- FY2025: JPY 886B 

- FY2026: JPY 931B 

### Gross margin · FY2026

gross margin 16.3%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf; observed 2026-06-23.

- FY2017: 21.2% 

- FY2018: 20.7% 

- FY2019: 19.5% 

- FY2020: 19.4% 

- FY2021: 15.7% 

- FY2022: 16.0% 

- FY2023: 15.1% 

- FY2024: 15.1% 

- FY2025: 15.7% 

- FY2026: 16.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are JPY 931.3 billion.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf (filed 2026-06-23); FY2026: revenue 931265000000; grossProfit 152192000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 15.1% to 16.3% during 2024–26; it earns 4.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: grossProfit / revenue = 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: grossProfit / revenue = 15.7%.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf (filed 2026-06-23); FY2026: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); 10-year return on capital observations [[2017,0.04837107968137964],[2018,0.05095724543963982],[2019,0.04390716860014718],[2020,0.04453075092807446],[2021,0.035785817981294155],[2022,0.05176112900258112],[2023,0.04485666100259833],[2024,0.048095704968503294],[2025,0.050194747705676244],[2026,0.050755542774184495]]; median 0.04823339232494146. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 16% gross margin through 2022 cost inflation.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf (filed 2026-06-23); Gross margin observations: [[2021,0.1567790271915505],[2022,0.16012956945689813],[2023,0.15107246859789555]]; range within 2 percentage points.

### Where the cash goes

Spends 53% of cash earnings on expansion; earns 8.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2017: growth capex 0; upkeep 24462000000; owner earnings 6464469864.06771. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2018: growth capex 7934895439.592106; upkeep 19880104560.407894; owner earnings 14666712883.55895. Growth capex / owner earnings = 0.5410138933371322.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2019: growth capex 4725000000; upkeep 18272000000; owner earnings 14261726248.085758. Growth capex / owner earnings = 0.3313063171882296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2020: growth capex 0; upkeep 28591000000; owner earnings 5214735657.748415. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2021: growth capex 0; upkeep 24228000000; owner earnings 9017000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2022: growth capex 0; upkeep 18490000000; owner earnings 17687000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2023: growth capex 2349000000; upkeep 20422000000; owner earnings 20392000000. Growth capex / owner earnings = 0.11519223224794037.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2024: growth capex 4026000000; upkeep 22231000000; owner earnings 22647000000. Growth capex / owner earnings = 0.17777189031659824.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); FY2025: growth capex 5917000000; upkeep 25078000000; owner earnings 24258000000. Growth capex / owner earnings = 0.24391953170088218.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf (filed 2026-06-23); FY2026: growth capex 9410356905.002892; upkeep 34942643094.99711; owner earnings 17759356905.00289. Growth capex / owner earnings = 0.5298816255194438.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Incremental return on capital 0.08382696511847303, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Dividend observations: [[2017,1603000000],[2018,2331000000],[2019,2490000000],[2020,2490000000],[2021,2647000000],[2022,3579000000],[2023,4976000000],[2024,6222000000],[2025,8090000000],[2026,9226000000]]. Zero only counted when supported by a complete cash-flow statement.

### What could break it

US import tariffs could raise product costs.

- Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf (filed 2026-06-23); ４ 【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】 （１）経営成績当連結会計年度におけるわが国経済は、インバウンド需要の拡大や雇用・所得環境の改善などにより、緩やかな回復基調が継続した一方、地政学リスクや米国の関税政策に伴う景気の下振れリスク、物価上昇に伴う消費者の節約志向の高まりなど、依然として先行き不透明な状況が続いています。世界経済（連結対象期間１－12月）については、欧米を中心に景気は底堅く推移したものの、地政学リスクの継続により先行き不透明な経済環境が続いています。当社グループでは、2025年４月にスタートした「中期経営計画GOOD FOODS Recipe2」にて「海外事業の成長」「養殖事業の高度化」「不採算事業のターンアラウンド」を掲げ、事業ポートフォリオの強化を推進しています。当連結会計年度においては、前期に苦戦した漁撈・養殖事業及び北米水産加工事業の改善が進むとともに、チルド事業が堅調に推移しました。このような状況下、当連結会計年度の営業成績は、売上高は9,312億65百万円（前期比451億39百万円増）、営業利益は404億30百万円（前期比86億51百万円増）、経常利益は431億87百万円（前期比78億86百万円増）、親会社株主に帰属する当期純利益は275億17百万円(前期比21億36百万円増)となり、売上高、各段階利益とも過去最高を更新しました。（単位：百万円） 売上高営業利益経常利益親会社株主に帰属する当期純利益2026年３月期931,26540,43043,18727,5172025年３月期886,12631,77935,30125,381前期増減45,1398,6517,8862,136前期比105.1%127.2%122.3%108.4% セグメント別の経営成績は次のとおりであります。（単位：百万円） 売上高前期増減前期比営業利益前期増減前期比水産事業380,15116,093104.4%17,7709,351211.1%食品事業500,98529,926106.4%29,632921103.2%ファイン事業16,9821,137107.2%839△5294.1%物流事業16,61579100.5%2,410△42784.9%その他16,531△2,09788.7%499△42554.0%全社経費－－－%△10,720△714107.1%合計931,26545,139105.1%40,4308,651127.2% ①水産事業水産事業につきましては、漁撈事業、養殖事業、加工・商事事業を営んでおります。＜当連結会計年度の概況＞水産事業では売上高は3,801億51百万円（前期比160億93百万円増）となり、営業利益は177億70百万円（前期比93億51百万円増）となりました。 漁撈事業：前期比で増収、増益〈日本〉・ブリ・アジ・サバの漁獲が好調、かつ販売価格の上昇もあり増収・増益となりました。〈南米〉・２隻中１隻を減船したことにより漁獲量は減少しましたが、経費削減により赤字幅の縮小に努め減収・増益となりました。 養殖事業：前期比で増収、増益〈日本〉・短期養殖本まぐろの生産比率上昇による利益改善や、ブリの販売価格上昇に加え、ギンザケの増産が寄与し増収・増益となりました。〈南米〉・ギンザケの販売数量増加、北米向け販売の強化に加え、加工度を高めた付加価値品の生産比率上昇や市況影響などにより販売価格も上昇したうえ、生残率の向上などによる養殖コストの低減もあり増収・増益となりました。 加工・商事事業：前期比で増収、増益〈日本〉・魚油の販売数量増加や鮭鱒の価格改定の効果等により第３四半期から持ち直してきたものの、上期の影響が残り累計では増収・減益となりました。〈北米〉・加工事業は、スケソウダラのフィレ生産比率を向上させることで赤字幅の縮小に努めつつ、すりみの販売価格上昇の効果もありました。商事事業ではグループ品であるマダラ・鮭鱒・カニをはじめ販売が堅調に推移し、全体で増収・増益となりました。〈欧州〉・イタリア、ベネルクス、イギリスでの販売が堅調に推移したものの、EU諸制度対応による経費増加の影響もあり増収・減益となりました。 ②食品事業食品事業につきましては、加工事業及びチルド事業を営んでおります。＜当連結会計年度の概況＞食品事業では売上高は5,009億85百万円（前期比299億26百万円増）となり、営業利益は296億32百万円（前期比９億21百万円増）となりました。 加工事業：前期比で増収、減益〈日本〉・販売は家庭用のちくわ・フィッシュソーセージが順調に推移し、業務用も外食・量販店惣菜向け冷凍食品が堅調に推移しました。利益面では、原料価格上昇などを受け価格改定を実施したものの、特に家庭用冷凍食品でタイムラグや価格改定後の販売数量の減少もあり減益となりました。〈北米〉・家庭用は販売が堅調に推移しシェアを拡大しましたが、業務用が外食需要減少や米国関税による原料価格上昇の影響を受け、全体では増収・減益となりました。〈欧州〉・チルド白身魚フライ向け原料価格上昇の影響を受けたものの、フランス、イギリス及びスペインでの販売が好調に推移したことにより増収・増益となりました。 チルド事業：前期比で増収、増益・コンビニエンスストアの販売促進効果が大きく、弁当・惣菜などの販売が前期に引き続き好調に推移し増収・増益となりました。 ③ファイン事業ファイン事業につきましては、医薬品原料、機能性原料(注１)及び機能性食品(注２)などの生産・販売を行っております。＜当連結会計年度の概況＞ファイン事業では売上高は169億82百万円（前期比11億37百万円増）となり、営業利益は８億39百万円（前期比52百万円減）となりました。 ・医薬品原料の

### What the price says

The price assumes cash profits grow 1.8% yearly over ten years; actual growth was 6.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-23); Ten-year compound average after fade. Initial solved rate 0.013352464858899737. Price 1098; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 30.019635405227323 → FY2026 58.1953415024934. Closing-price date 2026-10-15.

## Monthly share-price history (JPY per share)

- 2016-11: JPY 514.00 per share

- 2016-12: JPY 562.00 per share

- 2017-01: JPY 556.00 per share

- 2017-02: JPY 568.00 per share

- 2017-03: JPY 555.00 per share

- 2017-04: JPY 537.00 per share

- 2017-05: JPY 578.00 per share

- 2017-06: JPY 657.00 per share

- 2017-07: JPY 644.00 per share

- 2017-08: JPY 619.00 per share

- 2017-09: JPY 629.00 per share

- 2017-10: JPY 690.00 per share

- 2017-11: JPY 614.00 per share

- 2017-12: JPY 589.00 per share

- 2018-01: JPY 580.00 per share

- 2018-02: JPY 553.00 per share

- 2018-03: JPY 552.00 per share

- 2018-04: JPY 594.00 per share

- 2018-05: JPY 533.00 per share

- 2018-06: JPY 546.00 per share

- 2018-07: JPY 549.00 per share

- 2018-08: JPY 610.00 per share

- 2018-09: JPY 740.00 per share

- 2018-10: JPY 721.00 per share

- 2018-11: JPY 686.00 per share

- 2018-12: JPY 614.00 per share

- 2019-01: JPY 670.00 per share

- 2019-02: JPY 729.00 per share

- 2019-03: JPY 845.00 per share

- 2019-04: JPY 777.00 per share

- 2019-05: JPY 660.00 per share

- 2019-06: JPY 668.00 per share

- 2019-07: JPY 689.00 per share

- 2019-08: JPY 616.00 per share

- 2019-09: JPY 611.00 per share

- 2019-10: JPY 621.00 per share

- 2019-11: JPY 657.00 per share

- 2019-12: JPY 652.00 per share

- 2020-01: JPY 602.00 per share

- 2020-02: JPY 511.00 per share

- 2020-03: JPY 478.00 per share

- 2020-04: JPY 480.00 per share

- 2020-05: JPY 499.00 per share

- 2020-06: JPY 468.00 per share

- 2020-07: JPY 439.00 per share

- 2020-08: JPY 476.00 per share

- 2020-09: JPY 447.00 per share

- 2020-10: JPY 401.00 per share

- 2020-11: JPY 401.00 per share

- 2020-12: JPY 426.00 per share

- 2021-01: JPY 437.00 per share

- 2021-02: JPY 507.00 per share

- 2021-03: JPY 532.00 per share

- 2021-04: JPY 511.00 per share

- 2021-05: JPY 507.00 per share

- 2021-06: JPY 529.00 per share

- 2021-07: JPY 567.00 per share

- 2021-08: JPY 606.00 per share

- 2021-09: JPY 651.00 per share

- 2021-10: JPY 647.00 per share

- 2021-11: JPY 573.00 per share

- 2021-12: JPY 543.00 per share

- 2022-01: JPY 535.00 per share

- 2022-02: JPY 544.00 per share

- 2022-03: JPY 548.00 per share

- 2022-04: JPY 574.00 per share

- 2022-05: JPY 521.00 per share

- 2022-06: JPY 573.00 per share

- 2022-07: JPY 598.00 per share

- 2022-08: JPY 571.00 per share

- 2022-09: JPY 545.00 per share

- 2022-10: JPY 530.00 per share

- 2022-11: JPY 522.00 per share

- 2022-12: JPY 549.00 per share

- 2023-01: JPY 539.00 per share

- 2023-02: JPY 546.00 per share

- 2023-03: JPY 543.00 per share

- 2023-04: JPY 594.00 per share

- 2023-05: JPY 626.00 per share

- 2023-06: JPY 646.10 per share

- 2023-07: JPY 676.60 per share

- 2023-08: JPY 764.70 per share

- 2023-09: JPY 731.70 per share

- 2023-10: JPY 731.20 per share

- 2023-11: JPY 737.40 per share

- 2023-12: JPY 759.10 per share

- 2024-01: JPY 807.10 per share

- 2024-02: JPY 952.60 per share

- 2024-03: JPY 971.10 per share

- 2024-04: JPY 948.30 per share

- 2024-05: JPY 881.60 per share

- 2024-06: JPY 862.80 per share

- 2024-07: JPY 901.70 per share

- 2024-08: JPY 925.70 per share

- 2024-09: JPY 917.50 per share

- 2024-10: JPY 932.80 per share

- 2024-11: JPY 935.60 per share

- 2024-12: JPY 899.40 per share

- 2025-01: JPY 857.00 per share

- 2025-02: JPY 857.50 per share

- 2025-03: JPY 902.70 per share

- 2025-04: JPY 866.70 per share

- 2025-05: JPY 846.90 per share

- 2025-06: JPY 875.70 per share

- 2025-07: JPY 885.30 per share

- 2025-08: JPY 1,002.00 per share

- 2025-09: JPY 1,042.50 per share

- 2025-10: JPY 1,072.00 per share

- 2025-11: JPY 1,235.50 per share

- 2025-12: JPY 1,144.00 per share

- 2026-01: JPY 1,295.00 per share

- 2026-02: JPY 1,549.00 per share

- 2026-03: JPY 1,343.50 per share

- 2026-04: JPY 1,223.50 per share

- 2026-05: JPY 1,325.50 per share

- 2026-06: JPY 1,284.00 per share

- 2026-07: JPY 1,262.00 per share

- 2026-08: JPY 1,275.50 per share

- 2026-09: JPY 1,119.00 per share

- 2026-10: JPY 1,081.50 per share

## Annual estimated value (JPY per share)

- FY2020: low JPY 359.01 per share, central JPY 402.52 per share, high JPY 460.43 per share

- FY2021: low JPY 316.75 per share, central JPY 360.42 per share, high JPY 418.56 per share

- FY2022: low JPY 487.94 per share, central JPY 555.22 per share, high JPY 644.78 per share

- FY2023: low JPY 568.52 per share, central JPY 682.56 per share, high JPY 794.97 per share

- FY2024: low JPY 787.34 per share, central JPY 949.63 per share, high JPY 1,106.28 per share

- FY2025: low JPY 876.60 per share, central JPY 1,060.22 per share, high JPY 1,235.31 per share

- FY2026: low JPY 955.60 per share, central JPY 1,170.18 per share, high JPY 1,363.51 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T07:09:15.839Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YHOQ.pdf); period 2026-03-31, filed 2026-06-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations