NISSO HOLDINGS Co., Ltd.
9332・Prime Market・Services
NISSO HOLDINGS Co., Ltd. (single segment)
An integrated staffing solutions company centered on manufacturing and engineering staffing services
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales | ¥111,430 million | ¥101,560 million | ↑ |
| Operating income | ¥3,190 million | ¥3,555 million | ↓ |
| Ordinary income | ¥3,200 million | ¥3,563 million | ↓ |
| Profit attributable to owners of parent | ¥1,902 million | ¥1,935 million | ↓ |
| Operating margin | 2.9% | 3.5% | ↓ |
| ROE | 10.9% | 12.3% | ↓ |
| ROIC | 11.1% | — | — |
| Total assets | ¥34,418 million | ¥31,276 million | ↑ |
| Equity ratio | 53.4% | 52.8% | ↑ |
| Earnings per share | ¥56.47 | ¥58.92 | ↓ |
| Net assets per share | ¥554.83 | ¥509.04 | ↑ |
| Manufacturing/Production Staffing Services net sales | ¥86,374 million | ¥78,445 million | ↑ |
| Engineering Staffing Services net sales | ¥13,058 million | ¥11,631 million | ↑ |
| Automotive net sales | ¥40,361 million | ¥41,310 million (estimate) | ↓ |
| Semiconductor net sales | ¥15,379 million | ¥13,455 million (estimate) | ↑ |
| Manufacturing/Production staff count at period-end | 15,902 | 14,218 | ↑ |
| Engineering staff count at period-end | 2,248 | 2,054 | ↑ |
| Annual dividend per share | ¥25.00 | ¥22.00 | ↑ |
| Cash and cash equivalents at period-end | ¥5,908 million | ¥8,186 million | ↓ |
Business Details
NISSO HOLDINGS is a holding company providing Manufacturing/Production Staffing Services, Engineering Staffing Services, Clerical Staffing Services, Other Staffing Services, and nursing care, welfare, and security services. Comprehensive staffing services account for approximately 97% of net sales, and the company positions the Automotive, Semiconductor, and Electronics industries as strategic focus areas. From FY2026 (ending March 2026), the company has brought Man to Man Holdings and All Japan Guard into the group, expanding its business scale.
Recent Overview
Sales increased through M&A, but operating income fell 10.3% due to the automotive slowdown and upfront investment
In FY2026 (ending March 2026), net sales increased to ¥111,430 million (up 9.7% year on year) due to the M&A of Man to Man Holdings and All Japan Guard. On the other hand, the number of staff declined in the Automotive field, which accounts for approximately 40% of consolidated net sales, and in the Engineering segment, recovery of training costs was delayed. Due to increased personnel costs and goodwill amortization associated with M&A, as well as increased system investment and benefit costs, the SG&A expense ratio rose by 0.3 points, resulting in operating income of ¥3,190 million (down 10.3% year on year) and an operating margin of 2.9% (down 0.6 points year on year). For FY2027 (ending March 2027), the company forecasts net sales of ¥118,500 million (up 6.3% year on year) and operating income of ¥3,500 million (up 9.7% year on year). The dividend was increased to ¥25.00 per share (up ¥3.00 year on year).
Key Products
Growth Drivers
- Increase in staff numbers (Manufacturing/Production: up 1,684 year on year) and business expansion through the M&A consolidation of Man to Man Holdings and All Japan Guard (from July 1, 2025)
- Improvement in average monthly sales per person due to higher billing rates for manufacturing staff (FY2026 (ending March 2026): ¥463 thousand, up ¥17 thousand year on year)
- Expansion of net sales in the Semiconductor field (FY2026 (ending March 2026): ¥15,379 million, up 14.3% year on year), driven by growing staffing needs amid the spread of generative AI and data center investment
- Expansion of staff numbers in Engineering Staffing Services (FY2026 (ending March 2026): 2,248, up 194 year on year) and gradual improvement in gross profit margin through promotion of career changes
- Strengthening of high-value-added talent development through expansion of nationwide education and training facilities (opening of Nissou Technical Center Aichi in October 2025, and outsourced training operations at Iwate I-SPARK)
- Improved diversity ratio (34.2%, up 2.3 points year on year), enhancing diverse talent acquisition and organizational resilience
- Incorporation of external growth through M&A and capital/business alliances in growth areas based on the medium-term management plan (FY2026 (ending March 2026) to FY2028 (ending March 2028))
Risks
- Decline in staff numbers in the Automotive field (approximately 40% of consolidated net sales): FY2026 (ending March 2026) net sales of ¥40,361 million (down 2.3% year on year), with reduced utilization at period-end due to the impact of Middle East conditions
- Expanding impact on major clients (the automotive industry) from worsening conditions in the Middle East: risk of flat to slightly declining domestic production due to reduced exports to the Middle East and parts shortages
- Impact on the automotive industry and downward pressure on the economy from US trade policy (tariff measures)
- Deterioration of the SG&A expense ratio due to increased personnel costs and goodwill amortization associated with M&A (FY2026 (ending March 2026): SG&A expense ratio up 0.3 points year on year)
- Delayed recovery of training costs for high-skill personnel in Engineering Staffing Services (gross profit margin for FY2026 (ending March 2026): 17.9%, down 2.7 points year on year)
- Deterioration in cash flow from financing activities (FY2026 (ending March 2026): outflow of ¥3,256 million) and decrease in cash balance (¥5,908 million, down ¥2,277 million year on year)
- Risk of changes in legal regulations such as the Worker Dispatching Act, and rising recruitment costs due to chronic labor shortages across the manufacturing industry as a whole
- Large gap between current performance (operating margin of 2.9%, ROE of 10.9%) and the targets of the medium-term management plan (FY2028 (ending March 2028): operating margin of 5% or more, average ROE of 20% or more), making profitability improvement a challenge for achieving the targets
Last updated: June 22, 2026