nms Holdings Corporation
2162・Standard Market・Services
Business
nms Holdings Corporation is a holding company operating three segments—HS (staffing business centered on manufacturing dispatch and contracting), EMS (electronics manufacturing services), and PS (development, manufacture, and sale of custom power supplies)—both in Japan and overseas. The HS segment originated from staffing services for manufacturing sites in Japan, China, and ASEAN countries, while the EMS segment has global production sites in China, Malaysia, Vietnam, Mexico, and the United States. The PS segment carries on the function of a dedicated custom power supply manufacturer that was transferred from Panasonic. Its main customers span the manufacturing industry broadly, and consolidated net sales for FY2026 (ending March 2026) were ¥75,660 million. In March 2025, the company entered into a capital and business alliance with World Holdings and has entered a rebuilding phase.
Business Model
In the HS business, the company earns a continuous personnel-cost margin by providing staffing and contract labor services and engineer dispatch. In the EMS business, it handles mass production for the mounting, assembly, and repair of electronic devices outsourced by clients, with the profit source being the spread between manufacturing cost and the contracted unit price. The PS business has a manufacturer function that handles everything from the development and design of custom power supply products through to manufacturing and sales, and boasts the highest profit margin among the three businesses. Its distinctive feature is that it cross-utilizes know-how across the HS, EMS, and PS businesses within the group to make composite proposals to clients.
Company Strengths
The company operates three businesses—Human Solutions (temporary staffing and contract labor, HS), Electronics Manufacturing Services (EMS), and Custom Power Supplies (PS)—as an integrated operation, enabling it to offer combined proposals covering personnel, manufacturing, and power supplies for customers' production processes. In FY2026 (ending March 2026), the HS business posted sales of ¥25,285 million, EMS ¥33,158 million, and PS ¥17,216 million, with each business maintaining a certain scale, realizing an integrated service that would be difficult to achieve with a single business alone.
In the EMS business, the company operates production sites in China, Malaysia, Vietnam, Mexico, and Texas in the United States, while the HS business also has overseas subsidiaries in Thailand, China, and Vietnam. The company has built a global production framework through M&A, including the acquisition of a Mexico site business from Sony's U.S. subsidiary (2019), and possesses the foundation to respond to customers' production relocation needs and demand for shifting away from China.
The PS business recorded segment profit of ¥1,188 million (profit margin of 6.9%) in FY2026 (ending March 2026), significantly exceeding the HS business (3.8%) and EMS business (1.2%), making it the group's highest-margin segment. It has an integrated function covering development, design, manufacturing, and sales of custom power supplies inherited from Panasonic, along with a domestic and overseas production framework through collaboration with Shima Denshi Kogyo, and has a track record of supplying products across multiple fields including multifunction printers, industrial equipment, and amusement machines.
ENVALITH's Perspective
Performance Trend
Net sales for FY2026 (ending March 2026) were nearly flat at ¥75,660 million (down 0.1% year on year). While the HS business grew 9.1% year on year to ¥25,285 million and served as a driver, the two manufacturing-related businesses saw declines, with the EMS business down 3.2% to ¥33,158 million and the PS business down 5.7% to ¥17,216 million. Operating profit was ¥1,695 million (down 4.3% year on year), affected by lower profit in the EMS business, among other factors. As an external factor, foreign exchange fluctuations directly hit non-operating income and expenses, causing ordinary profit to fall to ¥1,230 million (down 30.6% year on year). Furthermore, due to the recording of losses related to a special investigation and other matters, profit attributable to owners of parent came to ¥308 million (down 60.4% year on year). For FY2027 (ending March 2027), the company forecasts net sales of ¥81,000 million, operating profit of ¥1,700 million, and net profit of ¥550 million.
Growth Strategy
Aiming to achieve the medium-term management plan targets through strengthening profitability in the three business segments, improving the financial structure, and collaboration with World Holdings
Promoting the provision of high-value-added manufacturing services through expanded dispatch of engineers and construction management personnel and lump-sum contracting proposals. Accelerating recruitment strength and talent development through enhanced collaboration with World Holdings. Achieved segment profit of ¥960 million in FY2026 (ending March 2026) (up 30.8% year on year), demonstrating the effects of these measures.
While remaining mindful of geopolitical and tariff risks, promoting business expansion and new order acquisition at the strategic bases in Vietnam and Mexico. Aiming to improve profitability through customer portfolio reform, automation, and productivity improvement measures. Segment profit in FY2026 (ending March 2026) remained low at ¥389 million (down 47.2% year on year), and recovery is still in progress.
In light of the shrinking multifunction printer and copier market, promoting expanded sales to industrial, amusement, and sustainable markets and increasing the sales ratio of high-value-added products. Synergy creation through the transfer of the PS business from Shima Denshi Kogyo is also underway. Segment profit in FY2026 (ending March 2026) was ¥1,188 million (up 0.4% year on year), maintaining profit growth even amid headwinds.
Based on the medium-term management plan announced on March 19, 2026, shareholder returns are implemented with a target payout ratio of approximately 30%, balancing growth investment and repayment of interest-bearing debt. The forecast year-end dividend for FY2027 (ending March 2027) is ¥9 per share. The equity ratio improved to 13.1%, but continued efforts are needed to resolve the high leverage.
Following the discovery of improper accounting practices at PST, a special investigation committee was established and an investigation report was received. Consideration and implementation of measures to prevent recurrence are underway. Losses related to the special investigation and other matters were also recorded in FY2026 (ending March 2026), and completing the establishment of internal controls and restoring credibility are essential for regaining investor confidence.
Last updated: July 19, 2026